iSHARES TRUST (Form: N-CSR, Received: 07/02/2021 07:23:03)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: April 30, 2021

Date of reporting period: April 30, 2021

Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

LOGO

APRIL 30, 2021

2021 Annual Report

iShares Trust

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

· iShares Transportation Average ETF | IYT | Cboe BZX

· 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. Utilities ETF | IDU | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2021 reflected a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world felt the effect of economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses were imposed in many parts of the world, workers were laid off, and unemployment claims spiked, causing a global recession.

As May 2020 began, stocks had just begun to recover from the lowest point following the onset of the pandemic. This recovery continued throughout the reporting period, as businesses continued re-opening and governments learned to adapt to life with the virus. Equity prices rose through the summer, fed by strong fiscal and monetary support and improving economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

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 late in the reporting period, 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 substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as did other influential central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat 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.

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 April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57

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

Market Overview		4

Fund Summary		5

About Fund Performance		17

Shareholder Expenses		17

Schedules of Investments		18

Financial Statements

Statements of Assets and Liabilities		44

Statements of Operations		46

Statements of Changes in Net Assets		48

Financial Highlights		51

Notes to Financial Statements		57

Report of Independent Registered Public Accounting Firm		67

Important Tax Information (Unaudited)		68

Statement Regarding Liquidity Risk Management Program		69

Supplemental Information		70

Trustee and Officer Information		71

General Information		73

Glossary of Terms Used in this Report		74

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2021 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 50.92%. The reporting period began amid significant uncertainty surrounding the coronavirus pandemic. However, equity prices continued to recover from the multi-year low reached in March 2020, as the federal government took measures to adapt to the economic and public health impact of COVID-19. Optimism about vaccines and an improved growth outlook for the economy led to further advances, and stocks surpassed pre-pandemic prices to reach all-time highs near the end of the reporting period.

The pandemic’s initial economic consequences were swift and far-reaching. Restrictions imposed to slow the virus’ spread led to extensive job losses, and the unemployment rate rose quickly, standing at 13.3% in May 2020. Consumer spending, an important engine of economic growth, decreased sharply as people spent more time at home. These disruptions led to a substantial economic contraction. The U.S. economy declined by an annualized 31.4% in the second quarter of 2020, the largest decline on record.

However, unprecedented fiscal stimulus began to reverse the downward economic momentum. Individuals received direct payments near the beginning of the reporting period as part of the U.S. $2.2 trillion CARES Act, and Congress eased rules around loans to businesses that kept employees on payroll. As lockdowns eased, unemployment began to decline, decreasing substantially between May 2020 and December 2020 before largely leveling off, albeit at a still-elevated rate compared to pre-pandemic levels. Equity prices rose in response to the improving economic outlook.

The U.S. Federal Reserve (“Fed”) also responded to the pandemic, maintaining short-term interest rates near zero to encourage lending and stimulate economic activity. The Fed further acted to stabilize bond markets by continuing an unlimited, open-ended, bond buying program for U.S. Treasuries and mortgage-backed securities. The Fed later widened its program to include directly purchasing corporate bonds for the first time, including high-yield bonds. In August 2020, the Fed revised its long-standing inflation policy, allowing inflation to exceed the 2% target to stimulate the economy.

Fiscal and monetary stimulus, along with partial reopenings in many states, helped the economy rebound sharply in the second half of 2020. Economic growth picked up in the third quarter of 2020, with an annualized gain of 33.4%, as some previously shut-down parts of the economy resumed functioning. Growth continued at a slower pace thereafter, rising by an annualized 4.3% in the fourth quarter of 2020 and 6.4% in the first quarter of 2021.

In addition to the growing economy, news that several vaccines under development showed high effectiveness rates boosted stocks in November 2020. Swift implementation of the subsequent vaccination program, with more than 40% of Americans receiving at least one dose by the end of the reporting period, buoyed investor optimism. Additional stimulus packages signed in December 2020 and March 2021 propelled further strong gains in equities.

Pent-up demand for consumer goods and rising household wealth led to a strong rebound in consumer spending, which reached the highest level since the onset of the pandemic in the first quarter of 2021. However, higher spending combined with supply bottlenecks raised investors’ inflation expectations. Additionally, the unequal nature of the recovery highlighted the difficulty many individuals still face, as total unemployment remained well below pre-pandemic levels, and 30% of Americans reported lower incomes as of February 2021.


4		2 0 2 1 I S H A R E S 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 April 30, 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		49.18	%		17.38	%		13.83	%		49.18	%		122.85	%		265.34	%
Fund Market		49.32			17.40			13.84			49.32			122.99			265.58
Index		49.48			17.61			14.05			49.48			125.03			272.30

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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 17 for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,300.60	$ 1.14			$ 1,000.00	$ 1,023.80	$ 1.00		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 (181 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 17 for more information.


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Dow Jones U.S. ETF

Portfolio Management Commentary

U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The coronavirus pandemic disrupted normal business practices, leading to a rebound in information technology spending. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, supporting a solid advance in the software and services industry. The technology hardware and equipment industry also contributed, as the transition to remote work and school drove purchases of personal computers and peripherals.

The consumer discretionary sector also contributed to the Index’s return, rebounding strongly as fiscal stimulus payments and unemployment insurance supplements led to increased consumer spending. Internet and direct marketing retailers were boosted by an increase in online shopping amid pandemic-related restrictions. Consumers increased savings and reduced credit card debt, which led to a surge in spending on nonessential items, benefiting the specialty retail industry.

The financials sector, which is closely tied to the strength of the broader economy, also contributed to the Index’s performance. The diversified financials industry advanced as higher trading revenues, amid a surge in equity trading volume, boosted investment banks’ profit margins. The communications services sector was another source of strength, led by the media and entertainment industry. The interactive media and services industry grew revenues from increased advertising as consumers spent more time at home accessing media and social networking apps.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		26.6%
Health Care		12.8
Consumer Discretionary		12.3
Financials		11.7
Communication Services		10.8
Industrials		9.2
Consumer Staples		5.6
Real Estate		3.1
Materials		2.8
Utilities		2.6
Energy		2.5

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Apple Inc.		5.2%
Microsoft Corp.		4.7
Amazon.com Inc.		3.7
Facebook Inc., Class A		2.0
Alphabet Inc., Class A		1.8
Alphabet Inc., Class C		1.7
Tesla Inc.		1.4
Berkshire Hathaway Inc., Class B		1.3
JPMorgan Chase & Co.		1.2
Johnson & Johnson		1.1

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Transportation Average ETF

Investment Objective

The iShares Transportation Average ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the transportation sector, as represented by the Dow Jones Transportation Average 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.

On May 7, 2021, the Board approved a proposal to change the Fund’s index to S&P Transportation Select Industry FMC Capped Index and change the name of the Fund to iShares U.S. Transportation ETF. These changes will become effective on July 19, 2021.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		81.64	%^(a)		15.18	%		11.74	%		81.64	%^(a)		102.68	%		203.55	%
Fund Market		81.84			15.21			11.76			81.84			102.97			203.97
Index		85.81			16.01			12.44			85.81			110.16			222.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,377.80	$ 2.36			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Transportation Average ETF

Portfolio Management Commentary

U.S. transportation stocks advanced sharply during the reporting period amid investor optimism surrounding a rebound in economic growth. Road and rail stocks were the primary contributors to the Index’s return, as growth in e-commerce, rising economic activity, and demand for durable goods led to higher rail and truck volumes. Railroads benefited from rising imports as consumers, supported by stimulus checks, spent freely on goods, and intermodal volumes rose sharply. Cost-cutting efforts, including precision-scheduled railroading, which consolidates and lengthens trains while optimizing schedules, boosted railroad profits. A merger announcement and bidding war to create a rail network connecting Canada, the U.S., and Mexico, also bolstered rail stocks. Trucking stocks gained as robust demand from consumers and industrial customers drove volumes, while strong capacity utilization and rising freight rates helped profit margins. Pandemic-related demand increases from e-commerce, durable goods, and building products continued into 2021, driving volumes and revenues higher. Car rental stocks surged, as pandemic cost-cutting and car sales led to shortages and price increases when business and leisure travel started to rebound.

Air freight and logistics stocks were substantial contributors to the Index’s performance. Consumers’ increased use of e-commerce drove growth in shipping volumes, and operating profits rose sharply from the onset of pandemic-related restrictions amid cost-cutting efforts. Higher pricing, a byproduct of rising demand and limited capacity, also helped profit growth, along with growth in higher-margin segments such as air freight, small- and medium-sized business shipping, and government-supported vaccine distribution.

Despite dramatically reduced traffic and widespread losses, airlines stocks contributed to the Index’s return. Commercial passenger demand improved as the reporting period progressed, and bookings rose with vaccination rates amid easing travel restrictions.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Road & Rail		48.8%
Air Freight & Logistics		25.8
Airlines		20.0
Marine		5.4

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Kansas City Southern		9.8%
FedEx Corp.		9.4
Norfolk Southern Corp.		9.1
United Parcel Service Inc., Class B		7.1
Landstar System Inc.		6.9
JB Hunt Transport Services Inc.		6.0
Delta Air Lines Inc.		4.9
Southwest Airlines Co.		4.9
Union Pacific Corp.		4.8
Expeditors International of Washington Inc.		4.8

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S 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 April 30, 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 Dow Jones U.S. Oil & Gas 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		37.20	%		(3.30	)%		(2.59	)%		37.20	%		(15.43	)%		(23.05	)%
Fund Market		37.58			(3.29	)		(2.58	)		37.58			(15.39	)		(22.98	)
Index		37.70			(2.91	)		(2.21	)		37.70			(13.71	)		(20.05	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,741.60	$ 2.72			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Energy ETF

Portfolio Management Commentary

U.S. energy stocks posted strong returns during the reporting period, despite subdued energy demand driven by the coronavirus pandemic. However, the easing of coronavirus pandemic restrictions led to economic recovery and surging oil prices. Sharp energy sector declines during 2020 were driven by an oil price war between Saudi Arabia and Russia, the effects of pandemic-related global lockdowns, and concerns that renewable energy and electric vehicles will challenge the oil industry. The sector rallied during the second half of the reporting period as vaccines became more globally available and businesses reopened.

The oil, gas, and consumable fuels industry contributed the most to the Index’s return, led by integrated oil and gas companies. These companies posted declines in early 2020 as pandemic-related lockdowns significantly reduced road and air traffic, sharply decreasing demand for oil and gas. In the first quarter of 2021, following capacity and production reductions and decreases in capital spending, investment, and debt, the same companies rallied to post near pre-pandemic profits. The industry also benefited from an unexpected production cut by Saudi Arabia late in the reporting period, which raised oil prices.

Oil and gas exploration and production stocks also contributed to the Index’s return amid an increase in demand as global restrictions on travel eased, reducing the pandemic-driven oil surplus. In addition, disciplined capital spending programs and ongoing cost-cutting led to greater-than-expected cash flow, which helped companies maintain dividend payments and buy back stock. Companies also increased production and announced new acquisitions. The oil and gas storage and transportation industry was another source of strength. Industry earnings rose amid increased gas sales, record gathering volumes, and higher prices linked to severe storms across the U.S.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Oil, Gas & Consumable Fuels		90.5%
Energy Equipment & Services		8.1
Other (each representing less than 1%)		1.4

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Exxon Mobil Corp.		23.9%
Chevron Corp.		19.7
ConocoPhillips		4.8
EOG Resources Inc.		4.3
Schlumberger Ltd.		3.8
Marathon Petroleum Corp.		3.7
Phillips 66		3.6
Kinder Morgan Inc.		3.3
Pioneer Natural Resources Co.		3.2
Valero Energy Corp.		3.1

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S 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 April 30, 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 Dow Jones U.S. Health Care 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		25.40	%		14.28	%		15.25	%		25.40	%		94.95	%		313.43	%
Fund Market		25.40			14.27			15.25			25.40			94.87			313.27
Index		25.92			14.73			15.73			25.92			98.81			331.01

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,204.70	$ 2.19			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Healthcare ETF

Portfolio Management Commentary

U.S. healthcare stocks advanced notably for the reporting period, as strong sales of products used to combat the coronavirus pandemic and an anticipated rebound in demand for elective procedures and treatments helped drive gains in the sector. The healthcare equipment industry was the top contributor to the Index’s return. Government contracts for manufacturing inputs used by pharmaceuticals companies in developing COVID-19 vaccines led to sharp gains for the industry. Surging sales of COVID-19 diagnostic tests, to both healthcare facilities and individuals, also propelled strong profit growth in the industry.

Healthcare providers and services companies were also notable contributors to the Index’s performance, benefiting from long-term developments including medical and technological innovations and an aging population. Reduced expenses led to substantive profit growth at managed healthcare companies, which also benefited from the expected expansion of healthcare coverage under the new presidential administration and Congress. Industry consolidation was also a tailwind, as a large healthcare benefits manager acquired a data analytics provider, allowing it to expand services offered to hospitals, health plans, and medical providers, in addition to government entities.

The life sciences, tools, and services industry was a smaller, though notable, contributor to the Index’s return. Strong sales of COVID-19 diagnostic tests along with raw material inputs for vaccine production drove revenue growth in the industry. Companies providing specialty refrigeration for global vaccine distribution further supported the industry.

The pharmaceuticals industry’s advance was helped by several successful trials of COVID-19 vaccine candidates, followed by the U.S. Food and Drug Administration granting emergency use authorization to begin widespread vaccination programs. The biotechnology industry was another source of strength, benefiting from the launch of new drugs to treat immune disorders.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Health Care Equipment & Supplies	27.7	%
Pharmaceuticals	25.2
Health Care Providers & Services	19.8
Biotechnology	17.0
Life Sciences Tools & Services	9.8
Health Care Technology	0.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Johnson & Johnson	8.5	%
UnitedHealth Group Inc.	7.5
Pfizer Inc.	4.3
Abbott Laboratories	4.2
AbbVie Inc.	3.9
Merck & Co. Inc.	3.7
Thermo Fisher Scientific Inc.	3.7
Medtronic PLC	3.5
Danaher Corp.	3.2
Eli Lilly & Co.	2.9


12		2 0 2 1 I S H A R E S 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 April 30, 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 Dow Jones U.S. Technology Capped 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		59.56	%		30.57	%		19.61	%		59.56	%		279.56	%		499.32	%
Fund Market		59.78			30.60			19.61			59.78			279.89			499.14
Index		60.22			31.15			20.10			60.22			287.97			524.18

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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 reflects the performance of the Dow Jones U.S. Technology Capped IndexTM.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,273.90	$ 2.26			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Technology ETF

Portfolio Management Commentary

U.S. technology stocks advanced sharply during the reporting period, rebounding after the economic disruption from the coronavirus pandemic. Large companies led the advance, taking advantage of demand for cloud computing and other services stemming from changes in work and commerce patterns due to government-mandated stay-at-home orders. Investor optimism regarding technology companies rose as workers and companies adopted technology for remote work and consumers shifted from in-person to online shopping.

The software and services industry contributed the most to the Index’s return. Revenues and earnings of software companies rose as increased remote work led companies to move their operations online, driving strong growth in cloud computing services and subscriptions to cloud-based software. Rising sales of personal computers and gaming hardware, as new consoles were released, drove sales gains. The industry also benefited from growth in emerging markets and industry consolidation.

Technology hardware and equipment stocks contributed significantly to the Index’s return, advancing due to worldwide growth in demand for mobile phones, particularly 5G models. Increased sales of wearable technology, especially earbuds and watches, also supported the industry. Increased revenues from high-margin services such as streaming video and payment processing were also a source of strength.

The semiconductors industry contributed robustly to the Index’s return. Increasing demand for chips used in data centers, personal computers, and new models of gaming consoles led to strong sales and revenues. This increase in demand, coupled with supply chain disruptions, led to a global shortage of microchips, driving chip prices higher.

The interactive media and services industry also contributed. Consumers spent more time online, leading to sharp gains in online advertising revenue. Increased use of messaging applications drove growth in revenue from subscriptions and advertising.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Software	34.3	%
Technology Hardware, Storage & Peripherals	20.0
Semiconductors & Semiconductor Equipment	19.6
Interactive Media & Services	16.9
IT Services	4.0
Communications Equipment	3.0
Other (each representing less than 1%)	2.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Apple Inc.	18.5	%
Microsoft Corp.	17.0
Facebook Inc., Class A	5.1
Alphabet Inc., Class A	5.0
Alphabet Inc., Class C	4.9
NVIDIA Corp.	3.6
Adobe Inc.	2.4
Intel Corp.	2.3
Cisco Systems Inc.	2.1
salesforce.com Inc.	2.1


14		2 0 2 1 I S H A R E S 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 April 30, 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 Dow Jones U.S. Utilities 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		19.66	%		9.57	%		10.69	%		19.66	%		57.92	%		176.22	%
Fund Market		19.73			9.58			10.70			19.73			58.01			176.29
Index		20.16			10.06			11.20			20.16			61.49			189.01

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,097.30	$ 2.08			$ 1,000.00	$ 1,022.80		$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Utilities ETF

Portfolio Management Commentary

Stocks of U.S. utilities companies advanced during the reporting period. As industrial and commercial end users shut down due to the coronavirus pandemic, demand decreased. Prices for power fell sharply and some companies sold their excess at significant losses. However, the costs related to generating power also declined with commodities prices, which drove gains for many electric utilities companies despite the reduced demand. Firms that focused on renewable energy assets benefited amid expectations they would perform well as economic conditions normalize, and several companies announced plans to remove carbon-based power generation from their portfolios in the long term. President Biden’s focus on renewable energy also bolstered companies focused on climate change. Shareholder and citizen pressure accelerated this sector-wide transformation, as companies worked toward the goals of the Paris Climate Agreement.

Electric utilities companies contributed the most to the Index’s return. Regional electric utilities companies led the contribution by acquiring competitors and continuing to invest heavily in renewable energy. Dividend yields, a traditional driver of investment returns for regulated companies like electric utilities, were also relatively attractive in the low yielding environment. Providing about twice the yield of the broader U.S. equity market, these generous dividends continue to benefit the electric utilities industry.

Multi-utilities companies, which manage diversified portfolios of several types of utilities, also bolstered the Index’s performance. Companies that historically experienced strong growth continued to advance during the pandemic, contributing solidly. The focus on renewable energy also extended to multi-utilities stocks, as large local companies divested of carbon-based assets and replaced them with wind farms and other carbon-neutral power generation plants. Independent power and renewable electricity companies, based in the U.S. but generating and distributing power worldwide, also advanced amid higher-than-usual dividends.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Electric Utilities	60.5	%
Multi-Utilities	29.1
Gas Utilities	4.1
Water Utilities	3.7
Independent Power and Renewable Electricity Producers	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

NextEra Energy Inc.	14.6	%
Duke Energy Corp.	7.4
Southern Co. (The)	6.7
Dominion Energy Inc.	6.2
American Electric Power Co. Inc.	4.2
Exelon Corp.	4.2
Sempra Energy	4.0
Xcel Energy Inc.	3.7
Public Service Enterprise Group Inc.	3.1
WEC Energy Group Inc.	2.9


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

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the 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.

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		17

Schedule of Investments

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Axon Enterprise Inc.^(a)		2,596	$	393,580
Boeing Co. (The)^(a)		21,906		5,132,795
BWX Technologies Inc.		3,796		254,028
Curtiss-Wright Corp.		1,691		216,279
General Dynamics Corp.		9,245		1,758,676
HEICO Corp.		1,718		241,894
HEICO Corp., Class A		2,972		375,304
Hexcel Corp.^(a)		3,447		194,445
Howmet Aerospace Inc.^(a)		15,488		494,997
Huntington Ingalls Industries Inc.		1,571		333,555
L3Harris Technologies Inc.		8,232		1,722,381
Lockheed Martin Corp.		9,864		3,753,844
Mercury Systems Inc.^(a)		2,227		167,559
Northrop Grumman Corp.		6,205		2,199,300
Raytheon Technologies Corp.		60,682		5,051,170
Teledyne Technologies Inc.^(a)		1,473		659,536
Textron Inc.		9,177		589,531
TransDigm Group Inc.^(a)		2,184		1,340,408


				24,879,282

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		5,404		524,620
Expeditors International of Washington Inc.		6,779		744,741
FedEx Corp.		9,766		2,835,168
United Parcel Service Inc., Class B		28,719		5,854,655
XPO Logistics Inc.^(a)		4,092		569,279


				10,528,463

Airlines — 0.3%
Alaska Air Group Inc.^(a)		5,044		348,742
American Airlines Group Inc.^(a)(b)		25,615		556,358
Delta Air Lines Inc.^(a)		25,357		1,189,750
JetBlue Airways Corp.^(a)		12,364		251,731
Southwest Airlines Co.		23,492		1,474,828
United Airlines Holdings Inc.^(a)(b)		12,754		693,818


				4,515,227

Auto Components — 0.2%
Aptiv PLC^(a)		10,838		1,559,480
Autoliv Inc.^(a)		3,154		317,482
BorgWarner Inc.		9,394		456,360
Gentex Corp.		9,784		344,201
Lear Corp.		2,225		409,044


				3,086,567

Automobiles — 1.7%
Ford Motor Co.^(a)		155,725		1,797,067
General Motors Co.		50,556		2,892,814
Harley-Davidson Inc.		6,267		303,135
Tesla Inc.^(a)		30,666		21,755,687
Thor Industries Inc.		2,183		309,091


				27,057,794

Banks — 4.3%
Bank of America Corp.		303,398		12,296,721
Bank OZK		5,004		205,114
BOK Financial Corp.		1,262		110,980
Citigroup Inc.		83,453		5,945,192
Citizens Financial Group Inc.		17,010		787,223
Comerica Inc.		5,481		411,952
Commerce Bancshares Inc.		4,197		326,569
Cullen/Frost Bankers Inc.		2,292		275,178


Security	Shares		Value

Banks (continued)
East West Bancorp. Inc.		5,738	$	436,949
Fifth Third Bancorp		28,535		1,156,809
First Citizens BancShares Inc./NC, Class A		291		252,431
First Financial Bankshares Inc.		5,584		274,063
First Horizon Corp.		22,297		407,812
First Republic Bank/CA		7,047		1,291,292
FNB Corp.		13,168		169,736
Glacier Bancorp. Inc.		3,921		231,143
Home BancShares Inc./AR		6,187		172,184
Huntington Bancshares Inc./OH		41,113		629,851
JPMorgan Chase & Co.		121,864		18,743,902
KeyCorp.		38,665		841,350
M&T Bank Corp.		5,183		817,307
People’s United Financial Inc.		17,385		315,190
Pinnacle Financial Partners Inc.		3,120		273,437
PNC Financial Services Group Inc. (The)		16,917		3,162,633
Popular Inc.		3,443		254,644
Prosperity Bancshares Inc.		3,803		278,988
Regions Financial Corp.		38,034		829,141
Signature Bank/New York NY		2,301		578,724
SVB Financial Group^(a)		2,166		1,238,584
Synovus Financial Corp.		5,869		275,021
TCF Financial Corp.		6,134		279,220
Truist Financial Corp.		53,765		3,188,802
U.S. Bancorp.		54,590		3,239,916
UMB Financial Corp.		1,726		167,474
Umpqua Holdings Corp.		8,856		165,076
United Bankshares Inc./WV		5,109		200,630
Valley National Bancorp.		15,767		217,112
Webster Financial Corp.		3,695		195,502
Wells Fargo & Co.		165,098		7,437,665
Western Alliance Bancorp.		4,140		434,990
Wintrust Financial Corp.		2,315		178,486
Zions Bancorp. NA		6,446		359,687


				69,054,680

Beverages — 1.3%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		367		446,452
Brown-Forman Corp., Class B, NVS		7,322		558,522
Coca-Cola Co. (The)		154,827		8,357,562
Constellation Brands Inc., Class A		6,779		1,629,129
Keurig Dr Pepper Inc.		23,232		832,867
Molson Coors Beverage Co., Class B		7,536		414,103
Monster Beverage Corp.^(a)		14,711		1,427,703
National Beverage Corp.		966		46,938
PepsiCo Inc.		55,095		7,942,495


				21,655,771

Biotechnology — 2.1%
AbbVie Inc.		70,522		7,863,203
ACADIA Pharmaceuticals Inc.^(a)		4,529		93,116
Acceleron Pharma Inc.^(a)		2,098		262,187
Agios Pharmaceuticals Inc.^(a)		2,380		132,804
Alexion Pharmaceuticals Inc.^(a)		8,735		1,473,420
Alkermes PLC^(a)		6,136		135,023
Allogene Therapeutics Inc.^(a)(b)		2,530		78,228
Alnylam Pharmaceuticals Inc.^(a)(b)		4,670		656,789
Amgen Inc.		23,065		5,527,296
Biogen Inc.^(a)		6,097		1,629,911
BioMarin Pharmaceutical Inc.^(a)(b)		7,240		564,141
Bluebird Bio Inc.^(a)(b)		2,571		77,130


18		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Blueprint Medicines Corp.^(a)		2,177	$	209,689
Emergent BioSolutions Inc.^(a)		1,811		110,435
Exact Sciences Corp.^(a)		6,771		892,553
Exelixis Inc.^(a)		12,447		306,445
FibroGen Inc.^(a)		3,281		73,232
Gilead Sciences Inc.		50,271		3,190,700
Horizon Therapeutics PLC^(a)		8,828		835,305
Incyte Corp.^(a)		7,484		638,984
Ionis Pharmaceuticals Inc.^(a)		5,624		240,820
Moderna Inc.^(a)		12,168		2,175,882
Neurocrine Biosciences Inc.^(a)		3,713		350,841
Novavax Inc.^(a)(b)		2,721		644,686
Regeneron Pharmaceuticals Inc.^(a)		4,189		2,016,166
Sarepta Therapeutics Inc.^(a)(b)		3,160		223,854
Seagen Inc.^(a)(b)		5,047		725,557
Ultragenyx Pharmaceutical Inc.^(a)		2,487		277,649
United Therapeutics Corp.^(a)		1,766		355,955
Vertex Pharmaceuticals Inc.^(a)		10,360		2,260,552
Vir Biotechnology Inc.^(a)		2,611		124,649


				34,147,202

Building Products — 0.5%
A O Smith Corp.		5,520		373,980
Allegion PLC		3,666		492,637
Armstrong World Industries Inc.		1,985		205,745
Carrier Global Corp.		32,604		1,420,882
Fortune Brands Home & Security Inc.		5,602		588,098
Johnson Controls International PLC		28,694		1,788,784
Lennox International Inc.		1,390		466,123
Masco Corp.		10,172		649,787
Owens Corning		4,112		398,083
Trane Technologies PLC		9,545		1,659,207
Trex Co. Inc.^(a)		4,641		501,182


				8,544,508

Capital Markets — 3.1%
Affiliated Managers Group Inc.		1,672		269,476
Ameriprise Financial Inc.		4,650		1,201,560
Apollo Global Management Inc.		8,398		464,997
Ares Management Corp., Class A		4,182		219,639
Bank of New York Mellon Corp. (The)		32,220		1,607,134
BlackRock Inc.^(c)		5,665		4,641,334
Blackstone Group Inc. (The)		27,384		2,423,210
Carlyle Group Inc. (The)		4,634		197,686
Cboe Global Markets Inc.		4,278		446,495
Charles Schwab Corp. (The)		59,649		4,199,290
CME Group Inc.		14,335		2,895,527
Coinbase Global Inc., Class A^(a)(b)		626		186,323
FactSet Research Systems Inc.		1,521		511,391
Federated Hermes Inc.		3,948		113,702
Franklin Resources Inc.		10,736		322,080
Goldman Sachs Group Inc. (The)		13,741		4,788,051
Interactive Brokers Group Inc., Class A		3,249		232,369
Intercontinental Exchange Inc.		22,475		2,645,532
Invesco Ltd.		15,282		412,614
Janus Henderson Group PLC		6,754		232,270
Jefferies Financial Group Inc.		8,108		263,591
KKR & Co. Inc.		22,831		1,291,778
Lazard Ltd., Class A		4,520		203,355
LPL Financial Holdings Inc.		3,219		504,417
MarketAxess Holdings Inc.		1,514		739,528


Security	Shares		Value

Capital Markets (continued)
Moody’s Corp.		6,437	$	2,103,032
Morgan Stanley		59,929		4,947,139
Morningstar Inc.		831		220,223
MSCI Inc.		3,298		1,602,069
Nasdaq Inc.		4,618		745,992
Northern Trust Corp.		8,364		951,823
Raymond James Financial Inc.		4,824		630,883
S&P Global Inc.		9,612		3,752,429
SEI Investments Co.		4,888		300,319
State Street Corp.		14,023		1,177,231
Stifel Financial Corp.		4,059		280,842
T Rowe Price Group Inc.		9,096		1,630,003
Tradeweb Markets Inc., Class A		4,071		330,891
Virtu Financial Inc., Class A		2,980		88,297


				49,774,522

Chemicals — 1.8%
Air Products & Chemicals Inc.		8,833		2,548,144
Albemarle Corp.		4,636		779,636
Ashland Global Holdings Inc.		2,192		188,972
Axalta Coating Systems Ltd.^(a)		8,327		265,548
Celanese Corp.		4,572		716,204
CF Industries Holdings Inc.		8,672		421,719
Chemours Co. (The)		6,685		201,887
Corteva Inc.		29,773		1,451,731
Dow Inc.		29,640		1,852,500
DuPont de Nemours Inc.		21,446		1,653,701
Eastman Chemical Co.		5,425		625,991
Ecolab Inc.		9,934		2,226,408
Element Solutions Inc.		8,291		181,407
FMC Corp.		5,126		606,098
Huntsman Corp.		7,679		220,157
Ingevity Corp.^(a)		1,520		118,682
International Flavors & Fragrances Inc.		9,966		1,416,866
Linde PLC		20,880		5,968,339
LyondellBasell Industries NV, Class A		10,209		1,059,082
Mosaic Co. (The)		13,570		477,393
NewMarket Corp.		297		102,937
PPG Industries Inc.		9,440		1,616,506
RPM International Inc.		5,230		496,013
Scotts Miracle-Gro Co. (The)		1,611		372,399
Sherwin-Williams Co. (The)		9,688		2,653,253
Valvoline Inc.		7,435		233,459
Westlake Chemical Corp.		1,457		136,798
WR Grace & Co.		2,548		175,124


				28,766,954

Commercial Services & Supplies — 0.4%
ADT Inc.		6,613		60,840
Cimpress PLC^(a)		783		74,588
Cintas Corp.		3,542		1,222,486
Clean Harbors Inc.^(a)		2,079		184,948
Copart Inc.^(a)		8,240		1,025,962
IAA Inc.^(a)		5,321		334,212
MSA Safety Inc.		1,482		238,246
Republic Services Inc.		8,385		891,325
Rollins Inc.		8,908		332,090
Stericycle Inc.^(a)		3,720		283,762
Tetra Tech Inc.		2,193		279,893
Waste Management Inc.		15,511		2,140,053


				7,068,405


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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment — 0.8%
Arista Networks Inc.^(a)		2,192	$	690,853
Ciena Corp.^(a)		6,237		314,781
Cisco Systems Inc.		168,599		8,583,375
EchoStar Corp., Class A^(a)		1,848		45,184
F5 Networks Inc.^(a)		2,463		459,990
Juniper Networks Inc.		12,850		326,261
Lumentum Holdings Inc.^(a)		2,967		252,343
Motorola Solutions Inc.		6,724		1,266,129
Ubiquiti Inc.		308		87,882
Viavi Solutions Inc.^(a)		8,836		144,557


				12,171,355

Construction & Engineering — 0.1%
AECOM^(a)		5,983		397,451
EMCOR Group Inc.		2,192		262,602
MasTec Inc.^(a)(b)		2,189		228,444
Quanta Services Inc.		5,602		541,377
Valmont Industries Inc.		839		207,107


				1,636,981

Construction Materials — 0.1%
Eagle Materials Inc.		1,655		228,621
Martin Marietta Materials Inc.		2,506		884,919
Vulcan Materials Co.		5,337		951,267


				2,064,807

Consumer Finance — 0.7%
Ally Financial Inc.		15,109		777,358
American Express Co.		26,025		3,990,934
Capital One Financial Corp.		18,363		2,737,556
Credit Acceptance Corp.^(a)(b)		450		177,655
Discover Financial Services		12,208		1,391,712
FirstCash Inc.		1,562		112,511
Green Dot Corp., Class A^(a)		2,072		94,815
LendingTree Inc.^(a)		428		88,378
OneMain Holdings Inc.		3,331		189,434
PROG Holdings Inc.		2,802		142,734
Santander Consumer USA Holdings Inc.		2,925		99,274
SLM Corp.		13,101		257,565
Synchrony Financial		21,705		949,377


				11,009,303

Containers & Packaging — 0.4%
Amcor PLC		62,495		734,316
AptarGroup Inc.		2,590		390,598
Avery Dennison Corp.		3,330		713,186
Ball Corp.		13,179		1,234,082
Berry Global Group Inc.^(a)		5,320		338,458
Crown Holdings Inc.		5,450		598,410
Graphic Packaging Holding Co.		10,742		199,264
International Paper Co.		15,616		905,728
Packaging Corp. of America		3,775		557,379
Sealed Air Corp.		6,128		302,723
Silgan Holdings Inc.		3,291		138,782
Sonoco Products Co.		3,914		256,210
Westrock Co.		10,655		594,016


				6,963,152

Distributors — 0.1%
Genuine Parts Co.		5,756		719,327
LKQ Corp.^(a)		11,275		526,655
Pool Corp.		1,609		679,835


				1,925,817


Security	Shares		Value

Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.^(a)		2,446	$	354,254
Chegg Inc.^(a)		5,586		504,583
frontdoor Inc.^(a)		3,384		181,146
Grand Canyon Education Inc.^(a)		1,940		210,083
H&R Block Inc.		7,163		159,448
Service Corp. International		6,742		360,292
Terminix Global Holdings Inc.^(a)		5,367		273,127


				2,042,933

Diversified Financial Services — 1.3%
Berkshire Hathaway Inc., Class B^(a)		76,145		20,936,068
Equitable Holdings Inc.		15,658		535,973
Voya Financial Inc.		4,855		329,266


				21,801,307

Diversified Telecommunication Services — 1.2%
AT&T Inc.		284,811		8,945,913
Liberty Global PLC, Class A^(a)		5,727		154,056
Liberty Global PLC, Class C, NVS^(a)		14,352		388,365
Lumen Technologies Inc.		39,507		506,875
Verizon Communications Inc.		165,259		9,550,318


				19,545,527

Electric Utilities — 1.6%
ALLETE Inc.		2,081		146,419
Alliant Energy Corp.		10,081		566,250
American Electric Power Co. Inc.		19,874		1,763,022
Avangrid Inc.		2,201		112,031
Duke Energy Corp.		30,621		3,083,228
Edison International		15,049		894,663
Entergy Corp.		8,004		874,757
Evergy Inc.		9,162		586,093
Eversource Energy		13,619		1,174,230
Exelon Corp.		39,158		1,759,760
FirstEnergy Corp.		21,725		823,812
Hawaiian Electric Industries Inc.		4,493		193,469
IDACORP Inc.		2,000		204,960
NextEra Energy Inc.		78,237		6,064,150
NRG Energy Inc.		9,765		349,782
OGE Energy Corp.		7,996		268,346
PG&E Corp.^(a)		59,531		673,891
Pinnacle West Capital Corp.		4,487		379,825
PNM Resources Inc.		3,186		157,261
Portland General Electric Co.		3,534		179,739
PPL Corp.		30,936		901,166
Southern Co. (The)		42,098		2,785,625
Xcel Energy Inc.		21,530		1,535,089


				25,477,568

Electrical Equipment — 0.6%
Acuity Brands Inc.		1,457		270,303
AMETEK Inc.		9,167		1,236,903
Array Technologies Inc.^(a)		4,370		123,059
Eaton Corp. PLC		15,899		2,272,444
Emerson Electric Co.		23,954		2,167,598
EnerSys		1,636		149,825
Generac Holdings Inc.^(a)		2,493		807,607
Hubbell Inc.		2,130		408,981
nVent Electric PLC		6,841		208,308
Regal Beloit Corp.		1,648		238,021
Rockwell Automation Inc.		4,647		1,228,016
Sensata Technologies Holding PLC^(a)		6,415		370,402


20		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Shoals Technologies Group Inc., Class A^(a)(b)		3,093	$	99,193


				9,580,660

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		23,994		1,615,756
Arrow Electronics Inc.^(a)		2,981		340,043
Avnet Inc.		4,135		181,609
CDW Corp./DE		5,613		1,000,966
Cognex Corp.		6,934		597,156
Coherent Inc.^(a)		973		252,970
Corning Inc.		30,642		1,354,683
FLIR Systems Inc.		5,139		308,186
IPG Photonics Corp.^(a)		1,428		310,033
Itron Inc.^(a)		1,791		161,083
Jabil Inc.		5,257		275,572
Keysight Technologies Inc.^(a)		7,393		1,067,180
Littelfuse Inc.		981		260,200
National Instruments Corp.		5,293		219,183
SYNNEX Corp.		1,616		195,859
TE Connectivity Ltd.		13,164		1,770,163
Trimble Inc.^(a)		10,085		826,970
Vontier Corp.^(a)		6,782		212,548
Zebra Technologies Corp., Class A^(a)		2,124		1,035,960


				11,986,120

Energy Equipment & Services — 0.2%
Baker Hughes Co.		29,192		586,175
Halliburton Co.		35,489		694,165
NOV Inc.		15,492		231,605
Schlumberger Ltd.		55,677		1,506,063
TechnipFMC PLC		16,825		124,505


				3,142,513

Entertainment — 1.9%
Activision Blizzard Inc.		30,949		2,822,239
Electronic Arts Inc.		11,486		1,631,931
Liberty Media Corp.-Liberty Formula One, Class A^(a)		928		38,438
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		8,213		385,518
Live Nation Entertainment Inc.^(a)(b)		5,753		471,056
Madison Square Garden Sports Corp.^(a)		697		128,833
Netflix Inc.^(a)		17,681		9,078,663
Playtika Holding Corp.^(a)		2,785		77,367
ROBLOX Corp., Class A^(a)		1,580		117,789
Roku Inc.^(a)		4,447		1,525,188
Take-Two Interactive Software Inc.^(a)		4,605		807,625
Walt Disney Co. (The)^(a)		72,493		13,485,148
Warner Music Group Corp., Class A		3,567		135,403
World Wrestling Entertainment Inc., Class A		1,918		105,701
Zynga Inc., Class A^(a)		40,275		435,776


				31,246,675

Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities Inc.		5,092		922,161
American Campus Communities Inc.		5,546		250,735
American Homes 4 Rent, Class A		10,806		400,254
American Tower Corp.		17,719		4,514,270
Americold Realty Trust		10,106		408,181
Apartment Income REIT Corp.		5,916		267,107
Apartment Investment & Management Co., Class A		5,916		41,057
AvalonBay Communities Inc.		5,555		1,066,560
Boston Properties Inc.		5,626		615,203
Brixmor Property Group Inc.		11,960		267,186


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Camden Property Trust		3,876	$	466,980
CoreSite Realty Corp.		1,725		209,570
Corporate Office Properties Trust		4,304		120,684
Cousins Properties Inc.		5,958		218,480
Crown Castle International Corp.		17,250		3,261,285
CubeSmart		7,945		336,391
CyrusOne Inc.		4,703		342,520
Digital Realty Trust Inc.		11,204		1,728,889
Douglas Emmett Inc.		6,693		224,483
Duke Realty Corp.		14,910		693,613
EastGroup Properties Inc.		1,571		249,255
Equinix Inc.		3,564		2,568,789
Equity Commonwealth		4,971		143,165
Equity LifeStyle Properties Inc.		6,822		473,447
Equity Residential		13,789		1,023,557
Essex Property Trust Inc.		2,605		756,805
Extra Space Storage Inc.		5,222		776,459
Federal Realty Investment Trust		2,807		316,742
First Industrial Realty Trust Inc.		5,050		251,339
Gaming and Leisure Properties Inc.		8,485		394,468
Healthcare Realty Trust Inc.		5,529		177,813
Healthcare Trust of America Inc., Class A		8,827		259,249
Healthpeak Properties Inc.		21,751		746,929
Highwoods Properties Inc.		4,085		182,967
Host Hotels & Resorts Inc.		27,885		506,392
Hudson Pacific Properties Inc.		5,778		162,420
Invitation Homes Inc.		22,574		791,444
Iron Mountain Inc.		11,384		456,726
JBG SMITH Properties		4,339		141,495
Kilroy Realty Corp.		4,278		293,214
Kimco Realty Corp.		17,278		362,838
Lamar Advertising Co., Class A		3,520		348,621
Lexington Realty Trust		11,161		136,611
Life Storage Inc.		2,938		282,224
Medical Properties Trust Inc.		22,687		500,248
Mid-America Apartment Communities Inc.		4,520		711,132
National Health Investors Inc.		1,756		128,908
National Retail Properties Inc.		6,905		320,530
Omega Healthcare Investors Inc.		8,944		339,872
Physicians Realty Trust		8,213		153,829
PotlatchDeltic Corp.		2,813		166,980
Prologis Inc.		29,592		3,448,356
PS Business Parks Inc.		809		131,357
Public Storage		6,061		1,704,111
Rayonier Inc.		5,664		205,490
Realty Income Corp.		14,953		1,034,000
Regency Centers Corp.		6,354		404,496
Rexford Industrial Realty Inc.		5,272		292,860
Sabra Health Care REIT Inc.		8,475		153,991
SBA Communications Corp.		4,377		1,311,874
Simon Property Group Inc.		13,115		1,596,620
SL Green Realty Corp.		2,703		200,049
Spirit Realty Capital Inc.		4,570		217,258
STORE Capital Corp.		9,453		338,323
Sun Communities Inc.		4,471		745,897
UDR Inc.		11,780		547,181
Ventas Inc.		14,990		831,345
VEREIT Inc.		9,172		438,788
VICI Properties Inc.		21,490		681,233
Vornado Realty Trust		6,371		291,473


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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Welltower Inc.		16,641	$	1,248,574
Weyerhaeuser Co.		29,754		1,153,563
WP Carey Inc.		6,965		521,609


				47,978,525

Food & Staples Retailing — 1.2%
Albertsons Companies Inc., Class A^(b)		1,890		35,097
BJ’s Wholesale Club Holdings Inc.^(a)		5,555		248,142
Casey’s General Stores Inc.		1,498		332,841
Costco Wholesale Corp.		17,689		6,581,900
Kroger Co. (The)		30,405		1,110,999
Performance Food Group Co.^(a)		5,275		309,643
Sprouts Farmers Market Inc.^(a)		4,887		125,156
Sysco Corp.		20,450		1,732,728
U.S. Foods Holding Corp.^(a)		8,896		368,828
Walgreens Boots Alliance Inc.		28,639		1,520,731
Walmart Inc.		55,364		7,745,977


				20,112,042

Food Products — 1.0%
Archer-Daniels-Midland Co.		22,351		1,411,019
Beyond Meat Inc.^(a)(b)		1,985		261,385
Bunge Ltd.		5,602		472,921
Campbell Soup Co.		8,154		389,353
Conagra Brands Inc.		19,659		729,152
Darling Ingredients Inc.^(a)		6,568		456,148
Flowers Foods Inc.		8,113		194,387
General Mills Inc.		24,493		1,490,644
Hain Celestial Group Inc. (The)^(a)		3,389		138,983
Hershey Co. (The)		5,806		953,926
Hormel Foods Corp.		11,133		514,345
Ingredion Inc.		2,678		250,152
JM Smucker Co. (The)		4,388		574,784
Kellogg Co.		10,249		639,742
Kraft Heinz Co. (The)		25,706		1,061,401
Lamb Weston Holdings Inc.		5,909		475,674
Lancaster Colony Corp.		748		138,163
McCormick & Co. Inc./MD, NVS		9,985		902,244
Mondelez International Inc., Class A		56,291		3,423,056
Pilgrim’s Pride Corp.^(a)		2,073		49,669
Post Holdings Inc.^(a)		2,355		267,952
Seaboard Corp.		10		35,780
TreeHouse Foods Inc.^(a)(b)		2,196		104,530
Tyson Foods Inc., Class A		11,856		918,247


				15,853,657

Gas Utilities — 0.1%
Atmos Energy Corp.		5,133		531,728
National Fuel Gas Co.		3,541		175,846
New Jersey Resources Corp.		3,972		166,626
ONE Gas Inc.		2,092		168,343
Southwest Gas Holdings Inc.		2,203		153,593
Spire Inc.		2,060		155,200
UGI Corp.		8,418		367,951


				1,719,287

Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		70,746		8,495,180
ABIOMED Inc.^(a)		1,798		576,673
Align Technology Inc.^(a)		2,865		1,706,193
Baxter International Inc.		20,227		1,733,252
Becton Dickinson and Co.		11,618		2,890,675
Boston Scientific Corp.^(a)		56,752		2,474,387


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Cooper Companies Inc. (The)		1,974	$	811,097
Danaher Corp.		25,284		6,420,619
DENTSPLY SIRONA Inc.		8,746		590,442
DexCom Inc.^(a)		3,858		1,489,574
Edwards Lifesciences Corp.^(a)		24,930		2,381,314
Globus Medical Inc., Class A^(a)		3,131		224,712
Haemonetics Corp.^(a)		2,004		134,789
Hill-Rom Holdings Inc.		2,687		296,161
Hologic Inc.^(a)		10,240		671,232
ICU Medical Inc.^(a)		775		161,409
IDEXX Laboratories Inc.^(a)		3,421		1,878,095
Insulet Corp.^(a)(b)		2,648		781,743
Integra LifeSciences Holdings Corp.^(a)		2,839		210,313
Intuitive Surgical Inc.^(a)		4,690		4,056,850
Masimo Corp.^(a)		2,022		470,459
Medtronic PLC		53,827		7,047,031
Neogen Corp.^(a)		2,054		197,205
Novocure Ltd.^(a)		3,379		689,654
NuVasive Inc.^(a)		2,023		144,543
Penumbra Inc.^(a)(b)		1,364		417,370
Quidel Corp.^(a)		1,537		161,062
ResMed Inc.		5,816		1,093,233
STERIS PLC		3,409		719,367
Stryker Corp.		13,099		3,440,190
Tandem Diabetes Care Inc.^(a)(b)		2,453		225,431
Teleflex Inc.		1,852		782,433
West Pharmaceutical Services Inc.		2,949		968,805
Zimmer Biomet Holdings Inc.		8,277		1,466,353


				55,807,846

Health Care Providers & Services — 2.6%
1Life Healthcare Inc.^(a)		2,896		126,005
Acadia Healthcare Co. Inc.^(a)		3,591		218,764
Amedisys Inc.^(a)		1,298		350,265
AmerisourceBergen Corp.		5,917		714,774
Anthem Inc.		9,765		3,704,743
Cardinal Health Inc.		11,756		709,357
Centene Corp.^(a)		23,332		1,440,518
Chemed Corp.		650		309,796
Cigna Corp.		14,027		3,492,863
Covetrus Inc.^(a)		3,798		108,813
CVS Health Corp.		52,474		4,009,013
DaVita Inc.^(a)(b)		2,887		336,422
Encompass Health Corp.		4,031		342,071
Guardant Health Inc.^(a)		3,402		540,850
HCA Healthcare Inc.		10,600		2,131,236
HealthEquity Inc.^(a)		3,274		248,726
Henry Schein Inc.^(a)		5,682		411,945
Humana Inc.		5,161		2,297,884
Laboratory Corp. of America Holdings^(a)		3,929		1,044,603
LHC Group Inc.^(a)		1,272		264,919
McKesson Corp.		6,335		1,188,193
Molina Healthcare Inc.^(a)		2,308		588,771
Oak Street Health Inc.^(a)(b)		674		41,539
Premier Inc., Class A		2,935		103,752
Quest Diagnostics Inc.		5,282		696,590
Tenet Healthcare Corp.^(a)		4,165		246,818
UnitedHealth Group Inc.		37,752		15,055,497
Universal Health Services Inc., Class B		3,129		464,375
				41,189,102


22		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology — 0.2%
American Well Corp., Class A^(a)		2,241	$	34,489
Cerner Corp.		12,300		923,115
GoodRx Holdings Inc., Class A^(a)(b)		1,583		63,336
Teladoc Health Inc.^(a)		5,198		895,875
Veeva Systems Inc., Class A^(a)		5,463		1,543,024


				3,459,839

Hotels, Restaurants & Leisure — 2.1%
Airbnb Inc., Class A^(a)		2,951		509,667
Aramark		10,166		395,153
Booking Holdings Inc.^(a)		1,632		4,024,643
Boyd Gaming Corp.^(a)		3,186		210,754
Carnival Corp.^(a)		31,906		892,092
Chipotle Mexican Grill Inc.^(a)		1,128		1,683,010
Choice Hotels International Inc.		1,116		127,001
Churchill Downs Inc.		1,398		295,677
Cracker Barrel Old Country Store Inc.		949		158,929
Darden Restaurants Inc.		5,260		771,747
Domino’s Pizza Inc.		1,563		660,118
DraftKings Inc., Class A^(a)(b)		12,690		719,015
Expedia Group Inc.		5,472		964,331
Hilton Worldwide Holdings Inc.^(a)		11,039		1,420,719
Hyatt Hotels Corp., Class A^(a)		1,383		113,862
Las Vegas Sands Corp.		13,226		810,225
Marriott International Inc./MD, Class A^(a)		10,598		1,574,015
Marriott Vacations Worldwide Corp.^(a)		1,652		293,445
McDonald’s Corp.		29,775		7,029,282
MGM Resorts International		16,489		671,432
Norwegian Cruise Line Holdings Ltd.^(a)		14,564		452,212
Planet Fitness Inc., Class A^(a)		3,283		275,739
Royal Caribbean Cruises Ltd.		8,754		761,160
Starbucks Corp.		47,047		5,386,411
Texas Roadhouse Inc.		2,601		278,359
Vail Resorts Inc.		1,627		529,035
Wendy’s Co. (The)		7,417		167,402
Wyndham Hotels & Resorts Inc.		3,672		268,460
Wynn Resorts Ltd.^(a)		4,143		531,961
Yum! Brands Inc.		11,941		1,427,188


				33,403,044

Household Durables — 0.4%
DR Horton Inc.		13,280		1,305,291
Garmin Ltd.		6,008		824,538
Helen of Troy Ltd.^(a)		966		204,029
Leggett & Platt Inc.		5,421		269,261
Lennar Corp., Class A		11,013		1,140,947
Lennar Corp., Class B		654		52,693
Mohawk Industries Inc.^(a)		2,380		489,090
Newell Brands Inc.		14,856		400,518
NVR Inc.^(a)		139		697,516
PulteGroup Inc.		10,487		619,991
Tempur Sealy International Inc.		7,719		294,403
Toll Brothers Inc.		4,430		277,761
Whirlpool Corp.		2,492		589,233


				7,165,271

Household Products — 1.2%
Church & Dwight Co. Inc.		9,780		838,537
Clorox Co. (The)		5,058		923,085
Colgate-Palmolive Co.		33,982		2,742,347
Energizer Holdings Inc.		2,347		115,707
Kimberly-Clark Corp.		13,536		1,804,620


Security	Shares		Value

Household Products (continued)
Procter & Gamble Co. (The)		98,340	$	13,120,523
Reynolds Consumer Products Inc.		2,380		69,782


				19,614,601

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		26,875		747,663
Vistra Corp.		19,683		332,052


				1,079,715

Industrial Conglomerates — 1.1%
3M Co.		23,109		4,555,708
Carlisle Companies Inc.		2,156		413,198
General Electric Co.		349,782		4,589,140
Honeywell International Inc.		27,774		6,194,713
Roper Technologies Inc.		4,191		1,871,030


				17,623,789

Insurance — 2.1%
Aflac Inc.		25,646		1,377,960
Alleghany Corp.^(a)		570		387,013
Allstate Corp. (The)		12,162		1,542,142
American Financial Group Inc./OH		2,811		345,359
American International Group Inc.		34,631		1,677,872
Aon PLC, Class A		9,049		2,275,281
Arch Capital Group Ltd.^(a)		16,048		637,266
Arthur J Gallagher & Co.		7,663		1,110,752
Assurant Inc.		2,286		355,702
Athene Holding Ltd., Class A^(a)		5,086		303,482
Axis Capital Holdings Ltd.		3,301		184,196
Brighthouse Financial Inc.^(a)		3,434		160,677
Brown & Brown Inc.		9,501		505,263
Chubb Ltd.		17,978		3,084,845
Cincinnati Financial Corp.		5,975		673,263
CNA Financial Corp.		1,070		50,215
Enstar Group Ltd.^(a)		511		128,353
Erie Indemnity Co., Class A, NVS		1,003		214,662
Everest Re Group Ltd.		1,591		440,627
Fidelity National Financial Inc.		11,748		535,944
First American Financial Corp.		4,422		285,219
Globe Life Inc.		3,822		391,717
Hanover Insurance Group Inc. (The)		1,465		202,624
Hartford Financial Services Group Inc. (The)		14,240		939,270
Kemper Corp.		2,379		185,705
Lincoln National Corp.		7,315		469,111
Loews Corp.		9,091		506,823
Markel Corp.^(a)		544		639,972
Marsh & McLennan Companies Inc.		20,290		2,753,353
Mercury General Corp.		1,068		66,504
MetLife Inc.		30,104		1,915,517
Old Republic International Corp.		11,001		270,845
Primerica Inc.		1,592		254,354
Principal Financial Group Inc.		10,133		647,195
Progressive Corp. (The)		23,443		2,361,648
Prudential Financial Inc.		15,932		1,598,936
Reinsurance Group of America Inc.		2,739		357,522
RenaissanceRe Holdings Ltd.		1,982		334,581
RLI Corp.		1,640		182,794
Selective Insurance Group Inc.		2,385		181,594
Travelers Companies Inc. (The)		10,101		1,562,221
Unum Group		8,248		233,088
W R Berkley Corp.		5,661		451,295
White Mountains Insurance Group Ltd.		129		150,340


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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Willis Towers Watson PLC		5,162	$	1,336,235


				34,269,337

Interactive Media & Services — 6.0%
Alphabet Inc., Class A^(a)		12,010		28,265,535
Alphabet Inc., Class C, NVS^(a)		11,510		27,740,481
ANGI Inc.^(a)(b)		2,981		47,726
Bumble Inc., Class A^(a)		2,013		121,263
Cargurus Inc.^(a)(b)		3,446		85,047
Facebook Inc., Class A^(a)		96,063		31,228,160
IAC/InterActiveCorp.^(a)		3,323		842,281
Match Group Inc.^(a)		10,771		1,676,291
Pinterest Inc., Class A^(a)(b)		21,320		1,415,008
Snap Inc., Class A, NVS^(a)		37,131		2,295,439
TripAdvisor Inc.^(a)		3,845		181,215
Twitter Inc.^(a)		31,927		1,763,009
Zillow Group Inc., Class A^(a)		1,497		199,625
Zillow Group Inc., Class C, NVS^(a)		6,177		803,751
ZoomInfo Technologies Inc., Class A^(a)		3,741		194,008


				96,858,839

Internet & Direct Marketing Retail — 3.9%
Amazon.com Inc.^(a)		17,094		59,272,078
Chewy Inc., Class A^(a)		3,054		243,465
DoorDash Inc., Class A^(a)(b)		1,373		196,573
eBay Inc.		25,886		1,444,180
Etsy Inc.^(a)		5,042		1,002,299
Grubhub Inc.^(a)		3,785		257,531
Qurate Retail Inc., Series A		14,766		175,715
Wayfair Inc., Class A^(a)(b)		2,911		860,404


				63,452,245

IT Services — 5.4%
Accenture PLC, Class A		25,330		7,344,940
Affirm Holdings Inc.^(a)(b)		1,299		91,580
Akamai Technologies Inc.^(a)		6,500		706,550
Amdocs Ltd.		5,251		402,962
Automatic Data Processing Inc.		17,055		3,189,114
Black Knight Inc.^(a)		6,325		458,057
Broadridge Financial Solutions Inc.		4,598		729,381
Cognizant Technology Solutions Corp., Class A		21,185		1,703,274
Concentrix Corp.^(a)		1,616		251,094
DXC Technology Co.		10,385		341,770
EPAM Systems Inc.^(a)		2,254		1,031,768
Euronet Worldwide Inc.^(a)		2,060		295,466
Fastly Inc., Class A^(a)(b)		3,358		214,475
Fidelity National Information Services Inc.		24,844		3,798,648
Fiserv Inc.^(a)		22,998		2,762,520
FleetCor Technologies Inc.^(a)		3,336		959,834
Gartner Inc.^(a)		3,540		693,415
Genpact Ltd.		7,143		339,507
Global Payments Inc.		11,824		2,537,785
GoDaddy Inc., Class A^(a)		6,678		579,784
International Business Machines Corp.		35,707		5,066,109
Jack Henry & Associates Inc.		3,069		499,725
LiveRamp Holdings Inc.^(a)		2,730		133,715
Mastercard Inc., Class A		35,015		13,377,831
MAXIMUS Inc.		2,529		231,758
MongoDB Inc.^(a)		2,038		606,223
Okta Inc.^(a)(b)		4,928		1,329,082
Paychex Inc.		12,870		1,254,696
PayPal Holdings Inc.^(a)		46,771		12,267,566


Security	Shares		Value

IT Services (continued)
Perspecta Inc.		5,613	$	164,293
Snowflake Inc., Class A^(a)		2,381		551,416
Square Inc., Class A^(a)		15,543		3,805,237
Twilio Inc., Class A^(a)		6,409		2,357,230
VeriSign Inc.^(a)		3,969		868,298
Visa Inc., Class A		67,736		15,820,420
Western Union Co. (The)		16,545		426,199
WEX Inc.^(a)		1,761		361,375


				87,553,097

Leisure Products — 0.2%
Brunswick Corp./DE		3,093		331,353
Hasbro Inc.		5,071		504,311
Mattel Inc.^(a)		13,950		299,367
Peloton Interactive Inc., Class A^(a)		10,557		1,038,281
Polaris Inc.		2,325		325,570


				2,498,882

Life Sciences Tools & Services — 1.3%
10X Genomics Inc., Class A^(a)		2,931		579,752
Agilent Technologies Inc.		12,205		1,631,076
Avantor Inc.^(a)		20,660		661,946
Bio-Rad Laboratories Inc., Class A^(a)		862		543,172
Bio-Techne Corp.		1,547		661,327
Bruker Corp.		3,997		273,874
Charles River Laboratories International Inc.^(a)		1,972		655,591
Illumina Inc.^(a)		5,827		2,289,079
IQVIA Holdings Inc.^(a)		7,616		1,787,399
Mettler-Toledo International Inc.^(a)		937		1,230,581
PerkinElmer Inc.		4,487		581,650
PPD Inc.^(a)		4,446		205,405
PRA Health Sciences Inc.^(a)		2,531		422,399
Repligen Corp.^(a)		2,044		432,735
Syneos Health Inc.^(a)		3,263		276,866
Thermo Fisher Scientific Inc.		15,726		7,394,837
Waters Corp.^(a)		2,504		750,875


				20,378,564

Machinery — 1.8%
AGCO Corp.		2,421		353,272
Allison Transmission Holdings Inc.		4,378		181,556
Caterpillar Inc.		21,782		4,968,692
Colfax Corp.^(a)(b)		4,633		209,365
Crane Co.		2,020		190,001
Cummins Inc.		5,896		1,486,028
Deere & Co.		12,518		4,642,300
Donaldson Co. Inc.		5,104		320,940
Dover Corp.		5,758		859,036
Flowserve Corp.		5,333		211,400
Fortive Corp.		13,574		961,311
Gates Industrial Corp. PLC^(a)		2,759		47,593
Graco Inc.		6,770		519,936
IDEX Corp.		3,043		682,241
Illinois Tool Works Inc.		11,538		2,659,048
Ingersoll Rand Inc.^(a)		14,949		738,630
ITT Inc.		3,458		326,124
Lincoln Electric Holdings Inc.		2,333		298,741
Middleby Corp. (The)^(a)		2,237		405,613
Navistar International Corp.^(a)		2,005		88,721
Nikola Corp.^(a)(b)		5,530		63,982
Nordson Corp.		2,173		459,394
Oshkosh Corp.		2,687		334,343


24		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Otis Worldwide Corp.		16,297	$	1,269,047
PACCAR Inc.		13,853		1,245,108
Parker-Hannifin Corp.		5,177		1,624,594
Pentair PLC		6,508		419,831
Snap-on Inc.		2,142		508,939
Stanley Black & Decker Inc.		6,430		1,329,531
Timken Co. (The)		2,651		222,339
Toro Co. (The)		4,250		487,050
Westinghouse Air Brake Technologies Corp.		7,126		584,831
Woodward Inc.		2,279		284,898
Xylem Inc./NY		7,216		798,450


				29,782,885

Marine — 0.0%
Kirby Corp.^(a)		2,408		153,390


Media — 1.4%
Altice USA Inc., Class A^(a)		9,742		353,732
Cable One Inc.		216		386,640
Charter Communications Inc., Class A^(a)(b)		5,638		3,796,911
Comcast Corp., Class A		182,555		10,250,463
Discovery Inc., Class A^(a)		6,443		242,643
Discovery Inc., Class C, NVS^(a)		11,601		374,828
DISH Network Corp., Class A^(a)		9,933		444,899
Fox Corp., Class A, NVS		13,322		498,509
Fox Corp., Class B		6,105		222,100
Interpublic Group of Companies Inc. (The)		15,426		489,776
Liberty Broadband Corp., Class A^(a)(b)		928		146,318
Liberty Broadband Corp., Class C, NVS^(a)(b)		8,496		1,382,469
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		3,354		151,567
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		7,014		317,243
New York Times Co. (The), Class A		5,697		258,701
News Corp., Class A, NVS		15,557		407,516
News Corp., Class B		4,690		114,014
Nexstar Media Group Inc., Class A		1,707		251,629
Omnicom Group Inc.		8,604		707,765
Sirius XM Holdings Inc.^(b)		46,420		283,162
TEGNA Inc.		8,520		170,911
ViacomCBS Inc., Class A		418		18,894
ViacomCBS Inc., Class B, NVS		23,501		964,011


				22,234,701

Metals & Mining — 0.4%
Alcoa Corp.^(a)		7,361		269,707
Commercial Metals Co.		4,636		135,464
Freeport-McMoRan Inc.		58,293		2,198,229
Newmont Corp.		31,949		1,993,937
Nucor Corp.		11,980		985,475
Reliance Steel & Aluminum Co.		2,563		410,874
Royal Gold Inc.		2,666		298,219
Steel Dynamics Inc.		8,048		436,363


				6,728,268

Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		21,849		391,752
Annaly Capital Management Inc.		55,249		501,661
Blackstone Mortgage Trust Inc., Class A		5,984		194,420
New Residential Investment Corp.		17,132		183,655
Starwood Property Trust Inc.		11,402		294,400


				1,565,888

Multi-Utilities — 0.8%
Ameren Corp.		10,146		860,787


Security	Shares		Value

Multi-Utilities (continued)
Avista Corp.		2,687	$	123,656
Black Hills Corp.		2,457		169,484
CenterPoint Energy Inc.		22,016		539,172
CMS Energy Corp.		11,458		737,781
Consolidated Edison Inc.		13,684		1,059,278
Dominion Energy Inc.		32,262		2,577,734
DTE Energy Co.		7,728		1,082,075
MDU Resources Group Inc.		8,189		274,004
NiSource Inc.		15,467		402,451
NorthWestern Corp.		2,104		143,135
Public Service Enterprise Group Inc.		20,084		1,268,505
Sempra Energy		12,116		1,666,798
WEC Energy Group Inc.		12,660		1,230,172


				12,135,032

Multiline Retail — 0.5%
Dollar General Corp.		9,799		2,104,335
Dollar Tree Inc.^(a)		9,407		1,080,864
Kohl’s Corp.		6,357		372,902
Ollie’s Bargain Outlet Holdings Inc.^(a)		2,225		205,301
Target Corp.		19,991		4,143,335


				7,906,737

Oil, Gas & Consumable Fuels — 2.3%
APA Corp.		15,096		301,920
Cabot Oil & Gas Corp.		15,729		262,202
Cheniere Energy Inc.^(a)		9,148		709,153
Chevron Corp.		76,932		7,929,381
Cimarex Energy Co.		4,067		269,235
ConocoPhillips		54,245		2,774,089
Continental Resources Inc./OK^(a)		2,462		67,065
Devon Energy Corp.		23,487		549,126
Diamondback Energy Inc.		7,241		591,807
EOG Resources Inc.		23,382		1,721,851
EQT Corp.^(a)		11,061		211,265
Equitrans Midstream Corp.		16,426		134,036
Exxon Mobil Corp.		169,067		9,677,395
Hess Corp.		11,008		820,206
HollyFrontier Corp.		6,088		213,080
Kinder Morgan Inc.		77,576		1,322,671
Marathon Oil Corp.		31,921		359,430
Marathon Petroleum Corp.		26,098		1,452,354
Occidental Petroleum Corp.		33,710		854,886
ONEOK Inc.		17,777		930,448
Ovintiv Inc.		10,444		249,925
Phillips 66		17,423		1,409,695
Pioneer Natural Resources Co.		8,240		1,267,559
Targa Resources Corp.		8,922		309,504
Valero Energy Corp.		16,283		1,204,291
Williams Companies Inc. (The)		48,396		1,178,927


				36,771,501

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		4,244		279,595


Personal Products — 0.2%
Coty Inc., Class A^(a)		11,998		120,100
Estee Lauder Companies Inc. (The), Class A		9,200		2,886,960
Herbalife Nutrition Ltd.^(a)		3,494		159,920


				3,166,980

Pharmaceuticals — 3.1%
Atea Pharmaceuticals Inc.^(a)(b)		497		12,281


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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Bristol-Myers Squibb Co.		89,474	$	5,584,967
Catalent Inc.^(a)		6,816		766,596
Elanco Animal Health Inc.^(a)		18,985		602,014
Eli Lilly & Co.		31,741		5,801,303
Jazz Pharmaceuticals PLC^(a)		2,186		359,378
Johnson & Johnson		104,978		17,083,070
Merck & Co. Inc.		101,049		7,528,150
Nektar Therapeutics^(a)		7,314		143,428
Perrigo Co. PLC		5,472		227,799
Pfizer Inc.		222,558		8,601,867
Royalty Pharma PLC, Class A		3,467		152,548
Viatris Inc.^(a)		48,357		643,148
Zoetis Inc.		18,948		3,278,572


				50,785,121

Professional Services — 0.7%
ASGN Inc.^(a)		2,073		218,038
Booz Allen Hamilton Holding Corp.		5,541		459,626
CACI International Inc., Class A^(a)		997		254,095
Clarivate PLC^(a)		10,469		292,399
CoreLogic Inc.		2,930		233,521
CoStar Group Inc.^(a)		1,577		1,347,436
Dun & Bradstreet Holdings Inc.^(a)		5,415		128,660
Equifax Inc.		4,833		1,107,869
FTI Consulting Inc.^(a)		1,370		190,225
IHS Markit Ltd.		14,861		1,598,746
Insperity Inc.		1,428		125,007
Jacobs Engineering Group Inc.		5,136		686,221
KBR Inc.		5,507		217,857
Leidos Holdings Inc.		5,325		539,316
ManpowerGroup Inc.		2,269		274,299
Nielsen Holdings PLC		14,000		359,100
Robert Half International Inc.		4,538		397,574
Science Applications International Corp.		2,344		209,601
TransUnion		7,603		795,198
TriNet Group Inc.^(a)		1,507		118,616
Verisk Analytics Inc.		6,515		1,226,123


				10,779,527

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		13,311		1,134,097
Howard Hughes Corp. (The)^(a)(b)		1,740		187,816
Jones Lang LaSalle Inc.^(a)		2,073		389,537


				1,711,450

Road & Rail — 1.2%
AMERCO		370		220,753
CSX Corp.		30,451		3,067,938
JB Hunt Transport Services Inc.		3,301		563,514
Kansas City Southern		3,638		1,063,060
Knight-Swift Transportation Holdings Inc.		5,061		238,474
Landstar System Inc.		1,511		260,315
Lyft Inc., Class A^(a)		10,255		570,793
Norfolk Southern Corp.		10,088		2,816,973
Old Dominion Freight Line Inc.		3,842		990,506
Uber Technologies Inc.^(a)		58,510		3,204,593
Union Pacific Corp.		26,750		5,940,908


				18,937,827

Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices Inc.^(a)		48,334		3,945,021
Allegro MicroSystems Inc.^(a)		1,668		41,166
Analog Devices Inc.		14,732		2,256,353


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Applied Materials Inc.		36,618	$	4,859,575
Broadcom Inc.		16,303		7,437,429
Cirrus Logic Inc.^(a)		2,286		170,101
Cree Inc.^(a)		4,615		458,823
Enphase Energy Inc.^(a)		5,076		706,833
Entegris Inc.		5,345		601,740
First Solar Inc.^(a)		3,438		263,110
Intel Corp.		162,259		9,334,760
KLA Corp.		6,153		1,940,349
Lam Research Corp.		5,696		3,534,083
Marvell Technology Inc.		31,592		1,428,274
Maxim Integrated Products Inc.		10,686		1,004,484
Microchip Technology Inc.		10,783		1,620,577
Micron Technology Inc.^(a)		44,655		3,843,456
MKS Instruments Inc.		2,225		398,520
Monolithic Power Systems Inc.		1,700		614,346
NVIDIA Corp.		24,761		14,866,009
NXP Semiconductors NV		11,093		2,135,513
ON Semiconductor Corp.^(a)		16,633		648,687
Power Integrations Inc.		2,407		199,324
Qorvo Inc.^(a)		4,515		849,588
QUALCOMM Inc.		45,367		6,296,940
Semtech Corp.^(a)		2,565		173,753
Silicon Laboratories Inc.^(a)		1,732		244,125
Skyworks Solutions Inc.		6,557		1,188,981
SolarEdge Technologies Inc.^(a)		2,080		548,163
Teradyne Inc.		6,597		825,153
Texas Instruments Inc.		36,710		6,626,522
Universal Display Corp.		1,719		384,523
Xilinx Inc.		9,827		1,257,463


				80,703,744

Software — 9.1%
ACI Worldwide Inc.^(a)		4,643		175,413
Adobe Inc.^(a)		19,141		9,730,136
Alteryx Inc., Class A^(a)(b)		2,358		192,766
Anaplan Inc.^(a)		5,798		345,851
ANSYS Inc.^(a)		3,443		1,258,967
Aspen Technology Inc.^(a)		2,730		357,193
Autodesk Inc.^(a)		8,777		2,562,094
Avalara Inc.^(a)		3,361		476,287
Bentley Systems Inc., Class B^(b)		418		21,402
Bill.com Holdings Inc.^(a)		2,377		367,556
Blackbaud Inc.^(a)		1,841		130,932
Cadence Design Systems Inc.^(a)		11,168		1,471,607
CDK Global Inc.		4,988		267,307
Ceridian HCM Holding Inc.^(a)		5,228		493,941
Citrix Systems Inc.		4,866		602,654
Cloudflare Inc., Class A^(a)		7,517		636,991
Coupa Software Inc.^(a)(b)		2,890		777,526
Crowdstrike Holdings Inc., Class A^(a)		7,531		1,570,289
Datadog Inc., Class A^(a)		8,253		707,860
DocuSign Inc.^(a)		7,461		1,663,355
Dolby Laboratories Inc., Class A		2,569		260,676
Dropbox Inc., Class A^(a)		11,814		303,620
Dynatrace Inc.^(a)		7,363		383,171
Elastic NV^(a)		2,404		289,970
Fair Isaac Corp.^(a)		1,152		600,664
FireEye Inc.^(a)		9,025		179,372
Five9 Inc.^(a)		2,633		494,925
Fortinet Inc.^(a)		5,425		1,107,948


26		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Guidewire Software Inc.^(a)		3,376	$	356,202
HubSpot Inc.^(a)(b)		1,726		908,653
Intuit Inc.		10,927		4,503,672
j2 Global Inc.^(a)		1,704		206,184
Manhattan Associates Inc.^(a)		2,532		347,492
McAfee Corp., Class A		1,431		34,745
Microsoft Corp.		301,202		75,957,120
nCino Inc.^(a)(b)		583		38,122
New Relic Inc.^(a)		2,083		133,937
NortonLifeLock Inc.		23,095		499,083
Nuance Communications Inc.^(a)		11,303		600,980
Nutanix Inc., Class A^(a)		7,428		200,853
Oracle Corp.		74,049		5,612,174
Palantir Technologies Inc., Class A^(a)		17,540		404,122
Palo Alto Networks Inc.^(a)		3,895		1,376,454
Paycom Software Inc.^(a)		1,967		756,134
Paylocity Holding Corp.^(a)		1,501		290,053
Pegasystems Inc.		1,586		201,327
Proofpoint Inc.^(a)		2,260		388,969
PTC Inc.^(a)		4,230		553,876
Qualtrics International Inc., Class A^(a)		2,052		76,642
RingCentral Inc., Class A^(a)		3,172		1,011,709
salesforce.com Inc.^(a)		36,649		8,440,998
ServiceNow Inc.^(a)		7,832		3,965,890
Slack Technologies Inc., Class A^(a)		20,082		851,477
Smartsheet Inc., Class A^(a)		4,517		267,858
SolarWinds Corp.^(a)		2,623		44,224
Splunk Inc.^(a)		6,415		810,984
SS&C Technologies Holdings Inc.		8,928		662,636
Synopsys Inc.^(a)		6,097		1,506,325
Trade Desk Inc. (The), Class A^(a)		1,707		1,244,932
Tyler Technologies Inc.^(a)		1,609		683,600
Unity Software Inc.^(a)		1,001		101,682
Verint Systems Inc.^(a)		2,513		122,056
VMware Inc., Class A^(a)(b)		3,258		523,984
Workday Inc., Class A^(a)		7,368		1,819,896
Zendesk Inc.^(a)		4,688		685,151
Zoom Video Communications Inc., Class A^(a)		8,155		2,606,093
Zscaler Inc.^(a)		2,973		557,854


				146,784,616

Specialty Retail — 2.3%
Aaron’s Co. Inc. (The)		1,402		43,308
Advance Auto Parts Inc.		2,625		525,420
AutoNation Inc.^(a)		2,166		221,972
AutoZone Inc.^(a)		889		1,301,603
Best Buy Co. Inc.		9,220		1,072,009
Burlington Stores Inc.^(a)		2,627		857,269
CarMax Inc.^(a)		6,503		866,460
Carvana Co.^(a)(b)		2,509		715,717
Dick’s Sporting Goods Inc.		2,693		222,388
Five Below Inc.^(a)		2,242		451,247
Floor & Decor Holdings Inc., Class A^(a)		4,179		463,535
Foot Locker Inc.		4,119		242,939
Gap Inc. (The)		7,979		264,105
Home Depot Inc. (The)		42,995		13,916,192
L Brands Inc.^(a)		9,201		606,346
Lithia Motors Inc., Class A		1,049		403,215
Lowe’s Companies Inc.		29,190		5,728,537
Murphy USA Inc.		979		136,472
National Vision Holdings Inc.^(a)		3,150		158,791


Security	Shares		Value

Specialty Retail (continued)
O’Reilly Automotive Inc.^(a)		2,811	$	1,554,146
Penske Automotive Group Inc.		1,372		120,311
RH^(a)		654		449,965
Ross Stores Inc.		14,220		1,861,967
TJX Companies Inc. (The)		47,845		3,396,995
Tractor Supply Co.		4,634		873,972
Ulta Beauty Inc.^(a)		2,241		738,073
Williams-Sonoma Inc.		3,047		520,275


				37,713,229

Technology Hardware, Storage & Peripherals — 5.5%
Apple Inc.		630,216		82,848,196
Dell Technologies Inc., Class C^(a)		9,443		928,530
Hewlett Packard Enterprise Co.		52,106		834,738
HP Inc.		50,158		1,710,889
NetApp Inc.		8,889		663,920
Pure Storage Inc., Class A^(a)(b)		9,711		196,357
Seagate Technology PLC		8,043		746,712
Western Digital Corp.		12,195		861,333
Xerox Holdings Corp.		6,837		165,045


				88,955,720

Textiles, Apparel & Luxury Goods — 0.8%
Carter’s Inc.		1,753		190,709
Columbia Sportswear Co.		1,183		128,959
Deckers Outdoor Corp.^(a)		1,112		376,078
Hanesbrands Inc.		14,315		301,474
Levi Strauss & Co., Class A		2,607		75,238
Lululemon Athletica Inc.^(a)		4,733		1,586,833
Nike Inc., Class B		50,776		6,733,913
PVH Corp.		2,786		315,320
Ralph Lauren Corp.		1,948		259,649
Skechers U.S.A. Inc., Class A^(a)		5,419		262,767
Tapestry Inc.		11,097		530,991
Under Armour Inc., Class A^(a)		7,562		183,832
Under Armour Inc., Class C, NVS^(a)		7,793		155,159
VF Corp.		12,721		1,115,123


				12,216,045

Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		4,472		235,138
MGIC Investment Corp.		13,131		200,117
New York Community Bancorp. Inc.		18,553		221,894
Radian Group Inc.		7,966		196,282
Rocket Companies Inc., Class A		4,614		103,584
TFS Financial Corp.		2,098		41,037


				998,052

Tobacco — 0.6%
Altria Group Inc.		74,211		3,543,575
Philip Morris International Inc.		62,193		5,908,335


				9,451,910

Trading Companies & Distributors — 0.3%
Air Lease Corp.		4,178		195,154
Applied Industrial Technologies Inc.		1,611		154,108
Fastenal Co.		22,910		1,197,735
MSC Industrial Direct Co. Inc., Class A		1,831		165,083
SiteOne Landscape Supply Inc.^(a)(b)		1,813		325,216
United Rentals Inc.^(a)		2,860		915,057
Univar Solutions Inc.^(a)		6,808		158,967
Watsco Inc.		1,332		390,090


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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors (continued)
WW Grainger Inc.		1,762	$	763,897


				4,265,307

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		3,029		100,896


Water Utilities — 0.1%
American Water Works Co. Inc.		7,255		1,131,708
Essential Utilities Inc.		9,008		424,547


				1,556,255

Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		23,313		3,080,347
U.S. Cellular Corp.^(a)		594		20,273


				3,100,620


Total Common Stocks — 99.7% (Cost: $729,175,376)				1,608,477,071


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		16,754,422		16,762,800


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		4,056,000	$	4,056,000


				20,818,800


Total Short-Term Investments — 1.3% (Cost: $20,814,613)				20,818,800


Total Investments in Securities — 101.0% (Cost: $749,989,989)				1,629,295,871

Other Assets, Less Liabilities — (1.0)%				(15,715,441	)


Net Assets — 100.0%			$	1,613,580,430

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,108,982	$	—		$	(8,336,289	)^(a)	$	29,032	$	(38,925	)	$	16,762,800		16,754,422	$	96,027	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,196,000		1,860,000	^(a)		—			—		—			4,056,000		4,056,000		1,958			—
BlackRock Inc.		2,504,176		893,171			(600,466	)		212,093		1,632,360			4,641,334		5,665		90,016			—


									$	241,125	$	1,593,435		$	25,460,134			$	188,001		$	—

^(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.

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/18/21

4,801

177,920


28		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Dow Jones U.S. ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	177,920

^(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 year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,011,570


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(128,953	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	3,470,669

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	1,608,477,071	$	—	$	—	$	1,608,477,071
Money Market Funds		20,818,800		—		—		20,818,800


	$	1,629,295,871	$	—	$	—	$	1,629,295,871

Derivative financial instruments^(a)
Assets
Futures Contracts	$	177,920	$	—	$	—	$	177,920

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		29

Schedule of Investments

April 30, 2021

iShares^® Transportation Average ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 25.8%
CH Robinson Worldwide Inc.		1,001,203	$	97,196,787
Expeditors International of Washington Inc.		931,519		102,336,677
FedEx Corp.		694,525		201,627,553
United Parcel Service Inc., Class B		746,095		152,098,927


				553,259,944

Airlines — 20.0%
Alaska Air Group Inc.^(a)		1,112,444		76,914,378
American Airlines Group Inc.^(a)		1,574,499		34,198,118
Delta Air Lines Inc.^(a)		2,258,867		105,986,040
JetBlue Airways Corp.^(a)		2,039,842		41,531,183
Southwest Airlines Co.		1,679,478		105,437,629
United Airlines Holdings Inc.^(a)		1,185,195		64,474,608


				428,541,956

Marine — 5.4%
Kirby Corp.^(a)		902,918		57,515,877
Matson Inc.		903,858		59,049,043


				116,564,920

Road & Rail — 48.8%
Avis Budget Group Inc.^(a)(b)		1,004,843		90,043,981
CSX Corp.		983,715		99,109,286
JB Hunt Transport Services Inc.		752,067		128,385,358
Kansas City Southern		720,450		210,522,695
Landstar System Inc.		852,067		146,794,103
Norfolk Southern Corp.		696,752		194,561,028
Ryder System Inc.		919,645		73,424,457
Union Pacific Corp.		467,222		103,765,334


				1,046,606,242


Total Common Stocks — 100.0% (Cost: $1,745,261,650)				2,144,973,062


Security	Shares		Value


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		12,168,245	$	12,174,329
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		4,370,000		4,370,000


				16,544,329


Total Short-Term Investments — 0.8% (Cost: $16,534,209)				16,544,329


Total Investments in Securities — 100.8% (Cost: $1,761,795,859)				2,161,517,391

Other Assets, Less Liabilities — (0.8)%				(17,211,258	)


Net Assets — 100.0%			$	2,144,306,133

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,459,460	$	—		$	(13,263,018	)^(a)	$	(8,882	)	$	(13,231	)	$	12,174,329		12,168,245	$	164,035	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		988,000		3,382,000	^(a)		—			—			—			4,370,000		4,370,000		1,445			—


									$	(8,882	)	$	(13,231	)	$	16,544,329			$	165,480		$	—

^(a)

Represents net amount purchased (sold).

^(b)


30		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Transportation Average ETF

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P Select Sector Industrial E-Mini Index

06/18/21

3,687

238,595

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	238,595

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	820,670


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	212,555

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,578,782

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	2,144,973,062	$	—	$	—	$	2,144,973,062
Money Market Funds		16,544,329		—		—		16,544,329


	$	2,161,517,391	$	—	$	—	$	2,161,517,391


Derivative financial instruments^(a)
Assets
Futures Contracts	$	238,595	$	—	$	—	$	238,595

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


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

Schedule of Investments

April 30, 2021

iShares^® U.S. Energy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Electric Utilities — 0.7%
OGE Energy Corp.		455,191	$	15,276,210


Energy Equipment & Services — 8.1%
Baker Hughes Co.		1,578,019		31,686,622
Halliburton Co.		1,909,675		37,353,243
NOV Inc.		894,499		13,372,760
Schlumberger Ltd.		2,948,423		79,754,842
TechnipFMC PLC		1,056,031		7,814,629


				169,982,096

Oil, Gas & Consumable Fuels — 90.3%
APA Corp.		849,541		16,990,820
Cabot Oil & Gas Corp.		908,239		15,140,344
Cheniere Energy Inc.^(a)		496,108		38,458,292
Chevron Corp.		4,007,213		413,023,444
Cimarex Energy Co.		233,463		15,455,251
ConocoPhillips		1,987,992		101,665,911
Continental Resources Inc./OK^(a)		176,824		4,816,686
Devon Energy Corp.		1,284,903		30,041,032
Diamondback Energy Inc.		391,010		31,957,247
EOG Resources Inc.		1,227,963		90,427,195
EQT Corp.^(a)		648,874		12,393,493
Equitrans Midstream Corp.		1,010,035		8,241,886
Exxon Mobil Corp.		8,771,485		502,079,801
Hess Corp.		584,257		43,532,989
HollyFrontier Corp.		347,999		12,179,965
Kinder Morgan Inc.		4,115,846		70,175,174
Marathon Oil Corp.		1,752,733		19,735,774
Marathon Petroleum Corp.		1,374,780		76,506,507
Occidental Petroleum Corp.		1,790,863		45,416,286


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
ONEOK Inc.		948,606	$	49,650,038
Ovintiv Inc.		593,450		14,201,259
Phillips 66		922,494		74,638,990
Pioneer Natural Resources Co.		435,162		66,940,970
Targa Resources Corp.		513,190		17,802,561
Valero Energy Corp.		865,371		64,002,839
Williams Companies Inc. (The)		2,572,410		62,663,908


				1,898,138,662

Semiconductors & Semiconductor Equipment — 0.7%
First Solar Inc.^(a)		191,428		14,649,985


Total Common Stocks — 99.8% (Cost: $2,244,320,972)				2,098,046,953


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		3,640,000		3,640,000


Total Short-Term Investments — 0.2% (Cost: $3,640,000)				3,640,000


Total Investments in Securities — 100.0% (Cost: $2,247,960,972)				2,101,686,953

Other Assets, Less Liabilities — 0.0%				771,804


Net Assets — 100.0%			$	2,102,458,757

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	3,665,480	$	—		$	(3,660,908	)^(b)	$	(303	)	$	(4,269	)	$	—		—	$	32,373	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,240,000		2,400,000	^(b)		—			—			—			3,640,000		3,640,000		760			—


									$	(303	)	$	(4,269	)	$	3,640,000			$	33,133		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


32		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Energy ETF

Futures Contracts




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


Long Contracts
S&P Select Sector Energy E-Mini Index		104		06/18/21	$	5,314	$	(58,608	)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	58,608

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	2,994,487


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(183,640	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,751,634

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	2,098,046,953		$	—	$	—	$	2,098,046,953
Money Market Funds		3,640,000			—		—		3,640,000


	$	2,101,686,953		$	—	$	—	$	2,101,686,953


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(58,608	)	$	—	$	—	$	(58,608	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		33

Schedule of Investments

April 30, 2021

iShares^® U.S. Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Biotechnology — 16.9%
AbbVie Inc.		896,556	$	99,965,994
ACADIA Pharmaceuticals Inc.^(a)		58,990		1,212,834
Acceleron Pharma Inc.^(a)		26,709		3,337,824
Agios Pharmaceuticals Inc.^(a)(b)		29,189		1,628,746
Alexion Pharmaceuticals Inc.^(a)		111,620		18,828,062
Alkermes PLC^(a)		80,655		1,774,813
Allogene Therapeutics Inc.^(a)(b)		33,760		1,043,859
Alnylam Pharmaceuticals Inc.^(a)(b)		59,403		8,354,438
Amgen Inc.		293,236		70,271,075
Biogen Inc.^(a)		77,342		20,675,837
BioMarin Pharmaceutical Inc.^(a)		92,318		7,193,419
Bluebird Bio Inc.^(a)(b)		34,183		1,025,490
Blueprint Medicines Corp.^(a)(b)		29,379		2,829,785
Emergent BioSolutions Inc.^(a)		22,897		1,396,259
Exact Sciences Corp.^(a)		85,850		11,316,747
Exelixis Inc.^(a)		158,812		3,909,951
FibroGen Inc.^(a)(b)		42,303		944,203
Gilead Sciences Inc.		637,985		40,492,908
Horizon Therapeutics PLC^(a)		113,752		10,763,214
Incyte Corp.^(a)		94,873		8,100,257
Ionis Pharmaceuticals Inc.^(a)		71,407		3,057,648
Moderna Inc.^(a)		154,255		27,583,879
Neurocrine Biosciences Inc.^(a)		47,749		4,511,803
Novavax Inc.^(a)(b)		34,499		8,173,848
Regeneron Pharmaceuticals Inc.^(a)		53,454		25,727,410
Sarepta Therapeutics Inc.^(a)(b)		40,263		2,852,231
Seagen Inc.^(a)		64,385		9,255,988
Ultragenyx Pharmaceutical Inc.^(a)		31,900		3,561,316
United Therapeutics Corp.^(a)		22,616		4,558,481
Vertex Pharmaceuticals Inc.^(a)		131,984		28,798,909
Vir Biotechnology Inc.^(a)		32,977		1,574,322


				434,721,550

Health Care Equipment & Supplies — 27.7%
Abbott Laboratories		899,424		108,002,834
ABIOMED Inc.^(a)(b)		22,964		7,365,244
Align Technology Inc.^(a)		36,561		21,773,172
Baxter International Inc.		256,447		21,974,943
Becton Dickinson and Co.		147,519		36,704,202
Boston Scientific Corp.^(a)		719,509		31,370,592
Cooper Companies Inc. (The)		24,954		10,253,349
Danaher Corp.		321,819		81,722,717
DENTSPLY SIRONA Inc.		111,214		7,508,057
DexCom Inc.^(a)		48,831		18,853,649
Edwards Lifesciences Corp.^(a)		317,074		30,286,908
Globus Medical Inc., Class A^(a)		39,176		2,811,662
Haemonetics Corp.^(a)		25,696		1,728,313
Hill-Rom Holdings Inc.		33,638		3,707,580
Hologic Inc.^(a)		130,817		8,575,054
ICU Medical Inc.^(a)		9,974		2,077,285
IDEXX Laboratories Inc.^(a)		43,372		23,810,794
Insulet Corp.^(a)(b)		33,550		9,904,631
Integra LifeSciences Holdings Corp.^(a)(b)		35,977		2,665,176
Intuitive Surgical Inc.^(a)		59,767		51,698,455
Masimo Corp.^(a)		25,815		6,006,376
Medtronic PLC		684,430		89,605,576
Neogen Corp.^(a)		27,157		2,607,344
Novocure Ltd.^(a)		43,157		8,808,344
NuVasive Inc.^(a)		25,927		1,852,484


Security	Shares		Value


Health Care Equipment & Supplies (continued)
Penumbra Inc.^(a)		17,211	$	5,266,394
Quidel Corp.^(a)(b)		19,602		2,054,094
ResMed Inc.		73,876		13,886,472
STERIS PLC		43,335		9,144,552
Stryker Corp.		166,171		43,641,490
Tandem Diabetes Care Inc.^(a)(b)		31,780		2,920,582
Teleflex Inc.		23,704		10,014,466
West Pharmaceutical Services Inc.		37,623		12,359,908
Zimmer Biomet Holdings Inc.		105,531		18,695,872


				709,658,571

Health Care Providers & Services — 19.7%
1Life Healthcare Inc.^(a)(b)		38,948		1,694,627
Acadia Healthcare Co. Inc.^(a)		45,347		2,762,539
Amedisys Inc.^(a)		16,698		4,505,955
Anthem Inc.		124,340		47,173,353
Centene Corp.^(a)		295,281		18,230,649
Chemed Corp.		8,163		3,890,567
Cigna Corp.		178,636		44,482,150
Covetrus Inc.^(a)		50,555		1,448,401
CVS Health Corp.		665,789		50,866,280
DaVita Inc.^(a)(b)		36,600		4,264,998
Encompass Health Corp.		50,332		4,271,174
Guardant Health Inc.^(a)		43,341		6,890,352
HCA Healthcare Inc.		134,613		27,065,290
HealthEquity Inc.^(a)		42,031		3,193,095
Henry Schein Inc.^(a)		72,331		5,243,998
Humana Inc.		65,424		29,129,382
Laboratory Corp. of America Holdings^(a)		49,553		13,174,656
LHC Group Inc.^(a)		16,079		3,348,773
McKesson Corp.		80,726		15,140,969
Molina Healthcare Inc.^(a)		30,049		7,665,500
Oak Street Health Inc.^(a)(b)		8,530		525,704
Premier Inc., Class A		35,975		1,271,716
Quest Diagnostics Inc.		67,758		8,935,925
Tenet Healthcare Corp.^(a)		53,679		3,181,018
UnitedHealth Group Inc.		479,948		191,403,262
Universal Health Services Inc., Class B		39,539		5,867,983


				505,628,316

Health Care Technology — 0.5%
American Well Corp., Class A^(a)		28,372		436,645
GoodRx Holdings Inc., Class A^(a)(b)		20,039		801,761
Teladoc Health Inc.^(a)(b)		65,898		11,357,520


				12,595,926

Life Sciences Tools & Services — 9.8%
10X Genomics Inc., Class A^(a)		37,146		7,347,479
Agilent Technologies Inc.		154,699		20,673,974
Avantor Inc.^(a)		262,441		8,408,610
Berkeley Lights Inc.^(a)(b)		4,233		207,883
Bio-Rad Laboratories Inc., Class A^(a)		10,941		6,894,252
Bio-Techne Corp.		19,698		8,420,698
Bruker Corp.		51,477		3,527,204
Charles River Laboratories International Inc.^(a)		25,270		8,401,011
Illumina Inc.^(a)		74,075		29,099,623
IQVIA Holdings Inc.^(a)		97,115		22,791,919
Mettler-Toledo International Inc.^(a)		11,884		15,607,495
PPD Inc.^(a)		55,373		2,558,233
PRA Health Sciences Inc.^(a)		32,718		5,460,307
Repligen Corp.^(a)		25,823		5,466,987
Syneos Health Inc.^(a)		42,064		3,569,130


34		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Thermo Fisher Scientific Inc.		199,934	$	94,014,965
Waters Corp.^(a)		31,573		9,467,796


				251,917,566

Pharmaceuticals — 25.2%
Atea Pharmaceuticals Inc.^(a)		6,283		155,253
Bristol-Myers Squibb Co.		1,137,513		71,003,561
Catalent Inc.^(a)		86,427		9,720,445
Elanco Animal Health Inc.^(a)		239,953		7,608,910
Eli Lilly & Co.		403,881		73,817,330
Jazz Pharmaceuticals PLC^(a)(b)		28,554		4,694,278
Johnson & Johnson		1,334,608		217,180,760
Merck & Co. Inc.		1,284,667		95,707,692
Nektar Therapeutics^(a)(b)		92,527		1,814,454
Perrigo Co. PLC		67,469		2,808,734
Pfizer Inc.		2,831,818		109,449,766
Royalty Pharma PLC, Class A		43,215		1,901,460
Viatris Inc.^(a)		612,848		8,150,878
Zoetis Inc.		241,247		41,742,968


				645,756,489


Total Common Stocks — 99.8% (Cost: $2,030,859,973)				2,560,278,418


Security	Shares		Value


Short-Term Investments

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		33,892,194	$	33,909,140
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,827,000		2,827,000


				36,736,140


Total Short-Term Investments — 1.4% (Cost: $36,724,328)				36,736,140


Total Investments in Securities — 101.2% (Cost: $2,067,584,301)				2,597,014,558

Other Assets, Less Liabilities — (1.2)%				(31,975,660	)


Net Assets — 100.0%			$	2,565,038,898

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	70,991,917	$	—	$	(37,065,897	)^(a)	$	49,636	$	(66,516	)	$	33,909,140		33,892,194	$	123,621	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,207,000		—		(380,000	)^(a)		—		—			2,827,000		2,827,000		3,823			—


								$	49,636	$	(66,516	)	$	36,736,140			$	127,444		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P Select Sector Health Care E-Mini Index

06/18/21

4,645

207,725


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 (continued)

April 30, 2021

iShares^® U.S. Healthcare ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	207,725

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	875,168


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(255,549	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	5,517,710

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	2,560,278,418	$	—	$	—	$	2,560,278,418
Money Market Funds		36,736,140		—		—		36,736,140


	$	2,597,014,558	$	—	$	—	$	2,597,014,558

Derivative financial instruments^(a)
Assets
Futures Contracts	$	207,725	$	—	$	—	$	207,725

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


36		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Communications Equipment — 3.0%
Arista Networks Inc.^(a)		38,789	$	12,225,129
Ciena Corp.^(a)		109,505		5,526,717
Cisco Systems Inc.		2,976,456		151,531,375
EchoStar Corp., Class A^(a)(b)		34,827		851,520
F5 Networks Inc.^(a)		43,512		8,126,301
Juniper Networks Inc.		230,787		5,859,682
Lumentum Holdings Inc.^(a)		53,619		4,560,296
Motorola Solutions Inc.		119,128		22,431,803
Ubiquiti Inc.		5,354		1,527,657
Viavi Solutions Inc.^(a)		160,270		2,622,017


				215,262,497

Diversified Telecommunication Services — 0.2%
Liberty Global PLC, Class A^(a)		100,658		2,707,700
Liberty Global PLC, Class C, NVS^(a)(b)		250,799		6,786,621
Lumen Technologies Inc.		696,742		8,939,200


				18,433,521

Electronic Equipment, Instruments & Components — 0.3%
CDW Corp./DE		99,508		17,745,262
SYNNEX Corp.		28,883		3,500,619


				21,245,881

Health Care Technology — 0.6%
Cerner Corp.		215,589		16,179,955
Veeva Systems Inc., Class A^(a)		96,249		27,185,530


				43,365,485

Household Durables — 0.2%
Garmin Ltd.		105,502		14,479,094


Interactive Media & Services — 16.9%
Alphabet Inc., Class A^(a)		155,115		365,063,152
Alphabet Inc., Class C, NVS^(a)		148,675		358,324,591
ANGI Inc.^(a)(b)		56,052		897,392
Bumble Inc., Class A^(a)		35,241		2,122,918
Cargurus Inc.^(a)		63,454		1,566,045
Facebook Inc., Class A^(a)		1,125,865		365,996,194
IAC/InterActiveCorp.^(a)		58,565		14,844,471
Match Group Inc.^(a)(b)		189,364		29,470,719
Snap Inc., Class A, NVS^(a)(b)		653,168		40,378,846
Twitter Inc.^(a)		562,255		31,047,721
Zillow Group Inc., Class A^(a)		25,882		3,451,365
Zillow Group Inc., Class C, NVS^(a)(b)		108,874		14,166,685


				1,227,330,099

Internet & Direct Marketing Retail — 0.8%
Chewy Inc., Class A^(a)(b)		53,811		4,289,813
DoorDash Inc., Class A^(a)(b)		24,061		3,444,813
eBay Inc.		455,105		25,390,308
Etsy Inc.^(a)		88,962		17,684,756
Grubhub Inc.^(a)		65,963		4,488,123


				55,297,813

IT Services — 4.0%
Akamai Technologies Inc.^(a)(b)		114,678		12,465,499
Amdocs Ltd.		92,228		7,077,577
Cognizant Technology Solutions Corp., Class A		373,599		30,037,360
DXC Technology Co.		178,072		5,860,349
EPAM Systems Inc.^(a)		39,598		18,125,984
Fastly Inc., Class A^(a)(b)		60,363		3,855,385
Gartner Inc.^(a)		62,510		12,244,459
GoDaddy Inc., Class A^(a)		119,684		10,390,965


Security	Shares		Value


IT Services (continued)
International Business Machines Corp.		630,006	$	89,385,251
MongoDB Inc.^(a)		36,578		10,880,492
Okta Inc.^(a)		86,849		23,423,175
Perspecta Inc.		95,773		2,803,276
Snowflake Inc., Class A^(a)(b)		41,959		9,717,285
Twilio Inc., Class A^(a)		112,753		41,470,553
VeriSign Inc.^(a)		70,241		15,366,623


				293,104,233

Semiconductors & Semiconductor Equipment — 19.6%
Advanced Micro Devices Inc.^(a)		854,347		69,731,802
Allegro MicroSystems Inc.^(a)		29,414		725,938
Analog Devices Inc.		259,901		39,806,437
Applied Materials Inc.		646,969		85,859,256
Broadcom Inc.		287,806		131,297,097
Cirrus Logic Inc.^(a)(b)		40,532		3,015,986
Cree Inc.^(a)(b)		81,332		8,086,027
Enphase Energy Inc.^(a)		91,058		12,679,827
Entegris Inc.		95,123		10,708,947
Intel Corp.		2,864,507		164,795,088
KLA Corp.		108,522		34,222,413
Lam Research Corp.		100,737		62,502,272
Marvell Technology Inc.		560,915		25,358,967
Maxim Integrated Products Inc.		189,175		17,782,450
Microchip Technology Inc.		189,581		28,492,128
Micron Technology Inc.^(a)		788,688		67,882,376
MKS Instruments Inc.		38,974		6,980,633
Monolithic Power Systems Inc.		30,265		10,937,166
NVIDIA Corp.		437,114		262,434,503
NXP Semiconductors NV		195,150		37,568,326
ON Semiconductor Corp.^(a)		289,559		11,292,801
Power Integrations Inc.		42,553		3,523,814
Qorvo Inc.^(a)		79,846		15,024,622
QUALCOMM Inc.		800,905		111,165,614
Semtech Corp.^(a)		45,311		3,069,367
Silicon Laboratories Inc.^(a)		31,082		4,381,008
Skyworks Solutions Inc.		116,255		21,080,519
SolarEdge Technologies Inc.^(a)		36,404		9,593,910
Teradyne Inc.		117,647		14,715,287
Texas Instruments Inc.		648,792		117,113,444
Universal Display Corp.		30,307		6,779,373
Xilinx Inc.		173,455		22,195,302


				1,420,802,700

Software — 34.2%
ACI Worldwide Inc.^(a)		83,128		3,140,576
Adobe Inc.^(a)		337,933		171,784,861
Alteryx Inc., Class A^(a)(b)		41,543		3,396,140
Anaplan Inc.^(a)		99,304		5,923,484
ANSYS Inc.^(a)		61,226		22,387,899
Asana Inc., Class A^(a)		11,334		377,649
Aspen Technology Inc.^(a)		47,874		6,263,834
Autodesk Inc.^(a)		154,938		45,227,952
Avalara Inc.^(a)		60,293		8,544,121
Bentley Systems Inc., Class B^(b)		7,387		378,214
Bill.com Holdings Inc.^(a)		43,555		6,734,910
Blackbaud Inc.^(a)		33,740		2,399,589
Cadence Design Systems Inc.^(a)		196,891		25,944,327
CDK Global Inc.		85,164		4,563,939
Ceridian HCM Holding Inc.^(a)		92,417		8,731,558
Citrix Systems Inc.		86,677		10,734,946


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 (continued)

April 30, 2021

iShares^® U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
Cloudflare Inc., Class A^(a)		132,494	$	11,227,542
Coupa Software Inc.^(a)		50,941		13,705,167
Crowdstrike Holdings Inc., Class A^(a)		132,882		27,707,226
Datadog Inc., Class A^(a)		145,440		12,474,389
DocuSign Inc.^(a)		131,340		29,280,940
Dolby Laboratories Inc., Class A		46,612		4,729,720
Dropbox Inc., Class A^(a)(b)		209,115		5,374,255
Dynatrace Inc.^(a)		129,640		6,746,466
Elastic NV^(a)		44,346		5,349,015
Fair Isaac Corp.^(a)		20,664		10,774,416
FireEye Inc.^(a)		168,385		3,346,652
Five9 Inc.^(a)		47,046		8,843,237
Fortinet Inc.^(a)		95,595		19,523,367
Guidewire Software Inc.^(a)		59,299		6,256,637
HubSpot Inc.^(a)		30,741		16,183,599
Intuit Inc.		193,065		79,573,670
j2 Global Inc.^(a)		29,867		3,613,907
Manhattan Associates Inc.^(a)		45,030		6,179,917
McAfee Corp., Class A		25,204		611,953
Microsoft Corp.		4,883,651		1,231,559,109
nCino Inc.^(a)		10,195		666,651
New Relic Inc.^(a)(b)		38,281		2,461,468
NortonLifeLock Inc.		410,689		8,874,989
Nuance Communications Inc.^(a)		201,188		10,697,166
Nutanix Inc., Class A^(a)		136,575		3,692,988
Oracle Corp.		1,307,637		99,105,808
Palantir Technologies Inc., Class A^(a)		309,129		7,122,332
Palo Alto Networks Inc.^(a)		68,631		24,253,509
Paycom Software Inc.^(a)		34,649		13,319,422
Paylocity Holding Corp.^(a)(b)		26,561		5,132,648
Pegasystems Inc.^(b)		27,669		3,512,303
Proofpoint Inc.^(a)		40,388		6,951,179
PTC Inc.^(a)		73,991		9,688,382
Qualtrics International Inc., Class A^(a)(b)		39,733		1,484,028
RingCentral Inc., Class A^(a)		56,652		18,069,155
salesforce.com Inc.^(a)(b)		647,021		149,021,877
ServiceNow Inc.^(a)		138,258		70,009,703
Slack Technologies Inc., Class A^(a)		353,938		15,006,971
Smartsheet Inc., Class A^(a)		81,103		4,809,408
SolarWinds Corp.^(a)(b)		50,566		852,543
Splunk Inc.^(a)		114,138		14,429,326
SS&C Technologies Holdings Inc.		158,229		11,743,756
Synopsys Inc.^(a)		107,541		26,569,079
Trade Desk Inc. (The), Class A^(a)(b)		30,064		21,925,976
Tyler Technologies Inc.^(a)		28,637		12,166,716
Unity Software Inc.^(a)		17,651		1,792,989


Security	Shares		Value


Software (continued)
Verint Systems Inc.^(a)(b)		45,755	$	2,222,320
VMware Inc., Class A^(a)(b)		56,613		9,105,069
Workday Inc., Class A^(a)		129,598		32,010,706
Zendesk Inc.^(a)		83,110		12,146,526
Zoom Video Communications Inc., Class A^(a)		144,196		46,080,716
Zscaler Inc.^(a)		52,769		9,901,575


				2,484,422,467

Technology Hardware, Storage & Peripherals — 20.0%
Apple Inc.		10,218,207		1,343,285,492
Dell Technologies Inc., Class C^(a)		167,470		16,467,325
Hewlett Packard Enterprise Co.		918,310		14,711,326
HP Inc.		881,710		30,075,128
NetApp Inc.		157,325		11,750,604
Pure Storage Inc., Class A^(a)		173,288		3,503,884
Seagate Technology PLC		141,767		13,161,648
Western Digital Corp.		216,033		15,258,411
Xerox Holdings Corp.		116,631		2,815,473


				1,451,029,291


Total Common Stocks — 99.8% (Cost: $4,029,366,499)				7,244,773,081


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		117,884,070		117,943,012
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		18,110,000		18,110,000

				136,053,012


Total Short-Term Investments — 1.9% (Cost: $136,019,061)				136,053,012


Total Investments in Securities — 101.7% (Cost: $4,165,385,560)				7,380,826,093

Other Assets, Less Liabilities — (1.7)%				(123,570,864	)


Net Assets — 100.0%			$	7,257,255,229

^(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 cash collateral received from loaned securities.


38		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Technology ETF

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	122,323,942	$	—		$	(4,335,178	)^(a)	$	70,113	$	(115,865	)	$	117,943,012		117,884,070	$	385,302	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,244,000		7,866,000	^(a)		—			—		—			18,110,000		18,110,000		10,116			—


									$	70,113	$	(115,865	)	$	136,053,012			$	395,418		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
S&P 400 E-Mini Index		49		06/18/21	$	4,995	$	117,743
S&P Select Sector Technology E-Mini Index		45		06/18/21		6,321		337,148


							$	454,891

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	454,891

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	4,520,347

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(158,162	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	9,838,252

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		39

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Technology ETF

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	7,244,773,081	$	—	$	—	$	7,244,773,081
Money Market Funds		136,053,012		—		—		136,053,012


	$	7,380,826,093	$	—	$	—	$	7,380,826,093


Derivative financial instruments^(a)
Assets
Futures Contracts	$	454,891	$	—	$	—	$	454,891

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


40		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® U.S. Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Electric Utilities — 60.4%
ALLETE Inc.		40,912	$	2,878,568
Alliant Energy Corp.		196,553		11,040,382
American Electric Power Co. Inc.		390,622		34,652,078
Avangrid Inc.		43,708		2,224,737
Duke Energy Corp.		604,621		60,879,289
Edison International		298,339		17,736,254
Entergy Corp.		157,695		17,234,487
Evergy Inc.		178,512		11,419,413
Eversource Energy		269,802		23,262,328
Exelon Corp.		767,974		34,512,752
FirstEnergy Corp.		427,286		16,202,685
Hawaiian Electric Industries Inc.		85,887		3,698,294
IDACORP Inc.		39,698		4,068,251
NextEra Energy Inc.		1,541,612		119,490,346
NRG Energy Inc.		192,468		6,894,204
PG&E Corp.^(a)		1,170,845		13,253,965
Pinnacle West Capital Corp.		88,642		7,503,545
PNM Resources Inc.		67,534		3,333,478
Portland General Electric Co.		70,443		3,582,731
PPL Corp.		604,873		17,619,950
Southern Co. (The)		831,115		54,994,880
Xcel Energy Inc.		422,908		30,153,340


				496,635,957

Gas Utilities — 4.1%
Atmos Energy Corp.		100,810		10,442,908
National Fuel Gas Co.		71,715		3,561,367
New Jersey Resources Corp.		75,740		3,177,293
ONE Gas Inc.		41,894		3,371,210
Southwest Gas Holdings Inc.		45,033		3,139,701
Spire Inc.		40,659		3,063,249
UGI Corp.		164,046		7,170,450


				33,926,178

Independent Power and Renewable Electricity Producers — 2.6%
AES Corp. (The)		525,528		14,620,189
Vistra Corp.		380,485		6,418,782


				21,038,971

Multi-Utilities — 29.1%
Ameren Corp.		199,286		16,907,424


Security	Shares		Value


Multi-Utilities (continued)
Avista Corp.		54,366	$	2,501,923
Black Hills Corp.		49,405		3,407,957
CenterPoint Energy Inc.		433,865		10,625,354
CMS Energy Corp.		227,279		14,634,495
Consolidated Edison Inc.		269,342		20,849,764
Dominion Energy Inc.		633,712		50,633,589
DTE Energy Co.		152,420		21,341,848
MDU Resources Group Inc.		157,728		5,277,579
NiSource Inc.		308,232		8,020,197
NorthWestern Corp.		39,728		2,702,696
Public Service Enterprise Group Inc.		397,299		25,093,405
Sempra Energy		238,014		32,743,586
WEC Energy Group Inc.		248,117		24,109,529


				238,849,346

Water Utilities — 3.7%
American Water Works Co. Inc.		142,718		22,262,581

Essential Utilities Inc.		175,652		8,278,479

				30,541,060


Total Common Stocks — 99.9% (Cost: $796,528,409)				820,991,512


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		902,000		902,000


Total Short-Term Investments — 0.1% (Cost: $902,000)				902,000


Total Investments in Securities — 100.0% (Cost: $797,430,409)				821,893,512

Other Assets, Less Liabilities — 0.0%				198,247


Net Assets — 100.0%			$	822,091,759

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Utilities ETF

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	2,148,971	$	—	$	(2,149,176	)^(b)	$	4,454	$	(4,249	)	$	—		—	$	3,772	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,652,000		—		(1,750,000	)^(b)		—		—			902,000		902,000		1,501			—


								$	4,454	$	(4,249	)	$	902,000			$	5,273		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P Select Sector Utilities E-Mini Index

06/18/21

873

39,732

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	39,732

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	621,605


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(227,686	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,463,076

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

Fair Value Measurements


42		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Utilities ETF

Fair Value Measurements (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	820,991,512	$	—	$	—	$	820,991,512
Money Market Funds		902,000		—		—		902,000


	$	821,893,512	$	—	$	—	$	821,893,512

Derivative financial instruments^(a)
Assets
Futures Contracts	$	39,732	$	—	$	—	$	39,732

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		43

Statements of Assets and Liabilities

April 30, 2021


	iShares Dow Jones U.S. ETF			iShares Transportation Average ETF		iShares U.S. Energy ETF			iShares U.S. Healthcare ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,603,835,737		$	2,144,973,062	$	2,098,046,953		$	2,560,278,418
Affiliated^(c)		25,460,134			16,544,329		3,640,000			36,736,140
Cash		37,096			54,016		67,422			4,329
Cash pledged:
Futures contracts		245,000			244,000		404,000			249,999
Receivables:
Investments sold		—			251,333,880		41,975,382			—
Securities lending income — Affiliated		2,480			2,430		44			4,768
Capital shares sold		—			—		86,775			—
Dividends		1,050,599			54		1,977,702			2,566,821


Total assets		1,630,631,046			2,413,151,771		2,146,198,278			2,599,840,475


LIABILITIES
Collateral on securities loaned, at value		16,757,017			12,195,271		—			33,886,870
Payables:
Investments purchased		—			255,911,669		42,954,213			—
Variation margin on futures contracts		32,157			25,218		150,744			16,000
Capital shares redeemed		—			24,690		—			63,878
Investment advisory fees		261,442			688,790		634,564			834,829


Total liabilities		17,050,616			268,845,638		43,739,521			34,801,577


NET ASSETS	$	1,613,580,430		$	2,144,306,133	$	2,102,458,757		$	2,565,038,898


NET ASSETS CONSIST OF:
Paid-in capital	$	770,791,101		$	1,808,131,623	$	2,515,365,322		$	2,142,199,355
Accumulated earnings (loss)		842,789,329			336,174,510		(412,906,565	)		422,839,543

NET ASSETS	$	1,613,580,430		$	2,144,306,133	$	2,102,458,757		$	2,565,038,898


Shares outstanding		15,350,000	^(d)		7,950,000		79,650,000			9,750,000


Net asset value	$	105.12	^(d)	$	269.72	$	26.40		$	263.08


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Securities loaned, at value	$	16,224,593		$	12,142,155	$	—		$	32,851,818
^(b)Investments, at cost — Unaffiliated	$	727,252,805		$	1,745,261,650	$	2,244,320,972		$	2,030,859,973
^(c)Investments, at cost — Affiliated	$	22,737,184		$	16,534,209	$	3,640,000		$	36,724,328
^(d)Shares outstanding and net asset value per share reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

See notes to financial statements.


44		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021


	iShares U.S. Technology ETF			iShares U.S. Utilities ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	7,244,773,081		$	820,991,512
Affiliated^(c)		136,053,012			902,000
Cash		281,285			13,438
Cash pledged:
Futures contracts		947,000			57,000
Receivables:
Securities lending income — Affiliated		16,983			72
Variation margin on futures contracts		—			6,846
Dividends		676,371			384,282


Total assets		7,382,747,732			822,355,150


LIABILITIES
Collateral on securities loaned, at value		117,928,640			—
Payables:
Investments purchased		4,730,452			—
Variation margin on futures contracts		241,745			—
Capital shares redeemed		218,860			—
Investment advisory fees		2,372,806			263,391


Total liabilities		125,492,503			263,391


NET ASSETS	$	7,257,255,229		$	822,091,759


NET ASSETS CONSIST OF:
Paid-in capital	$	4,130,769,404		$	848,430,376
Accumulated earnings (loss)		3,126,485,825			(26,338,617	)


NET ASSETS	$	7,257,255,229		$	822,091,759


Shares outstanding		78,050,000	^(d)		9,950,000	^(e)


Net asset value	$	92.98	^(d)	$	82.62	^(e)


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Securities loaned, at value	$	114,474,233		$	—
^(b) Investments, at cost — Unaffiliated	$	4,029,366,499		$	796,528,409
^(c)Investments, at cost — Affiliated	$	136,019,061		$	902,000
^(d) Shares outstanding and net asset value per share reflect a four-for-one stock split effective after the close of trading on December 4, 2020.
^(e) Shares outstanding and net asset value per share reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

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

Statements of Operations

Year Ended April 30, 2021


	iShares Dow Jones U.S. ETF			iShares Transportation Average ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	20,964,408		$	15,826,615		$	25,855,228		$	37,382,439
Dividends — Affiliated		91,974			1,445			760			3,823
Securities lending income — Affiliated — net		96,027			164,035			32,373			123,621
Foreign taxes withheld		(2,781	)		—			(77	)		—


Total investment income		21,149,628			15,992,095			25,888,284			37,509,883


EXPENSES
Investment advisory fees		2,727,476			4,975,770			2,621,842			10,048,208
Miscellaneous		437			437			437			437


Total expenses		2,727,913			4,976,207			2,622,279			10,048,645


Net investment income		18,421,715			11,015,888			23,266,005			27,461,238


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(8,469,746	)		(109,786,648	)		(129,797,393	)		(41,731,685	)
Investments — Affiliated		55,650			(8,882	)		(303	)		49,636
In-kind redemptions — Unaffiliated		63,526,787			210,678,840			52,753,439			227,382,543
In-kind redemptions — Affiliated		185,475			—			—			—
Futures contracts		1,011,570			820,670			2,994,487			875,168


Net realized gain (loss)		56,309,736			101,703,980			(74,049,770	)		186,575,662

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		464,232,680			551,234,308			258,071,819			340,841,813
Investments — Affiliated		1,593,435			(13,231	)		(4,269	)		(66,516	)
Futures contracts		(128,953	)		212,555			(183,640	)		(255,549	)


Net change in unrealized appreciation (depreciation)		465,697,162			551,433,632			257,883,910			340,519,748


Net realized and unrealized gain		522,006,898			653,137,612			183,834,140			527,095,410


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	540,428,613		$	664,153,500		$	207,100,145		$	554,556,648

See notes to financial statements.


46		2 0 2 1 I S H A R E S 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 (continued)

Year Ended April 30, 2021


	iShares U.S. Technology ETF			iShares U.S. Utilities ETF


INVESTMENT INCOME
Dividends — Unaffiliated.	$	55,414,589		$	25,448,142
Dividends — Affiliated		10,116			1,501
Securities lending income — Affiliated — net		385,302			3,772
Foreign taxes withheld		(40,679	)		—


Total investment income		55,769,328			25,453,415


EXPENSES
Investment advisory fees		25,925,771			3,291,930
Miscellaneous		437			437


Total expenses		25,926,208			3,292,367


Net investment income		29,843,120			22,161,048


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(18,718,205	)		(10,901,791	)
Investments — Affiliated		70,113			4,454
In-kind redemptions — Unaffiliated		924,458,107			27,686,464
Futures contracts		4,520,347			621,605


Net realized gain		910,330,362			17,410,732

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,876,218,615			105,510,838
Investments — Affiliated		(115,865	)		(4,249	)
Futures contracts		(158,162	)		(227,686	)


Net change in unrealized appreciation (depreciation)		1,875,944,588			105,278,903


Net realized and unrealized gain		2,786,274,950			122,689,635


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,816,118,070		$	144,850,683

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Dow Jones U.S. ETF						iShares Transportation Average ETF
	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	18,421,715		$	20,739,023		$	11,015,888		$	7,034,123
Net realized gain (loss)		56,309,736			54,996,995			101,703,980			(20,863,825	)
Net change in unrealized appreciation (depreciation)		465,697,162			(79,362,379	)		551,433,632			(87,219,715	)


Net increase (decrease) in net assets resulting from operations		540,428,613			(3,626,361	)		664,153,500			(101,049,417	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(19,374,122	)		(23,902,996	)		(11,445,745	)		(7,125,758	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(65,749,746	)		(55,335,696	)		1,034,833,040			(10,503,748	)


NET ASSETS
Total increase (decrease) in net assets		455,304,745			(82,865,053	)		1,687,540,795			(118,678,923	)
Beginning of year		1,158,275,685			1,241,140,738			456,765,338			575,444,261


End of year	$	1,613,580,430		$	1,158,275,685		$	2,144,306,133		$	456,765,338

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

See notes to financial statements.


48		2 0 2 1 I S H A R E S 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. Energy ETF						iShares U.S. Healthcare ETF
	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	23,266,005		$	19,838,637		$	27,461,238		$	26,463,433
Net realized gain (loss)		(74,049,770	)		(155,428,749	)		186,575,662			79,687,542
Net change in unrealized appreciation (depreciation)		257,883,910			(108,288,972	)		340,519,748			161,740,914


Net increase (decrease) in net assets resulting from operations		207,100,145			(243,879,084	)		554,556,648			267,891,889


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(24,408,521	)		(39,698,179	)		(29,705,083	)		(26,826,547	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,460,310,777			(46,192,009	)		(392,745,645	)		94,049,386


NET ASSETS
Total increase (decrease) in net assets		1,643,002,401			(329,769,272	)		132,105,920			335,114,728
Beginning of year		459,456,356			789,225,628			2,432,932,978			2,097,818,250


End of year	$	2,102,458,757		$	459,456,356		$	2,565,038,898		$	2,432,932,978

^(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		49

Statements of Changes in Net Assets (continued)


	iShares U.S. Technology ETF						iShares U.S. Utilities ETF

	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	29,843,120		$	39,449,999		$	22,161,048		$	25,499,373
Net realized gain		910,330,362			359,243,259			17,410,732			21,828,097
Net change in unrealized appreciation (depreciation)		1,875,944,588			271,248,472			105,278,903			(123,101,621	)


Net increase (decrease) in net assets resulting from operations		2,816,118,070			669,941,730			144,850,683			(75,774,151	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(30,897,304	)		(40,824,092	)		(23,625,593	)		(26,169,725	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(390,106,288	)		(38,410,338	)		(174,806,045	)		167,161,858


NET ASSETS
Total increase (decrease) in net assets		2,395,114,478			590,707,300			(53,580,955	)		65,217,982
Beginning of year		4,862,140,751			4,271,433,451			875,672,714			810,454,732


End of year	$	7,257,255,229		$	4,862,140,751		$	822,091,759		$	875,672,714

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Dow Jones U.S. ETF

		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 year	$	71.50		$	73.44		$	66.25		$	59.73		$	51.53


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


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


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


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


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


Total Return
Based on net asset value		49.18	%		(0.63	)%		12.89	%		12.81	%		18.04	%


Ratios to Average Net Assets
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income		1.35	%		1.72	%		1.74	%		1.70	%		1.82	%


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


Portfolio turnover rate^(e)		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)	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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Transportation Average ETF

		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 year	$	149.76			$	195.07			$	187.76			$	163.83			$	141.18


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


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


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


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


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


Total Return
Based on net asset value		81.75	%			(21.92	)%			5.12	%			15.88	%			17.32	%


Ratios to Average Net Assets
Total expenses		0.41	%			0.42	%			0.42	%			0.43	%			0.44	%


Net investment income		0.90	%			1.40	%			1.11	%			1.07	%			0.99	%


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


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

See notes to financial statements.


52		2 0 2 1 I S H A R E S 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

		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 year	$	20.06			$	35.96			$	40.47			$	37.27			$	37.91


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


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


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


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


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


Total Return
Based on net asset value		37.20	%			(39.91	)%			(8.83	)%			11.92	%			0.52	%


Ratios to Average Net Assets
Total expenses		0.41	%			0.42	%			0.42	%			0.43	%			0.44	%


Net investment income		3.62	%			3.42	%			2.33	%			2.87	%			2.17	%


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


Portfolio turnover rate^(d)		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)	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		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Healthcare ETF

		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 year	$	212.48		$	188.15		$	173.95		$	158.62		$	144.67


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


Net increase from investment operations		53.51			26.87			17.76			17.30			15.88


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


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


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


Total Return
Based on net asset value		25.40	%		14.44	%		10.27	%		10.93	%		11.06	%


Ratios to Average Net Assets
Total expenses		0.41	%		0.43	%		0.43	%		0.43	%		0.44	%


Net investment income		1.13	%		1.25	%		1.19	%		1.16	%		1.21	%


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


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

See notes to financial statements.


54		2 0 2 1 I S H A R E S 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

		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 year	$	58.58		$	50.85		$	41.99		$	34.55		$	25.58


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


Net increase from investment operations		34.79			8.23			9.24			7.78			9.30


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


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


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


Total Return
Based on net asset value		59.56	%		16.34	%		22.10	%		22.62	%		36.57	%


Ratios to Average Net Assets
Total expenses		0.41	%		0.43	%		0.42	%		0.43	%		0.44	%


Net investment income		0.47	%		0.89	%		0.87	%		0.80	%		1.11	%


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


Portfolio turnover rate^(e)		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)	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		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Utilities ETF

		Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
				04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


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


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


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


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


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


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


Total Return
Based on net asset value				19.66	%			(1.39	)%			17.29	%			3.59	%			10.16	%


Ratios to Average Net Assets
Total expenses				0.41	%			0.43	%			0.43	%			0.43	%			0.44	%


Net investment income				2.78	%			2.70	%			2.94	%			2.86	%			2.96	%


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


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

See notes to financial statements.


56		2 0 2 1 I S H A R E S 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

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
Transportation Average		Non-diversified
U.S. Energy		Non-diversified
U.S. Healthcare		Non-diversified
U.S. Technology		Non-diversified
U.S. Utilities		Non-diversified

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 statement 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 April 30, 2021, if any, are disclosed in the statement 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 statement 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.


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 (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.

If events (e.g., a market closure, 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 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 schedules 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.


58		2 0 2 1 I S H A R E S 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 (continued)

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	$	1,024,942	$	1,024,942		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		1,932,961		1,932,961			—		—
BNP Paribas Securities Corp.		795,370		795,370			—		—
BofA Securities, Inc.		732,044		732,044			—		—
Citigroup Global Markets Inc.		1,544,793		1,544,793			—		—
Credit Suisse Securities (USA) LLC		259,075		259,075			—		—
Deutsche Bank Securities Inc.		32,353		32,353			—		—
Goldman Sachs & Co.		10,666		10,666			—		—
HSBC Bank PLC		248,085		248,085			—		—
Jefferies LLC		105,837		105,837			—		—
JPMorgan Securities LLC		1,930,278		1,930,278			—		—
Morgan Stanley & Co. LLC		667,891		667,891			—		—
SG Americas Securities LLC		1,346,900		1,346,900			—		—
State Street Bank & Trust Company		143,795		143,795			—		—
TD Prime Services LLC		224,687		224,687			—		—
UBS AG		3,985,905		3,985,905			—		—
UBS Securities LLC		513,369		513,369			—		—
Virtu Americas LLC		133,771		133,771			—		—
Wells Fargo Securities LLC		591,871		591,871			—		—


	$	16,224,593	$	16,224,593		$	—	$	—

Transportation Average
National Financial Services LLC	$	12,142,155	$	12,142,155		$	—	$	—

U.S. Healthcare
Barclays Bank PLC	$	3,670,414	$	3,670,414		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,674,643		2,674,643			—		—
BofA Securities, Inc.		1,133,697		1,133,697			—		—
Credit Suisse Securities (USA) LLC		222,624		222,624			—		—
Deutsche Bank Securities Inc.		4,911		4,911			—		—
Goldman Sachs & Co.		4,818,920		4,818,920			—		—
Jefferies LLC		106,260		106,260			—		—
JPMorgan Securities LLC		2,563,924		2,563,924			—		—
National Financial Services LLC		125,504		125,504			—		—
Scotia Capital (USA) Inc.		155,115		155,115			—		—
SG Americas Securities LLC		769,752		769,752			—		—
State Street Bank & Trust Company		726,390		726,390			—		—
UBS AG		10,094,744		10,094,744			—		—
UBS Securities LLC		4,192,413		4,192,413			—		—
Virtu Americas LLC		632,880		632,880			—		—
Wells Fargo Securities LLC		959,627		959,627			—		—


	$	32,851,818	$	32,851,818		$	—	$	—


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 (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	$	84,266	$	84,266		$	—	$	—
Barclays Capital Inc.		1,286,544		1,286,544			—		—
BMO Capital Markets		119,570		119,570			—		—
BNP Paribas Prime Brokerage International Ltd.		268,726		268,726			—		—
BNP Paribas Securities Corp.		650,822		650,822			—		—
Citigroup Global Markets Inc.		15,723,049		15,723,049			—		—
Credit Suisse Securities (USA) LLC		2,255,597		2,255,597			—		—
Deutsche Bank Securities Inc.		475,202		475,202			—		—
Goldman Sachs & Co.		11,242,928		11,242,928			—		—
JPMorgan Securities LLC		34,291,981		34,291,981			—		—
Morgan Stanley & Co. LLC		144,255		144,255			—		—
Nomura Securities International Inc.		21,661,728		21,661,728			—		—
Scotia Capital (USA) Inc.		9,307,361		9,307,361			—		—
SG Americas Securities LLC		616,968		616,968			—		—
TD Prime Services LLC		3,563,727		3,563,727			—		—
UBS AG		3,413,602		3,413,602			—		—
UBS Securities LLC		8,957,588		8,957,588			—		—
Virtu Americas LLC		313,334		313,334			—		—
Wells Fargo Securities LLC		96,985		96,985			—		—


	$	114,474,233	$	114,474,233		$	—	$	—

^(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.

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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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.

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.


60		2 0 2 1 I S H A R E S 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 (continued)

For its investment advisory services to each of the iShares Transportation Average, iShares U.S. Energy, iShares U.S. Healthcare, iShares U.S. Technology and iShares U.S. Utilities ETFs, 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.

Prior to January 1, 2021, each Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 statement of operations. For the year ended April 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Dow Jones U.S	$	37,606
Transportation Average		62,743
U.S. Energy		12,195
U.S. Healthcare		51,306
U.S. Technology		154,951
U.S. Utilities		1,555

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


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		61

Notes to Financial Statements (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 year ended April 30, 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.	$	8,039,825	$	5,797,691	$	(1,652,841	)
U.S. Energy		6,476,816		2,883,078		(2,478,492	)
U.S. Healthcare		28,871,345		20,744,451		(3,249,183	)
U.S. Technology		346,233,328		236,624,079		(13,554,731	)
U.S. Utilities		6,804,005		11,034,453		(4,018,615	)

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 statement 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 year ended April 30, 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.	$	58,306,190	$	59,549,094
Transportation Average		978,826,654		976,604,974
U.S. Energy		112,230,625		106,598,647
U.S. Healthcare		151,201,354		154,523,652
U.S. Technology		721,268,250		719,935,149
U.S. Utilities		43,949,522		42,524,889

For the year ended April 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Dow Jones U.S.	$	34,181,640	$	99,720,926
Transportation Average		2,064,916,483		1,034,191,179
U.S. Energy		1,849,982,606		394,351,390
U.S. Healthcare		370,274,256		760,756,593
U.S. Technology		1,214,309,218		1,604,588,833
U.S. Utilities		109,886,259		283,844,216

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 April 30, 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.


62		2 0 2 1 I S H A R E S 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 (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2021, the following permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

Dow Jones U.S.	$	62,224,785	$	(62,224,785	)
Transportation Average		119,776,906		(119,776,906	)
U.S. Energy		23,837,078		(23,837,078	)
U.S. Healthcare		225,032,869		(225,032,869	)
U.S. Technology		920,607,828		(920,607,828	)
U.S. Utilities		25,604,943		(25,604,943	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 04/30/21		Year Ended 04/30/20

Dow Jones U.S.
Ordinary income	$	19,374,122	$23,902,996


Transportation Average
Ordinary income	$	11,445,745	$ 7,125,758


U.S. Energy
Ordinary income	$	24,408,521	$39,698,179


U.S. Healthcare
Ordinary income	$	29,705,083	$26,826,547


U.S. Technology
Ordinary income	$	30,897,304	$40,824,092


U.S. Utilities
Ordinary income	$	23,625,593	$26,169,725

As of April 30, 2021, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total

Dow Jones U.S.	$	551,967	$	(23,727,408	)	$	865,964,770		$	842,789,329
Transportation Average		—		(35,544,075	)		371,718,585			336,174,510
U.S. Energy		—		(203,633,929	)		(209,272,636	)		(412,906,565	)
U.S. Healthcare		2,271,930		(90,834,480	)		511,402,093			422,839,543
U.S. Technology		—		(52,753,889	)		3,179,239,714			3,126,485,825
U.S. Utilities		—		(45,910,325	)		19,571,708			(26,338,617	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

As of April 30, 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.	$	763,331,101	$	895,312,991	$	(29,348,221	)	$	865,964,770
Transportation Average		1,789,798,806		371,718,585		—			371,718,585
U.S. Energy		2,310,959,589		22,372,181		(231,644,817	)		(209,272,636	)
U.S. Healthcare		2,085,612,465		591,772,685		(80,370,592	)		511,402,093
U.S. Technology		4,201,586,379		3,223,848,590		(44,608,876	)		3,179,239,714
U.S. Utilities		802,321,804		60,224,917		(40,653,209	)		19,571,708


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		63

Notes to Financial Statements (continued)

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 statement of assets and liabilities, less any collateral held by the Funds.

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

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

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

Certain Funds invest a significant portion of their assets in securities 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.


64		2 0 2 1 I S H A R E S 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 (continued)

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:




	Year Ended 04/30/21						Year Ended 04/30/20

iShares ETF	Shares			Amount			Shares			Amount


Dow Jones U.S.
Shares sold		350,000	^(a)	$	34,300,344			700,000	^(a)	$	45,960,610
Shares redeemed		(1,200,000	)^(a)		(100,050,090	)		(1,400,000	)^(a)		(101,296,306	)


Net decrease		(850,000	)	$	(65,749,746	)		(700,000	)	$	(55,335,696	)


Transportation Average
Shares sold		10,000,000		$	2,071,869,906			9,150,000		$	1,664,349,137
Shares redeemed		(5,100,000	)		(1,037,036,866	)		(9,050,000	)		(1,674,852,885	)


Net increase (decrease)		4,900,000		$	1,034,833,040			100,000		$	(10,503,748	)


U.S. Energy
Shares sold		76,000,000		$	1,857,056,842			11,000,000		$	215,445,547
Shares redeemed		(19,250,000	)		(396,746,065	)		(10,050,000	)		(261,637,556	)


Net increase (decrease)		56,750,000		$	1,460,310,777			950,000		$	(46,192,009	)


U.S. Healthcare
Shares sold		1,650,000		$	371,904,383			2,800,000		$	572,958,479
Shares redeemed		(3,350,000	)		(764,650,028	)		(2,500,000	)		(478,909,093	)


Net increase (decrease)		(1,700,000	)	$	(392,745,645	)		300,000		$	94,049,386


U.S. Technology
Shares sold		16,200,000	^(b)	$	1,217,516,386			16,600,000	^(b)	$	884,213,107
Shares redeemed		(21,150,000	)^(b)		(1,607,622,674	)		(17,600,000	)^(b)		(922,623,445	)


Net decrease		(4,950,000	)	$	(390,106,288	)		(1,000,000	)	$	(38,410,338	)


U.S. Utilities
Shares sold		1,450,000	^(a)	$	110,955,395			7,900,000	^(a)	$	627,020,099
Shares redeemed		(3,800,000	)^(a)		(285,761,440	)		(6,500,000	)^(a)		(459,858,241	)


Net increase (decrease)		(2,350,000	)	$	(174,806,045	)		1,400,000		$	167,161,858

^(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 statement of assets and liabilities.

The Board authorized a stock split for the following Funds, effective after the close of trading on December 4, 2020, for the shareholders of record on December 2, 2020. The impact of the stock split was an increase in the number of shares outstanding, while decreasing the NAV per share, resulting in no effect on the net assets of the Funds. The financial statements for the Funds have been adjusted to reflect the stock split.



iShares ETF	Forward Share Split

Dow Jones U.S.		2 for 1
U.S. Technology		4 for 1
U.S. Utilities		2 for 1


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		65

Notes to Financial Statements (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.


66		2 0 2 1 I S H A R E S 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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Dow Jones U.S. ETF, iShares Transportation Average ETF,

iShares U.S. Energy ETF, iShares U.S. Healthcare ETF, iShares U.S. Technology ETF and

iShares U.S. Utilities ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Dow Jones U.S. ETF, iShares Transportation Average ETF, iShares U.S. Energy ETF, iShares U.S. Healthcare ETF, iShares U.S. Technology ETF and iShares U.S. Utilities ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, the related statements of operations for the year ended April 30, 2021, the statements of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2021 and each of the financial highlights for each of the five years in the period ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		67

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended April 30, 2021 that qualified for the dividends-received deduction were as follows:



iShares ETF	Dividends-Received Deduction

Dow Jones U.S.		100.00	%
Transportation Average		100.00	%
U.S. Energy		100.00	%
U.S. Healthcare		100.00	%
U.S. Technology		100.00	%
U.S. Utilities		100.00	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Dividend Income

Dow Jones U.S.	$	20,063,532
Transportation Average		15,283,537
U.S. Energy		26,189,115
U.S. Healthcare		37,267,934
U.S. Technology		55,137,303
U.S. Utilities		25,734,754

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Business Income

Dow Jones U.S.	$	906,998


68		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Dow Jones U.S. ETF, iShares Transportation Average ETF, iShares U.S. Energy ETF, iShares U.S. Healthcare ETF, iShares U.S. Technology ETF and iShares U.S. Utilities ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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

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.

April 30, 2021



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

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)	$	1.233316	$	—	$	0.020455	$	1.253771		98	%		—	%		2	%		100	%
Transportation Average		1.884033		—		—		1.884033		100			—			—			100
U.S. Healthcare		2.910274		—		—		2.910274		100			—			—			100
U.S. Utilities		2.279019		—		—		2.279019		100			—			—			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


70		2 0 2 1 I S H A R E S 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

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 376 funds as of April 30, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


		Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(64)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
^(b)Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		71

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (65)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

		Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


72		2 0 2 1 I S H A R E S 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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		73

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


74		2 0 2 1 I S H A R E S 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

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 S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-401-0421


		APRIL 30, 2021

2021 Annual Report

iShares Trust

🌑

iShares MSCI KLD 400 Social ETF | DSI | NYSE Arca

🌑

iShares MSCI USA ESG Select ETF | SUSA | NYSE Arca

🌑

iShares U.S. Basic Materials ETF | IYM | NYSE Arca

🌑

iShares U.S. Consumer Goods ETF | IYK | NYSE Arca

🌑

iShares U.S. Consumer Services ETF | IYC | NYSE Arca

🌑

iShares U.S. Financial Services ETF | IYG | NYSE Arca

🌑

iShares U.S. Financials ETF | IYF | NYSE Arca

🌑

iShares U.S. Industrials ETF | IYJ | Cboe BZX

The Markets in Review

Dear Shareholder,

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on credit, global high-yield and Asian bonds present attractive 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 April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57
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
Market Overview		4
Fund Summary		5
About Fund Performance		21
Shareholder Expenses		21
Schedules of Investments		22
Financial Statements
Statements of Assets and Liabilities		53
Statements of Operations		55
Statements of Changes in Net Assets		57
Financial Highlights		61
Notes to Financial Statements		69
Report of Independent Registered Public Accounting Firm		79
Important Tax Information (Unaudited)		80
Statement Regarding Liquidity Risk Management Program		81
Supplemental Information		82
Trustee and Officer Information		83
General Information		85
Glossary of Terms Used in this Report		86

Market Overview

iShares Trust

Domestic Market Overview


4		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® MSCI KLD 400 Social ETF

Investment Objective

The iShares MSCI KLD 400 Social ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as represented by the MSCI KLD 400 Social Index (the “Index”). The index excludes companies involved in tobacco, alcohol, gambling, controversial weapons, civilian firearms, nuclear weapons, conventional weapons, nuclear power, adult entertainment and genetically modified organisms (GMOs). 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		47.69	%		17.71	%		14.03	%		47.69	%		125.98	%		271.82	%
Fund Market		47.75			17.70			14.04			47.75			125.91			271.90
Index		48.06			18.14			14.53			48.06			130.11			288.27

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


	Actual				Hypothetical 5% Return


Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00		$ 1,293.30	$ 1.42			$ 1,000.00	$ 1,023.60	$ 1.25		0.25	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® MSCI KLD 400 Social ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period, even as the coronavirus pandemic disrupted financial markets. For many investors, the public health threat from the virus underscored the importance of a financial reporting system that accounts for the larger effects of company behavior on global social and environmental well-being. Analysts viewed the November 2020 U.S. election results as paving the way for further investments in green infrastructure and environmentally sustainable projects. The new administration also began to review for possible reversal of a U.S. Department of Labor (“DOL”) rule that would curb investment in ESG products, and the DOL suspended enforcement of the rule during the review.

In this environment, the stocks of U.S. companies with positive ESG characteristics advanced notably for the reporting period. The information technology sector contributed the most to the Index’s return, led by the software and services industry. The industry benefited from the continued adoption of cloud computing, which can increase energy efficiency by centralizing data storage and processing.

The consumer discretionary sector was another source of strength, supported by a strong recovery in consumer spending, including rising sales of electric vehicles. Communication services stocks also gained, as growth in online advertising bolstered the interactive services and media industry.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI USA Investable Market Index. Relative to the broader market, the ESG selection process leads to relatively minor overweight and underweight positions in stocks with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was 24.3% higher than the broader market and had 32.5% less exposure to carbon-intensive companies. The Index held overweight positions in the information technology and communication services sectors and underweight positions in the healthcare and financials sectors. Security selection in the healthcare sector and positioning in the financials sector were the largest detractors from the Index’s relative performance.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Information Technology	32.0	%
Consumer Discretionary	11.8
Communication Services	10.9
Health Care	10.0
Industrials	9.4
Financials	8.7
Consumer Staples	7.1
Materials	3.2
Real Estate	3.2
Energy	2.0
Utilities	1.7


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Microsoft Corp.	9.4	%
Alphabet Inc., Class C	3.7
Alphabet Inc., Class A	3.7
Tesla Inc.	2.8
Visa Inc., Class A	2.0
NVIDIA Corp.	1.9
Home Depot Inc. (The)	1.8
Mastercard Inc., Class A	1.8
Walt Disney Co. (The)	1.7
Procter & Gamble Co. (The)	1.7

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® MSCI USA ESG Select ETF

Investment Objective

The iShares MSCI USA ESG Select ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as represented by the MSCI USA Extended ESG Select Index (the “Index”). The index further excludes companies whose primary revenue is derived from alcohol, gambling, nuclear power, conventional and controversial weapons and civilian firearms. 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		51.29	%		18.50	%		13.73	%		51.29	%		133.65	%		262.05	%
Fund Market		51.47			18.51			13.74			51.47			133.77			262.47
Index		51.68			18.93			14.22			51.68			137.89			277.99

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(11/01/20)

Ending
Account Value
(04/30/21)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(11/01/20)

Ending
Account Value
(04/30/21)

Expenses
Paid During
the Period

^(a)

Annualized
Expense
Ratio

$ 1,000.00

$ 1,283.20

$ 1.42

$ 1,000.00

$ 1,023.60

$ 1.25

0.25%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® MSCI USA ESG Select ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period, even as the pandemic disrupted financial markets. For many investors, the public health threat underscored the importance of a financial reporting system that accounts for the effects of company behavior on global social and environmental well-being. Analysts viewed the November 2020 U.S. election results as paving the way for further investments in green infrastructure and environmentally sustainable projects. The new administration also began to review for possible reversal of a U.S. Department of Labor (“DOL”) rule that would curb investment in ESG products, and the DOL suspended enforcement of the rule during the review.

The stocks of U.S. companies with positive ESG characteristics advanced notably for the reporting period. The information technology sector contributed the most to the Index’s return, led by the software and services industry. The industry benefited from continued adoption of cloud computing, which can increase energy efficiency by centralizing data storage and processing. The technology hardware, storage, and peripherals industry also gained as a sharp increase in at-home work and school boosted demand for computers, mobile devices, and technology services. The industrials sector further contributed to the Index’s performance amid strong demand recovery for industrial goods and building products. Consumer discretionary stocks also advanced, supported by strong sales of electric vehicles, and in the financials sector, capital markets companies benefited from increased assets under management.

In terms of relative performance, the Index outperformed the broader market, as represented by the MSCI USA Index. Relative to the broader market, the ESG selection process leads to relatively minor overweight and underweight positions in stocks with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was 37.0% higher than the broader market and had 44.1% less exposure to carbon intensive companies. The Index was overweight in the information technology and industrials sectors and underweight in the consumer discretionary and communication services sectors. Positioning in the information technology and industrials sectors drove the Index’s relative performance.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Information Technology	30.2	%
Health Care	12.2
Financials	10.8
Communication Services	10.0
Industrials	9.5
Consumer Discretionary	9.1
Consumer Staples	6.9
Real Estate	3.4
Utilities	2.9
Materials	2.7
Energy	2.3


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Microsoft Corp.	4.9	%
Apple Inc.	4.7
Alphabet Inc., Class A	2.7
Facebook Inc., Class A	1.9
Home Depot Inc. (The)	1.9
BlackRock Inc.	1.6
NVIDIA Corp.	1.6
Tesla Inc.	1.6
Alphabet Inc., Class C	1.5
Accenture PLC, Class A	1.5

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Basic Materials ETF

Investment Objective

The iShares U.S. Basic Materials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the basic materials sector, as represented by the Dow Jones U.S. Basic Materials 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		63.81	%		12.96	%		6.49	%		63.81	%		83.91	%		87.58	%
Fund Market		63.88			12.95			6.50			63.88			83.88			87.63
Index		64.35			13.39			6.92			64.35			87.43			95.32

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,358.00	$ 2.34			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Basic Materials ETF

Portfolio Management Commentary

Stocks of U.S. basic materials companies gained sharply during the reporting period, as the economy began to rebound from the impacts of the coronavirus pandemic. Materials companies often advance during the early stages of economic expansion, when confidence in the market returns and consumer and corporate spending increase.

The chemicals industry contributed the most to the Index’s return. Specialty chemicals companies advanced, bolstered by a surge in U.S. residential construction along with higher sales to China, which helped drive the industry’s solid earnings growth. Higher demand for inputs used in manufacturing semiconductors and smartphones and a recovery in automotive markets also boosted profits. Makers of specialty materials and coatings helped power the industry’s growth, raising dividends and pursuing notable acquisitions as the impacts from the pandemic lessened.

Manufacturers of industrial gases were significant contributors to the Index’s performance as a global effort to reduce carbon emissions elevated demand for hydrogen, which is derived from natural gas. Announcements of partnerships with Chinese power producers to develop green hydrogen also drove the industry’s contribution. In addition, strong growth in new contracts helped industrial gas companies weather the pandemic. Commodity chemicals makers were another source of strength, amid a more favorable economic environment. Lower cost assets drove growth in free cash flow, leading to solid dividend payouts, further supporting the industry. Fertilizers and agricultural chemicals stocks were buoyed by an increase in agricultural commodities prices.

The metals and mining industry also contributed to the Index’s return as the price of copper rose to a nearly 10-year high. Copper mining companies benefited from rising industrial demand amid a broadening economic recovery, along with ongoing supply constraints.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Chemicals	79.3	%
Metals & Mining	20.7


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Linde PLC	18.2	%
Air Products & Chemicals Inc.	7.8
Ecolab Inc.	6.8
Freeport-McMoRan Inc.	6.7
Newmont Corp.	6.1
DuPont de Nemours Inc.	4.9
PPG Industries Inc.	4.9
Dow Inc.	4.8
Corteva Inc.	4.5
International Flavors & Fragrances Inc.	4.3

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Consumer Goods ETF

Investment Objective

The iShares U.S. Consumer Goods ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the consumer goods sector, as represented by the Dow Jones U.S. Consumer Goods 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		54.87	%		12.64	%		12.54	%		54.87	%		81.29	%		225.85	%
Fund Market		54.89			12.63			12.53			54.89			81.24			225.72
Index		55.55			13.10			13.03			55.55			85.08			240.22

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,266.50	$ 2.25			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Consumer Goods ETF

Portfolio Management Commentary

U.S. consumer goods stocks advanced strongly for the reporting period amid economic adjustments that drove demand as pandemic conditions persisted. Consumer discretionary stocks contributed the most to the Index’s return, particularly in the automobile manufacturing industry. Companies building self-driving and electrified vehicles advanced amid increased electric vehicle adoption and investor interest in the industry. Regulatory credits issued for green products also supported gains of electric-car makers. Higher sales positively impacted automobile manufacturers, although price reductions on some models slightly offset those advances. Traditional automakers also contributed amid investment in electric vehicles for commercial customers like delivery services and in electric cargo vans and pickup trucks for the retail market.

Within the consumer discretionary sector, consumer durables and apparel stocks, particularly in the textiles, apparel, and luxury goods industry, bolstered the Index’s return. New product releases and a move toward e-commerce helped sneaker firms navigate the pandemic-induced economic downturn. Companies that make athleisure wear advanced as consumers invested in stay-at-home wardrobes. Household durables companies were also solid performers. Housing shortages and continued work-from-home trends drove gains of homebuilding companies.

The consumer staples sector contributed to the Index’s performance, as consumers continued to stock up on essentials during the pandemic. Food, beverage, and tobacco companies drove the sector’s advance. Beverages companies and their distributors adapted to changing consumption trends as consumers staying at home increasingly bought soft drinks from supermarkets instead of restaurants. Higher snack food purchases and meat price increases driven by supply shortages bolstered returns for packaged foods and meats companies, which also expanded to meet increasing consumer demand for plant-based proteins. Household products like toilet paper, sanitizer, and detergent were high on shopping lists, which benefited household and personal products companies.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)

Food, Beverage & Tobacco	36.1	%
Automobiles & Components	23.1
Household & Personal Products	17.5
Consumer Durables & Apparel	16.2
Media & Entertainment	4.5
Retailing	1.1
Capital Goods	1.0
Food & Staples Retailing	0.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)

Tesla Inc.	16.7	%
Procter & Gamble Co. (The)	10.1
Coca-Cola Co. (The)	6.4
PepsiCo Inc.	6.1
Nike Inc., Class B	5.2
Philip Morris International Inc.	4.5
Altria Group Inc.	2.7
Mondelez International Inc., Class A	2.6
General Motors Co.	2.2
Estee Lauder Companies Inc. (The), Class A	2.2


12		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Consumer Services ETF

Investment Objective

The iShares U.S. Consumer Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the consumer services sector, as represented by the Dow Jones U.S. Consumer Services Capped (TR) 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		53.48	%		17.75	%		16.72	%		53.48	%		126.32	%		369.12	%
Fund Market		53.53			17.74			16.71			53.53			126.30			369.05
Index		54.12			18.26			17.23			54.12			131.31			390.11

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Consumer Services Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Consumer Services Capped (TR) Index^TM.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,290.50	$ 2.27			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Consumer Services ETF

Portfolio Management Commentary

Consumer services stocks in the U.S. rose strongly for the reporting period, as more time at home during the coronavirus pandemic led to higher spending on household goods and services. Consumer discretionary stocks contributed the most to the Index’s return, led by the retailing industry. Homebound consumers turned to remodeling and redecoration projects to make use of their time and money, which drove significant growth in revenue and profit for home improvement retailers. Rising home values enabled homeowners to take home equity loans to fund new projects, and low interest rates for mortgages drove suburban home sales. Professional builders also drove revenue gains as businesses embarked on projects to stay open amid social distancing requirements.

Internet and direct marketing retailers also bolstered the Index’s return, as online purchases increased amid pandemic-related restrictions. Despite higher shipping and fulfilment costs, online retailers posted record profits during a time when many brick-and-mortar stores were closed for in-person business.

Within the consumer services industry, restaurants were a source of strength. With social distancing restrictions sharply limiting indoor dining options, drive-through and takeout became the primary revenue drivers for restaurants. Fast-food chains expanded delivery ranges and capitalized on their customers’ preferences.

The communication services sector also contributed to the Index’s performance, particularly media and entertainment stocks. Cable and satellite companies led the media industry’s advance. Consumers stuck at home made greater use of high-speed internet, which drove higher subscriptions for providers. Companies providing on-demand streaming content, including first-release movies and television shows, also surged. The market for streaming services grew sharply as consumers had fewer entertainment choices, and both new entrants and veterans benefited from demand growth during stay-at-home orders.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Retailing	35.2	%
Media & Entertainment	25.4
Consumer Services	20.5
Food & Staples Retailing	11.2
Transportation	4.9
Commercial & Professional Services	1.9
Other (each representing less than 1%)	0.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Amazon.com Inc.	10.7	%
Walt Disney Co. (The)	7.3
Home Depot Inc. (The)	5.2
Walmart Inc.	4.5
Netflix Inc.	4.3
Comcast Corp., Class A	4.2
McDonald’s Corp.	4.1
Costco Wholesale Corp.	3.8
Lowe’s Companies Inc.	3.3
Starbucks Corp.	3.1

^(a)

Excludes money market funds.


14		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Financial Services ETF

Investment Objective

The iShares U.S. Financial Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the financial services sector, as represented by the Dow Jones U.S. Financial Services 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		61.14	%		18.39	%		13.83	%		61.14	%		132.59	%		265.34	%
Fund Market		61.27			18.39			13.84			61.27			132.59			265.54
Index		61.70			18.89			14.32			61.70			137.56			281.23

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,542.40	$ 2.52			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Financial Services ETF

Portfolio Management Commentary

U.S. financial services stocks rose robustly during the reporting period. Amid coronavirus pandemic-related economic disruptions early in the reporting period, capital markets experienced historic volatility, driving higher revenues from increased trading, especially in fixed income, currency, and commodities. Rising equity markets, massive fiscal and monetary stimulus, and optimism about the U.S. economic recovery drove expectations for stronger earnings growth for banks. In particular, the Fed’s backstop of credit markets just prior to the reporting period assuaged fears of insolvency.

Banks were largest contributor to the Index’s return, benefiting from an increase in bond yields toward the end of the reporting period. The widening spread between shorter and longer-term interest rates helped banks because their profits are often driven by borrowing at short-term interest rates and lending at longer-term interest rates. Optimism about a strong economic recovery allowed banks to reduce loan loss reserves, bolstering earnings. Investor optimism about the new administration’s plans for stimulus spending, further aided bank stocks.

The diversified financials industry was a strong contributor to the Index’s return. Investment banks’ operating expenses declined, and revenues rose amid strength in equities trading and initial public offerings, particularly in the information technology and healthcare sectors. Both the U.S. government and corporations issued record levels of debt to lessen the economic effects of the pandemic, boosting investment banks’ revenue from underwriting fees.

The software and services industry also contributed to the Index’s performance. Within the industry, IT services companies that process cashless transactions benefited from consumers’ increased use of contactless payment services instead of cash amid the coronavirus pandemic. Investors were also optimistic that rising international travel bookings would increase fees collected for international transactions.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Banks	43.5	%
Diversified Financials	38.1
Software & Services	18.1
Insurance	0.3


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

JPMorgan Chase & Co.	11.6	%
Visa Inc., Class A	9.8
Mastercard Inc., Class A	8.3
Bank of America Corp.	7.6
Wells Fargo & Co.	4.6
Citigroup Inc.	3.7
Morgan Stanley	3.1
Goldman Sachs Group Inc. (The)	3.0
BlackRock Inc.	2.9
Charles Schwab Corp. (The)	2.6

^(a)

Excludes money market funds.


16		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Financials ETF

Investment Objective

The iShares U.S. Financials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the financials sector, as represented by the Dow Jones U.S. Financials Capped (TR) 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		52.80	%		15.08	%		12.32	%		52.80	%		101.80	%		219.55	%
Fund Market		52.93			15.09			12.32			52.93			101.90			219.70
Index		53.40			15.54			12.78			53.40			105.89			233.03

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Financials Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Financials Capped (TR) Index^TM.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,454.20	$ 2.43			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		17


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Financials ETF

Portfolio Management Commentary

U.S. financial services stocks rose robustly during the reporting period. Amid the economic disruptions due to the coronavirus pandemic, capital markets experienced historic volatility, driving higher revenues from increased trading, especially in fixed income, currency, and commodities. Rising equity markets, massive fiscal and monetary stimulus, and optimism about the U.S. economic recovery drove expectations of stronger earnings growth for banks. In particular, the Fed’s backstop of credit markets just prior to the reporting period assuaged fears of insolvency.

The diversified financials industry contributed the most to the Index’s return. Investment banks’ operating expenses declined, and revenues rose due to strength in equities trading and initial public offerings, particularly in the information technology and healthcare sectors. Both the U.S. government and corporations issued record levels of debt to lessen the economic effects of the pandemic, boosting investment banks’ revenue from underwriting fees. The multi-sector holdings industry’s exposure to banks and the information technology sector also contributed to the Index’s return.

Banks contributed strongly to the Index’s return, benefiting from rising bond yields toward the end of the reporting period. The widening spread between shorter and longer-term interest rates helped banks because their profits are often driven by borrowing at short-term interest rates and lending at longer-term interest rates. Optimism about a strong economic recovery allowed banks to reduce loan loss reserves, bolstering earnings. Investor optimism about the new administration’s plans for stimulus spending further aided banks.

The real estate industry also bolstered the Index’s return, benefiting from an increased demand for self-storage, which led to higher occupancy rates amid pandemic-related moves. The insurance industry also contributed to the Index’s performance as margins and sales recovered. Favorable court decisions in business-interruption disputes helped mitigate losses from the pandemic.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Diversified Financials	31.6	%
Banks	26.2
Real Estate	18.7
Insurance	12.9
Software & Services	10.1
Commercial & Professional Services	0.5


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Berkshire Hathaway Inc., Class B	7.8	%
JPMorgan Chase & Co.	7.0
Visa Inc., Class A	5.9
Bank of America Corp.	4.6
Mastercard Inc., Class A	4.2
Wells Fargo & Co.	2.8
Citigroup Inc.	2.2
Morgan Stanley	1.9
Goldman Sachs Group Inc. (The)	1.8
BlackRock Inc.	1.7

^(a)

Excludes money market funds.


18		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Industrials ETF

Investment Objective

The iShares U.S. Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the industrials sector, as represented by the Dow Jones U.S. Industrials 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		61.51	%		16.75	%		13.31	%		61.51	%		116.94	%		248.87	%
Fund Market		61.70			16.77			13.32			61.70			117.08			249.04
Index		62.17			17.26			13.81			62.17			121.69			264.44

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,349.10	$ 2.33			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%

^(a)


F U N D S U M M A R Y		19


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Industrials ETF

Portfolio Management Commentary

Stocks of U.S. industrials companies advanced strongly for the reporting period, as the U.S. lifted coronavirus-driven factory lockdowns, expanded fiscal stimulus, and rolled out wide-scale vaccination programs. Optimism about continued economic growth led to the highest levels of business confidence in more than 35 years.

The capital goods industry, which includes manufacturers of heavy equipment and machinery, was the primary source of strength amid a rebound in industrial production from the lowest levels since the financial crisis. Strong consumer demand for manufactured goods, including automobiles, helped support manufacturers. Machinery companies mitigated the effects of the pandemic through cost-cutting and service expansion, including the rapid adoption of digital technology that allows for remote monitoring of inventory and equipment in the field. Large industrial conglomerates reduced costs and retooled supply chains to offset lower sales. Companies also shifted production output rapidly in response to emerging needs, setting up new factories in weeks rather than months to meet demand for N95 masks and other personal protective equipment. U.S. aerospace and defense stocks gained amid investor optimism for a recovery in air travel and consumer spending.

The software and services industry was another important contributor to the Index’s performance, as companies turned to outsourced software solutions to engage with isolated consumers and employees. The pandemic also shifted consumer financial behavior by accelerating the adoption of e-commerce and digital transactions, including payments made with digital currencies. Usage and availability of in-store contactless payment options also increased during the reporting period.

The continued growth of e-commerce drove gains in transportation stocks, which contributed to the Index’s return. Increased consumer shipments and package deliveries boosted profit and revenue for air freight and logistics companies and led to growth in rail volumes.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Capital Goods	47.8	%
Software & Services	20.9
Transportation	12.9
Commercial & Professional Services	6.7
Materials	6.0
Technology Hardware & Equipment	5.4
Pharmaceuticals, Biotechnology & Life Sciences	0.3


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

PayPal Holdings Inc.	6.2	%
Accenture PLC, Class A	3.7
Honeywell International Inc.	3.1
Union Pacific Corp.	3.0
United Parcel Service Inc., Class B	2.9
Boeing Co. (The)	2.6
Raytheon Technologies Corp.	2.5
Caterpillar Inc.	2.5
Deere & Co.	2.3
General Electric Co.	2.3

^(a)

Excludes money market funds.


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

About Fund Performance

Shareholder Expenses


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		21

Schedule of Investments

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.0%
Spirit AeroSystems Holdings Inc., Class A		17,146	$	783,401


Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		21,946		2,130,518
Echo Global Logistics Inc.^(a)		3,456		113,011
Expeditors International of Washington Inc.		27,315		3,000,826
United Parcel Service Inc., Class B		114,822		23,407,613


				28,651,968

Airlines — 0.1%
Delta Air Lines Inc.^(a)		25,297		1,186,935
Southwest Airlines Co.		23,920		1,501,698


				2,688,633

Auto Components — 0.3%
Aptiv PLC^(a)		43,315		6,232,595
Autoliv Inc.^(a)		13,278		1,336,564
BorgWarner Inc.		39,540		1,920,853


				9,490,012

Automobiles — 2.8%
Harley-Davidson Inc.		24,387		1,179,599
Tesla Inc.^(a)		121,742		86,368,645


				87,548,244

Banks — 1.9%
Bank of Hawaii Corp.		6,401		581,787
Cathay General Bancorp.		12,240		495,475
CIT Group Inc.		15,648		833,882
Citizens Financial Group Inc.		68,632		3,176,289
Comerica Inc.		22,319		1,677,496
First Republic Bank/CA		27,915		5,115,145
Heartland Financial USA Inc.		5,521		277,541
Huntington Bancshares Inc./OH		163,277		2,501,404
International Bancshares Corp.		8,739		414,141
KeyCorp.		157,428		3,425,633
M&T Bank Corp.		20,608		3,249,675
Old National Bancorp./IN		23,338		441,088
People’s United Financial Inc.		68,889		1,248,958
PNC Financial Services Group Inc. (The)		68,022		12,716,713
Regions Financial Corp.		153,705		3,350,769
SVB Financial Group^(a)		8,304		4,748,476
Truist Financial Corp.		216,183		12,821,814
Umpqua Holdings Corp.		35,140		655,010
Zions Bancorp. NA		26,153		1,459,337


				59,190,633

Beverages — 2.3%
Coca-Cola Co. (The)		655,416		35,379,355
Keurig Dr Pepper Inc.		90,802		3,255,252
PepsiCo Inc.		221,861		31,983,482


				70,618,089

Biotechnology — 2.7%
AbbVie Inc.		283,430		31,602,445
Amgen Inc.		93,461		22,396,994
Biogen Inc.^(a)		24,700		6,603,051
BioMarin Pharmaceutical Inc.^(a)		29,231		2,277,680
Gilead Sciences Inc.		201,241		12,772,766
Vertex Pharmaceuticals Inc.^(a)		41,696		9,098,067


				84,751,003

Building Products — 0.9%
A O Smith Corp.		21,581		1,462,113


Security	Shares		Value

Building Products (continued)
Allegion PLC		14,822	$	1,991,780
Builders FirstSource Inc.^(a)		31,263		1,521,570
Fortune Brands Home & Security Inc.		22,335		2,344,728
Johnson Controls International PLC		116,181		7,242,723
Lennox International Inc.		5,541		1,858,119
Masco Corp.		42,160		2,693,181
Owens Corning		17,531		1,697,176
Trane Technologies PLC		38,485		6,689,848


				27,501,238

Capital Markets — 3.7%
Ameriprise Financial Inc.		18,920		4,888,928
Bank of New York Mellon Corp. (The)		127,877		6,378,505
BlackRock Inc.^(b)		24,485		20,060,560
Charles Schwab Corp. (The)		245,597		17,290,029
CME Group Inc.		57,655		11,645,733
FactSet Research Systems Inc.		6,066		2,039,510
Franklin Resources Inc.		48,598		1,457,940
Intercontinental Exchange Inc.		90,109		10,606,730
Invesco Ltd.		63,128		1,704,456
Moody’s Corp.		27,183		8,880,958
Northern Trust Corp.		31,684		3,605,639
S&P Global Inc.		38,627		15,079,595
State Street Corp.		56,584		4,750,227
T Rowe Price Group Inc.		36,343		6,512,666


				114,901,476

Chemicals — 2.4%
Air Products & Chemicals Inc.		35,507		10,243,059
Albemarle Corp.		18,468		3,105,764
Axalta Coating Systems Ltd.^(a)		34,347		1,095,326
Ecolab Inc.		41,290		9,253,915
HB Fuller Co.		8,510		568,638
International Flavors & Fragrances Inc.		35,891		5,102,623
Linde PLC		84,262		24,085,450
Minerals Technologies Inc.		5,526		431,802
Mosaic Co. (The)		57,906		2,037,133
PPG Industries Inc.		37,849		6,481,263
Sherwin-Williams Co. (The)		39,351		10,777,058


				73,182,031

Commercial Services & Supplies — 0.2%
ACCO Brands Corp.		13,535		116,130
Copart Inc.^(a)		34,181		4,255,876
Deluxe Corp.		6,510		286,570
HNI Corp.		7,156		302,985
Interface Inc.		10,152		130,352
Knoll Inc.		8,544		204,202
Steelcase Inc., Class A		12,717		175,495
Tetra Tech Inc.		8,541		1,090,088


				6,561,698

Communications Equipment — 1.4%
Cisco Systems Inc.		678,367		34,535,664
CommScope Holding Co. Inc.^(a)		32,319		531,648
F5 Networks Inc.^(a)		9,849		1,839,399
Motorola Solutions Inc.		27,187		5,119,312
Plantronics Inc.^(a)		5,653		226,063


				42,252,086

Construction & Engineering — 0.1%
EMCOR Group Inc.		8,706		1,042,979
Granite Construction Inc.		7,834		298,475


22		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Quanta Services Inc.		22,346	$	2,159,518


				3,500,972

Consumer Finance — 0.6%
Ally Financial Inc.		59,974		3,085,662
American Express Co.		109,876		16,849,485


				19,935,147

Containers & Packaging — 0.4%
Amcor PLC		252,945		2,972,104
Avery Dennison Corp.		13,352		2,859,598
Ball Corp.		52,613		4,926,681
Sealed Air Corp.		25,110		1,240,434
Sonoco Products Co.		16,341		1,069,682


				13,068,499

Distributors — 0.2%
LKQ Corp.^(a)		46,507		2,172,342
Pool Corp.		6,473		2,734,972


				4,907,314

Diversified Financial Services — 0.1%
Equitable Holdings Inc.		63,803		2,183,977
Voya Financial Inc.		20,464		1,387,868


				3,571,845

Diversified Telecommunication Services — 1.4%
Liberty Global PLC, Class A^(a)		26,365		709,218
Liberty Global PLC, Class C, NVS^(a)		59,357		1,606,200
Lumen Technologies Inc.		150,489		1,930,774
Verizon Communications Inc.		664,330		38,391,631


				42,637,823

Electric Utilities — 0.5%
Alliant Energy Corp.		39,888		2,240,509
Eversource Energy		54,876		4,731,408
FirstEnergy Corp.		86,977		3,298,168
OGE Energy Corp.		32,487		1,090,264
PPL Corp.		123,799		3,606,265


				14,966,614

Electrical Equipment — 0.5%
Acuity Brands Inc.		5,924		1,099,021
Eaton Corp. PLC		63,985		9,145,376
Rockwell Automation Inc.		18,617		4,919,728
Sensata Technologies Holding PLC^(a)		25,043		1,445,983


				16,610,108

Electronic Equipment, Instruments & Components — 0.9%
Cognex Corp.		27,984		2,409,982
Corning Inc.		122,381		5,410,464
Flex Ltd.^(a)		80,857		1,406,912
Itron Inc.^(a)		6,299		566,532
Keysight Technologies Inc.^(a)(c)		29,726		4,290,948
TE Connectivity Ltd.		53,182		7,151,384
Trimble Inc.^(a)		40,090		3,287,380
Zebra Technologies Corp., Class A^(a)		8,564		4,177,005


				28,700,607

Energy Equipment & Services — 0.3%
Baker Hughes Co.		110,065		2,210,105
Core Laboratories NV		7,442		209,716
NOV Inc.		61,432		918,408
Schlumberger Ltd.		223,980		6,058,659
TechnipFMC PLC		69,792		516,461


				9,913,349


Security	Shares		Value

Entertainment — 2.0%
Electronic Arts Inc.		46,485	$	6,604,589
Walt Disney Co. (The)^(a)		290,655		54,067,643


				60,672,232

Equity Real Estate Investment Trusts (REITs) — 2.9%
American Tower Corp.		71,315		18,168,923
AvalonBay Communities Inc.		22,408		4,302,336
Boston Properties Inc.		23,605		2,581,207
Corporate Office Properties Trust		16,942		475,054
Digital Realty Trust Inc.		44,963		6,938,240
Duke Realty Corp.		59,829		2,783,245
Equinix Inc.		14,285		10,296,057
Equity Residential		59,608		4,424,702
Federal Realty Investment Trust		11,669		1,316,730
Healthpeak Properties Inc.		86,432		2,968,075
Host Hotels & Resorts Inc.		112,745		2,047,449
Iron Mountain Inc.		46,573		1,868,509
Macerich Co. (The)		16,608		229,024
PotlatchDeltic Corp.		10,764		638,951
Prologis Inc.		118,809		13,844,813
SBA Communications Corp.		17,827		5,343,108
Simon Property Group Inc.		52,695		6,415,089
UDR Inc.		47,141		2,189,699
Weyerhaeuser Co.		120,014		4,652,943


				91,484,154

Food & Staples Retailing — 0.4%
Kroger Co. (The)		124,259		4,540,424
Sysco Corp.		77,659		6,580,047
United Natural Foods Inc.^(a)(c)		9,144		337,048


				11,457,519

Food Products — 1.7%
Archer-Daniels-Midland Co.		89,343		5,640,224
Bunge Ltd.		22,502		1,899,619
Campbell Soup Co.		28,843		1,377,253
Conagra Brands Inc.		78,396		2,907,708
Darling Ingredients Inc.^(a)		26,032		1,807,922
General Mills Inc.		98,306		5,982,903
Hain Celestial Group Inc. (The)^(a)		12,837		526,445
Hormel Foods Corp.		47,800		2,208,360
Ingredion Inc.		10,645		994,349
JM Smucker Co. (The)		18,286		2,395,283
Kellogg Co.		41,211		2,572,391
Kraft Heinz Co. (The)		108,266		4,470,303
Lamb Weston Holdings Inc.		23,319		1,877,180
McCormick & Co. Inc./MD, NVS		39,818		3,597,954
Mondelez International Inc., Class A		229,650		13,965,017


				52,222,911

Gas Utilities — 0.1%
Atmos Energy Corp.		20,202		2,092,725
New Jersey Resources Corp.		15,508		650,561
Northwest Natural Holding Co.		4,847		261,350
UGI Corp.		33,780		1,476,524


				4,481,160

Health Care Equipment & Supplies — 2.0%
ABIOMED Inc.^(a)		7,280		2,334,914
Align Technology Inc.^(a)		12,043		7,171,968
Becton Dickinson and Co.		46,589		11,591,809
Cooper Companies Inc. (The)		8,590		3,529,545
DENTSPLY SIRONA Inc.		34,949		2,359,407
DexCom Inc.^(a)(c)		15,426		5,955,979


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 (continued)

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp.^(a)		99,925	$	9,544,836
Hologic Inc.^(a)		41,143		2,696,924
IDEXX Laboratories Inc.^(a)		13,677		7,508,536
ResMed Inc.		23,200		4,360,904
West Pharmaceutical Services Inc.		11,896		3,908,074


				60,962,896

Health Care Providers & Services — 1.8%
AmerisourceBergen Corp.		24,491		2,958,513
Cardinal Health Inc.		46,924		2,831,394
Centene Corp.^(a)		92,956		5,739,103
Cigna Corp.		57,999		14,442,331
DaVita Inc.^(a)		12,575		1,465,365
HCA Healthcare Inc.		43,496		8,745,306
Henry Schein Inc.^(a)		22,841		1,655,972
Humana Inc.		21,258		9,464,912
Laboratory Corp. of America Holdings^(a)		15,672		4,166,714
MEDNAX Inc.^(a)		13,953		367,243
Patterson Companies Inc.		13,505		434,051
Quest Diagnostics Inc.		21,661		2,856,653
Select Medical Holdings Corp.^(a)		17,200		648,784


				55,776,341

Health Care Technology — 0.2%
Cerner Corp.		49,419		3,708,896
Teladoc Health Inc.^(a)		18,611		3,207,606


				6,916,502

Hotels, Restaurants & Leisure — 3.0%
Aramark		36,870		1,433,137
Booking Holdings Inc.^(a)(c)		6,574		16,212,010
Choice Hotels International Inc.		5,703		649,001
Darden Restaurants Inc.		20,878		3,063,220
Domino’s Pizza Inc.		6,349		2,681,437
Hilton Worldwide Holdings Inc.^(a)		44,497		5,726,764
Jack in the Box Inc.		3,533		426,256
Marriott International Inc./MD, Class A^(a)		44,218		6,567,257
McDonald’s Corp.		119,620		28,239,890
Royal Caribbean Cruises Ltd.		36,750		3,195,413
Starbucks Corp.		188,427		21,573,007
Vail Resorts Inc.		6,415		2,085,901


				91,853,293

Household Durables — 0.3%
Ethan Allen Interiors Inc.		3,950		113,405
Garmin Ltd.		23,005		3,157,206
La-Z-Boy Inc.		7,177		319,089
Meritage Homes Corp.^(a)		6,036		642,170
Mohawk Industries Inc.^(a)		9,642		1,981,431
Newell Brands Inc.		64,956		1,751,214
Whirlpool Corp.		10,072		2,381,524


				10,346,039

Household Products — 2.4%
Clorox Co. (The)		20,303		3,705,297
Colgate-Palmolive Co.		130,617		10,540,792
Kimberly-Clark Corp.		54,574		7,275,806
Procter & Gamble Co. (The)		398,078		53,111,567


				74,633,462

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		106,471		2,962,023
Ormat Technologies Inc.		7,085		512,954


				3,474,977


Security	Shares		Value

Industrial Conglomerates — 0.8%
3M Co.		92,602	$	18,255,558
Roper Technologies Inc.		16,872		7,532,336


				25,787,894

Insurance — 2.3%
Allstate Corp. (The)		48,800		6,187,840
Arthur J Gallagher & Co.		30,843		4,470,693
Chubb Ltd.		72,403		12,423,631
Hartford Financial Services Group Inc. (The)		57,575		3,797,647
Lincoln National Corp.		30,936		1,983,926
Loews Corp.		39,695		2,212,996
Marsh & McLennan Companies Inc.		81,425		11,049,372
Principal Financial Group Inc.		44,077		2,815,198
Progressive Corp. (The)		94,070		9,476,612
Prudential Financial Inc.		63,582		6,381,090
Travelers Companies Inc. (The)		40,606		6,280,124
Willis Towers Watson PLC		20,655		5,346,753


				72,425,882

Interactive Media & Services — 7.3%
Alphabet Inc., Class A^(a)		48,265		113,591,678
Alphabet Inc., Class C, NVS^(a)		47,660		114,866,319


				228,457,997

IT Services — 7.8%
Accenture PLC, Class A		101,713		29,493,719
Automatic Data Processing Inc.		68,843		12,872,953
Cognizant Technology Solutions Corp., Class A		85,813		6,899,365
International Business Machines Corp.		143,050		20,295,934
Mastercard Inc., Class A		142,821		54,566,191
Okta Inc.^(a)(c)		19,227		5,185,522
PayPal Holdings Inc.^(a)		178,698		46,870,698
Visa Inc., Class A		271,696		63,457,318
Western Union Co. (The)		65,845		1,696,167


				241,337,867

Leisure Products — 0.1%
Callaway Golf Co.		14,703		425,652
Hasbro Inc.		20,806		2,069,157
Mattel Inc.^(a)		55,720		1,195,751


				3,690,560

Life Sciences Tools & Services — 1.1%
Agilent Technologies Inc.		49,545		6,621,194
Bio-Techne Corp.		6,166		2,635,903
Illumina Inc.^(a)		23,441		9,208,562
IQVIA Holdings Inc.^(a)		30,837		7,237,136
Mettler-Toledo International Inc.^(a)		3,821		5,018,196
Waters Corp.^(a)		9,937		2,979,808


				33,700,799

Machinery — 3.1%
AGCO Corp.		10,153		1,481,526
Caterpillar Inc.		87,214		19,894,385
Cummins Inc.		23,715		5,977,129
Deere & Co.		47,795		17,724,776
Dover Corp.		23,206		3,462,103
Flowserve Corp.		20,622		817,456
Fortive Corp.		48,729		3,450,988
Graco Inc.		27,086		2,080,205
IDEX Corp.		12,160		2,726,272
Illinois Tool Works Inc.		50,839		11,716,356
Lincoln Electric Holdings Inc.		9,000		1,152,450
Meritor Inc.^(a)		11,457		309,683


24		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Middleby Corp. (The)^(a)		9,002	$	1,632,243
PACCAR Inc.		55,609		4,998,137
Parker-Hannifin Corp.		20,635		6,475,469
Snap-on Inc.		8,269		1,964,714
Stanley Black & Decker Inc.		25,725		5,319,158
Tennant Co.		2,894		228,365
Timken Co. (The)		11,069		928,357
Westinghouse Air Brake Technologies Corp.		29,173		2,394,228
Xylem Inc./NY		28,949		3,203,207


				97,937,207

Media — 0.2%
Discovery Inc., Class A^(a)		25,356		954,907
Discovery Inc., Class C, NVS^(a)		49,432		1,597,148
John Wiley & Sons Inc., Class A		7,203		410,139
New York Times Co. (The), Class A		22,811		1,035,848
Omnicom Group Inc.		34,663		2,851,378
Scholastic Corp., NVS		4,909		148,890


				6,998,310

Metals & Mining — 0.4%
Compass Minerals International Inc.		5,655		384,088
Newmont Corp.		128,852		8,041,653
Nucor Corp.		48,543		3,993,147
Schnitzer Steel Industries Inc., Class A		4,115		194,269


				12,613,157

Multi-Utilities — 0.8%
Avista Corp.		10,981		505,345
CenterPoint Energy Inc.		87,824		2,150,810
CMS Energy Corp.		46,031		2,963,936
Consolidated Edison Inc.		53,894		4,171,934
MDU Resources Group Inc.		32,021		1,071,423
NiSource Inc.		61,995		1,613,110
Sempra Energy		46,424		6,386,550
WEC Energy Group Inc.		50,666		4,923,215


				23,786,323

Multiline Retail — 0.6%
Kohl’s Corp.		25,242		1,480,696
Nordstrom Inc.		17,356		636,618
Target Corp.		80,396		16,662,875


				18,780,189

Oil, Gas & Consumable Fuels — 1.7%
APA Corp.^(c)		61,216		1,224,320
Cheniere Energy Inc.^(a)		36,649		2,841,031
ConocoPhillips		217,556		11,125,814
Devon Energy Corp.		97,243		2,273,541
EQT Corp.^(a)		44,228		844,755
Hess Corp.		44,204		3,293,640
Marathon Oil Corp.		125,888		1,417,499
Marathon Petroleum Corp.		104,260		5,802,069
Occidental Petroleum Corp.		150,054		3,805,369
ONEOK Inc.		71,118		3,722,316
Phillips 66		70,231		5,682,390
Pioneer Natural Resources Co.		33,013		5,078,390
Southwestern Energy Co.^(a)		109,027		465,545
Valero Energy Corp.		65,600		4,851,776


				52,428,455

Paper & Forest Products — 0.0%
Domtar Corp.		8,611		339,446


Security	Shares		Value

Personal Products — 0.4%
Estee Lauder Companies Inc. (The), Class A		36,369	$	11,412,592


Pharmaceuticals — 2.2%
Bristol-Myers Squibb Co.		362,781		22,644,790
Jazz Pharmaceuticals PLC^(a)		8,936		1,469,078
Merck & Co. Inc.		406,173		30,259,889
Zoetis Inc.		76,231		13,190,250


				67,564,007

Professional Services — 0.5%
ASGN Inc.^(a)		8,485		892,452
Exponent Inc.		8,180		787,979
Heidrick & Struggles International Inc.		2,762		116,833
ICF International Inc.		2,975		270,904
IHS Markit Ltd.		60,756		6,536,131
Kelly Services Inc., Class A, NVS^(a)		5,348		133,967
ManpowerGroup Inc.		9,193		1,111,342
Resources Connection Inc.		5,513		77,788
Robert Half International Inc.		18,297		1,603,000
TransUnion		30,656		3,206,311
TrueBlue Inc.^(a)		5,439		153,924


				14,890,631

Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(a)		53,903		4,592,536
Jones Lang LaSalle Inc.^(a)		8,288		1,557,398
Realogy Holdings Corp.^(a)		17,618		304,439


				6,454,373

Road & Rail — 1.8%
AMERCO		1,591		949,238
ArcBest Corp.		3,895		283,400
Avis Budget Group Inc.^(a)(c)		8,980		804,698
CSX Corp.		122,777		12,369,783
Kansas City Southern		15,010		4,386,072
Norfolk Southern Corp.		40,773		11,385,453
Ryder System Inc.		8,466		675,925
Union Pacific Corp.		108,182		24,026,140


				54,880,709

Semiconductors & Semiconductor Equipment — 6.3%
Advanced Micro Devices Inc.^(a)		193,085		15,759,598
Analog Devices Inc.		59,367		9,092,650
Applied Materials Inc.		146,619		19,457,807
Intel Corp.		657,894		37,848,642
Lam Research Corp.		23,120		14,344,804
Microchip Technology Inc.		41,790		6,280,619
NVIDIA Corp.		99,375		59,662,762
ON Semiconductor Corp.^(a)		66,220		2,582,580
Skyworks Solutions Inc.		26,642		4,830,994
Texas Instruments Inc.		147,367		26,601,217


				196,461,673

Software — 15.1%
Adobe Inc.^(a)		77,014		39,149,297
ANSYS Inc.^(a)		13,811		5,050,130
Autodesk Inc.^(a)		35,214		10,279,319
Cadence Design Systems Inc.^(a)		44,726		5,893,545
Citrix Systems Inc.		18,886		2,339,031
Fortinet Inc.^(a)		22,107		4,514,913
Intuit Inc.		42,180		17,384,909
Microsoft Corp.		1,153,077		290,782,958
NortonLifeLock Inc.		90,532		1,956,397
Oracle Corp.		314,191		23,812,536


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 (continued)

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Paycom Software Inc.^(a)		8,010	$	3,079,124
salesforce.com Inc.^(a)		146,091		33,647,679
ServiceNow Inc.^(a)		31,320		15,859,508
Slack Technologies Inc., Class A^(a)		73,658		3,123,099
Splunk Inc.^(a)		25,850		3,267,957
Teradata Corp.^(a)		17,891		885,068
VMware Inc., Class A^(a)(c)		13,650		2,195,329
Workday Inc., Class A^(a)		28,879		7,133,113


				470,353,912

Specialty Retail — 3.2%
AutoNation Inc.^(a)		9,067		929,186
Best Buy Co. Inc.		37,323		4,339,545
Buckle Inc. (The)^(c)		5,102		213,978
CarMax Inc.^(a)		26,295		3,503,546
Foot Locker Inc.		15,999		943,621
GameStop Corp., Class A^(a)(c)		9,484		1,646,328
Gap Inc. (The)		35,601		1,178,393
Home Depot Inc. (The)		172,839		55,942,799
Lowe’s Companies Inc.		117,630		23,084,887
ODP Corp. (The)^(a)		8,424		340,582
Signet Jewelers Ltd.^(a)		8,638		516,120
Tractor Supply Co.		18,738		3,533,987
Ulta Beauty Inc.^(a)		8,573		2,823,518


				98,996,490

Technology Hardware, Storage & Peripherals — 0.5%
Dell Technologies Inc., Class C^(a)		39,718		3,905,471
Hewlett Packard Enterprise Co.		207,253		3,320,193
HP Inc.		220,416		7,518,390
Xerox Holdings Corp.		27,065		653,349


				15,397,403

Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.^(a)		23,071		1,270,751
Columbia Sportswear Co.		4,815		524,883
Deckers Outdoor Corp.^(a)		4,536		1,534,075
Hanesbrands Inc.		56,483		1,189,532
Nike Inc., Class B		201,446		26,715,769
PVH Corp.		11,507		1,302,362
Under Armour Inc., Class A^(a)		29,878		726,334
Under Armour Inc., Class C, NVS^(a)(c)		32,333		643,750
VF Corp.		53,280		4,670,525
Wolverine World Wide Inc.		13,431		560,341


				39,138,322


Security	Shares		Value

Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp. Inc.		75,356	$	901,258


Trading Companies & Distributors — 0.4%
Air Lease Corp.		17,059		796,826
Applied Industrial Technologies Inc.		6,107		584,196
Fastenal Co.		92,083		4,814,099
H&E Equipment Services Inc.		5,323		207,065
United Rentals Inc.^(a)		11,548		3,694,782
WW Grainger Inc.		7,306		3,167,443


				13,264,411

Water Utilities — 0.2%
American Water Works Co. Inc.		29,020		4,526,830
Essential Utilities Inc.		37,221		1,754,225


				6,281,055


Total Common Stocks — 99.8% (Cost: $2,032,403,474)				3,104,495,198


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(b)(d)(e)		13,203,580		13,210,182
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(d)		8,780,000		8,780,000


				21,990,182


Total Short-Term Investments — 0.7% (Cost: $21,989,731)				21,990,182


Total Investments in Securities — 100.5% (Cost: $2,054,393,205)				3,126,485,380

Other Assets, Less Liabilities — (0.5)%				(17,019,994	)


Net Assets — 100.0%			$	3,109,465,386

^(a)	Non-income producing security.

^(b⁾	Affiliate of the Fund.

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

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

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


26		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,130,304	$	—		$	(3,914,627	)^(a)	$	20,197	$	(25,692	)	$	13,210,182		13,203,580	$	88,599	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,660,000		6,120,000	^(a)		—			—		—			8,780,000		8,780,000		3,341			—
BlackRock Inc.		7,853,412		6,461,784			(1,227,707	)		433,361		6,539,710			20,060,560		24,485		328,083			—


									$	453,558	$	6,514,018		$	42,050,742			$	420,023		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/18/21

4,383

29,890

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	29,890

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	2,085,340


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(341,623	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	5,456,896

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

Fair Value Measurements


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 (continued)

April 30, 2021

iShares^® MSCI KLD 400 Social ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	3,104,495,198	$	—	$	—	$	3,104,495,198
Money Market Funds		21,990,182		—		—		21,990,182


	$	3,126,485,380	$	—	$	—	$	3,126,485,380

Derivative financial instruments^(a)
Assets
Futures Contracts	$	29,890	$	—	$	—	$	29,890

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


28		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® MSCI USA ESG Select ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
Howmet Aerospace Inc.^(a)		112,387	$	3,591,889
Teledyne Technologies Inc.^(a)		7,398		3,312,454
TransDigm Group Inc.^(a)		6,034		3,703,307


				10,607,650

Air Freight & Logistics — 1.4%
CH Robinson Worldwide Inc.		45,602		4,427,042
Expeditors International of Washington Inc.		294,458		32,349,156
United Parcel Service Inc., Class B		31,308		6,382,449


				43,158,647

Auto Components — 0.5%
Aptiv PLC^(a)		106,408		15,311,047


Automobiles — 1.6%
Tesla Inc.^(a)(b)		67,159		47,645,281


Banks — 1.4%
Huntington Bancshares Inc./OH		386,266		5,917,595
KeyCorp.		224,397		4,882,878
PNC Financial Services Group Inc. (The)		55,740		10,420,593
Regions Financial Corp.		219,191		4,778,364
SVB Financial Group^(a)		19,713		11,272,485
Truist Financial Corp.		95,596		5,669,799


				42,941,714

Beverages — 2.3%
Coca-Cola Co. (The)		463,114		24,998,894
Keurig Dr Pepper Inc.		166,157		5,956,728
PepsiCo Inc.		263,953		38,051,465


				69,007,087

Biotechnology — 2.9%
AbbVie Inc.		151,369		16,877,643
Amgen Inc.		93,999		22,525,920
Biogen Inc.^(a)		20,906		5,588,801
Exact Sciences Corp.^(a)		23,199		3,058,092
Gilead Sciences Inc.		258,233		16,390,049
Horizon Therapeutics PLC^(a)		37,422		3,540,870
Moderna Inc.^(a)		16,728		2,991,301
Vertex Pharmaceuticals Inc.^(a)		76,950		16,790,490


				87,763,166

Building Products — 2.1%
Carrier Global Corp.		77,233		3,365,814
Johnson Controls International PLC		526,359		32,813,220
Owens Corning		67,576		6,542,033
Trane Technologies PLC		121,275		21,081,233


				63,802,300

Capital Markets — 4.7%
Bank of New York Mellon Corp. (The)		347,785		17,347,516
BlackRock Inc.^(c)		60,417		49,499,648
Charles Schwab Corp. (The)		85,389		6,011,386
CME Group Inc.		16,813		3,396,058
FactSet Research Systems Inc.		9,246		3,108,690
Franklin Resources Inc.		131,933		3,957,990
Invesco Ltd.		285,893		7,719,111
Moody’s Corp.		16,728		5,465,205
Northern Trust Corp.		186,182		21,187,511
S&P Global Inc.		16,392		6,399,273
State Street Corp.		148,958		12,505,024


Security	Shares		Value

Capital Markets (continued)
T Rowe Price Group Inc.		44,064	$	7,896,269


				144,493,681

Chemicals — 2.4%
Axalta Coating Systems Ltd.^(a)		202,797		6,467,196
DuPont de Nemours Inc.		47,058		3,628,642
Ecolab Inc.		119,477		26,777,185
International Flavors & Fragrances Inc.		69,391		9,865,319
Linde PLC		52,410		14,980,874
Mosaic Co. (The)		196,414		6,909,845
PPG Industries Inc.		21,046		3,603,917


				72,232,978

Communications Equipment — 1.2%
Cisco Systems Inc.		658,573		33,527,952
Motorola Solutions Inc.		15,767		2,968,926


				36,496,878

Consumer Finance — 1.6%
Ally Financial Inc.		238,426		12,267,018
American Express Co.		248,209		38,062,850


				50,329,868

Containers & Packaging — 0.2%
Amcor PLC		440,253		5,172,973


Diversified Financial Services — 0.4%
Berkshire Hathaway Inc., Class B^(a)		45,014		12,376,599


Diversified Telecommunication Services — 0.9%
AT&T Inc.		288,763		9,070,046
Liberty Global PLC, Class C, NVS^(a)		137,846		3,730,113
Verizon Communications Inc.		251,790		14,550,944


				27,351,103

Electric Utilities — 1.6%
Eversource Energy		261,110		22,512,904
Southern Co. (The)		48,720		3,223,802
Xcel Energy Inc.		314,099		22,395,259


				48,131,965

Electrical Equipment — 0.0%
Plug Power Inc.^(a)(b)		48,983		1,396,505


Electronic Equipment, Instruments & Components — 1.3%
Cognex Corp.		37,100		3,195,052
Keysight Technologies Inc.^(a)		61,739		8,912,025
TE Connectivity Ltd.		87,404		11,753,216
Trimble Inc.^(a)		146,121		11,981,922
Zebra Technologies Corp., Class A^(a)		10,263		5,005,675


				40,847,890

Energy Equipment & Services — 0.4%
Baker Hughes Co.		395,548		7,942,604
Schlumberger Ltd.		187,221		5,064,328


				13,006,932

Entertainment — 1.9%
Activision Blizzard Inc.		28,834		2,629,373
Electronic Arts Inc.		29,272		4,158,966
Netflix Inc.^(a)		34,069		17,493,409
Roku Inc.^(a)		11,237		3,853,954
Walt Disney Co. (The)^(a)		162,821		30,287,962


				58,423,664

Equity Real Estate Investment Trusts (REITs) — 2.9%
American Tower Corp.		52,356		13,338,738
Crown Castle International Corp.		17,845		3,373,776


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 (continued)

April 30, 2021

iShares^® MSCI USA ESG Select ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Equinix Inc.		25,013	$	18,028,370
Healthpeak Properties Inc.		483,526		16,604,283
Iron Mountain Inc.		137,894		5,532,307
Prologis Inc.		192,038		22,378,188
Ventas Inc.		92,196		5,113,190
Welltower Inc.		45,987		3,450,405


				87,819,257

Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		8,155		3,034,394
Kroger Co. (The)		141,070		5,154,698
Walgreens Boots Alliance Inc.		68,192		3,620,995


				11,810,087

Food Products — 1.9%
Bunge Ltd.		164,637		13,898,655
Campbell Soup Co.		196,693		9,392,091
General Mills Inc.		263,208		16,018,839
Kellogg Co.		298,431		18,628,063


				57,937,648

Health Care Equipment & Supplies — 2.7%
Align Technology Inc.^(a)		5,867		3,493,974
Danaher Corp.		11,929		3,029,250
DENTSPLY SIRONA Inc.		57,598		3,888,441
DexCom Inc.^(a)		16,681		6,440,534
Edwards Lifesciences Corp.^(a)		183,494		17,527,347
Hologic Inc.^(a)		76,583		5,020,016
IDEXX Laboratories Inc.^(a)		33,444		18,360,422
Insulet Corp.^(a)		11,925		3,520,498
ResMed Inc.		27,539		5,176,506
STERIS PLC		15,838		3,342,135
West Pharmaceutical Services Inc.		39,408		12,946,316


				82,745,439

Health Care Providers & Services — 2.1%
Cardinal Health Inc.		187,053		11,286,778
Centene Corp.^(a)		91,207		5,631,120
DaVita Inc.^(a)		47,227		5,503,362
HCA Healthcare Inc.		52,305		10,516,443
Henry Schein Inc.^(a)		50,538		3,664,005
Humana Inc.		23,003		10,241,856
Laboratory Corp. of America Holdings^(a)		13,103		3,483,695
Quest Diagnostics Inc.		100,112		13,202,771


				63,530,030

Health Care Technology — 0.4%
Cerner Corp.		70,580		5,297,029
Teladoc Health Inc.^(a)		31,960		5,508,306


				10,805,335

Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.^(a)		1,825		4,500,596
Darden Restaurants Inc.		61,105		8,965,326
Hilton Worldwide Holdings Inc.^(a)		48,366		6,224,704
McDonald’s Corp.		20,073		4,738,834
Royal Caribbean Cruises Ltd.		66,743		5,803,304
Starbucks Corp.		76,374		8,744,059
Vail Resorts Inc.		27,558		8,960,759


				47,937,582

Household Durables — 0.1%
Newell Brands Inc.		129,022		3,478,433


Security	Shares		Value

Household Products — 2.3%
Clorox Co. (The)		60,219	$	10,989,967
Colgate-Palmolive Co.		141,555		11,423,488
Kimberly-Clark Corp.		91,580		12,209,446
Procter & Gamble Co. (The)		278,740		37,189,491


				71,812,392

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		309,236		8,602,946


Industrial Conglomerates — 1.3%
3M Co.		194,676		38,378,427


Insurance — 2.6%
American International Group Inc.		98,801		4,786,908
Chubb Ltd.		48,687		8,354,202
Marsh & McLennan Companies Inc.		284,171		38,562,005
Prudential Financial Inc.		131,678		13,215,204
Travelers Companies Inc. (The)		69,728		10,784,133
Willis Towers Watson PLC		13,000		3,365,180


				79,067,632

Interactive Media & Services — 6.4%
Alphabet Inc., Class A^(a)		35,429		83,382,152
Alphabet Inc., Class C, NVS^(a)(b)		19,418		46,799,710
Facebook Inc., Class A^(a)		180,299		58,611,599
Pinterest Inc., Class A^(a)		32,418		2,151,583
Snap Inc., Class A, NVS^(a)		65,314		4,037,711
Twitter Inc.^(a)		39,074		2,157,666


				197,140,421

Internet & Direct Marketing Retail — 0.5%
eBay Inc.		45,963		2,564,276
Etsy Inc.^(a)		12,654		2,515,489
MercadoLibre Inc.^(a)		4,775		7,501,429
Wayfair Inc., Class A^(a)(b)		11,114		3,284,965


				15,866,159

IT Services — 6.4%
Accenture PLC, Class A		157,319		45,617,790
Automatic Data Processing Inc.		78,344		14,649,545
Fidelity National Information Services Inc.		29,964		4,581,496
Fiserv Inc.^(a)		26,209		3,148,225
International Business Machines Corp.		180,218		25,569,330
Mastercard Inc., Class A		73,818		28,202,905
Okta Inc.^(a)(b)		22,847		6,161,836
PayPal Holdings Inc.^(a)(b)		97,483		25,568,816
Square Inc., Class A^(a)		30,993		7,587,706
Twilio Inc., Class A^(a)		14,064		5,172,739
Visa Inc., Class A		127,920		29,876,995


				196,137,383

Leisure Products — 0.3%
Hasbro Inc.		100,941		10,038,582


Life Sciences Tools & Services — 2.8%
Agilent Technologies Inc.		234,120		31,287,797
Illumina Inc.^(a)		17,870		7,020,051
Mettler-Toledo International Inc.^(a)		12,359		16,231,322
Thermo Fisher Scientific Inc.		34,199		16,081,396
Waters Corp.^(a)		48,550		14,558,688


				85,179,254

Machinery — 2.7%
Caterpillar Inc.		88,761		20,247,272
Cummins Inc.		117,357		29,578,658


30		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® MSCI USA ESG Select ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Deere & Co.		19,776	$	7,333,930
Xylem Inc./NY		225,183		24,916,499


				82,076,359

Media — 0.7%
Cable One Inc.		1,403		2,511,370
Comcast Corp., Class A		206,409		11,589,866
Discovery Inc., Class C, NVS^(a)		117,875		3,808,541
Omnicom Group Inc.		45,585		3,749,822


				21,659,599

Metals & Mining — 0.1%
Newmont Corp.		74,575		4,654,226


Multi-Utilities — 1.0%
CMS Energy Corp.		226,302		14,571,586
Consolidated Edison Inc.		62,583		4,844,550
Public Service Enterprise Group Inc.		121,525		7,675,519
Sempra Energy		34,727		4,777,393


				31,869,048

Multiline Retail — 0.3%
Target Corp.		44,766		9,278,201


Oil, Gas & Consumable Fuels — 1.8%
Cheniere Energy Inc.^(a)		48,861		3,787,705
ConocoPhillips		354,247		18,116,192
Hess Corp.		198,755		14,809,235
Kinder Morgan Inc.		192,173		3,276,550
Occidental Petroleum Corp.		182,907		4,638,521
ONEOK Inc.		145,346		7,607,410
Valero Energy Corp.		50,867		3,762,123


				55,997,736

Pharmaceuticals — 1.4%
Merck & Co. Inc.		285,622		21,278,839
Zoetis Inc.		120,807		20,903,235


				42,182,074

Professional Services — 0.5%
IHS Markit Ltd.		99,517		10,706,039
Robert Half International Inc.		45,532		3,989,058


				14,695,097

Real Estate Management & Development — 0.6%
CBRE Group Inc., Class A^(a)(b)		200,849		17,112,335


Road & Rail — 1.0%
CSX Corp.		45,311		4,565,083
Kansas City Southern		47,437		13,861,566
Norfolk Southern Corp.		25,694		7,174,793
Union Pacific Corp.		19,792		4,395,605


				29,997,047

Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices Inc.^(a)(b)		79,323		6,474,343
Applied Materials Inc.		252,398		33,495,739
Intel Corp.		380,750		21,904,548
Lam Research Corp.		14,363		8,911,523
Marvell Technology Inc.		60,304		2,726,344
Micron Technology Inc.^(a)		65,587		5,645,073
NVIDIA Corp.		79,690		47,844,282
ON Semiconductor Corp.^(a)		94,436		3,683,004
QUALCOMM Inc.		38,714		5,373,503
Texas Instruments Inc.		164,644		29,719,888


				165,778,247


Security	Shares		Value

Software — 10.1%
Adobe Inc.^(a)		63,131	$	32,092,012
Autodesk Inc.^(a)		65,729		19,186,952
Cadence Design Systems Inc.^(a)		103,492		13,637,141
Crowdstrike Holdings Inc., Class A^(a)		11,921		2,485,648
DocuSign Inc.^(a)		12,153		2,709,390
HubSpot Inc.^(a)		5,470		2,879,681
Intuit Inc.		56,080		23,113,933
Microsoft Corp.		591,481		149,159,679
RingCentral Inc., Class A^(a)		6,613		2,109,216
salesforce.com Inc.^(a)		139,246		32,071,139
ServiceNow Inc.^(a)		20,588		10,425,146
Slack Technologies Inc., Class A^(a)		98,138		4,161,051
Splunk Inc.^(a)		17,114		2,163,552
VMware Inc., Class A^(a)(b)		28,972		4,659,567
Workday Inc., Class A^(a)		28,560		7,054,320


				307,908,427

Specialty Retail — 3.2%
Best Buy Co. Inc.		136,820		15,908,061
Home Depot Inc. (The)		179,944		58,242,475
Lowe’s Companies Inc.		86,668		17,008,595
TJX Companies Inc. (The)		57,052		4,050,692
Tractor Supply Co.		20,307		3,829,900


				99,039,723

Technology Hardware, Storage & Peripherals — 5.6%
Apple Inc.		1,082,242		142,271,533
Hewlett Packard Enterprise Co.		1,237,873		19,830,726
HP Inc.		311,876		10,638,090


				172,740,349

Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica Inc.^(a)		13,939		4,673,328
Nike Inc., Class B		94,107		12,480,470
VF Corp.		151,163		13,250,949


				30,404,747

Trading Companies & Distributors — 0.2%
WW Grainger Inc.		11,057		4,793,652


Total Common Stocks — 99.7% (Cost: $2,434,579,785)				3,048,971,802


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		28,173,872		28,187,959
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		6,570,000		6,570,000


				34,757,959


Total Short-Term Investments — 1.1% (Cost: $34,757,027)				34,757,959


Total Investments in Securities — 100.8% (Cost: $2,469,336,812)				3,083,729,761

Other Assets, Less Liabilities — (0.8)%				(25,798,804	)


Net Assets — 100.0%			$	3,057,930,957

^(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.


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 (continued)

April 30, 2021

iShares^® MSCI USA ESG Select ETF

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

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,720,423	$	5,476,649	^(a)	$	—		$	25,176	$	(34,289	)	$	28,187,959		28,173,872	$	140,142	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,410,000		4,160,000	^(a)		—			—		—			6,570,000		6,570,000		2,794			—
BlackRock Inc.		29,633,413		31,291,499			(30,235,423	)		8,822,582		9,987,577			49,499,648		60,417		822,112			—


									$	8,847,758	$	9,953,288		$	84,257,607			$	965,048		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/18/21

8,558

393,444

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	393,444

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,583,739


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	58,523


32		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® MSCI USA ESG Select ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	5,183,447

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	3,048,971,802	$	—	$	—	$	3,048,971,802
Money Market Funds		34,757,959		—		—		34,757,959


	$	3,083,729,761	$	—	$	—	$	3,083,729,761

Derivative financial instruments^(a)
Assets
Futures Contracts	$	393,444	$	—	$	—	$	393,444

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		33

Schedule of Investments

April 30, 2021

iShares^® U.S. Basic Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Chemicals — 79.2%
Air Products & Chemicals Inc.		210,175	$	60,631,284
Albemarle Corp.		111,750		18,792,997
Ashland Global Holdings Inc.		54,355		4,685,945
Axalta Coating Systems Ltd.^(a)		204,318		6,515,701
Celanese Corp.		109,510		17,154,742
CF Industries Holdings Inc.		207,205		10,076,379
Chemours Co. (The)		163,795		4,946,609
Corteva Inc.		708,754		34,558,845
Dow Inc.		601,591		37,599,437
DuPont de Nemours Inc.		495,256		38,189,190
Eastman Chemical Co.		130,555		15,064,741
Ecolab Inc.		236,356		52,972,107
Element Solutions Inc.		216,614		4,739,514
FMC Corp.		124,354		14,703,617
Huntsman Corp.		196,228		5,625,857
Ingevity Corp.^(a)		41,345		3,228,218
International Flavors & Fragrances Inc.		236,966		33,689,456
Linde PLC		495,521		141,639,723
LyondellBasell Industries NV, Class A		245,626		25,481,241
Mosaic Co. (The)		332,897		11,711,316
NewMarket Corp.		7,589		2,630,272
PPG Industries Inc.		223,008		38,187,890
RPM International Inc.		125,568		11,908,869
Scotts Miracle-Gro Co. (The)		39,466		9,122,961
Valvoline Inc.		179,155		5,625,467
Westlake Chemical Corp.		35,085		3,294,131
WR Grace & Co.		62,276		4,280,229


				617,056,738


Security	Shares		Value

Metals & Mining — 20.6%
Alcoa Corp.^(a)		182,551	$	6,688,669
Commercial Metals Co.		121,436		3,548,360
Freeport-McMoRan Inc.		1,386,145		52,271,528
Newmont Corp.		761,043		47,496,693
Nucor Corp.		284,861		23,432,666
Reliance Steel & Aluminum Co.		61,621		9,878,462
Royal Gold Inc.		64,138		7,174,477
Steel Dynamics Inc.		193,896		10,513,041


				161,003,896


Total Common Stocks — 99.8% (Cost: $697,228,553)				778,060,634


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		1,347,000		1,347,000


Total Short-Term Investments — 0.2% (Cost: $1,347,000)				1,347,000


Total Investments in Securities — 100.0% (Cost: $698,575,553)				779,407,634

Other Assets, Less Liabilities — 0.0%				75,869


Net Assets — 100.0%			$	779,483,503

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	7,978,484	$	—		$	(7,976,077	)^(b)	$	12,082	$	(14,489	)	$	—		—	$	200,927	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		357,000		990,000	^(b)		—			—		—			1,347,000		1,347,000		700			—


									$	12,082	$	(14,489	)	$	1,347,000			$	201,627		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


34		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Basic Materials ETF

Futures Contracts




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


Long Contracts
S&P MidCap 400 E-Mini Index		2		06/18/21	$	544	$	21,331
S&P Select Sector Industrial E-Mini Index		9		06/18/21		922		38,870


							$	60,201

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	60,201

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	475,212


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	22,243

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	843,932

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	778,060,634	$	—	$	—	$	778,060,634
Money Market Funds		1,347,000		—		—		1,347,000


	$	779,407,634	$	—	$	—	$	779,407,634

Derivative financial instruments^(a)
Assets
Futures Contracts	$	60,201	$	—	$	—	$	60,201

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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

April 30, 2021

iShares^® U.S. Consumer Goods ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Auto Components — 2.4%
Aptiv PLC^(a)		57,177	$	8,227,198
Autoliv Inc.^(a)		16,676		1,678,606
BorgWarner Inc.		50,646		2,460,383
Gentex Corp.		51,499		1,811,735
Lear Corp.		11,593		2,131,257


				16,309,179

Automobiles — 20.8%
Ford Motor Co.^(a)		827,476		9,549,073
General Motors Co.		268,496		15,363,341
Harley-Davidson Inc.		32,414		1,567,865
Tesla Inc.^(a)		162,597		115,352,816
Thor Industries Inc.		11,702		1,656,886


				143,489,981

Beverages — 16.6%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		1,950		2,372,155
Brown-Forman Corp., Class B, NVS		38,677		2,950,282
Coca-Cola Co. (The)		821,237		44,330,373
Constellation Brands Inc., Class A		36,003		8,652,241
Keurig Dr Pepper Inc.		122,174		4,379,938
Molson Coors Beverage Co., Class B		39,921		2,193,659
Monster Beverage Corp.^(a)		78,282		7,597,268
National Beverage Corp.		4,977		241,832
PepsiCo Inc.		292,129		42,113,317


				114,831,065

Distributors — 1.1%
Genuine Parts Co.		30,577		3,821,208
Pool Corp.		8,518		3,599,025


				7,420,233

Entertainment — 4.5%
Activision Blizzard Inc.		164,052		14,959,902
Electronic Arts Inc.		60,904		8,653,240
Playtika Holding Corp.^(a)		14,714		408,755
ROBLOX Corp., Class A^(a)		8,326		620,703
Take-Two Interactive Software Inc.^(a)		24,389		4,277,343
Zynga Inc., Class A^(a)		213,269		2,307,571


				31,227,514

Food & Staples Retailing — 0.5%
Performance Food Group Co.^(a)		28,364		1,664,967
U.S. Foods Holding Corp.^(a)		46,874		1,943,396


				3,608,363

Food Products — 12.1%
Archer-Daniels-Midland Co.		118,243		7,464,681
Beyond Meat Inc.^(a)(b)		10,532		1,386,854
Bunge Ltd.		29,691		2,506,514
Campbell Soup Co.		42,979		2,052,247
Conagra Brands Inc.		103,455		3,837,146
Darling Ingredients Inc.^(a)		34,458		2,393,108
Flowers Foods Inc.		41,599		996,712
General Mills Inc.		129,470		7,879,544
Hain Celestial Group Inc. (The)^(a)		17,270		708,243
Hershey Co. (The)		31,032		5,098,558
Hormel Foods Corp.		59,502		2,748,992
Ingredion Inc.		14,173		1,323,900
JM Smucker Co. (The)		23,205		3,039,623
Kellogg Co.		53,895		3,364,126
Kraft Heinz Co. (The)		137,272		5,667,961
Lamb Weston Holdings Inc.		30,990		2,494,695


Security	Shares		Value

Food Products (continued)
Lancaster Colony Corp.		4,156	$	767,655
McCormick & Co. Inc./MD, NVS		52,713		4,763,147
Mondelez International Inc., Class A		299,012		18,182,920
Pilgrim’s Pride Corp.^(a)		10,441		250,166
Post Holdings Inc.^(a)		12,649		1,439,203
Seaboard Corp.		55		196,789
TreeHouse Foods Inc.^(a)		11,817		562,489
Tyson Foods Inc., Class A		62,407		4,833,422


				83,958,695

Household Durables — 4.9%
DR Horton Inc.		70,082		6,888,360
Helen of Troy Ltd.^(a)		5,161		1,090,055
Leggett & Platt Inc.		28,124		1,396,919
Lennar Corp., Class A		58,124		6,021,646
Lennar Corp., Class B		3,296		265,559
Mohawk Industries Inc.^(a)		12,496		2,567,928
Newell Brands Inc.		80,123		2,160,116
NVR Inc.^(a)		733		3,678,267
PulteGroup Inc.		56,302		3,328,574
Tempur Sealy International Inc.		40,518		1,545,357
Toll Brothers Inc.		23,674		1,484,360
Whirlpool Corp.		13,303		3,145,494


				33,572,635

Household Products — 15.0%
Church & Dwight Co. Inc.		51,897		4,449,649
Clorox Co. (The)		26,636		4,861,070
Colgate-Palmolive Co.		179,681		14,500,257
Energizer Holdings Inc.		12,322		607,474
Kimberly-Clark Corp.		71,572		9,541,979
Procter & Gamble Co. (The)		521,423		69,568,257
Reynolds Consumer Products Inc.		11,459		335,978


				103,864,664

Leisure Products — 1.9%
Brunswick Corp./DE		16,435		1,760,682
Hasbro Inc.		27,048		2,689,924
Mattel Inc.^(a)		73,605		1,579,563
Peloton Interactive Inc., Class A^(a)		55,824		5,490,290
Polaris Inc.		12,310		1,723,769


				13,244,228

Machinery — 1.0%
Stanley Black & Decker Inc.		34,069		7,044,447


Personal Products — 2.4%
Coty Inc., Class A^(a)		60,366		604,264
Estee Lauder Companies Inc. (The), Class A		48,646		15,265,115
Herbalife Nutrition Ltd.^(a)		18,464		845,097


				16,714,476

Textiles, Apparel & Luxury Goods — 9.4%
Carter’s Inc.		9,310		1,012,835
Columbia Sportswear Co.		6,434		701,370
Deckers Outdoor Corp.^(a)		5,955		2,013,981
Hanesbrands Inc.		73,954		1,557,471
Levi Strauss & Co., Class A		16,310		470,707
Lululemon Athletica Inc.^(a)		25,115		8,420,306
Nike Inc., Class B		269,232		35,705,548
PVH Corp.		15,070		1,705,623
Ralph Lauren Corp.		10,195		1,358,891
Skechers U.S.A. Inc., Class A^(a)		28,894		1,401,070
Tapestry Inc.		58,849		2,815,925


36		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Consumer Goods ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Under Armour Inc., Class A^(a)		39,996	$	972,303
Under Armour Inc., Class C, NVS^(a)		41,215		820,591
VF Corp.		68,014		5,962,107


				64,918,728

Tobacco — 7.2%
Altria Group Inc.		393,573		18,793,111
Philip Morris International Inc.		329,758		31,327,010


				50,120,121


Total Common Stocks — 99.8% (Cost: $571,444,524)				690,324,329


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		1,113,567		1,114,123
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		810,000		810,000


				1,924,123


Total Short-Term Investments — 0.3% (Cost: $1,923,968)				1,924,123


Total Investments in Securities — 100.1% (Cost: $573,368,492)				692,248,452

Other Assets, Less Liabilities — (0.1)%				(700,360	)


Net Assets — 100.0%			$	691,548,092

^(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 cash collateral received from loaned securities.

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,687,862	$	—		$	(571,897	)^(a)	$	(269	)	$	(1,573	)	$	1,114,123		1,113,567	$	20,754	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		572,000		238,000	^(a)		—			—			—			810,000		810,000		825			—


									$	(269	)	$	(1,573	)	$	1,924,123			$	21,579		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P MidCap 400 E-Mini Index

06/18/21

544

15,836


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 (continued)

April 30, 2021

iShares^® U.S. Consumer Goods ETF

Futures Contracts (continued)




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


S&P Select Sector Consumer Staples E-Mini Index		9		06/18/21	$	628	$	10,516


							$	26,352

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	26,352

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	615,929


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(56,204	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,393,554

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	690,324,329	$	—	$	—	$	690,324,329
Money Market Funds		1,924,123		—		—		1,924,123


	$	692,248,452	$	—	$	—	$	692,248,452

Derivative financial instruments^(a)
Assets
Futures Contracts	$	26,352	$	—	$	—	$	26,352

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


38		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® U.S. Consumer Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 2.6%
Alaska Air Group Inc.^(a)		45,374	$	3,137,158
American Airlines Group Inc.^(a)		233,624		5,074,313
Delta Air Lines Inc.^(a)		232,739		10,920,114
JetBlue Airways Corp.^(a)		115,420		2,349,951
Southwest Airlines Co.		215,479		13,527,772
United Airlines Holdings Inc.^(a)(b)		116,042		6,312,685


				41,321,993

Commercial Services & Supplies — 1.0%
Copart Inc.^(a)		75,815		9,439,725
IAA Inc.^(a)		49,142		3,086,609
Rollins Inc.		80,881		3,015,244


				15,541,578

Distributors — 0.3%
LKQ Corp.^(a)		101,916		4,760,497


Diversified Consumer Services — 1.2%
Bright Horizons Family Solutions Inc.^(a)		22,204		3,215,805
Chegg Inc.^(a)		51,246		4,629,051
frontdoor Inc.^(a)		31,234		1,671,956
Grand Canyon Education Inc.^(a)		17,118		1,853,708
H&R Block Inc.		66,990		1,491,198
Service Corp. International		61,875		3,306,600
Terminix Global Holdings Inc.^(a)		48,164		2,451,066


				18,619,384

Entertainment — 13.3%
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		9,217		381,768
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		74,337		3,489,379
Live Nation Entertainment Inc.^(a)		52,414		4,291,658
Madison Square Garden Sports Corp.^(a)		6,371		1,177,616
Netflix Inc.^(a)		133,664		68,632,454
Roku Inc.^(a)		40,525		13,898,859
Walt Disney Co. (The)^(a)		622,157		115,733,645
Warner Music Group Corp., Class A		32,481		1,232,979
World Wrestling Entertainment Inc., Class A		17,069		940,673


				209,779,031

Food & Staples Retailing — 11.2%
Albertsons Companies Inc., Class A		16,705		310,212
BJ’s Wholesale Club Holdings Inc.^(a)(b)		50,133		2,239,441
Casey’s General Stores Inc.		13,491		2,997,565
Costco Wholesale Corp.		161,508		60,095,512
Kroger Co. (The)		277,650		10,145,331
Sprouts Farmers Market Inc.^(a)(b)		43,079		1,103,253
Sysco Corp.		186,230		15,779,268
Walgreens Boots Alliance Inc.		261,633		13,892,713
Walmart Inc.		505,820		70,769,276


				177,332,571

Health Care Providers & Services — 0.8%
AmerisourceBergen Corp.		53,697		6,486,598
Cardinal Health Inc.		107,010		6,456,983


				12,943,581

Hotels, Restaurants & Leisure — 19.3%
Airbnb Inc., Class A^(a)(b)		26,906		4,646,935
Aramark		92,755		3,605,387
Booking Holdings Inc.^(a)		14,948		36,862,964
Boyd Gaming Corp.^(a)		29,411		1,945,538
Carnival Corp.^(a)		290,779		8,130,181


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Chipotle Mexican Grill Inc.^(a)		10,264	$	15,314,196
Choice Hotels International Inc.		10,547		1,200,249
Churchill Downs Inc.		12,646		2,674,629
Cracker Barrel Old Country Store Inc.		8,661		1,450,458
Darden Restaurants Inc.		47,488		6,967,439
Domino’s Pizza Inc.		14,174		5,986,247
DraftKings Inc., Class A^(a)(b)		117,426		6,653,357
Expedia Group Inc.		50,433		8,887,807
Hilton Worldwide Holdings Inc.^(a)		101,258		13,031,905
Hyatt Hotels Corp., Class A^(a)		13,117		1,079,923
Las Vegas Sands Corp.		119,710		7,333,435
Marriott International Inc./MD, Class A^(a)		97,053		14,414,311
Marriott Vacations Worldwide Corp.^(a)		15,046		2,672,621
McDonald’s Corp.		272,026		64,219,898
MGM Resorts International		150,005		6,108,204
Norwegian Cruise Line Holdings Ltd.^(a)(b)		132,660		4,119,093
Planet Fitness Inc., Class A^(a)		30,255		2,541,117
Royal Caribbean Cruises Ltd.		79,766		6,935,654
Starbucks Corp.		429,545		49,178,607
Texas Roadhouse Inc.		23,903		2,558,099
Vail Resorts Inc.		14,699		4,779,527
Wendy’s Co. (The)		65,402		1,476,123
Wyndham Hotels & Resorts Inc.		34,031		2,488,006
Wynn Resorts Ltd.^(a)		38,430		4,934,412
Yum! Brands Inc.		109,454		13,081,942


				305,278,264

Interactive Media & Services — 1.0%
Pinterest Inc., Class A^(a)		194,237		12,891,509
TripAdvisor Inc.^(a)		35,213		1,659,589
ZoomInfo Technologies Inc., Class A^(a)		34,122		1,769,567


				16,320,665

Internet & Direct Marketing Retail — 11.3%
Amazon.com Inc.^(a)		49,018		169,965,993
Qurate Retail Inc., Series A		139,173		1,656,159
Wayfair Inc., Class A^(a)(b)		26,680		7,885,808


				179,507,960

IT Services — 0.1%
LiveRamp Holdings Inc.^(a)		24,439		1,197,022


Media — 11.1%
Altice USA Inc., Class A^(a)		89,152		3,237,109
Cable One Inc.		1,985		3,553,150
Charter Communications Inc., Class A^(a)		51,598		34,748,673
Comcast Corp., Class A		1,178,814		66,190,406
Discovery Inc., Class A^(a)		59,345		2,234,933
Discovery Inc., Class C, NVS^(a)		105,806		3,418,592
DISH Network Corp., Class A^(a)		90,382		4,048,210
Fox Corp., Class A, NVS		122,118		4,569,656
Fox Corp., Class B		56,138		2,042,300
Interpublic Group of Companies Inc. (The)		142,682		4,530,153
Liberty Broadband Corp., Class A^(a)		8,516		1,342,718
Liberty Broadband Corp., Class C, NVS^(a)(b)		77,240		12,568,493
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		29,705		1,342,369
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		62,750		2,838,182
New York Times Co. (The), Class A		52,950		2,404,460
News Corp., Class A, NVS		142,842		3,741,746
News Corp., Class B		44,481		1,081,333
Nexstar Media Group Inc., Class A		15,845		2,335,711
Omnicom Group Inc.		78,331		6,443,508


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Consumer Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
Sirius XM Holdings Inc.^(b)		423,376	$	2,582,594
TEGNA Inc.		80,230		1,609,414
ViacomCBS Inc., Class A		3,886		175,647
ViacomCBS Inc., Class B, NVS		214,304		8,790,750


				175,830,107

Multiline Retail — 4.6%
Dollar General Corp.		89,388		19,196,073
Dollar Tree Inc.^(a)		85,760		9,853,824
Kohl’s Corp.		57,582		3,377,760
Ollie’s Bargain Outlet Holdings Inc.^(a)		20,784		1,917,740
Target Corp.		182,747		37,876,143


				72,221,540

Professional Services — 0.9%
IHS Markit Ltd.		136,002		14,631,095


Road & Rail — 2.3%
AMERCO		3,293		1,964,703
Lyft Inc., Class A^(a)		93,532		5,205,991
Uber Technologies Inc.^(a)		535,638		29,336,893


				36,507,587

Specialty Retail — 18.9%
Aaron’s Co. Inc. (The)		12,478		385,445
Advance Auto Parts Inc.		23,932		4,790,229
AutoNation Inc.^(a)		20,128		2,062,717
AutoZone Inc.^(a)		8,091		11,846,195
Best Buy Co. Inc.		84,041		9,771,447
Burlington Stores Inc.^(a)		24,134		7,875,648
CarMax Inc.^(a)		59,249		7,894,337
Carvana Co.^(a)(b)		22,825		6,511,060
Dick’s Sporting Goods Inc.		24,006		1,982,415
Five Below Inc.^(a)		20,403		4,106,512
Floor & Decor Holdings Inc., Class A^(a)		38,130		4,229,380
Foot Locker Inc.		38,065		2,245,074
Gap Inc. (The)		75,133		2,486,902
Home Depot Inc. (The)		253,308		81,988,200
L Brands Inc.^(a)		85,320		5,622,588
Lithia Motors Inc., Class A		9,708		3,731,561
Lowe’s Companies Inc.		266,711		52,342,034


Security	Shares		Value

Specialty Retail (continued)
Murphy USA Inc.		9,258	$	1,290,565
National Vision Holdings Inc.^(a)(b)		29,592		1,491,733
O’Reilly Automotive Inc.^(a)		25,610		14,159,257
Penske Automotive Group Inc.		11,727		1,028,341
RH^(a)		5,965		4,104,039
Ross Stores Inc.		129,892		17,008,058
TJX Companies Inc. (The)		438,058		31,102,118
Tractor Supply Co.		42,383		7,993,434
Ulta Beauty Inc.^(a)		20,532		6,762,214
Williams-Sonoma Inc.		27,974		4,776,561


				299,588,064


Total Common Stocks — 99.9% (Cost: $1,183,895,526)				1,581,380,939


Short-Term Investments

Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		43,801,367		43,823,267
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,273,000		2,273,000


				46,096,267


Total Short-Term Investments — 2.9% (Cost: $46,090,370)				46,096,267


Total Investments in Securities — 102.8% (Cost: $1,229,985,896)				1,627,477,206

Other Assets, Less Liabilities — (2.8)%				(43,811,275	)


Net Assets — 100.0%			$	1,583,665,931

^(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 cash collateral received from loaned securities.

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	21,049,903	$	22,804,228^(a	⁾	$	—	$	(13,586	)	$	(17,278	)	$	43,823,267		43,801,367	$	212,940^(b	⁾	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		943,000		1,330,000^(a	⁾		—		—			—			2,273,000		2,273,000		1,292			—


								$	(13,586	)	$	(17,278	)	$	46,096,267			$	214,232		$	—

^(a)

Represents net amount purchased (sold).

^(b)


40		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Consumer Services ETF

Futures Contracts




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


Long Contracts
S&P 500 E-Mini Index		5		06/18/21	$	1,043	$	60,959
S&P Select Sector Consumer Discretionary E-Mini Index		5		06/18/21		903		51,899


							$	112,858

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	112,858

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	429,555


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	41,707

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,339,780

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	1,581,380,939	$	—	$	—	$	1,581,380,939
Money Market Funds		46,096,267		—		—		46,096,267


	$	1,627,477,206	$	—	$	—	$	1,627,477,206

Derivative financial instruments^(a)
Assets
Futures Contracts	$	112,858	$	—	$	—	$	112,858

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		41

Schedule of Investments

April 30, 2021

iShares^® U.S. Financial Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 42.8%
Bank of America Corp.		3,075,039	$	124,631,331
Bank OZK		48,862		2,002,853
BOK Financial Corp.		12,349		1,085,971
Citigroup Inc.		844,861		60,187,898
Citizens Financial Group Inc.		172,326		7,975,247
Comerica Inc.		56,325		4,233,387
Commerce Bancshares Inc.		42,675		3,320,542
Cullen/Frost Bankers Inc.		22,758		2,732,325
East West Bancorp. Inc.		57,320		4,364,918
Fifth Third Bancorp.		287,801		11,667,453
First Citizens BancShares Inc./NC, Class A		2,917		2,530,381
First Financial Bankshares Inc.		57,528		2,823,474
First Horizon Corp.		224,662		4,109,068
First Republic Bank/CA		71,231		13,052,368
FNB Corp.		130,640		1,683,950
Glacier Bancorp. Inc.		38,573		2,273,878
Home BancShares Inc./AR		61,923		1,723,317
Huntington Bancshares Inc./OH		412,362		6,317,386
JPMorgan Chase & Co.		1,235,126		189,974,730
KeyCorp.		391,973		8,529,332
M&T Bank Corp.		52,142		8,222,272
People’s United Financial Inc.		172,879		3,134,296
Pinnacle Financial Partners Inc.		30,895		2,707,638
PNC Financial Services Group Inc. (The)		171,626		32,085,481
Popular Inc.		34,119		2,523,441
Prosperity Bancshares Inc.		37,669		2,763,398
Regions Financial Corp.		389,429		8,489,552
Signature Bank/New York NY		23,133		5,818,181
SVB Financial Group^(a)		21,845		12,491,626
Synovus Financial Corp.		60,430		2,831,750
TCF Financial Corp.		61,742		2,810,496
Truist Financial Corp.		545,291		32,341,209
U.S. Bancorp		553,284		32,837,405
UMB Financial Corp.		17,579		1,705,690
Umpqua Holdings Corp.		89,123		1,661,253
United Bankshares Inc./WV		52,284		2,053,193
Valley National Bancorp		164,430		2,264,201
Webster Financial Corp.		36,501		1,931,268
Wells Fargo & Co.		1,673,318		75,382,976
Western Alliance Bancorp		41,867		4,398,966
Wintrust Financial Corp.		23,129		1,783,246
Zions Bancorp. NA		66,687		3,721,135


				699,178,482

Capital Markets — 30.9%
Affiliated Managers Group Inc.		17,233		2,777,442
Ameriprise Financial Inc.		47,256		12,210,950
Apollo Global Management Inc.		85,508		4,734,578
Ares Management Corp., Class A		43,942		2,307,834
Bank of New York Mellon Corp. (The)		326,558		16,288,713
BlackRock Inc.^(b)		57,455		47,072,882
Blackstone Group Inc. (The)		276,791		24,493,236
Carlyle Group Inc. (The)		47,315		2,018,458
Cboe Global Markets Inc.		43,442		4,534,041
Charles Schwab Corp. (The)		605,735		42,643,744
CME Group Inc.		145,310		29,351,167
Coinbase Global Inc., Class A^(a)		6,349		1,889,716
FactSet Research Systems Inc.		15,381		5,171,400
Federated Hermes Inc.		38,228		1,100,966


Security	Shares		Value

Capital Markets (continued)
Franklin Resources Inc.		110,879	$	3,326,370
Goldman Sachs Group Inc. (The)		139,265		48,526,889
Interactive Brokers Group Inc., Class A		32,723		2,340,349
Intercontinental Exchange Inc.		227,356		26,762,075
Invesco Ltd.		152,511		4,117,797
Janus Henderson Group PLC		69,373		2,385,737
Jefferies Financial Group Inc.		81,478		2,648,850
KKR & Co. Inc.		233,389		13,205,150
Lazard Ltd., Class A		45,649		2,053,748
LPL Financial Holdings Inc.		32,281		5,058,433
MarketAxess Holdings Inc.		15,402		7,523,261
Moody’s Corp.		65,128		21,277,969
Morgan Stanley		607,400		50,140,870
Morningstar Inc.		8,669		2,297,372
MSCI Inc.		33,423		16,235,891
Nasdaq Inc.		46,761		7,553,772
Northern Trust Corp.		84,301		9,593,454
Raymond James Financial Inc.		49,685		6,497,804
S&P Global Inc.		97,425		38,033,746
SEI Investments Co.		48,165		2,959,258
State Street Corp.		142,389		11,953,556
Stifel Financial Corp.		42,669		2,952,268
T Rowe Price Group Inc.		92,263		16,533,530
Tradeweb Markets Inc., Class A		41,312		3,357,839
Virtu Financial Inc., Class A		32,641		967,153


				504,898,268

Consumer Finance — 6.8%
Ally Financial Inc.		151,613		7,800,489
American Express Co.		264,117		40,502,342
Capital One Financial Corp.		185,880		27,710,990
Credit Acceptance Corp.^(a)		4,717		1,862,224
Discover Financial Services		124,137		14,151,618
FirstCash Inc.		16,747		1,206,286
Green Dot Corp., Class A^(a)		19,344		885,182
LendingTree Inc.^(a)		4,418		912,273
OneMain Holdings Inc.		33,689		1,915,893
PROG Holdings Inc.		27,522		1,401,971
Santander Consumer USA Holdings Inc.		28,493		967,052
SLM Corp.		136,315		2,679,953
Synchrony Financial		219,786		9,613,440


				111,609,713

Diversified Financial Services — 0.3%
Equitable Holdings Inc.		158,899		5,439,113


Insurance — 0.3%
Fidelity National Financial Inc.		113,091		5,159,212


IT Services — 18.1%
Mastercard Inc., Class A		354,886		135,587,745
Visa Inc., Class A		686,518		160,343,144


				295,930,889

Thrifts & Mortgage Finance — 0.6%
Essent Group Ltd.		45,870		2,411,845
MGIC Investment Corp.		137,095		2,089,328
New York Community Bancorp. Inc.		189,066		2,261,229
Radian Group Inc.		77,396		1,907,037
Rocket Companies Inc., Class A		46,752		1,049,582


42		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Financial Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
TFS Financial Corp.		19,587	$	383,122


				10,102,143


Total Common Stocks — 99.8% (Cost: $1,340,376,172)				1,632,317,820


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		2,049,000		2,049,000


Total Short-Term Investments — 0.1% (Cost: $2,049,000)				2,049,000


Total Investments in Securities — 99.9% (Cost: $1,342,425,172)				1,634,366,820

Other Assets, Less Liabilities — 0.1%				958,124


Net Assets — 100.0%			$	1,635,324,944

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	195,785	$	—		$	(172,097	)^(b)	$	(23,321	)	$	(367	)	$	—		—	$	92,332	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,109,000		940,000	^(b)		—			—			—			2,049,000		2,049,000		2,331			—
BlackRock Inc.		19,996,755		50,831,532			(43,709,928	)		6,840,519			13,114,004			47,072,882		57,455		1,004,768			—


									$	6,817,198		$	13,113,637		$	49,121,882			$	1,099,431		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P Select Sector Financial E-Mini Index

06/18/21

2,673

84,180


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Financial Services ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	84,180

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	2,115,107


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(92,521	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	3,559,800

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	1,632,317,820	$	—	$	—	$	1,632,317,820
Money Market Funds		2,049,000		—		—		2,049,000


	$	1,634,366,820	$	—	$	—	$	1,634,366,820


Derivative financial instruments^(a)
Assets
Futures Contracts	$	84,180	$	—	$	—	$	84,180

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


44		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 25.8%
Bank of America Corp.		2,650,176	$	107,411,633
Bank OZK		42,742		1,751,995
BOK Financial Corp.		11,052		971,913
Citigroup Inc.		736,815		52,490,701
Citizens Financial Group Inc.		150,090		6,946,165
Comerica Inc.		49,193		3,697,346
Commerce Bancshares Inc.		37,349		2,906,126
Cullen/Frost Bankers Inc.		19,806		2,377,908
East West Bancorp. Inc.		50,003		3,807,729
Fifth Third Bancorp.		251,028		10,176,675
First Citizens BancShares Inc./NC, Class A		2,512		2,179,060
First Financial Bankshares Inc.		50,302		2,468,822
First Horizon Corp.		196,066		3,586,047
First Republic Bank/CA		62,305		11,416,768
FNB Corp.		113,845		1,467,462
Glacier Bancorp. Inc.		33,560		1,978,362
Home BancShares Inc./AR		53,980		1,502,263
Huntington Bancshares Inc./OH		359,613		5,509,271
JPMorgan Chase & Co.		1,064,707		163,762,584
KeyCorp.		342,032		7,442,616
M&T Bank Corp.		45,400		7,159,126
People’s United Financial Inc.		150,239		2,723,833
Pinnacle Financial Partners Inc.		26,788		2,347,700
PNC Financial Services Group Inc. (The)		149,869		28,018,010
Popular Inc.		29,737		2,199,349
Prosperity Bancshares Inc.		32,766		2,403,714
Regions Financial Corp.		340,319		7,418,954
Signature Bank/New York NY		20,145		5,066,669
SVB Financial Group^(a)		18,995		10,861,911
Synovus Financial Corp.		52,455		2,458,041
TCF Financial Corp.		53,837		2,450,660
Truist Financial Corp.		475,557		28,205,286
U.S. Bancorp.		482,538		28,638,630
UMB Financial Corp.		15,377		1,492,030
Umpqua Holdings Corp.		77,431		1,443,314
United Bankshares Inc./WV		45,704		1,794,796
Valley National Bancorp		142,116		1,956,937
Webster Financial Corp.		32,065		1,696,559
Wells Fargo & Co.		1,459,340		65,743,267
Western Alliance Bancorp.		36,583		3,843,776
Wintrust Financial Corp.		20,491		1,579,856
Zions Bancorp. NA		58,023		3,237,683


				606,591,547

Capital Markets — 18.7%
Affiliated Managers Group Inc.		15,072		2,429,154
Ameriprise Financial Inc.		41,203		10,646,855
Apollo Global Management Inc.		73,791		4,085,808
Ares Management Corp., Class A		37,007		1,943,608
Bank of New York Mellon Corp. (The)		284,803		14,205,974
BlackRock Inc.^(b)		50,126		41,068,232
Blackstone Group Inc. (The)		241,385		21,360,159
Carlyle Group Inc. (The)		41,058		1,751,534
Cboe Global Markets Inc.		37,818		3,947,065
Charles Schwab Corp. (The)		528,283		37,191,123
CME Group Inc.		126,734		25,599,001
Coinbase Global Inc., Class A^(a)		5,466		1,626,900
FactSet Research Systems Inc.		13,465		4,527,202
Federated Hermes Inc.		33,508		965,030


Security	Shares		Value

Capital Markets (continued)
Franklin Resources Inc.		96,212	$	2,886,360
Goldman Sachs Group Inc. (The)		121,461		42,323,086
Interactive Brokers Group Inc., Class A		28,567		2,043,112
Intercontinental Exchange Inc.		198,558		23,372,262
Invesco Ltd.		133,221		3,596,967
Janus Henderson Group PLC		60,449		2,078,841
Jefferies Financial Group Inc.		71,390		2,320,889
KKR & Co. Inc.		204,203		11,553,806
Lazard Ltd., Class A		39,762		1,788,892
LPL Financial Holdings Inc.		28,056		4,396,375
MarketAxess Holdings Inc.		13,433		6,561,483
Moody’s Corp.		56,814		18,561,702
Morgan Stanley		529,705		43,727,148
Morningstar Inc.		7,565		2,004,801
MSCI Inc.		29,170		14,169,911
Nasdaq Inc.		40,564		6,552,709
Northern Trust Corp.		73,763		8,394,229
Raymond James Financial Inc.		43,053		5,630,471
S&P Global Inc.		84,982		33,176,123
SEI Investments Co.		42,670		2,621,645
State Street Corp.		124,211		10,427,513
Stifel Financial Corp.		36,369		2,516,371
T Rowe Price Group Inc.		80,462		14,418,790
Tradeweb Markets Inc., Class A		35,977		2,924,211
Virtu Financial Inc., Class A		28,835		854,381


				440,249,723

Consumer Finance — 4.1%
Ally Financial Inc.		132,135		6,798,346
American Express Co.		230,318		35,319,265
Capital One Financial Corp.		162,102		24,166,166
Credit Acceptance Corp.^(a)(c)		4,098		1,617,850
Discover Financial Services		108,476		12,366,264
FirstCash Inc.		14,567		1,049,261
Green Dot Corp., Class A^(a)		13,961		638,856
LendingTree Inc.^(a)		3,931		811,712
OneMain Holdings Inc.		29,513		1,678,404
PROG Holdings Inc.		23,879		1,216,396
Santander Consumer USA Holdings Inc.		24,753		840,117
SLM Corp.		118,426		2,328,255
Synchrony Financial		192,327		8,412,383


				97,243,275

Diversified Financial Services — 8.1%
Berkshire Hathaway Inc., Class B^(a)		665,242		182,908,288
Equitable Holdings Inc.		138,404		4,737,569
Voya Financial Inc.		43,678		2,962,242


				190,608,099

Equity Real Estate Investment Trusts (REITs) — 18.0%
Alexandria Real Estate Equities Inc.		45,044		8,157,468
American Campus Communities Inc.		48,693		2,201,411
American Homes 4 Rent, Class A		95,178		3,525,393
American Tower Corp.		156,854		39,961,694
Americold Realty Trust		89,348		3,608,766
Apartment Income REIT Corp.		52,801		2,383,965
Apartment Investment & Management Co., Class A		52,711		365,814
AvalonBay Communities Inc.		49,397		9,484,224
Boston Properties Inc.		50,059		5,473,952
Brixmor Property Group Inc.		105,116		2,348,291
Camden Property Trust		34,510		4,157,765
CoreSite Realty Corp.		15,221		1,849,199


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Corporate Office Properties Trust		38,747	$	1,086,466
Cousins Properties Inc.		52,426		1,922,461
Crown Castle International Corp.		152,231		28,780,793
CubeSmart		69,152		2,927,896
CyrusOne Inc.		42,749		3,113,410
Digital Realty Trust Inc.		99,144		15,298,911
Douglas Emmett Inc.		58,225		1,952,867
Duke Realty Corp.		131,465		6,115,752
EastGroup Properties Inc.		14,061		2,230,918
Equinix Inc.		31,561		22,747,906
Equity Commonwealth		42,953		1,237,046
Equity LifeStyle Properties Inc.		60,003		4,164,208
Equity Residential		121,285		9,002,986
Essex Property Trust Inc.		23,012		6,685,446
Extra Space Storage Inc.		46,785		6,956,462
Federal Realty Investment Trust		24,265		2,738,063
First Industrial Realty Trust Inc.		45,852		2,282,054
Gaming and Leisure Properties Inc.		76,845		3,572,524
Healthcare Realty Trust Inc.		47,966		1,542,587
Healthcare Trust of America Inc., Class A		77,285		2,269,860
Healthpeak Properties Inc.		190,251		6,533,219
Highwoods Properties Inc.		36,942		1,654,632
Host Hotels & Resorts Inc.		249,636		4,533,390
Hudson Pacific Properties Inc.		53,449		1,502,451
Invitation Homes Inc.		200,509		7,029,846
Iron Mountain Inc.		102,091		4,095,891
JBG SMITH Properties		39,219		1,278,932
Kilroy Realty Corp.		37,144		2,545,850
Kimco Realty Corp.		153,190		3,216,990
Lamar Advertising Co., Class A		30,583		3,028,940
Lexington Realty Trust		98,038		1,199,985
Life Storage Inc.		25,888		2,486,801
Medical Properties Trust Inc.		205,399		4,529,048
Mid-America Apartment Communities Inc.		40,462		6,365,886
National Health Investors Inc.		15,955		1,171,257
National Retail Properties Inc.		61,522		2,855,851
Omega Healthcare Investors Inc.		80,474		3,058,012
Physicians Realty Trust		73,250		1,371,973
PotlatchDeltic Corp.		23,656		1,404,220
Prologis Inc.		261,063		30,421,671
PS Business Parks Inc.		7,112		1,154,775
Public Storage		53,853		15,141,310
Rayonier Inc.		48,500		1,759,580
Realty Income Corp.		132,204		9,141,907
Regency Centers Corp.		55,866		3,556,430
Rexford Industrial Realty Inc.		46,384		2,576,631
Sabra Health Care REIT Inc.		72,960		1,325,683
SBA Communications Corp.		38,610		11,572,189
Simon Property Group Inc.		116,058		14,128,901
SL Green Realty Corp.		24,506		1,813,689
Spirit Realty Capital Inc.		40,293		1,915,529
STORE Capital Corp.		83,884		3,002,208
Sun Communities Inc.		39,498		6,589,451
UDR Inc.		104,266		4,843,156
Ventas Inc.		132,284		7,336,471
VEREIT Inc.		81,091		3,879,393
VICI Properties Inc.		190,029		6,023,919
Vornado Realty Trust		55,375		2,533,406
Welltower Inc.		147,707		11,082,456
Weyerhaeuser Co.		264,154		10,241,251


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
WP Carey Inc.		62,022	$	4,644,828


				424,694,566

Insurance — 12.8%
Aflac Inc.		226,075		12,147,010
Alleghany Corp.^(a)		4,916		3,337,817
Allstate Corp. (The)		106,908		13,555,934
American Financial Group Inc./OH		25,011		3,072,851
American International Group Inc.		304,793		14,767,221
Aon PLC, Class A		79,784		20,060,889
Arch Capital Group Ltd.^(a)		142,250		5,648,747
Arthur J Gallagher & Co.		68,077		9,867,761
Assurant Inc.		20,409		3,175,640
Athene Holding Ltd., Class A^(a)		43,875		2,618,021
Axis Capital Holdings Ltd.		28,198		1,573,448
Brighthouse Financial Inc.^(a)		31,566		1,476,973
Brown & Brown Inc.		83,252		4,427,341
Chubb Ltd.		158,947		27,273,716
Cincinnati Financial Corp.		52,900		5,960,772
CNA Financial Corp.		9,504		446,023
Enstar Group Ltd.^(a)		4,644		1,166,480
Erie Indemnity Co., Class A, NVS		8,814		1,886,372
Everest Re Group Ltd.		14,147		3,918,012
Fidelity National Financial Inc.		85,123		3,883,311
First American Financial Corp.		39,444		2,544,138
Globe Life Inc.		33,536		3,437,105
Hanover Insurance Group Inc. (The)		13,063		1,806,744
Hartford Financial Services Group Inc. (The)		126,205		8,324,482
Kemper Corp.		21,702		1,694,058
Lincoln National Corp.		63,729		4,086,941
Loews Corp.		80,170		4,469,477
Markel Corp.^(a)		4,832		5,684,461
Marsh & McLennan Companies Inc.		179,490		24,356,793
Mercury General Corp.		9,421		586,646
MetLife Inc.		265,385		16,886,448
Old Republic International Corp.		99,898		2,459,489
Primerica Inc.		13,892		2,219,525
Principal Financial Group Inc.		89,473		5,714,641
Progressive Corp. (The)		206,755		20,828,499
Prudential Financial Inc.		140,150		14,065,454
Reinsurance Group of America Inc.		24,088		3,144,207
RenaissanceRe Holdings Ltd.		18,027		3,043,138
RLI Corp.		13,991		1,559,437
Selective Insurance Group Inc.		21,110		1,607,315
Travelers Companies Inc. (The)		89,055		13,773,246
Unum Group		71,795		2,028,927
W R Berkley Corp.		49,859		3,974,759
White Mountains Insurance Group Ltd.		1,108		1,291,296
Willis Towers Watson PLC		45,645		11,815,665


				301,667,230

IT Services — 10.1%
Mastercard Inc., Class A		259,460		99,129,288
Visa Inc., Class A		591,776		138,215,202


				237,344,490

Mortgage Real Estate Investment — 0.6%
AGNC Investment Corp.		189,925		3,405,355
Annaly Capital Management Inc.		494,799		4,492,775
Blackstone Mortgage Trust Inc., Class A		51,624		1,677,264
New Residential Investment Corp.		162,236		1,739,170


46		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Mortgage Real Estate Investment (continued)
Starwood Property Trust Inc.		100,438	$	2,593,309


				13,907,873

Professional Services — 0.5%
CoStar Group Inc.^(a)		13,931		11,903,064


Real Estate Management & Development — 0.7%
CBRE Group Inc., Class A^(a)		118,679		10,111,451
Howard Hughes Corp. (The)^(a)		15,985		1,725,421
Jones Lang LaSalle Inc.^(a)		18,195		3,419,022


				15,255,894

Thrifts & Mortgage Finance — 0.4%
Essent Group Ltd.		39,517		2,077,804
MGIC Investment Corp.		118,765		1,809,979
New York Community Bancorp. Inc.		163,302		1,953,092
Radian Group Inc.		67,983		1,675,101
Rocket Companies Inc., Class A		40,583		911,088
TFS Financial Corp.		16,997		332,461


				8,759,525


Total Common Stocks — 99.8% (Cost: $2,070,370,101)				2,348,225,286


Security	Shares		Value


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(b)(d)(e)		810	$	810
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(d)		5,813,000		5,813,000


				5,813,810


Total Short-Term Investments — 0.2% (Cost: $5,813,810)				5,813,810


Total Investments in Securities — 100.0% (Cost: $2,076,183,911)				2,354,039,096

Other Assets, Less Liabilities — (0.0)%				(836,802	)


Net Assets — 100.0%			$	2,353,202,294

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,405	$	—		$	(12,005	)^(a)	$	(17,590	)	$	—	$	810		810	$	63,143	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,623,000		4,190,000	^(a)		—			—			—		5,813,000		5,813,000		2,257			—
BlackRock Inc.		16,255,051		34,201,747			(21,965,884	)		3,032,534			9,544,784		41,068,232		50,126		602,932			—


									$	3,014,944		$	9,544,784	$	46,882,042			$	668,332		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
Dow Jones U.S. Real Estate Index		31		06/18/21	$	1,197	$	80,464
S&P Select Sector Financial E-Mini Index		32		06/18/21		3,564		169,198


							$	249,662


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Financials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	249,662

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,932,143


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	28,033

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	3,354,202

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	2,348,225,286	$	—	$	—	$	2,348,225,286
Money Market Funds		5,813,810		—		—		5,813,810


	$	2,354,039,096	$	—	$	—	$	2,354,039,096


Derivative financial instruments^(a)
Assets
Futures Contracts	$	249,662	$	—	$	—	$	249,662

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


48		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® U.S. Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 12.5%
Axon Enterprise Inc.^(a)		21,681	$	3,287,056
Boeing Co. (The)^(a)		186,688		43,742,865
BWX Technologies Inc.		32,295		2,161,181
Curtiss-Wright Corp.		13,946		1,783,693
General Dynamics Corp.		78,902		15,009,528
HEICO Corp.^(b)		14,433		2,032,166
HEICO Corp., Class A		25,072		3,166,092
Hexcel Corp.^(a)		28,456		1,605,203
Howmet Aerospace Inc.^(a)		132,705		4,241,252
Huntington Ingalls Industries Inc.		13,725		2,914,092
L3Harris Technologies Inc.		69,950		14,635,639
Lockheed Martin Corp.		83,874		31,919,089
Mercury Systems Inc.^(a)		19,115		1,438,213
Northrop Grumman Corp.		52,757		18,699,191
Raytheon Technologies Corp.		517,066		43,040,574
Teledyne Technologies Inc.^(a)		12,593		5,638,516
Textron Inc.		77,326		4,967,422
TransDigm Group Inc.^(a)(b)		18,598		11,414,337


				211,696,109

Air Freight & Logistics — 5.3%
CH Robinson Worldwide Inc.		45,602		4,427,042
Expeditors International of Washington Inc.		57,630		6,331,232
FedEx Corp.		82,979		24,089,634
United Parcel Service Inc., Class B		244,842		49,913,490
XPO Logistics Inc.^(a)		34,786		4,839,428


				89,600,826

Building Products — 4.3%
A O Smith Corp.		45,985		3,115,484
Allegion PLC		30,913		4,154,089
Armstrong World Industries Inc.		16,221		1,681,307
Carrier Global Corp.		278,100		12,119,598
Fortune Brands Home & Security Inc.		47,242		4,959,465
Johnson Controls International PLC		245,105		15,279,846
Lennox International Inc.		11,703		3,924,484
Masco Corp.		87,639		5,598,379
Owens Corning		35,761		3,462,022
Trane Technologies PLC		81,129		14,102,654
Trex Co. Inc.^(a)(b)		39,344		4,248,759


				72,646,087

Chemicals — 1.3%
Sherwin-Williams Co. (The)		82,320		22,544,978


Commercial Services & Supplies — 2.7%
ADT Inc.		52,445		482,494
Cimpress PLC^(a)(b)		6,557		624,620
Cintas Corp.		30,005		10,355,926
Clean Harbors Inc.^(a)		17,129		1,523,796
MSA Safety Inc.		12,362		1,987,315
Republic Services Inc.		71,629		7,614,163
Stericycle Inc.^(a)(b)		31,238		2,382,834
Tetra Tech Inc.		18,369		2,344,435
Waste Management Inc.		132,474		18,277,438


				45,593,021

Construction & Engineering — 0.8%
AECOM^(a)		50,333		3,343,621
EMCOR Group Inc.		18,597		2,227,921
MasTec Inc.^(a)		19,157		1,999,225
Quanta Services Inc.		47,146		4,556,189


Security	Shares		Value

Construction & Engineering (continued)
Valmont Industries Inc.		7,188	$	1,774,358


				13,901,314

Construction Materials — 1.0%
Eagle Materials Inc.		14,265		1,970,567
Martin Marietta Materials Inc.		21,212		7,490,382
Vulcan Materials Co.		45,146		8,046,823


				17,507,772

Containers & Packaging — 3.5%
Amcor PLC		530,861		6,237,617
AptarGroup Inc.		22,101		3,333,052
Avery Dennison Corp.		28,289		6,058,655
Ball Corp.		111,675		10,457,247
Berry Global Group Inc.^(a)		45,572		2,899,291
Crown Holdings Inc.		45,837		5,032,902
Graphic Packaging Holding Co.		91,205		1,691,853
International Paper Co.		133,898		7,766,084
Packaging Corp. of America		32,252		4,762,008
Sealed Air Corp.		52,621		2,599,477
Silgan Holdings Inc.		26,427		1,114,426
Sonoco Products Co.		34,269		2,243,249
Westrock Co.		89,656		4,998,322


				59,194,183

Electrical Equipment — 4.8%
Acuity Brands Inc.^(b)		12,281		2,278,371
AMETEK Inc.		78,411		10,579,996
Array Technologies Inc.^(a)(b)		36,921		1,039,695
Eaton Corp. PLC		135,471		19,362,870
Emerson Electric Co.		204,185		18,476,701
EnerSys		14,567		1,334,046
Generac Holdings Inc.^(a)		21,397		6,931,558
Hubbell Inc.		18,511		3,554,297
nVent Electric PLC		57,311		1,745,120
Regal Beloit Corp.		13,818		1,995,734
Rockwell Automation Inc.		39,513		10,441,705
Sensata Technologies Holding PLC^(a)		53,689		3,100,003
Shoals Technologies Group Inc., Class A^(a)		27,079		868,424


				81,708,520

Electronic Equipment, Instruments & Components — 5.4%
Amphenol Corp., Class A		203,886		13,729,683
Arrow Electronics Inc.^(a)(b)		25,431		2,900,914
Avnet Inc.		33,844		1,486,428
Cognex Corp.		59,979		5,165,392
Coherent Inc.^(a)		8,340		2,168,317
Corning Inc.		261,401		11,556,538
FLIR Systems Inc.		44,735		2,682,758
IPG Photonics Corp.^(a)(b)		12,203		2,649,393
Itron Inc.^(a)		15,114		1,359,353
Jabil Inc.		45,919		2,407,074
Keysight Technologies Inc.^(a)		63,277		9,134,035
Littelfuse Inc.		8,320		2,206,797
National Instruments Corp.		44,706		1,851,275
TE Connectivity Ltd.		112,604		15,141,860
Trimble Inc.^(a)		85,391		7,002,062
Vontier Corp.^(a)		57,525		1,802,834
Zebra Technologies Corp., Class A^(a)		18,197		8,875,405


				92,120,118

Industrial Conglomerates — 8.8%
3M Co.		197,065		38,849,394
Carlisle Companies Inc.		18,119		3,472,506


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrial Conglomerates (continued)
General Electric Co.		2,983,640	$	39,145,357
Honeywell International Inc.		236,665		52,785,762
Roper Technologies Inc.		35,711		15,942,819


				150,195,838

IT Services — 20.9%
Accenture PLC, Class A		215,831		62,584,515
Affirm Holdings Inc.^(a)(b)		11,031		777,685
Automatic Data Processing Inc.		145,626		27,230,606
Black Knight Inc.^(a)		53,386		3,866,214
Broadridge Financial Solutions Inc.		39,361		6,243,835
Concentrix Corp.^(a)		14,168		2,201,424
Euronet Worldwide Inc.^(a)(b)		17,967		2,577,007
Fidelity National Information Services Inc.		211,360		32,316,944
Fiserv Inc.^(a)		195,916		23,533,430
FleetCor Technologies Inc.^(a)		28,403		8,172,111
Genpact Ltd.		59,626		2,834,024
Global Payments Inc.		100,466		21,563,018
Jack Henry & Associates Inc.		25,921		4,220,716
MAXIMUS Inc.		20,974		1,922,057
Paychex Inc.		109,230		10,648,833
PayPal Holdings Inc.^(a)		398,540		104,533,057
Square Inc., Class A^(a)(b)		132,658		32,477,331
Western Union Co. (The)		139,714		3,599,033
WEX Inc.^(a)		15,067		3,091,899


				354,393,739

Life Sciences Tools & Services — 0.3%
PerkinElmer Inc.^(b)		38,103		4,939,292


Machinery — 14.3%
AGCO Corp.		20,963		3,058,921
Allison Transmission Holdings Inc.		37,923		1,572,667
Caterpillar Inc.		185,554		42,326,723
Colfax Corp.^(a)(b)		39,331		1,777,368
Crane Co.		16,868		1,586,604
Cummins Inc.		50,373		12,696,011
Deere & Co.		106,656		39,553,378
Donaldson Co. Inc.		42,820		2,692,522
Dover Corp.		48,837		7,285,992
Flowserve Corp.		44,455		1,762,196
Fortive Corp.		115,112		8,152,232
Gates Industrial Corp. PLC^(a)		22,973		396,284
Graco Inc.		57,505		4,416,384
IDEX Corp.		25,845		5,794,449
Illinois Tool Works Inc.		98,053		22,597,294
Ingersoll Rand Inc.^(a)		126,887		6,269,487
ITT Inc.		29,492		2,781,391
Lincoln Electric Holdings Inc.		20,303		2,599,799
Middleby Corp. (The)^(a)(b)		18,886		3,424,410
Navistar International Corp.^(a)		16,857		745,922
Nikola Corp.^(a)(b)		47,177		545,838
Nordson Corp.		18,429		3,896,075
Oshkosh Corp.		23,289		2,897,850
Otis Worldwide Corp.		138,714		10,801,659
PACCAR Inc.		118,055		10,610,783
Parker-Hannifin Corp.		43,925		13,784,104
Pentair PLC		56,509		3,645,396
Snap-on Inc.		18,434		4,379,918
Timken Co. (The)		23,146		1,941,255
Toro Co. (The)		36,629		4,197,683
Westinghouse Air Brake Technologies Corp.		60,497		4,964,989


Security	Shares		Value

Machinery (continued)
Woodward Inc.		19,942	$	2,492,949
Xylem Inc./NY		61,366		6,790,148


				242,438,681

Marine — 0.1%
Kirby Corp.^(a)		20,326		1,294,766


Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		36,301		2,391,510


Professional Services — 3.9%
ASGN Inc.^(a)		18,043		1,897,763
Booz Allen Hamilton Holding Corp.		46,872		3,888,032
CACI International Inc., Class A^(a)(b)		8,610		2,194,345
Clarivate PLC^(a)		88,156		2,462,197
CoreLogic Inc.		24,941		1,987,798
Dun & Bradstreet Holdings Inc.^(a)		46,209		1,097,926
Equifax Inc.		41,444		9,500,208
FTI Consulting Inc.^(a)(b)		11,672		1,620,657
Insperity Inc.		12,086		1,058,008
Jacobs Engineering Group Inc.		44,257		5,913,178
KBR Inc.		47,998		1,898,801
Leidos Holdings Inc.		45,454		4,603,581
ManpowerGroup Inc.		18,750		2,266,688
Nielsen Holdings PLC		121,873		3,126,042
Robert Half International Inc.		38,544		3,376,840
Science Applications International Corp.		19,889		1,778,474
TransUnion		64,963		6,794,480
TriNet Group Inc.^(a)		13,497		1,062,349
Verisk Analytics Inc.		55,398		10,425,904


				66,953,271

Road & Rail — 7.5%
CSX Corp.		259,467		26,141,300
JB Hunt Transport Services Inc.		28,401		4,848,335
Kansas City Southern		30,896		9,028,120
Knight-Swift Transportation Holdings Inc.		41,782		1,968,768
Landstar System Inc.		13,008		2,241,018
Norfolk Southern Corp.		85,719		23,936,174
Old Dominion Freight Line Inc.		32,608		8,406,668
Union Pacific Corp.		227,935		50,622,084


				127,192,467

Trading Companies & Distributors — 2.1%
Air Lease Corp.		36,522		1,705,943
Applied Industrial Technologies Inc.		13,232		1,265,773
Fastenal Co.		195,306		10,210,598
MSC Industrial Direct Co. Inc., Class A		15,921		1,435,437
SiteOne Landscape Supply Inc.^(a)		15,098		2,708,279
United Rentals Inc.^(a)		24,572		7,861,811
Univar Solutions Inc.^(a)		57,699		1,347,272
Watsco Inc.		11,193		3,277,982
WW Grainger Inc.		14,962		6,486,625


				36,299,720

Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.^(b)		24,744		824,223


Total Common Stocks — 99.7% (Cost: $1,299,419,325)				1,693,436,435


50		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		24,600,273	$	24,612,573
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		1,952,000		1,952,000


				26,564,573


Total Short-Term Investments — 1.6% (Cost: $26,564,542)				26,564,573


Total Investments in Securities — 101.3% (Cost: $1,325,983,867)				1,720,001,008

Other Assets, Less Liabilities — (1.3)%				(22,040,462	)


Net Assets — 100.0%			$	1,697,960,546

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,314,249	$	17,303,500	^(a)	$	—	$	7,017	$	(12,193	)	$	24,612,573		24,600,273	$	34,404	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,102,000		850,000	^(a)		—		—		—			1,952,000		1,952,000		1,461			—


								$	7,017	$	(12,193	)	$	26,564,573			$	35,865		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
S&P Select Sector Industrial E-Mini Index		34		06/18/21	$	3,482	$	89,161
S&P Select Sector Technology E-Mini Index		6		06/18/21		843		15,149


							$	104,310


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Industrials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	104,310

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,111,424


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(22,288	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,974,362

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	1,693,436,435	$	—	$	—	$	1,693,436,435
Money Market Funds		26,564,573		—		—		26,564,573


	$	1,720,001,008	$	—	$	—	$	1,720,001,008

Derivative financial instruments^(a)
Assets
Futures Contracts	$	104,310	$	—	$	—	$	104,310

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


52		2 0 2 1 I S H A R E S 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

April 30, 2021


	iShares MSCI KLD 400 Social ETF			iShares MSCI USA ESG Select ETF			iShares U.S. Basic Materials ETF			iShares U.S. Consumer Goods ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,084,434,638		$	2,999,472,154		$	778,060,634		$	690,324,329
Affiliated^(c)		42,050,742			84,257,607			1,347,000			1,924,123
Cash		365,276			52,061			8,455			11,310
Cash pledged:
Futures contracts		234,000			465,000			102,000			73,000
Receivables:
Investments sold		—			—			7,733,803			1,391,541
Securities lending income — Affiliated		1,125			3,170			1			444
Capital shares sold		54,635			26,290			—			—
Dividends		2,529,992			2,513,686			529,597			816,698


Total assets		3,129,670,408			3,086,789,968			787,781,490			694,541,445


LIABILITIES
Collateral on securities loaned, at value		13,224,584			28,173,871			—			1,121,661
Payables:
Investments purchased		6,324,344			—			8,047,533			1,601,572
Variation margin on futures contracts		30,483			55,521			14,766			7,260
Capital shares redeemed		—			—			—			28,226
Investment advisory fees		625,611			629,619			235,688			234,634


Total liabilities		20,205,022			28,859,011			8,297,987			2,993,353


NET ASSETS	$	3,109,465,386		$	3,057,930,957		$	779,483,503		$	691,548,092


NET ASSETS CONSIST OF:
Paid-in capital	$	2,083,567,117		$	2,494,766,994		$	846,529,748		$	593,684,412
Accumulated earnings (loss)		1,025,898,269			563,163,963			(67,046,245	)		97,863,680


NET ASSETS	$	3,109,465,386		$	3,057,930,957		$	779,483,503		$	691,548,092


Shares outstanding		38,750,000	^(d)		33,200,000	^(d)		5,950,000			3,800,000


Net asset value	$	80.24	^(d)	$	92.11	^(d)	$	131.01		$	181.99


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Securities loaned, at value	$	12,617,722		$	27,190,291		$	—		$	1,104,322
^(b)Investments, at cost — Unaffiliated	$	2,020,453,457		$	2,399,810,674		$	697,228,553		$	571,444,524
^(c)Investments, at cost — Affiliated	$	33,939,748		$	69,526,138		$	1,347,000		$	1,923,968
^(d)Shares outstanding and net asset value per share reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

See notes to financial statements.


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

Statements of Assets and Liabilities (continued)

April 30, 2021


	iShares U.S. Consumer Services ETF			iShares U.S. Financial Services ETF		iShares U.S. Financials ETF			iShares U.S. Industrials ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,581,380,939		$	1,585,244,938	$	2,307,157,054		$	1,693,436,435
Affiliated^(c)		46,096,267			49,121,882		46,882,042			26,564,573
Cash		10,514			40,697		98,344			17,769
Cash pledged:
Futures contracts		114,000			149,000		398,000			135,000
Receivables:
Investments sold		—			2,245,692		—			2,255,510
Securities lending income — Affiliated		8,180			76		41			2,693
Capital shares sold		9,121			53,786		—			15,215
Dividends		376,099			1,651,562		1,749,315			702,252


Total assets		1,627,995,120			1,638,507,633		2,356,284,796			1,723,129,447


LIABILITIES
Collateral on securities loaned, at value		43,823,083			—		810			24,618,316
Payables:
Investments purchased		—			2,649,249		2,321,238			—
Variation margin on futures contracts		4,095			23,270		34,527			16,294
Investment advisory fees		502,011			510,170		725,927			534,291


Total liabilities		44,329,189			3,182,689		3,082,502			25,168,901


NET ASSETS	$	1,583,665,931		$	1,635,324,944	$	2,353,202,294		$	1,697,960,546


NET ASSETS CONSIST OF:
Paid-in capital	$	1,263,967,078		$	1,398,528,465	$	2,142,163,430		$	1,340,623,023
Accumulated earnings		319,698,853			236,796,479		211,038,864			357,337,523


NET ASSETS	$	1,583,665,931		$	1,635,324,944	$	2,353,202,294		$	1,697,960,546


Shares outstanding		20,300,000	^(d)		8,950,000		29,350,000	^(e)		15,400,000	^(e)


Net asset value	$	78.01	^(d)	$	182.72	$	80.18	^(e)	$	110.26	^(e)


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Securities loaned, at value	$	42,614,921		$	—	$	795		$	23,847,361
^(b)Investments, at cost — Unaffiliated	$	1,183,895,526		$	1,306,697,446	$	2,038,584,416		$	1,299,419,325
^(c)Investments, at cost — Affiliated	$	46,090,370		$	35,727,726	$	37,599,495		$	26,564,542
^(d)Shares outstanding and net asset value per share reflect a four-for-one stock split effective after the close of trading on December 4, 2020.
^(e)Shares outstanding and net asset value per share reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

See notes to financial statements.


54		2 0 2 1 I S H A R E S 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

Year Ended April 30, 2021


	iShares MSCI KLD 400 Social ETF			iShares MSCI USA ESG Select ETF			iShares U.S. Basic Materials ETF			iShares U.S. Consumer Goods ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	35,731,960		$	31,166,085		$	10,763,954		$	12,868,871
Dividends — Affiliated		331,424			824,906			700			825
Securities lending income — Affiliated — net		88,599			140,142			200,927			20,754
Foreign taxes withheld		(49	)		—			—			—


Total investment income		36,151,934			32,131,133			10,965,581			12,890,450


EXPENSES
Investment advisory fees		5,938,742			5,147,153			2,187,574			2,677,838
Miscellaneous		437			437			437			437


Total expenses		5,939,179			5,147,590			2,188,011			2,678,275


Net investment income		30,212,755			26,983,543			8,777,570			10,212,175


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(10,226,769	)		(23,109,858	)		(56,365,700	)		(8,548,972	)
Investments — Affiliated		16,316			46,465			12,082			(269	)
In-kind redemptions — Unaffiliated		90,785,446			334,617,470			143,217,491			106,550,606
In-kind redemptions — Affiliated		437,242			8,801,293			—			—
Futures contracts		2,085,340			1,583,739			475,212			615,929


Net realized gain		83,097,575			321,939,109			87,339,085			98,617,294

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		799,206,319			471,838,008			164,680,617			159,115,606
Investments — Affiliated		6,514,018			9,953,288			(14,489	)		(1,573	)
Futures contracts		(341,623	)		58,523			22,243			(56,204	)


Net change in unrealized appreciation (depreciation)		805,378,714			481,849,819			164,688,371			159,057,829


Net realized and unrealized gain		888,476,289			803,788,928			252,027,456			257,675,123


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	918,689,044		$	830,772,471		$	260,805,026		$	267,887,298

See notes to financial statements.


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

Statements of Operations (continued)

Year Ended April 30, 2021


	iShares U.S. Consumer Services ETF			iShares U.S. Financial Services ETF			iShares U.S. Financials ETF			iShares U.S. Industrials ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	12,172,724		$	30,742,732		$	30,823,977		$	15,079,189
Dividends — Affiliated		1,292			1,007,099			605,189			1,461
Securities lending income — Affiliated — net		212,940			92,332			63,143			34,404
Foreign taxes withheld		—			(6,245	)		(3,864	)		—


Total investment income		12,386,956			31,835,918			31,488,445			15,115,054


EXPENSES
Investment advisory fees		4,729,873			5,815,930			6,067,265			4,438,894
Miscellaneous		437			437			437			437


Total expenses		4,730,310			5,816,367			6,067,702			4,439,331


Net investment income		7,656,646			26,019,551			25,420,743			10,675,723


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(26,519,489	)		(28,945,915	)		(48,974,170	)		(16,941,618	)
Investments — Affiliated		(13,586	)		(202,117	)		(156,899	)		7,017
In-kind redemptions — Unaffiliated		82,217,187			137,701,583			92,614,327			12,795,661
In-kind redemptions — Affiliated		—			7,019,315			3,171,843			—
Futures contracts		429,555			2,115,107			1,932,143			1,111,424


Net realized gain (loss)		56,113,667			117,687,973			48,587,244			(3,027,516	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		416,277,317			426,788,786			548,895,459			492,613,582
Investments — Affiliated		(17,278	)		13,113,637			9,544,784			(12,193	)
Futures contracts		41,707			(92,521	)		28,033			(22,288	)


Net change in unrealized appreciation (depreciation)		416,301,746			439,809,902			558,468,276			492,579,101


Net realized and unrealized gain		472,415,413			557,497,875			607,055,520			489,551,585


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	480,072,059		$	583,517,426		$	632,476,263		$	500,227,308

See notes to financial statements.


56		2 0 2 1 I S H A R E S 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 MSCI KLD 400 Social ETF						iShares MSCI USA ESG Select ETF
	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	30,212,755		$	26,125,276		$	26,983,543		$	17,972,264
Net realized gain		83,097,575			20,291,343			321,939,109			68,148,911
Net change in unrealized appreciation (depreciation)		805,378,714			(25,418,001	)		481,849,819			(52,171,262	)


Net increase in net assets resulting from operations		918,689,044			20,998,618			830,772,471			33,949,913


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(29,576,320	)		(25,894,221	)		(25,919,845	)		(18,600,809	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		426,528,979			382,766,640			964,022,901			271,991,315


NET ASSETS
Total increase in net assets		1,315,641,703			377,871,037			1,768,875,527			287,340,419
Beginning of year		1,793,823,683			1,415,952,646			1,289,055,430			1,001,715,011


End of year	$	3,109,465,386		$	1,793,823,683		$	3,057,930,957		$	1,289,055,430

^(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		57

Statements of Changes in Net Assets (continued)


	iShares U.S. Basic Materials ETF						iShares U.S. Consumer Goods ETF

	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,777,570		$	6,349,921		$	10,212,175		$	10,544,365
Net realized gain (loss)		87,339,085			(28,145,031	)		98,617,294			421,508
Net change in unrealized appreciation (depreciation)		164,688,371			(19,027,794	)		159,057,829			(15,357,429	)


Net increase (decrease) in net assets resulting from operations		260,805,026			(40,822,904	)		267,887,298			(4,391,556	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,165,209	)		(7,577,750	)		(10,088,558	)		(11,302,181	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		270,837,091			(118,721,092	)		(37,805,389	)		18,205,109


NET ASSETS
Total increase (decrease) in net assets		523,476,908			(167,121,746	)		219,993,351			2,511,372
Beginning of year		256,006,595			423,128,341			471,554,741			469,043,369


End of year	$	779,483,503		$	256,006,595		$	691,548,092		$	471,554,741

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

See notes to financial statements.


58		2 0 2 1 I S H A R E S 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. Consumer Services ETF						iShares U.S. Financial Services ETF

	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,656,646		$	8,656,080		$	26,019,551		$	23,842,473
Net realized gain		56,113,667			107,770,104			117,687,973			71,649,477
Net change in unrealized appreciation (depreciation)		416,301,746			(159,825,374	)		439,809,902			(279,190,436	)


Net increase (decrease) in net assets resulting from operations		480,072,059			(43,399,190	)		583,517,426			(183,698,486	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(7,416,213	)		(8,919,976	)		(25,484,339	)		(24,215,553	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		312,839,562			(83,629,948	)		212,125,779			(362,442,550	)


NET ASSETS
Total increase (decrease) in net assets		785,495,408			(135,949,114	)		770,158,866			(570,356,589	)
Beginning of year		798,170,523			934,119,637			865,166,078			1,435,522,667


End of year	$	1,583,665,931		$	798,170,523		$	1,635,324,944		$	865,166,078

^(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		59

Statements of Changes in Net Assets (continued)


	iShares U.S. Financials ETF						iShares U.S. Industrials ETF

	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	25,420,743		$	30,198,746		$	10,675,723		$	11,751,643
Net realized gain (loss)		48,587,244			119,069,177			(3,027,516	)		35,954,515
Net change in unrealized appreciation (depreciation)		558,468,276			(372,277,282	)		492,579,101			(152,444,786	)


Net increase (decrease) in net assets resulting from operations		632,476,263			(223,009,359	)		500,227,308			(104,738,628	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(24,797,842	)		(30,056,151	)		(10,838,019	)		(11,834,973	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		512,289,078			(207,435,608	)		525,723,003			(142,125,596	)


NET ASSETS
Total increase (decrease) in net assets		1,119,967,499			(460,501,118	)		1,015,112,292			(258,699,197	)
Beginning of year		1,233,234,795			1,693,735,913			682,848,254			941,547,451


End of year	$	2,353,202,294		$	1,233,234,795		$	1,697,960,546		$	682,848,254

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI KLD 400 Social ETF

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		04/30/21	^(a)		04/30/20	^(a)		04/30/19	^(a)		04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year	$	55.03		$	54.88		$	49.07		$	44.01			$	38.22


Net investment income^(b)		0.86			0.90			0.83			0.68				0.61
Net realized and unrealized gain^(c)		25.19			0.14			5.82			5.01				5.77


Net increase from investment operations		26.05			1.04			6.65			5.69				6.38


Distributions^(d)
From net investment income		(0.84	)		(0.89	)		(0.84	)		(0.63	)			(0.59	)


Total distributions		(0.84	)		(0.89	)		(0.84	)		(0.63	)			(0.59	)


Net asset value, end of year	$	80.24		$	55.03		$	54.88		$	49.07			$	44.01


Total Return
Based on net asset value		47.69	%		1.95	%		13.70	%		12.99	%			16.83	%


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.28	%		0.50	%			0.50	%


Total expenses after fees waived		0.25	%		0.25	%		0.25	%		0.48	%			0.50	%


Net investment income		1.27	%		1.61	%		1.61	%		1.43	%			1.49	%


Supplemental Data
Net assets, end of year (000)	$	3,109,465		$	1,793,824		$	1,415,953		$	1,035,423			$	822,945


Portfolio turnover rate^(e)		5	%		6	%		13	%		11	%			10	%

^(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)

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		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI USA ESG Select ETF

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		04/30/21	^(a)		04/30/20	^(a)		04/30/19	^(a)		04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year	$	61.68		$	61.08		$	55.42		$	49.86			$	42.56


Net investment income^(b)		1.03			1.00			0.98			0.84				0.71
Net realized and unrealized gain^(c)		30.38			0.65			5.62			5.50				7.28


Net increase from investment operations		31.41			1.65			6.60			6.34				7.99


Distributions^(d)
From net investment income		(0.98	)		(1.05	)		(0.94	)		(0.78	)			(0.69	)


Total distributions		(0.98	)		(1.05	)		(0.94	)		(0.78	)			(0.69	)


Net asset value, end of year	$	92.11		$	61.68		$	61.08		$	55.42			$	49.86


Total Return
Based on net asset value		51.29	%		2.76	%		12.07	%		12.76	%			18.92	%


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.28	%		0.50	%			0.50	%


Total expenses after fees waived		0.25	%		0.25	%		0.25	%		0.48	%			0.50	%


Net investment income		1.31	%		1.61	%		1.71	%		1.56	%			1.53	%


Supplemental Data
Net assets, end of year (000)	$	3,057,931		$	1,289,055		$	1,001,715		$	681,607			$	528,509


Portfolio turnover rate^(e)		27	%		13	%		21	%		13	%			19	%

^(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)

^(d)

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

^(e)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


62		2 0 2 1 I S H A R E S 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. Basic Materials ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	04/30/21				04/30/20				04/30/19				04/30/18				04/30/17


Net asset value, beginning of year		$	81.27			$	94.03			$	97.37			$	89.37			$	77.65


Net investment income^(a)			1.78				1.65				1.63				1.39				1.34
Net realized and unrealized gain (loss)^(b)			49.62				(12.42	)			(3.49	)			8.16				11.62


Net increase (decrease) from investment operations			51.40				(10.77	)			(1.86	)			9.55				12.96


Distributions^(c)
From net investment income			(1.66	)			(1.99	)			(1.48	)			(1.55	)			(1.24	)


Total distributions			(1.66	)			(1.99	)			(1.48	)			(1.55	)			(1.24	)


Net asset value, end of year		$	131.01			$	81.27			$	94.03			$	97.37			$	89.37


Total Return
Based on net asset value			63.81	%			(11.59	)%			(1.89	)%			10.74	%			16.88	%


Ratios to Average Net Assets
Total expenses			0.41	%			0.43	%			0.42	%			0.43	%			0.44	%


Net investment income			1.64	%			1.83	%			1.71	%			1.44	%			1.62	%


Supplemental Data
Net assets, end of year (000)		$	779,484			$	256,007			$	423,128			$	632,934			$	960,747


Portfolio turnover rate^(d)			28	%			11	%			28	%			6	%			13	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

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

^(d)

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		63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Consumer Goods ETF

	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 year		$	119.38			$	123.43			$	114.08			$	119.04			$	111.98


Net investment income^(a)			2.44				2.77				3.04				2.50				2.32
Net realized and unrealized gain (loss)^(b)			62.57				(3.83	)			9.24				(5.24	)			7.66


Net increase (decrease) from investment operations			65.01				(1.06	)			12.28				(2.74	)			9.98


Distributions^(c)
From net investment income			(2.40	)			(2.99	)			(2.93	)			(2.22	)			(2.92	)


Total distributions			(2.40	)			(2.99	)			(2.93	)			(2.22	)			(2.92	)


Net asset value, end of year		$	181.99			$	119.38			$	123.43			$	114.08			$	119.04


Total Return
Based on net asset value			54.87	%			(0.86	)%			10.95	%			(2.41	)%			9.04	%


Ratios to Average Net Assets
Total expenses			0.41	%			0.43	%			0.42	%			0.43	%			0.44	%


Net investment income			1.57	%			2.22	%			2.61	%			2.05	%			2.03	%


Supplemental Data
Net assets, end of year (000)		$	691,548			$	471,555			$	469,043			$	433,499			$	720,184


Portfolio turnover rate^(d)			4	%			5	%			4	%			7	%			7	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

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

^(d)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


64		2 0 2 1 I S H A R E S 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. Consumer Services ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	51.17			$	54.31			$	46.36			$	41.31			$	36.09


Net investment income^(b)			0.44				0.52				0.40				0.45				0.38
Net realized and unrealized gain (loss)^(c)			26.82				(3.11	)			7.94				5.03				5.24


Net increase (decrease) from investment operations			27.26				(2.59	)			8.34				5.48				5.62


Distributions^(d)
From net investment income			(0.42	)			(0.55	)			(0.39	)			(0.43	)			(0.40	)


Total distributions			(0.42	)			(0.55	)			(0.39	)			(0.43	)			(0.40	)


Net asset value, end of year		$	78.01			$	51.17			$	54.31			$	46.36			$	41.31


Total Return
Based on net asset value			53.48	%			(4.79	)%			18.09	%			13.35	%			15.71	%


Ratios to Average Net Assets
Total expenses			0.41	%			0.43	%			0.42	%			0.43	%			0.44	%


Net investment income			0.67	%			0.96	%			0.81	%			1.04	%			1.01	%


Supplemental Data
Net assets, end of year (000)		$	1,583,666			$	798,171			$	934,120			$	741,682			$	669,218


Portfolio turnover rate^(e)			20	%			31	%			15	%			10	%			8	%

^(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)

^(d)

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

^(e)

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		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Financial Services ETF

	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 year		$	115.36			$	136.07			$	130.98			$	108.38			$	85.36


Net investment income^(a)			2.52				2.58				2.17				1.73				1.47
Net realized and unrealized gain (loss)^(b)			67.20				(20.69	)			5.12				22.56				22.88


Net increase (decrease) from investment operations			69.72				(18.11	)			7.29				24.29				24.35


Distributions^(c)
From net investment income			(2.36	)			(2.60	)			(2.20	)			(1.69	)			(1.33	)


Total distributions			(2.36	)			(2.60	)			(2.20	)			(1.69	)			(1.33	)


Net asset value, end of year		$	182.72			$	115.36			$	136.07			$	130.98			$	108.38


Total Return
Based on net asset value			61.14	%			(13.46	)%			5.72	%			22.53	%			28.74	%


Ratios to Average Net Assets
Total expenses			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%


Net investment income			1.85	%			1.90	%			1.68	%			1.40	%			1.49	%


Supplemental Data
Net assets, end of year (000)		$	1,635,325			$	865,166			$	1,435,523			$	1,643,780			$	1,430,646


Portfolio turnover rate^(d)			7	%			7	%			4	%			4	%			4	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

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

^(d)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2 0 2 1 I S H A R E S 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. Financials ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	53.39			$	62.97			$	58.86			$	51.90			$	43.46


Net investment income^(b)			1.09				1.17				1.04				0.91				0.82
Net realized and unrealized gain (loss)^(c)			26.76				(9.55	)			4.16				6.95				8.46


Net increase (decrease) from investment operations			27.85				(8.38	)			5.20				7.86				9.28


Distributions^(d)
From net investment income			(1.06	)			(1.20	)			(1.09	)			(0.90	)			(0.84	)


Total distributions			(1.06	)			(1.20	)			(1.09	)			(0.90	)			(0.84	)


Net asset value, end of year		$	80.18			$	53.39			$	62.97			$	58.86			$	51.90


Total Return
Based on net asset value			52.80	%			(13.47	)%			9.01	%			15.21	%			21.52	%


Ratios to Average Net Assets
Total expenses			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%


Net investment income			1.72	%			1.85	%			1.75	%			1.59	%			1.70	%


Supplemental Data
Net assets, end of year (000)		$	2,353,202			$	1,233,235			$	1,693,736			$	2,295,315			$	1,681,324


Portfolio turnover rate^(e)			9	%			6	%			8	%			6	%			6	%

^(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)

^(d)

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

^(e)

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		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Industrials ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	68.98			$	79.12			$	70.80			$	64.30			$	54.33


Net investment income^(b)			0.90				1.03				0.95				0.89				0.91
Net realized and unrealized gain (loss)^(c)			41.28				(10.11	)			8.39				6.53				9.94


Net increase (decrease) from investment operations			42.18				(9.08	)			9.34				7.42				10.85


Distributions^(d)
From net investment income			(0.90	)			(1.06	)			(1.02	)			(0.92	)			(0.88	)


Total distributions			(0.90	)			(1.06	)			(1.02	)			(0.92	)			(0.88	)


Net asset value, end of year		$	110.26			$	68.98			$	79.12			$	70.80			$	64.30


Total Return
Based on net asset value			61.51	%			(11.57	)%			13.34	%			11.57	%			20.13	%


Ratios to Average Net Assets
Total expenses			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%


Net investment income			0.99	%			1.32	%			1.29	%			1.27	%			1.55	%


Supplemental Data
Net assets, end of year (000)		$	1,697,961			$	682,848			$	941,547			$	1,033,654			$	983,820


Portfolio turnover rate^(e)			5	%			4	%			5	%			7	%			10	%

^(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)

^(d)

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

^(e)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


68		2 0 2 1 I S H A R E S 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

1.	ORGANIZATION

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



iShares ETF		Diversification Classification

MSCI KLD 400 Social		Diversified
MSCI USA ESG Select		Diversified
U.S. Basic Materials		Non-diversified
U.S. Consumer Goods		Non-diversified
U.S. Consumer Services		Diversified
U.S. Financial Services		Non-diversified
U.S. Financials		Diversified
U.S. Industrials		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


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		69


Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


70		2 0 2 1 I S H A R E S 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 (continued)

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


MSCI KLD 400 Social
Barclays Bank PLC	$	82,184	$	82,184		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,857,988		2,857,988			—		—
BofA Securities, Inc.		332,330		332,330			—		—
Citigroup Global Markets Inc.		242,902		242,902			—		—
Credit Suisse Securities (USA) LLC		1,731,040		1,731,040			—		—
Goldman Sachs & Co.		4,583,689		4,583,689			—		—
Jefferies LLC		209,079		209,079			—		—
Virtu Americas LLC		728,000		728,000			—		—
Wells Fargo Securities LLC		1,850,510		1,850,510			—		—


	$	12,617,722	$	12,617,722		$	—	$	—


MSCI USA ESG Select
BNP Paribas Securities Corp.	$	131,233	$	131,233		$	—	$	—
BofA Securities, Inc.		2,151,584		2,151,584			—		—
Citigroup Global Markets Inc.		1,374,182		1,374,182			—		—
Goldman Sachs & Co.		2,062,487		2,062,487			—		—
JPMorgan Securities LLC		14,440,418		14,440,418			—		—
UBS SECURITIES LLC		1,873,670		1,873,670			—		—
Virtu Americas LLC		4,597,029		4,597,029			—		—
Wells Fargo Securities LLC		559,688		559,688			—		—


	$	27,190,291	$	27,190,291		$	—	$	—


U.S. Consumer Goods
Goldman Sachs & Co.	$	9,481	$	9,481		$	—	$	—
National Financial Services LLC		1,094,841		1,094,841			—		—


	$	1,104,322	$	1,104,322		$	—	$	—


U.S. Consumer Services
Barclays Bank PLC	$	3,219,348	$	3,219,348		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		6,540,385		6,540,385			—		—
BNP Paribas Securities Corp.		3,754,229		3,754,229			—		—
Citigroup Global Markets Inc.		5,628,465		5,628,465			—		—
Goldman Sachs & Co.		689,145		689,145			—		—
JPMorgan Securities LLC		3,177,864		3,177,864			—		—
Morgan Stanley & Co. LLC		2,291,666		2,291,666			—		—
State Street Bank & Trust Company		5,261,187		5,261,187			—		—
UBS AG		12,044,860		12,044,860			—		—
Wells Fargo Securities LLC		7,772		7,772			—		—


	$	42,614,921	$	42,614,921		$	—	$	—


U.S. Financials
Barclays Bank PLC	$	795	$	795		$	—	$	—


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		71


Notes to Financial Statements (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


U.S. Industrials
Barclays Capital Inc.	$	762,666	$	762,666		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		762,317		762,317			—		—
BofA Securities, Inc.		198,335		198,335			—		—
Citigroup Global Markets Inc.		29,342		29,342			—		—
Credit Suisse Securities (USA) LLC		325,368		325,368			—		—
Deutsche Bank Securities Inc.		268,748		268,748			—		—
Goldman Sachs & Co.		1,012,899		1,012,899			—		—
Jefferies LLC		155,556		155,556			—		—
JPMorgan Securities LLC		14,644,345		14,644,345			—		—
National Financial Services LLC		70,924		70,924			—		—
TD Prime Services LLC		561,032		561,032			—		—
UBS Securities LLC		4,605,269		4,605,269			—		—
Virtu Americas LLC		450,560		450,560			—		—


	$	23,847,361	$	23,847,361		$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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



iShares ETF	Investment Advisory Fee

MSCI KLD 400 Social		0.25	%
MSCI USA ESG Select		0.25


72		2 0 2 1 I S H A R E S 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 (continued)

For its investment advisory services to each of the iShares U.S. Basic Materials, iShares U.S. Consumer Goods, iShares U.S. Consumer Services, iShares U.S. Financial Services, iShares U.S. Financials and iShares U.S. Industrials ETFs, 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



iShares ETF	Fees Paid to BTC

MSCI KLD 400 Social	$	35,192
MSCI USA ESG Select		49,214
U.S. Basic Materials		63,026
U.S. Consumer Goods		8,695
U.S. Consumer Services		83,031
U.S. Financial Services		35,030
U.S. Financials		23,482
U.S. Industrials		13,782

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


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		73


Notes to Financial Statements (continued)

For the year ended April 30, 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)

MSCI KLD 400 Social	$	43,558,184	$	35,153,805	$	(4,626,107	)
MSCI USA ESG Select		303,955,661		222,831,327		(5,324,373	)
U.S. Basic Materials		12,200,834		1,562,072		(1,072,368	)
U.S. Consumer Goods		4,781,535		5,790,309		(1,497,239	)
U.S. Consumer Services		67,865,908		60,536,769		(10,696,494	)
U.S. Financial Services		18,467,688		7,412,104		(2,606,787	)
U.S. Financials		49,767,117		18,982,583		(6,936,856	)
U.S. Industrials		18,607,786		12,861,078		(3,944,885	)

7.	PURCHASES AND SALES

For the year ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI KLD 400 Social	$	126,835,430	$	123,570,716
MSCI USA ESG Select		543,971,705		543,152,931
U.S. Basic Materials		146,727,168		145,917,362
U.S. Consumer Goods		27,903,739		27,229,747
U.S. Consumer Services		230,596,847		231,245,951
U.S. Financial Services		96,188,814		110,175,879
U.S. Financials		133,820,870		130,903,275
U.S. Industrials		48,692,531		49,578,314

For the year ended April 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI KLD 400 Social	$	641,410,504	$	215,509,217
MSCI USA ESG Select		1,791,444,999		830,132,372
U.S. Basic Materials		921,414,254		651,141,194
U.S. Consumer Goods		274,971,164		312,689,297
U.S. Consumer Services		529,942,202		217,439,761
U.S. Financial Services		1,455,287,105		1,227,032,203
U.S. Financials		1,640,477,306		1,125,866,752
U.S. Industrials		571,661,922		47,112,741

8.	INCOME TAX INFORMATION


74		2 0 2 1 I S H A R E S 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 (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2021, the following permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

MSCI KLD 400 Social	$	91,391,371	$	(91,391,371	)
MSCI USA ESG Select		343,527,537		(343,527,537	)
U.S. Basic Materials		108,697,700		(108,697,700	)
U.S. Consumer Goods		105,294,873		(105,294,873	)
U.S. Consumer Services		78,532,789		(78,532,789	)
U.S. Financial Services		143,959,975		(143,959,975	)
U.S. Financials		89,373,846		(89,373,846	)
U.S. Industrials		13,101,810		(13,101,810	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 04/30/21		Year Ended 04/30/20

MSCI KLD 400 Social
Ordinary income	$	29,576,320	$	25,894,221


MSCI USA ESG Select
Ordinary income	$	25,919,845	$	18,600,809


U.S. Basic Materials
Ordinary income	$	8,165,209	$	7,577,750


U.S. Consumer Goods
Ordinary income	$	10,088,558	$	11,302,181


U.S. Consumer Services
Ordinary income	$	7,416,213	$	8,919,976


U.S. Financial Services
Ordinary income	$	25,484,339	$	24,215,553


U.S. Financials
Ordinary income	$	24,797,842	$	30,056,151


U.S. Industrials
Ordinary income	$	10,838,019	$	11,834,973

As of April 30, 2021, the tax components of accumulated net earnings (losses) were as follows:




iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses	)^(b)		Total


MSCI KLD 400 Social	$	2,154,597	$	(41,012,536	)	$	1,064,756,208		$	1,025,898,269
MSCI USA ESG Select		1,937,799		(49,677,436	)		610,903,600			563,163,963
U.S. Basic Materials		907,537		(128,356,659	)		60,402,877			(67,046,245)
U.S. Consumer Goods		1,180,474		(20,394,671	)		117,077,877			97,863,680
U.S. Consumer Services		537,986		(66,681,070	)		385,841,937			319,698,853
U.S. Financial Services		2,281,036		(51,264,378	)		285,779,821			236,796,479
U.S. Financials		791,706		(64,307,667	)		274,554,825			211,038,864
U.S. Industrials		658,591		(31,473,020	)		388,151,952			357,337,523

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income and the characterization of corporate actions.


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		75


Notes to Financial Statements (continued)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI KLD 400 Social	$	2,061,729,172	$	1,088,949,715	$	(24,193,507	)	$	1,064,756,208
MSCI USA ESG Select		2,472,826,161		620,912,796		(10,009,196	)		610,903,600
U.S. Basic Materials		719,004,757		61,725,947		(1,323,070	)		60,402,877
U.S. Consumer Goods		575,170,575		152,998,582		(35,920,705	)		117,077,877
U.S. Consumer Services		1,241,635,269		397,361,009		(11,519,072	)		385,841,937
U.S. Financial Services		1,348,586,999		300,807,036		(15,027,215	)		285,779,821
U.S. Financials		2,079,484,271		315,644,313		(41,089,488	)		274,554,825
U.S. Industrials		1,331,849,056		433,845,767		(45,693,815	)		388,151,952

9.	PRINCIPAL RISKS


76		2 0 2 1 I S H A R E S 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 (continued)

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.

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

Transactions in capital shares were as follows:




	Year Ended 04/30/21						Year Ended 04/30/20

iShares ETF		Shares			Amount			Shares			Amount


MSCI KLD 400 Social
Shares sold		9,250,000	^(a)	$	643,488,005			8,300,000	^(a)	$	463,954,811
Shares redeemed		(3,100,000	)^(a)		(216,959,026	)		(1,500,000	)^(a)		(81,188,171	)


Net increase		6,150,000		$	426,528,979			6,800,000		$	382,766,640


MSCI USA ESG Select
Shares sold		22,250,000	^(a)	$	1,797,422,226			8,300,000	^(a)	$	507,863,039
Shares redeemed		(9,950,000	)^(a)		(833,399,325	)		(3,800,000	)^(a)		(235,871,724	)


Net increase		12,300,000		$	964,022,901			4,500,000		$	271,991,315


U.S. Basic Materials
Shares sold		8,500,000		$	923,891,071			500,000		$	42,812,086
Shares redeemed		(5,700,000	)		(653,053,980	)		(1,850,000	)		(161,533,178	)


Net increase (decrease)		2,800,000		$	270,837,091			(1,350,000	)	$	(118,721,092	)


U.S. Consumer Goods
Shares sold		1,800,000		$	275,702,671			600,000		$	74,072,202
Shares redeemed		(1,950,000	)		(313,508,060	)		(450,000	)		(55,867,093	)


Net increase (decrease)		(150,000	)	$	(37,805,389	)		150,000		$	18,205,109


U.S. Consumer Services
Shares sold		8,150,000	^(b)	$	530,844,571			7,000,000	^(b)	$	369,991,124
Shares redeemed		(3,450,000	)^(b)		(218,005,009	)		(8,600,000	)^(b)		(453,621,072	)


Net increase (decrease)		4,700,000		$	312,839,562			(1,600,000	)	$	(83,629,948	)


U.S. Financial Services
Shares sold		11,200,000		$	1,462,505,864			2,250,000		$	313,792,935
Shares redeemed		(9,750,000	)		(1,250,380,085	)		(5,300,000	)		(676,235,485	)


Net increase (decrease)		1,450,000		$	212,125,779			(3,050,000	)	$	(362,442,550	)


U.S. Financials
Shares sold		25,700,000	^(a)	$	1,648,032,759			15,300,000	^(a)	$	923,744,884
Shares redeemed		(19,450,000	)^(a)		(1,135,743,681	)		(19,100,000	)^(a)		(1,131,180,492	)


Net increase (decrease)		6,250,000		$	512,289,078			(3,800,000	)	$	(207,435,608	)


U.S. Industrials
Shares sold		6,050,000	^(a)	$	572,947,274			1,600,000	^(a)	$	127,906,850
Shares redeemed		(550,000	)^(a)		(47,224,271	)		(3,600,000	)^(a)		(270,032,446	)


Net increase (decrease)		5,500,000		$	525,723,003			(2,000,000	)	$	(142,125,596	)


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		77


Notes to Financial Statements (continued)

^(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.



iShares ETF	Forward Share Split

MSCI KLD 400 Social		2 for 1
MSCI USA ESG Select		2 for 1
U.S. Consumer Services		4 for 1
U.S. Financials		2 for 1
U.S. Industrials		2 for 1

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 U.S. Consumer Services ETF and iShares MSCI KLD 400 Social ETF received proceeds of $336,974 and $23,018, respectively, 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


78		2 0 2 1 I S H A R E S 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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Select ETF,

iShares U.S. Basic Materials ETF, iShares U.S. Consumer Goods ETF,

iShares U.S. Consumer Services ETF, iShares U.S. Financial Services ETF,

iShares U.S. Financials ETF and iShares U.S. Industrials ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Select ETF, iShares U.S. Basic Materials ETF, iShares U.S. Consumer Goods ETF, iShares U.S. Consumer Services ETF, iShares U.S. Financial Services ETF, iShares U.S. Financials ETF and iShares U.S. Industrials ETF (eight of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, the related statements of operations for the year ended April 30, 2021, the statements of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2021 and each of the financial highlights for each of the five years in the period ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		79

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended April 30, 2021 that qualified for the dividends-received deduction were as follows:



iShares ETF	Dividends-Received Deduction

MSCI KLD 400 Social		100.00	%
MSCI USA ESG Select		100.00	%
U.S. Basic Materials		94.14	%
U.S. Consumer Goods		100.00	%
U.S. Consumer Services		100.00	%
U.S. Financial Services		100.00	%
U.S. Financials		89.97	%
U.S. Industrials		100.00	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Dividend Income

MSCI KLD 400 Social		$34,588,654
MSCI USA ESG Select		30,553,990
U.S. Basic Materials		10,592,876
U.S. Consumer Goods		12,784,234
U.S. Consumer Services		12,102,094
U.S. Financial Services		31,105,485
U.S. Financials		23,850,182
U.S. Industrials		15,535,346

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Business Income

MSCI KLD 400 Social		$1,187,809
MSCI USA ESG Select		1,043,124
U.S. Consumer Services		760
U.S. Financials		5,788,172


80		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Select ETF, iShares U.S. Basic Materials ETF, iShares U.S. Consumer Goods ETF, iShares U.S. Consumer Services ETF, iShares U.S. Financial Services ETF, iShares U.S. Financials ETF and iShares U.S. Industrials ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		81

Supplemental Information (unaudited)

Regulation Regarding Derivatives

Section 19(a) Notices

April 30, 2021



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

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

MSCI KLD 400 Social^(a)	$	0.825837	$	—	$	0.010309	$	0.836146		99	%		—	%		1	%		100	%
MSCI USA ESG Select^(a)		0.966350		—		0.010478		0.976828		99			—			1			100
U.S. Basic Materials		1.656611		—		—		1.656611		100			—			—			100
U.S. Consumer Goods		2.395476		—		—		2.395476		100			—			—			100
U.S. Consumer Services^(a)		0.422664		—		0.000363		0.423027		100			—			0	^(b)		100
U.S. Financial Services		2.358737		—		—		2.358737		100			—			—			100
U.S. Financials^(a)		0.981723		—		0.077131		1.058854		93			—			7			100
U.S. Industrials^(a)		0.892591		—		0.007289		0.899880		99			—			1			100

^(a⁾

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


82		2 0 2 1 I S H A R E S 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

Trustee and Officer Information


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (64)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N			83

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (65)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


84		2 0 2 1 I S H A R E S 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

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		85

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


86		2 0 2 1 I S H A R E S 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

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 MSCI Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-402-0421


		APRIL 30, 2021

2021 Annual Report

iShares Trust

iShares Core Dividend Growth ETF | DGRO | NYSE Arca

iShares Core High Dividend ETF | HDV | NYSE Arca

iShares International Select Dividend ETF | IDV | Cboe BZX

iShares Select Dividend ETF | DVY | NASDAQ

iShares U.S. Dividend and Buyback ETF | DIVB | Cboe BZX

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57

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
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		41
Financial Highlights		44
Notes to Financial Statements		49
Report of Independent Registered Public Accounting Firm		58
Important Tax Information (Unaudited)		59
Statement Regarding Liquidity Risk Management Program		60
Supplemental Information		61
Trustee and Officer Information		63
General Information		65
Glossary of Terms Used in this Report		66

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced significantly during the 12 months ended April 30, 2021 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 45.75% in U.S. dollar terms for the reporting period.

The reporting period began amid significant uncertainty surrounding the coronavirus pandemic. However, stocks continued to recover from the multi-year low reached in March 2020, as governments took measures to adapt to the economic and public health impact of COVID-19. In November 2020, news that several vaccines under development showed high effectiveness rates further boosted equities. Optimism about the global economic growth outlook and the beginning of vaccination programs led to further advances, and stocks surpassed pre-pandemic prices to reach all-time highs near the end of the reporting period.

The U.S. experienced a remarkable recovery from the depths of the pandemic-induced upheaval, and U.S. stocks rebounded to post substantial gains. As the reporting period began, unemployment was elevated, and economic activity was declining, with a significant contraction in the second quarter of 2020. However, unprecedented fiscal stimulus began to reverse the downward economic momentum. Individuals received direct stimulus payments and Congress eased rules around loans to businesses that kept employees on payroll. As lockdowns eased, unemployment began to decline, decreasing significantly between May 2020 and December 2020. The economy rebounded, with growth resuming in the third quarter of 2020, although unemployment remained well above pre-pandemic levels.

The U.S. Federal Reserve (“Fed”) also responded to the pandemic, acting to stabilize bond markets by continuing an unlimited, open-ended, bond buying program for U.S. Treasuries and mortgage-backed securities, which later expanded to include corporate bonds. In August 2020, the Fed revised its long-standing inflation policy, allowing inflation to exceed the 2% target to stimulate the economy.

Stocks in Europe also gained significantly, despite a recovery that trailed other major economies. European countries experienced some of the highest infection rates early in the pandemic, and governments instituted a series of restrictions that weighed on economic growth. The European Central Bank (“ECB”) provided monetary stimulus by maintaining ultra-low interest rates and continuing a large bond-buying program. Growth resumed with a significant rebound in the third quarter of 2020 as restrictions eased and Eurozone countries reached a deal for a collective €750 billion of stimulus spending. However, a new wave of cases beginning in October 2020 led to renewed restrictions, weakening the fragile recovery. Consequently, the Eurozone economy contracted slightly in the fourth quarter of 2020, even as much of the world returned to growth. The continent also had a slow vaccine rollout and another sharp increase in coronavirus cases in March 2021. This resurgence prompted the return of some restrictions, and the economy contracted again in the first quarter of 2021.

Asia-Pacific regional stocks advanced notably amid a sharp rebound in economic activity. While the course of the pandemic varied significantly by country, the Asia-Pacific region overall had fewer cases and deaths per capita than other regions, despite an increase late in the reporting period, particularly in India. China returned to growth in the second quarter of 2020, earlier than most countries. China’s restart helped the regional economy recover, as many Asia-Pacific countries rely on China as a major trading partner. In November 2020, 14 countries joined China to form the world’s largest trade pact, the Regional Comprehensive Economic Partnership, designed to facilitate trade between its members.


4		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Core Dividend Growth ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

		1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV		40.52	%	16.05	%	13.18	%		40.52	%	110.44	%	134.75	%
Fund Market		40.75		16.05		13.20			40.75		110.53		134.93
Index		40.63		16.13		13.25			40.63		111.19		135.69

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,296.40	$	0.46		$	1,000.00	$	1,024.40	$	0.40		0.08	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Core Dividend Growth ETF

Portfolio Management Commentary

Stocks of firms with a history of consistently growing dividends advanced strongly for the reporting period. In response to the coronavirus pandemic, some companies reduced or suspended dividend payments, although total dividend payments in the U.S. still rose slightly in 2020. The improving economy and a recovery in corporate earnings led to a rise in the rate of dividend increases in the first quarter of 2021.

The financials sector contributed the most to the Index’s return, led by the banking industry. Banks posted record revenues, driven by increased lending and deal-making. Unprecedented Fed stimulus and increasing interest rates raised investor optimism about an economic rebound, further aiding bank stocks. In the wake of the pandemic, bank stocks faced headwinds amid concerns that widespread business failures would lead to significant loan losses. However, the anticipated wave of unpaid loans did not materialize, leading banks to post loan loss reserves as income. Capital markets companies in the diversified financials industry also advanced, helped by a surge in retail trading and equity-underwriting revenues.

The information technology sector contributed significantly to the Index’s performance as pandemic-related restrictions led to an increase in remote work, driving demand for technology products and services. The sector’s advance was propelled by the technology hardware and equipment industry amid robust sales of personal computing equipment, 5G cell phones, and strong demand for streaming services and apps. The semiconductors and semiconductor equipment industry benefited from strong demand, which led to a semiconductor shortage and boosted revenues of chip makers. An increase in production as factories increased manufacturing late in the reporting period also supported the industry.

Strong gains in the industrial sector also contributed, led by capital goods companies, as new orders for U.S. goods rose amid accelerating economic growth. Within the industry, machinery stocks advanced, driven by rising sales to dealers restocking equipment to increase inventories.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	19.9	%
Financials	18.0
Health Care	17.2
Industrials	12.5
Consumer Staples	9.4
Utilities	7.7
Consumer Discretionary	7.6
Communication Services	4.4
Materials	3.3

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Microsoft Corp.	3.1	%
Apple Inc.	3.0
Pfizer Inc.	2.9
Johnson & Johnson	2.8
Verizon Communications Inc.	2.7
JPMorgan Chase & Co.	2.7
Procter & Gamble Co. (The)	2.5
Home Depot Inc. (The)	2.4
Merck & Co. Inc.	2.0
Cisco Systems Inc.	2.0

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Core High Dividend ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		21.70	%	7.81	%	9.87	%		21.70	%	45.66	%	156.41	%
Fund Market		21.79		7.80		9.87			21.79		45.57		156.37
Index		21.77		7.90		10.09			21.77		46.24		161.45

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,252.90	$	0.45		$	1,000.00	$	1,024.40	$	0.40		0.08	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Core High Dividend ETF

Portfolio Management Commentary

Stocks with histories of high dividend yields gained during the reporting period, as unprecedented monetary and fiscal stimulus, coupled with the rollout of COVID-19 vaccination programs, drove a robust rebound in economic activity. Companies were reluctant to raise dividends during the coronavirus pandemic and some even suspended payouts. In February 2021, dividend yields dipped below bond yields amid lower prospective dividends and expectations of inflation. However, late in the reporting period, companies began raising dividends, minimizing the impact of rising inflation by increasing income with each payout.

The energy sector was the primary contributor to the Index’s return, led by oil, gas, and consumable fuels companies. Despite revenue and profit declines driven by lower production levels, the stock prices of multinational integrated oil and gas companies appreciated during the reporting period. News of the development of an effective COVID-19 vaccine boosted optimism about a resumption of economic activity and demand for oil. In response to reduced capacity and production levels, companies relied on strong balance sheets and conservative capital spending, which helped them maintain dividend payout levels.

The industrials also contributed strongly to the Index’s return, led by the capital goods industry. Electrical equipment companies maintained and raised dividends amid successful restructuring. Diversified product lines led to strong cash flows for the industry. The growth of e-commerce drove contribution in the transportation industry as higher shipments and package deliveries boosted profit and revenue for air freight and logistics companies.

The financials sector also contributed meaningfully, led by asset management and custody banks in the diversified financials industry. Record-high savings during the pandemic, particularly for wealthy households, drove growth of assets under management, which, together with lower expenses, bolstered industry profits. Growth and awareness of sustainable investing also bolstered investor sentiment, further supporting the industry’s gains.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Energy	18.0	%
Health Care	16.1
Consumer Staples	15.1
Financials	14.0
Information Technology	10.9
Utilities	8.5
Communication Services	6.5
Industrials	5.9
Consumer Discretionary	3.6
Materials	1.3
Real Estate	0.1

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Exxon Mobil Corp.	8.4	%
JPMorgan Chase & Co.	6.7
Johnson & Johnson	6.7
Verizon Communications Inc.	6.5
Chevron Corp.	5.7
Procter & Gamble Co. (The)	5.1
Coca-Cola Co. (The)	4.1
Merck & Co. Inc.	4.0
Cisco Systems Inc.	4.0
Altria Group Inc.	3.9

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® International Select Dividend ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		40.57	%	7.38	%	3.82	%		40.57	%	42.76	%	45.51	%
Fund Market		41.89		7.36		3.75			41.89		42.64		44.46
Index		40.12		7.40		3.89			40.12		42.92		46.42

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

$	1,000.00	$	1,369.10	$	2.88		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® International Select Dividend ETF

Portfolio Management Commentary

International dividend stocks advanced during the reporting period as the global economic recovery assuaged concerns about the ability of companies to pay dividends. Many firms suspended, reduced, or eliminated dividends in 2020 due to the impact of COVID-19, but the overall decrease was less sharp than expected. As economic growth rebounded, companies began to reinstate or increase dividends, and expectations for dividend growth rose late in the reporting period. Additionally, low bond yields made dividend-paying stocks more attractive to investors.

Financials stocks contributed the most to the Index’s return, led by Australian and Canadian banks, which advanced as both economies returned to growth in the second half of the reporting period. Australian bank stocks advanced as low interest rates and a healthy housing market drove loan volumes higher, with home loans and building permits approaching 20-year highs. Lower-than-expected deferrals kept provisioning costs low. Expectations for strong profits and dividend growth also bolstered bank stocks as the government loosened payout limits. A large bank raised its dividend in February 2021, further raising investor expectations. In Canada, most large banks maintained dividend payments despite a sharp rise in loss provisions in 2020, which weighed on earnings. However, earnings rebounded in 2021, as provisioning dropped significantly following government stimulus programs that mitigated loan losses. Canadian banks also benefited from increasing demand for mortgages and stimulus-driven liquidity and market volatility, which boosted wealth management revenues. Although the Canadian government’s prohibition on dividend increases remained in place, investor expectations for dividend growth supported stocks, given banks’ high capital levels.

The materials sector also contributed significantly to the Index’s return, driven by U.K. and Australian metals and mining stocks. Prices for iron ore, a key steelmaking ingredient, reached multi-year highs amid surging Chinese demand, supported by stimulus-driven infrastructure projects. Rising prices for copper and other metals also helped metals and mining companies, which announced record dividend payouts.

Utilities stocks further contributed, as earnings and revenues rebounded from pandemic-induced lows. Companies benefited from higher power and gas prices as energy demand recovered. Firms with a renewable energy focus or assets were notable contributors, particularly in the U.K. and Europe, and utilities’ relatively resilient dividends appealed to yield-seeking investors.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Financials	30.4	%
Utilities	19.8
Materials	13.3
Communication Services	7.6
Industrials	6.8
Energy	6.6
Real Estate	5.9
Consumer Staples	5.1
Consumer Discretionary	2.2
Health Care	1.9
Information Technology	0.4


TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)
United Kingdom	21.9	%
Hong Kong	11.0
Canada	9.8
Spain	9.1
South Korea	7.2
Italy	7.2
Australia	6.7
France	5.1
Switzerland	4.2
Japan	4.1

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Select Dividend ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		52.54	%	11.47	%	12.06	%		52.54	%	72.12	%	212.27	%
Fund Market		52.50		11.45		12.05			52.50		71.98		211.89
Index		53.35		11.93		12.50			53.35		75.68		224.61

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,452.50	$	2.31		$	1,000.00	$	1,022.90	$	1.91		0.38	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of April 30, 2021 (continued)		iShares^® Select Dividend ETF

Portfolio Management Commentary

U.S. stocks with relatively high dividends advanced significantly for the reporting period. Although some companies reduced or suspended dividend payments as the coronavirus pandemic took hold, total dividend payments in the U.S. rose in 2020, reaching a record high. The improving economy and a recovery in corporate earnings also led to an increase in the rate of dividend increases in the first quarter of 2021.

The financials sector contributed the most to the Index’s return, led by banks. In June 2020 the Fed instituted restrictions on U.S. banks’ dividend and stock buyback activities. However, in March 2021 the Fed announced that these restrictions would ease later in 2021 for banks that met capital requirements. Bank earnings are dependent on the performance of the broader economy, and bank stocks rose as conditions improved. The development of effective COVID-19 vaccines raised investors’ expectations of an economic rebound, benefiting bank stocks. Late in the reporting period, higher long-term bond yields and a steepening yield curve (a graphical representation of U.S. Treasury rates at different maturities) also pointed to a strengthening economy, further supporting banks. Higher interest rates and a steeper yield curve often improve banks’ profitability by widening the difference between the interest they charge to borrowing customers and banks’ own cost of borrowing. The insurance industry also contributed, as investment profits among life and health insurers helped offset losses from increased claims due to the pandemic.

The communication services sector was also a solid contributor to the Index’s performance. The broadcasting industry was the leading source of strength, bolstered by an affiliation deal that secured continued broadcasting rights for major U.S. markets. Revenues from streaming services also helped the industry, as did a deal to make live content available on another platform. Materials stocks also advanced, as increased demand for shipping materials, driven by higher online purchases, bolstered the containers and packaging industry.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Utilities	26.7	%
Financials	22.6
Energy	8.4
Consumer Staples	8.4
Communication Services	7.3
Materials	7.2
Information Technology	6.3
Consumer Discretionary	5.3
Industrials	4.0
Health Care	3.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
ONEOK Inc.	2.3	%
Altria Group Inc.	2.2
AT&T Inc.	2.2
PPL Corp.	1.9
Philip Morris International Inc.	1.8
International Business Machines Corp.	1.7
Exxon Mobil Corp.	1.7
Prudential Financial Inc.	1.7
FirstEnergy Corp.	1.5
Pfizer Inc.	1.5

^(a)

Excludes money market funds.


12		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® U.S. Dividend and Buyback ETF

Investment Objective

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

Performance


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		51.33	%		15.75	%		51.33	%		66.35	%
Fund Market		51.32			15.75			51.32			66.34
Index		51.78			16.05			51.78			67.90

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,393.00	$	1.48		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of April 30, 2021 (continued)		iShares^® U.S. Dividend and Buyback ETF

Portfolio Management Commentary

Stocks with histories of paying dividends or making buybacks advanced for the reporting period as the global economic recovery assuaged concerns about the ability of companies to pay dividends and repurchase stocks. Dividends and buybacks, which some companies suspended, reduced, or eliminated early in the coronavirus pandemic, rose late in the reporting period, along with expectations for further increases. Meanwhile, low bond yields made dividend-paying stocks more attractive to investors.

Financials stocks were the largest contributors to the Index’s return, led by banks, which advanced sharply as investors grew optimistic about economic growth amid rebounding consumer spending, Fed credit market support, and COVID-19 vaccine distribution. The prospect of renewed stock buybacks and dividend increases, as the Fed relaxed restrictions, further bolstered bank stocks. Banks announced stock buybacks and raised cash to strengthen their balance sheets. Long-term bond yields rose more than short-term yields, which benefited banks because they can increase profit margins by borrowing at short-term interest rates and lending at longer-term interest rates. A surge in equity trading volume boosted profit margins for large banks and supported the diversified financials industry.

Information technology stocks also contributed significantly to the Index’s return, as the pandemic disrupted normal business practices and limited face-to-face contact, prompting a rebound in both consumer and business information technology systems. Technology hardware and equipment stocks advanced sharply amid strong revenues due to worldwide growth in demand for mobile phones, especially 5G-enabled phones, computers, tablets, wearable technology, and high-margin services such as streaming video and payment processing. The sector was a leader in increasing buybacks and raising dividends.

Industrials stocks also contributed to the Index’s return amid a rebound in industrial production from the lowest levels since the financial crisis of 2008, increases in factory orders, and investor enthusiasm about the economic recovery. Investor expectations for dividend increases and buybacks also bolstered stocks in the sector.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	24.3	%
Financials	20.2
Health Care	13.1
Communication Services	8.4
Industrials	8.2
Consumer Staples	7.8
Consumer Discretionary	7.5
Energy	4.8
Materials	2.4
Real Estate	1.7
Utilities	1.6

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Apple Inc.	5.1	%
Microsoft Corp.	4.2
JPMorgan Chase & Co.	2.7
Bank of America Corp.	2.3
AT&T Inc.	2.0
Wells Fargo & Co.	2.0
Intel Corp.	1.8
Citigroup Inc.	1.7
Procter & Gamble Co. (The)	1.7
Johnson & Johnson	1.6

^(a)

Excludes money market funds.


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

About Fund Performance

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

Shareholder Expenses


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		15

Schedule of Investments

April 30, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.8%
BWX Technologies Inc.		67,628	$	4,525,666
General Dynamics Corp.		333,389		63,420,590
HEICO Corp.		2,974		418,739
HEICO Corp., Class A		6,073		766,898
Huntington Ingalls Industries Inc.		55,173		11,714,331
L3Harris Technologies Inc.		210,362		44,014,041
Lockheed Martin Corp.		421,944		160,575,009
Northrop Grumman Corp.		168,035		59,558,325
Raytheon Technologies Corp.		2,116,882		176,209,258

				521,202,857

Air Freight & Logistics — 1.2%
CH Robinson Worldwide Inc.		164,969		16,015,191
Expeditors International of Washington Inc.		101,674		11,169,906
United Parcel Service Inc., Class B		991,919		202,212,607

				229,397,704

Auto Components — 0.1%
Gentex Corp.		181,413		6,382,109
LCI Industries		30,082		4,407,013

				10,789,122

Automobiles — 0.0%
Thor Industries Inc.		38,112		5,396,278


Banks — 9.0%
Atlantic Union Bankshares Corp.		111,884		4,326,554
BancorpSouth Bank		121,958		3,608,737
Bank of America Corp.		8,237,892		333,881,763
Bank of Hawaii Corp.		64,565		5,868,313
Bank OZK		173,236		7,100,944
BOK Financial Corp.		38,357		3,373,115
Cathay General Bancorp		120,842		4,891,684
Citigroup Inc.		3,234,510		230,426,492
Commerce Bancshares Inc.		81,037		6,305,489
Community Bank System Inc.		53,253		4,134,030
Cullen/Frost Bankers Inc.		80,513		9,666,391
CVB Financial Corp.		206,173		4,372,929
First Financial Bankshares Inc.		84,999		4,171,751
First Republic Bank/CA		45,813		8,394,774
Fulton Financial Corp.		272,068		4,638,759
Glacier Bancorp. Inc.		101,566		5,987,316
Hilltop Holdings Inc.		46,600		1,640,320
Home BancShares Inc./AR		172,204		4,792,437
Independent Bank Corp.		34,417		2,818,752
Independent Bank Group Inc.		32,354		2,443,051
JPMorgan Chase & Co.		3,195,617		491,517,851
PNC Financial Services Group Inc. (The)		615,744		115,113,341
Popular Inc.		105,050		7,769,498
Prosperity Bancshares Inc.		131,898		9,676,037
Regions Financial Corp.		1,557,554		33,954,677
ServisFirst Bancshares Inc.		37,067		2,344,117
Simmons First National Corp., Class A		124,383		3,544,916
South State Corp.		85,474		7,207,168
Synovus Financial Corp.		229,130		10,737,032
TCF Financial Corp.		249,111		11,339,533
Truist Financial Corp.		2,317,881		137,473,522
U.S. Bancorp		2,405,191		142,748,086
UMB Financial Corp.		32,604		3,163,566
United Community Banks Inc./GA		94,831		3,102,870
Webster Financial Corp.		133,497		7,063,326


Security	Shares		Value

Banks (continued)
Wintrust Financial Corp.		50,633	$	3,903,804
Zions Bancorp. NA		217,862		12,156,700

				1,655,659,645

Beverages — 2.1%
Brown-Forman Corp., Class A		33,852		2,415,340
Brown-Forman Corp., Class B, NVS		102,383		7,809,775
Constellation Brands Inc., Class A		126,012		30,283,204
PepsiCo Inc.		2,376,537		342,601,574

				383,109,893

Biotechnology — 1.3%
Amgen Inc.		1,001,010		239,882,036


Building Products — 0.5%
A O Smith Corp.		122,048		8,268,752
AAON Inc.		10,525		688,440
Advanced Drainage Systems Inc.		9,205		1,027,830
Allegion PLC		57,611		7,741,766
Fortune Brands Home & Security Inc.		90,362		9,486,203
Lennox International Inc.		20,520		6,881,177
Masco Corp.		143,668		9,177,512
Owens Corning		74,531		7,215,346
Simpson Manufacturing Co. Inc.		20,870		2,352,049
Trane Technologies PLC		175,312		30,474,485
UFP Industries Inc.		30,427		2,557,085

				85,870,645

Capital Markets — 4.8%
Ameriprise Financial Inc.		122,203		31,577,255
Bank of New York Mellon Corp. (The)		1,237,869		61,744,906
BlackRock Inc.^(a)		158,780		130,088,454
Charles Schwab Corp. (The)		928,046		65,334,438
CME Group Inc.		331,946		67,049,773
Cohen & Steers Inc.		30,645		2,084,473
Evercore Inc., Class A		41,462		5,810,070
FactSet Research Systems Inc.		21,116		7,099,621
Goldman Sachs Group Inc. (The)		282,506		98,439,216
Houlihan Lokey Inc.		56,904		3,771,028
Intercontinental Exchange Inc.		327,768		38,581,571
MarketAxess Holdings Inc.		10,788		5,269,506
Moody’s Corp.		77,270		25,244,882
Morgan Stanley		1,352,572		111,654,819
MSCI Inc.		35,552		17,270,095
Nasdaq Inc.		87,628		14,155,427
Northern Trust Corp.		323,344		36,796,547
Raymond James Financial Inc.		90,999		11,900,849
S&P Global Inc.		120,958		47,220,794
SEI Investments Co.		84,443		5,188,178
State Street Corp.		493,804		41,454,846
T Rowe Price Group Inc.		261,079		46,785,357

				874,522,105

Chemicals — 2.4%
Air Products & Chemicals Inc.		245,022		70,683,947
Albemarle Corp.		65,650		11,040,360
Ashland Global Holdings Inc.		38,458		3,315,464
Avient Corp.		90,105		4,574,631
Balchem Corp.		8,587		1,092,181
Cabot Corp.		84,141		4,617,658
Celanese Corp.		121,116		18,972,821
Eastman Chemical Co.		179,825		20,750,007
Ecolab Inc.		123,704		27,724,540


16		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
HB Fuller Co.		31,531	$	2,106,901
Innospec Inc.		13,728		1,337,244
International Flavors & Fragrances Inc.		318,421		45,269,914
Linde PLC		427,467		122,187,167
NewMarket Corp.		7,643		2,648,987
PPG Industries Inc.		193,182		33,080,486
Quaker Chemical Corp.		4,618		1,119,172
RPM International Inc.		126,039		11,953,539
Scotts Miracle-Gro Co. (The)		26,119		6,037,668
Sensient Technologies Corp.		46,260		3,804,422
Sherwin-Williams Co. (The)		128,918		35,306,773
Stepan Co.		10,586		1,383,167
Valvoline Inc.		198,850		6,243,890
Westlake Chemical Corp.		22,049		2,070,181
WR Grace & Co.		68,864		4,733,023

				442,054,143

Commercial Services & Supplies — 0.6%
ABM Industries Inc.		56,305		2,894,640
Brady Corp., Class A, NVS		42,885		2,340,234
Cintas Corp.		42,089		14,526,598
Healthcare Services Group Inc.		117,440		3,517,328
MSA Safety Inc.		21,236		3,413,899
Republic Services Inc.		209,781		22,299,720
Tetra Tech Inc.		15,431		1,969,459
Waste Management Inc.		391,681		54,040,228

				105,002,106

Communications Equipment — 2.1%
Cisco Systems Inc.		7,077,065		360,293,379
Motorola Solutions Inc.		151,539		28,534,794

				388,828,173

Construction Materials — 0.1%
Martin Marietta Materials Inc.		23,392		8,260,183
Vulcan Materials Co.		64,463		11,489,885

				19,750,068

Consumer Finance — 0.8%
Ally Financial Inc.		351,680		18,093,936
American Express Co.		429,566		65,873,946
Discover Financial Services		304,424		34,704,336
FirstCash Inc.		37,268		2,684,414
Synchrony Financial		645,853		28,249,610

				149,606,242

Containers & Packaging — 0.4%
AptarGroup Inc.		37,395		5,639,540
Avery Dennison Corp.		64,632		13,842,235
International Paper Co.		826,652		47,945,816
Silgan Holdings Inc.		50,180		2,116,091
Sonoco Products Co.		162,207		10,618,070

				80,161,752

Distributors — 0.2%
Genuine Parts Co.		222,674		27,827,570
Pool Corp.		15,003		6,339,067

				34,166,637

Diversified Consumer Services — 0.1%
Service Corp. International		172,831		9,236,089


Diversified Telecommunication Services — 2.7%
Verizon Communications Inc.		8,645,992		499,651,878


Security	Shares		Value

Electric Utilities — 4.7%
ALLETE Inc.		109,595	$	7,711,104
Alliant Energy Corp.		448,904		25,214,938
American Electric Power Co. Inc.		1,016,313		90,157,126
Duke Energy Corp.		1,757,402		176,952,807
Edison International		968,651		57,586,302
Entergy Corp.		453,135		49,523,124
Evergy Inc.		476,992		30,513,178
Eversource Energy		533,769		46,021,563
Exelon Corp.		2,002,716		90,002,057
IDACORP Inc.		85,201		8,731,398
MGE Energy Inc.		41,520		3,106,111
NextEra Energy Inc.		2,275,708		176,390,127
Pinnacle West Capital Corp.		268,090		22,693,819
PNM Resources Inc.		121,271		5,985,937
Portland General Electric Co.		177,653		9,035,432
Xcel Energy Inc.		817,066		58,256,806

				857,881,829

Electrical Equipment — 1.0%
Eaton Corp. PLC		469,561		67,114,354
Emerson Electric Co.		740,064		66,968,391
Hubbell Inc.		63,842		12,258,302
nVent Electric PLC		229,880		6,999,846
Regal Beloit Corp.		19,189		2,771,467
Rockwell Automation Inc.		106,044		28,023,188

				184,135,548

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		314,494		21,178,026
Badger Meter Inc.		11,517		1,075,573
CDW Corp./DE		82,241		14,666,037
Cognex Corp.		30,111		2,593,159
Corning Inc.		1,058,574		46,799,556
FLIR Systems Inc.		91,800		5,505,246
Littelfuse Inc.		9,765		2,590,069
TE Connectivity Ltd.		274,559		36,919,949
Vishay Intertechnology Inc.		116,403		2,860,022

				134,187,637

Entertainment — 0.1%
Activision Blizzard Inc.		195,120		17,792,993


Food & Staples Retailing — 1.6%
Casey’s General Stores Inc.		13,578		3,016,896
Costco Wholesale Corp.		214,295		79,737,026
Kroger Co. (The)		890,342		32,533,097
Walmart Inc.		1,272,413		178,023,303

				293,310,322

Food Products — 1.8%
Archer-Daniels-Midland Co.		790,277		49,890,187
Flowers Foods Inc.		377,314		9,040,443
Hershey Co. (The)		173,861		28,565,362
Hormel Foods Corp.		320,744		14,818,373
Ingredion Inc.		105,485		9,853,354
JM Smucker Co. (The)		190,233		24,918,621
Kellogg Co.		543,499		33,925,208
Lancaster Colony Corp.		17,915		3,309,080
McCormick & Co. Inc./MD, NVS		221,454		20,010,583
Mondelez International Inc., Class A		1,801,215		109,531,884
Tyson Foods Inc., Class A		397,860		30,814,257

				334,677,352


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 (continued)

April 30, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Gas Utilities — 0.4%
Atmos Energy Corp.		194,858	$	20,185,340
National Fuel Gas Co.		183,978		9,136,347
New Jersey Resources Corp.		176,088		7,386,892
ONE Gas Inc.		93,189		7,498,919
Southwest Gas Holdings Inc.		107,851		7,519,372
Spire Inc.		104,157		7,847,188
UGI Corp.		379,266		16,577,717

				76,151,775

Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		1,546,271		185,676,222
Baxter International Inc.		362,371		31,051,571
Becton Dickinson and Co.		227,600		56,629,156
Danaher Corp.		120,136		30,507,336
DENTSPLY SIRONA Inc.		79,318		5,354,758
Hill-Rom Holdings Inc.		30,820		3,396,980
Medtronic PLC		1,478,097		193,512,459
ResMed Inc.		68,523		12,880,268
STERIS PLC		42,723		9,015,408
Stryker Corp.		192,985		50,683,651
West Pharmaceutical Services Inc.		10,629		3,491,839

				582,199,648

Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		130,300		15,740,240
Anthem Inc.		158,903		60,286,209
Cardinal Health Inc.		571,210		34,466,811
Chemed Corp.		2,884		1,374,543
Encompass Health Corp.		79,522		6,748,237
Ensign Group Inc. (The)		6,865		589,360
Humana Inc.		46,119		20,534,024
McKesson Corp.		82,556		15,484,203
Quest Diagnostics Inc.		145,387		19,173,638
UnitedHealth Group Inc.		762,167		303,952,200

				478,349,465

Hotels, Restaurants & Leisure — 2.2%
Domino’s Pizza Inc.		19,416		8,200,154
McDonald’s Corp.		1,012,342		238,993,699
Starbucks Corp.		1,100,929		126,045,361
Yum! Brands Inc.		324,459		38,779,340

				412,018,554

Household Durables — 0.3%
DR Horton Inc.		181,602		17,849,661
Leggett & Platt Inc.		241,893		12,014,825
Whirlpool Corp.		86,043		20,344,867

				50,209,353

Household Products — 3.7%
Church & Dwight Co. Inc.		174,059		14,923,819
Clorox Co. (The)		166,346		30,358,145
Colgate-Palmolive Co.		1,117,833		90,209,123
Energizer Holdings Inc.		84,296		4,155,793
Kimberly-Clark Corp.		608,184		81,083,091
Procter & Gamble Co. (The)		3,459,061		461,507,918
WD-40 Co.		6,727		1,673,274

				683,911,163

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		819,275		22,792,231


Industrial Conglomerates — 2.1%
3M Co.		1,039,472		204,921,510
Carlisle Companies Inc.		39,814		7,630,353


Security	Shares		Value

Industrial Conglomerates (continued)
Honeywell International Inc.		688,583	$	153,581,552
Roper Technologies Inc.		34,469		15,388,341

				381,521,756

Insurance — 3.4%
Aflac Inc.		951,086		51,101,851
Allstate Corp. (The)		323,443		41,012,572
American Equity Investment Life Holding Co.		42,261		1,309,246
American Financial Group Inc./OH		67,855		8,336,665
Aon PLC, Class A		103,034		25,906,869
Arthur J Gallagher & Co.		155,477		22,536,391
Assurant Inc.		63,526		9,884,646
Assured Guaranty Ltd.		78,641		3,998,895
Axis Capital Holdings Ltd.		146,014		8,147,581
Brown & Brown Inc.		103,917		5,526,306
Chubb Ltd.		456,110		78,263,915
Cincinnati Financial Corp.		190,230		21,435,116
CNO Financial Group Inc.		145,004		3,701,952
Erie Indemnity Co., Class A, NVS		24,956		5,341,083
Everest Re Group Ltd.		55,826		15,461,011
Fidelity National Financial Inc.		555,074		25,322,476
First American Financial Corp.		204,691		13,202,570
Globe Life Inc.		40,060		4,105,749
Hanover Insurance Group Inc. (The)		45,756		6,328,512
Hartford Financial Services Group Inc. (The)		513,389		33,863,138
Kinsale Capital Group Inc.		2,963		515,592
Lincoln National Corp.		279,153		17,902,082
Marsh & McLennan Companies Inc.		451,848		61,315,774
MetLife Inc.		1,307,107		83,171,218
Primerica Inc.		27,476		4,389,841
Reinsurance Group of America Inc.		82,387		10,753,975
RenaissanceRe Holdings Ltd.		24,490		4,134,157
RLI Corp.		18,893		2,105,814
Selective Insurance Group Inc.		44,487		3,387,240
Travelers Companies Inc. (The)		310,592		48,036,159
W R Berkley Corp.		50,085		3,992,776

				624,491,172

IT Services — 3.0%
Accenture PLC, Class A		487,117		141,249,317
Automatic Data Processing Inc.		492,090		92,015,909
Broadridge Financial Solutions Inc.		105,009		16,657,578
Fidelity National Information Services Inc.		335,646		51,320,273
Jack Henry & Associates Inc.		49,480		8,056,828
Mastercard Inc., Class A		227,832		87,045,494
TTEC Holdings Inc.		8,306		844,969
Visa Inc., Class A		546,243		127,580,515
Western Union Co. (The)		846,284		21,800,276

				546,571,159

Leisure Products — 0.2%
Brunswick Corp./DE		48,245		5,168,487
Hasbro Inc.		201,465		20,035,694
Polaris Inc.		61,561		8,620,387

				33,824,568

Life Sciences Tools & Services — 0.1%
Agilent Technologies Inc.		111,307		14,875,067


Machinery — 2.4%
AGCO Corp.		16,329		2,382,728
Barnes Group Inc.		28,670		1,431,206
Caterpillar Inc.		568,671		129,719,542


18		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Cummins Inc.		164,615	$	41,489,565
Donaldson Co. Inc.		97,520		6,132,058
Dover Corp.		120,541		17,983,512
Franklin Electric Co. Inc.		19,561		1,589,723
Graco Inc.		104,661		8,037,965
Hillenbrand Inc.		70,604		3,465,950
IDEX Corp.		42,326		9,489,489
Illinois Tool Works Inc.		344,859		79,476,205
ITT Inc.		37,682		3,553,789
Lincoln Electric Holdings Inc.		56,338		7,214,081
Nordson Corp.		23,727		5,016,125
Oshkosh Corp.		44,417		5,526,807
Otis Worldwide Corp.		276,506		21,531,522
PACCAR Inc.		258,460		23,230,385
Pentair PLC		124,944		8,060,137
Snap-on Inc.		68,488		16,272,749
Stanley Black & Decker Inc.		132,080		27,310,182
Timken Co. (The)		53,970		4,526,464
Toro Co. (The)		62,123		7,119,296
Watts Water Technologies Inc., Class A		12,208		1,520,506
Xylem Inc./NY		112,374		12,434,183

				444,514,169

Marine — 0.0%
Matson Inc.		29,235		1,909,923


Media — 1.5%
Cable One Inc.		1,610		2,881,900
Comcast Corp., Class A		4,123,907		231,557,378
John Wiley & Sons Inc., Class A		60,998		3,473,226
Nexstar Media Group Inc., Class A		45,647		6,728,824
Omnicom Group Inc.		410,571		33,773,571
Sirius XM Holdings Inc.		646,966		3,946,493

				282,361,392

Metals & Mining — 0.3%
Nucor Corp.		407,614		33,530,328
Reliance Steel & Aluminum Co.		60,249		9,658,517
Royal Gold Inc.		41,329		4,623,062
Steel Dynamics Inc.		230,401		12,492,342
Worthington Industries Inc.		27,835		1,816,512

				62,120,761

Multi-Utilities — 2.3%
Ameren Corp.		376,105		31,908,748
Black Hills Corp.		122,632		8,459,155
CMS Energy Corp.		490,953		31,612,464
Consolidated Edison Inc.		846,874		65,556,516
DTE Energy Co.		373,042		52,233,341
MDU Resources Group Inc.		306,689		10,261,814
NiSource Inc.		857,200		22,304,344
NorthWestern Corp.		109,833		7,471,939
Public Service Enterprise Group Inc.		965,097		60,955,526
Sempra Energy		535,480		73,665,984
WEC Energy Group Inc.		551,069		53,547,375

				417,977,206

Multiline Retail — 0.6%
Dollar General Corp.		105,737		22,707,021
Target Corp.		428,396		88,789,355

				111,496,376

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		94,745		29,730,981


Security	Shares		Value

Personal Products (continued)
Nu Skin Enterprises Inc., Class A		85,277	$	4,507,742

				34,238,723

Pharmaceuticals — 10.0%
Bristol-Myers Squibb Co.		4,082,760		254,845,879
Eli Lilly & Co.		737,975		134,879,691
Johnson & Johnson		3,106,853		505,578,189
Merck & Co. Inc.		4,941,957		368,175,796
Perrigo Co. PLC		165,909		6,906,792
Pfizer Inc.		13,942,602		538,881,567
Zoetis Inc.		176,941		30,616,101

				1,839,884,015

Professional Services — 0.2%
Booz Allen Hamilton Holding Corp.		146,437		12,146,949
Exponent Inc.		22,369		2,154,806
Insperity Inc.		34,009		2,977,148
ManpowerGroup Inc.		75,514		9,128,887
Robert Half International Inc.		127,327		11,155,119

				37,562,909

Road & Rail — 1.2%
CSX Corp.		514,569		51,842,827
JB Hunt Transport Services Inc.		33,623		5,739,782
Landstar System Inc.		11,299		1,946,592
Ryder System Inc.		89,208		7,122,367
Union Pacific Corp.		689,048		153,030,670
Werner Enterprises Inc.		24,440		1,129,861

				220,812,099

Semiconductors & Semiconductor Equipment — 6.8%
Analog Devices Inc.		389,722		59,689,822
Broadcom Inc.		747,621		341,064,700
CMC Materials Inc.		17,247		3,163,617
Intel Corp.		5,139,437		295,671,811
KLA Corp.		110,376		34,807,072
Lam Research Corp.		80,909		50,199,989
Microchip Technology Inc.		161,778		24,313,616
Power Integrations Inc.		21,737		1,800,041
QUALCOMM Inc.		1,291,623		179,277,272
Skyworks Solutions Inc.		111,436		20,206,690
Texas Instruments Inc.		1,241,591		224,119,591
Xilinx Inc.		176,547		22,590,954

				1,256,905,175

Software — 3.9%
Dolby Laboratories Inc., Class A		32,128		3,260,028
Intuit Inc.		91,040		37,523,047
Microsoft Corp.		2,230,091		562,384,348
Oracle Corp.		1,418,139		107,480,755
Progress Software Corp.		37,705		1,646,200

				712,294,378

Specialty Retail — 3.4%
Best Buy Co. Inc.		262,345		30,502,853
Dick’s Sporting Goods Inc.		64,691		5,342,183
Group 1 Automotive Inc.		7,140		1,172,102
Home Depot Inc. (The)		1,362,704		441,066,404
Lithia Motors Inc., Class A		4,696		1,805,049
Lowe’s Companies Inc.		586,300		115,061,375
Penske Automotive Group Inc.		37,263		3,267,592
Tractor Supply Co.		81,380		15,348,268
Williams-Sonoma Inc.		68,732		11,735,989

				625,301,815


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 (continued)

April 30, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 3.3%
Apple Inc.		4,199,113	$	552,015,395
Hewlett Packard Enterprise Co.		2,293,708		36,745,202
NetApp Inc.		361,901		27,030,386

				615,790,983

Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		563,530		74,735,349
VF Corp.		442,446		38,784,816

				113,520,165

Thrifts & Mortgage Finance — 0.0%
Washington Federal Inc.		120,263		3,914,561


Trading Companies & Distributors — 0.4%
Air Lease Corp.		79,082		3,693,920
Applied Industrial Technologies Inc.		30,658		2,932,744
Fastenal Co.		783,721		40,972,934
GATX Corp.		40,125		3,920,614
MSC Industrial Direct Co. Inc., Class A		86,766		7,822,823
WW Grainger Inc.		39,125		16,962,252

				76,305,287

Water Utilities — 0.3%
American States Water Co.		38,605		3,057,130
American Water Works Co. Inc.		164,447		25,652,087
California Water Service Group		48,878		2,871,582
Essential Utilities Inc.		296,967		13,996,055


Security	Shares		Value

Water Utilities (continued)
SJW Group		34,225	$	2,243,449

				47,820,303

Wireless Telecommunication Services — 0.0%
Shenandoah Telecommunications Co.		16,770		792,550


Total Common Stocks — 99.8% (Cost: $14,285,869,978)				18,368,711,755


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		56,230,000		56,230,000


Total Short-Term Investments — 0.3% (Cost: $56,230,000)				56,230,000


Total Investments in Securities — 100.1% (Cost: $14,342,099,978)				18,424,941,755

Other Assets, Less Liabilities — (0.1)%				(21,785,357	)


Net Assets — 100.0%			$	18,403,156,398

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—		$	—	$	—	$	—		—	$	80,666	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,342,000		32,888,000	^(b)		—			—		—		56,230,000		56,230,000		24,009			—
BlackRock Inc.		46,150,027		59,865,292			(20,237,295	)		1,997,566		42,312,864		130,088,454		158,780		2,036,941			—


									$	1,997,566	$	42,312,864	$	186,318,454			$	2,141,616		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

139

06/18/21

29,012

1,802,211


20		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Core Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,802,211

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	16,575,771

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,592,212	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	32,182,587

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	18,368,711,755	$	—	$	—	$	18,368,711,755
Money Market Funds		56,230,000		—		—		56,230,000

	$	18,424,941,755	$	—	$	—	$	18,424,941,755

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,802,211	$	—	$	—	$	1,802,211

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		21

Schedule of Investments

April 30, 2021

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 2.2%
United Parcel Service Inc., Class B		742,095	$	151,283,487


Banks — 10.1%
Huntington Bancshares Inc./OH		1,566,661		24,001,246
JPMorgan Chase & Co.		2,972,367		457,179,768
Truist Financial Corp.		1,734,102		102,849,590
U.S. Bancorp		1,799,422		106,795,696

				690,826,300

Beverages — 4.1%
Coca-Cola Co. (The)		5,181,391		279,691,486


Biotechnology — 2.6%
Amgen Inc.		748,894		179,464,958


Capital Markets — 1.3%
Ares Management Corp., Class A		118,418		6,219,313
Artisan Partners Asset Management Inc., Class A		188,227		9,584,519
Carlyle Group Inc. (The)		134,060		5,719,000
Cohen & Steers Inc.		23,077		1,569,697
Evercore Inc., Class A		31,052		4,351,317
Invesco Ltd.		390,406		10,540,962
Janus Henderson Group PLC		329,722		11,339,139
Moelis & Co., Class A		91,420		4,962,278
T Rowe Price Group Inc.		195,049		34,952,781

				89,239,006

Chemicals — 0.7%
Eastman Chemical Co.		134,449		15,514,070
International Flavors & Fragrances Inc.		237,885		33,820,111

				49,334,181

Communications Equipment — 3.9%
Cisco Systems Inc.		5,294,641		269,550,173


Containers & Packaging — 0.5%
Amcor PLC		2,597,183		30,516,900


Distributors — 0.3%
Genuine Parts Co.		166,211		20,771,389


Diversified Telecommunication Services — 6.5%
Verizon Communications Inc.		7,646,133		441,870,026


Electric Utilities — 5.8%
Alliant Energy Corp.		335,077		18,821,275
American Electric Power Co. Inc.		760,344		67,450,116
Avangrid Inc.		86,937		4,425,093
Duke Energy Corp.		1,314,785		132,385,702
IDACORP Inc.		63,253		6,482,168
Southern Co. (The)		1,900,636		125,765,084
Xcel Energy Inc.		610,756		43,546,903

				398,876,341

Electrical Equipment — 0.1%
Hubbell Inc.		47,759		9,170,206


Food Products — 0.8%
General Mills Inc.		894,819		54,458,684


Gas Utilities — 0.3%
Atmos Energy Corp.		145,646		15,087,469
National Fuel Gas Co.		136,851		6,796,021

				21,883,490


Security	Shares		Value

Hotels, Restaurants & Leisure — 2.6%
McDonald’s Corp.		757,375	$	178,801,090


Household Products — 6.3%
Clorox Co. (The)		124,413		22,705,372
Kimberly-Clark Corp.		455,009		60,661,800
Procter & Gamble Co. (The)		2,587,861		345,272,415
Reynolds Consumer Products Inc.		72,824		2,135,200

				430,774,787

Industrial Conglomerates — 2.2%
3M Co.		777,669		153,309,667


Insurance — 2.6%
Hanover Insurance Group Inc. (The)		34,122		4,719,414
Mercury General Corp.		43,204		2,690,313
Progressive Corp. (The)		1,307,443		131,711,808
Travelers Companies Inc. (The)		232,907		36,021,396

				175,142,931

IT Services — 0.7%
Paychex Inc.		352,083		34,324,572
Western Union Co. (The)		631,937		16,278,697

				50,603,269

Leisure Products — 0.2%
Hasbro Inc.		150,610		14,978,165


Machinery — 0.6%
Cummins Inc.		123,001		31,001,172
Snap-on Inc.		51,307		12,190,543

				43,191,715

Media — 0.0%
John Wiley & Sons Inc., Class A		45,933		2,615,425


Metals & Mining — 0.1%
Southern Copper Corp.		114,550		7,950,916


Multi-Utilities — 2.2%
CMS Energy Corp.		366,199		23,579,554
DTE Energy Co.		279,637		39,154,773
Public Service Enterprise Group Inc.		721,524		45,571,456
WEC Energy Group Inc.		411,826		40,017,132

				148,322,915

Oil, Gas & Consumable Fuels — 18.0%
Cabot Oil & Gas Corp.		347,646		5,795,259
Chevron Corp.		3,747,792		386,284,921
ConocoPhillips		1,647,580		84,257,241
EOG Resources Inc.		489,547		36,050,241
Exxon Mobil Corp.		10,009,494		572,943,436
Phillips 66		747,116		60,449,156
Williams Companies Inc. (The)		3,343,894		81,457,258

				1,227,237,512

Pharmaceuticals — 13.5%
Bristol-Myers Squibb Co.		3,054,481		190,660,704
Johnson & Johnson		2,808,031		456,950,885
Merck & Co. Inc.		3,697,277		275,447,136

				923,058,725

Real Estate Management & Development — 0.1%
Kennedy-Wilson Holdings Inc.		224,219		4,607,700


Semiconductors & Semiconductor Equipment — 6.2%
Broadcom Inc.		559,328		255,165,434


22		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Texas Instruments Inc.		928,887	$	167,673,392

				422,838,826

Textiles, Apparel & Luxury Goods — 0.4%
VF Corp.		330,729		28,991,704


Thrifts & Mortgage Finance — 0.1%
Capitol Federal Financial Inc.		124,548		1,609,783
TFS Financial Corp.		106,078		2,074,886

				3,684,669

Tobacco — 3.9%
Altria Group Inc.		5,573,226		266,121,541


Trading Companies & Distributors — 0.7%
Fastenal Co.		585,564		30,613,286
MSC Industrial Direct Co. Inc., Class A		64,460		5,811,713
Watsco Inc.		40,594		11,888,359

				48,313,358

Water Utilities — 0.2%
Essential Utilities Inc.		222,365		10,480,062


Total Common Stocks — 99.8% (Cost: $6,225,123,154)				6,827,961,604


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.00%^(a)(b)		16,210,000	$	16,210,000


Total Short-Term Investments — 0.3% (Cost: $16,210,000)				16,210,000


Total Investments in Securities — 100.1% (Cost: $6,241,333,154)				6,844,171,604

Other Assets, Less Liabilities — (0.1)%				(4,844,139	)


Net Assets — 100.0%			$	6,839,327,465

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—		$	—	$	—		$	—		—	$	79,515	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,280,000		—			(4,070,000	)^(b)		—		—			16,210,000		16,210,000		9,681			—
BlackRock Inc.^(a)		70,357,894		18,677,245			(115,736,460	)		34,741,887		(8,040,566	)		—		—		1,521,195			—

									$	34,741,887	$	(8,040,566	)	$	16,210,000			$	1,610,391		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/18/21

9,601

584,118


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 (continued)

April 30, 2021

iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	584,118

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	10,461,164


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(938,715	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,555,808

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,827,961,604	$	—	$	—	$	6,827,961,604
Money Market Funds		16,210,000		—		—		16,210,000

	$	6,844,171,604	$	—	$	—	$	6,844,171,604

Derivative financial instruments^(a)
Assets
Futures Contracts	$	584,118	$	—	$	—	$	584,118

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


24		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® International Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.6%
APA Group		3,115,096	$	24,134,750
AusNet Services		3,739,045		5,473,188
Fortescue Metals Group Ltd.		6,795,857		118,585,311
JB Hi-Fi Ltd.		1,274,165		45,550,113
Magellan Financial Group Ltd.		1,768,068		66,238,599
Perpetual Ltd.		648,623		17,360,652
Suncorp Group Ltd.		1,241,522		10,079,235

				287,421,848

Austria — 0.4%
Oesterreichische Post AG		372,766		16,535,906


Belgium — 2.3%
Ageas SA/NV		1,027,398		62,284,310
Proximus SADP		1,848,671		39,456,866

				101,741,176

Canada — 9.7%
Bank of Montreal		658,022		62,052,619
Bank of Nova Scotia (The)		781,113		49,697,378
Canadian Imperial Bank of Commerce		804,240		83,535,837
Canadian Utilities Ltd., Class A, NVS		1,419,026		40,522,178
Emera Inc.		1,299,407		59,013,062
Great-West Lifeco Inc.		902,565		26,148,120
IGM Financial Inc.		902,751		32,200,223
Labrador Iron Ore Royalty Corp.		726,193		24,804,609
Manulife Financial Corp.		681,167		14,861,423
Power Corp. of Canada		936,666		27,257,879

				420,093,328

China — 0.0%
Gemdale Properties & Investment Corp. Ltd.		12,882,000		1,807,860


Finland — 3.0%
Fortum OYJ		1,534,163		40,353,124
Sampo OYJ, Class A		896,024		42,616,806
UPM-Kymmene OYJ		1,151,779		45,130,939

				128,100,869

France — 5.1%
APERAM SA		598,761		31,058,768
Bouygues SA		1,110,810		47,657,548
Gaztransport Et Technigaz SA		281,219		24,052,652
Nexity SA		572,270		31,055,542
Orange SA		1,610,193		20,061,920
TOTAL SE		1,486,839		65,911,458

				219,797,888

Hong Kong — 10.9%
BOC Hong Kong Holdings Ltd.		6,543,000		23,082,485
CK Hutchison Holdings Ltd.		9,308,000		76,339,777
CK Infrastructure Holdings Ltd.		7,419,500		45,471,227
Hang Seng Bank Ltd.		4,757,100		93,404,372
Henderson Land Development Co. Ltd.		10,520,000		46,797,093
Hysan Development Co. Ltd.		7,452,000		28,064,273
Kerry Properties Ltd.		7,800,500		26,313,512
New World Development Co. Ltd.		10,069,750		53,286,303
PCCW Ltd.		14,364,000		8,322,293
Swire Pacific Ltd., Class A		6,332,500		51,243,120
VTech Holdings Ltd.		1,989,200		18,248,132

				470,572,587


Security	Shares		Value

Italy — 7.0%
A2A SpA		8,598,388	$	16,840,649
Anima Holding SpA^(a)		3,034,882		15,720,537
Azimut Holding SpA		1,322,849		31,713,546
Enel SpA		6,682,953		66,507,491
Eni SpA		5,603,398		66,981,511
Italgas SpA		5,898,316		38,498,319
Snam SpA		8,773,483		49,427,895
UnipolSai Assicurazioni SpA		5,439,012		16,931,785

				302,621,733

Japan — 4.1%
Haseko Corp.		2,285,300		30,629,564
Idemitsu Kosan Co. Ltd.		1,988,500		47,609,025
MS&AD Insurance Group Holdings Inc.		1,498,000		42,416,267
Sojitz Corp.		1,508,000		4,497,580
Sumitomo Mitsui Financial Group Inc.		1,508,800		52,481,200

				177,633,636

Netherlands — 3.1%
Flow Traders^(a)		441,781		18,262,555
NN Group NV		1,036,715		51,879,243
Royal Dutch Shell PLC, Class A		2,132,626		40,304,747
SBM Offshore NV		1,314,009		22,896,607

				133,343,152

New Zealand — 1.5%
Spark New Zealand Ltd.		20,163,308		63,655,574


Portugal — 1.0%
EDP - Energias de Portugal SA		7,612,600		42,356,218


Singapore — 0.5%
BOC Aviation Ltd.^(a)		2,506,400		22,621,609


South Korea — 7.2%
BNK Financial Group Inc.		1,842,692		12,705,936
DB Insurance Co. Ltd.		589,486		25,940,882
DGB Financial Group Inc.		1,822,937		14,519,910
Hana Financial Group Inc.		1,657,382		68,017,700
Industrial Bank of Korea		1,977,755		17,228,791
KB Financial Group Inc.		1,251,127		61,524,382
Meritz Securities Co. Ltd.		2,879,652		12,503,905
Samsung Securities Co. Ltd.		766,477		29,388,452
Shinhan Financial Group Co. Ltd.		1,548,716		55,691,680
Woori Financial Group Inc.		1,295,045		12,457,393

				309,979,031

Spain — 9.0%
ACS Actividades de Construccion y Servicios SA		3,197,888		104,440,096
Cia. de Distribucion Integral Logista Holdings SA		922,359		19,208,803
Enagas SA		2,488,715		54,285,967
Mapfre SA		4,266,755		9,196,578
Naturgy Energy Group SA		4,188,360		107,544,717
Red Electrica Corp. SA		3,631,383		66,774,016
Telefonica SA		6,142,466		28,493,930

				389,944,107

Sweden — 1.3%
Telia Co. AB		13,991,686		57,980,508


Switzerland — 4.2%
Swiss Prime Site AG, Registered		161,281		15,693,974
Swiss Re AG		162,919		15,162,069
Swisscom AG, Registered		179,196		97,314,597


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 (continued)

April 30, 2021

iShares^® International Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Zurich Insurance Group AG		130,762	$	53,721,311

				181,891,951

United Kingdom — 21.6%
BP PLC		3,238,348		13,585,480
British American Tobacco PLC		5,527,667		205,262,440
Centamin PLC		5,386,137		8,009,225
Drax Group PLC		3,027,773		17,128,941
GlaxoSmithKline PLC		4,307,652		79,895,918
IG Group Holdings PLC		2,363,618		29,976,547
Legal & General Group PLC		2,711,899		10,227,970
National Grid PLC		4,014,314		50,611,339
Phoenix Group Holdings PLC		2,811,016		27,687,645
Rio Tinto PLC		4,056,064		341,217,586
SSE PLC		4,008,629		81,476,199
Standard Life Aberdeen PLC		2,214,305		8,507,643
Tesco PLC		3,708,157		11,346,430
United Utilities Group PLC		3,300,252		44,240,602
Vodafone Group PLC		3,977,649		7,533,927

				936,707,892


Total Common Stocks — 98.5% (Cost: $3,699,476,395)				4,264,806,873


Preferred Stocks

Germany — 0.4%
Schaeffler AG, Preference Shares, NVS		2,002,802		18,070,238


Security	Shares		Value

Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		8,779,149	$	5,157,348


Total Preferred Stocks — 0.5% (Cost: $21,525,778)				23,227,586


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		2,930,000		2,930,000


Total Short-Term Investments — 0.1% (Cost: $2,930,000)				2,930,000


Total Investments in Securities — 99.1% (Cost: $3,723,932,173)				4,290,964,459

Other Assets, Less Liabilities — 0.9%				38,977,332


Net Assets — 100.0%			$	4,329,941,791

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

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
Aareal Bank AG^(a)	$	48,909,055	$	674,953		$	(60,089,453	)	$	(51,750,660	)	$	62,256,105		$	—		—	$	—		$	—
Azimut Holding SpA^(b)		122,413,895		7,895,096			(108,841,353	)		1,760,511			(472,030	)		N/A		N/A		7,702,637			—
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)		—		7,328	^(c)		—			(7,328	)		—			—		—		346,576	^(d)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,290,000		1,640,000	^(c)		—			—			—			2,930,000		2,930,000		2,058			—
Galliford Try Holding PLC^(a)		13,165,757		56,422			(11,213,142	)		(63,983,704	)		61,974,667			—		—		—			—
iShares MSCI South Korea ETF^(a)		—		65,272,561			(97,152,271	)		31,879,710			—			—		—		598,347			—
Perpetual Ltd.^(b)		70,831,011		5,606,774			(61,954,239	)		(30,689,842	)		34,586,789			N/A		N/A		525,358			—

									$	(112,791,313	)	$	158,345,531		$	2,930,000			$	9,174,976		$	—

^(a)

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

^(b)

As of period end, the entity was not considered an affiliate.

^(c)

Represents net amount purchased (sold).

^(d)


26		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® International Select Dividend ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		69		06/17/21	$	9,305	$	220,605
Euro STOXX 50 Index		195		06/18/21		9,237		116,089
FTSE 100 Index		220		06/18/21		21,078		461,035

							$	797,729

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	797,729

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	9,355,941


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,010,996	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	30,442,224

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,264,806,873	$	—	$	—	$	4,264,806,873
Preferred Stocks		23,227,586		—		—		23,227,586
Money Market Funds		2,930,000		—		—		2,930,000

	$	4,290,964,459	$	—	$	—	$	4,290,964,459

Derivative financial instruments^(a)
Assets
Futures Contracts	$	797,729	$	—	$	—	$	797,729

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		27

Schedule of Investments

April 30, 2021

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Lockheed Martin Corp.		491,537	$	187,059,321


Banks — 12.4%
Citizens Financial Group Inc.		4,281,639		198,154,253
Comerica Inc.		2,811,984		211,348,718
Fifth Third Bancorp		4,360,586		176,778,156
First Horizon Corp.		10,916,075		199,655,012
FNB Corp.		6,264,247		80,746,144
Huntington Bancshares Inc./OH		12,718,692		194,850,361
KeyCorp.		9,236,307		200,982,040
People’s United Financial Inc.		8,674,604		157,270,571
Regions Financial Corp.		7,444,945		162,299,801
TCF Financial Corp.		2,980,512		135,672,906
Truist Financial Corp.		2,861,560		169,719,124
U.S. Bancorp		3,324,289		197,296,552
United Bankshares Inc./WV		2,506,692		98,437,795
Valley National Bancorp		7,585,316		104,449,801

				2,287,661,234

Beverages — 1.0%
Coca-Cola Co. (The)		3,546,729		191,452,431


Biotechnology — 1.3%
Gilead Sciences Inc.		3,844,076		243,983,504


Capital Markets — 3.1%
Federated Hermes Inc.		1,728,920		49,792,896
Franklin Resources Inc.		5,234,286		157,028,580
Invesco Ltd.		5,849,302		157,931,154
Janus Henderson Group PLC		3,375,463		116,082,173
Lazard Ltd., Class A		2,183,846		98,251,231

				579,086,034

Chemicals — 2.5%
CF Industries Holdings Inc.		2,868,222		139,481,636
Huntsman Corp.		3,999,464		114,664,633
LyondellBasell Industries NV, Class A		1,989,310		206,371,019

				460,517,288

Containers & Packaging — 3.5%
International Paper Co.		4,016,867		232,978,286
Packaging Corp. of America		1,146,498		169,280,430
Sonoco Products Co.		2,009,299		131,528,713
Westrock Co.		1,864,834		103,964,495

				637,751,924

Distributors — 1.0%
Genuine Parts Co.		1,431,088		178,843,067


Diversified Consumer Services — 0.4%
H&R Block Inc.		3,628,958		80,780,605


Diversified Telecommunication Services — 4.8%
AT&T Inc.		13,181,180		414,020,864
Lumen Technologies Inc.		18,323,953		235,096,317
Verizon Communications Inc.		4,224,426		244,129,578

				893,246,759

Electric Utilities — 15.6%
Alliant Energy Corp.		3,681,482		206,788,844
American Electric Power Co. Inc.		2,588,516		229,627,254
Edison International		4,475,644		266,077,036
Entergy Corp.		2,461,551		269,022,909
Eversource Energy		1,976,533		170,416,675


Security	Shares		Value

Electric Utilities (continued)
Exelon Corp.		5,031,800	$	226,129,092
FirstEnergy Corp.		7,236,243		274,398,334
IDACORP Inc.		970,639		99,471,085
NextEra Energy Inc.		1,504,711		116,630,150
NRG Energy Inc.		4,595,424		164,608,088
OGE Energy Corp.		3,839,510		128,853,956
Pinnacle West Capital Corp.		2,107,618		178,409,864
PPL Corp.		12,238,943		356,520,409
Xcel Energy Inc.		2,673,428		190,615,416

				2,877,569,112

Electrical Equipment — 1.4%
Eaton Corp. PLC		895,607		128,009,109
Emerson Electric Co.		1,369,284		123,906,509

				251,915,618

Food & Staples Retailing — 1.2%
Walgreens Boots Alliance Inc.		4,104,050		217,925,055


Food Products — 1.1%
General Mills Inc.		3,367,830		204,966,134


Gas Utilities — 0.9%
New Jersey Resources Corp.		1,960,075		82,225,146
Southwest Gas Holdings Inc.		1,106,560		77,149,363

				159,374,509

Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		625,797		147,738,156


Household Durables — 2.3%
Garmin Ltd.		829,052		113,779,097
Leggett & Platt Inc.		2,450,775		121,729,994
Newell Brands Inc.		7,259,294		195,710,566

				431,219,657

Household Products — 1.0%
Kimberly-Clark Corp.		1,406,181		187,472,051


Insurance — 6.4%
Cincinnati Financial Corp.		1,292,950		145,689,606
Fidelity National Financial Inc.		2,071,824		94,516,611
MetLife Inc.		2,811,582		178,900,963
Old Republic International Corp.		5,323,745		131,070,602
Principal Financial Group Inc.		3,434,645		219,370,776
Prudential Financial Inc.		3,033,708		304,462,935
Unum Group		3,882,302		109,713,854

				1,183,725,347

IT Services — 2.9%
International Business Machines Corp.		2,274,639		322,725,781
Western Union Co. (The)		8,139,442		209,672,026

				532,397,807

Machinery — 0.6%
Caterpillar Inc.		461,910		105,366,290


Media — 2.5%
Interpublic Group of Companies Inc. (The)		7,320,262		232,418,318
Omnicom Group Inc.		2,827,492		232,589,492

				465,007,810

Metals & Mining — 1.2%
Newmont Corp.		3,695,532		230,638,152


Multi-Utilities — 10.2%
Avista Corp.		1,320,805		60,783,446


28		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
Black Hills Corp.		1,208,412	$	83,356,260
CenterPoint Energy Inc.		8,215,766		201,204,109
CMS Energy Corp.		2,998,057		193,044,890
Dominion Energy Inc.		2,679,243		214,071,516
DTE Energy Co.		1,552,974		217,447,419
NiSource Inc.		7,847,978		204,204,388
NorthWestern Corp.		1,011,500		68,812,345
Public Service Enterprise Group Inc.		3,489,391		220,389,935
Sempra Energy		1,594,494		219,354,540
WEC Energy Group Inc.		2,049,987		199,197,237

				1,881,866,085

Oil, Gas & Consumable Fuels — 8.4%
Chevron Corp.		2,460,669		253,621,154
Exxon Mobil Corp.		5,498,148		314,713,992
HollyFrontier Corp.		2,910,456		101,865,960
Marathon Petroleum Corp.		3,883,045		216,091,454
ONEOK Inc.		8,075,505		422,671,932
Valero Energy Corp.		3,324,689		245,893,998

				1,554,858,490

Pharmaceuticals — 2.5%
Merck & Co. Inc.		2,547,425		189,783,163
Pfizer Inc.		7,080,094		273,645,633

				463,428,796

Semiconductors & Semiconductor Equipment — 1.2%
Intel Corp.		1,961,170		112,826,110
QUALCOMM Inc.		798,774		110,869,831

				223,695,941

Technology Hardware, Storage & Peripherals — 2.2%
HP Inc.		4,713,325		160,771,516
Seagate Technology PLC		2,597,284		241,131,846

				401,903,362


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands Inc.		6,531,592	$	137,555,328


Thrifts & Mortgage Finance — 0.6%
New York Community Bancorp. Inc.		9,433,112		112,820,020


Tobacco — 4.0%
Altria Group Inc.		8,671,689		414,073,150
Philip Morris International Inc.		3,492,689		331,805,455

				745,878,605

Trading Companies & Distributors — 1.0%
Watsco Inc.		643,727		188,521,889


Total Common Stocks — 99.7% (Cost: $15,306,461,917)				18,446,226,381


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		28,250,000		28,250,000


Total Short-Term Investments — 0.2% (Cost: $28,250,000)				28,250,000


Total Investments in Securities — 99.9% (Cost: $15,334,711,917)				18,474,476,381

Other Assets, Less Liabilities — 0.1%				21,090,774


Net Assets — 100.0%			$	18,495,567,155

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	51,930,000	$	—	$	(23,680,000	)^(a)	$	—	$	—	$	28,250,000		28,250,000	$	26,567	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

228

06/18/21

47,588

2,492,801


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 (continued)

April 30, 2021

iShares^® Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	2,492,801

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	21,803,672


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	668,228

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	34,155,022

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	18,446,226,381	$	—	$	—	$	18,446,226,381
Money Market Funds		28,250,000		—		—		28,250,000

	$	18,474,476,381	$	—	$	—	$	18,474,476,381


Derivative financial instruments^(a)
Assets
Futures Contracts	$	2,492,801	$	—	$	—	$	2,492,801

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


30		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Boeing Co. (The)^(a)		652	$	152,770
General Dynamics Corp.		534		101,583
Huntington Ingalls Industries Inc.		129		27,389
L3Harris Technologies Inc.		522		109,218
Lockheed Martin Corp.		697		265,250
Northrop Grumman Corp.		336		119,092
Raytheon Technologies Corp.		2,663		221,668
Textron Inc.		469		30,129

				1,027,099

Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		390		37,861
Expeditors International of Washington Inc.		259		28,454
FedEx Corp.		112		32,515
United Parcel Service Inc., Class B		1,350		275,211
XPO Logistics Inc.^(a)		425		59,126

				433,167

Airlines — 0.2%
Delta Air Lines Inc.^(a)		2,056		96,468
Southwest Airlines Co.		216		13,560

				110,028

Auto Components — 0.1%
Gentex Corp.		805		28,320
Lear Corp.		99		18,200

				46,520

Automobiles — 0.1%
Ford Motor Co.^(a)		3,741		43,171
General Motors Co.		579		33,131

				76,302

Banks — 11.0%
Bank of America Corp.		38,281		1,551,529
CIT Group Inc.		420		22,382
Citigroup Inc.		15,780		1,124,167
Citizens Financial Group Inc.		2,155		99,733
Comerica Inc.		1,129		84,856
Fifth Third Bancorp		2,961		120,039
Huntington Bancshares Inc./OH		3,679		56,362
JPMorgan Chase & Co.		11,557		1,777,582
KeyCorp.		3,838		83,515
M&T Bank Corp.		621		97,926
PNC Financial Services Group Inc. (The)		1,718		321,180
Regions Financial Corp.		3,660		79,788
Synovus Financial Corp.		810		37,957
Truist Financial Corp.		2,820		167,254
U.S. Bancorp		6,446		382,570
Wells Fargo & Co.		29,075		1,309,829
Zions Bancorp. NA		953		53,177

				7,369,846

Beverages — 1.6%
Coca-Cola Co. (The)		8,166		440,801
Constellation Brands Inc., Class A		162		38,932
Monster Beverage Corp.^(a)		307		29,794
PepsiCo Inc.		4,118		593,651

				1,103,178

Biotechnology — 3.1%
AbbVie Inc.		5,910		658,965
Amgen Inc.		2,797		670,273
Biogen Inc.^(a)		1,632		436,282


Security	Shares		Value

Biotechnology (continued)
Gilead Sciences Inc.		5,176	$	328,521

				2,094,041

Building Products — 0.7%
Johnson Controls International PLC		5,425		338,194
Masco Corp.		1,153		73,654
Trane Technologies PLC		423		73,530

				485,378

Capital Markets — 4.2%
Ameriprise Financial Inc.		661		170,802
Apollo Global Management Inc.		772		42,746
Bank of New York Mellon Corp. (The)		4,436		221,268
BlackRock Inc.^(b)		355		290,852
Blackstone Group Inc. (The)		1,994		176,449
Charles Schwab Corp. (The)		2,098		147,699
CME Group Inc.		401		80,998
Franklin Resources Inc.		1,134		34,020
Goldman Sachs Group Inc. (The)		1,071		373,190
Intercontinental Exchange Inc.		1,239		145,843
Invesco Ltd.		1,215		32,805
LPL Financial Holdings Inc.		199		31,183
Moody’s Corp.		237		77,430
Morgan Stanley		4,663		384,931
MSCI Inc.		132		64,122
Northern Trust Corp.		861		97,982
Raymond James Financial Inc.		258		33,741
S&P Global Inc.		371		144,835
State Street Corp.		1,529		128,359
T Rowe Price Group Inc.		688		123,289

				2,802,544

Chemicals — 1.9%
Air Products & Chemicals Inc.		296		85,390
Celanese Corp.		521		81,615
CF Industries Holdings Inc.		685		33,312
Dow Inc.		2,440		152,500
DuPont de Nemours Inc.		1,650		127,231
Eastman Chemical Co.		323		37,271
Ecolab Inc.		214		47,962
Linde PLC		1,163		332,432
LyondellBasell Industries NV, Class A		1,583		164,220
PPG Industries Inc.		281		48,118
Sherwin-Williams Co. (The)		531		145,425

				1,255,476

Commercial Services & Supplies — 0.3%
Cintas Corp.		149		51,426
Republic Services Inc.		363		38,587
Waste Management Inc.		642		88,577

				178,590

Communications Equipment — 1.6%
Cisco Systems Inc.		19,207		977,828
Juniper Networks Inc.		1,882		47,784
Motorola Solutions Inc.		309		58,185

				1,083,797

Consumer Finance — 1.1%
Ally Financial Inc.		1,293		66,525
American Express Co.		1,574		241,373
Capital One Financial Corp.		869		129,550
Discover Financial Services		1,087		123,918


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 (continued)

April 30, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Synchrony Financial		4,300	$	188,082

				749,448

Containers & Packaging — 0.2%
Ball Corp.		567		53,094
International Paper Co.		1,374		79,692

				132,786

Distributors — 0.1%
Genuine Parts Co.		322		40,240


Diversified Financial Services — 1.2%
Berkshire Hathaway Inc., Class B^(a)		2,426		667,029
Equitable Holdings Inc.		2,288		78,318
Voya Financial Inc.		957		64,904

				810,251

Diversified Telecommunication Services — 3.1%
AT&T Inc.		41,941		1,317,367
Lumen Technologies Inc.		4,885		62,675
Verizon Communications Inc.		12,294		710,470

				2,090,512

Electric Utilities — 1.3%
American Electric Power Co. Inc.		1,108		98,291
Duke Energy Corp.		947		95,353
Evergy Inc.		1,865		119,304
Exelon Corp.		2,429		109,159
FirstEnergy Corp.		1,677		63,592
NextEra Energy Inc.		1,931		149,672
NRG Energy Inc.		1,905		68,237
Southern Co. (The)		2,562		169,528

				873,136

Electrical Equipment — 0.6%
Eaton Corp. PLC		1,217		173,946
Emerson Electric Co.		1,424		128,857
Rockwell Automation Inc.		261		68,972

				371,775

Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		1,030		69,360
CDW Corp./DE		316		56,352
Corning Inc.		2,113		93,416
TE Connectivity Ltd.		652		87,675

				306,803

Energy Equipment & Services — 0.2%
Baker Hughes Co.		1,742		34,979
Halliburton Co.		782		15,296
Schlumberger Ltd.		1,940		52,477

				102,752

Entertainment — 0.1%
Electronic Arts Inc.		493		70,045


Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.		687		175,027
AvalonBay Communities Inc.		286		54,912
Crown Castle International Corp.		984		186,035
Equity Residential		793		58,864
Essex Property Trust Inc.		169		49,098
Host Hotels & Resorts Inc.		1,892		34,359
Iron Mountain Inc.		1,326		53,199
Prologis Inc.		1,206		140,535
Public Storage		343		96,438
SBA Communications Corp.		237		71,034


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Simon Property Group Inc.		869	$	105,792
SL Green Realty Corp.		691		51,141
Ventas Inc.		363		20,132
Weyerhaeuser Co.		796		30,861

				1,127,427

Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		306		113,860
Kroger Co. (The)		2,700		98,658
Sysco Corp.		1,241		105,150
Walgreens Boots Alliance Inc.		3,595		190,894
Walmart Inc.		2,531		354,112

				862,674

Food Products — 0.9%
Archer-Daniels-Midland Co.		1,114		70,327
General Mills Inc.		1,428		86,908
Hershey Co. (The)		378		62,105
Kellogg Co.		686		42,820
Kraft Heinz Co. (The)		1,800		74,322
Mondelez International Inc., Class A		3,834		233,146
Tyson Foods Inc., Class A		655		50,730

				620,358

Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		1,932		231,995
Baxter International Inc.		1,215		104,113
Edwards Lifesciences Corp.^(a)		369		35,247
Medtronic PLC		1,985		259,876
Stryker Corp.		257		67,496

				698,727

Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		343		41,434
Anthem Inc.		643		243,948
Cardinal Health Inc.		908		54,789
Cigna Corp.		782		194,726
CVS Health Corp.		2,462		188,097
DaVita Inc.^(a)		806		93,923
HCA Healthcare Inc.		254		51,069
Humana Inc.		302		134,462
Laboratory Corp. of America Holdings^(a)		80		21,270
McKesson Corp.		568		106,534
Quest Diagnostics Inc.		377		49,719
UnitedHealth Group Inc.		1,604		639,675
Universal Health Services Inc., Class B		252		37,399

				1,857,045

Health Care Technology — 0.1%
Cerner Corp.		1,223		91,786


Hotels, Restaurants & Leisure — 2.4%
Booking Holdings Inc.^(a)		137		337,853
Darden Restaurants Inc.		15		2,201
Domino’s Pizza Inc.		118		49,836
Expedia Group Inc.		257		45,291
Hilton Worldwide Holdings Inc.^(a)		528		67,954
Hyatt Hotels Corp., Class A^(a)		187		15,396
Las Vegas Sands Corp.		465		28,486
Marriott International Inc./MD, Class A^(a)		514		76,339
McDonald’s Corp.		2,151		507,808
Starbucks Corp.		3,212		367,742
Yum! Brands Inc.		716		85,576

				1,584,482


32		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables — 0.3%
DR Horton Inc.		483	$	47,474
Lennar Corp., Class A		523		54,183
Newell Brands Inc.		943		25,423
NVR Inc.^(a)		6		30,109
Whirlpool Corp.		139		32,866

				190,055

Household Products — 2.3%
Clorox Co. (The)		372		67,890
Colgate-Palmolive Co.		2,565		206,996
Kimberly-Clark Corp.		1,121		149,452
Procter & Gamble Co. (The)		8,339		1,112,589

				1,536,927

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		2,125		35,849


Industrial Conglomerates — 1.1%
3M Co.		1,584		312,270
Honeywell International Inc.		1,984		442,511

				754,781

Insurance — 2.6%
Aflac Inc.		2,951		158,557
Allstate Corp. (The)		1,338		169,658
American International Group Inc.		1,924		93,218
Aon PLC, Class A		675		169,722
Assured Guaranty Ltd.		668		33,968
Chubb Ltd.		953		163,525
Cincinnati Financial Corp.		329		37,072
Hartford Financial Services Group Inc. (The)		809		53,362
Lincoln National Corp.		762		48,867
Loews Corp.		1,219		67,959
Marsh & McLennan Companies Inc.		606		82,234
MetLife Inc.		3,236		205,907
Principal Financial Group Inc.		906		57,866
Prudential Financial Inc.		2,401		240,964
Travelers Companies Inc. (The)		863		133,472
Unum Group		1,002		28,316
Willis Towers Watson PLC		124		32,099

				1,776,766

Interactive Media & Services — 3.4%
Alphabet Inc., Class A^(a)		394		927,279
Alphabet Inc., Class C, NVS^(a)		381		918,256
Facebook Inc., Class A^(a)		1,351		439,183

				2,284,718

Internet & Direct Marketing Retail — 0.5%
eBay Inc.		6,345		353,988
Qurate Retail Inc., Series A		1,229		14,625

				368,613

IT Services — 4.4%
Accenture PLC, Class A		1,051		304,758
Akamai Technologies Inc.^(a)		187		20,327
Alliance Data Systems Corp.		327		38,537
Automatic Data Processing Inc.		943		176,332
Broadridge Financial Solutions Inc.		209		33,154
Cognizant Technology Solutions Corp., Class A		2,168		174,307
DXC Technology Co.		1,106		36,398
Fidelity National Information Services Inc.		540		82,566
Fiserv Inc.^(a)		499		59,940
FleetCor Technologies Inc.^(a)		148		42,583
Global Payments Inc.		250		53,657


Security	Shares		Value

IT Services (continued)
International Business Machines Corp.		3,618	$	513,322
Mastercard Inc., Class A		1,129		431,346
Paychex Inc.		645		62,881
PayPal Holdings Inc.^(a)		389		102,031
VeriSign Inc.^(a)		248		54,255
Visa Inc., Class A		3,107		725,671
Western Union Co. (The)		2,129		54,843

				2,966,908

Life Sciences Tools & Services — 0.6%
Agilent Technologies Inc.		464		62,009
IQVIA Holdings Inc.^(a)		252		59,142
Mettler-Toledo International Inc.^(a)		49		64,353
Thermo Fisher Scientific Inc.		286		134,486
Waters Corp.^(a)		334		100,156

				420,146

Machinery — 1.3%
Allison Transmission Holdings Inc.		639		26,499
Caterpillar Inc.		1,421		324,144
Cummins Inc.		423		106,613
Deere & Co.		339		125,718
Dover Corp.		211		31,479
Illinois Tool Works Inc.		705		162,474
PACCAR Inc.		371		33,346
Parker-Hannifin Corp.		165		51,779

				862,052

Media — 1.7%
Altice USA Inc., Class A^(a)		5,481		199,015
Charter Communications Inc., Class A^(a)		715		481,517
Comcast Corp., Class A		5,030		282,434
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		1,430		64,679
Omnicom Group Inc.		874		71,895
Sirius XM Holdings Inc.		6,645		40,535
ViacomCBS Inc., Class B, NVS		493		20,223

				1,160,298

Metals & Mining — 0.3%
Newmont Corp.		1,564		97,609
Nucor Corp.		655		53,881
Reliance Steel & Aluminum Co.		164		26,291
Steel Dynamics Inc.		587		31,827

				209,608

Mortgage Real Estate Investment — 0.1%
Starwood Property Trust Inc.		1,635		42,216


Multi-Utilities — 0.2%
Public Service Enterprise Group Inc.		1,179		74,466
WEC Energy Group Inc.		733		71,225

				145,691

Multiline Retail — 0.6%
Dollar General Corp.		706		151,613
Kohl’s Corp.		468		27,453
Target Corp.		987		204,566

				383,632

Oil, Gas & Consumable Fuels — 4.6%
Cabot Oil & Gas Corp.		1,809		30,156
Chevron Corp.		6,945		715,821
ConocoPhillips		5,192		265,519
Devon Energy Corp.		3,099		72,455
EOG Resources Inc.		816		60,090


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 (continued)

April 30, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.		16,822	$	962,891
Hess Corp.		276		20,565
HollyFrontier Corp.		767		26,845
Kinder Morgan Inc.		8,688		148,130
Marathon Oil Corp.		1,761		19,829
Marathon Petroleum Corp.		2,905		161,663
ONEOK Inc.		1,551		81,179
Ovintiv Inc.		1,816		43,457
Phillips 66		1,938		156,804
Pioneer Natural Resources Co.		362		55,686
Valero Energy Corp.		2,132		157,683
Williams Companies Inc. (The)		5,411		131,812

				3,110,585

Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		279		87,550


Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		9,619		600,418
Eli Lilly & Co.		1,486		271,596
Johnson & Johnson		6,705		1,091,105
Merck & Co. Inc.		8,509		633,921
Pfizer Inc.		25,302		977,922
Zoetis Inc.		383		66,270

				3,641,232

Professional Services — 0.3%
IHS Markit Ltd.		855		91,981
Jacobs Engineering Group Inc.		322		43,022
Leidos Holdings Inc.		306		30,992
Verisk Analytics Inc.		197		37,075

				203,070

Road & Rail — 1.4%
CSX Corp.		2,140		215,605
Norfolk Southern Corp.		707		197,423
Union Pacific Corp.		2,359		523,910

				936,938

Semiconductors & Semiconductor Equipment — 4.9%
Analog Devices Inc.		621		95,112
Applied Materials Inc.		1,141		151,422
Broadcom Inc.		1,101		502,276
Intel Corp.		21,267		1,223,491
KLA Corp.		323		101,858
Lam Research Corp.		387		240,114
Maxim Integrated Products Inc.		575		54,050
NVIDIA Corp.		57		34,222
QUALCOMM Inc.		2,338		324,515
Skyworks Solutions Inc.		397		71,988
Teradyne Inc.		229		28,643
Texas Instruments Inc.		2,330		420,588
Xilinx Inc.		580		74,217

				3,322,496

Software — 6.4%
Adobe Inc.^(a)		441		224,178
Citrix Systems Inc.		538		66,631
Intuit Inc.		172		70,892
Microsoft Corp.		11,048		2,786,085
NortonLifeLock Inc.		3,563		76,996
Oracle Corp.		12,475		945,480
Palo Alto Networks Inc.^(a)		174		61,490


Security	Shares		Value

Software (continued)
VMware Inc., Class A^(a)		399	$	64,171

				4,295,923

Specialty Retail — 2.9%
AutoZone Inc.^(a)		77		112,737
Best Buy Co. Inc.		681		79,180
CarMax Inc.^(a)		150		19,986
Home Depot Inc. (The)		2,971		961,624
Lowe’s Companies Inc.		2,002		392,892
O’Reilly Automotive Inc.^(a)		244		134,903
Ross Stores Inc.		571		74,767
TJX Companies Inc. (The)		1,225		86,975
Tractor Supply Co.		217		40,926
Ulta Beauty Inc.^(a)		95		31,288

				1,935,278

Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		25,833		3,396,006
Dell Technologies Inc., Class C^(a)		1,854		182,304
Hewlett Packard Enterprise Co.		7,274		116,529
HP Inc.		8,425		287,377
NetApp Inc.		1,441		107,628
Seagate Technology PLC		1,562		145,016
Western Digital Corp.		155		10,948
Xerox Holdings Corp.		1,408		33,989

				4,279,797

Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		1,860		246,673
Ralph Lauren Corp.		243		32,390
Tapestry Inc.		468		22,394
VF Corp.		793		69,514

				370,971

Tobacco — 1.5%
Altria Group Inc.		9,555		456,251
Philip Morris International Inc.		5,810		551,950

				1,008,201

Trading Companies & Distributors — 0.2%
Fastenal Co.		917		47,941
United Rentals Inc.^(a)		130		41,593
WW Grainger Inc.		140		60,696

				150,230


Total Common Stocks — 99.7% (Cost: $53,816,132)				66,936,744


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		150,000		150,000


Total Short-Term Investments — 0.2% (Cost: $150,000)				150,000


Total Investments in Securities — 99.9% (Cost: $53,966,132)				67,086,744

Other Assets, Less Liabilities — 0.1%				93,300


Net Assets — 100.0%			$	67,180,044


34		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® U.S. Dividend and Buyback ETF

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	80,000	^(a)	$	—		$	—	$	—	$	150,000		150,000	$	59	$	—
BlackRock Inc.		76,310		191,927			(60,966	)		15,639		67,942		290,852		355		3,296		—

									$	15,639	$	67,942	$	440,852			$	3,355	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/18/21

209

6,400

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	6,400

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	29,838


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	5,256

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	88,482

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		35

Schedule of Investments (continued)

April 30, 2021

iShares^® U.S. Dividend and Buyback ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	66,936,744	$	—	$	—	$	66,936,744
Money Market Funds		150,000		—		—		150,000

	$	67,086,744	$	—	$	—	$	67,086,744

Derivative financial instruments^(a)
Assets
Futures Contracts	$	6,400	$	—	$	—	$	6,400

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


36		2 0 2 1 I S H A R E S 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

April 30, 2021


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

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	18,238,623,301	$	6,827,961,604		$	4,288,034,459		$	18,446,226,381
Affiliated^(b)		186,318,454		16,210,000			2,930,000			28,250,000
Cash		2,287		6,177			3,817			—
Foreign currency, at value^(c)		—		—			10,717,333			—
Cash pledged:
Futures contracts		1,544,400		511,600			—			2,278,200
Foreign currency collateral pledged:
Futures contracts^(d)		—		—			3,270,098			—
Receivables:
Investments sold		—		—			2,206			—
Securities lending income — Affiliated		—		—			6,738			—
Capital shares sold		122,295		75,735			—			256,862
Dividends		21,002,941		10,087,161			14,496,407			29,909,546
Tax reclaims		—		—			12,249,675			—

Total assets		18,447,613,678		6,854,852,277			4,331,710,733			18,506,920,989


LIABILITIES
Bank overdraft		—		—			—			107
Payables:
Investments purchased		43,069,426		15,024,462			—			5,462,929
Variation margin on futures contracts		201,550		66,726			73,861			310,277
Investment advisory fees		1,186,304		433,624			1,695,081			5,580,521

Total liabilities		44,457,280		15,524,812			1,768,942			11,353,834


NET ASSETS	$	18,403,156,398	$	6,839,327,465		$	4,329,941,791		$	18,495,567,155


NET ASSETS CONSIST OF:
Paid-in capital	$	14,872,014,932	$	7,327,027,316		$	4,951,831,494		$	15,871,362,025
Accumulated earnings (loss)		3,531,141,466		(487,699,851	)		(621,889,703	)		2,624,205,130

NET ASSETS	$	18,403,156,398	$	6,839,327,465		$	4,329,941,791		$	18,495,567,155


Shares outstanding		369,000,000		71,550,000			133,600,000			156,250,000

Net asset value	$	49.87	$	95.59		$	32.41		$	118.37

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a) Investments, at cost — Unaffiliated	$	14,204,258,380	$	6,225,123,154		$	3,721,002,173		$	15,306,461,917
^(b) Investments, at cost — Affiliated	$	137,841,598	$	16,210,000		$	2,930,000		$	28,250,000
^(c) Foreign currency, at cost	$	—	$	—		$	10,624,369		$	—
^(d) Foreign currency collateral pledged, at cost	$	—	$	—		$	3,338,552		$	—

See notes to financial statements.


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

Statements of Assets and Liabilities (continued)

April 30, 2021


	iShares U.S. Dividend and Buyback ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	66,645,892
Affiliated^(b)		440,852
Cash		11,347
Cash pledged:
Futures contracts		12,000
Receivables:
Dividends		84,748

Total assets		67,194,839


LIABILITIES
Payables:
Variation margin on futures contracts		1,430
Investment advisory fees		13,365

Total liabilities		14,795


NET ASSETS	$	67,180,044


NET ASSETS CONSIST OF:
Paid-in capital	$	55,467,476
Accumulated earnings		11,712,568

NET ASSETS	$	67,180,044


Shares outstanding		1,750,000

Net asset value	$	38.39

Shares authorized		Unlimited

Par value		None


^(a) Investments, at cost — Unaffiliated	$	53,600,705
^(b) Investments, at cost — Affiliated	$	365,427

See notes to financial statements.


38		2 0 2 1 I S H A R E S 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

Year Ended April 30, 2021


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

INVESTMENT INCOME
Dividends — Unaffiliated	$	342,950,293		$	242,967,724		$	200,675,035		$	594,090,761
Dividends — Affiliated		2,060,950			1,530,876			8,828,400			26,567
Securities lending income — Affiliated — net		80,666			79,515			346,576			—
Foreign taxes withheld		(19,446	)		—			(15,621,944	)		—

Total investment income		345,072,463			244,578,115			194,228,067			594,117,328


EXPENSES
Investment advisory fees		10,590,533			4,651,321			17,918,156			54,655,670
Commitment fees		—			—			8,515			—
Miscellaneous		437			437			437			437

Total expenses		10,590,970			4,651,758			17,927,108			54,656,107

Less:
Investment advisory fees waived		—			—			(216,901	)		—

Total expenses after fees waived		10,590,970			4,651,758			17,710,207			54,656,107

Net investment income		334,481,493			239,926,357			176,517,860			539,461,221


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(233,390,866	)		(296,493,252	)		(501,974,086	)		845,432,290
Investments — Affiliated		445,687			32,479,922			(111,263,902	)		—
In-kind redemptions — Unaffiliated		373,126,594			131,688,038			6,439,484			375,302,035
In-kind redemptions — Affiliated		1,551,879			2,261,965			(1,527,411	)		—
Futures contracts		16,575,771			10,461,164			9,355,941			21,803,672
Foreign currency transactions		—			—			(245,393	)		—

Net realized gain (loss)		158,309,065			(119,602,163	)		(599,215,367	)		1,242,537,997

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		4,044,669,215			1,033,936,007			1,493,377,677			4,468,137,668
Investments — Affiliated		42,312,864			(8,040,566	)		158,345,531			—
Futures contracts		(1,592,212	)		(938,715	)		(1,010,996	)		668,228
Foreign currency translations		—			—			570,713			—

Net change in unrealized appreciation (depreciation)		4,085,389,867			1,024,956,726			1,651,282,925			4,468,805,896

Net realized and unrealized gain		4,243,698,932			905,354,563			1,052,067,558			5,711,343,893

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,578,180,425		$	1,145,280,920		$	1,228,585,418		$	6,250,805,114

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 Operations (continued)

Year Ended April 30, 2021


	iShares U.S. Dividend and Buyback ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	965,698
Dividends — Affiliated		3,355

Total investment income		969,053


EXPENSES
Investment advisory fees		98,644
Miscellaneous		437

Total expenses		99,081

Net investment income		869,972


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(839,677	)
Investments — Affiliated		238
In-kind redemptions — Unaffiliated		3,646,021
In-kind redemptions — Affiliated		15,401
Futures contracts		29,838

Net realized gain		2,851,821

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		12,485,483
Investments — Affiliated		67,942
Futures contracts		5,256

Net change in unrealized appreciation (depreciation)		12,558,681

Net realized and unrealized gain		15,410,502

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,280,474

See notes to financial statements.


40		2 0 2 1 I S H A R E S 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 Core Dividend Growth ETF							iShares Core High Dividend ETF
	Year Ended 04/30/21				Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	334,481,493		$	226,381,053		$	239,926,357		$	253,913,943
Net realized gain (loss)			158,309,065			277,885,766			(119,602,163	)		85,382,007
Net change in unrealized appreciation (depreciation)			4,085,389,867			(835,980,096	)		1,024,956,726			(1,173,584,989	)

Net increase (decrease) in net assets resulting from operations			4,578,180,425			(331,713,277	)		1,145,280,920			(834,289,039	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(326,148,283	)		(221,736,445	)		(238,406,761	)		(259,253,409	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			4,795,396,795			2,824,367,946			(104,344,490	)		(45,400,695	)


NET ASSETS
Total increase (decrease) in net assets			9,047,428,937			2,270,918,224			802,529,669			(1,138,943,143	)
Beginning of year			9,355,727,461			7,084,809,237			6,036,797,796			7,175,740,939

End of year		$	18,403,156,398		$	9,355,727,461		$	6,839,327,465		$	6,036,797,796

^(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		41

Statements of Changes in Net Assets (continued)


	iShares International Select Dividend ETF							iShares Select Dividend ETF
	Year Ended 04/30/21				Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	176,517,860		$	261,599,199		$	539,461,221		$	612,609,601
Net realized gain (loss)			(599,215,367	)		(250,334,852	)		1,242,537,997			(473,988,522	)
Net change in unrealized appreciation (depreciation)			1,651,282,925			(905,770,366	)		4,468,805,896			(3,140,919,614	)

Net increase (decrease) in net assets resulting from operations			1,228,585,418			(894,506,019	)		6,250,805,114			(3,002,298,535	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(166,047,075	)		(314,179,411	)		(544,125,763	)		(641,877,784	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(153,719,970	)		252,390,701			(468,135,426	)		(684,495,870	)


NET ASSETS
Total increase (decrease) in net assets			908,818,373			(956,294,729	)		5,238,543,925			(4,328,672,189	)
Beginning of year			3,421,123,418			4,377,418,147			13,257,023,230			17,585,695,419

End of year		$	4,329,941,791		$	3,421,123,418		$	18,495,567,155		$	13,257,023,230

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

See notes to financial statements.


42		2 0 2 1 I S H A R E S 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. Dividend and Buyback ETF
	Year Ended 04/30/21			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	869,972		$	264,084
Net realized gain (loss)		2,851,821			(613,589	)
Net change in unrealized appreciation (depreciation)		12,558,681			272,449

Net increase (decrease) in net assets resulting from operations		16,280,474			(77,056	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(806,983	)		(269,870	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		27,061,298			16,603,236


NET ASSETS
Total increase in net assets		42,534,789			16,256,310
Beginning of year		24,645,255			8,388,945

End of year	$	67,180,044		$	24,645,255

^(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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Dividend Growth ETF

	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 year	$	36.39		$	38.13		$	33.86		$	30.75		$	26.72


Net investment income^(a)		1.08			0.99			0.91			0.78			0.71

Net realized and unrealized gain (loss)^(b)		13.44			(1.77	)		4.20			3.07			3.98


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


Distributions^(c)

From net investment income		(1.04	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)


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


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


Total Return

Based on net asset value		40.52	%		(2.05	)%		15.30	%		12.59	%		17.78	%


Ratios to Average Net Assets

Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.09	%


Net investment income		2.53	%		2.55	%		2.55	%		2.32	%		2.46	%


Supplemental Data

Net assets, end of year (000)	$	18,403,156		$	9,355,727		$	7,084,809		$	3,343,410		$	1,429,997


Portfolio turnover rate^(d)		31	%		24	%		26	%		24	%		27	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


44		2 0 2 1 I S H A R E S 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 Core High Dividend ETF

	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 year	$	81.85		$	95.42		$	84.44		$	83.27		$	78.83



Net investment income^(a)		3.56			3.24			3.09			2.99			2.85

Net realized and unrealized gain (loss)^(b)		13.72			(13.51	)		11.01			1.20			4.34



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


Distributions^(c)

From net investment income		(3.54	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)


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


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


Total Return

Based on net asset value		21.70	%		(10.86	)%		17.05	%		5.03	%		9.22	%


Ratios to Average Net Assets

Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.10	%


Net investment income		4.13	%		3.53	%		3.48	%		3.47	%		3.49	%


Supplemental Data

Net assets, end of year (000)	$	6,839,327		$	6,036,798		$	7,175,741		$	6,007,744		$	6,632,679


Portfolio turnover rate^(d)		75	%		62	%		57	%		46	%		49	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Select Dividend ETF

	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 year	$	24.14		$	31.59		$	34.11		$	31.78		$	29.85


Net investment income^(a)		1.35			1.83			1.71			1.43			1.42	^(b)

Net realized and unrealized gain (loss)^(c)		8.19			(7.10	)		(2.48	)		2.41			1.88


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


Distributions^(d)

From net investment income		(1.27	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)


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


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


Total Return

Based on net asset value		40.57	%		(17.15	)%		(2.13	)%		12.35	%		11.47	%^(b)


Ratios to Average Net Assets

Total expenses		0.49	%^(e)		0.49	%		0.49	%		0.49	%		0.50	%


Total expenses after fees waived		0.49	%^(e)		0.49	%		0.49	%		0.49	%		0.50	%


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


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


Supplemental Data

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


Portfolio turnover rate^(f)		86	%^(g)		12	%		35	%		24	%		29	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

•

Net investment income per share by $0.04.

•

Total return by 0.10%.

•

Ratio of net investment income to average net assets by 0.13%.

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

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

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

See notes to financial statements.


46		2 0 2 1 I S H A R E S 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 Select Dividend ETF

	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 year	$	80.66		$	101.13		$	96.31		$	91.51		$	82.05


Net investment income^(a)		3.51			3.51			3.31			3.08			2.82

Net realized and unrealized gain (loss)^(b)		37.74			(20.30	)		4.80			4.76			9.41


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


Distributions^(c)

From net investment income		(3.54	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)

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


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


Total Return

Based on net asset value		52.54	%		(16.96	)%		8.63	%		8.65	%		15.12	%


Ratios to Average Net Assets

Total expenses		0.38	%		0.39	%		0.39	%		0.39	%		0.39	%


Net investment income		3.78	%		3.60	%		3.40	%		3.24	%		3.23	%


Supplemental Data

Net assets, end of year (000)	$	18,495,567		$	13,257,023		$	17,585,695		$	16,714,032		$	17,200,059


Portfolio turnover rate^(d)		55	%		6	%		21	%		28	%		19	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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. Dividend and Buyback ETF

		Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Period From 11/07/17 to 04/30/18	^(a)

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


Net investment income^(b)		0.70			0.64			0.61			0.26

Net realized and unrealized gain (loss)^(c)		12.43			(2.02	)		2.67			0.28

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


Distributions^(d)

From net investment income		(0.68	)		(0.64	)		(0.58	)		(0.23	)

From net realized gain		—			—			(0.04	)		—

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


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


Total Return

Based on net asset value		51.33	%		(4.95	)%		13.21	%		2.16	%^(e)


Ratios to Average Net Assets

Total expenses		0.25	%		0.25	%		0.25	%		0.25	%^(f)


Net investment income		2.20	%		2.31	%		2.34	%		2.07	%^(f)


Supplemental Data

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


Portfolio turnover rate^(g)		30	%		33	%		31	%		14	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	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 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

1.	ORGANIZATION

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



iShares ETF	Diversification Classification

Core Dividend Growth		Diversified
Core High Dividend		Non-diversified
International Select Dividend		Diversified
Select Dividend		Diversified
U.S. Dividend and Buyback^(a)		Diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement 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 April 30, 2021, if any, are disclosed in the statement 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		49

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


50		2 0 2 1 I S H A R E S 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 (continued)

on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES



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


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

Notes to Financial Statements (continued)

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



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

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

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



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

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Effective June 19, 2020, BFA had elected to implement a voluntary fee waiver to the iShares International Select Dividend ETF in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended April 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived
International Select Dividend	$	216,901

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

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

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


52		2 0 2 1 I S H A R E S 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 (continued)

year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2021, each Group 1 Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. The Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.



iShares ETF	Fees Paid to BTC
Core Dividend Growth	$	24,375
Core High Dividend		23,943
International Select Dividend		79,073

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

For the year ended April 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend Growth	$	1,229,097,146	$	516,963,899	$	(62,560,267	)
Core High Dividend		1,528,164,825		1,249,950,508		(160,773,700	)
International Select Dividend		90,166,928		37,768,548		(5,843,322	)
Select Dividend		1,450,943,809		1,021,961,351		(13,881,965	)
U.S. Dividend and Buyback		4,568,465		2,854,119		(148,796	)

7.	PURCHASES AND SALES

For the year ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
Core Dividend Growth	$	4,088,354,384	$	4,046,925,974
Core High Dividend		4,373,115,064		4,356,998,122
International Select Dividend		3,069,380,945		3,047,274,675
Select Dividend		7,847,470,541		7,828,326,076
U.S. Dividend and Buyback		12,007,776		11,875,871


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 (continued)

For the year ended April 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend Growth	$	5,931,313,292	$	1,152,096,031
Core High Dividend		852,593,991		953,301,829
International Select Dividend		222,605,829		399,010,966
Select Dividend		1,768,969,525		2,236,858,244
U.S. Dividend and Buyback		38,424,309		11,578,633

8.	INCOME TAX INFORMATION



iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Core Dividend Growth	$	367,083,224		$	(367,083,224	)
Core High Dividend		130,112,619			(130,112,619	)
International Select Dividend		(15,374,135	)		15,374,135
Select Dividend		361,280,190			(361,280,190	)
U.S. Dividend and Buyback		3,551,386			(3,551,386	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 04/30/21		Year Ended 04/30/20
Core Dividend Growth
Ordinary income	$	326,148,283	$	221,736,445

Core High Dividend
Ordinary income	$	238,406,761	$	259,253,409

International Select Dividend
Ordinary income	$	166,047,075	$	314,179,411

Select Dividend
Ordinary income	$	544,125,763	$	641,877,784

U.S. Dividend and Buyback
Ordinary income	$	806,983	$	269,870

As of April 30, 2021, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
Core Dividend Growth	$	24,618,950	$	(531,044,408	)	$	4,037,566,924		$	3,531,141,466
Core High Dividend		8,408,157		(1,062,206,828	)		566,098,820			(487,699,851	)
International Select Dividend		20,026,958		(1,172,533,568	)		530,616,907			(621,889,703	)
Select Dividend		—		(411,782,440	)		3,035,987,570			2,624,205,130
U.S. Dividend and Buyback		70,079		(1,321,244	)		12,963,733			11,712,568

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of partnership income.


54		2 0 2 1 I S H A R E S 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 (continued)

For the year ended April 30, 2021, the Funds utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized
Select Dividend	$	881,585,100

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend Growth	$	14,387,374,831	$	4,058,862,848	$	(21,295,924	)	$	4,037,566,924
Core High Dividend		6,278,072,784		612,166,159		(46,067,339	)		566,098,820
International Select Dividend		3,761,365,166		628,387,096		(98,567,198	)		529,819,898
Select Dividend		15,438,488,811		3,209,401,239		(173,413,669	)		3,035,987,570
U.S. Dividend and Buyback		54,123,011		13,034,252		(70,519	)		12,963,733

9.	LINE OF CREDIT

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

During the year ended April 30, 2021, the Fund did not borrow under the credit agreement.

10.

PRINCIPAL RISKS


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 (continued)

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.

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

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

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Year Ended 04/30/21						Year Ended 04/30/20

iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		140,800,000		$	5,967,489,614			124,600,000		$	4,863,403,424
Shares redeemed		(28,900,000	)		(1,172,092,819	)		(53,300,000	)		(2,039,035,478	)

Net increase		111,900,000		$	4,795,396,795			71,300,000		$	2,824,367,946


56		2 0 2 1 I S H A R E S 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 (continued)



	Year Ended 04/30/21						Year Ended 04/30/20

iShares ETF	Shares			Amount			Shares			Amount
Core High Dividend
Shares sold		9,350,000		$	857,073,484			32,500,000		$	3,055,557,360
Shares redeemed		(11,550,000	)		(961,417,974	)		(33,950,000	)		(3,100,958,055	)

Net decrease		(2,200,000	)	$	(104,344,490	)		(1,450,000	)	$	(45,400,695)

International Select Dividend
Shares sold		9,000,000		$	272,038,651			20,900,000		$	681,516,303
Shares redeemed		(17,100,000	)		(425,758,621	)		(17,750,000	)		(429,125,602	)

Net increase (decrease)		(8,100,000	)	$	(153,719,970	)		3,150,000		$	252,390,701

Select Dividend
Shares sold		17,250,000		$	1,779,672,971			16,550,000		$	1,640,928,759
Shares redeemed		(25,350,000	)		(2,247,808,397	)		(26,100,000	)		(2,325,424,629	)

Net decrease		(8,100,000	)	$	(468,135,426	)		(9,550,000	)	$	(684,495,870	)

U.S. Dividend and Buyback
Shares sold		1,200,000		$	38,829,975			650,000		$	16,603,236
Shares redeemed		(400,000	)		(11,768,677	)		—			—

Net increase		800,000		$	27,061,298			650,000		$	16,603,236

12.

SUBSEQUENT EVENTS


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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Core Dividend Growth ETF, iShares Core High Dividend ETF,

iShares International Select Dividend ETF, iShares Select Dividend ETF and

iShares U.S. Dividend and Buyback ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares International Select Dividend ETF, iShares Select Dividend ETF and iShares U.S. Dividend and Buyback ETF (five of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, the related statements of operations for the year ended April 30, 2021, the statements of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended April 30, 2021 that qualified for the dividends-received deduction were as follows:



iShares ETF	Dividends-Received Deduction

Core Dividend Growth		99.69	%

Core High Dividend		100.00	%

Select Dividend		100.00	%

U.S. Dividend and Buyback		100.00	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Dividend Income

Core Dividend Growth	$	342,921,831

Core High Dividend		247,868,142

International Select Dividend		191,935,533

Select Dividend		600,836,081

U.S. Dividend and Buyback		942,720

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Business Income

U.S. Dividend and Buyback	$	15,340

For the fiscal year ended April 30, 2021, the following fund earned foreign source income and paid foreign taxes which it intends to pass through to its shareholders:



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

International Select Dividend	$	208,967,570	$	14,282,195


I M P O R T A N T T A X I N F O R M A T I O N		59

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares International Select Dividend ETF, iShares Select Dividend ETF and iShares U.S. Dividend and Buyback ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:


60		2 0 2 1 I S H A R E S 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

Section 19(a) Notices

April 30, 2021



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Core Dividend Growth	$	1.044197	$	—		$ —	$	1.044197		100	%		—	%		—	%		100	%

Core High Dividend^(a)		3.527144		—		0.008471		3.535615		100			—			0	^(b)		100

International Select Dividend^(a)		1.213735		—		0.060113		1.273848		95			—			5			100

Select Dividend		3.536617		—		—		3.536617		100			—			—			100

U.S. Dividend and Buyback^(a)		0.675629		—		0.004456		0.680085		99			—			1			100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

The Company has registered the iShares Select Dividend ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


S U P P L E M E N T A L I N F O R M A T I O N		61

Supplemental Information (unaudited) (continued)

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2020 is USD 1.14 million. This figure is comprised of fixed remuneration of USD 529.44 thousand and variable remuneration of USD 607.5 thousand. There were a total of 490 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2020, to its senior management was USD 185.21 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 14.95 thousand.


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Trustee and Officer Information


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (64)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		63

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (65)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


64		2 0 2 1 I S H A R E S 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

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		65

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares


66		2 0 2 1 I S H A R E S 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

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-406-0421


		APRIL 30, 2021

2021 Annual Report

iShares Trust

🌑

iShares Morningstar Growth ETF | ILCG | NYSE Arca

🌑

iShares Morningstar Mid-Cap ETF | IMCB | NYSE Arca

🌑

iShares Morningstar Mid-Cap Growth ETF | IMCG | NYSE Arca

🌑

iShares Morningstar Mid-Cap Value ETF | IMCV | NASDAQ

🌑

iShares Morningstar Small-Cap ETF | ISCB | NYSE Arca

🌑

iShares Morningstar Small-Cap Growth ETF | ISCG | NYSE Arca

🌑

iShares Morningstar Small-Cap Value ETF | ISCV | NYSE Arca

🌑

iShares Morningstar U.S. Equity ETF | ILCB | NYSE Arca

🌑

iShares Morningstar Value ETF | ILCV | NYSE Arca

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57
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
Market Overview		4
Fund Summary		5
About Fund Performance		23
Shareholder Expenses		23
Schedules of Investments		24
Financial Statements
Statements of Assets and Liabilities		109
Statements of Operations		112
Statements of Changes in Net Assets		115
Financial Highlights		120
Notes to Financial Statements		129
Report of Independent Registered Public Accounting Firm		142
Important Tax Information (Unaudited)		143
Statement Regarding Liquidity Risk Management Program		144
Supplemental Information		145
Trustee and Officer Information		146
General Information		148
Glossary of Terms Used in this Report		149

Market Overview

iShares Trust

Domestic Market Overview


4		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Growth ETF

Investment Objective

The iShares Morningstar Growth ETF (the “Fund”) (formerly the iShares Morningstar Large-Cap Growth ETF) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® US Large-Mid Cap Broad Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		44.94	%		22.43	%		17.07	%		44.94	%		175.06	%		383.41	%
Fund Market		44.97			22.44			17.07			44.97			175.16			383.47
Index^(a)		45.27			22.91			17.44			45.27			180.54			399.16
Morningstar^® US Large Growth Index^SM		45.57			22.96			17.47			45.57			181.12			400.18
Morningstar^® US Large-Mid Cap Broad Growth Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Growth Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Growth Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Large Growth Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Large-Mid Cap Broad Growth Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 8.27%.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,212.80	$ 1.10			$ 1,000.00	$ 1,023.80	$ 1.00		0.20	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The coronavirus pandemic disrupted normal business practices and limited face-to-face contact, prompting many businesses to improve and expand their technology systems. Combined with a rebound in both consumer and business information technology spending, the accelerated adoption of technology products and services led to significant earnings growth for the sector. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, supporting a solid advance in the software and services industry. The semiconductors and semiconductor equipment industry also gained, as strong demand led to a semiconductor shortage and boosted revenues of chip makers.

The consumer discretionary sector also contributed significantly to the Index’s return, rebounding strongly after a decline early in the pandemic. Fiscal stimulus payments and unemployment insurance supplements helped consumer spending recover. The automobiles industry led the advance, as sales of electric vehicles were particularly resilient during the pandemic, benefiting in part from strong international demand. Internet and direct marketing retailers also contributed, boosted by an increase in online shopping amid pandemic-related restrictions.

The communication services sector was another source of strength for the Index’s return, led by the media and entertainment industry. Interactive media and services companies grew revenues from increased advertising as consumers spent more time at home accessing media and social networking apps.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	41.4	%
Consumer Discretionary	17.5
Communication Services	13.3
Health Care	11.3
Industrials	5.6
Financials	3.6
Real Estate	2.7
Consumer Staples	2.1
Materials	1.7
Other (each representing less than 1%)	0.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Microsoft Corp.	10.5	%
Amazon.com Inc.	8.2
Apple Inc.	6.8
Facebook Inc., Class A	4.3
Tesla Inc.	3.0
Alphabet Inc., Class A	2.6
Alphabet Inc., Class C	2.6
Visa Inc., Class A	2.2
NVIDIA Corp.	2.0
Mastercard Inc., Class A	1.8

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Mid-Cap ETF

Investment Objective

The iShares Morningstar Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Morningstar^® US Mid Cap Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		54.74	%		14.20	%		12.38	%		54.74	%		94.22	%		221.27	%
Fund Market		54.71			14.20			12.38			54.71			94.28			221.39
Index^(a)		55.14			14.49			12.64			55.14			96.73			228.84
Morningstar^® US Mid Core Index^SM		57.66			14.86			12.82			57.66			99.92			234.17
Morningstar^® US Mid Cap Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Mid Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Mid Core Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Mid Cap Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 13.33%.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,331.90	$ 1.16		$ 1,000.00	$ 1,023.80	$ 1.00		0.20	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The ongoing economic recovery helped the economically sensitive industrials sector, which was the leading contributor to the Index’s return. The capital goods industry was the primary source of strength amid a rebound in industrial production, as factories struggled to meet a rise in orders. Optimism about continued economic growth led to the highest levels of business confidence in more than 35 years. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

The consumer discretionary sector was another significant contributor to the Index’s return, as fiscal stimulus payments and unemployment insurance supplements helped consumer spending recover from a sharp decline in the second quarter of 2020. Spending in the first quarter of 2021 reached the highest level since 2019. Consumers increased savings and reduced credit card debt, which led to a surge in spending on nonessential items, benefiting the specialty retail industry.

The information technology sector also contributed meaningfully to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The coronavirus pandemic disrupted normal business practices, leading to a rebound in both consumer and business information technology spending. The semiconductors and semiconductor equipment industry led the advance, as strong demand led to a semiconductor shortage and boosted revenues of chip makers.

The financials sector, which is closely tied to the strength of the broader economy, also bolstered the Index’s performance. Within the sector, asset management and custody banks were the leading contributors. An increase in assets under management and cost-cutting helped offset pressure from higher interest rates.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	18.9	%
Industrials	14.5
Health Care	12.4
Financials	12.0
Consumer Discretionary	11.5
Real Estate	6.5
Materials	6.0
Utilities	4.7
Communication Services	4.7
Consumer Staples	4.4
Energy	4.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Freeport-McMoRan Inc.	0.6	%
Moderna Inc.	0.6
KLA Corp.	0.5
Ford Motor Co.	0.5
IQVIA Holdings Inc.	0.5
Johnson Controls International PLC	0.5
TE Connectivity Ltd.	0.5
Sysco Corp.	0.5
EOG Resources Inc.	0.5
HP Inc.	0.5

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Mid-Cap Growth ETF

Investment Objective

The iShares Morningstar Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® US Mid Cap Broad Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		57.51	%		21.46	%		14.41	%		57.51	%		164.31	%		284.33	%
Fund Market		57.58			21.48			14.42			57.58			164.54			284.52
Index^(a)		58.06			21.78			14.69			58.06			167.82			293.64
Morningstar^® US Mid Growth Index^SM		57.94			21.76			14.68			57.94			167.62			293.35
Morningstar^® US Mid Cap Broad Growth Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Mid Growth Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Growth Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Mid Growth Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Mid Cap Broad Growth Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 8.70%.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,240.00	$ 1.39		$ 1,000.00	$ 1,023.60	$ 1.25		0.25	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Mid-Cap Growth ETF

Portfolio Management Commentary

Growth-oriented mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The coronavirus pandemic disrupted normal business practices and limited face-to-face contact, prompting many businesses to improve and expand their technology systems. Combined with a rebound in both consumer and business information technology spending, the accelerated adoption of technology products and services led to significant earnings growth for the sector. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, supporting a solid advance in the software and services industry.

The healthcare sector was a significant contributor to the Index’s performance, as optimism surrounding the economic recovery and the development of new products offset a decline in healthcare spending, particularly during the early part of the pandemic. The healthcare equipment industry was a leading source of strength, as growing pet ownership drove increased sales of veterinary health products.

The consumer discretionary sector also contributed meaningfully to the Index’s return, as fiscal stimulus payments and unemployment insurance supplements helped consumer spending reach the highest level since 2019 in the first quarter of 2021. Internet and direct marketing retailers were boosted by an increase in online shopping amid pandemic-related restrictions. The ongoing economic recovery also helped the economically sensitive industrials sector. The capital goods industry was the primary source of strength amid a rebound in industrial production, as factories struggled to meet a rise in orders.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	29.3	%
Health Care	19.5
Industrials	16.5
Consumer Discretionary	10.6
Financials	7.0
Communication Services	4.9
Real Estate	4.3
Materials	2.9
Consumer Staples	2.6
Utilities	1.4
Energy	1.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Moderna Inc.	1.3	%
Match Group Inc.	1.0
MSCI Inc.	0.9
IHS Markit Ltd.	0.9
Crowdstrike Holdings Inc., Class A	0.9
Roku Inc.	0.9
DexCom Inc.	0.9
Cadence Design Systems Inc.	0.9
Marvell Technology Inc.	0.8
Pinterest Inc., Class A	0.8

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Mid-Cap Value ETF

Investment Objective

The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Mid Cap Broad Value Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		63.45	%		11.57	%		11.36	%		63.45	%		72.90	%		193.17	%
Fund Market		63.54			11.59			11.36			63.54			73.03			193.33
Index^(a)		63.89			11.88			11.66			63.89			75.26			201.27
Morningstar^® US Mid Value Index^SM		61.78			11.59			11.52			61.78			73.00			197.39
Morningstar^® US Mid Cap Broad Value Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Mid Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Value Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Mid Value Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Mid Cap Broad Value Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 18.65%.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,458.70	$ 1.46			$ 1,000.00	$ 1,023.60	$ 1.20		0.24	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The financials sector, which is closely tied to the strength of the broader economy, was the largest contributor to the Index’s performance, led by the insurance industry. In the life and health insurance industry, investment profits helped offset losses from a pandemic-related increase in claims. Property and casualty insurers benefited from fewer auto collisions as pandemic-related restrictions led to a decrease in miles driven. The diversified financials industry advanced as increased profits from online banking services bolstered consumer finance companies despite a reduction in consumers’ credit card balances.

The ongoing economic recovery also helped the economically sensitive industrials sector, which was a solid contributor to the Index’s return. The capital goods industry advanced amid a rebound in industrial production, as factories struggled to meet a rise in orders. The building products industry gained amid a sharp increase in home renovation, which boosted demand for construction materials.

The consumer discretionary, materials, and information technology sectors were also notable contributors to the Index’s return. The consumer discretionary sector advanced as fiscal stimulus payments and unemployment insurance supplements helped consumer spending. The automobiles industry benefited from a surge in demand late in the reporting period. In the materials sector the chemicals industry led gains, supported by a sharp increase in the price of lithium, a key component in batteries for electric vehicles. The information technology sector benefited from the acceleration of trends in automation, cloud computing, and digitization. The technology hardware and equipment industry advanced as the transition to remote work and school drove purchases of personal computers and peripherals.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Financials		17.0%
Industrials		12.7
Consumer Discretionary		12.0
Information Technology		9.5
Materials		8.8
Real Estate		8.4
Utilities		7.8
Energy		7.6
Consumer Staples		6.2
Health Care		6.1
Communication Services		3.9

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Freeport-McMoRan Inc.		1.2%
Ford Motor Co.		1.0
Johnson Controls International PLC		0.9
Sysco Corp.		0.9
EOG Resources Inc.		0.9
HP Inc.		0.9
American International Group Inc.		0.9
Simon Property Group Inc.		0.8
Prudential Financial Inc.		0.8
Travelers Companies Inc. (The)		0.8

^(a)

Excludes money market funds.


12		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Small-Cap ETF

Investment Objective

The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar^® US Small Cap Extended Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		65.95	%		13.29	%		10.36	%		65.95	%		86.63	%		167.97	%
Fund Market		65.03			13.29			10.37			65.03			86.64			168.13
Index^(a)		65.94			13.46			10.50			65.94			88.00			171.35
Morningstar^® US Small Core Index^SM		67.40			13.65			10.59			67.40			89.64			173.72
Morningstar^® US Small Cap Extended Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Extended Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Small Core Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Small Cap Extended Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 10.83%.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,468.10	$ 1.22			$ 1,000.00	$ 1,023.80	$ 1.00		0.20	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The ongoing economic recovery helped the economically sensitive industrials sector, which was the largest contributor to the Index’s return. Within the sector, the capital goods industry was the primary source of strength amid a rebound in industrial production, as factories struggled to meet a rise in orders. Optimism about continued economic growth led to the highest levels of business confidence in more than 35 years. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

The financials sector was a strong contributor to the Index’s performance, led by banks. Despite concerns that pandemic-related business failures would lead to significant loan losses, banks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Late in the reporting period, higher long-term bond yields and a steepening yield curve (a graphical representation of U.S. Treasury rates at different maturities) also pointed to a strengthening economy, further supporting bank stocks. Higher interest rates and a steeper yield curve often improve banks’ profitability by widening the difference between the interest they charge to borrowing customers and banks’ own cost of borrowing.

The consumer discretionary sector rebounded strongly after a decline early in the pandemic, contributing to performance. Fiscal stimulus payments and unemployment insurance supplements helped consumer spending recover from a sharp decline in the second quarter of 2020, as spending in the first quarter of 2021 reached the highest level since 2019. Consumer durables stocks gained amid increased spending on textiles and apparel, with products that emphasized comfort selling particularly well.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Industrials	16.9	%
Financials	16.9
Consumer Discretionary	14.3
Health Care	14.2
Information Technology	13.1
Real Estate	8.4
Materials	5.0
Energy	3.5
Consumer Staples	3.1
Communication Services	2.5
Utilities	2.1

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Novavax Inc.	0.4	%
Diamondback Energy Inc.	0.3
Signature Bank/New York NY	0.3
Plug Power Inc.	0.3
American Airlines Group Inc.	0.3
Devon Energy Corp.	0.3
Tapestry Inc.	0.3
LPL Financial Holdings Inc.	0.3
Norwegian Cruise Line Holdings Ltd.	0.3
RH	0.3

^(a)

Excludes money market funds.


14		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Small-Cap Growth ETF

Investment Objective

The iShares Morningstar Small-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® US Small Cap Broad Growth Extended Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		61.86	%		19.43	%		13.17	%		61.86	%		142.97	%		244.55	%
Fund Market		61.65			19.42			13.17			61.65			142.89			244.55
Index^(a)		62.03			19.61			13.26			62.03			144.84			247.40
Morningstar^® US Small Growth Index^SM		63.25			19.79			13.35			63.25			146.67			250.00
Morningstar^® US Small Cap Broad Growth Extended Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Growth Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Broad Growth Extended Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Small Growth Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Small Cap Broad Growth Extended Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 3.62%.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,270.40	$ 1.35			$ 1,000.00	$ 1,023.60	$ 1.20		0.24	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Small-Cap Growth ETF

Portfolio Management Commentary

Growth-oriented, small-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The coronavirus pandemic disrupted normal business practices and limited face-to-face contact, which led to a rebound in information technology spending, driving earnings growth for the sector. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented software grew rapidly, supporting a solid advance in the software and services industry. The semiconductors and semiconductor equipment industry contributed as strong demand led to a semiconductor shortage and boosted revenues of chip makers.

The healthcare sector was a significant contributor to the Index’s performance, as optimism surrounding the economic recovery and the development of new products offset a decline in healthcare spending, particularly during the early part of the pandemic. Analysts assessed that demand for health services deferred early in the pandemic would lead to increased revenues as the economy continued to rebound. The biotechnology industry was a leading source of strength, as early clinical trials showed promising performance for a new cancer drug.

The consumer discretionary sector also contributed, as fiscal stimulus payments and unemployment insurance supplements boosted consumer spending. Consumers increased savings and reduced credit card debt, which led to a surge in spending on automobiles, benefiting automotive retail stocks in the specialty retail industry. Casinos and gaming stocks gained as capacity increases drove increased bookings at resort and casino operators, and online gaming, particularly sports betting, expanded.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)

Health Care		21.7%
Information Technology		20.0
Industrials		16.7
Consumer Discretionary		13.6
Financials		10.8
Real Estate		6.3
Materials		3.3
Communication Services		3.1
Consumer Staples		3.1
Utilities		1.0
Energy		0.4

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)

Novavax Inc.		0.8%
Plug Power Inc.		0.7
RH		0.6
Lithia Motors Inc., Class A		0.5
Palantir Technologies Inc., Class A		0.5
MKS Instruments Inc.		0.5
Proofpoint Inc.		0.5
Axon Enterprise Inc.		0.5
Manhattan Associates Inc.		0.4
Natera Inc.		0.4

^(a)

Excludes money market funds.


16		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Small-Cap Value ETF

Investment Objective

The iShares Morningstar Small-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Small Cap Broad Value Extended Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		80.90	%		10.01	%		9.55	%		80.90	%		61.10	%		148.97	%
Fund Market		80.89			9.99			9.54			80.89			61.00			148.80
Index^(a)		81.36			10.32			9.80			81.36			63.40			154.81
Morningstar^® US Small Value Index^SM		85.23			10.79			10.04			85.23			66.89			160.25
Morningstar^® US Small Cap Broad Value Extended Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Broad Value Extended Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Small Value Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Small Cap Broad Value Extended Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 18.87%.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,607.60	$ 1.55			$ 1,000.00	$ 1,023.60	$ 1.20		0.24	%

^(a)


F U N D S U M M A R Y		17


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Small-Cap Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced sharply for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The consumer discretionary sector contributed the most to the Index’s return, as fiscal stimulus payments and unemployment insurance supplements helped increase consumer spending. Retailers, which were particularly pressured by the onset of the pandemic and related restrictions, recovered to post strong gains amid a mass COVID-19 vaccination program and a growing economy. Consumers increased savings and reduced credit card debt, which led to a surge in spending on nonessential items, benefiting the specialty retail industry. Consumer durables stocks gained as easing restrictions led consumers to return to stores and bolstered sales of luxury goods, particularly in China.

The financials sector was a strong contributor to the Index’s performance, led by the banking industry. Despite concerns that pandemic-related business failures would lead to significant loan losses in the wake of the pandemic, banks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Late in the reporting period, higher long-term bond yields and a steepening yield curve (a graphical representation of U.S. Treasury rates at different maturities) also pointed to a strengthening economy, further supporting bank stocks.

The ongoing economic recovery also helped the economically sensitive industrials sector, which was a solid contributor to the Index’s return. The capital goods industry was the primary source of strength amid a rebound in industrial production, as factories worked to meet a rise in orders. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)

Financials		23.2%
Industrials		17.0
Consumer Discretionary		15.1
Real Estate		10.5
Information Technology		7.1
Materials		6.5
Energy		6.2
Health Care		6.1
Consumer Staples		3.2
Utilities		3.1
Communication Services		2.0

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)

Signature Bank/New York NY		0.6%
Diamondback Energy Inc.		0.6
American Airlines Group Inc.		0.6
Devon Energy Corp.		0.6
Tapestry Inc.		0.6
Norwegian Cruise Line Holdings Ltd.		0.5
Invesco Ltd.		0.5
Comerica Inc.		0.5
Steel Dynamics Inc.		0.5
First Horizon Corp.		0.4

^(a)

Excludes money market funds.


18		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar U.S. Equity ETF

Investment Objective

The iShares Morningstar U.S. Equity ETF (the “Fund”) (formerly the iShares Morningstar Large-Cap ETF) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar^® US Large-Mid Cap Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		46.58	%		16.67	%		14.31	%		46.58	%		116.15	%		280.79	%
Fund Market		46.74			16.67			14.31			46.74			116.20			280.86
Index^(a)		46.88			16.90			14.55			46.88			118.28			288.85
Morningstar^® US Large Core Index^SM		48.24			17.11			14.65			48.24			120.30			292.46
Morningstar^® US Large-Mid Cap Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Large Core Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Large-Mid Cap Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 11.41%.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,266.00	$ 0.90			$ 1,000.00	$ 1,024.00	$ 0.80		0.16	%

^(a)


F U N D S U M M A R Y		19


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar U.S. Equity ETF

Portfolio Management Commentary

Large-and mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The coronavirus pandemic disrupted normal business practices and limited face-to-face contact, prompting many businesses to improve and expand their technology systems. The technology hardware and equipment industry led the advance, as the transition to remote work and school drove purchases of personal computers and peripherals and heightened demand for data storage equipment. The semiconductors and semiconductor equipment industry gained, as strong demand led to a semiconductor shortage and boosted revenues of chip makers. Higher sales for outsourced services, along with rising demand for cloud computing and business-oriented software, drove revenue growth in the software and services industry.

The healthcare sector was a solid contributor to the Index’s performance, as optimism surrounding the economic recovery and the development of new products offset a decline in healthcare spending, particularly during the early part of the pandemic. The healthcare equipment industry gained, as solid sales of coronavirus diagnostic tests propelled strong profit growth.

The financials sector, which is closely tied to the strength of the broader economy, contributed meaningfully to the Index’s performance, led by asset management and custody banks. The sharp market rally led to an increase in assets under management, which helped offset pressure from higher interest rates. The consumer discretionary sector also contributed, rebounding strongly after a decline early in the pandemic. Homebound consumers increased spending on remodeling and redecoration projects, driving significant growth in revenue and profit for home improvement retailers.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		27.3%
Health Care		13.1
Consumer Discretionary		12.5
Financials		11.2
Communication Services		11.1
Industrials		8.8
Consumer Staples		5.7
Real Estate		2.7
Materials		2.6
Utilities		2.6
Energy		2.4

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Apple Inc.		5.4%
Microsoft Corp.		5.0
Amazon.com Inc.		3.9
Facebook Inc., Class A		2.0
Alphabet Inc., Class A		1.8
Alphabet Inc., Class C		1.8
Tesla Inc.		1.4
Berkshire Hathaway Inc., Class B		1.4
JPMorgan Chase & Co.		1.2
Johnson & Johnson		1.1

^(a)

Excludes money market funds.


20		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Morningstar Value ETF

Investment Objective

The iShares Morningstar Value ETF (the “Fund”) (formerly the iShares Morningstar Large-Cap Value ETF) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Large-Mid Cap Broad Value Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		36.36	%		11.57	%		9.94	%		36.36	%		72.90	%		158.08	%
Fund Market		36.58			11.58			9.95			36.58			72.93			158.25
Index^(a)		36.65			11.85			10.22			36.65			75.05			164.63
Morningstar^® US Large Value Index^SM		34.67			11.52			10.06			34.67			72.52			160.81
Morningstar^® US Large-Mid Cap Broad Value Index^SM(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Value Index^SM, which, effective as of March 22, 2021, replaced the Morningstar^® US Large Value Index^SMas the underlying index of the fund.

^(b)

The inception date of the Morningstar^® US Large-Mid Cap Broad Value Index^SMwas January 27, 2021. The cumulative total return for this index for the period January 27, 2021 through April 30, 2021 was 14.47%.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,343.30	$ 1.16			$ 1,000.00	$ 1,023.80	$ 1.00		0.20	%

^(a)


F U N D S U M M A R Y		21


Fund Summary as of April 30, 2021 (continued)		iShares^® Morningstar Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The financials sector, which is closely tied to the strength of the broader economy, contributed the most to the Index’s performance. Within the sector, banks were the leading contributors. In the wake of the coronavirus pandemic, bank stocks faced headwinds amid concerns that widespread business failures would lead to significant loan losses. However, bank stocks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Late in the reporting period, higher long-term bond yields also pointed to a strengthening economy, further supporting bank stocks. Investment banking and brokerage companies also contributed to the Index’s return, as higher trading revenues amid a surge in equity trading volume boosted investment banks’ profit margins.

The ongoing economic recovery also helped the economically sensitive industrials sector, which was a solid contributor to the Index’s return. The capital goods industry was the primary source of strength amid a rebound in industrial production, as factories struggled to meet a rise in orders. Optimism about continued economic growth led to the highest levels of business confidence in more than 35 years. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

The information technology sector also contributed to the Index’s return, benefiting from the acceleration of trends in automation, cloud computing, and digitization. The semiconductors and semiconductor equipment industry led the advance, as strong demand led to a semiconductor shortage and boosted revenues of chip makers.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Financials		18.1%
Health Care		14.8
Information Technology		14.5
Industrials		11.8
Communication Services		9.0
Consumer Staples		9.0
Consumer Discretionary		7.8
Utilities		4.4
Energy		4.3
Materials		3.5
Real Estate		2.8

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Apple Inc.		4.2%
JPMorgan Chase & Co.		2.3
Johnson & Johnson		2.1
Berkshire Hathaway Inc., Class B		1.7
Walt Disney Co. (The)		1.7
Bank of America Corp.		1.5
Comcast Corp., Class A		1.3
UnitedHealth Group Inc.		1.3
Home Depot Inc. (The)		1.2
Exxon Mobil Corp.		1.2

^(a)

Excludes money market funds.


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

About Fund Performance

Shareholder Expenses


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		23

Schedule of Investments

April 30, 2021

iShares^® Morningstar Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.5%
HEICO Corp.		4,382	$	616,985
HEICO Corp., Class A		7,642		965,032
Howmet Aerospace Inc.^(a)		22,818		729,263
Huntington Ingalls Industries Inc.		1,793		380,690
L3Harris Technologies Inc.		8,694		1,819,046
Northrop Grumman Corp.		5,810		2,059,296
Teledyne Technologies Inc.^(a)		3,833		1,716,226
TransDigm Group Inc.^(a)		3,303		2,027,183


				10,313,721

Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		4,813		467,246
Expeditors International of Washington Inc.		8,888		976,436
United Parcel Service Inc., Class B		27,004		5,505,036
XPO Logistics Inc.^(a)		4,603		640,369


				7,589,087

Auto Components — 0.1%
Aptiv PLC^(a)		14,641		2,106,694
Gentex Corp.		13,756		483,936


				2,590,630

Automobiles — 3.0%
Tesla Inc.^(a)		79,462		56,373,521


Banks — 0.3%
Commerce Bancshares Inc.		3,808		296,301
First Republic Bank/CA		18,237		3,341,748
SVB Financial Group^(a)		3,358		1,920,205


				5,558,254

Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		952		1,158,098
Brown-Forman Corp., Class A		3,695		263,638
Brown-Forman Corp., Class B, NVS		12,092		922,378
Monster Beverage Corp.^(a)		38,311		3,718,083


				6,062,197

Biotechnology — 1.6%
ACADIA Pharmaceuticals Inc.^(a)		12,107		248,920
Alexion Pharmaceuticals Inc.^(a)		10,572		1,783,285
Alnylam Pharmaceuticals Inc.^(a)		7,945		1,117,385
BioMarin Pharmaceutical Inc.^(a)		18,843		1,468,246
Exact Sciences Corp.^(a)		17,568		2,315,814
Exelixis Inc.^(a)		32,332		796,014
Horizon Therapeutics PLC^(a)		23,219		2,196,982
Incyte Corp.^(a)		19,364		1,653,298
Ionis Pharmaceuticals Inc.^(a)		14,597		625,043
Mirati Therapeutics Inc.^(a)		4,721		784,725
Moderna Inc.^(a)		31,484		5,629,969
Neurocrine Biosciences Inc.^(a)		9,735		919,860
Regeneron Pharmaceuticals Inc.^(a)		5,677		2,732,340
Sarepta Therapeutics Inc.^(a)		8,233		583,226
Seagen Inc.^(a)		13,064		1,878,081
Vertex Pharmaceuticals Inc.^(a)		26,887		5,866,743


				30,599,931

Building Products — 0.3%
A O Smith Corp.		6,533		442,611
Allegion PLC		4,175		561,037
Fortune Brands Home & Security Inc.		6,550		687,619
Lennox International Inc.		1,969		660,284
Masco Corp.		17,366		1,109,340


Security	Shares		Value

Building Products (continued)
Trane Technologies PLC		9,316	$	1,619,400
Trex Co. Inc.^(a)(b)		11,999		1,295,772


				6,376,063

Capital Markets — 1.7%
Ameriprise Financial Inc.		4,337		1,120,681
Apollo Global Management Inc.		8,756		484,820
Blackstone Group Inc. (The)		24,605		2,177,296
FactSet Research Systems Inc.		3,932		1,322,017
Intercontinental Exchange Inc.		19,693		2,318,063
KKR & Co. Inc.		32,224		1,823,234
MarketAxess Holdings Inc.		3,916		1,912,809
Moody’s Corp.		16,676		5,448,216
Morningstar Inc.		2,218		587,792
MSCI Inc.		8,558		4,157,220
Nasdaq Inc.		6,964		1,124,965
S&P Global Inc.		15,565		6,076,420
SEI Investments Co.		7,979		490,230
T Rowe Price Group Inc.		11,520		2,064,384


				31,108,147

Chemicals — 1.1%
Air Products & Chemicals Inc.		9,835		2,837,201
Albemarle Corp.		5,949		1,000,443
Ecolab Inc.		15,480		3,469,378
FMC Corp.		6,692		791,262
Linde PLC		20,288		5,799,122
Mosaic Co. (The)		13,928		489,987
PPG Industries Inc.		9,318		1,595,614
RPM International Inc.		7,753		735,295
Scotts Miracle-Gro Co. (The)		2,510		580,212
Sherwin-Williams Co. (The)		14,728		4,033,557


				21,332,071

Commercial Services & Supplies — 0.5%
Cintas Corp.		5,629		1,942,793
Copart Inc.^(a)		21,552		2,683,440
IAA Inc.^(a)		13,943		875,760
Republic Services Inc.		8,645		918,963
Rollins Inc.		22,948		855,501
Waste Management Inc.		13,362		1,843,555


				9,120,012

Communications Equipment — 0.3%
Arista Networks Inc.^(a)		5,697		1,795,523
Ciena Corp.^(a)		8,125		410,069
F5 Networks Inc.^(a)		3,631		678,126
Lumentum Holdings Inc.^(a)		4,588		390,209
Motorola Solutions Inc.		9,325		1,755,898
Ubiquiti Inc.		783		223,413


				5,253,238

Construction & Engineering — 0.0%
Quanta Services Inc.		5,862		566,504


Construction Materials — 0.2%
Martin Marietta Materials Inc.		3,891		1,373,990
Vulcan Materials Co.		13,733		2,447,770


				3,821,760

Consumer Finance — 0.1%
Discover Financial Services		11,871		1,353,294


Containers & Packaging — 0.2%
AptarGroup Inc.		3,821		576,245


24		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging (continued)
Avery Dennison Corp.		4,148	$	888,377
Ball Corp.		17,544		1,642,820


				3,107,442

Distributors — 0.1%
Pool Corp.		4,162		1,758,528


Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions Inc.^(a)		3,962		573,816
Chegg Inc.^(a)		14,541		1,313,489
Service Corp. International		17,557		938,246


				2,825,551

Diversified Financial Services — 1.0%
Berkshire Hathaway Inc., Class B^(a)		68,170		18,743,341
Voya Financial Inc.		4,445		301,460


				19,044,801

Electric Utilities — 0.3%
Eversource Energy		12,895		1,111,807
NextEra Energy Inc.		65,662		5,089,462
NRG Energy Inc.		10,405		372,707


				6,573,976

Electrical Equipment — 0.5%
AMETEK Inc.		23,894		3,224,018
Generac Holdings Inc.^(a)		6,475		2,097,576
Hubbell Inc.		2,566		492,698
Rockwell Automation Inc.		7,376		1,949,182
Sensata Technologies Holding PLC^(a)		5,633		325,249
Sunrun Inc.^(a)		8,028		393,372


				8,482,095

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		30,674		2,065,587
CDW Corp./DE		7,664		1,366,721
Cognex Corp.		18,241		1,570,915
IPG Photonics Corp.^(a)		3,718		807,215
Keysight Technologies Inc.^(a)		12,176		1,757,606
TE Connectivity Ltd.		12,147		1,633,407
Trimble Inc.^(a)		15,326		1,256,732
Zebra Technologies Corp., Class A^(a)		5,542		2,703,055


				13,161,238

Energy Equipment & Services — 0.0%
Baker Hughes Co.		41,067		824,625


Entertainment — 2.0%
Activision Blizzard Inc.		50,722		4,625,339
Electronic Arts Inc.		8,603		1,222,314
Live Nation Entertainment Inc.^(a)		14,874		1,217,883
Netflix Inc.^(a)		45,831		23,532,844
Roku Inc.^(a)		11,511		3,947,928
Take-Two Interactive Software Inc.^(a)		11,934		2,092,985
Zynga Inc., Class A^(a)		104,375		1,129,337


				37,768,630

Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities Inc.		8,331		1,508,744
American Homes 4 Rent, Class A		27,844		1,031,342
American Tower Corp.		29,787		7,588,834
Americold Realty Trust		26,153		1,056,320
Camden Property Trust		3,923		472,643
Crown Castle International Corp.		44,699		8,450,793
CyrusOne Inc.		12,486		909,355
Digital Realty Trust Inc.		11,023		1,700,959


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Duke Realty Corp.		19,179	$	892,207
Equinix Inc.		9,254		6,669,913
Equity LifeStyle Properties Inc.		10,114		701,912
Essex Property Trust Inc.		2,963		860,811
Extra Space Storage Inc.		6,470		962,024
Healthpeak Properties Inc.		22,272		764,821
Invitation Homes Inc.		58,783		2,060,932
Mid-America Apartment Communities Inc.		6,036		949,644
Prologis Inc.		27,747		3,233,358
Realty Income Corp.		15,149		1,047,553
Regency Centers Corp.		6,026		383,615
SBA Communications Corp.		11,327		3,394,928
Sun Communities Inc.		11,488		1,916,543
UDR Inc.		14,043		652,297
VEREIT Inc.		10,700		511,888
VICI Properties Inc.		24,645		781,247


				48,502,683

Food & Staples Retailing — 0.5%
Casey’s General Stores Inc.		2,327		517,036
Costco Wholesale Corp.		23,052		8,577,419


				9,094,455

Food Products — 0.3%
Beyond Meat Inc.^(a)(b)		5,148		677,889
Darling Ingredients Inc.^(a)		16,849		1,170,163
Hershey Co. (The)		8,203		1,347,753
Hormel Foods Corp.		13,123		606,283
McCormick & Co. Inc./MD, NVS		15,546		1,404,736


				5,206,824

Gas Utilities — 0.0%
Atmos Energy Corp.		4,591		475,582


Health Care Equipment & Supplies — 4.4%
Abbott Laboratories		92,342		11,088,427
ABIOMED Inc.^(a)		4,646		1,490,112
Align Technology Inc.^(a)		7,464		4,445,036
Baxter International Inc.		14,384		1,232,565
Boston Scientific Corp.^(a)		77,001		3,357,244
Cooper Companies Inc. (The)		5,095		2,093,485
Danaher Corp.		41,095		10,435,664
DENTSPLY SIRONA Inc.		9,596		647,826
DexCom Inc.^(a)		9,985		3,855,208
Edwards Lifesciences Corp.^(a)		64,720		6,182,054
Hologic Inc.^(a)		26,700		1,750,185
IDEXX Laboratories Inc.^(a)		8,850		4,858,561
Insulet Corp.^(a)		6,802		2,008,086
Intuitive Surgical Inc.^(a)		12,181		10,536,565
Masimo Corp.^(a)		5,268		1,225,706
Novocure Ltd.^(a)		8,811		1,798,325
Penumbra Inc.^(a)		3,506		1,072,801
Quidel Corp.^(a)		3,982		417,274
ResMed Inc.		15,108		2,839,851
STERIS PLC		8,845		1,866,472
Stryker Corp.		14,901		3,913,450
Tandem Diabetes Care Inc.^(a)		6,476		595,144
Teleflex Inc.		4,838		2,043,958
West Pharmaceutical Services Inc.		7,633		2,507,593
Zimmer Biomet Holdings Inc.		7,774		1,377,242


				83,638,834


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 (continued)

April 30, 2021

iShares^® Morningstar Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services — 1.4%
Amedisys Inc.^(a)		3,402	$	918,030
Anthem Inc.		8,659		3,285,138
Chemed Corp.		1,660		791,173
DaVita Inc.^(a)		3,069		357,631
Encompass Health Corp.		5,983		507,717
Guardant Health Inc.^(a)(b)		8,845		1,406,178
Humana Inc.		6,332		2,819,260
LHC Group Inc.^(a)		3,276		682,292
Molina Healthcare Inc.^(a)		2,748		701,015
Quest Diagnostics Inc.		5,775		761,607
UnitedHealth Group Inc.		32,376		12,911,549
Universal Health Services Inc., Class B		3,518		522,106


				25,663,696

Health Care Technology — 0.5%
Cerner Corp.		31,742		2,382,237
Teladoc Health Inc.^(a)		13,482		2,323,623
Veeva Systems Inc., Class A^(a)		14,133		3,991,866


				8,697,726

Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.^(a)		2,788		6,875,431
Chipotle Mexican Grill Inc.^(a)		2,919		4,355,236
Darden Restaurants Inc.		5,815		853,177
Domino’s Pizza Inc.		3,986		1,683,447
DraftKings Inc., Class A^(a)(b)		33,381		1,891,367
Expedia Group Inc.		8,231		1,450,549
Hilton Worldwide Holdings Inc.^(a)		14,014		1,803,602
MGM Resorts International		27,043		1,101,191
Starbucks Corp.		51,160		5,857,308
Vail Resorts Inc.		4,171		1,356,242
Yum! Brands Inc.		20,126		2,405,460


				29,633,010

Household Durables — 0.3%
DR Horton Inc.		17,782		1,747,793
Garmin Ltd.		9,361		1,284,703
Lennar Corp., Class A		10,723		1,110,903
Lennar Corp., Class B		603		48,584
NVR Inc.^(a)		177		888,204
PulteGroup Inc.		11,460		677,515


				5,757,702

Household Products — 0.7%
Church & Dwight Co. Inc.		25,397		2,177,539
Clorox Co. (The)		13,069		2,385,093
Procter & Gamble Co. (The)		68,534		9,143,806


				13,706,438

Industrial Conglomerates — 0.2%
Carlisle Companies Inc.		3,451		661,384
Roper Technologies Inc.		6,843		3,054,989


				3,716,373

Insurance — 0.5%
Alleghany Corp.^(a)		1,452		985,864
Aon PLC, Class A		7,380		1,855,627
Arch Capital Group Ltd.^(a)		21,992		873,302
Arthur J Gallagher & Co.		12,268		1,778,247
Assurant Inc.		3,046		473,958
Brown & Brown Inc.		24,262		1,290,253
Erie Indemnity Co., Class A, NVS		2,586		553,456
RenaissanceRe Holdings Ltd.		3,287		554,878
W R Berkley Corp.		5,718		455,839


Security	Shares		Value

Insurance (continued)
Willis Towers Watson PLC		5,560	$	1,439,262


				10,260,686

Interactive Media & Services — 10.5%
Alphabet Inc., Class A^(a)		21,118		49,701,213
Alphabet Inc., Class C, NVS^(a)		20,244		48,790,469
Facebook Inc., Class A^(a)		248,914		80,916,963
Match Group Inc.^(a)		27,873		4,337,875
Pinterest Inc., Class A^(a)		55,178		3,662,164
Snap Inc., Class A, NVS^(a)		96,084		5,939,913
Twitter Inc.^(a)		82,711		4,567,301
Zillow Group Inc., Class A^(a)		1,321		176,155
Zillow Group Inc., Class C, NVS^(a)		5,554		722,687


				198,814,740

Internet & Direct Marketing Retail — 8.8%
Amazon.com Inc.^(a)		44,290		153,572,032
eBay Inc.		24,725		1,379,408
Etsy Inc.^(a)		13,065		2,597,191
Grubhub Inc.^(a)		9,664		657,538
MercadoLibre Inc.^(a)		4,754		7,468,439
Wayfair Inc., Class A^(a)		3,565		1,053,707


				166,728,315

IT Services — 9.0%
Accenture PLC, Class A		27,145		7,871,236
Akamai Technologies Inc.^(a)		16,913		1,838,443
Automatic Data Processing Inc.		22,874		4,277,209
Black Knight Inc.^(a)		16,248		1,176,680
Broadridge Financial Solutions Inc.		11,999		1,903,401
EPAM Systems Inc.^(a)		5,812		2,660,443
Fidelity National Information Services Inc.		28,231		4,316,520
Fiserv Inc.^(a)		26,530		3,186,784
FleetCor Technologies Inc.^(a)		8,666		2,493,381
Gartner Inc.^(a)		9,195		1,801,117
Genpact Ltd.		8,337		396,258
Global Payments Inc.		14,967		3,212,367
GoDaddy Inc., Class A^(a)		17,572		1,525,601
Jack Henry & Associates Inc.		7,883		1,283,589
Mastercard Inc., Class A		90,727		34,663,158
MongoDB Inc.^(a)(b)		5,370		1,597,360
Okta Inc.^(a)(b)		12,751		3,438,945
Paychex Inc.		17,708		1,726,353
PayPal Holdings Inc.^(a)		121,191		31,787,187
Square Inc., Class A^(a)		40,339		9,875,794
Twilio Inc., Class A^(a)		16,585		6,099,963
VeriSign Inc.^(a)		10,313		2,256,175
Visa Inc., Class A		175,511		40,992,349


				170,380,313

Leisure Products — 0.1%
Hasbro Inc.		13,115		1,304,287
Peloton Interactive Inc., Class A^(a)		13,120		1,290,352


				2,594,639

Life Sciences Tools & Services — 2.4%
10X Genomics Inc., Class A^(a)		7,584		1,500,115
Agilent Technologies Inc.		20,454		2,733,473
Avantor Inc.^(a)		53,567		1,716,287
Bio-Rad Laboratories Inc., Class A^(a)		2,232		1,406,450
Bio-Techne Corp.		4,019		1,718,082
Bruker Corp.		6,741		461,893
Charles River Laboratories International Inc.^(a)		5,160		1,715,442
Illumina Inc.^(a)		9,417		3,699,374


26		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
IQVIA Holdings Inc.^(a)		11,285	$	2,648,477
Mettler-Toledo International Inc.^(a)		2,426		3,186,114
PerkinElmer Inc.		11,518		1,493,078
PPD Inc.^(a)		11,256		520,027
PRA Health Sciences Inc.^(a)		6,678		1,114,492
Repligen Corp.^(a)		5,277		1,117,194
Thermo Fisher Scientific Inc.		40,748		19,160,932
Waters Corp.^(a)		3,233		969,480


				45,160,910

Machinery — 1.1%
Deere & Co.		11,919		4,420,161
Dover Corp.		7,238		1,079,837
Fortive Corp.		18,624		1,318,952
Graco Inc.		17,488		1,343,078
IDEX Corp.		7,853		1,760,643
Ingersoll Rand Inc.^(a)		19,736		975,156
Nordson Corp.		5,601		1,184,108
Otis Worldwide Corp.		15,959		1,242,727
PACCAR Inc.		13,622		1,224,345
Parker-Hannifin Corp.		6,573		2,062,673
Pentair PLC		7,485		482,857
Toro Co. (The)		11,155		1,278,363
Xylem Inc./NY		18,689		2,067,938


				20,440,838

Media — 0.8%
Altice USA Inc., Class A^(a)		11,179		405,909
Cable One Inc.		561		1,004,190
Charter Communications Inc., Class A^(a)		14,628		9,851,226
Liberty Broadband Corp., Class A^(a)		1,201		189,362
Liberty Broadband Corp., Class C, NVS^(a)		10,912		1,775,601
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		2,886		130,418
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		6,099		275,858
Sirius XM Holdings Inc.		120,127		732,775


				14,365,339

Metals & Mining — 0.2%
Newmont Corp.		52,026		3,246,943
Royal Gold Inc.		6,789		759,418
Southern Copper Corp.		5,033		349,340


				4,355,701

Multi-Utilities — 0.0%
CMS Energy Corp.		10,460		673,519


Multiline Retail — 0.3%
Dollar General Corp.		12,955		2,782,086
Target Corp.		15,557		3,224,344


				6,006,430

Oil, Gas & Consumable Fuels — 0.2%
Cabot Oil & Gas Corp.		25,695		428,336
Cheniere Energy Inc.^(a)		23,910		1,853,503
Pioneer Natural Resources Co.		8,014		1,232,793


				3,514,632

Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		15,004		4,708,255


Pharmaceuticals — 1.0%
Catalent Inc.^(a)		17,640		1,983,971
Elanco Animal Health Inc.^(a)		24,569		779,083
Eli Lilly & Co.		41,158		7,522,448


Security	Shares		Value

Pharmaceuticals (continued)
Zoetis Inc.		49,240	$	8,519,997


				18,805,499

Professional Services — 0.9%
Booz Allen Hamilton Holding Corp.		14,251		1,182,120
Clarivate PLC^(a)		27,094		756,735
CoStar Group Inc.^(a)(b)		4,083		3,488,638
Dun & Bradstreet Holdings Inc.^(a)		14,242		338,390
Equifax Inc.		7,096		1,626,616
IHS Markit Ltd.		38,697		4,163,023
Leidos Holdings Inc.		6,435		651,737
TransUnion		19,764		2,067,117
Verisk Analytics Inc.		16,869		3,174,746


				17,449,122

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		17,623		1,501,480


Road & Rail — 0.8%
AMERCO		932		556,059
JB Hunt Transport Services Inc.		8,655		1,477,495
Kansas City Southern		5,490		1,604,233
Knight-Swift Transportation Holdings Inc.		4,728		222,783
Lyft Inc., Class A^(a)(b)		11,931		664,079
Old Dominion Freight Line Inc.		9,939		2,562,374
Uber Technologies Inc.^(a)		151,835		8,316,003


				15,403,026

Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices Inc.^(a)(b)		125,357		10,231,638
Analog Devices Inc.		11,022		1,688,130
Applied Materials Inc.		44,369		5,888,210
Broadcom Inc.		11,278		5,145,024
Cree Inc.^(a)		6,196		616,006
Enphase Energy Inc.^(a)		13,370		1,861,773
Entegris Inc.		13,870		1,561,485
First Solar Inc.^(a)		4,990		381,885
KLA Corp.		8,828		2,783,910
Lam Research Corp.		7,019		4,354,939
Marvell Technology Inc.		82,350		3,723,043
Maxim Integrated Products Inc.		27,775		2,610,850
Microchip Technology Inc.		18,347		2,757,371
Monolithic Power Systems Inc.		4,446		1,606,695
NVIDIA Corp.		64,158		38,519,180
Qorvo Inc.^(a)		6,372		1,199,019
QUALCOMM Inc.		79,533		11,039,180
Skyworks Solutions Inc.		9,568		1,734,965
SolarEdge Technologies Inc.^(a)		5,344		1,408,358
Teradyne Inc.		17,276		2,160,882
Texas Instruments Inc.		35,177		6,349,800
Universal Display Corp.		4,438		992,736
Xilinx Inc.		14,250		1,823,430


				110,438,509

Software — 18.7%
Adobe Inc.^(a)		49,601		25,214,172
Alteryx Inc., Class A^(a)		6,100		498,675
Anaplan Inc.^(a)		14,704		877,094
ANSYS Inc.^(a)		8,989		3,286,918
Aspen Technology Inc.^(a)		7,016		917,973
Autodesk Inc.^(a)		22,789		6,652,337
Avalara Inc.^(a)		8,850		1,254,134
Bill.com Holdings Inc.^(a)		6,398		989,323


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 (continued)

April 30, 2021

iShares^® Morningstar Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Cadence Design Systems Inc.^(a)		28,912	$	3,809,734
Ceridian HCM Holding Inc.^(a)		13,551		1,280,299
Citrix Systems Inc.		6,733		833,882
Cloudflare Inc., Class A^(a)		19,454		1,648,532
Coupa Software Inc.^(a)		7,434		2,000,043
Crowdstrike Holdings Inc., Class A^(a)		19,540		4,074,285
Datadog Inc., Class A^(a)		21,356		1,831,704
DocuSign Inc.^(a)(b)		19,332		4,309,876
Dynatrace Inc.^(a)		19,037		990,685
Elastic NV^(a)		6,501		784,151
Fair Isaac Corp.^(a)		3,025		1,577,265
Five9 Inc.^(a)		6,899		1,296,805
Fortinet Inc.^(a)		14,037		2,866,777
Guidewire Software Inc.^(a)		8,681		915,932
HubSpot Inc.^(a)		4,516		2,377,448
Intuit Inc.		28,339		11,680,202
Microsoft Corp.		780,465		196,817,664
nCino Inc.^(a)		1,527		99,851
NortonLifeLock Inc.		28,302		611,606
Nuance Communications Inc.^(a)		11,262		598,801
Palo Alto Networks Inc.^(a)		10,075		3,560,404
Paycom Software Inc.^(a)		5,057		1,943,961
Paylocity Holding Corp.^(a)		3,890		751,704
Pegasystems Inc.		4,100		520,454
PTC Inc.^(a)		10,894		1,426,460
RingCentral Inc., Class A^(a)		8,317		2,652,707
salesforce.com Inc.^(a)		94,965		21,872,339
ServiceNow Inc.^(a)		20,286		10,272,222
Slack Technologies Inc., Class A^(a)		51,971		2,203,570
Smartsheet Inc., Class A^(a)		11,906		706,026
SolarWinds Corp.^(a)		2,743		46,247
Splunk Inc.^(a)		16,762		2,119,052
SS&C Technologies Holdings Inc.		12,099		897,988
Synopsys Inc.^(a)(b)		15,814		3,907,007
Trade Desk Inc. (The), Class A^(a)		4,416		3,220,633
Tyler Technologies Inc.^(a)		4,205		1,786,536
VMware Inc., Class A^(a)(b)		5,374		864,300
Workday Inc., Class A^(a)		19,070		4,710,290
Zendesk Inc.^(a)		12,113		1,770,315
Zoom Video Communications Inc., Class A^(a)		21,164		6,763,380
Zscaler Inc.^(a)		7,746		1,453,459


				353,545,222

Specialty Retail — 2.0%
Advance Auto Parts Inc.		3,460		692,554
AutoZone Inc.^(a)		810		1,185,937
Burlington Stores Inc.^(a)		4,059		1,324,573
CarMax Inc.^(a)		7,773		1,035,675
Carvana Co.^(a)		6,450		1,839,927
Five Below Inc.^(a)		5,793		1,165,957
Floor & Decor Holdings Inc., Class A^(a)		10,817		1,199,822
Home Depot Inc. (The)		33,114		10,718,008
Lowe’s Companies Inc.		36,495		7,162,144


Security	Shares		Value


Specialty Retail (continued)
O’Reilly Automotive Inc.^(a)		2,254	$	1,246,192
Ross Stores Inc.		17,864		2,339,112
TJX Companies Inc. (The)		56,788		4,031,948
Tractor Supply Co.		7,269		1,370,933
Ulta Beauty Inc.^(a)		3,481		1,146,467
Williams-Sonoma Inc.		3,828		653,631


				37,112,880

Technology Hardware, Storage & Peripherals — 6.8%
Apple Inc.		972,704		127,871,668


Textiles, Apparel & Luxury Goods — 1.0%
Deckers Outdoor Corp.^(a)		2,914		985,515
Lululemon Athletica Inc.^(a)		12,292		4,121,139
Nike Inc., Class B		86,332		11,449,350
VF Corp.		20,517		1,798,520


				18,354,524

Trading Companies & Distributors — 0.3%
Fastenal Co.		59,517		3,111,549
United Rentals Inc.^(a)		2,900		927,855
Watsco Inc.		3,404		996,895
WW Grainger Inc.		1,809		784,274


				5,820,573

Water Utilities — 0.2%
American Water Works Co. Inc.		18,802		2,932,924
Essential Utilities Inc.		11,768		554,626


				3,487,550


Total Common Stocks — 99.8% (Cost: $1,432,303,421)				1,883,453,009


Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		19,329,149		19,338,813
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		3,067,000		3,067,000


				22,405,813


Total Short-Term Investments — 1.2% (Cost: $22,405,813)				22,405,813


Total Investments in Securities — 101.0% (Cost: $1,454,709,234)				1,905,858,822

Other Assets, Less Liabilities — (1.0)%				(18,807,963	)


Net Assets — 100.0%			$	1,887,050,859

^(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 cash collateral received from loaned securities.


28		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Growth ETF

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,714,086	$	—		$	(14,366,235	)^(a)	$	18,893	$	(27,931	)	$	19,338,813		19,329,149	$	99,243	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,337,000		730,000	^(a)		—			—		—			3,067,000		3,067,000		1,725			—


									$	18,893	$	(27,931	)	$	22,405,813			$	100,968		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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

Long Contracts
S&P 500 E-Mini Index		2		06/18/21	$	417	$	13,319
S&P Select Sector Consumer Discretionary E-Mini Index		6		06/18/21		1,083		20,711
S&P Select Sector Technology E-Mini Index		12		06/18/21		1,686		5,502


							$	39,532

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	39,532

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	833,905

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(335,342	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,697,508

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		29

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Growth ETF

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	1,883,453,009	$	—	$	—	$	1,883,453,009
Money Market Funds		22,405,813		—		—		22,405,813


	$	1,905,858,822	$	—	$	—	$	1,905,858,822

Derivative financial instruments^(a)
Assets
Futures Contracts	$	39,532	$	—	$	—	$	39,532

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


30		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
HEICO Corp.		4,142	$	583,193
HEICO Corp., Class A		7,210		910,479
Howmet Aerospace Inc.^(a)		38,025		1,215,279
Huntington Ingalls Industries Inc.		3,935		835,479
Teledyne Technologies Inc.^(a)		3,609		1,615,930
Textron Inc.		22,154		1,423,173
TransDigm Group Inc.^(a)		5,324		3,267,552


				9,851,085

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		13,037		1,265,632
Expeditors International of Washington Inc.		16,502		1,812,910
XPO Logistics Inc.^(a)		9,959		1,385,496


				4,464,038

Airlines — 0.9%
Delta Air Lines Inc.^(a)		62,011		2,909,556
Southwest Airlines Co.		57,417		3,604,639
United Airlines Holdings Inc.^(a)		31,054		1,689,338


				8,203,533

Auto Components — 0.9%
Aptiv PLC^(a)		26,280		3,781,429
Autoliv Inc.^(a)		7,660		771,056
BorgWarner Inc.		23,299		1,131,865
Gentex Corp.		23,819		837,952
Lear Corp.		5,344		982,441
QuantumScape Corp.^(a)(b)		13,572		495,921


				8,000,664

Automobiles — 0.5%
Ford Motor Co.^(a)		380,272		4,388,339


Banks — 2.2%
Citizens Financial Group Inc.		41,427		1,917,242
Commerce Bancshares Inc.		10,269		799,031
Fifth Third Bancorp		69,290		2,809,017
First Republic Bank/CA		17,135		3,139,817
Huntington Bancshares Inc./OH		99,134		1,518,733
KeyCorp.		94,407		2,054,296
M&T Bank Corp.		12,488		1,969,233
Regions Financial Corp.		93,620		2,040,916
SVB Financial Group^(a)		5,250		3,002,107


				19,250,392

Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		899		1,093,624
Molson Coors Beverage Co., Class B		18,343		1,007,948


				2,101,572

Biotechnology — 2.6%
ACADIA Pharmaceuticals Inc.^(a)(b)		11,487		236,173
Alexion Pharmaceuticals Inc.^(a)		21,398		3,609,415
Alnylam Pharmaceuticals Inc.^(a)		11,399		1,603,155
BioMarin Pharmaceutical Inc.^(a)		17,644		1,374,821
Exact Sciences Corp.^(a)		16,482		2,172,657
Exelixis Inc.^(a)		30,407		748,620
Horizon Therapeutics PLC^(a)		21,847		2,067,163
Incyte Corp.^(a)		18,138		1,548,622
Ionis Pharmaceuticals Inc.^(a)(b)		13,780		590,060
Mirati Therapeutics Inc.^(a)		4,439		737,851
Moderna Inc.^(a)		29,566		5,286,992
Neurocrine Biosciences Inc.^(a)		9,154		864,961


Security	Shares		Value

Biotechnology (continued)
Sarepta Therapeutics Inc.^(a)		7,738	$	548,160
Seagen Inc.^(a)		12,312		1,769,973


				23,158,623

Building Products — 2.3%
A O Smith Corp.		13,197		894,097
Allegion PLC		8,841		1,188,054
Carrier Global Corp.		79,604		3,469,142
Fortune Brands Home & Security Inc.		13,513		1,418,595
Johnson Controls International PLC		70,042		4,366,418
Lennox International Inc.		3,348		1,122,718
Masco Corp.		24,959		1,594,381
Owens Corning		10,224		989,785
Trane Technologies PLC		23,201		4,033,030
Trex Co. Inc.^(a)		11,314		1,221,799


				20,298,019

Capital Markets — 3.3%
Ameriprise Financial Inc.		11,373		2,938,783
Apollo Global Management Inc.		20,460		1,132,870
Carlyle Group Inc. (The)		11,390		485,897
FactSet Research Systems Inc.		3,682		1,237,962
Franklin Resources Inc.		26,605		798,150
KKR & Co. Inc.		56,147		3,176,797
MarketAxess Holdings Inc.		3,702		1,808,279
Morningstar Inc.		2,090		553,871
MSCI Inc.		8,035		3,903,162
Nasdaq Inc.		11,240		1,815,710
Northern Trust Corp.		20,297		2,309,799
Raymond James Financial Inc.		11,941		1,561,644
SEI Investments Co.		11,655		716,083
State Street Corp.		34,286		2,878,310
T Rowe Price Group Inc.		22,181		3,974,835


				29,292,152

Chemicals — 2.8%
Albemarle Corp.		11,366		1,911,420
Celanese Corp.		11,123		1,742,418
CF Industries Holdings Inc.		20,908		1,016,756
Corteva Inc.		72,319		3,526,275
Eastman Chemical Co.		13,186		1,521,533
FMC Corp.		12,553		1,484,267
International Flavors & Fragrances Inc.		24,237		3,445,774
LyondellBasell Industries NV, Class A		25,072		2,600,969
Mosaic Co. (The)		33,696		1,185,425
PPG Industries Inc.		23,059		3,948,623
RPM International Inc.		12,616		1,196,501
Scotts Miracle-Gro Co. (The)		3,974		918,630
Westlake Chemical Corp.		3,391		318,381


				24,816,972

Commercial Services & Supplies — 0.7%
Copart Inc.^(a)		20,263		2,522,946
IAA Inc.^(a)		13,110		823,439
Republic Services Inc.		20,520		2,181,276
Rollins Inc.		21,577		804,391


				6,332,052

Communications Equipment — 0.9%
Arista Networks Inc.^(a)		5,355		1,687,735
Ciena Corp.^(a)		15,120		763,106
F5 Networks Inc.^(a)		5,981		1,117,012
Juniper Networks Inc.		31,981		811,998
Lumentum Holdings Inc.^(a)		7,406		629,880


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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Motorola Solutions Inc.		16,460	$	3,099,418
Ubiquiti Inc.		741		211,430


				8,320,579

Construction & Engineering — 0.3%
AECOM^(a)		14,438		959,116
Quanta Services Inc.^(b)		13,506		1,305,220


				2,264,336

Construction Materials — 0.5%
Martin Marietta Materials Inc.		6,072		2,144,145
Vulcan Materials Co.		12,914		2,301,791


				4,445,936

Consumer Finance — 0.9%
Ally Financial Inc.		36,447		1,875,198
Discover Financial Services		29,883		3,406,662
Synchrony Financial		52,934		2,315,333


				7,597,193

Containers & Packaging — 1.6%
Amcor PLC		152,201		1,788,362
AptarGroup Inc.		6,348		957,342
Avery Dennison Corp.		8,090		1,732,635
Ball Corp.		31,936		2,990,487
Crown Holdings Inc.		13,172		1,446,286
International Paper Co.		38,300		2,221,400
Packaging Corp. of America		9,242		1,364,581
Westrock Co.		25,674		1,431,325


				13,932,418

Distributors — 0.5%
Genuine Parts Co.		14,070		1,758,328
LKQ Corp.^(a)		27,251		1,272,894
Pool Corp.		3,918		1,655,433


				4,686,655

Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions Inc.^(a)		5,939		860,145
Chegg Inc.^(a)(b)		13,610		1,229,391
Service Corp. International		16,565		885,234


				2,974,770

Diversified Financial Services — 0.2%
Equitable Holdings Inc.		38,193		1,307,346
Voya Financial Inc.		12,063		818,113


				2,125,459

Diversified Telecommunication Services — 0.1%
Lumen Technologies Inc.		96,277		1,235,234


Electric Utilities — 2.1%
Alliant Energy Corp.		24,341		1,367,234
Avangrid Inc.		5,487		279,288
Edison International		36,958		2,197,153
Entergy Corp.		19,547		2,136,292
Evergy Inc.		22,021		1,408,683
Eversource Energy		33,401		2,879,834
FirstEnergy Corp.		52,934		2,007,257
NRG Energy Inc.		23,842		854,021
OGE Energy Corp.		19,577		657,004
PG&E Corp.^(a)		145,080		1,642,306
Pinnacle West Capital Corp.		11,017		932,589
PPL Corp.		74,927		2,182,624


				18,544,285


Security	Shares		Value

Electrical Equipment — 1.2%
AMETEK Inc.		22,461	$	3,030,663
Generac Holdings Inc.^(a)		6,123		1,983,546
Hubbell Inc.		5,290		1,015,733
Rockwell Automation Inc.		11,312		2,989,309
Sensata Technologies Holding PLC^(a)		15,407		889,600
Sunrun Inc.^(a)		15,595		764,155


				10,673,006

Electronic Equipment, Instruments & Components — 2.4%
CDW Corp./DE		13,734		2,449,184
Cognex Corp.		17,152		1,477,130
Corning Inc.		74,855		3,309,340
Flex Ltd.^(a)(b)		48,640		846,336
IPG Photonics Corp.^(a)		3,509		761,839
Keysight Technologies Inc.^(a)		18,128		2,616,777
SYNNEX Corp.		4,050		490,860
TE Connectivity Ltd.		32,199		4,329,799
Trimble Inc.^(a)		24,475		2,006,950
Zebra Technologies Corp., Class A^(a)		5,211		2,541,613


				20,829,828

Energy Equipment & Services — 0.8%
Baker Hughes Co.		70,766		1,420,981
Halliburton Co.		86,647		1,694,816
Schlumberger Ltd.		135,943		3,677,258


				6,793,055

Entertainment — 1.1%
Liberty Media Corp.-Liberty Formula One, Class A^(a)		2,519		104,337
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		19,892		933,731
Live Nation Entertainment Inc.^(a)		13,984		1,145,010
Playtika Holding Corp.^(a)		6,889		191,376
Roku Inc.^(a)		10,810		3,707,506
Skillz Inc.^(a)(b)		23,081		404,379
Take-Two Interactive Software Inc.^(a)		11,224		1,968,465
Zynga Inc., Class A^(a)		98,133		1,061,799


				9,516,603

Equity Real Estate Investment Trusts (REITs) — 6.1%
Alexandria Real Estate Equities Inc.		12,388		2,243,467
American Homes 4 Rent, Class A		26,172		969,411
Americold Realty Trust		24,666		996,260
AvalonBay Communities Inc.		13,592		2,609,664
Boston Properties Inc.		13,762		1,504,875
Camden Property Trust		9,532		1,148,415
CyrusOne Inc.		11,737		854,806
Duke Realty Corp.		36,290		1,688,211
Equity LifeStyle Properties Inc.		16,518		1,146,349
Equity Residential		33,413		2,480,247
Essex Property Trust Inc.		6,309		1,832,891
Extra Space Storage Inc.		12,819		1,906,057
Gaming and Leisure Properties Inc.		21,384		994,142
Healthpeak Properties Inc.		52,301		1,796,016
Host Hotels & Resorts Inc.		68,769		1,248,845
Invitation Homes Inc.		55,270		1,937,766
Iron Mountain Inc.		28,099		1,127,332
Medical Properties Trust Inc.		56,523		1,246,332
Mid-America Apartment Communities Inc.		11,145		1,753,443
Omega Healthcare Investors Inc.		22,599		858,762
Realty Income Corp.		36,383		2,515,884
Regency Centers Corp.		15,391		979,791
Simon Property Group Inc.		31,936		3,887,889
Sun Communities Inc.		10,838		1,808,103


32		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
UDR Inc.		28,797	$	1,337,621
Ventas Inc.		36,516		2,025,177
VEREIT Inc.		22,385		1,070,898
VICI Properties Inc.		52,090		1,651,253
Vornado Realty Trust		15,349		702,217
Welltower Inc.		40,670		3,051,470
Weyerhaeuser Co.		72,825		2,823,425
WP Carey Inc.		17,013		1,274,104


				53,471,123

Food & Staples Retailing — 1.3%
Casey’s General Stores Inc.		3,602		800,328
Kroger Co. (The)		74,179		2,710,501
Sysco Corp.		49,628		4,204,981
Walgreens Boots Alliance Inc.		69,720		3,702,132


				11,417,942

Food Products — 2.4%
Archer-Daniels-Midland Co.		54,412		3,435,030
Beyond Meat Inc.^(a)(b)		4,865		640,623
Bunge Ltd.		13,657		1,152,924
Campbell Soup Co.		19,777		944,352
Conagra Brands Inc.		47,610		1,765,855
Darling Ingredients Inc.^(a)		15,882		1,103,005
Hershey Co. (The)		14,285		2,347,025
Hormel Foods Corp.		27,256		1,259,227
JM Smucker Co. (The)		10,678		1,398,711
Kellogg Co.		24,798		1,547,891
Lamb Weston Holdings Inc.		14,299		1,151,069
McCormick & Co. Inc./MD, NVS		24,261		2,192,224
Tyson Foods Inc., Class A		28,717		2,224,132


				21,162,068

Gas Utilities — 0.2%
Atmos Energy Corp.		12,487		1,293,528
UGI Corp.		20,321		888,231


				2,181,759

Health Care Equipment & Supplies — 3.4%
ABIOMED Inc.^(a)		4,409		1,414,099
Cooper Companies Inc. (The)		4,794		1,969,807
DENTSPLY SIRONA Inc.		21,342		1,440,798
DexCom Inc.^(a)(b)		9,361		3,614,282
Hill-Rom Holdings Inc.		6,493		715,658
Hologic Inc.^(a)		25,103		1,645,502
Insulet Corp.^(a)(b)		6,439		1,900,922
Masimo Corp.^(a)		4,966		1,155,439
Novocure Ltd.^(a)		8,282		1,690,356
Penumbra Inc.^(a)		3,305		1,011,297
Quidel Corp.^(a)(b)		3,773		395,373
ResMed Inc.		14,169		2,663,347
STERIS PLC		8,317		1,755,053
Tandem Diabetes Care Inc.^(a)		6,123		562,704
Teleflex Inc.		4,553		1,923,551
West Pharmaceutical Services Inc.		7,219		2,371,586
Zimmer Biomet Holdings Inc.		20,234		3,584,655


				29,814,429

Health Care Providers & Services — 2.2%
Amedisys Inc.^(a)		3,211		866,488
AmerisourceBergen Corp.		14,360		1,734,688
Cardinal Health Inc.		28,612		1,726,448
Chemed Corp.		1,562		744,465
DaVita Inc.^(a)		7,063		823,051


Security	Shares		Value

Health Care Providers & Services (continued)
Encompass Health Corp.		9,709	$	823,906
Guardant Health Inc.^(a)		8,318		1,322,396
Henry Schein Inc.^(a)		13,881		1,006,372
Laboratory Corp. of America Holdings^(a)		9,511		2,528,690
LHC Group Inc.^(a)		3,091		643,763
McKesson Corp.		15,483		2,903,991
Molina Healthcare Inc.^(a)		5,820		1,484,682
Quest Diagnostics Inc.		13,002		1,714,704
Universal Health Services Inc., Class B		7,586		1,125,838


				19,449,482

Health Care Technology — 0.5%
Cerner Corp.		29,845		2,239,867
Teladoc Health Inc.^(a)		12,649		2,180,055


				4,419,922

Hotels, Restaurants & Leisure — 3.2%
Airbnb Inc., Class A^(a)		7,147		1,234,358
Aramark		24,760		962,421
Caesars Entertainment Inc.^(a)		20,293		1,985,467
Carnival Corp.^(a)		77,769		2,174,421
Darden Restaurants Inc.		12,700		1,863,344
Domino’s Pizza Inc.		3,782		1,597,290
DraftKings Inc., Class A^(a)(b)		31,420		1,780,257
Expedia Group Inc.		13,484		2,376,285
Hilton Worldwide Holdings Inc.^(a)		27,021		3,477,603
MGM Resorts International		39,867		1,623,384
Penn National Gaming Inc.^(a)		14,486		1,290,992
Royal Caribbean Cruises Ltd.		21,330		1,854,644
Vail Resorts Inc.		3,929		1,277,554
Wynn Resorts Ltd.^(a)		10,206		1,310,451
Yum! Brands Inc.		29,207		3,490,821


				28,299,292

Household Durables — 1.7%
DR Horton Inc.		32,226		3,167,494
Garmin Ltd.		14,572		1,999,861
Lennar Corp., Class A		26,735		2,769,746
Lennar Corp., Class B		1,502		121,016
Mohawk Industries Inc.^(a)		5,762		1,184,091
Newell Brands Inc.		36,823		992,748
NVR Inc.^(a)		339		1,701,136
PulteGroup Inc.		25,907		1,531,622
Whirlpool Corp.		6,116		1,446,128


				14,913,842

Household Products — 0.5%
Church & Dwight Co. Inc.		23,878		2,047,300
Clorox Co. (The)		12,259		2,237,267
Reynolds Consumer Products Inc.		5,408		158,563


				4,443,130

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		65,089		1,810,776
Vistra Corp.		47,135		795,167


				2,605,943

Industrial Conglomerates — 0.1%
Carlisle Companies Inc.		5,194		995,430


Insurance — 5.2%
Aflac Inc.		62,398		3,352,645
Alleghany Corp.^(a)		1,369		929,510
Allstate Corp. (The)		29,437		3,732,612
American Financial Group Inc./OH		6,821		838,028


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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
American International Group Inc.		84,082	$	4,073,773
Arch Capital Group Ltd.^(a)		39,119		1,553,415
Arthur J Gallagher & Co.		18,877		2,736,221
Assurant Inc.		5,643		878,051
Brown & Brown Inc.		22,809		1,212,983
Cincinnati Financial Corp.		14,606		1,645,804
Erie Indemnity Co., Class A, NVS		2,431		520,283
Everest Re Group Ltd.		3,907		1,082,044
Fidelity National Financial Inc.		11,057		504,420
Globe Life Inc.		9,257		948,750
Hartford Financial Services Group Inc. (The)		34,821		2,296,793
Lincoln National Corp.		17,581		1,127,469
Loews Corp.		22,116		1,232,967
Markel Corp.^(a)		1,338		1,574,050
Principal Financial Group Inc.		24,701		1,577,653
Prudential Financial Inc.		38,591		3,872,993
Reinsurance Group of America Inc.		6,622		864,370
RenaissanceRe Holdings Ltd.		4,958		836,960
Travelers Companies Inc. (The)		24,522		3,792,572
W R Berkley Corp.		13,691		1,091,446
Willis Towers Watson PLC		12,558		3,250,764


				45,526,576

Interactive Media & Services — 1.4%
IAC/InterActiveCorp.^(a)		8,088		2,050,066
Match Group Inc.^(a)(b)		26,151		4,069,880
Pinterest Inc., Class A^(a)		51,764		3,435,577
Zillow Group Inc., Class A^(a)		3,575		476,726
Zillow Group Inc., Class C, NVS^(a)		15,036		1,956,484


				11,988,733

Internet & Direct Marketing Retail — 0.6%
ContextLogic Inc., Class A^(a)(b)		4,660		64,634
Etsy Inc.^(a)		12,277		2,440,545
Grubhub Inc.^(a)		9,086		618,212
Wayfair Inc., Class A^(a)(b)		7,130		2,107,414


				5,230,805

IT Services — 3.1%
Affirm Holdings Inc.^(a)(b)		3,196		225,318
Akamai Technologies Inc.^(a)(b)		15,906		1,728,982
Black Knight Inc.^(a)		15,203		1,101,001
Broadridge Financial Solutions Inc.		11,242		1,783,318
EPAM Systems Inc.^(a)		5,469		2,503,435
FleetCor Technologies Inc.^(a)		8,129		2,338,876
Gartner Inc.^(a)		8,646		1,693,579
Genpact Ltd.		17,114		813,428
GoDaddy Inc., Class A^(a)		16,454		1,428,536
Jack Henry & Associates Inc.		7,430		1,209,827
MongoDB Inc.^(a)		5,050		1,502,173
Okta Inc.^(a)(b)		11,979		3,230,736
Paychex Inc.		31,253		3,046,855
Snowflake Inc., Class A^(a)		5,792		1,341,369
VeriSign Inc.^(a)		9,698		2,121,632
Western Union Co. (The)		40,039		1,031,405


				27,100,470

Leisure Products — 0.4%
Hasbro Inc.		12,392		1,232,384
Peloton Interactive Inc., Class A^(a)		25,671		2,524,743


				3,757,127

Life Sciences Tools & Services — 2.9%
10X Genomics Inc., Class A^(a)(b)		7,143		1,412,886


Security	Shares		Value

Life Sciences Tools & Services (continued)
Agilent Technologies Inc.		29,617	$	3,958,016
Avantor Inc.^(a)		50,334		1,612,701
Bio-Rad Laboratories Inc., Class A^(a)		2,104		1,325,794
Bio-Techne Corp.		3,766		1,609,927
Bruker Corp.		9,942		681,226
Charles River Laboratories International Inc.^(a)		4,850		1,612,383
IQVIA Holdings Inc.^(a)		18,615		4,368,754
Mettler-Toledo International Inc.^(a)		2,280		2,994,370
PerkinElmer Inc.		10,875		1,409,726
PPD Inc.^(a)		10,655		492,261
PRA Health Sciences Inc.^(a)		6,291		1,049,905
Repligen Corp.^(a)		4,978		1,053,892
Waters Corp.^(a)		6,036		1,810,015


				25,391,856

Machinery — 3.5%
Dover Corp.		13,999		2,088,511
Fortive Corp.		32,946		2,333,236
Graco Inc.		16,482		1,265,818
IDEX Corp.		7,368		1,651,906
Ingersoll Rand Inc.^(a)		36,186		1,787,950
Nikola Corp.^(a)(b)		13,890		160,707
Nordson Corp.		5,264		1,112,862
Otis Worldwide Corp.		39,704		3,091,751
PACCAR Inc.		33,776		3,035,787
Parker-Hannifin Corp.		12,560		3,941,454
Pentair PLC		16,226		1,046,739
Snap-on Inc.		5,292		1,257,379
Stanley Black & Decker Inc.		15,666		3,239,259
Toro Co. (The)		10,514		1,204,904
Westinghouse Air Brake Technologies Corp.		17,300		1,419,811
Xylem Inc./NY		17,513		1,937,813


				30,575,887

Media — 2.1%
Altice USA Inc., Class A^(a)		23,782		863,524
Cable One Inc.		531		950,490
Discovery Inc., Class A^(a)		15,755		593,333
Discovery Inc., Class C, NVS^(a)		28,089		907,556
DISH Network Corp., Class A^(a)		24,124		1,080,514
Fox Corp., Class A, NVS		32,612		1,220,341
Fox Corp., Class B		14,977		544,863
Interpublic Group of Companies Inc. (The)		38,070		1,208,723
Liberty Broadband Corp., Class A^(a)		2,274		358,542
Liberty Broadband Corp., Class C, NVS^(a)		20,616		3,354,636
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		7,924		358,086
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		16,741		757,195
News Corp., Class A, NVS		38,115		998,422
News Corp., Class B		11,867		288,487
Omnicom Group Inc.		20,951		1,723,429
Sirius XM Holdings Inc.		112,991		689,245
ViacomCBS Inc., Class A		1,014		45,833
ViacomCBS Inc., Class B, NVS		57,260		2,348,805


				18,292,024

Metals & Mining — 1.1%
Freeport-McMoRan Inc.		141,925		5,351,992
Nucor Corp.		29,031		2,388,090
Reliance Steel & Aluminum Co.		6,217		996,647
Royal Gold Inc.		6,418		717,918


				9,454,647


34		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment — 0.2%
AGNC Investment Corp.		52,403	$	939,586
Annaly Capital Management Inc.		136,299		1,237,595


				2,177,181

Multi-Utilities — 1.6%
Ameren Corp.		24,682		2,094,021
CenterPoint Energy Inc.		53,730		1,315,848
CMS Energy Corp.		28,052		1,806,268
Consolidated Edison Inc.		33,360		2,582,398
DTE Energy Co.		18,878		2,643,298
NiSource Inc.		38,165		993,053
Public Service Enterprise Group Inc.		49,209		3,108,040


				14,542,926

Multiline Retail — 0.3%
Dollar Tree Inc.^(a)		22,914		2,632,819


Oil, Gas & Consumable Fuels — 3.6%
Cabot Oil & Gas Corp.		38,992		649,997
Cheniere Energy Inc.^(a)		22,485		1,743,037
EOG Resources Inc.		56,743		4,178,555
Hess Corp.		26,629		1,984,127
Kinder Morgan Inc.		189,705		3,234,470
Marathon Petroleum Corp.		63,307		3,523,035
Occidental Petroleum Corp.		81,759		2,073,408
ONEOK Inc.		43,360		2,269,462
Phillips 66		42,462		3,435,600
Pioneer Natural Resources Co.		20,035		3,081,984
Valero Energy Corp.		39,702		2,936,360
Williams Companies Inc. (The)		118,278		2,881,252


				31,991,287

Pharmaceuticals — 0.8%
Catalent Inc.^(a)		16,586		1,865,428
Elanco Animal Health Inc.^(a)		46,006		1,458,850
Jazz Pharmaceuticals PLC^(a)		5,503		904,693
Perrigo Co. PLC		12,970		539,941
Royalty Pharma PLC, Class A		8,321		366,124
Viatris Inc.^(a)		117,708		1,565,516


				6,700,552

Professional Services — 1.9%
Booz Allen Hamilton Holding Corp.		13,349		1,107,299
Clarivate PLC^(a)		25,487		711,852
Dun & Bradstreet Holdings Inc.^(a)(b)		13,390		318,146
Equifax Inc.		11,873		2,721,648
IHS Markit Ltd.		36,236		3,898,269
Jacobs Engineering Group Inc.		12,677		1,693,774
Leidos Holdings Inc.		12,938		1,310,361
TransUnion		18,516		1,936,588
Verisk Analytics Inc.		15,853		2,983,535


				16,681,472

Real Estate Management & Development — 0.4%
CBRE Group Inc., Class A^(a)		32,691		2,785,273
Opendoor Technologies Inc.^(a)(b)		33,363		676,268


				3,461,541

Road & Rail — 1.0%
AMERCO		885		528,018
JB Hunt Transport Services Inc.		8,139		1,389,409
Kansas City Southern		8,855		2,587,520
Knight-Swift Transportation Holdings Inc.		11,943		562,754
Lyft Inc., Class A^(a)		24,861		1,383,763


Security	Shares		Value

Road & Rail (continued)
Old Dominion Freight Line Inc.		9,345	$	2,409,234


				8,860,698

Semiconductors & Semiconductor Equipment — 4.0%
Cree Inc.^(a)		11,228		1,116,288
Enphase Energy Inc.^(a)(b)		12,577		1,751,347
Entegris Inc.		13,168		1,482,454
First Solar Inc.^(a)		8,261		632,214
KLA Corp.		14,993		4,728,043
Marvell Technology Inc.^(b)		77,497		3,503,639
Maxim Integrated Products Inc.		26,118		2,455,092
Microchip Technology Inc.		26,201		3,937,748
Monolithic Power Systems Inc.		4,183		1,511,653
ON Semiconductor Corp.^(a)		40,137		1,565,343
Qorvo Inc.^(a)		11,036		2,076,644
Skyworks Solutions Inc.		16,056		2,911,435
SolarEdge Technologies Inc.^(a)		5,004		1,318,754
Teradyne Inc.		16,252		2,032,800
Universal Display Corp.		4,176		934,129
Xilinx Inc.		23,932		3,062,339


				35,019,922

Software — 7.0%
Alteryx Inc., Class A^(a)		5,766		471,370
Anaplan Inc.^(a)(b)		13,874		827,584
ANSYS Inc.^(a)		8,446		3,088,364
Aspen Technology Inc.^(a)		6,608		864,591
Avalara Inc.^(a)		8,341		1,182,003
Bill.com Holdings Inc.^(a)		6,015		930,099
C3.ai Inc., Class A^(a)(b)		1,649		109,263
Cadence Design Systems Inc.^(a)		27,177		3,581,113
Ceridian HCM Holding Inc.^(a)(b)		12,758		1,205,376
Citrix Systems Inc.		11,937		1,478,397
Cloudflare Inc., Class A^(a)		18,293		1,550,149
Coupa Software Inc.^(a)(b)		7,035		1,892,696
Crowdstrike Holdings Inc., Class A^(a)(b)		18,323		3,820,529
Datadog Inc., Class A^(a)		20,079		1,722,176
Dynatrace Inc.^(a)		17,950		934,118
Elastic NV^(a)		6,146		741,331
Fair Isaac Corp.^(a)		2,847		1,484,454
Five9 Inc.^(a)		6,463		1,214,850
Fortinet Inc.^(a)		13,195		2,694,815
Guidewire Software Inc.^(a)		8,186		863,705
HubSpot Inc.^(a)		4,243		2,233,727
nCino Inc.^(a)(b)		1,441		94,227
NortonLifeLock Inc.		56,698		1,225,244
Nuance Communications Inc.^(a)		27,774		1,476,744
Palo Alto Networks Inc.^(a)(b)		9,467		3,345,543
Paycom Software Inc.^(a)		4,782		1,838,249
Paylocity Holding Corp.^(a)		3,654		706,099
Pegasystems Inc.		3,864		490,496
PTC Inc.^(a)		10,201		1,335,719
RingCentral Inc., Class A^(a)		7,822		2,494,827
Slack Technologies Inc., Class A^(a)		48,863		2,071,791
Smartsheet Inc., Class A^(a)(b)		11,239		666,473
SolarWinds Corp.^(a)		7,180		121,055
Splunk Inc.^(a)		15,767		1,993,264
SS&C Technologies Holdings Inc.		21,764		1,615,324
Trade Desk Inc. (The), Class A^(a)(b)		4,150		3,026,636
Tyler Technologies Inc.^(a)		3,953		1,679,472
VMware Inc., Class A^(a)(b)		7,865		1,264,928


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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Zendesk Inc.^(a)		11,474	$	1,676,925
Zscaler Inc.^(a)		7,286		1,367,145


				61,380,871

Specialty Retail — 2.6%
Advance Auto Parts Inc.		6,399		1,280,824
AutoZone Inc.^(a)		2,160		3,162,499
Best Buy Co. Inc.		22,453		2,610,610
Burlington Stores Inc.^(a)		6,454		2,106,134
CarMax Inc.^(a)		15,849		2,111,721
Carvana Co.^(a)		6,083		1,735,237
Five Below Inc.^(a)		5,446		1,096,117
Floor & Decor Holdings Inc., Class A^(a)		10,172		1,128,278
Gap Inc. (The)		20,044		663,456
L Brands Inc.^(a)		22,756		1,499,620
Tractor Supply Co.		11,335		2,137,781
Ulta Beauty Inc.^(a)		5,471		1,801,874
Williams-Sonoma Inc.		7,435		1,269,526


				22,603,677

Technology Hardware, Storage & Peripherals — 1.6%
Dell Technologies Inc., Class C^(a)		23,115		2,272,898
Hewlett Packard Enterprise Co.		126,802		2,031,368
HP Inc.		121,768		4,153,507
NetApp Inc.		21,606		1,613,752
Seagate Technology PLC		19,493		1,809,730
Western Digital Corp.		29,835		2,107,246


				13,988,501

Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.^(a)		2,746		928,697
VF Corp.		31,291		2,742,969


				3,671,666

Trading Companies & Distributors — 0.9%
Fastenal Co.		55,960		2,925,589
United Rentals Inc.^(a)		7,035		2,250,848


Security	Shares		Value

Trading Companies & Distributors (continued)
Watsco Inc.		3,213	$	940,959
WW Grainger Inc.		4,287		1,858,586


				7,975,982

Water Utilities — 0.4%
American Water Works Co. Inc.		17,671		2,756,499
Essential Utilities Inc.		21,826		1,028,660


				3,785,159


Total Common Stocks — 99.8% (Cost: $760,641,013)				880,063,539


Short-Term Investments

Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		29,104,188		29,118,740
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		1,432,000		1,432,000


				30,550,740


Total Short-Term Investments — 3.5% (Cost: $30,553,045)				30,550,740


Total Investments in Securities — 103.3% (Cost: $791,194,058)				910,614,279

Other Assets, Less Liabilities — (3.3)%				(28,697,631	)


Net Assets — 100.0%			$	881,916,648

^(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 cash collateral received from loaned securities.

Affiliates



Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,992,505	$	14,133,283	^(a)	$	—	$	19,058	$	(26,106	)	$	29,118,740		29,104,188	$	46,977	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		822,000		610,000	^(a)		—		—		—			1,432,000		1,432,000		942			—


								$	19,058	$	(26,106	)	$	30,550,740			$	47,919		$	—

^(a)

Represents net amount purchased (sold).

^(b)


36		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap ETF

Futures Contracts




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


Long Contracts
S&P 500 E-Mini Index		3		06/18/21	$	626	$	25,760
S&P MidCap 400 E-Mini Index		4		06/18/21		1,088		31,519


							$	57,279

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	57,279

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	629,841


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(33,549	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,325,840

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	880,063,539	$	—	$	—	$	880,063,539
Money Market Funds		30,550,740		—		—		30,550,740


	$	910,614,279	$	—	$	—	$	910,614,279

Derivative financial instruments^(a)
Assets
Futures Contracts	$	57,279	$	—	$	—	$	57,279

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		37

Schedule of Investments

April 30, 2021

iShares^® Morningstar Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
HEICO Corp.		14,999	$	2,111,859
HEICO Corp., Class A		26,277		3,318,259
Howmet Aerospace Inc.^(a)		78,475		2,508,061
Huntington Ingalls Industries Inc.		6,147		1,305,131
Teledyne Technologies Inc.^(a)(b)		13,185		5,903,584
TransDigm Group Inc.^(a)		11,416		7,006,456


				22,153,350

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		16,539		1,605,606
Expeditors International of Washington Inc.		30,565		3,357,871
XPO Logistics Inc.^(a)		15,832		2,202,548


				7,166,025

Auto Components — 0.6%
Aptiv PLC^(a)		50,332		7,242,271
Gentex Corp.		47,065		1,655,747


				8,898,018

Banks — 1.3%
Commerce Bancshares Inc.		13,026		1,013,553
First Republic Bank/CA		62,694		11,488,049
SVB Financial Group^(a)		11,570		6,616,073


				19,117,675

Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		3,287		3,998,603


Biotechnology — 5.0%
ACADIA Pharmaceuticals Inc.^(a)		41,693		857,208
Alexion Pharmaceuticals Inc.^(a)		36,335		6,128,988
Alnylam Pharmaceuticals Inc.^(a)		27,394		3,852,692
BioMarin Pharmaceutical Inc.^(a)		64,776		5,047,346
Exact Sciences Corp.^(a)		60,240		7,940,837
Exelixis Inc.^(a)(b)		111,151		2,736,538
Horizon Therapeutics PLC^(a)		79,814		7,552,001
Incyte Corp.^(a)		66,569		5,683,661
Ionis Pharmaceuticals Inc.^(a)(b)		50,203		2,149,692
Mirati Therapeutics Inc.^(a)		16,233		2,698,249
Moderna Inc.^(a)		108,237		19,354,940
Neurocrine Biosciences Inc.^(a)		33,470		3,162,580
Sarepta Therapeutics Inc.^(a)		28,240		2,000,522
Seagen Inc.^(a)		45,173		6,494,071


				75,659,325

Building Products — 1.4%
A O Smith Corp.		22,437		1,520,107
Allegion PLC		14,296		1,921,097
Fortune Brands Home & Security Inc.		22,551		2,367,404
Lennox International Inc.		6,733		2,257,844
Masco Corp.		59,688		3,812,869
Trane Technologies PLC		32,268		5,609,146
Trex Co. Inc.^(a)		41,294		4,459,339


				21,947,806

Capital Markets — 3.4%
Ameriprise Financial Inc.		14,907		3,851,969
Apollo Global Management Inc.		30,105		1,666,914
FactSet Research Systems Inc.		13,528		4,548,384
KKR & Co. Inc.		110,780		6,267,933
MarketAxess Holdings Inc.		13,529		6,608,375
Morningstar Inc.		7,607		2,015,931
MSCI Inc.		29,422		14,292,325


Security	Shares		Value

Capital Markets (continued)
Nasdaq Inc.		23,938	$	3,866,945
SEI Investments Co.		27,287		1,676,513
T Rowe Price Group Inc.		39,601		7,096,499


				51,891,788

Chemicals — 1.2%
Albemarle Corp.		20,458		3,440,422
FMC Corp.		23,081		2,729,097
Mosaic Co. (The)		47,946		1,686,740
PPG Industries Inc.		32,033		5,485,331
RPM International Inc.		26,727		2,534,789
Scotts Miracle-Gro Co. (The)		8,647		1,998,841


				17,875,220

Commercial Services & Supplies — 1.2%
Copart Inc.^(a)		74,084		9,224,199
IAA Inc.^(a)		47,937		3,010,923
Republic Services Inc.		29,759		3,163,382
Rollins Inc.		78,891		2,941,056


				18,339,560

Communications Equipment — 1.2%
Arista Networks Inc.^(a)		19,576		6,169,768
Ciena Corp.^(a)		27,980		1,412,151
F5 Networks Inc.^(a)		12,533		2,340,663
Lumentum Holdings Inc.^(a)(b)		15,727		1,337,581
Motorola Solutions Inc.		32,050		6,035,015
Ubiquiti Inc.		2,659		758,692


				18,053,870

Construction & Engineering — 0.1%
Quanta Services Inc.		20,223		1,954,351


Construction Materials — 0.9%
Martin Marietta Materials Inc.		13,374		4,722,627
Vulcan Materials Co.		47,223		8,417,027


				13,139,654

Consumer Finance — 0.3%
Discover Financial Services		40,897		4,662,258


Containers & Packaging — 0.7%
AptarGroup Inc.		13,162		1,984,961
Avery Dennison Corp.		14,264		3,054,921
Ball Corp.		60,807		5,693,968


				10,733,850

Distributors — 0.4%
Pool Corp.		14,338		6,058,092


Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions Inc.^(a)		13,643		1,975,916
Chegg Inc.^(a)(b)		50,031		4,519,300
Service Corp. International		60,363		3,225,799


				9,721,015

Diversified Financial Services — 0.1%
Voya Financial Inc.		15,218		1,032,085


Electric Utilities — 0.3%
Eversource Energy		44,324		3,821,615
NRG Energy Inc.		35,883		1,285,329


				5,106,944

Electrical Equipment — 1.9%
AMETEK Inc.		82,137		11,082,745
Generac Holdings Inc.^(a)		22,393		7,254,212


38		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Hubbell Inc.		8,792	$	1,688,152
Rockwell Automation Inc.		25,360		6,701,634
Sensata Technologies Holding PLC^(a)		19,359		1,117,789
Sunrun Inc.^(a)		27,584		1,351,616


				29,196,148

Electronic Equipment, Instruments & Components — 2.5%
CDW Corp./DE		26,353		4,699,530
Cognex Corp.		62,719		5,401,360
IPG Photonics Corp.^(a)		12,797		2,778,357
Keysight Technologies Inc.^(a)		42,160		6,085,796
TE Connectivity Ltd.		41,764		5,616,005
Trimble Inc.^(a)		52,686		4,320,252
Zebra Technologies Corp., Class A^(a)		19,048		9,290,472


				38,191,772

Energy Equipment & Services — 0.2%
Baker Hughes Co.		140,910		2,829,473


Entertainment — 1.9%
Live Nation Entertainment Inc.^(a)		51,181		4,190,700
Roku Inc.^(a)		39,571		13,571,666
Take-Two Interactive Software Inc.^(a)		41,033		7,196,368
Zynga Inc., Class A^(a)		358,823		3,882,465


				28,841,199

Equity Real Estate Investment Trusts (REITs) — 4.0%
Alexandria Real Estate Equities Inc.		28,893		5,232,522
American Homes 4 Rent, Class A		95,737		3,546,098
Americold Realty Trust		89,713		3,623,508
Camden Property Trust		13,447		1,620,095
CyrusOne Inc.		42,917		3,125,645
Duke Realty Corp.		65,998		3,070,227
Equity LifeStyle Properties Inc.		34,729		2,410,193
Essex Property Trust Inc.		10,164		2,952,845
Extra Space Storage Inc.		22,261		3,309,988
Healthpeak Properties Inc.		76,585		2,629,929
Invitation Homes Inc.		202,079		7,084,890
Mid-America Apartment Communities Inc.		20,756		3,265,541
Realty Income Corp.		52,084		3,601,609
Regency Centers Corp.		20,784		1,323,109
Sun Communities Inc.		39,761		6,633,328
UDR Inc.		48,188		2,238,333
VEREIT Inc.		36,753		1,758,264
VICI Properties Inc.		84,752		2,686,638


				60,112,762

Food & Staples Retailing — 0.1%
Casey’s General Stores Inc.		7,973		1,771,521


Food Products — 1.2%
Beyond Meat Inc.^(a)(b)		17,661		2,325,600
Darling Ingredients Inc.^(a)		57,951		4,024,697
Hershey Co. (The)		28,192		4,631,946
Hormel Foods Corp.		44,933		2,075,905
McCormick & Co. Inc./MD, NVS		53,461		4,830,736


				17,888,884

Gas Utilities — 0.1%
Atmos Energy Corp.		15,735		1,629,989


Health Care Equipment & Supplies — 6.2%
ABIOMED Inc.^(a)		16,118		5,169,526
Cooper Companies Inc. (The)		17,515		7,196,738
DENTSPLY SIRONA Inc.		33,053		2,231,408


Security	Shares		Value

Health Care Equipment & Supplies (continued)
DexCom Inc.^(a)(b)		34,261	$	13,228,172
Hologic Inc.^(a)		91,792		6,016,965
Insulet Corp.^(a)		23,539		6,949,183
Masimo Corp.^(a)(b)		18,116		4,215,050
Novocure Ltd.^(a)		30,285		6,181,168
Penumbra Inc.^(a)		12,083		3,697,277
Quidel Corp.^(a)(b)		13,759		1,441,806
ResMed Inc.		51,842		9,744,741
STERIS PLC		30,405		6,416,063
Tandem Diabetes Care Inc.^(a)		22,173		2,037,699
Teleflex Inc.		16,639		7,029,645
West Pharmaceutical Services Inc.		26,394		8,670,957
Zimmer Biomet Holdings Inc.		26,735		4,736,373


				94,962,771

Health Care Providers & Services — 1.5%
Amedisys Inc.^(a)		11,702		3,157,785
Chemed Corp.		5,718		2,725,256
DaVita Inc.^(a)		10,552		1,229,624
Encompass Health Corp.		20,525		1,741,751
Guardant Health Inc.^(a)		30,408		4,834,264
LHC Group Inc.^(a)		11,266		2,346,370
Molina Healthcare Inc.^(a)		9,901		2,525,745
Quest Diagnostics Inc.		19,876		2,621,247
Universal Health Services Inc., Class B		12,078		1,792,496


				22,974,538

Health Care Technology — 1.1%
Cerner Corp.		109,115		8,189,081
Teladoc Health Inc.^(a)		46,240		7,969,464


				16,158,545

Hotels, Restaurants & Leisure — 2.8%
Darden Restaurants Inc.		20,036		2,939,682
Domino’s Pizza Inc.		13,829		5,840,540
DraftKings Inc., Class A^(a)(b)		114,765		6,502,585
Expedia Group Inc.		28,326		4,991,891
Hilton Worldwide Holdings Inc.^(a)		48,499		6,241,821
MGM Resorts International		93,093		3,790,747
Vail Resorts Inc.		14,358		4,668,647
Yum! Brands Inc.		69,010		8,248,075


				43,223,988

Household Durables — 1.3%
DR Horton Inc.		61,128		6,008,271
Garmin Ltd.		32,191		4,417,893
Lennar Corp., Class A		36,929		3,825,844
Lennar Corp., Class B		2,110		170,003
NVR Inc.^(a)		608		3,051,005
PulteGroup Inc.		39,500		2,335,240


				19,808,256

Household Products — 1.0%
Church & Dwight Co. Inc.		87,316		7,486,474
Clorox Co. (The)		44,812		8,178,190


				15,664,664

Industrial Conglomerates — 0.2%
Carlisle Companies Inc.		11,919		2,284,276


Insurance — 1.9%
Alleghany Corp.^(a)		4,983		3,383,308
Arch Capital Group Ltd.^(a)		75,612		3,002,553
Arthur J Gallagher & Co.		42,174		6,113,121
Assurant Inc.		10,459		1,627,420


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Brown & Brown Inc.		83,491	$	4,440,051
Erie Indemnity Co., Class A, NVS		8,896		1,903,922
RenaissanceRe Holdings Ltd.		11,320		1,910,929
W R Berkley Corp.		19,619		1,564,027
Willis Towers Watson PLC		19,108		4,946,297


				28,891,628

Interactive Media & Services — 2.0%
Match Group Inc.^(a)(b)		95,818		14,912,155
Pinterest Inc., Class A^(a)		189,681		12,589,128
Zillow Group Inc., Class A^(a)		4,535		604,742
Zillow Group Inc., Class C, NVS^(a)(b)		19,114		2,487,114


				30,593,139

Internet & Direct Marketing Retail — 1.0%
Etsy Inc.^(a)		44,907		8,927,062
Grubhub Inc.^(a)(b)		33,247		2,262,126
Wayfair Inc., Class A^(a)(b)		12,265		3,625,166


				14,814,354

IT Services — 5.4%
Akamai Technologies Inc.^(a)(b)		58,148		6,320,688
Black Knight Inc.^(a)		55,937		4,050,958
Broadridge Financial Solutions Inc.		41,256		6,544,439
EPAM Systems Inc.^(a)		19,983		9,147,218
FleetCor Technologies Inc.^(a)		29,716		8,549,887
Gartner Inc.^(a)		31,608		6,191,375
Genpact Ltd.		28,562		1,357,552
GoDaddy Inc., Class A^(a)		60,419		5,245,578
Jack Henry & Associates Inc.		27,121		4,416,112
MongoDB Inc.^(a)		18,470		5,494,086
Okta Inc.^(a)(b)		43,841		11,823,918
Paychex Inc.		60,874		5,934,606
VeriSign Inc.^(a)		35,453		7,756,053


				82,832,470

Leisure Products — 0.6%
Hasbro Inc.		45,504		4,525,373
Peloton Interactive Inc., Class A^(a)		45,116		4,437,158


				8,962,531

Life Sciences Tools & Services — 5.0%
10X Genomics Inc., Class A^(a)		26,077		5,158,031
Agilent Technologies Inc.		70,325		9,398,233
Avantor Inc.^(a)(b)		184,146		5,900,038
Bio-Rad Laboratories Inc., Class A^(a)		7,679		4,838,768
Bio-Techne Corp.		13,826		5,910,477
Bruker Corp.		23,080		1,581,442
Charles River Laboratories International Inc.^(a)		17,725		5,892,676
IQVIA Holdings Inc.^(a)		38,790		9,103,625
Mettler-Toledo International Inc.^(a)		8,343		10,957,029
PerkinElmer Inc.		39,926		5,175,607
PPD Inc.^(a)		38,513		1,779,301
PRA Health Sciences Inc.^(a)		22,946		3,829,458
Repligen Corp.^(a)		18,165		3,845,712
Waters Corp.^(a)(b)		11,111		3,331,855


				76,702,252

Machinery — 3.6%
Dover Corp.		24,871		3,710,504
Fortive Corp.		64,079		4,538,075
Graco Inc.		60,120		4,617,216
IDEX Corp.		27,037		6,061,695
Ingersoll Rand Inc.^(a)		67,861		3,353,012


Security	Shares		Value

Machinery (continued)
Nordson Corp.		19,273	$	4,074,505
Otis Worldwide Corp.		54,857		4,271,715
PACCAR Inc.		46,828		4,208,901
Parker-Hannifin Corp.		22,728		7,132,274
Pentair PLC		25,607		1,651,907
Toro Co. (The)		38,343		4,394,108
Xylem Inc./NY		64,249		7,109,152


				55,123,064

Media — 1.0%
Altice USA Inc., Class A^(a)		38,253		1,388,966
Cable One Inc.		1,939		3,470,810
Liberty Broadband Corp., Class A^(a)		4,131		651,335
Liberty Broadband Corp., Class C, NVS^(a)		37,511		6,103,790
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		9,948		449,550
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		20,880		944,402
Sirius XM Holdings Inc.		412,079		2,513,682


				15,522,535

Metals & Mining — 0.2%
Royal Gold Inc.		23,307		2,607,121


Multi-Utilities — 0.2%
CMS Energy Corp.		36,010		2,318,684


Oil, Gas & Consumable Fuels — 0.8%
Cabot Oil & Gas Corp.		88,164		1,469,694
Cheniere Energy Inc.^(a)		82,191		6,371,446
Pioneer Natural Resources Co.		27,585		4,243,401


				12,084,541

Pharmaceuticals — 0.6%
Catalent Inc.^(a)		60,642		6,820,406
Elanco Animal Health Inc.^(a)		84,453		2,678,004


				9,498,410

Professional Services — 3.2%
Booz Allen Hamilton Holding Corp.		49,101		4,072,928
Clarivate PLC^(a)(b)		93,161		2,601,987
Dun & Bradstreet Holdings Inc.^(a)		48,762		1,158,585
Equifax Inc.		24,405		5,594,358
IHS Markit Ltd.		132,810		14,287,700
Leidos Holdings Inc.		22,191		2,247,504
TransUnion		67,935		7,105,322
Verisk Analytics Inc.		57,997		10,915,035


				47,983,419

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		60,608		5,163,802


Road & Rail — 1.6%
AMERCO		3,201		1,909,813
JB Hunt Transport Services Inc.		29,750		5,078,622
Kansas City Southern		19,057		5,568,646
Knight-Swift Transportation Holdings Inc.		16,242		765,323
Lyft Inc., Class A^(a)		40,954		2,279,500
Old Dominion Freight Line Inc.		34,161		8,807,047


				24,408,951

Semiconductors & Semiconductor Equipment — 6.2%
Cree Inc.^(a)		21,352		2,122,816
Enphase Energy Inc.^(a)		45,961		6,400,069
Entegris Inc.		48,073		5,412,058
First Solar Inc.^(a)		17,224		1,318,153
KLA Corp.		30,344		9,568,980


40		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Marvell Technology Inc.		283,420	$	12,813,418
Maxim Integrated Products Inc.		95,491		8,976,154
Microchip Technology Inc.		63,071		9,478,941
Monolithic Power Systems Inc.		15,284		5,523,332
Qorvo Inc.^(a)		21,910		4,122,805
Skyworks Solutions Inc.		32,894		5,964,669
SolarEdge Technologies Inc.^(a)		18,380		4,843,865
Teradyne Inc.		59,381		7,427,375
Universal Display Corp.		15,242		3,409,483
Xilinx Inc.		48,981		6,267,609


				93,649,727

Software — 13.9%
Alteryx Inc., Class A^(a)		21,029		1,719,121
Anaplan Inc.^(a)		50,589		3,017,634
ANSYS Inc.^(a)		30,905		11,300,722
Aspen Technology Inc.^(a)		24,101		3,153,375
Avalara Inc.^(a)		30,442		4,313,936
Bill.com Holdings Inc.^(a)		21,944		3,393,201
Cadence Design Systems Inc.^(a)		99,388		13,096,357
Ceridian HCM Holding Inc.^(a)		46,648		4,407,303
Citrix Systems Inc.		23,163		2,868,738
Cloudflare Inc., Class A^(a)		66,908		5,669,784
Coupa Software Inc.^(a)(b)		25,716		6,918,633
Crowdstrike Holdings Inc., Class A^(a)(b)		67,075		13,985,808
Datadog Inc., Class A^(a)		73,411		6,296,461
Dynatrace Inc.^(a)		65,445		3,405,758
Elastic NV^(a)		22,328		2,693,203
Fair Isaac Corp.^(a)		10,413		5,429,442
Five9 Inc.^(a)		23,765		4,467,107
Fortinet Inc.^(a)(b)		48,251		9,854,302
Guidewire Software Inc.^(a)		29,841		3,148,524
HubSpot Inc.^(a)(b)		15,515		8,167,872
nCino Inc.^(a)(b)		5,286		345,651
NortonLifeLock Inc.		96,911		2,094,247
Nuance Communications Inc.^(a)		38,626		2,053,744
Palo Alto Networks Inc.^(a)		34,645		12,243,196
Paycom Software Inc.^(a)(b)		17,488		6,722,562
Paylocity Holding Corp.^(a)		13,391		2,587,677
Pegasystems Inc.		14,093		1,788,965
PTC Inc.^(a)		37,450		4,903,703
RingCentral Inc., Class A^(a)		28,595		9,120,375
Slack Technologies Inc., Class A^(a)		178,653		7,574,887
Smartsheet Inc., Class A^(a)		40,936		2,427,505
SolarWinds Corp.^(a)		9,293		156,680
Splunk Inc.^(a)		57,611		7,283,183
SS&C Technologies Holdings Inc.		41,600		3,087,552
Trade Desk Inc. (The), Class A^(a)		15,179		11,070,196
Tyler Technologies Inc.^(a)		14,449		6,138,802
VMware Inc., Class A^(a)(b)		18,484		2,972,782
Zendesk Inc.^(a)		41,953		6,131,431
Zscaler Inc.^(a)		26,642		4,999,105


				211,009,524


Security	Shares		Value

Specialty Retail — 2.6%
Advance Auto Parts Inc.		11,914	$	2,384,706
AutoZone Inc.^(a)(b)		2,817		4,124,426
Burlington Stores Inc.^(a)		13,957		4,554,588
CarMax Inc.^(a)		26,666		3,552,978
Carvana Co.^(a)		22,321		6,367,288
Five Below Inc.^(a)(b)		19,922		4,009,701
Floor & Decor Holdings Inc., Class A^(a)		37,242		4,130,883
Tractor Supply Co.		24,992		4,713,491
Ulta Beauty Inc.^(a)		11,994		3,950,224
Williams-Sonoma Inc.		13,095		2,235,971


				40,024,256

Textiles, Apparel & Luxury Goods — 0.6%
Deckers Outdoor Corp.^(a)		10,034		3,393,499
VF Corp.		70,539		6,183,448


				9,576,947

Trading Companies & Distributors — 1.3%
Fastenal Co.		204,608		10,696,906
United Rentals Inc.^(a)		9,970		3,189,901
Watsco Inc.		11,710		3,429,391
WW Grainger Inc.		6,225		2,698,787


				20,014,985

Water Utilities — 0.8%
American Water Works Co. Inc.		64,642		10,083,506
Essential Utilities Inc.		40,485		1,908,058


				11,991,564


Total Common Stocks — 99.8% (Cost: $1,302,097,542)				1,516,822,179


Short-Term Investments

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		70,215,304		70,250,412
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,690,000		2,690,000


				72,940,412


Total Short-Term Investments — 4.8% (Cost: $72,926,462)				72,940,412


Total Investments in Securities — 104.6% (Cost: $1,375,024,004)				1,589,762,591

Other Assets, Less Liabilities — (4.6)%				(69,882,722	)


Net Assets — 100.0%			$	1,519,879,869

^(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 cash collateral received from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Growth ETF

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	50,439,366	$	19,848,252	^(a)	$	—	$	(352	)	$	(36,854	)	$	70,250,412		70,215,304	$	194,293	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		2,690,000	^(a)		—		—			—			2,690,000		2,690,000		670			—


								$	(352	)	$	(36,854	)	$	72,940,412			$	194,963		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
Russell 2000 E-Mini Index		11		06/18/21	$	1,244	$	18,907
S&P Select Sector Technology E-Mini Index		11		06/18/21		1,545		34,023


							$	52,930

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	52,930

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	392,881


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,098

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,276,115

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


42		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Growth ETF

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	1,516,822,179	$	—	$	—	$	1,516,822,179
Money Market Funds		72,940,412		—		—		72,940,412


	$	1,589,762,591	$	—	$	—	$	1,589,762,591

Derivative financial instruments^(a)
Assets
Futures Contracts	$	52,930	$	—	$	—	$	52,930

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		43

Schedule of Investments

April 30, 2021

iShares^® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%
Howmet Aerospace Inc.^(a)		16,543	$	528,714
Huntington Ingalls Industries Inc.		2,234		474,323
Textron Inc.		22,037		1,415,657
TransDigm Group Inc.^(a)		2,188		1,342,863


				3,761,557

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		8,491		824,306
Expeditors International of Washington Inc.		8,122		892,283
XPO Logistics Inc.^(a)		5,615		781,159


				2,497,748

Airlines — 1.8%
Delta Air Lines Inc.^(a)		61,669		2,893,510
Southwest Airlines Co.		57,081		3,583,545
United Airlines Holdings Inc.^(a)		30,777		1,674,269


				8,151,324

Auto Components — 1.1%
Aptiv PLC^(a)		12,441		1,790,135
Autoliv Inc.^(a)		7,655		770,552
BorgWarner Inc.		23,098		1,122,101
Gentex Corp.		10,837		381,246
Lear Corp.		5,314		976,926


				5,040,960

Automobiles — 1.0%
Ford Motor Co.^(a)		377,642		4,357,989


Banks — 3.0%
Citizens Financial Group Inc.		41,081		1,901,229
Commerce Bancshares Inc.		6,676		519,460
Fifth Third Bancorp		68,712		2,785,585
Huntington Bancshares Inc./OH		98,304		1,506,017
KeyCorp.		93,623		2,037,236
M&T Bank Corp.		12,431		1,960,244
Regions Financial Corp.		92,837		2,023,847
SVB Financial Group^(a)		2,086		1,192,837


				13,926,455

Beverages — 0.2%
Molson Coors Beverage Co., Class B		18,288		1,004,926


Biotechnology — 0.5%
Alexion Pharmaceuticals Inc.^(a)		11,388		1,920,928
Alnylam Pharmaceuticals Inc.^(a)		3,921		551,449


				2,472,377

Building Products — 3.1%
A O Smith Corp.		7,063		478,518
Allegion PLC		4,905		659,134
Carrier Global Corp.		78,965		3,441,295
Fortune Brands Home & Security Inc.		7,350		771,603
Johnson Controls International PLC		69,605		4,339,176
Lennox International Inc.		1,495		501,333
Masco Corp.		8,741		558,375
Owens Corning		10,209		988,333
Trane Technologies PLC		14,288		2,483,683


				14,221,450

Capital Markets — 3.3%
Ameriprise Financial Inc.		7,238		1,870,299
Apollo Global Management Inc.		12,311		681,660
Carlyle Group Inc. (The)		11,416		487,007


Security	Shares		Value

Capital Markets (continued)
Franklin Resources Inc.		26,568	$	797,040
KKR & Co. Inc.		25,797		1,459,594
Nasdaq Inc.		4,692		757,946
Northern Trust Corp.		20,131		2,290,908
Raymond James Financial Inc.		11,844		1,548,958
SEI Investments Co.		4,134		253,993
State Street Corp.		33,995		2,853,880
T Rowe Price Group Inc.		11,286		2,022,451


				15,023,736

Chemicals — 4.3%
Albemarle Corp.		5,753		967,482
Celanese Corp.		11,033		1,728,320
CF Industries Holdings Inc.		20,680		1,005,668
Corteva Inc.		71,904		3,506,039
Eastman Chemical Co.		13,129		1,514,955
FMC Corp.		6,287		743,375
International Flavors & Fragrances Inc.		24,036		3,417,198
LyondellBasell Industries NV, Class A		24,863		2,579,288
Mosaic Co. (The)		20,511		721,577
PPG Industries Inc.		14,211		2,433,492
RPM International Inc.		5,394		511,567
Scotts Miracle-Gro Co. (The)		1,609		371,936
Westlake Chemical Corp.		3,379		317,254


				19,818,151

Commercial Services & Supplies — 0.3%
Republic Services Inc.		12,267		1,303,982


Communications Equipment — 0.7%
Ciena Corp.^(a)		7,497		378,374
F5 Networks Inc.^(a)		2,590		483,708
Juniper Networks Inc.		31,889		809,662
Lumentum Holdings Inc.^(a)		3,079		261,869
Motorola Solutions Inc.		7,641		1,438,800


				3,372,413

Construction & Engineering — 0.4%
AECOM^(a)		14,274		948,222
Quanta Services Inc.		7,949		768,191


				1,716,413

Construction Materials — 0.2%
Martin Marietta Materials Inc.		2,409		850,666


Consumer Finance — 1.4%
Ally Financial Inc.		36,143		1,859,557
Discover Financial Services		18,554		2,115,156
Synchrony Financial		52,485		2,295,694


				6,270,407

Containers & Packaging — 2.4%
Amcor PLC		150,944		1,773,592
AptarGroup Inc.		2,757		415,783
Avery Dennison Corp.		4,178		894,802
Ball Corp.		15,196		1,422,954
Crown Holdings Inc.		13,040		1,431,792
International Paper Co.		37,987		2,203,246
Packaging Corp. of America		9,209		1,359,709
Westrock Co.		25,588		1,426,531


				10,928,409

Distributors — 0.7%
Genuine Parts Co.		13,954		1,743,832


44		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Distributors (continued)
LKQ Corp.^(a)		27,099	$	1,265,794


				3,009,626

Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.^(a)(b)		2,194		317,757


Diversified Financial Services — 0.4%
Equitable Holdings Inc.		38,066		1,302,999
Voya Financial Inc.		7,895		535,439


				1,838,438

Diversified Telecommunication Services — 0.3%
Lumen Technologies Inc.		95,397		1,223,944


Electric Utilities — 3.7%
Alliant Energy Corp.		24,148		1,356,393
Avangrid Inc.		5,463		278,067
Edison International		36,653		2,179,021
Entergy Corp.		19,374		2,117,384
Evergy Inc.		21,932		1,402,990
Eversource Energy		21,122		1,821,139
FirstEnergy Corp.		52,495		1,990,610
NRG Energy Inc.		14,036		502,770
OGE Energy Corp.		19,492		654,151
PG&E Corp.^(a)		143,845		1,628,325
Pinnacle West Capital Corp.		10,949		926,833
PPL Corp.		74,312		2,164,709


				17,022,392

Electrical Equipment — 0.6%
Hubbell Inc.		2,871		551,261
Rockwell Automation Inc.		4,369		1,154,552
Sensata Technologies Holding PLC^(a)		10,065		581,153
Sunrun Inc.^(a)		8,061		394,989


				2,681,955

Electronic Equipment, Instruments & Components — 2.3%
CDW Corp./DE		6,509		1,160,750
Corning Inc.		74,253		3,282,725
Flex Ltd.^(a)		48,580		845,292
Keysight Technologies Inc.^(a)		6,582		950,112
SYNNEX Corp.		4,018		486,981
TE Connectivity Ltd.		20,649		2,776,671
Trimble Inc.^(a)		10,019		821,558


				10,324,089

Energy Equipment & Services — 1.3%
Baker Hughes Co.		32,391		650,411
Halliburton Co.		85,874		1,679,696
Schlumberger Ltd.		135,124		3,655,104


				5,985,211

Entertainment — 0.2%
Liberty Media Corp.-Liberty Formula One, Class A^(a)		2,575		106,656
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)(b)		19,773		928,145


				1,034,801

Equity Real Estate Investment Trusts (REITs) — 8.1%
Alexandria Real Estate Equities Inc.		4,475		810,423
AvalonBay Communities Inc.		13,484		2,588,928
Boston Properties Inc.		13,701		1,498,204
Camden Property Trust		5,802		699,025
Duke Realty Corp.		18,375		854,805
Equity LifeStyle Properties Inc.		7,022		487,327
Equity Residential		33,132		2,459,388


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Essex Property Trust Inc.		3,517	$	1,021,759
Extra Space Storage Inc.		6,724		999,792
Gaming and Leisure Properties Inc.		21,257		988,238
Healthpeak Properties Inc.		31,446		1,079,856
Host Hotels & Resorts Inc.		68,164		1,237,858
Iron Mountain Inc.		27,872		1,118,225
Medical Properties Trust Inc.		56,049		1,235,880
Mid-America Apartment Communities Inc.		5,456		858,392
Omega Healthcare Investors Inc.		22,520		855,760
Realty Income Corp.		21,956		1,518,257
Regency Centers Corp.		9,705		617,820
Simon Property Group Inc.		31,745		3,864,636
UDR Inc.		15,711		729,776
Ventas Inc.		36,206		2,007,985
VEREIT Inc.		12,270		586,997
VICI Properties Inc.		29,039		920,536
Vornado Realty Trust		15,250		697,688
Welltower Inc.		40,335		3,026,335
Weyerhaeuser Co.		72,262		2,801,598
WP Carey Inc.		17,034		1,275,676


				36,841,164

Food & Staples Retailing — 2.4%
Casey’s General Stores Inc.		1,419		315,288
Kroger Co. (The)		73,574		2,688,394
Sysco Corp.		49,325		4,179,307
Walgreens Boots Alliance Inc.		69,303		3,679,989


				10,862,978

Food Products — 3.5%
Archer-Daniels-Midland Co.		53,964		3,406,747
Bunge Ltd.		13,614		1,149,294
Campbell Soup Co.		19,615		936,616
Conagra Brands Inc.		47,215		1,751,204
Hershey Co. (The)		6,549		1,076,001
Hormel Foods Corp.		15,020		693,924
JM Smucker Co. (The)		10,590		1,387,184
Kellogg Co.		24,596		1,535,282
Lamb Weston Holdings Inc.		14,215		1,144,308
McCormick & Co. Inc./MD, NVS		9,632		870,348
Tyson Foods Inc., Class A		28,481		2,205,853


				16,156,761

Gas Utilities — 0.4%
Atmos Energy Corp.		8,147		843,948
UGI Corp.		20,264		885,739


				1,729,687

Health Care Equipment & Supplies — 0.8%
DENTSPLY SIRONA Inc.		12,287		829,495
Hill-Rom Holdings Inc.		6,451		711,029
Zimmer Biomet Holdings Inc.		12,836		2,274,026


				3,814,550

Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		14,243		1,720,554
Cardinal Health Inc.		28,380		1,712,449
DaVita Inc.^(a)		4,159		484,648
Encompass Health Corp.		4,047		343,429
Henry Schein Inc.^(a)		13,840		1,003,400
Laboratory Corp. of America Holdings^(a)		9,432		2,507,686
McKesson Corp.		15,366		2,882,047
Molina Healthcare Inc.^(a)		3,060		780,606
Quest Diagnostics Inc.		7,507		990,023


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Universal Health Services Inc., Class B		4,267	$	633,266


				13,058,108

Hotels, Restaurants & Leisure — 3.3%
Aramark		24,670		958,923
Caesars Entertainment Inc.^(a)		20,127		1,969,226
Carnival Corp.^(a)		77,098		2,155,660
Darden Restaurants Inc.		7,162		1,050,809
Expedia Group Inc.		5,684		1,001,691
Hilton Worldwide Holdings Inc.^(a)		13,671		1,759,458
MGM Resorts International		14,599		594,471
Penn National Gaming Inc.^(a)(b)		14,367		1,280,387
Royal Caribbean Cruises Ltd.		21,156		1,839,514
Wynn Resorts Ltd.^(a)		10,167		1,305,443
Yum! Brands Inc.		10,278		1,228,426


				15,144,008

Household Durables — 2.1%
DR Horton Inc.		15,402		1,513,863
Garmin Ltd.		5,757		790,091
Lennar Corp., Class A		16,525		1,711,990
Lennar Corp., Class B		950		76,541
Mohawk Industries Inc.^(a)		5,730		1,177,515
Newell Brands Inc.		36,710		989,702
NVR Inc.^(a)		171		858,095
PulteGroup Inc.		15,120		893,894
Whirlpool Corp.		6,067		1,434,542


				9,446,233

Household Products — 0.0%
Reynolds Consumer Products Inc.		5,387		157,947


Independent Power and Renewable Electricity Producers — 0.6%
AES Corp. (The)		64,564		1,796,170
Vistra Corp.		47,003		792,941


				2,589,111

Industrial Conglomerates — 0.1%
Carlisle Companies Inc.		1,950		373,718


Insurance — 8.3%
Aflac Inc.		61,885		3,325,081
Allstate Corp. (The)		29,268		3,711,182
American Financial Group Inc./OH		6,800		835,448
American International Group Inc.		83,572		4,049,063
Arch Capital Group Ltd.^(a)		18,546		736,462
Arthur J Gallagher & Co.		7,322		1,061,324
Assurant Inc.		2,765		430,234
Cincinnati Financial Corp.		14,488		1,632,508
Everest Re Group Ltd.		3,885		1,075,951
Fidelity National Financial Inc.		28,438		1,297,342
Globe Life Inc.		9,231		946,085
Hartford Financial Services Group Inc. (The)		34,549		2,278,852
Lincoln National Corp.		17,525		1,123,878
Loews Corp.		22,045		1,229,009
Markel Corp.^(a)		1,332		1,566,991
Principal Financial Group Inc.		24,501		1,564,879
Prudential Financial Inc.		38,365		3,850,311
Reinsurance Group of America Inc.		6,605		862,151
RenaissanceRe Holdings Ltd.		1,853		312,805
Travelers Companies Inc. (The)		24,374		3,769,683
W R Berkley Corp.		8,259		658,407


Security	Shares		Value

Insurance (continued)
Willis Towers Watson PLC		7,279	$	1,884,242


				38,201,888

Interactive Media & Services — 0.3%
Zillow Group Inc., Class A^(a)		2,341		312,172
Zillow Group Inc., Class C, NVS^(a)		9,728		1,265,808


				1,577,980

Internet & Direct Marketing Retail — 0.2%
Wayfair Inc., Class A^(a)		3,746		1,107,205


IT Services — 0.6%
Genpact Ltd.		9,201		437,323
Paychex Inc.		14,504		1,413,995
Western Union Co. (The)		39,710		1,022,930


				2,874,248

Leisure Products — 0.3%
Peloton Interactive Inc., Class A^(a)		13,239		1,302,056


Life Sciences Tools & Services — 1.0%
Agilent Technologies Inc.		10,368		1,385,580
Bruker Corp.		3,588		245,850
IQVIA Holdings Inc.^(a)		7,961		1,868,367
Waters Corp.^(a)		3,014		903,808


				4,403,605

Machinery — 3.3%
Dover Corp.		7,160		1,068,200
Fortive Corp.		15,301		1,083,617
Ingersoll Rand Inc.^(a)		17,708		874,952
Otis Worldwide Corp.		24,513		1,908,827
PACCAR Inc.		20,825		1,871,751
Parker-Hannifin Corp.		6,307		1,979,200
Pentair PLC		9,151		590,331
Snap-on Inc.		5,264		1,250,727
Stanley Black & Decker Inc.		15,548		3,214,860
Westinghouse Air Brake Technologies Corp.		17,159		1,408,239


				15,250,704

Media — 3.1%
Altice USA Inc., Class A^(a)		13,297		482,814
Discovery Inc., Class A^(a)		15,781		594,312
Discovery Inc., Class C, NVS^(a)		27,994		904,486
DISH Network Corp., Class A^(a)		24,077		1,078,409
Fox Corp., Class A, NVS		32,311		1,209,078
Fox Corp., Class B		14,982		545,045
Interpublic Group of Companies Inc. (The)		37,943		1,204,690
Liberty Broadband Corp., Class A^(a)		1,147		180,848
Liberty Broadband Corp., Class C, NVS^(a)		10,288		1,674,063
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		5,219		235,847
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		10,986		496,897
News Corp., Class A, NVS		37,989		995,122
News Corp., Class B		11,871		288,584
Omnicom Group Inc.		20,779		1,709,281
ViacomCBS Inc., Class A		1,042		47,098
ViacomCBS Inc., Class B, NVS		56,762		2,328,377


				13,974,951

Metals & Mining — 1.9%
Freeport-McMoRan Inc.		140,943		5,314,960
Nucor Corp.		28,803		2,369,335
Reliance Steel & Aluminum Co.		6,189		992,159


				8,676,454


46		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment — 0.5%
AGNC Investment Corp.		52,262	$	937,057
Annaly Capital Management Inc.		135,147		1,227,135


				2,164,192

Multi-Utilities — 3.0%
Ameren Corp.		24,484		2,077,223
CenterPoint Energy Inc.		53,303		1,305,390
CMS Energy Corp.		18,261		1,175,826
Consolidated Edison Inc.		33,091		2,561,574
DTE Energy Co.		18,726		2,622,015
NiSource Inc.		38,071		990,607
Public Service Enterprise Group Inc.		48,811		3,082,903


				13,815,538

Multiline Retail — 0.6%
Dollar Tree Inc.^(a)		22,728		2,611,447


Oil, Gas & Consumable Fuels — 6.2%
Cabot Oil & Gas Corp.		14,772		246,249
EOG Resources Inc.		56,394		4,152,854
Hess Corp.		26,403		1,967,288
Kinder Morgan Inc.		188,138		3,207,753
Marathon Petroleum Corp.		62,937		3,502,444
Occidental Petroleum Corp.		81,020		2,054,667
ONEOK Inc.		43,002		2,250,725
Phillips 66		42,211		3,415,292
Pioneer Natural Resources Co.		12,410		1,909,030
Valero Energy Corp.		39,482		2,920,089
Williams Companies Inc. (The)		117,297		2,857,355


				28,483,746

Pharmaceuticals — 0.9%
Elanco Animal Health Inc.^(a)		22,891		725,874
Jazz Pharmaceuticals PLC^(a)		5,472		899,597
Perrigo Co. PLC		12,945		538,900
Royalty Pharma PLC, Class A		8,313		365,772
Viatris Inc.^(a)		116,648		1,551,418


				4,081,561

Professional Services — 0.8%
Equifax Inc.		5,180		1,187,412
Jacobs Engineering Group Inc.		12,571		1,679,611
Leidos Holdings Inc.		6,919		700,756


				3,567,779

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		15,997		1,362,944


Road & Rail — 0.5%
Kansas City Southern		3,631		1,061,015
Knight-Swift Transportation Holdings Inc.		7,528		354,719
Lyft Inc., Class A^(a)		13,694		762,208


				2,177,942

Semiconductors & Semiconductor Equipment — 2.0%
Cree Inc.^(a)		5,392		536,072
First Solar Inc.^(a)		3,573		273,442
KLA Corp.		6,659		2,099,916
Microchip Technology Inc.		8,913		1,339,535
ON Semiconductor Corp.^(a)		39,803		1,552,317
Qorvo Inc.^(a)		5,040		948,377
Skyworks Solutions Inc.		7,012		1,271,486
Xilinx Inc.		10,464		1,338,973


				9,360,118


Security	Shares		Value

Software — 0.8%
Citrix Systems Inc.		5,648	$	699,505
NortonLifeLock Inc.		30,022		648,775
Nuance Communications Inc.^(a)		17,176		913,248
SolarWinds Corp.^(a)		4,505		75,954
SS&C Technologies Holdings Inc.		10,443		775,080
VMware Inc., Class A^(a)(b)		2,816		452,897


				3,565,459

Specialty Retail — 2.5%
Advance Auto Parts Inc.		3,131		626,701
AutoZone Inc.^(a)		1,381		2,021,950
Best Buy Co. Inc.		22,271		2,589,449
Burlington Stores Inc.^(a)		2,630		858,248
CarMax Inc.^(a)		8,458		1,126,944
Gap Inc. (The)		20,046		663,523
L Brands Inc.^(a)		22,575		1,487,692
Tractor Supply Co.		4,494		847,568
Ulta Beauty Inc.^(a)		2,205		726,217
Williams-Sonoma Inc.		3,859		658,924


				11,607,216

Technology Hardware, Storage & Peripherals — 3.0%
Dell Technologies Inc., Class C^(a)		22,931		2,254,805
Hewlett Packard Enterprise Co.		125,739		2,014,339
HP Inc.		121,041		4,128,709
NetApp Inc.		21,512		1,606,731
Seagate Technology PLC		19,411		1,802,117
Western Digital Corp.		29,580		2,089,235


				13,895,936

Textiles, Apparel & Luxury Goods — 0.2%
VF Corp.		11,969		1,049,203


Trading Companies & Distributors — 0.5%
United Rentals Inc.^(a)		4,271		1,366,507
WW Grainger Inc.		2,578		1,117,666


				2,484,173

Water Utilities — 0.1%
Essential Utilities Inc.		10,681		503,396


Total Common Stocks — 99.7% (Cost: $370,007,354)				456,431,182


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		2,009,369		2,010,373
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		935,000		935,000


				2,945,373


Total Short-Term Investments — 0.7% (Cost: $2,945,373)				2,945,373


Total Investments in Securities — 100.4% (Cost: $372,952,727)				459,376,555

Other Assets, Less Liabilities — (0.4)%				(1,682,078	)


Net Assets — 100.0%			$	457,694,477

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Value ETF

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

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

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,269,938	$	—		$	(5,256,483	)^(a)	$	5,815	$	(8,897	)	$	2,010,373		2,009,369	$	64,269	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		525,000		410,000	^(a)		—			—		—			935,000		935,000		600			—


									$	5,815	$	(8,897	)	$	2,945,373			$	64,869		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
S&P MidCap 400 E-Mini Index		3		06/18/21	$	816	$	36,478
S&P Select Sector Utilities E-Mini Index		5		06/18/21		336		7,950


							$	44,428

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	44,428

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	483,729


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(21,348	)


48		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Mid-Cap Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	889,582

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	456,431,182	$	—	$	—	$	456,431,182
Money Market Funds		2,945,373		—		—		2,945,373


	$	459,376,555	$	—	$	—	$	459,376,555

Derivative financial instruments^(a)
Assets
Futures Contracts	$	44,428	$	—	$	—	$	44,428

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		49

Schedule of Investments

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
AAR Corp.		1,982	$	79,756
Aerojet Rocketdyne Holdings Inc.		3,834		179,125
Aerovironment Inc.^(a)		1,222		134,872
Axon Enterprise Inc.^(a)		3,459		524,419
BWX Technologies Inc.		5,207		348,452
Cubic Corp.		1,731		129,548
Curtiss-Wright Corp.		2,245		287,136
Ducommun Inc.^(a)		652		38,422
Hexcel Corp.^(a)		4,530		255,537
Kaman Corp.		1,643		87,654
Kratos Defense & Security Solutions Inc.^(a)		6,645		177,687
Maxar Technologies Inc.		3,887		150,855
Mercury Systems Inc.^(a)		3,015		226,849
Moog Inc., Class A		1,693		146,529
National Presto Industries Inc.		363		37,345
PAE Inc.^(a)		2,913		26,130
Parsons Corp.^(a)		1,464		64,899
Spirit AeroSystems Holdings Inc., Class A		5,666		258,880
Triumph Group Inc.^(a)		2,860		48,391
Vectrus Inc.^(a)		975		51,041
Virgin Galactic Holdings Inc.^(a)		7,073		156,667


				3,410,194

Air Freight & Logistics — 0.2%
Air Transport Services Group Inc.^(a)		3,478		91,541
Atlas Air Worldwide Holdings Inc.^(a)		1,647		111,848
Forward Air Corp.		1,726		152,388
Hub Group Inc., Class A^(a)		1,847		121,385


				477,162

Airlines — 0.9%
Alaska Air Group Inc.^(a)		6,969		481,837
Allegiant Travel Co.^(a)		723		170,433
American Airlines Group Inc.^(a)		34,756		754,900
Hawaiian Holdings Inc.^(a)		2,896		72,719
JetBlue Airways Corp.^(a)(b)		17,770		361,797
SkyWest Inc.		3,032		150,569
Spirit Airlines Inc.^(a)		5,482		196,365


				2,188,620

Auto Components — 1.0%
Adient PLC^(a)		5,021		232,673
American Axle & Manufacturing Holdings Inc.^(a)		5,918		54,919
Cooper Tire & Rubber Co.		2,730		155,583
Cooper-Standard Holdings Inc.^(a)		900		26,136
Dana Inc.		7,929		200,604
Dorman Products Inc.^(a)		1,570		155,713
Fox Factory Holding Corp.^(a)		2,116		324,235
Gentherm Inc.^(a)		1,805		128,516
Goodyear Tire & Rubber Co. (The)^(a)		12,530		215,641
LCI Industries		1,378		201,877
Modine Manufacturing Co.^(a)		2,748		44,737
Motorcar Parts of America Inc.^(a)		958		20,693
Patrick Industries Inc.		1,236		110,746
Standard Motor Products Inc.		1,038		44,457
Stoneridge Inc.^(a)		1,326		44,089
Tenneco Inc., Class A^(a)		2,390		24,067
Veoneer Inc.^(a)(b)		4,944		113,218
Visteon Corp.^(a)		1,533		186,735


Security	Shares		Value

Auto Components (continued)
XPEL Inc.^(a)		841	$	53,908


				2,338,547

Automobiles — 0.4%
Harley-Davidson Inc.		8,275		400,262
Thor Industries Inc.		3,046		431,283
Winnebago Industries Inc.		1,922		153,664
Workhorse Group Inc.^(a)(b)		5,417		67,116


				1,052,325

Banks — 8.0%
1st Source Corp.		954		45,401
Ameris Bancorp		4,027		217,820
Associated Banc-Corp.		9,404		205,854
Atlantic Union Bankshares Corp.		4,362		168,679
Banc of California Inc.		2,492		44,607
BancFirst Corp.		1,022		71,039
Bancorp. Inc. (The)^(a)		3,843		85,334
BancorpSouth Bank		5,370		158,898
Bank of Hawaii Corp.		2,219		201,685
Bank OZK		7,147		292,955
BankUnited Inc.		3,513		163,741
BOK Financial Corp.		1,929		169,636
Bryn Mawr Bank Corp.		1,612		74,087
Camden National Corp.		812		38,749
Cathay General Bancorp.		4,640		187,827
CIT Group Inc.		5,851		311,800
Columbia Banking System Inc.		4,143		180,345
Comerica Inc.		7,593		570,690
Community Bank System Inc.		3,105		241,041
Community Trust Bancorp. Inc.		1,369		61,003
ConnectOne Bancorp. Inc.		2,817		76,482
CrossFirst Bankshares Inc.^(a)		2,863		42,201
Cullen/Frost Bankers Inc.		3,084		370,265
Customers Bancorp. Inc.^(a)		1,698		58,615
CVB Financial Corp.		7,385		156,636
Dime Community Bancshares Inc.		1,911		63,292
East West Bancorp. Inc.		7,664		583,614
Eastern Bankshares Inc.		10,391		221,640
Enterprise Financial Services Corp.		2,199		108,037
FB Financial Corp.		2,221		93,193
First Bancshares Inc. (The)		1,809		70,768
First Busey Corp.		3,642		90,977
First Citizens BancShares Inc./NC, Class A		395		342,647
First Financial Bankshares Inc.		8,254		405,106
First Financial Corp./IN		1,221		54,017
First Foundation Inc.		2,148		51,122
First Hawaiian Inc.		7,981		219,158
First Horizon Corp.		31,696		579,720
First Interstate BancSystem Inc., Class A		1,859		87,317
First Merchants Corp.		3,469		160,302
Flushing Financial Corp.		2,691		62,620
FNB Corp.		19,380		249,808
Fulton Financial Corp.		10,249		174,745
German American Bancorp. Inc.		1,848		80,074
Glacier Bancorp. Inc.		5,248		309,370
Great Southern Bancorp. Inc.		1,010		56,974
Hancock Whitney Corp.		5,271		243,731
Harborone Bancorp. Inc.		3,125		44,719
Heartland Financial USA Inc.		2,609		131,154
Heritage Commerce Corp.		5,299		63,959


50		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Hilltop Holdings Inc.		3,680	$	129,536
Home BancShares Inc./AR		8,428		234,551
Horizon Bancorp Inc./IN		3,349		61,421
Independent Bank Corp.		1,232		100,901
Independent Bank Corp./MI		2,240		52,774
Independent Bank Group Inc.		2,002		151,171
International Bancshares Corp.		3,531		167,334
Investors Bancorp. Inc.		13,026		190,701
Lakeland Bancorp. Inc.		4,120		74,696
Lakeland Financial Corp.		1,745		113,826
Live Oak Bancshares Inc.		2,045		130,798
Midland States Bancorp. Inc.		1,110		31,280
National Bank Holdings Corp., Class A		1,445		57,655
Nicolet Bankshares Inc.^(a)(b)		485		38,684
OceanFirst Financial Corp.		4,257		97,315
OFG Bancorp.		1,967		46,598
Pacific Premier Bancorp. Inc.		5,451		240,007
PacWest Bancorp.		6,969		302,524
Park National Corp.		776		97,070
Peoples Bancorp. Inc./OH		1,676		56,029
People’s United Financial Inc.		24,586		445,744
Pinnacle Financial Partners Inc.		4,167		365,196
Popular Inc.		4,612		341,103
Prosperity Bancshares Inc.		5,091		373,476
QCR Holdings Inc.		811		39,106
Sandy Spring Bancorp. Inc.		2,746		124,559
ServisFirst Bancshares Inc.		2,568		162,400
Signature Bank/New York NY		3,127		786,472
Silvergate Capital Corp., Class A^(a)		1,193		127,913
Simmons First National Corp., Class A		6,251		178,153
South State Corp.		3,893		328,258
Sterling Bancorp./DE		10,663		267,961
Stock Yards Bancorp. Inc.		1,153		58,987
Synovus Financial Corp.		8,617		403,793
TCF Financial Corp.		8,839		402,351
Texas Capital Bancshares Inc.^(a)		2,799		192,095
Tompkins Financial Corp.		662		51,735
Towne Bank/Portsmouth VA		4,299		133,183
TriCo Bancshares		1,478		68,402
TriState Capital Holdings Inc.^(a)		1,519		36,259
Triumph Bancorp. Inc.^(a)		1,269		112,471
Trustmark Corp.		4,158		134,761
UMB Financial Corp.		2,620		254,219
Umpqua Holdings Corp.		13,348		248,807
United Bankshares Inc./WV		7,038		276,382
United Community Banks Inc./GA		5,015		164,091
Univest Financial Corp.		1,604		44,800
Valley National Bancorp.		23,874		328,745
Washington Trust Bancorp. Inc.		946		48,293
Webster Financial Corp.		5,324		281,693
WesBanco Inc.		4,326		156,991
Western Alliance Bancorp.		5,596		587,972
Wintrust Financial Corp.		3,136		241,786
Zions Bancorp. NA		9,392		524,074


				19,410,556

Beverages — 0.1%
Celsius Holdings Inc.^(a)		1,325		75,923
Coca-Cola Consolidated Inc.		232		68,034
MGP Ingredients Inc.		664		39,906


Security	Shares		Value

Beverages (continued)
National Beverage Corp.		1,198	$	58,211


				242,074

Biotechnology — 6.9%
Acceleron Pharma Inc.^(a)		2,866		358,164
Adverum Biotechnologies Inc.^(a)		5,031		19,621
Aeglea BioTherapeutics Inc.^(a)		2,402		18,688
Agenus Inc.^(a)(b)		7,992		24,695
Agios Pharmaceuticals Inc.^(a)		3,159		176,272
Akebia Therapeutics Inc.^(a)		8,746		27,900
Akero Therapeutics Inc.^(a)		1,016		31,293
Albireo Pharma Inc.^(a)		1,013		32,517
Alector Inc.^(a)		2,893		56,413
Alkermes PLC^(a)		8,813		193,930
Allakos Inc.^(a)		1,730		188,778
Allogene Therapeutics Inc.^(a)(b)		3,605		111,467
Allovir Inc.^(a)		935		22,094
Altimmune Inc.^(a)		1,706		24,686
ALX Oncology Holdings Inc.^(a)		636		39,852
Amicus Therapeutics Inc.^(a)		14,074		138,488
AnaptysBio Inc.^(a)(b)		1,218		28,440
Anavex Life Sciences Corp.^(a)		3,955		47,776
Anika Therapeutics Inc.^(a)		916		36,805
Annexon Inc.^(a)		898		17,897
Apellis Pharmaceuticals Inc.^(a)		3,172		160,725
Applied Molecular Transport Inc.^(a)(b)		802		46,107
Applied Therapeutics Inc.^(a)		940		17,409
Aprea Therapeutics Inc.^(a)(b)		852		3,996
Arcturus Therapeutics Holdings Inc.^(a)(b)		1,145		41,976
Arcus Biosciences Inc.^(a)		2,448		82,620
Arcutis Biotherapeutics Inc.^(a)(b)		1,525		51,087
Ardelyx Inc.^(a)		3,691		26,981
Arena Pharmaceuticals Inc.^(a)		3,279		225,038
Arrowhead Pharmaceuticals Inc.^(a)		5,660		411,822
Assembly Biosciences Inc.^(a)		2,556		10,940
Atara Biotherapeutics Inc.^(a)		4,622		64,985
Athenex Inc.^(a)		3,627		14,544
Athersys Inc.^(a)(b)		9,706		16,209
Avid Bioservices Inc.^(a)		3,198		68,453
Avidity Biosciences Inc.^(a)		971		22,760
Avita Medical Inc.^(a)(b)		1,186		24,479
Beam Therapeutics Inc.^(a)		1,429		117,178
BioCryst Pharmaceuticals Inc.^(a)		9,660		112,394
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		2,695		202,394
Bioxcel Therapeutics Inc.^(a)(b)		834		28,331
Black Diamond Therapeutics Inc.^(a)		898		23,923
Bluebird Bio Inc.^(a)(b)		3,686		110,580
Blueprint Medicines Corp.^(a)		3,160		304,371
Bridgebio Pharma Inc.^(a)		5,106		285,528
C4 Therapeutics Inc.^(a)		565		18,702
Cardiff Oncology Inc.^(a)		1,562		15,511
CareDx Inc.^(a)(b)		2,843		224,796
Catalyst Pharmaceuticals Inc.^(a)		5,863		26,853
Celldex Therapeutics Inc.^(a)		2,296		69,638
CEL-SCI Corp.^(a)(b)		2,199		53,062
ChemoCentryx Inc.^(a)		2,726		131,748
Clovis Oncology Inc.^(a)(b)		5,130		30,472
Coherus Biosciences Inc.^(a)		3,400		50,320
Concert Pharmaceuticals Inc.^(a)		1,788		7,420
Constellation Pharmaceuticals Inc.^(a)		1,733		37,467
Cortexyme Inc.^(a)(b)		725		28,398


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Crinetics Pharmaceuticals Inc.^(a)		1,176	$	20,357
CRISPR Therapeutics AG^(a)(b)		3,537		464,302
Cue Biopharma Inc.^(a)		1,573		19,080
Cytokinetics Inc.^(a)		3,911		99,496
CytomX Therapeutics Inc.^(a)		3,751		35,109
Deciphera Pharmaceuticals Inc.^(a)		2,209		102,431
Denali Therapeutics Inc.^(a)		4,420		267,145
Dicerna Pharmaceuticals Inc.^(a)		3,708		115,653
Dynavax Technologies Corp.^(a)		5,374		53,633
Dyne Therapeutics Inc.^(a)		1,083		21,313
Eagle Pharmaceuticals Inc./DE^(a)		734		29,969
Editas Medicine Inc.^(a)(b)		3,699		136,900
Eiger BioPharmaceuticals Inc.^(a)		1,722		14,620
Emergent BioSolutions Inc.^(a)		2,435		148,486
Enanta Pharmaceuticals Inc.^(a)		1,047		53,125
Epizyme Inc.^(a)(b)		4,615		36,043
Esperion Therapeutics Inc.^(a)		1,499		40,398
Fate Therapeutics Inc.^(a)		4,354		380,496
FibroGen Inc.^(a)		4,555		101,668
Flexion Therapeutics Inc.^(a)(b)		2,186		16,963
Forma Therapeutics Holdings Inc.^(a)(b)		1,081		29,133
Frequency Therapeutics Inc.^(a)		1,712		19,876
G1 Therapeutics Inc.^(a)		1,784		37,589
Generation Bio Co.^(a)		1,170		42,658
Geron Corp.^(a)		17,507		25,385
Global Blood Therapeutics Inc.^(a)		3,397		138,530
Gossamer Bio Inc.^(a)		2,520		21,773
Halozyme Therapeutics Inc.^(a)		6,762		337,762
Harpoon Therapeutics Inc.^(a)		1,248		28,255
Heron Therapeutics Inc.^(a)(b)		4,541		79,377
Homology Medicines Inc.^(a)		1,825		12,355
iBio Inc.^(a)		10,774		14,760
Ideaya Biosciences Inc.^(a)		939		19,296
IGM Biosciences Inc.^(a)		402		28,429
Immunic Inc.^(a)		865		13,286
ImmunityBio Inc.^(a)		2,238		39,724
ImmunoGen Inc.^(a)		11,039		88,974
Immunovant Inc.^(a)		2,770		43,434
Inhibrx Inc.^(a)		363		7,743
Inovio Pharmaceuticals Inc.^(a)(b)		11,438		77,893
Insmed Inc.^(a)		5,555		187,370
Intellia Therapeutics Inc.^(a)		3,415		262,170
Intercept Pharmaceuticals Inc.^(a)		1,256		24,844
Invitae Corp.^(a)		9,459		330,119
Iovance Biotherapeutics Inc.^(a)		7,492		235,548
Ironwood Pharmaceuticals Inc.^(a)		8,121		89,656
iTeos Therapeutics Inc.^(a)		645		15,164
IVERIC bio Inc.^(a)		4,772		33,404
Jounce Therapeutics Inc.^(a)		1,445		13,626
Kadmon Holdings Inc.^(a)		8,829		35,846
Karuna Therapeutics Inc.^(a)		1,022		113,452
Karyopharm Therapeutics Inc.^(a)		3,251		30,364
Keros Therapeutics Inc.^(a)		373		21,932
Kodiak Sciences Inc.^(a)(b)		1,727		208,691
Kronos Bio Inc.^(a)(b)		653		17,677
Krystal Biotech Inc.^(a)		980		77,851
Kura Oncology Inc.^(a)		3,670		98,833
Kymera Therapeutics Inc.^(a)		498		22,684
Ligand Pharmaceuticals Inc.^(a)(b)		907		132,322
MacroGenics Inc.^(a)		3,174		102,711


Security	Shares		Value

Biotechnology (continued)
Madrigal Pharmaceuticals Inc.^(a)		538	$	73,222
MannKind Corp.^(a)		13,054		59,657
MEI Pharma Inc.^(a)(b)		5,410		19,747
Mersana Therapeutics Inc.^(a)		3,104		49,447
Molecular Templates Inc.^(a)		2,205		20,639
Morphic Holding Inc.^(a)		833		46,148
Myovant Sciences Ltd.^(a)		2,107		44,036
Myriad Genetics Inc.^(a)		4,199		126,894
Natera Inc.^(a)		4,273		470,115
Neoleukin Therapeutics Inc.^(a)		1,952		24,380
Nkarta Inc.^(a)		903		28,761
Novavax Inc.^(a)(b)		3,687		873,561
Nurix Therapeutics Inc.^(a)		754		26,254
OPKO Health Inc.^(a)(b)		24,243		99,396
ORIC Pharmaceuticals Inc.^(a)		788		19,014
Ovid therapeutics Inc.^(a)		2,715		9,964
Oyster Point Pharma Inc.^(a)(b)		703		14,517
Passage Bio Inc.^(a)		1,393		26,133
PMV Pharmaceuticals Inc.^(a)		683		23,038
Praxis Precision Medicines Inc.^(a)(b)		559		17,139
Precigen Inc.^(a)(b)		4,992		38,613
Precision BioSciences Inc.^(a)		2,360		21,924
Prelude Therapeutics Inc.^(a)		612		25,361
Protagonist Therapeutics Inc.^(a)		2,239		64,797
Prothena Corp. PLC^(a)		1,477		39,200
PTC Therapeutics Inc.^(a)		3,858		158,988
Puma Biotechnology Inc.^(a)		1,730		17,058
Radius Health Inc.^(a)		2,465		54,969
REGENXBIO Inc.^(a)		1,949		67,611
Relay Therapeutics Inc.^(a)		1,124		35,642
Replimune Group Inc.^(a)		1,463		53,531
REVOLUTION Medicines Inc.^(a)		2,621		86,991
Rhythm Pharmaceuticals Inc.^(a)		2,016		43,465
Rigel Pharmaceuticals Inc.^(a)		9,409		35,001
Rocket Pharmaceuticals Inc.^(a)		2,374		108,824
Sage Therapeutics Inc.^(a)		2,843		223,915
Sangamo Therapeutics Inc.^(a)		6,568		77,371
Scholar Rock Holding Corp.^(a)		1,188		38,432
Selecta Biosciences Inc.^(a)		4,906		14,718
Seres Therapeutics Inc.^(a)		3,172		66,009
Shattuck Labs Inc.^(a)		692		26,075
Sorrento Therapeutics Inc.^(a)(b)		12,735		104,809
Spectrum Pharmaceuticals Inc.^(a)		7,964		24,768
Spero Therapeutics Inc.^(a)		1,281		17,627
SpringWorks Therapeutics Inc.^(a)		1,506		108,221
SQZ Biotechnologies Co.^(a)		412		5,059
Stoke Therapeutics Inc.^(a)		1,119		36,144
Surface Oncology Inc.^(a)		1,471		10,753
Sutro Biopharma Inc.^(a)		1,955		40,097
Syndax Pharmaceuticals Inc.^(a)		1,980		31,561
Syros Pharmaceuticals Inc.^(a)		2,988		18,048
Taysha Gene Therapies Inc.^(a)(b)		482		12,440
TG Therapeutics Inc.^(a)		6,306		281,941
Translate Bio Inc.^(a)		3,892		90,372
Travere Therapeutics Inc.^(a)		3,029		74,877
Trevena Inc.^(a)(b)		9,144		15,728
Turning Point Therapeutics Inc.^(a)		2,308		175,939
Twist Bioscience Corp.^(a)		2,283		306,356
Ultragenyx Pharmaceutical Inc.^(a)		3,426		382,479
uniQure NV^(a)(b)		2,113		68,187


52		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
United Therapeutics Corp.^(a)		2,422	$	488,178
Vanda Pharmaceuticals Inc.^(a)		3,143		52,174
Vaxart Inc.^(a)(b)		6,662		71,816
Vaxcyte Inc.^(a)		1,022		18,979
Veracyte Inc.^(a)		3,661		182,135
Vericel Corp.^(a)		2,529		157,860
Viking Therapeutics Inc.^(a)		3,680		23,515
Vir Biotechnology Inc.^(a)		3,538		168,904
Voyager Therapeutics Inc.^(a)		2,042		9,842
XBiotech Inc.^(a)		874		14,928
Xencor Inc.^(a)		3,225		137,256
Y-mAbs Therapeutics Inc.^(a)		1,502		45,165
Zentalis Pharmaceuticals Inc.^(a)		813		48,227
ZIOPHARM Oncology Inc.^(a)(b)		11,936		41,299


				16,718,917

Building Products — 1.4%
AAON Inc.		2,236		146,257
Advanced Drainage Systems Inc.		2,719		303,604
American Woodmark Corp.^(a)		1,033		102,742
Apogee Enterprises Inc.		1,632		57,332
Armstrong World Industries Inc.		2,618		271,356
AZEK Co. Inc. (The)^(a)		6,653		321,207
Builders FirstSource Inc.^(a)		11,208		545,493
Cornerstone Building Brands Inc.^(a)		2,360		33,182
Gibraltar Industries Inc.^(a)		1,783		163,786
Griffon Corp.		2,638		71,543
Insteel Industries Inc.		1,555		59,292
JELD-WEN Holding Inc.^(a)(b)		3,997		116,592
Masonite International Corp.^(a)		1,345		169,860
PGT Innovations Inc.^(a)		3,252		85,625
Quanex Building Products Corp.		2,215		60,447
Resideo Technologies Inc.^(a)		7,936		238,159
Simpson Manufacturing Co. Inc.		2,303		259,548
UFP Industries Inc.		3,393		285,148


				3,291,173

Capital Markets — 2.8%
Affiliated Managers Group Inc.		2,312		372,625
Ares Management Corp., Class A		5,912		310,498
Artisan Partners Asset Management Inc., Class A		3,409		173,586
Assetmark Financial Holdings Inc.^(a)		951		21,417
B. Riley Financial Inc.		962		68,581
BGC Partners Inc., Class A		17,573		93,137
Blucora Inc.^(a)		4,019		57,854
BrightSphere Investment Group Inc.		3,227		72,640
Cohen & Steers Inc.		1,352		91,963
Cowen Inc., Class A		1,460		57,656
Diamond Hill Investment Group Inc.		294		50,274
Donnelley Financial Solutions Inc.^(a)		1,954		59,714
Evercore Inc., Class A		2,303		322,720
Federated Hermes Inc.		5,930		170,784
Focus Financial Partners Inc., Class A^(a)		2,718		127,909
Freedom Holding Corp./NV^(a)(b)		863		43,392
Hamilton Lane Inc., Class A		2,034		183,975
Houlihan Lokey Inc.		2,853		189,068
Interactive Brokers Group Inc., Class A		4,407		315,189
Invesco Ltd.		21,499		580,473
Janus Henderson Group PLC		9,315		320,343
Jefferies Financial Group Inc.		11,127		361,739
LPL Financial Holdings Inc.		4,310		675,377


Security	Shares		Value

Capital Markets (continued)
Moelis & Co., Class A		3,232	$	175,433
Open Lending Corp., Class A^(a)		5,387		210,362
Oppenheimer Holdings Inc., Class A, NVS		502		25,687
Piper Sandler Cos		966		112,046
PJT Partners Inc., Class A		1,640		120,589
StepStone Group Inc., Class A		1,481		49,317
Stifel Financial Corp.		6,091		421,436
StoneX Group Inc.^(a)		901		57,232
Tradeweb Markets Inc., Class A		5,545		450,698
Victory Capital Holdings Inc., Class A		1,787		49,589
Virtu Financial Inc., Class A		4,399		130,342
Virtus Investment Partners Inc.		481		131,534
Waddell & Reed Financial Inc., Class A		4,147		103,592
WisdomTree Investments Inc.		10,097		68,508


				6,827,279

Chemicals — 2.2%
AdvanSix Inc.^(a)		1,738		50,541
American Vanguard Corp.		1,889		37,364
Amyris Inc.^(a)(b)		9,136		133,020
Ashland Global Holdings Inc.		2,895		249,578
Avient Corp.		4,999		253,799
Axalta Coating Systems Ltd.^(a)		11,357		362,175
Balchem Corp.		1,746		222,074
Cabot Corp.		3,400		186,592
Chase Corp.		503		59,575
Chemours Co. (The)		8,968		270,834
Element Solutions Inc.		11,837		258,994
Ferro Corp.^(a)		4,510		75,137
FutureFuel Corp.		3,022		38,379
GCP Applied Technologies Inc.^(a)		2,925		75,143
Hawkins Inc.		1,307		43,588
HB Fuller Co.		2,841		189,836
Huntsman Corp.		11,063		317,176
Ingevity Corp.^(a)		2,164		168,965
Innospec Inc.		1,368		133,257
Koppers Holdings Inc.^(a)		1,273		42,314
Kraton Corp.^(a)		1,829		65,405
Kronos Worldwide Inc.		1,799		30,583
Livent Corp.^(a)		8,040		144,881
Minerals Technologies Inc.		2,048		160,031
NewMarket Corp.		400		138,636
Olin Corp.		7,821		336,538
PQ Group Holdings Inc.		2,406		33,684
Quaker Chemical Corp.		703		170,372
Sensient Technologies Corp.		2,334		191,948
Stepan Co.		1,189		155,355
Tredegar Corp.		1,104		16,140
Trinseo SA		2,157		133,540
Tronox Holdings PLC, Class A		6,107		129,468
Valvoline Inc.		9,945		312,273
WR Grace & Co.		3,412		234,507


				5,421,702

Commercial Services & Supplies — 1.7%
ABM Industries Inc.		3,706		190,525
ACCO Brands Corp.		6,859		58,850
ADT Inc.		8,285		76,222
Brady Corp., Class A, NVS		2,692		146,902
BrightView Holdings Inc.^(a)		2,718		48,734
Brink’s Co. (The)^(b)		2,692		215,145


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Casella Waste Systems Inc., Class A^(a)		2,651	$	177,909
Cimpress PLC^(a)		1,086		103,452
Clean Harbors Inc.^(a)		2,863		254,692
CoreCivic Inc.		7,796		60,575
Covanta Holding Corp.		6,534		98,271
Deluxe Corp.		2,457		108,157
Ennis Inc.		1,426		29,561
Harsco Corp.^(a)		4,653		83,428
Healthcare Services Group Inc.		4,164		124,712
Herman Miller Inc.		3,416		141,764
HNI Corp.		2,348		99,414
Interface Inc.		3,849		49,421
KAR Auction Services Inc.		7,457		111,780
Kimball International Inc., Class B		2,006		29,247
Knoll Inc.		3,705		88,550
Matthews International Corp., Class A		2,200		91,036
Montrose Environmental Group Inc.^(a)		817		44,290
MSA Safety Inc.		1,998		321,199
SP Plus Corp.^(a)		1,441		49,470
Steelcase Inc., Class A		6,341		87,506
Stericycle Inc.^(a)(b)		5,021		383,002
Tetra Tech Inc.		2,990		381,614
U.S. Ecology Inc.^(a)		2,210		93,837
UniFirst Corp./MA		881		197,511
Viad Corp.		1,111		46,284


				3,993,060

Communications Equipment — 0.6%
ADTRAN Inc.		3,305		56,482
Calix Inc.^(a)		3,153		133,340
Casa Systems Inc.^(a)		1,992		15,627
CommScope Holding Co. Inc.^(a)(b)		11,111		182,776
Comtech Telecommunications Corp.		1,654		39,663
Digi International Inc.^(a)		2,101		37,545
EchoStar Corp., Class A^(a)		3,353		81,981
Extreme Networks Inc.^(a)		6,746		76,770
Harmonic Inc.^(a)		6,327		49,477
Infinera Corp.^(a)		11,393		105,043
Inseego Corp.^(a)		3,587		31,853
NETGEAR Inc.^(a)		1,929		71,778
NetScout Systems Inc.^(a)		4,358		114,158
Plantronics Inc.^(a)		2,116		84,619
Ribbon Communications Inc.^(a)		6,740		45,495
ViaSat Inc.^(a)		3,735		193,436
Viavi Solutions Inc.^(a)		12,628		206,594


				1,526,637

Construction & Engineering — 1.2%
Aegion Corp.^(a)		1,837		55,294
Ameresco Inc., Class A^(a)(b)		1,158		61,131
API Group Corp.^(a)(c)		8,365		177,840
Arcosa Inc.		2,688		162,059
Argan Inc.		954		47,843
Comfort Systems USA Inc.		2,067		170,238
Construction Partners Inc., Class A^(a)		1,930		61,239
Dycom Industries Inc.^(a)		1,701		159,571
EMCOR Group Inc.		2,997		359,041
Fluor Corp.^(a)		7,038		161,733
Granite Construction Inc.		2,772		105,613
Great Lakes Dredge & Dock Corp.^(a)		3,656		57,399
IES Holdings Inc.^(a)		1,132		59,758


Security	Shares		Value

Construction & Engineering (continued)
MasTec Inc.^(a)(b)		3,086	$	322,055
MYR Group Inc.^(a)		1,086		84,599
Northwest Pipe Co.^(a)		665		22,125
NV5 Global Inc.^(a)		581		52,366
Primoris Services Corp.		2,749		89,782
Sterling Construction Co. Inc.^(a)		1,667		34,757
Tutor Perini Corp.^(a)		2,457		39,558
Valmont Industries Inc.		1,131		279,187
WillScot Mobile Mini Holdings Corp.^(a)		10,071		294,778


				2,857,966

Construction Materials — 0.2%
Eagle Materials Inc.		2,304		318,275
Forterra Inc.^(a)		1,155		27,096
Summit Materials Inc., Class A^(a)		6,405		184,400
U.S. Concrete Inc.^(a)		1,040		65,946


				595,717

Consumer Finance — 1.0%
Credit Acceptance Corp.^(a)		637		251,481
Curo Group Holdings Corp.		1,845		26,420
Encore Capital Group Inc.^(a)		2,102		82,693
Enova International Inc.^(a)		1,983		67,898
FirstCash Inc.		2,292		165,093
Green Dot Corp., Class A^(a)		3,126		143,046
LendingClub Corp.^(a)		5,283		81,305
LendingTree Inc.^(a)		637		131,534
Navient Corp.		10,023		168,687
Nelnet Inc., Class A		1,190		88,334
OneMain Holdings Inc.		4,985		283,497
Oportun Financial Corp.^(a)		1,683		36,538
PRA Group Inc.^(a)		3,147		118,579
PROG Holdings Inc.		3,814		194,285
Santander Consumer USA Holdings Inc.		4,725		160,367
SLM Corp.		18,267		359,129
World Acceptance Corp.^(a)		366		47,851


				2,406,737

Containers & Packaging — 0.9%
Berry Global Group Inc.^(a)		7,234		460,227
Graphic Packaging Holding Co.		14,671		272,147
Greif Inc., Class A, NVS		1,779		107,647
Myers Industries Inc.		2,695		60,799
O-I Glass Inc.^(a)		9,100		150,059
Pactiv Evergreen Inc.		2,452		36,094
Ranpak Holdings Corp.^(a)		2,165		41,633
Sealed Air Corp.		8,495		419,653
Silgan Holdings Inc.		4,355		183,650
Sonoco Products Co.		5,480		358,721


				2,090,630

Distributors — 0.0%
Core-Mark Holding Co. Inc.		2,594		110,401


Diversified Consumer Services — 0.9%
2U Inc.^(a)(b)		4,070		159,747
Adtalem Global Education Inc.^(a)		3,000		102,930
American Public Education Inc.^(a)		1,203		36,643
Carriage Services Inc.		1,077		40,043
frontdoor Inc.^(a)		4,689		251,002
Graham Holdings Co., Class B		250		158,903
Grand Canyon Education Inc.^(a)(b)		2,583		279,713
H&R Block Inc.		9,707		216,078


54		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services (continued)
Houghton Mifflin Harcourt Co.^(a)		7,314	$	66,411
Laureate Education Inc., Class A^(a)		6,044		83,105
OneSpaWorld Holdings Ltd.^(a)		3,559		37,921
Perdoceo Education Corp.^(a)		4,772		55,642
Strategic Education Inc.		1,356		101,781
Stride Inc.^(a)		2,453		70,229
Terminix Global Holdings Inc.^(a)		7,204		366,612
Vivint Smart Home Inc.^(a)(b)		2,456		29,423
WW International Inc.^(a)		2,567		71,209


				2,127,392

Diversified Financial Services — 0.1%
Cannae Holdings Inc.^(a)		4,809		190,917
Churchill Capital Corp. II, Class A^(a)		4,012		40,000


				230,917

Diversified Telecommunication Services — 0.4%
Anterix Inc.^(a)		658		31,136
ATN International Inc.		727		33,137
Bandwidth Inc., Class A^(a)		1,169		154,542
Cogent Communications Holdings Inc.		2,321		175,259
Consolidated Communications Holdings Inc.^(a)		4,015		28,908
Iridium Communications Inc.^(a)(b)		6,479		246,137
Liberty Latin America Ltd., Class A^(a)		2,369		32,894
Liberty Latin America Ltd., Class C, NVS^(a)		8,756		122,146
Ooma Inc.^(a)		1,197		19,786
ORBCOMM Inc.^(a)		4,258		48,797
Vonage Holdings Corp.^(a)		12,221		165,594


				1,058,336

Electric Utilities — 0.6%
ALLETE Inc.		2,951		207,632
Hawaiian Electric Industries Inc.		6,141		264,432
IDACORP Inc.		2,734		280,180
MGE Energy Inc.		1,995		149,246
Otter Tail Corp.		2,640		124,687
PNM Resources Inc.		4,581		226,118
Portland General Electric Co.		5,087		258,725


				1,511,020

Electrical Equipment — 1.4%
Acuity Brands Inc.		2,032		376,977
American Superconductor Corp.^(a)		1,542		25,397
Array Technologies Inc.^(a)		5,951		167,580
Atkore Inc.^(a)		2,570		201,180
AZZ Inc.		1,832		96,436
Bloom Energy Corp., Class A^(a)		6,499		168,779
Encore Wire Corp.		1,467		109,556
EnerSys		2,357		215,854
FuelCell Energy Inc.^(a)		17,426		169,206
GrafTech International Ltd.		7,031		89,434
nVent Electric PLC		9,900		301,455
Plug Power Inc.^(a)(b)		27,323		778,979
Powell Industries Inc.		1,182		41,654
Regal Beloit Corp.		2,229		321,934
Thermon Group Holdings Inc.^(a)		1,879		35,889
TPI Composites Inc.^(a)		1,815		96,467
Vicor Corp.^(a)		1,175		108,370


				3,305,147

Electronic Equipment, Instruments & Components — 2.5%
Akoustis Technologies Inc.^(a)		2,247		25,234
Arlo Technologies Inc.^(a)		4,797		29,406
Arrow Electronics Inc.^(a)		4,197		478,752


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Avnet Inc.		6,017	$	264,267
Badger Meter Inc.		1,660		155,027
Belden Inc.		2,486		107,594
Benchmark Electronics Inc.		2,456		73,729
Coherent Inc.^(a)		1,335		347,087
CTS Corp.		2,026		65,886
ePlus Inc.^(a)		975		97,851
Fabrinet^(a)		2,049		175,435
FARO Technologies Inc.^(a)		1,067		80,927
FLIR Systems Inc.		7,193		431,364
II-VI Inc.^(a)		5,709		383,302
Insight Enterprises Inc.^(a)		1,950		195,722
Itron Inc.^(a)		2,418		217,475
Jabil Inc.		7,671		402,114
Knowles Corp.^(a)		4,938		103,204
Littelfuse Inc.		1,339		355,156
Methode Electronics Inc.		2,435		109,405
Napco Security Technologies Inc.^(a)		739		24,616
National Instruments Corp.		7,202		298,235
nLight Inc.^(a)		2,064		60,558
Novanta Inc.^(a)		1,937		255,122
OSI Systems Inc.^(a)		967		93,383
PAR Technology Corp.^(a)(b)		1,109		91,093
PC Connection Inc.		599		27,165
Plexus Corp.^(a)		1,610		148,828
Rogers Corp.^(a)		1,026		200,932
Sanmina Corp.^(a)		3,873		158,173
ScanSource Inc.^(a)		1,388		41,959
TTM Technologies Inc.^(a)		6,389		95,835
Velodyne Lidar Inc.^(a)(b)		2,226		30,652
Vishay Intertechnology Inc.		7,741		190,196
Vishay Precision Group Inc.^(a)		1,318		42,018
Vontier Corp.^(a)		9,242		289,644


				6,147,346

Energy Equipment & Services — 0.6%
Archrock Inc.		7,218		67,416
Cactus Inc., Class A		2,911		86,777
ChampionX Corp.^(a)		10,166		213,588
Core Laboratories NV		2,267		63,884
DMC Global Inc.		840		45,360
Dril-Quip Inc.^(a)		2,016		61,790
Frank’s International NV^(a)		7,166		23,289
Helix Energy Solutions Group Inc.^(a)		8,465		36,315
Helmerich & Payne Inc.		6,315		161,853
Liberty Oilfield Services Inc., Class A		4,531		53,013
NexTier Oilfield Solutions Inc.^(a)		9,182		32,963
NOV Inc.		21,560		322,322
Oceaneering International Inc.^(a)		5,421		58,276
Patterson-UTI Energy Inc.		11,080		74,901
ProPetro Holding Corp.^(a)		4,768		45,916
RPC Inc.^(a)		3,488		16,952
Select Energy Services Inc., Class A^(a)		4,137		19,982
Transocean Ltd.^(a)		32,470		104,553


				1,489,150

Entertainment — 0.4%
Cinemark Holdings Inc.		5,896		124,995
IMAX Corp.^(a)		2,756		56,829
Liberty Media Corp.-Liberty Braves, Class A^(a)		475		13,295
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)		1,835		50,811


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Lions Gate Entertainment Corp., Class A^(a)(b)		4,584	$	66,331
Lions Gate Entertainment Corp., Class B, NVS^(a)		6,664		83,967
Madison Square Garden Entertainment Corp.^(a)		1,092		98,946
Madison Square Garden Sports Corp.^(a)		954		176,337
Warner Music Group Corp., Class A		4,633		175,869
World Wrestling Entertainment Inc., Class A		2,503		137,940


				985,320

Equity Real Estate Investment Trusts (REITs) — 7.6%
Acadia Realty Trust		4,988		104,199
Agree Realty Corp.		3,459		243,375
Alexander & Baldwin Inc.		4,680		85,784
Alexander’s Inc.		88		24,397
American Assets Trust Inc.		2,993		104,905
American Campus Communities Inc.		7,560		341,788
American Finance Trust Inc.		8,167		81,752
Apartment Investment & Management Co., Class A		9,281		64,410
Apple Hospitality REIT Inc.		12,055		191,192
Armada Hoffler Properties Inc.		3,236		44,107
Brandywine Realty Trust		10,782		145,881
Brixmor Property Group Inc.		15,995		357,328
Broadstone Net Lease Inc.		2,320		46,818
Brookfield Property REIT Inc., Class A		1,248		22,445
CareTrust REIT Inc.		5,548		134,151
CatchMark Timber Trust Inc., Class A		2,567		29,854
Centerspace		754		53,074
Chatham Lodging Trust^(a)		3,057		42,401
City Office REIT Inc.		3,135		34,266
Colony Capital Inc.		27,087		189,609
Columbia Property Trust Inc.		6,277		113,049
Community Healthcare Trust Inc.		1,421		72,357
CorePoint Lodging Inc.		3,156		31,528
CoreSite Realty Corp.		2,142		260,232
Corporate Office Properties Trust		6,484		181,811
Cousins Properties Inc.		8,175		299,777
CubeSmart		10,948		463,538
DiamondRock Hospitality Co.^(a)		12,155		126,655
Diversified Healthcare Trust		13,002		57,404
Douglas Emmett Inc.		8,839		296,460
Easterly Government Properties Inc.		4,684		100,378
EastGroup Properties Inc.		2,175		345,086
Empire State Realty Trust Inc., Class A		7,818		89,047
EPR Properties		4,115		196,327
Equity Commonwealth		6,778		195,206
Essential Properties Realty Trust Inc.		6,152		161,121
Federal Realty Investment Trust		3,744		422,473
First Industrial Realty Trust Inc.		7,081		352,421
Four Corners Property Trust Inc.		4,348		125,527
Franklin Street Properties Corp.		6,652		35,123
GEO Group Inc. (The)		4,408		24,288
Getty Realty Corp.		2,007		63,381
Gladstone Commercial Corp.		2,010		42,290
Gladstone Land Corp.		999		20,969
Global Medical REIT Inc.		2,809		40,337
Global Net Lease Inc.		5,811		111,571
Healthcare Realty Trust Inc.		7,702		247,696
Healthcare Trust of America Inc., Class A		11,993		352,234
Highwoods Properties Inc.		5,788		259,245
Hudson Pacific Properties Inc.		8,372		235,337
Independence Realty Trust Inc.		5,934		99,929
Industrial Logistics Properties Trust		3,563		88,362


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Innovative Industrial Properties Inc.		1,255	$	229,828
JBG SMITH Properties		6,079		198,236
Kilroy Realty Corp.		5,805		397,875
Kimco Realty Corp.		23,563		494,823
Kite Realty Group Trust		5,030		104,674
Lamar Advertising Co., Class A		4,648		460,338
Lexington Realty Trust		15,130		185,191
Life Storage Inc.		4,036		387,698
LTC Properties Inc.		2,668		113,470
Macerich Co. (The)		6,336		87,373
Mack-Cali Realty Corp.		5,287		86,495
Monmouth Real Estate Investment Corp.		5,360		99,053
National Health Investors Inc.		2,581		189,471
National Retail Properties Inc.		9,554		443,497
National Storage Affiliates Trust		3,490		158,586
NETSTREIT Corp.		1,288		26,829
New Senior Investment Group Inc.		4,689		31,041
NexPoint Residential Trust Inc.		1,162		58,286
Office Properties Income Trust		3,173		88,051
One Liberty Properties Inc.		1,351		33,599
Outfront Media Inc.		7,940		193,498
Paramount Group Inc.		10,180		108,010
Park Hotels & Resorts Inc.		13,046		291,056
Pebblebrook Hotel Trust		7,406		176,855
Physicians Realty Trust		11,627		217,774
Piedmont Office Realty Trust Inc., Class A		7,629		142,052
Plymouth Industrial REIT Inc.		1,720		32,061
PotlatchDeltic Corp.		3,697		219,454
Preferred Apartment Communities Inc., Class A		3,615		36,873
PS Business Parks Inc.		1,108		179,906
QTS Realty Trust Inc., Class A		3,391		225,468
Rayonier Inc.		7,428		269,488
Retail Opportunity Investments Corp.		6,906		121,546
Retail Properties of America Inc., Class A		11,713		137,394
Rexford Industrial Realty Inc.		7,205		400,238
RLJ Lodging Trust		9,257		149,408
RPT Realty		4,435		56,369
Ryman Hospitality Properties Inc.		2,916		229,343
Sabra Health Care REIT Inc.		12,163		221,002
Safehold Inc.^(b)		564		39,880
Saul Centers Inc.		705		30,442
Seritage Growth Properties, Class A^(a)		2,004		34,469
Service Properties Trust		9,229		113,655
SITE Centers Corp.		9,576		141,246
SL Green Realty Corp.		3,883		287,381
Spirit Realty Capital Inc.		6,295		299,264
STAG Industrial Inc.		8,719		318,331
STORE Capital Corp.		12,969		464,161
Summit Hotel Properties Inc.^(a)		5,768		58,661
Sunstone Hotel Investors Inc.		12,245		161,144
Tanger Factory Outlet Centers Inc.		5,194		90,635
Terreno Realty Corp.		3,706		239,111
UMH Properties Inc.		1,998		43,017
Uniti Group Inc.		11,947		136,196
Universal Health Realty Income Trust		719		48,137
Urban Edge Properties		6,177		116,436
Urstadt Biddle Properties Inc., Class A		2,355		42,790
Washington REIT		5,156		119,722
Weingarten Realty Investors		6,794		219,718


56		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Xenia Hotels & Resorts Inc.		6,580	$	127,849


				18,267,349

Food & Staples Retailing — 0.9%
Andersons Inc. (The)		1,825		52,414
BJ’s Wholesale Club Holdings Inc.^(a)		7,460		333,238
Chefs’ Warehouse Inc. (The)^(a)		1,806		58,207
Grocery Outlet Holding Corp.^(a)(b)		4,699		189,793
HF Foods Group Inc.^(a)		2,430		15,139
Ingles Markets Inc., Class A		951		58,287
Performance Food Group Co.^(a)		7,195		422,346
PriceSmart Inc.		1,299		109,168
Rite Aid Corp.^(a)(b)		3,090		54,137
SpartanNash Co.		2,339		45,306
Sprouts Farmers Market Inc.^(a)		6,838		175,121
U.S. Foods Holding Corp.^(a)		11,911		493,830
United Natural Foods Inc.^(a)		3,186		117,436
Weis Markets Inc.		1,163		60,302


				2,184,724

Food Products — 1.3%
B&G Foods Inc.		3,523		102,801
Calavo Growers Inc.		935		73,052
Cal-Maine Foods Inc.		2,199		82,155
Flowers Foods Inc.		10,794		258,624
Fresh Del Monte Produce Inc.		1,827		51,521
Freshpet Inc.^(a)(b)		2,345		433,403
Hain Celestial Group Inc. (The)^(a)		4,357		178,681
Hostess Brands Inc.^(a)		7,011		107,198
Ingredion Inc.		3,589		335,248
J&J Snack Foods Corp.		827		136,132
John B Sanfilippo & Son Inc.		588		51,685
Laird Superfood Inc.^(a)(b)		115		4,199
Lancaster Colony Corp.		1,067		197,086
Landec Corp.^(a)		1,704		19,289
Mission Produce Inc.^(a)		378		7,636
Pilgrim’s Pride Corp.^(a)		2,458		58,894
Post Holdings Inc.^(a)		3,268		371,833
Sanderson Farms Inc.		1,118		183,944
Seaboard Corp.		16		57,248
Seneca Foods Corp., Class A^(a)		462		21,280
Simply Good Foods Co. (The)^(a)		4,568		157,824
Tootsie Roll Industries Inc.		977		30,844
TreeHouse Foods Inc.^(a)		3,100		147,560
Vital Farms Inc.^(a)		858		20,867
Whole Earth Brands Inc.^(a)		1,694		22,869


				3,111,873

Gas Utilities — 0.6%
Chesapeake Utilities Corp.		975		115,557
National Fuel Gas Co.		4,981		247,356
New Jersey Resources Corp.		5,149		216,000
Northwest Natural Holding Co.		1,877		101,208
ONE Gas Inc.		2,946		237,065
South Jersey Industries Inc.		5,588		138,303
Southwest Gas Holdings Inc.		3,257		227,078
Spire Inc.		2,920		219,993


				1,502,560

Health Care Equipment & Supplies — 2.8%
Accelerate Diagnostics Inc.^(a)		1,389		10,154
Accuray Inc.^(a)(b)		5,329		25,046
Acutus Medical Inc.^(a)		536		7,316


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Alphatec Holdings Inc.^(a)		3,378	$	54,014
AngioDynamics Inc.^(a)		2,352		57,154
Aspira Women’s Health Inc.^(a)		3,601		20,598
AtriCure Inc.^(a)		2,531		195,064
Atrion Corp.		85		54,281
Avanos Medical Inc.^(a)		2,777		119,994
Axogen Inc.^(a)		2,073		38,807
Axonics Inc.^(a)		1,717		108,051
BioLife Solutions Inc.^(a)		1,470		51,303
Cantel Medical Corp.^(a)		2,058		180,919
Cardiovascular Systems Inc.^(a)		2,277		91,809
Cerus Corp.^(a)		9,317		56,834
Co-Diagnostics Inc.^(a)		1,509		13,370
CONMED Corp.		1,583		223,124
CryoLife Inc.^(a)(b)		2,172		63,379
CryoPort Inc.^(a)		2,669		150,985
Cutera Inc.^(a)(b)		1,043		31,321
CytoSorbents Corp.^(a)		2,336		21,608
Eargo Inc.^(a)(b)		573		32,799
Envista Holdings Corp.^(a)		8,792		380,518
Glaukos Corp.^(a)		2,493		234,741
Globus Medical Inc., Class A^(a)		4,191		300,788
Haemonetics Corp.^(a)		2,732		183,754
Heska Corp.^(a)		559		102,101
ICU Medical Inc.^(a)		1,074		223,682
Inari Medical Inc.^(a)		445		50,859
Inogen Inc.^(a)		1,073		70,163
Integer Holdings Corp.^(a)(b)		1,823		171,143
Integra LifeSciences Holdings Corp.^(a)		3,884		287,727
Intersect ENT Inc.^(a)		1,786		38,953
Invacare Corp		2,586		23,352
iRhythm Technologies Inc.^(a)		1,593		124,031
Lantheus Holdings Inc.^(a)		3,786		89,728
LeMaitre Vascular Inc.		982		51,526
LivaNova PLC^(a)		2,675		227,027
Meridian Bioscience Inc.^(a)		2,431		47,599
Merit Medical Systems Inc.^(a)		2,748		174,773
Mesa Laboratories Inc		263		65,395
Natus Medical Inc.^(a)		1,850		47,268
Neogen Corp.^(a)		2,862		274,781
Nevro Corp.^(a)		1,838		317,625
NuVasive Inc.^(a)		2,830		202,203
OraSure Technologies Inc.^(a)		4,121		37,707
Orthofix Medical Inc.^(a)		1,350		59,872
OrthoPediatrics Corp.^(a)		800		46,800
Outset Medical Inc.^(a)		1,061		63,575
Pulmonx Corp.^(a)		605		28,441
Quotient Ltd.^(a)		4,371		17,134
SeaSpine Holdings Corp.^(a)		1,395		29,030
Shockwave Medical Inc.^(a)		1,747		285,565
SI-BONE Inc.^(a)		1,637		58,113
Silk Road Medical Inc.^(a)		1,895		115,860
SmileDirectClub Inc.^(a)		4,490		47,751
STAAR Surgical Co.^(a)		2,535		347,320
Surmodics Inc.^(a)		855		45,734
Tactile Systems Technology Inc.^(a)		1,106		63,374
TransMedics Group Inc.^(a)		1,370		39,333
Vapotherm Inc.^(a)		1,227		26,994
Varex Imaging Corp.^(a)		2,264		53,747
ViewRay Inc.^(a)		6,767		32,549


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Zynex Inc.^(a)		1,122	$	16,572


				6,713,138

Health Care Providers & Services — 1.8%
1Life Healthcare Inc.^(a)		4,157		180,871
Acadia Healthcare Co. Inc.^(a)		4,912		299,239
Accolade Inc.^(a)		846		42,427
AdaptHealth Corp.^(a)		4,108		119,378
Addus HomeCare Corp.^(a)		880		93,104
AMN Healthcare Services Inc.^(a)		2,610		206,973
Apollo Medical Holdings Inc.^(a)		942		27,968
Biodesix Inc.^(a)		258		4,221
Brookdale Senior Living Inc.^(a)		10,585		69,226
Castle Biosciences Inc.^(a)		1,027		70,894
Community Health Systems Inc.^(a)		6,918		77,136
CorVel Corp.^(a)		579		67,749
Covetrus Inc.^(a)		5,342		153,048
Cross Country Healthcare Inc.^(a)		2,614		34,818
Ensign Group Inc. (The)		2,894		248,450
Fulgent Genetics Inc.^(a)(b)		974		75,017
Hanger Inc.^(a)		2,210		55,095
HealthEquity Inc.^(a)		4,482		340,498
Joint Corp. (The)^(a)		789		43,774
MEDNAX Inc.^(a)		4,793		126,152
ModivCare Inc.^(a)		707		99,037
National HealthCare Corp.		954		67,076
National Research Corp.		824		42,271
Ontrak Inc.^(a)		472		15,406
Option Care Health Inc.^(a)		4,801		91,603
Owens & Minor Inc.		4,129		149,016
Patterson Companies Inc.		5,000		160,700
Pennant Group Inc. (The)^(a)		1,451		58,649
PetIQ Inc., Class A^(a)(b)		1,159		49,373
Premier Inc., Class A		3,997		141,294
Progyny Inc.^(a)		1,881		107,048
R1 RCM Inc.^(a)		6,209		169,382
RadNet Inc.^(a)		2,498		55,805
Select Medical Holdings Corp.^(a)		5,987		225,830
Surgery Partners Inc.^(a)		1,595		76,879
Tenet Healthcare Corp.^(a)		5,837		345,901
Tivity Health Inc.^(a)		2,102		50,826
Triple-S Management Corp., Class B^(a)		1,864		44,195
U.S. Physical Therapy Inc.		754		84,787


				4,371,116

Health Care Technology — 0.9%
Allscripts Healthcare Solutions Inc.^(a)		7,642		118,910
American Well Corp., Class A^(a)		3,014		46,385
Change Healthcare Inc.^(a)		12,242		280,954
Computer Programs & Systems Inc.		1,123		33,712
Evolent Health Inc., Class A^(a)		4,450		96,387
GoodRx Holdings Inc., Class A^(a)(b)		2,108		84,341
Health Catalyst Inc.^(a)		1,815		105,089
HealthStream Inc.^(a)		1,662		40,154
Inovalon Holdings Inc., Class A^(a)(b)		4,133		124,858
Inspire Medical Systems Inc.^(a)		1,482		350,967
NextGen Healthcare Inc.^(a)		3,326		60,899
Omnicell Inc.^(a)		2,336		338,767
OptimizeRx Corp.^(a)		779		39,308
Phreesia Inc.^(a)		1,893		97,963
Schrodinger Inc.^(a)		1,954		148,973


Security	Shares		Value

Health Care Technology (continued)
Simulations Plus Inc.		849	$	53,606
Tabula Rasa HealthCare Inc.^(a)		1,219		57,976
Vocera Communications Inc.^(a)		1,825		66,010


				2,145,259

Hotels, Restaurants & Leisure — 3.0%
Accel Entertainment Inc.^(a)		2,965		38,426
Bally’s Corp.		1,604		92,968
BJ’s Restaurants Inc.^(a)		1,355		82,642
Bloomin’ Brands Inc.^(a)		4,527		143,053
Boyd Gaming Corp.^(a)		4,234		280,079
Brinker International Inc.		2,568		172,390
Carrols Restaurant Group Inc.^(a)		2,780		16,374
Cheesecake Factory Inc. (The)		2,442		152,845
Choice Hotels International Inc.		1,595		181,511
Churchill Downs Inc.		1,786		377,739
Chuy’s Holdings Inc.^(a)		1,237		60,440
Cracker Barrel Old Country Store Inc.		1,316		220,391
Dave & Buster’s Entertainment Inc.^(a)		2,641		120,588
Del Taco Restaurants Inc.		3,478		39,649
Denny’s Corp.^(a)(b)		3,431		64,983
Dine Brands Global Inc.		908		87,758
El Pollo Loco Holdings Inc.^(a)		1,500		25,410
Everi Holdings Inc.^(a)		4,606		81,434
Extended Stay America Inc.		9,466		188,279
Golden Entertainment Inc.^(a)		921		31,747
Hilton Grand Vacations Inc.^(a)		4,749		211,615
Hyatt Hotels Corp., Class A^(a)		2,001		164,742
Jack in the Box Inc.		1,236		149,123
Lindblad Expeditions Holdings Inc.^(a)		1,877		30,764
Marriott Vacations Worldwide Corp.^(a)		2,252		400,023
Monarch Casino & Resort Inc.^(a)		659		49,695
Noodles & Co., Class A^(a)		2,073		25,052
Norwegian Cruise Line Holdings Ltd.^(a)		20,057		622,770
Papa John’s International Inc.		1,761		170,324
Planet Fitness Inc., Class A^(a)		4,535		380,895
Red Rock Resorts Inc., Class A		3,594		131,648
Ruth’s Hospitality Group Inc.		1,884		49,191
Scientific Games Corp./DE, Class A^(a)		3,032		177,433
SeaWorld Entertainment Inc.^(a)		2,909		159,297
Shake Shack Inc., Class A^(a)		2,011		218,696
Six Flags Entertainment Corp.		4,202		197,410
Texas Roadhouse Inc.		3,642		389,767
Travel + Leisure Co.		4,905		316,520
Wendy’s Co. (The)		9,819		221,615
Wingstop Inc.		1,589		251,714
Wyndham Hotels & Resorts Inc.		5,104		373,153


				7,150,153

Household Durables — 1.9%
Beazer Homes USA Inc.^(a)		1,351		30,141
Casper Sleep Inc.^(a)		1,375		11,756
Cavco Industries Inc.^(a)		373		78,117
Century Communities Inc.^(a)		1,461		108,026
Ethan Allen Interiors Inc.		1,736		49,841
GoPro Inc., Class A^(a)		6,973		78,307
Green Brick Partners Inc.^(a)		2,470		63,751
Helen of Troy Ltd.^(a)		1,326		280,065
Hooker Furniture Corp.		967		36,272
Installed Building Products Inc.		1,185		159,560
iRobot Corp.^(a)		1,511		164,397


58		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables (continued)
KB Home		4,357	$	210,138
La-Z-Boy Inc.		3,070		136,492
Leggett & Platt Inc.		7,279		361,548
LGI Homes Inc.^(a)		1,086		180,037
Lovesac Co. (The)^(a)		637		46,673
M/I Homes Inc.^(a)		1,597		111,343
MDC Holdings Inc.		2,620		153,689
Meritage Homes Corp.^(a)		2,055		218,632
Purple Innovation Inc., Class A^(a)		2,866		97,673
Skyline Champion Corp.^(a)		2,315		102,855
Sonos Inc.^(a)		5,209		208,516
Taylor Morrison Home Corp.^(a)		6,331		197,591
Tempur Sealy International Inc.		10,342		394,444
Toll Brothers Inc.		5,706		357,766
TopBuild Corp.^(a)		1,776		394,947
TRI Pointe Homes Inc.^(a)		6,534		155,640
Tupperware Brands Corp.^(a)		2,722		66,335
Universal Electronics Inc.^(a)		897		50,994


				4,505,546

Household Products — 0.3%
Central Garden & Pet Co.^(a)		495		26,799
Central Garden & Pet Co., Class A, NVS^(a)		2,218		109,281
Energizer Holdings Inc.		3,188		157,169
Spectrum Brands Holdings Inc.		2,109		185,887
WD-40 Co.		751		186,804


				665,940

Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy Inc., Class A		1,725		45,851
Clearway Energy Inc., Class C		4,212		120,842
Ormat Technologies Inc.		2,404		174,050
Sunnova Energy International Inc.^(a)		3,338		117,898


				458,641

Industrial Conglomerates — 0.0%
Raven Industries Inc.		1,993		80,956


Insurance — 2.6%
Ambac Financial Group Inc.^(a)		3,833		65,736
American Equity Investment Life Holding Co.		4,967		153,878
American National Group Inc.		500		56,675
AMERISAFE Inc.		1,055		65,494
Argo Group International Holdings Ltd.		2,349		122,571
Athene Holding Ltd., Class A^(a)		6,793		405,338
Axis Capital Holdings Ltd.		4,397		245,353
Brighthouse Financial Inc.^(a)		4,774		223,375
BRP Group Inc., Class A^(a)		3,014		87,466
CNO Financial Group Inc.		8,286		211,542
eHealth Inc.^(a)		1,645		116,367
Enstar Group Ltd.^(a)		811		203,707
FBL Financial Group Inc., Class A		534		30,272
First American Financial Corp.		5,993		386,549
Genworth Financial Inc., Class A^(a)		33,818		146,094
GoHealth Inc., Class A^(a)(b)		3,475		41,457
Goosehead Insurance Inc., Class A		999		109,830
Hanover Insurance Group Inc. (The)		1,989		275,099
HCI Group Inc.		340		24,963
Heritage Insurance Holdings Inc.		1,349		12,289
James River Group Holdings Ltd.		1,779		83,809
Kemper Corp.		3,365		262,672
Kinsale Capital Group Inc.		1,306		227,257


Security	Shares		Value

Insurance (continued)
Lemonade Inc.^(a)(b)		1,063	$	96,095
MBIA Inc.^(a)		3,541		35,481
Mercury General Corp.		1,452		90,416
National Western Life Group Inc., Class A		124		28,433
Old Republic International Corp.		16,526		406,870
Palomar Holdings Inc.^(a)		1,354		95,267
Primerica Inc.		2,157		344,624
RLI Corp.		2,374		264,606
Root Inc./OH, Class A^(a)		1,457		15,692
Safety Insurance Group Inc.		597		48,972
Selective Insurance Group Inc.		3,295		250,881
Selectquote Inc.^(a)		3,067		95,476
SiriusPoint Ltd.^(a)		4,649		49,186
Trean Insurance Group Inc.^(a)		1,636		28,614
Trupanion Inc.^(a)		2,060		167,066
United Fire Group Inc.		1,178		35,646
Universal Insurance Holdings Inc.		1,643		22,920
Unum Group		11,982		338,611
Watford Holdings Ltd.^(a)		1,577		54,974
White Mountains Insurance Group Ltd.		169		196,958


				6,224,581

Interactive Media & Services — 0.5%
ANGI Inc.^(a)		4,361		69,820
Cargurus Inc.^(a)		4,907		121,105
Cars.com Inc.^(a)		3,958		52,285
Eventbrite Inc., Class A^(a)		3,893		91,758
EverQuote Inc., Class A^(a)		614		20,796
MediaAlpha Inc., Class A^(a)		903		39,958
QuinStreet Inc.^(a)		2,897		58,722
TripAdvisor Inc.^(a)		5,281		248,893
TrueCar Inc.^(a)		5,771		26,547
Yelp Inc.^(a)		3,983		156,532
ZoomInfo Technologies Inc., Class A^(a)		5,020		260,337


				1,146,753

Internet & Direct Marketing Retail — 0.7%
1-800-Flowers.com Inc., Class A^(a)		1,492		47,707
CarParts.com Inc.^(a)(b)		2,034		35,148
Chewy Inc., Class A^(a)(b)		3,925		312,901
Duluth Holdings Inc., Class B^(a)		917		14,186
Groupon Inc.^(a)		1,295		65,566
Lands’ End Inc.^(a)		965		22,234
Liquidity Services Inc.^(a)		1,626		29,154
Overstock.com Inc.^(a)		2,364		192,666
PetMed Express Inc.		1,177		34,633
Quotient Technology Inc.^(a)		4,423		72,272
Qurate Retail Inc., Series A		20,748		246,901
RealReal Inc. (The)^(a)		3,307		81,914
Revolve Group Inc.^(a)		1,841		89,270
Shutterstock Inc.		1,219		106,272
Stamps.com Inc.^(a)		1,002		205,781
Stitch Fix Inc., Class A^(a)(b)		3,217		139,360
Waitr Holdings Inc.^(a)		5,499		13,528


				1,709,493

IT Services — 2.0%
Alliance Data Systems Corp.		2,720		320,552
BigCommerce Holdings Inc., Series 1^(a)		635		38,062
Brightcove Inc.^(a)		2,260		32,815
Cardtronics PLC, Class A^(a)		2,038		79,156
Cass Information Systems Inc.		891		40,888


S C H E D U L E O F I N V E S T M E N T S		59

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Conduent Inc.^(a)		10,147	$	69,000
CSG Systems International Inc.		1,978		90,968
DXC Technology Co.		14,173		466,433
Euronet Worldwide Inc.^(a)		2,838		407,054
EVERTEC Inc.		3,333		132,987
Evo Payments Inc., Class A^(a)		2,491		71,018
ExlService Holdings Inc.^(a)		1,853		171,180
Fastly Inc., Class A^(a)(b)		4,672		298,401
GreenSky Inc., Class A^(a)		2,421		14,744
Hackett Group Inc. (The)		2,282		37,950
I3 Verticals Inc., Class A^(a)		1,220		40,528
International Money Express Inc.^(a)		1,532		24,175
Limelight Networks Inc.^(a)		7,240		22,661
LiveRamp Holdings Inc.^(a)		3,675		180,002
MAXIMUS Inc.		3,377		309,468
MoneyGram International Inc.^(a)		3,208		22,135
Paya Holdings Inc., Class A^(a)		2,500		27,900
Perficient Inc.^(a)		1,872		122,822
Perspecta Inc.		7,434		217,593
Rackspace Technology Inc.^(a)		1,815		45,139
Repay Holdings Corp.^(a)		4,165		95,170
Sabre Corp.		17,094		256,068
Shift4 Payments Inc., Class A^(a)		1,901		187,990
Switch Inc., Class A		4,519		83,918
Sykes Enterprises Inc.^(a)		2,564		112,380
TTEC Holdings Inc.		998		101,527
Tucows Inc., Class A^(a)		515		40,484
Unisys Corp.^(a)		3,433		82,392
Verra Mobility Corp.^(a)		7,377		99,147
WEX Inc.^(a)(b)		2,385		489,426


				4,832,133

Leisure Products — 1.0%
Acushnet Holdings Corp.		1,966		83,181
Brunswick Corp./DE		4,201		450,053
Callaway Golf Co.		5,250		151,988
Johnson Outdoors Inc., Class A		450		63,815
Malibu Boats Inc., Class A^(a)		1,180		98,365
MasterCraft Boat Holdings Inc.^(a)		1,109		31,451
Mattel Inc.^(a)		19,088		409,629
Nautilus Inc.^(a)		1,847		30,956
Polaris Inc.		3,135		438,994
Smith & Wesson Brands Inc.		3,171		55,175
Sturm Ruger & Co. Inc.		1,049		68,122
Vista Outdoor Inc.^(a)		3,287		107,189
YETI Holdings Inc.^(a)		4,082		348,684


				2,337,602

Life Sciences Tools & Services — 0.8%
Adaptive Biotechnologies Corp.^(a)(b)		4,523		188,157
Berkeley Lights Inc.^(a)		455		22,345
ChromaDex Corp.^(a)		2,857		25,370
Codexis Inc.^(a)		3,163		73,318
Fluidigm Corp.^(a)		4,564		22,866
Luminex Corp.		2,450		89,890
Medpace Holdings Inc.^(a)		1,491		252,993
NanoString Technologies Inc.^(a)		2,446		194,873
NeoGenomics Inc.^(a)		6,330		310,107
Pacific Biosciences of California Inc.^(a)		10,488		313,067
Personalis Inc.^(a)		1,549		38,167
Quanterix Corp.^(a)		1,508		92,199


Security	Shares		Value

Life Sciences Tools & Services (continued)
Syneos Health Inc.^(a)		4,447	$	377,328


				2,000,680

Machinery — 4.4%
AGCO Corp.		3,361		490,437
Alamo Group Inc.		546		85,859
Albany International Corp., Class A		1,704		152,065
Allison Transmission Holdings Inc.		6,137		254,501
Altra Industrial Motion Corp.		3,337		196,916
Astec Industries Inc.		1,326		99,463
Barnes Group Inc.		2,588		129,193
Blue Bird Corp.^(a)		854		23,007
Chart Industries Inc.^(a)(b)		1,935		310,819
CIRCOR International Inc.^(a)		1,113		38,254
Colfax Corp.^(a)		6,284		283,974
Columbus McKinnon Corp./NY		1,404		69,512
Crane Co.		2,709		254,809
Donaldson Co. Inc.		7,280		457,766
Douglas Dynamics Inc.		1,239		55,420
Energy Recovery Inc.^(a)(b)		2,333		49,460
Enerpac Tool Group Corp.		3,233		85,998
EnPro Industries Inc.		1,203		103,037
ESCO Technologies Inc.		1,553		168,904
Evoqua Water Technologies Corp.^(a)		6,423		183,569
Federal Signal Corp.		3,315		137,340
Flowserve Corp.		7,142		283,109
Franklin Electric Co. Inc.		2,041		165,872
Gates Industrial Corp. PLC^(a)		3,925		67,706
Gorman-Rupp Co. (The)		1,465		50,572
Greenbrier Companies Inc. (The)		1,940		91,646
Helios Technologies Inc.		1,642		118,684
Hillenbrand Inc.		4,042		198,422
Hyliion Holdings Corp.^(a)(b)		5,381		56,124
Hyster-Yale Materials Handling Inc.		583		47,136
ITT Inc.		4,662		439,673
John Bean Technologies Corp.		1,697		246,710
Kadant Inc.		627		111,625
Kennametal Inc.		4,633		186,061
Lincoln Electric Holdings Inc.		3,445		441,132
Lindsay Corp.		581		96,318
Luxfer Holdings PLC		1,696		37,499
Lydall Inc.^(a)		1,013		37,329
Manitowoc Co. Inc. (The)^(a)		2,147		49,123
Meritor Inc.^(a)		3,976		107,471
Middleby Corp. (The)^(a)		3,005		544,867
Miller Industries Inc./TN		544		23,403
Mueller Industries Inc.		3,483		156,282
Mueller Water Products Inc., Class A		8,619		123,769
Navistar International Corp.^(a)		2,598		114,962
Oshkosh Corp.		3,731		464,248
Proto Labs Inc.^(a)		1,495		167,530
RBC Bearings Inc.^(a)		1,346		268,433
REV Group Inc.		1,618		29,512
Rexnord Corp.		6,557		327,391
Shyft Group Inc. (The)		1,618		57,310
SPX Corp.^(a)		2,497		151,468
SPX FLOW Inc.		2,365		157,485
Standex International Corp.		752		71,305
Tennant Co.		996		78,594
Terex Corp.		3,828		179,878
Timken Co. (The)		3,662		307,132


60		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
TriMas Corp.^(a)		2,332	$	74,251
Trinity Industries Inc.		4,421		122,196
Wabash National Corp.		3,258		57,373
Watts Water Technologies Inc., Class A		1,507		187,697
Welbilt Inc.^(a)		6,794		151,778
Woodward Inc.		3,213		401,657


				10,681,036

Marine — 0.2%
Genco Shipping & Trading Ltd.		2,559		39,255
Kirby Corp.^(a)(b)		3,318		211,356
Matson Inc.		2,342		153,003


				403,614

Media — 1.0%
AMC Networks Inc., Class A^(a)		1,661		83,515
Boston Omaha Corp., Class A^(a)		888		24,882
Cardlytics Inc.^(a)		1,701		233,939
Clear Channel Outdoor Holdings Inc.^(a)		25,577		64,198
EW Scripps Co. (The), Class A, NVS		3,333		72,059
Gray Television Inc.		5,157		104,790
Iheartmedia Inc., Class A^(a)		6,296		120,505
John Wiley & Sons Inc., Class A		2,452		139,617
Loral Space & Communications Inc.		770		30,900
Magnite Inc.^(a)(b)		6,314		252,876
Meredith Corp.^(a)		2,372		73,769
MSG Networks Inc., Class A^(a)		2,281		36,199
New York Times Co. (The), Class A		7,872		357,468
Nexstar Media Group Inc., Class A		2,377		350,394
Scholastic Corp., NVS		2,400		72,792
Sinclair Broadcast Group Inc., Class A		2,641		85,753
TechTarget Inc.^(a)		1,284		98,483
TEGNA Inc.		11,968		240,078
Tribune Publishing Co.^(a)		2,011		35,072
WideOpenWest Inc.^(a)		3,053		42,956


				2,520,245

Metals & Mining — 1.3%
Alcoa Corp.^(a)		10,042		367,939
Allegheny Technologies Inc.^(a)		6,843		159,168
Arconic Corp.^(a)		5,266		150,608
Carpenter Technology Corp.		2,724		103,158
Century Aluminum Co.^(a)(b)		2,598		40,685
Cleveland-Cliffs Inc.		25,164		449,429
Coeur Mining Inc.^(a)		12,893		104,175
Commercial Metals Co.		6,794		198,521
Compass Minerals International Inc.		1,719		116,754
Hecla Mining Co.		28,445		168,110
Kaiser Aluminum Corp.		831		100,111
Materion Corp.		1,117		79,095
McEwen Mining Inc.^(a)		11,624		13,949
Schnitzer Steel Industries Inc., Class A		1,799		84,931
Steel Dynamics Inc.		10,992		595,986
SunCoke Energy Inc.		5,102		34,438
United States Steel Corp.		14,309		329,250
Warrior Met Coal Inc.		2,802		44,412
Worthington Industries Inc.		1,821		118,838


				3,259,557

Mortgage Real Estate Investment — 1.1%
Apollo Commercial Real Estate Finance Inc.		7,020		106,774
Arbor Realty Trust Inc.		6,389		112,958
Ares Commercial Real Estate Corp.		2,618		38,642


Security	Shares		Value

Mortgage Real Estate Investment (continued)
ARMOUR Residential REIT Inc.		4,583	$	56,967
Blackstone Mortgage Trust Inc., Class A		7,279		236,495
Broadmark Realty Capital Inc.		9,065		97,721
Capstead Mortgage Corp.		5,468		35,433
Chimera Investment Corp.		14,106		185,353
Colony Credit Real Estate Inc.		4,909		42,659
Dynex Capital Inc.		1,464		29,573
Ellington Financial Inc.		2,653		47,595
Granite Point Mortgage Trust Inc.		3,189		42,222
Hannon Armstrong Sustainable Infrastructure Capital Inc.		4,152		217,565
Invesco Mortgage Capital Inc.		12,596		49,124
KKR Real Estate Finance Trust Inc.		1,723		36,355
Ladder Capital Corp.		6,923		82,314
MFA Financial Inc.		25,856		113,766
New Residential Investment Corp.		25,133		269,426
New York Mortgage Trust Inc.		20,708		95,050
Orchid Island Capital Inc.		8,288		45,584
PennyMac Mortgage Investment Trust		5,527		110,816
Ready Capital Corp.		3,486		50,582
Redwood Trust Inc.		5,867		65,182
Starwood Property Trust Inc.		15,064		388,952
TPG RE Finance Trust Inc.		3,768		46,949
Two Harbors Investment Corp.		16,226		126,563


				2,730,620

Multi-Utilities — 0.4%
Avista Corp.		4,008		184,448
Black Hills Corp.		3,484		240,326
MDU Resources Group Inc.		11,129		372,376
NorthWestern Corp.		2,994		203,682
Unitil Corp.		985		56,766


				1,057,598

Multiline Retail — 0.6%
Big Lots Inc.		1,811		124,850
Dillard’s Inc., Class A		441		43,619
Franchise Group Inc.		1,571		60,531
Kohl’s Corp.		8,684		509,404
Macy’s Inc.		10,448		173,228
Nordstrom Inc.^(b)		5,921		217,182
Ollie’s Bargain Outlet Holdings Inc.^(a)		3,104		286,406


				1,415,220

Oil, Gas & Consumable Fuels — 2.9%
Alto Ingredients Inc.^(a)(b)		7,539		41,917
Antero Midstream Corp.		15,528		134,162
Antero Resources Corp.^(a)		15,498		139,792
APA Corp.		20,492		409,840
Arch Resources Inc.		842		37,393
Bonanza Creek Energy Inc.^(a)		1,159		38,351
Brigham Minerals Inc., Class A		2,366		40,553
Cimarex Energy Co.		5,523		365,623
Clean Energy Fuels Corp.^(a)		6,283		69,113
CNX Resources Corp.^(a)		12,127		162,744
Comstock Resources Inc.^(a)		3,138		17,228
Continental Resources Inc./OK^(a)		3,314		90,273
CVR Energy Inc.		2,608		55,524
Delek U.S. Holdings Inc.		4,411		104,673
Denbury Inc.^(a)		2,699		146,853
Devon Energy Corp.		32,245		753,888
Diamondback Energy Inc.		9,881		807,574
Dorian LPG Ltd.^(a)		1,687		22,420


S C H E D U L E O F I N V E S T M E N T S		61

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
EQT Corp.^(a)		15,253	$	291,332
Equitrans Midstream Corp.		22,344		182,327
HollyFrontier Corp.		8,784		307,440
International Seaways Inc.		1,661		29,367
Kosmos Energy Ltd.		21,976		62,851
Magnolia Oil & Gas Corp., Class A^(a)		7,367		82,952
Marathon Oil Corp.		43,300		487,558
Matador Resources Co.		6,041		158,939
Murphy Oil Corp.		8,214		139,063
Ovintiv Inc.		14,262		341,290
Par Pacific Holdings Inc.^(a)		3,696		56,142
PBF Energy Inc., Class A^(a)		5,320		75,438
PDC Energy Inc.^(a)		5,568		203,288
Range Resources Corp.^(a)		14,135		138,806
Renewable Energy Group Inc.^(a)		2,480		137,690
REX American Resources Corp.^(a)		530		42,787
Southwestern Energy Co.^(a)(b)		34,892		148,989
Talos Energy Inc.^(a)		2,013		22,525
Targa Resources Corp.		12,455		432,064
Tellurian Inc.^(a)		10,498		23,253
World Fuel Services Corp.		4,108		127,060


				6,929,082

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)		1,008		33,728
Domtar Corp.		3,311		130,519
Glatfelter Corp.		3,299		48,561
Louisiana-Pacific Corp.		5,839		384,673
Mercer International Inc.		2,312		38,125
Neenah Inc.		1,051		55,882
Schweitzer-Mauduit International Inc.		1,825		83,348
Verso Corp., Class A		2,547		39,326


				814,162

Personal Products — 0.4%
BellRing Brands Inc., Class A^(a)		1,852		47,763
Coty Inc., Class A^(a)		15,366		153,814
Edgewell Personal Care Co.		3,042		116,204
elf Beauty Inc.^(a)		2,169		65,612
Herbalife Nutrition Ltd.^(a)		4,782		218,872
Inter Parfums Inc.		963		70,877
Medifast Inc.		640		145,338
Nu Skin Enterprises Inc., Class A		2,851		150,704
USANA Health Sciences Inc.^(a)		657		59,123


				1,028,307

Pharmaceuticals — 1.0%
Aerie Pharmaceuticals Inc.^(a)		2,424		41,523
Amneal Pharmaceuticals Inc.^(a)		6,053		33,352
Amphastar Pharmaceuticals Inc.^(a)		2,116		36,818
ANI Pharmaceuticals Inc.^(a)		538		17,905
Antares Pharma Inc.^(a)		8,641		32,749
Arvinas Inc.^(a)		1,795		123,747
Atea Pharmaceuticals Inc.^(a)		663		16,383
Axsome Therapeutics Inc.^(a)		1,452		87,788
BioDelivery Sciences International Inc.^(a)		4,690		16,227
Cara Therapeutics Inc.^(a)		2,446		31,676
Collegium Pharmaceutical Inc.^(a)		1,846		41,166
Corcept Therapeutics Inc.^(a)		5,754		131,134
Cymabay Therapeutics Inc.^(a)		3,750		16,238
Durect Corp.^(a)		11,906		22,621
Endo International PLC^(a)		13,257		75,963


Security	Shares		Value

Pharmaceuticals (continued)
Innoviva Inc.^(a)		3,279	$	37,545
Intra-Cellular Therapies Inc.^(a)		3,921		135,000
Kala Pharmaceuticals Inc.^(a)(b)		1,743		13,473
Marinus Pharmaceuticals Inc.^(a)		1,788		26,301
Nektar Therapeutics^(a)		9,922		194,570
NGM Biopharmaceuticals Inc.^(a)		1,316		36,190
Ocular Therapeutix Inc.^(a)		4,117		75,670
Odonate Therapeutics Inc.^(a)		1,053		3,528
Omeros Corp.^(a)(b)		3,250		57,395
Osmotica Pharmaceuticals PLC^(a)(b)		1,037		2,987
Pacira BioSciences Inc.^(a)		2,323		146,767
Phathom Pharmaceuticals Inc.^(a)		712		27,426
Phibro Animal Health Corp., Class A		1,037		25,427
Pliant Therapeutics Inc.^(a)		517		17,320
Prestige Consumer Healthcare Inc.^(a)		2,619		114,084
Provention Bio Inc.^(a)(b)		3,016		21,685
Reata Pharmaceuticals Inc., Class A^(a)(b)		1,451		147,131
Relmada Therapeutics Inc.^(a)		783		30,192
Revance Therapeutics Inc.^(a)		3,610		105,123
SIGA Technologies Inc.^(a)		2,634		18,886
Supernus Pharmaceuticals Inc.^(a)		2,966		90,315
TherapeuticsMD Inc.^(a)(b)		15,926		19,270
Theravance Biopharma Inc.^(a)		2,505		49,449
Tilray Inc., Class 2 ^(a)(b)		7,993		146,592
VYNE Therapeutics Inc.^(a)(b)		2,581		12,750
Zogenix Inc.^(a)		3,048		57,577


				2,337,943

Professional Services — 2.2%
ASGN Inc.^(a)(b)		2,900		305,022
Barrett Business Services Inc.		701		51,404
CACI International Inc., Class A^(a)		1,359		346,355
CBIZ Inc.^(a)		3,662		123,007
CoreLogic Inc.		3,946		314,496
CRA International Inc.		398		31,944
Exponent Inc.		2,877		277,141
Forrester Research Inc.^(a)		718		31,197
FTI Consulting Inc.^(a)		1,915		265,898
Heidrick & Struggles International Inc.		1,452		61,420
Huron Consulting Group Inc.^(a)		1,435		80,733
ICF International Inc.		1,195		108,817
Insperity Inc.		1,968		172,279
KBR Inc.		7,906		312,761
Kelly Services Inc., Class A, NVS^(a)		1,826		45,741
Kforce Inc.		1,414		79,241
Korn Ferry		3,025		205,367
ManpowerGroup Inc.		3,207		387,694
ManTech International Corp./VA, Class A		1,524		130,073
Nielsen Holdings PLC		19,617		503,176
Resources Connection Inc.		3,424		48,313
Robert Half International Inc.		6,281		550,278
Science Applications International Corp.		3,187		284,982
TriNet Group Inc.^(a)		2,227		175,287
TrueBlue Inc.^(a)		2,647		74,910
Upwork Inc.^(a)		5,021		231,267
Willdan Group Inc.^(a)		783		29,887


				5,228,690

Real Estate Management & Development — 0.8%
Cushman & Wakefield PLC^(a)		6,089		103,513
eXp World Holdings Inc.^(a)(b)		2,780		95,521


62		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
Forestar Group Inc.^(a)		831	$	21,058
Howard Hughes Corp. (The)^(a)		2,438		263,158
Jones Lang LaSalle Inc.^(a)		2,829		531,597
Kennedy-Wilson Holdings Inc.		6,338		130,246
Marcus & Millichap Inc.^(a)		1,470		51,920
Newmark Group Inc., Class A		9,487		101,985
RE/MAX Holdings Inc., Class A		1,015		37,281
Realogy Holdings Corp.^(a)		6,584		113,771
Redfin Corp.^(a)		5,419		383,557
RMR Group Inc. (The), Class A		1,062		42,034
St. Joe Co. (The)		1,704		78,026
Tejon Ranch Co.^(a)		1,894		29,963


				1,983,630

Road & Rail — 0.7%
ArcBest Corp.		1,611		117,216
Avis Budget Group Inc.^(a)		2,860		256,285
Daseke Inc.^(a)		3,897		29,578
Heartland Express Inc.		2,667		49,580
Landstar System Inc.		2,108		363,166
Marten Transport Ltd.		4,456		74,504
Ryder System Inc.		3,125		249,500
Saia Inc.^(a)		1,470		344,715
Schneider National Inc., Class B		2,211		53,573
Werner Enterprises Inc.		3,178		146,919


				1,685,036

Semiconductors & Semiconductor Equipment — 2.4%
ACM Research Inc., Class A^(a)(b)		553		43,659
Advanced Energy Industries Inc.		2,067		228,011
Allegro MicroSystems Inc.^(a)		2,411		59,503
Alpha & Omega Semiconductor Ltd.^(a)		1,186		36,885
Ambarella Inc.^(a)		1,920		187,181
Amkor Technology Inc.		5,920		119,702
Axcelis Technologies Inc.^(a)		1,950		80,983
Brooks Automation Inc.		4,024		407,752
CEVA Inc.^(a)		1,274		70,631
Cirrus Logic Inc.^(a)		3,139		233,573
CMC Materials Inc.		1,547		283,766
Cohu Inc.^(a)		2,597		103,906
Diodes Inc.^(a)		2,294		176,202
DSP Group Inc.^(a)		1,534		21,307
FormFactor Inc.^(a)		4,198		164,352
Ichor Holdings Ltd.^(a)		1,583		88,284
Impinj Inc.^(a)		1,236		58,661
Kulicke & Soffa Industries Inc.		3,447		195,962
Lattice Semiconductor Corp.^(a)		7,321		368,320
MACOM Technology Solutions Holdings Inc.^(a)		2,546		144,129
Magnachip Semiconductor Corp.^(a)		2,104		52,621
MaxLinear Inc.^(a)		3,695		132,983
MKS Instruments Inc.		2,973		532,494
NeoPhotonics Corp.^(a)		2,983		27,921
Onto Innovation Inc.^(a)		2,738		187,608
PDF Solutions Inc.^(a)		1,720		30,496
Photronics Inc.^(a)		3,459		43,929
Power Integrations Inc.		3,189		264,081
Rambus Inc.^(a)		5,920		112,362
Semtech Corp.^(a)		3,563		241,358
Silicon Laboratories Inc.^(a)		2,408		339,408
SiTime Corp.^(a)		693		64,137
SMART Global Holdings Inc.^(a)		756		34,889


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
SunPower Corp.^(a)(b)		4,289	$	110,184
Synaptics Inc.^(a)(b)		1,867		261,137
Ultra Clean Holdings Inc.^(a)		2,392		122,159
Veeco Instruments Inc.^(a)(b)		2,766		63,646


				5,694,182

Software — 5.1%
8x8 Inc.^(a)		5,879		193,360
A10 Networks Inc.^(a)		3,771		32,732
ACI Worldwide Inc.^(a)		6,298		237,938
Agilysys Inc.^(a)		1,152		58,072
Alarm.com Holdings Inc.^(a)		2,437		218,745
Altair Engineering Inc., Class A^(a)		2,452		159,380
American Software Inc./GA, Class A		1,894		39,187
Appfolio Inc., Class A^(a)(b)		925		133,783
Appian Corp.^(a)(b)		2,126		257,629
Asana Inc., Class A^(a)		734		24,457
Avaya Holdings Corp.^(a)		4,210		121,122
Benefitfocus Inc.^(a)		1,492		20,172
Blackbaud Inc.^(a)		2,641		187,828
Blackline Inc.^(a)		2,739		317,888
Bottomline Technologies DE Inc.^(a)		2,210		107,318
Box Inc., Class A^(a)		7,818		166,523
CDK Global Inc.		6,641		355,891
Cerence Inc.^(a)		2,066		199,183
ChannelAdvisor Corp.^(a)		1,701		35,976
Cloudera Inc.^(a)		11,755		149,171
CommVault Systems Inc.^(a)		2,624		182,394
Cornerstone OnDemand Inc.^(a)		3,198		141,559
Datto Holding Corp.^(a)		1,324		33,828
Digimarc Corp.^(a)(b)		817		27,557
Digital Turbine Inc.^(a)		4,104		309,565
Dolby Laboratories Inc., Class A		3,565		361,741
Domo Inc., Class B^(a)		1,465		94,185
Dropbox Inc., Class A^(a)		16,191		416,109
Duck Creek Technologies Inc.^(a)		1,762		73,264
Ebix Inc.		1,355		40,799
eGain Corp.^(a)		1,288		12,661
Envestnet Inc.^(a)		2,878		212,483
Everbridge Inc.^(a)		1,916		254,272
FireEye Inc.^(a)		12,943		257,242
fuboTV Inc.^(a)(b)		2,717		54,775
Intelligent Systems Corp.^(a)		410		15,711
InterDigital Inc.		1,942		134,814
j2 Global Inc.^(a)		2,283		276,243
Jamf Holding Corp.^(a)(b)		1,551		56,643
LivePerson Inc.^(a)(b)		3,395		185,537
Manhattan Associates Inc.^(a)		3,447		473,066
McAfee Corp., Class A		1,695		41,155
Medallia Inc.^(a)		4,423		130,434
MicroStrategy Inc., Class A^(a)(b)		409		268,778
Mimecast Ltd.^(a)		3,246		140,941
Mitek Systems Inc.^(a)		2,523		40,898
Model N Inc.^(a)		1,662		66,114
New Relic Inc.^(a)		2,931		188,463
Nutanix Inc., Class A^(a)		10,282		278,025
OneSpan Inc.^(a)		1,983		53,164
Pagerduty Inc.^(a)		3,171		134,641
Palantir Technologies Inc., Class A^(a)		23,754		547,292
Ping Identity Holding Corp.^(a)		2,042		49,580
Progress Software Corp.		2,472		107,928


S C H E D U L E O F I N V E S T M E N T S		63

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Proofpoint Inc.^(a)		3,080	$	530,099
PROS Holdings Inc.^(a)		2,154		92,579
Q2 Holdings Inc.^(a)(b)		2,671		277,837
QAD Inc., Class A		718		50,755
Qualys Inc.^(a)		1,843		186,807
Rapid7 Inc.^(a)(b)		2,796		227,175
SailPoint Technologies Holdings Inc.^(a)(b)		4,942		241,318
ShotSpotter Inc.^(a)		458		16,003
Sprout Social Inc., Class A^(a)		1,579		104,672
SPS Commerce Inc.^(a)		1,973		202,114
Sumo Logic Inc.^(a)		871		16,976
SVMK Inc.^(a)		6,648		119,598
Tenable Holdings Inc.^(a)		3,702		138,807
Teradata Corp.^(a)		5,926		293,159
Upland Software Inc.^(a)		1,341		66,460
Varonis Systems Inc.^(a)		5,098		269,939
Verint Systems Inc.^(a)		3,607		175,192
Vertex Inc., Class A^(a)		1,332		27,213
Workiva Inc.^(a)		1,997		187,718
Xperi Holding Corp.		5,817		119,539
Yext Inc.^(a)		5,399		75,316
Zix Corp.^(a)		2,869		22,622
Zuora Inc., Class A^(a)		5,977		96,827


				12,216,941

Specialty Retail — 2.9%
Abercrombie & Fitch Co., Class A		3,672		137,663
Academy Sports & Outdoors Inc.^(a)(b)		1,723		53,086
American Eagle Outfitters Inc.		8,341		288,348
America’s Car-Mart Inc./TX^(a)		411		61,991
Asbury Automotive Group Inc.^(a)		1,069		212,314
At Home Group Inc.^(a)		3,133		98,940
AutoNation Inc.^(a)		3,111		318,815
Bed Bath & Beyond Inc.		6,731		170,429
Boot Barn Holdings Inc.^(a)		1,653		116,603
Buckle Inc. (The)		1,691		70,921
Caleres Inc.		2,567		59,837
Camping World Holdings Inc., Class A		2,050		89,257
Children’s Place Inc. (The)^(a)		857		67,146
Citi Trends Inc.		619		64,747
Conn’s Inc.^(a)		1,309		26,494
Container Store Group Inc. (The)^(a)		1,317		18,557
Designer Brands Inc. , Class A		3,444		60,959
Dick’s Sporting Goods Inc.		3,657		301,995
Foot Locker Inc.		5,839		344,384
GameStop Corp., Class A^(a)		2,994		519,728
Genesco Inc.^(a)		896		44,800
Group 1 Automotive Inc.		966		158,579
GrowGeneration Corp.^(a)		2,623		114,363
Guess? Inc.		2,312		62,516
Haverty Furniture Companies Inc.		1,078		50,095
Hibbett Sports Inc.^(a)		985		78,258
Leslie’s Inc.^(a)(b)		3,399		96,600
Lithia Motors Inc., Class A		1,452		558,120
Lumber Liquidators Holdings Inc.^(a)		1,700		40,749
MarineMax Inc.^(a)		1,364		77,475
Monro Inc.		1,834		129,462
Murphy USA Inc.		1,392		194,045
National Vision Holdings Inc.^(a)		4,419		222,762
ODP Corp. (The)^(a)		3,038		122,826
Penske Automotive Group Inc.		1,860		163,103


Security	Shares		Value

Specialty Retail (continued)
Rent-A-Center Inc./TX		2,831	$	162,924
RH^(a)		873		600,641
Sally Beauty Holdings Inc.^(a)		6,109		122,608
Shoe Carnival Inc.		668		40,047
Signet Jewelers Ltd.^(a)		2,935		175,366
Sleep Number Corp.^(a)		1,389		155,415
Sonic Automotive Inc., Class A		1,393		68,731
Sportsman’s Warehouse Holdings Inc.^(a)		2,592		45,516
TravelCenters of America Inc.^(a)		919		25,263
Urban Outfitters Inc.^(a)		3,857		138,466
Vroom Inc.^(a)		1,874		86,710
Winmark Corp.		119		22,916
Zumiez Inc.^(a)		1,296		55,689


				6,896,259

Technology Hardware, Storage & Peripherals — 0.5%
3D Systems Corp.^(a)(b)		6,722		144,792
Avid Technology Inc.^(a)		2,245		51,051
Corsair Gaming Inc.^(a)		1,076		35,702
Diebold Nixdorf Inc.^(a)		4,165		62,517
Eastman Kodak Co.^(a)		3,836		28,616
NCR Corp.^(a)		7,132		326,289
Pure Storage Inc., Class A^(a)(b)		12,769		258,189
Super Micro Computer Inc.^(a)		2,610		96,622
Turtle Beach Corp.^(a)		954		26,512
Xerox Holdings Corp.		9,114		220,012


				1,250,302

Textiles, Apparel & Luxury Goods — 2.0%
Capri Holdings Ltd.^(a)		8,302		457,274
Carter’s Inc.		2,385		259,464
Columbia Sportswear Co.		1,680		183,137
Crocs Inc.^(a)		3,567		357,128
Fossil Group Inc.^(a)		2,913		37,578
G-III Apparel Group Ltd.^(a)		2,666		86,618
Hanesbrands Inc.		18,929		398,645
Kontoor Brands Inc.		2,564		161,096
Levi Strauss & Co., Class A		4,060		117,172
Oxford Industries Inc.		1,060		96,704
PVH Corp.		3,935		445,363
Ralph Lauren Corp.		2,647		352,819
Skechers U.S.A. Inc., Class A^(a)		7,492		363,287
Steven Madden Ltd.		4,290		174,474
Tapestry Inc.		15,217		728,133
Under Armour Inc., Class A^(a)		10,403		252,897
Under Armour Inc., Class C, NVS^(a)		10,486		208,776
Unifi Inc.^(a)		1,060		28,652
Wolverine World Wide Inc.		4,598		191,829


				4,901,046

Thrifts & Mortgage Finance — 1.2%
Axos Financial Inc.^(a)		2,880		130,032
Columbia Financial Inc.^(a)		2,545		46,497
Essent Group Ltd.		6,681		351,287
Federal Agricultural Mortgage Corp., Class C, NVS		693		71,282
Flagstar Bancorp. Inc.		2,658		123,703
Kearny Financial Corp./MD		6,036		77,140
Meridian Bancorp. Inc.		4,145		91,646
MGIC Investment Corp.		18,475		281,559
Mr Cooper Group Inc.^(a)		3,963		136,644
New York Community Bancorp. Inc.		25,402		303,808
NMI Holdings Inc., Class A^(a)		5,619		145,195


64		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
PennyMac Financial Services Inc.		2,208	$	132,944
Premier Financial Corp.		2,765		87,346
Provident Financial Services Inc.		4,184		98,617
Radian Group Inc.		10,461		257,759
Rocket Companies Inc., Class A		6,593		148,013
TFS Financial Corp.		2,783		54,435
Walker & Dunlop Inc.		1,633		181,018
Washington Federal Inc.		4,041		131,535
Waterstone Financial Inc.		1,134		22,340
WSFS Financial Corp.		565		28,866


				2,901,666

Tobacco — 0.1%
Turning Point Brands Inc.		497		24,264
Universal Corp./VA		1,437		80,802
Vector Group Ltd.		7,014		91,533


				196,599

Trading Companies & Distributors — 1.3%
Air Lease Corp.		6,017		281,054
Applied Industrial Technologies Inc.		2,153		205,956
Beacon Roofing Supply Inc.^(a)		3,191		179,749
Boise Cascade Co.		2,334		155,724
CAI International Inc.		1,025		43,614
DXP Enterprises Inc./TX^(a)		1,511		44,227
GATX Corp.		1,945		190,046
GMS Inc.^(a)		2,606		113,908
H&E Equipment Services Inc.		2,096		81,534
Herc Holdings Inc.^(a)		1,466		154,810
McGrath RentCorp.		1,510		123,790
MRC Global Inc.^(a)		3,918		36,907
MSC Industrial Direct Co. Inc., Class A		2,657		239,555
NOW Inc.^(a)		6,856		67,326
Rush Enterprises Inc., Class A		2,296		113,330
SiteOne Landscape Supply Inc.^(a)		2,373		425,669
Systemax Inc.		1,036		44,258
Titan Machinery Inc.^(a)		1,689		44,100
Triton International Ltd.		3,693		185,278
Univar Solutions Inc.^(a)		9,797		228,760
WESCO International Inc.^(a)		2,512		230,401


				3,189,996

Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		4,163		138,669


Water Utilities — 0.2%
American States Water Co.		1,943		153,866


Security	Shares		Value

Water Utilities (continued)
Cadiz Inc.^(a)(b)		813	$	9,472
California Water Service Group		2,743		161,151
Middlesex Water Co.		950		77,919
SJW Group		1,393		91,311
York Water Co. (The)		715		36,923


				530,642

Wireless Telecommunication Services — 0.1%
Boingo Wireless Inc.^(a)		2,429		33,909
Gogo Inc.^(a)(b)		2,486		25,904
Shenandoah Telecommunications Co.		2,693		127,271
Telephone and Data Systems Inc.		5,789		133,031
U.S. Cellular Corp.^(a)		958		32,697


				352,812

Total Common Stocks — 99.9% (Cost: $223,960,798)				241,566,676


Short-Term Investments

Money Market Funds — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		13,788,529		13,795,424
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		260,000		260,000


				14,055,424


Total Short-Term Investments — 5.8% (Cost: $14,054,560)				14,055,424


Total Investments in Securities — 105.7% (Cost: $238,015,358)				255,622,100

Other Assets, Less Liabilities — (5.7)%				(13,821,166	)


Net Assets — 100.0%			$	241,800,934

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,032,962	$	1,768,214	^(a)	$	—	$	5,416	$	(11,168	)	$	13,795,424		13,788,529	$	89,135	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		104,000		156,000	^(a)		—		—		—			260,000		260,000		270			—


								$	5,416	$	(11,168	)	$	14,055,424			$	89,405		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 2000 E-Mini Index

06/18/21

339

1,085

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,085

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	230,384


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,512	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	208,702

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

Fair Value Measurements


66		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap ETF

Fair Value Measurements (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	241,566,676	$	—	$	—	$	241,566,676
Money Market Funds		14,055,424		—		—		14,055,424


	$	255,622,100	$	—	$	—	$	255,622,100

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,085	$	—	$	—	$	1,085

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		67

Schedule of Investments

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
AAR Corp.		7,571	$	304,657
Aerojet Rocketdyne Holdings Inc.		10,697		499,764
Aerovironment Inc.^(a)		8,435		930,971
Axon Enterprise Inc.^(a)		23,850		3,615,899
BWX Technologies Inc.		23,823		1,594,235
Curtiss-Wright Corp.		5,906		755,377
Hexcel Corp.^(a)		16,104		908,427
Kaman Corp.		6,276		334,825
Kratos Defense & Security Solutions Inc.^(a)		23,819		636,920
Maxar Technologies Inc.		16,390		636,096
Mercury Systems Inc.^(a)		20,931		1,574,848
National Presto Industries Inc.		984		101,234
PAE Inc.^(a)		11,444		102,653
Spirit AeroSystems Holdings Inc., Class A		14,341		655,240
Vectrus Inc.^(a)		2,261		118,363
Virgin Galactic Holdings Inc.^(a)(b)		21,874		484,509


				13,254,018

Air Freight & Logistics — 0.2%
Air Transport Services Group Inc.^(a)		14,613		384,614
Forward Air Corp.		6,436		568,234
Hub Group Inc., Class A^(a)		5,709		375,196


				1,328,044

Auto Components — 1.1%
Cooper Tire & Rubber Co.		11,633		662,965
Dorman Products Inc.^(a)		10,647		1,055,969
Fox Factory Holding Corp.^(a)(b)		15,589		2,388,703
Gentherm Inc.^(a)		12,253		872,414
LCI Industries		9,432		1,381,788
Modine Manufacturing Co.^(a)		9,605		156,369
Motorcar Parts of America Inc.^(a)		3,626		78,322
Patrick Industries Inc.		4,424		396,390
Stoneridge Inc.^(a)		4,644		154,413
Visteon Corp.^(a)		6,163		750,715
XPEL Inc.^(a)		6,243		400,176


				8,298,224

Automobiles — 0.5%
Harley-Davidson Inc.		20,224		978,235
Thor Industries Inc.		11,302		1,600,250
Winnebago Industries Inc.		6,000		479,700
Workhorse Group Inc.^(a)(b)		40,980		507,742


				3,565,927

Banks — 5.0%
1st Source Corp.		5,762		274,214
Atlantic Union Bankshares Corp.		19,873		768,489
Banc of California Inc.		6,677		119,518
Bancorp. Inc. (The)^(a)		11,353		252,093
BancorpSouth Bank		26,061		771,145
Bank of Hawaii Corp.		7,894		717,486
Camden National Corp.		5,762		274,963
Community Bank System Inc.		8,716		676,623
ConnectOne Bancorp. Inc.		10,568		286,921
Cullen/Frost Bankers Inc.		10,264		1,232,296
East West Bancorp. Inc.		24,615		1,874,432
Eastern Bankshares Inc.		54,857		1,170,100
FB Financial Corp.		10,010		420,020
First Bancshares Inc. (The)		8,480		331,738
First Citizens BancShares Inc./NC, Class A		1,779		1,543,211


Security	Shares		Value

Banks (continued)
First Financial Bankshares Inc.		57,484	$	2,821,315
First Financial Corp./IN		5,650		249,956
First Foundation Inc.		13,322		317,064
First Interstate BancSystem Inc., Class A		9,337		438,559
German American Bancorp. Inc.		9,631		417,311
Glacier Bancorp. Inc.		38,252		2,254,955
Harborone Bancorp. Inc.		30,855		441,535
Heartland Financial USA Inc.		11,393		572,726
Hilltop Holdings Inc.		14,843		522,474
Home BancShares Inc./AR		31,543		877,842
Horizon Bancorp Inc./IN		18,781		344,443
Independent Bank Group Inc.		10,451		789,155
Lakeland Financial Corp.		9,561		623,664
Live Oak Bancshares Inc.		11,826		756,391
National Bank Holdings Corp., Class A		5,662		225,914
Nicolet Bankshares Inc.^(a)(b)		3,252		259,379
Pinnacle Financial Partners Inc.		19,264		1,688,297
Popular Inc.		17,075		1,262,867
Prosperity Bancshares Inc.		17,041		1,250,128
QCR Holdings Inc.		5,870		283,051
ServisFirst Bancshares Inc.		19,766		1,250,002
Silvergate Capital Corp., Class A^(a)		7,443		798,038
South State Corp.		17,533		1,478,382
Sterling Bancorp./DE		39,340		988,614
Stock Yards Bancorp. Inc.		9,087		464,891
Texas Capital Bancshares Inc.^(a)		12,324		845,796
Tompkins Financial Corp.		1,943		151,845
Towne Bank/Portsmouth VA		18,347		568,390
Triumph Bancorp. Inc.^(a)		8,471		750,785
Univest Financial Corp.		10,114		282,484
Washington Trust Bancorp. Inc.		6,836		348,978
Western Alliance Bancorp.		23,639		2,483,750
Wintrust Financial Corp.		10,998		847,946


				38,370,176

Beverages — 0.2%
Celsius Holdings Inc.^(a)		10,100		578,730
Coca-Cola Consolidated Inc.		1,147		336,358
MGP Ingredients Inc.		2,527		151,872
National Beverage Corp.		8,688		422,150


				1,489,110

Biotechnology — 10.5%
Acceleron Pharma Inc.^(a)		19,644		2,454,911
Adverum Biotechnologies Inc.^(a)(b)		13,737		53,574
Aeglea BioTherapeutics Inc.^(a)		7,228		56,234
Agenus Inc.^(a)(b)		58,529		180,855
Agios Pharmaceuticals Inc.^(a)(b)		21,585		1,204,443
Akebia Therapeutics Inc.^(a)		27,747		88,513
Albireo Pharma Inc.^(a)(b)		6,680		214,428
Alector Inc.^(a)		19,721		384,559
Alkermes PLC^(a)		29,625		651,898
Altimmune Inc.^(a)		11,322		163,829
ALX Oncology Holdings Inc.^(a)(b)		2,031		127,262
Amicus Therapeutics Inc.^(a)		97,391		958,327
AnaptysBio Inc.^(a)(b)		8,165		190,653
Anavex Life Sciences Corp.^(a)		26,051		314,696
Anika Therapeutics Inc.^(a)		5,308		213,275
Apellis Pharmaceuticals Inc.^(a)		13,319		674,874
Arcturus Therapeutics Holdings Inc.^(a)(b)		7,771		284,885
Arcus Biosciences Inc.^(a)		16,758		565,582


68		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Ardelyx Inc.^(a)		25,028	$	182,955
Arena Pharmaceuticals Inc.^(a)		10,293		706,409
Arrowhead Pharmaceuticals Inc.^(a)		38,797		2,822,870
Assembly Biosciences Inc.^(a)		7,507		32,130
Atara Biotherapeutics Inc.^(a)		15,172		213,318
Athenex Inc.^(a)		25,808		103,490
Athersys Inc.^(a)(b)		36,073		60,242
Avid Bioservices Inc.^(a)(b)		21,277		455,434
Avidity Biosciences Inc.^(a)		6,103		143,054
Avita Medical Inc.^(a)(b)		7,969		164,480
BioCryst Pharmaceuticals Inc.^(a)		66,606		774,961
Bioxcel Therapeutics Inc.^(a)		5,675		192,780
Bluebird Bio Inc.^(a)(b)		12,953		388,590
Blueprint Medicines Corp.^(a)		21,650		2,085,328
C4 Therapeutics Inc.^(a)		3,695		122,305
Cardiff Oncology Inc.^(a)(b)		10,303		102,309
CareDx Inc.^(a)		19,503		1,542,102
Catalyst Pharmaceuticals Inc.^(a)(b)		23,875		109,348
Celldex Therapeutics Inc.^(a)(b)		6,977		211,612
ChemoCentryx Inc.^(a)		18,705		904,013
Clovis Oncology Inc.^(a)(b)		17,330		102,940
Concert Pharmaceuticals Inc.^(a)		10,735		44,550
Crinetics Pharmaceuticals Inc.^(a)		2,748		47,568
CRISPR Therapeutics AG^(a)(b)		24,259		3,184,479
Cue Biopharma Inc.^(a)		10,502		127,389
Cytokinetics Inc.^(a)		26,787		681,461
CytomX Therapeutics Inc.^(a)		14,314		133,979
Deciphera Pharmaceuticals Inc.^(a)		15,166		703,247
Dicerna Pharmaceuticals Inc.^(a)		24,914		777,068
Dynavax Technologies Corp.^(a)(b)		37,865		377,893
Eagle Pharmaceuticals Inc./DE^(a)		1,585		64,716
Editas Medicine Inc.^(a)(b)		25,329		937,426
Eiger BioPharmaceuticals Inc.^(a)		12,061		102,398
Emergent BioSolutions Inc.^(a)		10,152		619,069
Epizyme Inc.^(a)(b)		34,580		270,070
Fate Therapeutics Inc.^(a)(b)		29,809		2,605,009
FibroGen Inc.^(a)		31,159		695,469
Flexion Therapeutics Inc.^(a)		16,062		124,641
Forma Therapeutics Holdings Inc.^(a)(b)		3,612		97,343
G1 Therapeutics Inc.^(a)		7,575		159,605
Geron Corp.^(a)		55,167		79,992
Global Blood Therapeutics Inc.^(a)		11,602		473,130
Halozyme Therapeutics Inc.^(a)(b)		47,420		2,368,629
Harpoon Therapeutics Inc.^(a)		8,107		183,542
Heron Therapeutics Inc.^(a)(b)		30,652		535,797
Homology Medicines Inc.^(a)		6,040		40,891
iBio Inc.^(a)(b)		81,436		111,567
Immunic Inc.^(a)		5,945		91,315
ImmunityBio Inc.^(a)(b)		10,195		180,961
ImmunoGen Inc.^(a)		75,234		606,386
Inhibrx Inc.^(a)(b)		1,849		39,439
Inovio Pharmaceuticals Inc.^(a)(b)		36,217		246,638
Insmed Inc.^(a)		38,509		1,298,909
Intellia Therapeutics Inc.^(a)		23,322		1,790,430
Intercept Pharmaceuticals Inc.^(a)(b)		9,983		197,464
Invitae Corp.^(a)(b)		64,928		2,265,987
Iovance Biotherapeutics Inc.^(a)		51,575		1,621,518
Ironwood Pharmaceuticals Inc.^(a)		32,297		356,559
IVERIC bio Inc.^(a)		11,841		82,887
Jounce Therapeutics Inc.^(a)		6,081		57,344


Security	Shares		Value

Biotechnology (continued)
Kadmon Holdings Inc.^(a)		59,102	$	239,954
Karyopharm Therapeutics Inc.^(a)		14,113		131,815
Keros Therapeutics Inc.^(a)		1,084		63,739
Krystal Biotech Inc.^(a)		6,621		525,972
Kura Oncology Inc.^(a)		24,946		671,796
Ligand Pharmaceuticals Inc.^(a)		6,192		903,351
MacroGenics Inc.^(a)		21,147		684,317
Madrigal Pharmaceuticals Inc.^(a)(b)		3,608		491,049
MannKind Corp.^(a)		89,871		410,710
MEI Pharma Inc.^(a)		35,823		130,754
Mersana Therapeutics Inc.^(a)		20,968		334,020
Molecular Templates Inc.^(a)		15,001		140,409
Morphic Holding Inc.^(a)		5,629		311,847
Natera Inc.^(a)		29,368		3,231,067
Neoleukin Therapeutics Inc.^(a)		12,469		155,738
Nkarta Inc.^(a)		2,813		89,594
Novavax Inc.^(a)(b)		25,417		6,022,050
OPKO Health Inc.^(a)(b)		164,207		673,249
Ovid therapeutics Inc.^(a)		15,501		56,889
Precigen Inc.^(a)(b)		14,775		114,285
Precision BioSciences Inc.^(a)		15,868		147,414
Protagonist Therapeutics Inc.^(a)		8,059		233,227
PTC Therapeutics Inc.^(a)(b)		26,110		1,075,993
Puma Biotechnology Inc.^(a)		12,416		122,422
Radius Health Inc.^(a)		12,090		269,607
REGENXBIO Inc.^(a)		13,168		456,798
REVOLUTION Medicines Inc.^(a)		17,904		594,234
Rhythm Pharmaceuticals Inc.^(a)		8,199		176,770
Rigel Pharmaceuticals Inc.^(a)		63,743		237,124
Rocket Pharmaceuticals Inc.^(a)		10,781		494,201
Sage Therapeutics Inc.^(a)(b)		19,459		1,532,591
Sangamo Therapeutics Inc.^(a)		25,215		297,033
Scholar Rock Holding Corp.^(a)		8,045		260,256
Selecta Biosciences Inc.^(a)		33,170		99,510
Seres Therapeutics Inc.^(a)(b)		11,112		231,241
Shattuck Labs Inc.^(a)		2,700		101,736
Spero Therapeutics Inc.^(a)		8,647		118,983
SQZ Biotechnologies Co.^(a)		3,083		37,859
Surface Oncology Inc.^(a)(b)		8,519		62,274
Sutro Biopharma Inc.^(a)		13,089		268,455
Syndax Pharmaceuticals Inc.^(a)		7,574		120,730
Syros Pharmaceuticals Inc.^(a)		20,951		126,544
TG Therapeutics Inc.^(a)		43,114		1,927,627
Translate Bio Inc.^(a)(b)		26,257		609,688
Travere Therapeutics Inc.^(a)		20,413		504,609
Trevena Inc.^(a)		60,347		103,797
Twist Bioscience Corp.^(a)		15,658		2,101,147
Ultragenyx Pharmaceutical Inc.^(a)		23,511		2,624,768
uniQure NV^(a)(b)		8,320		268,486
Vanda Pharmaceuticals Inc.^(a)		20,700		343,620
Vaxart Inc.^(a)(b)		44,299		477,543
Veracyte Inc.^(a)		25,152		1,251,312
Vericel Corp.^(a)		9,957		621,516
Viking Therapeutics Inc.^(a)(b)		12,512		79,952
Vir Biotechnology Inc.^(a)		24,307		1,160,416
Voyager Therapeutics Inc.^(a)		10,907		52,572
XBiotech Inc.^(a)		5,342		91,241
Xencor Inc.^(a)		21,605		919,509
Y-mAbs Therapeutics Inc.^(a)		10,198		306,654


S C H E D U L E O F I N V E S T M E N T S		69

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
ZIOPHARM Oncology Inc.^(a)		32,092	$	111,038


				80,589,335

Building Products — 1.7%
AAON Inc.		15,100		987,691
Advanced Drainage Systems Inc.		18,500		2,065,710
American Woodmark Corp.^(a)		2,979		296,291
Armstrong World Industries Inc.		8,640		895,536
AZEK Co. Inc. (The)^(a)		24,293		1,172,866
Builders FirstSource Inc.^(a)		27,921		1,358,915
Cornerstone Building Brands Inc.^(a)		7,208		101,345
Gibraltar Industries Inc.^(a)		12,282		1,128,225
Griffon Corp.		9,795		265,640
Insteel Industries Inc.		5,230		199,420
JELD-WEN Holding Inc.^(a)		12,710		370,751
Masonite International Corp.^(a)		5,434		686,260
PGT Innovations Inc.^(a)		12,973		341,579
Quanex Building Products Corp.		5,987		163,385
Simpson Manufacturing Co. Inc.		16,060		1,809,962
UFP Industries Inc.		15,658		1,315,898


				13,159,474

Capital Markets — 2.4%
Ares Management Corp., Class A		22,968		1,206,279
Artisan Partners Asset Management Inc., Class A		9,857		501,918
Assetmark Financial Holdings Inc.^(a)		8,099		182,390
B. Riley Financial Inc.		3,495		249,159
Blucora Inc.^(a)		7,840		112,857
Cohen & Steers Inc.		4,588		312,076
Cowen Inc., Class A		4,408		174,072
Evercore Inc., Class A		8,007		1,122,021
Focus Financial Partners Inc., Class A^(a)		10,483		493,330
Freedom Holding Corp./NV^(a)(b)		6,468		325,211
Hamilton Lane Inc., Class A		12,532		1,133,519
Houlihan Lokey Inc.		19,555		1,295,910
Interactive Brokers Group Inc., Class A		30,350		2,170,632
Jefferies Financial Group Inc.		32,887		1,069,156
LPL Financial Holdings Inc.		18,950		2,969,465
Moelis & Co., Class A		9,544		518,048
PJT Partners Inc., Class A^(b)		9,437		693,903
StepStone Group Inc., Class A		7,421		247,119
StoneX Group Inc.^(a)		3,050		193,736
Tradeweb Markets Inc., Class A		38,294		3,112,536
Victory Capital Holdings Inc., Class A		4,806		133,367


				18,216,704

Chemicals — 2.0%
Amyris Inc.^(a)(b)		63,156		919,551
Ashland Global Holdings Inc.		8,552		737,268
Avient Corp.		13,427		681,689
Axalta Coating Systems Ltd.^(a)		27,675		882,556
Balchem Corp.		12,027		1,529,714
Chase Corp.		1,786		211,534
GCP Applied Technologies Inc.^(a)		18,458		474,186
Hawkins Inc.		2,805		93,547
HB Fuller Co.		9,358		625,302
Huntsman Corp.		28,410		814,515
Ingevity Corp.^(a)		15,209		1,187,519
Innospec Inc.		3,833		373,372
Koppers Holdings Inc.^(a)		3,714		123,453
Kraton Corp.^(a)		8,027		287,045
Livent Corp.^(a)		55,404		998,380


Security	Shares		Value

Chemicals (continued)
Quaker Chemical Corp.		4,935	$	1,195,997
Sensient Technologies Corp.		9,344		768,450
Stepan Co.		7,998		1,045,019
Tronox Holdings PLC, Class A		27,864		590,717
Valvoline Inc.		31,775		997,735
WR Grace & Co.		12,307		845,860


				15,383,409

Commercial Services & Supplies — 2.0%
ABM Industries Inc.		11,560		594,300
Brady Corp., Class A, NVS		6,920		377,624
BrightView Holdings Inc.^(a)		5,966		106,970
Brink’s Co. (The)		18,491		1,477,801
Casella Waste Systems Inc., Class A^(a)		17,788		1,193,753
Cimpress PLC^(a)(b)		3,843		366,084
Clean Harbors Inc.^(a)		18,843		1,676,273
Harsco Corp.^(a)		30,305		543,369
Healthcare Services Group Inc.		16,391		490,910
HNI Corp.		6,899		292,104
Montrose Environmental Group Inc.^(a)		5,331		288,993
MSA Safety Inc.		13,538		2,176,369
SP Plus Corp.^(a)		3,603		123,691
Stericycle Inc.^(a)		18,889		1,440,853
Tetra Tech Inc.		20,266		2,586,550
U.S. Ecology Inc.^(a)		12,123		514,743
UniFirst Corp./MA		3,785		848,559


				15,098,946

Communications Equipment — 0.6%
Calix Inc.^(a)		21,151		894,476
Casa Systems Inc.^(a)		8,941		70,142
Digi International Inc.^(a)		8,540		152,610
Extreme Networks Inc.^(a)		25,642		291,806
Harmonic Inc.^(a)		25,092		196,219
Infinera Corp.^(a)		48,286		445,197
Inseego Corp.^(a)(b)		24,234		215,198
Plantronics Inc.^(a)		5,487		219,425
Ribbon Communications Inc.^(a)		17,082		115,304
ViaSat Inc.^(a)(b)		25,472		1,319,195
Viavi Solutions Inc.^(a)		53,693		878,417


				4,797,989

Construction & Engineering — 1.2%
Ameresco Inc., Class A^(a)		8,173		431,453
Arcosa Inc.		18,141		1,093,721
Argan Inc.		2,363		118,505
Comfort Systems USA Inc.		13,666		1,125,532
Construction Partners Inc., Class A^(a)		6,544		207,641
Dycom Industries Inc.^(a)		5,277		495,035
EMCOR Group Inc.		7,589		909,162
IES Holdings Inc.^(a)		5,358		282,849
MasTec Inc.^(a)		8,784		916,698
NV5 Global Inc.^(a)		2,454		221,179
Primoris Services Corp.		9,004		294,071
Sterling Construction Co. Inc.^(a)		4,280		89,238
Valmont Industries Inc.		4,087		1,008,876
WillScot Mobile Mini Holdings Corp.^(a)(b)		69,572		2,036,372


				9,230,332

Construction Materials — 0.3%
Eagle Materials Inc.		6,574		908,132
Forterra Inc.^(a)		4,836		113,452
Summit Materials Inc., Class A^(a)		43,211		1,244,045


70		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction Materials (continued)
U.S. Concrete Inc.^(a)		4,119	$	261,186


				2,526,815

Consumer Finance — 0.9%
Credit Acceptance Corp.^(a)(b)		1,945		767,867
Encore Capital Group Inc.^(a)(b)		4,965		195,323
Enova International Inc.^(a)		6,948		237,899
FirstCash Inc.		7,380		531,581
Green Dot Corp., Class A^(a)		19,354		885,639
LendingTree Inc.^(a)(b)		4,100		846,609
Nelnet Inc., Class A		3,641		270,271
Oportun Financial Corp.^(a)		3,318		72,034
PRA Group Inc.^(a)		9,890		372,655
PROG Holdings Inc.		10,371		528,299
Santander Consumer USA Holdings Inc.		9,802		332,680
SLM Corp.		75,316		1,480,713


				6,521,570

Containers & Packaging — 0.6%
Berry Global Group Inc.^(a)		22,951		1,460,143
Graphic Packaging Holding Co.		46,013		853,541
Myers Industries Inc.		7,684		173,351
Pactiv Evergreen Inc.		6,512		95,857
Sealed Air Corp.		23,116		1,141,930
Silgan Holdings Inc.		10,372		437,387


				4,162,209

Diversified Consumer Services — 1.0%
2U Inc.^(a)(b)		27,727		1,088,285
American Public Education Inc.^(a)		4,427		134,846
Carriage Services Inc.		3,243		120,575
frontdoor Inc.^(a)		31,613		1,692,244
Grand Canyon Education Inc.^(a)		11,061		1,197,795
Laureate Education Inc., Class A^(a)		18,781		258,239
OneSpaWorld Holdings Ltd.^(a)		19,879		211,811
Strategic Education Inc.		4,982		373,949
Stride Inc.^(a)		10,026		287,044
Terminix Global Holdings Inc.^(a)		49,181		2,502,821


				7,867,609

Diversified Telecommunication Services — 0.7%
Anterix Inc.^(a)(b)		2,550		120,666
ATN International Inc.		4,207		191,755
Bandwidth Inc., Class A^(a)(b)		8,494		1,122,907
Cogent Communications Holdings Inc.		10,551		796,706
Iridium Communications Inc.^(a)(b)		44,044		1,673,232
Liberty Latin America Ltd., Class A^(a)		7,055		97,959
Liberty Latin America Ltd., Class C, NVS^(a)		20,539		286,519
Ooma Inc.^(a)		8,150		134,719
ORBCOMM Inc.^(a)		10,954		125,533
Vonage Holdings Corp.^(a)		60,551		820,466


				5,370,462

Electric Utilities — 0.2%
MGE Energy Inc.		5,480		409,959
PNM Resources Inc.		15,773		778,555


				1,188,514

Electrical Equipment — 1.6%
American Superconductor Corp.^(a)		9,481		156,152
Array Technologies Inc.^(a)(b)		40,805		1,149,069
Bloom Energy Corp., Class A^(a)		45,215		1,174,233
Encore Wire Corp.		4,127		308,204
EnerSys		7,293		667,893


Security	Shares		Value

Electrical Equipment (continued)
FuelCell Energy Inc.^(a)		120,583	$	1,170,861
Plug Power Inc.^(a)		188,037		5,360,935
Powell Industries Inc.		1,893		66,709
Regal Beloit Corp.		6,483		936,340
TPI Composites Inc.^(a)		12,384		658,210
Vicor Corp.^(a)		8,104		747,432


				12,396,038

Electronic Equipment, Instruments & Components — 2.8%
Akoustis Technologies Inc.^(a)		15,169		170,348
Badger Meter Inc.		11,014		1,028,597
Benchmark Electronics Inc.		7,585		227,702
Coherent Inc.^(a)		9,141		2,376,569
CTS Corp.		12,317		400,549
ePlus Inc.^(a)		2,091		209,853
Fabrinet^(a)		8,228		704,481
FARO Technologies Inc.^(a)		6,787		514,760
FLIR Systems Inc.		23,906		1,433,643
II-VI Inc.^(a)(b)		39,220		2,633,231
Itron Inc.^(a)		16,555		1,488,957
Littelfuse Inc.		9,127		2,420,846
Methode Electronics Inc.		6,825		306,647
Napco Security Technologies Inc.^(a)		4,521		150,595
National Instruments Corp.		22,610		936,280
nLight Inc.^(a)		14,132		414,633
Novanta Inc.^(a)(b)		13,054		1,719,342
OSI Systems Inc.^(a)		3,648		352,287
PAR Technology Corp.^(a)(b)		7,517		617,446
PC Connection Inc.		1,876		85,077
Plexus Corp.^(a)		6,837		632,012
Rogers Corp.^(a)		6,993		1,369,509
TTM Technologies Inc.^(a)		13,639		204,585
Vishay Precision Group Inc.^(a)		3,049		97,202
Vontier Corp.^(a)		24,107		755,513


				21,250,664

Energy Equipment & Services — 0.1%
DMC Global Inc.		5,730		309,420
Dril-Quip Inc.^(a)(b)		8,217		251,851


				561,271

Entertainment — 0.4%
IMAX Corp.^(a)		11,324		233,501
Liberty Media Corp.-Liberty Braves, Class A^(a)(b)		3,622		101,380
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)		13,426		371,766
Madison Square Garden Sports Corp.^(a)		2,962		547,496
Warner Music Group Corp., Class A		33,262		1,262,625
World Wrestling Entertainment Inc., Class A		10,238		564,216


				3,080,984

Equity Real Estate Investment Trusts (REITs) — 5.4%
Agree Realty Corp.		12,876		905,955
Alexander & Baldwin Inc.		17,721		324,826
American Assets Trust Inc.		7,463		261,578
Apartment Investment & Management Co., Class A		28,323		196,562
Broadstone Net Lease Inc.		15,128		305,283
CareTrust REIT Inc.		11,790		285,082
CatchMark Timber Trust Inc., Class A		7,820		90,947
Chatham Lodging Trust^(a)		8,136		112,846
City Office REIT Inc.		9,777		106,863
Community Healthcare Trust Inc.		8,877		452,017
CoreSite Realty Corp.		15,844		1,924,888
Corporate Office Properties Trust		27,254		764,202


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
CubeSmart		40,632	$	1,720,359
Douglas Emmett Inc.		36,861		1,236,318
Easterly Government Properties Inc.		31,099		666,452
EastGroup Properties Inc.		14,682		2,329,446
Essential Properties Realty Trust Inc.		21,827		571,649
Federal Realty Investment Trust		10,727		1,210,435
First Industrial Realty Trust Inc.		47,671		2,372,586
Four Corners Property Trust Inc.		15,999		461,891
Getty Realty Corp.		5,168		163,205
Gladstone Land Corp.		5,827		122,309
Global Medical REIT Inc.		17,976		258,135
Global Net Lease Inc.		17,408		334,234
Healthcare Realty Trust Inc.		27,535		885,526
Healthcare Trust of America Inc., Class A		35,746		1,049,860
Hudson Pacific Properties Inc.		26,165		735,498
Independence Realty Trust Inc.		17,532		295,239
Innovative Industrial Properties Inc.		9,047		1,656,777
Kilroy Realty Corp.		16,510		1,131,595
Lamar Advertising Co., Class A		12,126		1,200,959
Lexington Realty Trust		40,085		490,640
Life Storage Inc.		13,565		1,303,054
Monmouth Real Estate Investment Corp.		22,286		411,845
National Storage Affiliates Trust		16,308		741,036
NETSTREIT Corp.		9,681		201,655
NexPoint Residential Trust Inc.		8,509		426,811
Pebblebrook Hotel Trust		22,632		540,452
Physicians Realty Trust		41,243		772,481
PotlatchDeltic Corp.		9,989		592,947
PS Business Parks Inc.		3,682		597,846
QTS Realty Trust Inc., Class A		23,927		1,590,906
Rayonier Inc.		26,697		968,567
Rexford Industrial Realty Inc.		48,879		2,715,229
Safehold Inc.^(b)		5,391		381,198
Spirit Realty Capital Inc.		18,132		861,995
STAG Industrial Inc.		32,708		1,194,169
STORE Capital Corp.		36,438		1,304,116
Terreno Realty Corp.		25,515		1,646,228
UMH Properties Inc.		9,076		195,406
Universal Health Realty Income Trust		2,633		176,279
Urban Edge Properties		15,856		298,886


				41,545,268

Food & Staples Retailing — 1.1%
Andersons Inc. (The)		5,541		159,137
BJ’s Wholesale Club Holdings Inc.^(a)		26,600		1,188,222
Grocery Outlet Holding Corp.^(a)(b)		32,425		1,309,646
HF Foods Group Inc.^(a)		6,992		43,560
Performance Food Group Co.^(a)		50,174		2,945,214
PriceSmart Inc.		4,821		405,157
U.S. Foods Holding Corp.^(a)		50,733		2,103,390


				8,154,326

Food Products — 1.1%
Calavo Growers Inc.		3,575		279,315
Cal-Maine Foods Inc.		8,170		305,231
Flowers Foods Inc.		27,853		667,358
Fresh Del Monte Produce Inc.		4,415		124,503
Freshpet Inc.^(a)(b)		16,168		2,988,170
Hain Celestial Group Inc. (The)^(a)		11,977		491,177
J&J Snack Foods Corp.		2,775		456,793
Laird Superfood Inc.^(a)(b)		1,154		42,132


Security	Shares		Value

Food Products (continued)
Lancaster Colony Corp.		7,184	$	1,326,957
Landec Corp.^(a)		6,823		77,236
Mission Produce Inc.^(a)		2,368		47,834
Sanderson Farms Inc.		4,474		736,107
Seaboard Corp.		35		125,230
Simply Good Foods Co. (The)^(a)		21,769		752,119
Tootsie Roll Industries Inc.		3,070		96,920
Vital Farms Inc.^(a)		5,930		144,217


				8,661,299

Gas Utilities — 0.1%
Chesapeake Utilities Corp.		4,100		485,932


Health Care Equipment & Supplies — 4.9%
Accelerate Diagnostics Inc.^(a)		11,690		85,454
Acutus Medical Inc.^(a)		3,827		52,239
Alphatec Holdings Inc.^(a)		22,376		357,792
AngioDynamics Inc.^(a)		7,905		192,092
Aspira Women’s Health Inc.^(a)		23,911		136,771
AtriCure Inc.^(a)		17,078		1,316,201
Atrion Corp.		346		220,956
Avanos Medical Inc.^(a)		9,904		427,952
Axogen Inc.^(a)		13,686		256,202
Axonics Inc.^(a)(b)		11,594		729,610
BioLife Solutions Inc.^(a)		9,760		340,624
Cantel Medical Corp.^(a)		14,105		1,239,971
Cardiovascular Systems Inc.^(a)		14,971		603,631
Cerus Corp.^(a)		63,434		386,947
Co-Diagnostics Inc.^(a)		9,688		85,836
CONMED Corp.		5,817		819,906
CryoLife Inc.^(a)		6,629		193,434
CryoPort Inc.^(a)		17,538		992,125
Cutera Inc.^(a)		6,694		201,021
CytoSorbents Corp.^(a)		15,403		142,478
Eargo Inc.^(a)(b)		3,925		224,667
Glaukos Corp.^(a)(b)		17,140		1,613,902
Globus Medical Inc., Class A^(a)		28,820		2,068,411
Haemonetics Corp.^(a)		18,927		1,273,030
Heska Corp.^(a)		3,733		681,832
ICU Medical Inc.^(a)		7,267		1,513,498
Inari Medical Inc.^(a)		3,103		354,642
Integer Holdings Corp.^(a)		7,924		743,905
Integra LifeSciences Holdings Corp.^(a)		17,747		1,314,698
Intersect ENT Inc.^(a)		6,869		149,813
iRhythm Technologies Inc.^(a)(b)		10,940		851,788
LeMaitre Vascular Inc.		6,383		334,916
LivaNova PLC^(a)		12,626		1,071,569
Meridian Bioscience Inc.^(a)(b)		16,336		319,859
Merit Medical Systems Inc.^(a)		18,363		1,167,887
Mesa Laboratories Inc.		1,783		443,343
Natus Medical Inc.^(a)		12,635		322,824
Neogen Corp.^(a)		19,765		1,897,638
Nevro Corp.^(a)		12,865		2,223,201
NuVasive Inc.^(a)(b)		19,197		1,371,626
OraSure Technologies Inc.^(a)		16,289		149,044
Orthofix Medical Inc.^(a)		4,512		200,107
OrthoPediatrics Corp.^(a)(b)		5,055		295,717
Outset Medical Inc.^(a)		7,367		441,431
Pulmonx Corp.^(a)		3,907		183,668
Quotient Ltd.^(a)		33,994		133,256
SeaSpine Holdings Corp.^(a)		4,921		102,406


72		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Shockwave Medical Inc.^(a)(b)		11,758	$	1,921,963
SI-BONE Inc.^(a)		10,090		358,195
Silk Road Medical Inc.^(a)(b)		13,008		795,309
SmileDirectClub Inc.^(a)		32,029		340,628
STAAR Surgical Co.^(a)		17,382		2,381,508
Surmodics Inc.^(a)		5,175		276,811
Tactile Systems Technology Inc.^(a)(b)		7,388		423,332
TransMedics Group Inc.^(a)		8,999		258,361
Vapotherm Inc.^(a)		8,183		180,026
Varex Imaging Corp.^(a)		7,701		182,822
ViewRay Inc.^(a)		24,543		118,052
Zynex Inc.^(a)		7,747		114,423


				37,581,350

Health Care Providers & Services — 2.2%
1Life Healthcare Inc.^(a)(b)		28,735		1,250,260
Accolade Inc.^(a)(b)		5,810		291,371
AdaptHealth Corp.^(a)		28,298		822,340
Addus HomeCare Corp.^(a)		5,708		603,906
AMN Healthcare Services Inc.^(a)		8,572		679,760
Apollo Medical Holdings Inc.^(a)		2,609		77,461
Biodesix Inc.^(a)		862		14,102
Castle Biosciences Inc.^(a)		6,985		482,175
CorVel Corp.^(a)		3,554		415,853
Covetrus Inc.^(a)		25,523		731,234
Cross Country Healthcare Inc.^(a)		8,814		117,402
Ensign Group Inc. (The)		19,321		1,658,708
Fulgent Genetics Inc.^(a)(b)		6,687		515,033
Hanger Inc.^(a)		8,695		216,766
HealthEquity Inc.^(a)		30,968		2,352,639
Joint Corp. (The)^(a)		4,748		263,419
ModivCare Inc.^(a)		2,611		365,749
National HealthCare Corp.		2,527		177,673
National Research Corp.		5,266		270,146
Ontrak Inc.^(a)(b)		3,197		104,350
Option Care Health Inc.^(a)		15,438		294,557
Owens & Minor Inc.^(b)		13,453		485,519
Pennant Group Inc. (The)^(a)		9,742		393,772
PetIQ Inc., Class A^(a)		8,411		358,309
Progyny Inc.^(a)(b)		14,573		829,349
R1 RCM Inc.^(a)		45,819		1,249,942
RadNet Inc.^(a)		9,440		210,890
Select Medical Holdings Corp.^(a)		22,998		867,485
Tivity Health Inc.^(a)		6,660		161,039
U.S. Physical Therapy Inc.		4,924		553,704


				16,814,913

Health Care Technology — 1.4%
American Well Corp., Class A^(a)		20,978		322,851
GoodRx Holdings Inc., Class A^(a)(b)		14,858		594,469
Health Catalyst Inc.^(a)		12,497		723,576
HealthStream Inc.^(a)		9,515		229,882
Inovalon Holdings Inc., Class A^(a)		28,701		867,057
Inspire Medical Systems Inc.^(a)(b)		10,152		2,404,197
Omnicell Inc.^(a)		16,033		2,325,106
OptimizeRx Corp.^(a)		5,116		258,153
Phreesia Inc.^(a)		13,196		682,893
Schrodinger Inc.^(a)(b)		13,693		1,043,954
Simulations Plus Inc.		5,797		366,023
Tabula Rasa HealthCare Inc.^(a)		8,369		398,030


Security	Shares		Value

Health Care Technology (continued)
Vocera Communications Inc.^(a)		12,151	$	439,502


				10,655,693

Hotels, Restaurants & Leisure — 3.1%
Accel Entertainment Inc.^(a)		20,147		261,105
Bally’s Corp.		4,293		248,822
BJ’s Restaurants Inc.^(a)(b)		4,683		285,616
Boyd Gaming Corp.^(a)		13,828		914,722
Choice Hotels International Inc.		4,089		465,328
Churchill Downs Inc.		12,845		2,716,718
Chuy’s Holdings Inc.^(a)		4,465		218,160
Del Taco Restaurants Inc.		7,574		86,344
Everi Holdings Inc.^(a)(b)		32,658		577,393
Extended Stay America Inc.		22,619		449,892
Hilton Grand Vacations Inc.^(a)		17,215		767,100
Hyatt Hotels Corp., Class A^(a)		5,718		470,763
Jack in the Box Inc.		4,322		521,449
Lindblad Expeditions Holdings Inc.^(a)		11,781		193,091
Marriott Vacations Worldwide Corp.^(a)		15,487		2,750,956
Monarch Casino & Resort Inc.^(a)		4,997		376,824
Papa John’s International Inc.		12,328		1,192,364
Planet Fitness Inc., Class A^(a)		30,940		2,598,651
Ruth’s Hospitality Group Inc.		5,200		135,772
SeaWorld Entertainment Inc.^(a)		19,219		1,052,432
Shake Shack Inc., Class A^(a)		9,031		982,121
Texas Roadhouse Inc.		24,386		2,609,790
Wendy’s Co. (The)		44,524		1,004,907
Wingstop Inc.^(b)		11,026		1,746,629
Wyndham Hotels & Resorts Inc.		14,717		1,075,960


				23,702,909

Household Durables — 2.0%
Casper Sleep Inc.^(a)		4,170		35,653
Cavco Industries Inc.^(a)		3,185		667,035
Ethan Allen Interiors Inc.		3,986		114,438
GoPro Inc., Class A^(a)(b)		25,879		290,621
Helen of Troy Ltd.^(a)		6,109		1,290,282
Installed Building Products Inc.		8,465		1,139,812
iRobot Corp.^(a)(b)		6,164		670,643
La-Z-Boy Inc.		8,625		383,467
Leggett & Platt Inc.		22,686		1,126,814
LGI Homes Inc.^(a)		4,599		762,422
Lovesac Co. (The)^(a)		3,882		284,434
M/I Homes Inc.^(a)		3,940		274,697
MDC Holdings Inc.		6,680		391,849
Meritage Homes Corp.^(a)		6,419		682,917
Purple Innovation Inc., Class A^(a)		19,594		667,764
Skyline Champion Corp.^(a)		19,462		864,697
Sonos Inc.^(a)		35,462		1,419,544
Tempur Sealy International Inc.		47,185		1,799,636
TopBuild Corp.^(a)		12,357		2,747,950


				15,614,675

Household Products — 0.4%
Central Garden & Pet Co.^(a)		1,526		82,618
Central Garden & Pet Co., Class A, NVS^(a)		5,561		273,990
Energizer Holdings Inc.		11,345		559,309
Spectrum Brands Holdings Inc.		6,485		571,588
WD-40 Co.		5,102		1,269,071


				2,756,576

Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy Inc., Class A		5,419		144,037


S C H E D U L E O F I N V E S T M E N T S		73

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Independent Power and Renewable Electricity Producers (continued)
Clearway Energy Inc., Class C		14,021	$	402,262
Ormat Technologies Inc.		16,734		1,211,542
Sunnova Energy International Inc.^(a)		23,493		829,773


				2,587,614

Industrial Conglomerates — 0.1%
Raven Industries Inc.		13,523		549,304


Insurance — 1.9%
AMERISAFE Inc.		3,199		198,594
Axis Capital Holdings Ltd.		20,008		1,116,446
BRP Group Inc., Class A^(a)		16,521		479,440
eHealth Inc.^(a)(b)		9,829		695,304
Enstar Group Ltd.^(a)		1,901		477,493
GoHealth Inc., Class A^(a)(b)		16,255		193,922
Goosehead Insurance Inc., Class A		6,303		692,952
HCI Group Inc.		1,568		115,123
Kemper Corp.		9,702		757,338
Kinsale Capital Group Inc.		8,070		1,404,261
Lemonade Inc.^(a)(b)		6,649		601,070
Palomar Holdings Inc.^(a)		8,175		575,193
Primerica Inc.		8,879		1,418,598
RLI Corp.		14,842		1,654,289
Root Inc./OH, Class A^(a)(b)		10,509		113,182
Selective Insurance Group Inc.		8,108		617,343
Selectquote Inc.^(a)		16,778		522,299
SiriusPoint Ltd.^(a)		15,597		165,016
Trean Insurance Group Inc.^(a)		4,443		77,708
Trupanion Inc.^(a)		12,554		1,018,129
White Mountains Insurance Group Ltd.		1,154		1,344,906


				14,238,606

Interactive Media & Services — 0.7%
ANGI Inc.^(a)		29,562		473,288
Cargurus Inc.^(a)		33,732		832,506
EverQuote Inc., Class A^(a)		4,161		140,933
MediaAlpha Inc., Class A^(a)		6,148		272,049
QuinStreet Inc.^(a)		19,280		390,805
TripAdvisor Inc.^(a)		14,774		696,299
TrueCar Inc.^(a)		36,606		168,387
Yelp Inc.^(a)		15,749		618,936
ZoomInfo Technologies Inc., Class A^(a)		34,928		1,811,366


				5,404,569

Internet & Direct Marketing Retail — 1.2%
1-800-Flowers.com Inc., Class A^(a)		9,752		311,820
CarParts.com Inc.^(a)		14,029		242,421
Chewy Inc., Class A^(a)(b)		28,483		2,270,665
Duluth Holdings Inc., Class B^(a)(b)		4,898		75,772
Lands’ End Inc.^(a)		6,159		141,903
Liquidity Services Inc.^(a)		5,379		96,446
Overstock.com Inc.^(a)(b)		16,114		1,313,291
PetMed Express Inc.		5,231		153,922
Quotient Technology Inc.^(a)		29,467		481,491
RealReal Inc. (The)^(a)		22,723		562,849
Revolve Group Inc.^(a)(b)		12,531		607,628
Shutterstock Inc.		8,317		725,076
Stamps.com Inc.^(a)		6,895		1,416,026
Stitch Fix Inc., Class A^(a)		22,223		962,700
Waitr Holdings Inc.^(a)(b)		23,334		57,402


				9,419,412


Security	Shares		Value

IT Services — 2.0%
BigCommerce Holdings Inc., Series 1^(a)(b)		4,439	$	266,074
Brightcove Inc.^(a)		15,111		219,412
Cass Information Systems Inc.		1,967		90,265
Euronet Worldwide Inc.^(a)		13,159		1,887,395
EVERTEC Inc.		14,353		572,685
Evo Payments Inc., Class A^(a)		17,616		502,232
ExlService Holdings Inc.^(a)		8,181		755,761
Fastly Inc., Class A^(a)(b)		32,030		2,045,756
Hackett Group Inc. (The)		6,899		114,730
International Money Express Inc.^(a)		6,499		102,554
Limelight Networks Inc.^(a)		32,002		100,166
LiveRamp Holdings Inc.^(a)		25,106		1,229,692
MAXIMUS Inc.		13,748		1,259,867
Perficient Inc.^(a)		8,514		558,603
Rackspace Technology Inc.^(a)		13,110		326,046
Repay Holdings Corp.^(a)		17,673		403,828
Shift4 Payments Inc., Class A^(a)		13,338		1,318,995
Switch Inc., Class A		32,017		594,556
Sykes Enterprises Inc.^(a)		6,077		266,355
TTEC Holdings Inc.		6,788		690,543
Tucows Inc., Class A^(a)		3,547		278,830
Verra Mobility Corp.^(a)		27,832		374,062
WEX Inc.^(a)(b)		8,024		1,646,605


				15,605,012

Leisure Products — 1.0%
Acushnet Holdings Corp.		7,437		314,659
Brunswick Corp./DE		15,474		1,657,730
Callaway Golf Co.		35,374		1,024,077
Johnson Outdoors Inc., Class A		1,770		251,004
Malibu Boats Inc., Class A^(a)		5,349		445,893
Nautilus Inc.^(a)(b)		7,871		131,918
Polaris Inc.		10,712		1,500,001
Sturm Ruger & Co. Inc.		3,135		203,587
YETI Holdings Inc.^(a)(b)		28,153		2,404,829


				7,933,698

Life Sciences Tools & Services — 1.4%
Adaptive Biotechnologies Corp.^(a)		31,221		1,298,794
Berkeley Lights Inc.^(a)		3,174		155,875
ChromaDex Corp.^(a)		18,505		164,324
Codexis Inc.^(a)(b)		21,346		494,800
Fluidigm Corp.^(a)		16,169		81,007
Luminex Corp.		7,412		271,946
Medpace Holdings Inc.^(a)		10,280		1,744,311
NanoString Technologies Inc.^(a)(b)		16,745		1,334,074
NeoGenomics Inc.^(a)(b)		43,615		2,136,699
Pacific Biosciences of California Inc.^(a)		35,681		1,065,078
Personalis Inc.^(a)		10,556		260,100
Quanterix Corp.^(a)(b)		10,305		630,048
Syneos Health Inc.^(a)(b)		14,944		1,267,998


				10,905,054

Machinery — 4.6%
AGCO Corp.		11,782		1,719,229
Alamo Group Inc.		3,709		583,240
Albany International Corp., Class A		5,246		468,153
Altra Industrial Motion Corp.		15,590		919,966
Astec Industries Inc.		5,174		388,102
Barnes Group Inc.		7,341		366,463
Chart Industries Inc.^(a)		13,310		2,137,985
CIRCOR International Inc.^(a)		3,484		119,745


74		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Columbus McKinnon Corp./NY		6,124	$	303,199
Donaldson Co. Inc.		46,345		2,914,174
Douglas Dynamics Inc.		5,900		263,907
Energy Recovery Inc.^(a)		15,826		335,511
Enerpac Tool Group Corp.		12,998		345,747
EnPro Industries Inc.		7,785		666,785
ESCO Technologies Inc.		9,821		1,068,132
Evoqua Water Technologies Corp.^(a)		44,842		1,281,584
Federal Signal Corp.		22,662		938,887
Franklin Electric Co. Inc.		14,197		1,153,790
Gorman-Rupp Co. (The)		4,432		152,993
Helios Technologies Inc.		11,482		829,919
Hyster-Yale Materials Handling Inc.		2,230		180,296
ITT Inc.		13,417		1,265,357
John Bean Technologies Corp.		6,143		893,069
Kadant Inc.		3,038		540,855
Lincoln Electric Holdings Inc.		13,705		1,754,925
Lindsay Corp.		4,069		674,559
Meritor Inc.^(a)		14,714		397,719
Middleby Corp. (The)^(a)(b)		13,313		2,413,913
Mueller Industries Inc.		10,182		456,866
Mueller Water Products Inc., Class A		34,668		497,832
Proto Labs Inc.^(a)		10,361		1,161,054
RBC Bearings Inc.^(a)		9,364		1,867,463
REV Group Inc.		5,594		102,035
Shyft Group Inc. (The)		12,029		426,067
SPX Corp.^(a)		8,894		539,510
SPX FLOW Inc.		7,069		470,725
Standex International Corp.		2,062		195,519
Tennant Co.		4,246		335,052
Trinity Industries Inc.		20,760		573,806
Wabash National Corp.		8,705		153,295
Watts Water Technologies Inc., Class A		9,978		1,242,760
Welbilt Inc.^(a)		17,593		393,028
Woodward Inc.		11,104		1,388,111


				34,881,327

Marine — 0.2%
Genco Shipping & Trading Ltd.		5,449		83,588
Kirby Corp.^(a)		8,531		543,425
Matson Inc.		16,405		1,071,738


				1,698,751

Media — 1.1%
Boston Omaha Corp., Class A^(a)		5,827		163,273
Cardlytics Inc.^(a)		11,746		1,615,427
Gray Television Inc.		17,990		365,557
Loral Space & Communications Inc.		2,650		106,344
Magnite Inc.^(a)		43,272		1,733,044
New York Times Co. (The), Class A		54,181		2,460,359
Nexstar Media Group Inc., Class A		9,197		1,355,730
Sinclair Broadcast Group Inc., Class A		6,915		224,530
TechTarget Inc.^(a)		8,911		683,474


				8,707,738

Metals & Mining — 0.4%
Arconic Corp.^(a)		22,451		642,099
Coeur Mining Inc.^(a)		43,591		352,215
Compass Minerals International Inc.		12,415		843,227
Hecla Mining Co.		116,652		689,413
Materion Corp.		4,642		328,700
McEwen Mining Inc.^(a)(b)		48,485		58,182


Security	Shares		Value

Metals & Mining (continued)
SunCoke Energy Inc.		14,956	$	100,953
Worthington Industries Inc.		4,712		307,505


				3,322,294

Mortgage Real Estate Investment — 0.2%
Ellington Financial Inc.		6,135		110,062
Granite Point Mortgage Trust Inc.		9,022		119,451
Hannon Armstrong Sustainable Infrastructure Capital Inc.		20,097		1,053,083
Redwood Trust Inc.		22,334		248,131


				1,530,727

Multiline Retail — 0.3%
Big Lots Inc.		6,241		430,254
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		21,317		1,966,920


				2,397,174

Oil, Gas & Consumable Fuels — 0.3%
Brigham Minerals Inc., Class A		14,843		254,409
Clean Energy Fuels Corp.^(a)(b)		16,514		181,654
Comstock Resources Inc.^(a)		13,039		71,584
Denbury Inc.^(a)		12,856		699,495
Dorian LPG Ltd.^(a)		3,646		48,455
Matador Resources Co.		24,304		639,438
Renewable Energy Group Inc.^(a)		10,624		589,845
Tellurian Inc.^(a)(b)		47,098		104,322


				2,589,202

Paper & Forest Products — 0.0%
Glatfelter Corp.		9,273		136,499


Personal Products — 0.3%
elf Beauty Inc.^(a)		9,659		292,185
Inter Parfums Inc.		4,649		342,166
Medifast Inc.		4,467		1,014,411
USANA Health Sciences Inc.^(a)		2,345		211,027


				1,859,789

Pharmaceuticals — 1.2%
Aerie Pharmaceuticals Inc.^(a)		11,289		193,381
Amphastar Pharmaceuticals Inc.^(a)		13,365		232,551
Antares Pharma Inc.^(a)		60,187		228,109
Arvinas Inc.^(a)		12,278		846,445
Axsome Therapeutics Inc.^(a)(b)		4,737		286,399
BioDelivery Sciences International Inc.^(a)(b)		37,034		128,138
Cara Therapeutics Inc.^(a)		16,151		209,155
Collegium Pharmaceutical Inc.^(a)		6,664		148,607
Corcept Therapeutics Inc.^(a)		21,801		496,845
Cymabay Therapeutics Inc.^(a)		23,877		103,387
Durect Corp.^(a)(b)		82,437		156,630
Intra-Cellular Therapies Inc.^(a)		17,553		604,350
Kala Pharmaceuticals Inc.^(a)(b)		13,438		103,876
Marinus Pharmaceuticals Inc.^(a)		12,342		181,551
NGM Biopharmaceuticals Inc.^(a)		8,574		235,785
Ocular Therapeutix Inc.^(a)		28,213		518,555
Odonate Therapeutics Inc.^(a)		5,298		17,748
Omeros Corp.^(a)(b)		23,167		409,129
Osmotica Pharmaceuticals PLC^(a)(b)		2,822		8,127
Pacira BioSciences Inc.^(a)		16,482		1,041,333
Provention Bio Inc.^(a)(b)		10,158		73,036
Relmada Therapeutics Inc.^(a)		5,270		203,211
Revance Therapeutics Inc.^(a)		24,946		726,428
SIGA Technologies Inc.^(a)		15,786		113,186
TherapeuticsMD Inc.^(a)		125,718		152,119
Theravance Biopharma Inc.^(a)(b)		18,650		368,151


S C H E D U L E O F I N V E S T M E N T S		75

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Tilray Inc., Class 2 ^(a)(b)		55,369	$	1,015,467
VYNE Therapeutics Inc.^(a)(b)		19,203		94,863
Zogenix Inc.^(a)		20,643		389,946


				9,286,508

Professional Services — 2.1%
ASGN Inc.^(a)		7,145		751,511
Barrett Business Services Inc.		1,720		126,128
CACI International Inc., Class A^(a)		5,092		1,297,747
CBIZ Inc.^(a)		11,202		376,275
CoreLogic Inc.		27,269		2,173,339
CRA International Inc.		1,417		113,728
Exponent Inc.		19,328		1,861,866
Forrester Research Inc.^(a)		2,977		129,351
FTI Consulting Inc.^(a)(b)		12,769		1,772,976
Heidrick & Struggles International Inc.		3,710		156,933
Huron Consulting Group Inc.^(a)		5,111		287,545
ICF International Inc.		4,425		402,941
Insperity Inc.		13,402		1,173,211
Kelly Services Inc., Class A, NVS^(a)		5,707		142,960
Kforce Inc.		5,107		286,196
Korn Ferry		20,446		1,388,079
ManTech International Corp./VA, Class A		5,554		474,034
TriNet Group Inc.^(a)		14,886		1,171,677
TrueBlue Inc.^(a)		8,524		241,229
Upwork Inc.^(a)		34,197		1,575,114
Willdan Group Inc.^(a)(b)		4,533		173,025


				16,075,865

Real Estate Management & Development — 0.9%
Cushman & Wakefield PLC^(a)		23,283		395,811
eXp World Holdings Inc.^(a)(b)		21,009		721,869
Forestar Group Inc.^(a)		3,008		76,223
Howard Hughes Corp. (The)^(a)		7,961		859,310
Jones Lang LaSalle Inc.^(a)(b)		7,288		1,369,488
Marcus & Millichap Inc.^(a)		5,468		193,130
Redfin Corp.^(a)		38,698		2,739,045
St. Joe Co. (The)		11,837		542,016
Tejon Ranch Co.^(a)		8,306		131,401


				7,028,293

Road & Rail — 0.6%
Daseke Inc.^(a)		11,238		85,296
Heartland Express Inc.		10,833		201,385
Landstar System Inc.		6,669		1,148,935
Marten Transport Ltd.		15,838		264,811
Saia Inc.^(a)		9,921		2,326,475
Schneider National Inc., Class B		5,294		128,274
Werner Enterprises Inc.		11,951		552,495


				4,707,671

Semiconductors & Semiconductor Equipment — 4.3%
ACM Research Inc., Class A^(a)(b)		3,905		308,300
Advanced Energy Industries Inc.		14,304		1,577,874
Ambarella Inc.^(a)		13,149		1,281,896
Amkor Technology Inc.		19,647		397,262
Axcelis Technologies Inc.^(a)		12,773		530,463
Brooks Automation Inc.		27,784		2,815,353
CEVA Inc.^(a)		8,586		476,008
Cirrus Logic Inc.^(a)		21,638		1,610,084
CMC Materials Inc.		10,841		1,988,565
Cohu Inc.^(a)		17,910		716,579
Diodes Inc.^(a)		15,725		1,207,837


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
DSP Group Inc.^(a)		8,120	$	112,787
FormFactor Inc.^(a)		29,222		1,144,041
Ichor Holdings Ltd.^(a)		6,051		337,464
Impinj Inc.^(a)		8,334		395,532
Kulicke & Soffa Industries Inc.		23,338		1,326,765
Lattice Semiconductor Corp.^(a)		50,982		2,564,904
MACOM Technology Solutions Holdings Inc.^(a)		17,241		976,013
Magnachip Semiconductor Corp.^(a)		5,949		148,785
MaxLinear Inc.^(a)		25,470		916,665
MKS Instruments Inc.		20,613		3,691,994
NeoPhotonics Corp.^(a)		11,845		110,869
Onto Innovation Inc.^(a)		7,687		526,713
PDF Solutions Inc.^(a)		11,119		197,140
Photronics Inc.^(a)		9,560		121,412
Power Integrations Inc.		22,320		1,848,319
Rambus Inc.^(a)		41,764		792,681
Semtech Corp.^(a)		24,105		1,632,873
Silicon Laboratories Inc.^(a)		16,246		2,289,874
SiTime Corp.^(a)		4,748		439,427
Synaptics Inc.^(a)		4,945		691,657


				33,176,136

Software — 10.0%
8x8 Inc.^(a)		40,145		1,320,369
A10 Networks Inc.^(a)		23,066		200,213
ACI Worldwide Inc.^(a)		43,529		1,644,526
Agilysys Inc.^(a)		7,701		388,207
Alarm.com Holdings Inc.^(a)		16,896		1,516,585
Altair Engineering Inc., Class A^(a)		16,630		1,080,950
American Software Inc./GA, Class A		11,800		244,142
Appfolio Inc., Class A^(a)		6,535		945,157
Appian Corp.^(a)(b)		14,597		1,768,864
Benefitfocus Inc.^(a)		11,050		149,396
Blackbaud Inc.^(a)		9,958		708,213
Blackline Inc.^(a)		19,170		2,224,870
Bottomline Technologies DE Inc.^(a)		14,556		706,839
Box Inc., Class A^(a)		53,859		1,147,197
CDK Global Inc.		19,542		1,047,256
Cerence Inc.^(a)(b)		14,175		1,366,612
ChannelAdvisor Corp.^(a)		6,428		135,952
Cloudera Inc.^(a)		80,700		1,024,083
CommVault Systems Inc.^(a)		7,756		539,120
Cornerstone OnDemand Inc.^(a)		22,828		1,010,481
Datto Holding Corp.^(a)(b)		8,668		221,467
Digimarc Corp.^(a)(b)		5,436		183,356
Digital Turbine Inc.^(a)		28,162		2,124,260
Dolby Laboratories Inc., Class A		24,456		2,481,550
Domo Inc., Class B^(a)		10,047		645,922
Dropbox Inc., Class A^(a)(b)		110,581		2,841,932
Duck Creek Technologies Inc.^(a)(b)		12,150		505,197
eGain Corp.^(a)		8,860		87,094
Envestnet Inc.^(a)(b)		20,154		1,487,970
Everbridge Inc.^(a)		13,510		1,792,912
FireEye Inc.^(a)(b)		88,921		1,767,305
fuboTV Inc.^(a)(b)		18,969		382,415
Intelligent Systems Corp.^(a)(b)		2,667		102,199
InterDigital Inc.		11,534		800,690
j2 Global Inc.^(a)		7,969		964,249
Jamf Holding Corp.^(a)(b)		10,554		385,432
LivePerson Inc.^(a)		23,564		1,287,773
Manhattan Associates Inc.^(a)		23,938		3,285,251


76		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
McAfee Corp., Class A		13,291	$	322,706
Medallia Inc.^(a)(b)		30,985		913,748
MicroStrategy Inc., Class A^(a)(b)		2,850		1,872,906
Mimecast Ltd.^(a)		21,971		953,981
Mitek Systems Inc.^(a)		16,332		264,742
Model N Inc.^(a)		11,446		455,322
New Relic Inc.^(a)(b)		20,220		1,300,146
Nutanix Inc., Class A^(a)		38,435		1,039,282
OneSpan Inc.^(a)		12,840		344,240
Pagerduty Inc.^(a)(b)		21,604		917,306
Palantir Technologies Inc., Class A^(a)		163,623		3,769,874
Ping Identity Holding Corp.^(a)		13,714		332,976
Progress Software Corp.		10,477		457,426
Proofpoint Inc.^(a)		21,363		3,676,786
PROS Holdings Inc.^(a)		14,920		641,262
Q2 Holdings Inc.^(a)(b)		19,326		2,010,291
QAD Inc., Class A		4,498		317,964
Qualys Inc.^(a)		12,615		1,278,656
Rapid7 Inc.^(a)		19,549		1,588,356
SailPoint Technologies Holdings Inc.^(a)(b)		34,311		1,675,406
ShotSpotter Inc.^(a)		3,226		112,716
Sprout Social Inc., Class A^(a)		10,748		712,485
SPS Commerce Inc.^(a)		13,373		1,369,930
Sumo Logic Inc.^(a)		5,678		110,664
SVMK Inc.^(a)		45,466		817,933
Tenable Holdings Inc.^(a)		25,338		950,048
Teradata Corp.^(a)		24,765		1,225,125
Upland Software Inc.^(a)		9,773		484,350
Varonis Systems Inc.^(a)		37,919		2,007,811
Verint Systems Inc.^(a)		11,906		578,274
Vertex Inc., Class A^(a)		9,366		191,347
Workiva Inc.^(a)(b)		15,455		1,452,770
Xperi Holding Corp.		17,943		368,729
Yext Inc.^(a)		36,497		509,133
Zix Corp.^(a)		10,996		86,703
Zuora Inc., Class A^(a)		39,294		636,563


			76,263,963

Specialty Retail — 2.1%
Academy Sports & Outdoors Inc.^(a)(b)		4,502		138,707
America’s Car-Mart Inc./TX^(a)		967		145,853
Asbury Automotive Group Inc.^(a)		3,970		788,482
At Home Group Inc.^(a)		8,773		277,051
Boot Barn Holdings Inc.^(a)		11,015		776,998
Camping World Holdings Inc., Class A		8,558		372,615
Citi Trends Inc.		1,360		142,256
Container Store Group Inc. (The)^(a)		7,866		110,832
GrowGeneration Corp.^(a)(b)		18,020		785,672
Haverty Furniture Companies Inc.		3,614		167,942
Leslie’s Inc.^(a)(b)		25,638		728,632
Lithia Motors Inc., Class A		9,960		3,828,425
Lumber Liquidators Holdings Inc.^(a)		5,536		132,698
MarineMax Inc.^(a)(b)		4,596		261,053
Monro Inc.		8,025		566,485
National Vision Holdings Inc.^(a)		30,324		1,528,633
RH^(a)(b)		6,074		4,179,033
Shoe Carnival Inc.		2,057		123,317
Sportsman’s Warehouse Holdings Inc.^(a)		8,491		149,102
Vroom Inc.^(a)(b)		13,206		611,042
Winmark Corp.		643		123,822


Security	Shares		Value

Specialty Retail (continued)
Zumiez Inc.^(a)		3,574	$	153,575


			16,092,225

Technology Hardware, Storage & Peripherals — 0.3%
Corsair Gaming Inc.^(a)		8,054		267,232
Pure Storage Inc., Class A^(a)		91,460		1,849,321
Turtle Beach Corp.^(a)(b)		3,861		107,297


				2,223,850

Textiles, Apparel & Luxury Goods — 1.2%
Columbia Sportswear Co.		4,974		542,216
Crocs Inc.^(a)		24,605		2,463,452
Levi Strauss & Co., Class A		10,972		316,652
Oxford Industries Inc.		2,612		238,293
Ralph Lauren Corp.		6,743		898,774
Skechers U.S.A. Inc., Class A^(a)		32,393		1,570,736
Steven Madden Ltd.		17,201		699,565
Under Armour Inc., Class A^(a)		43,267		1,051,821
Under Armour Inc., Class C, NVS^(a)		43,409		864,273
Wolverine World Wide Inc.		17,226		718,669


				9,364,451

Thrifts & Mortgage Finance — 0.5%
Axos Financial Inc.^(a)		9,356		422,423
Columbia Financial Inc.^(a)		28,973		529,337
Kearny Financial Corp./MD		31,736		405,586
Meridian Bancorp. Inc.		19,959		441,293
Mr Cooper Group Inc.^(a)		12,892		444,516
PennyMac Financial Services Inc.^(c)		7,510		452,177
TFS Financial Corp.		16,592		324,540
Waterstone Financial Inc.		10,301		202,930
WSFS Financial Corp.		11,914		608,686


				3,831,488

Tobacco — 0.1%
Turning Point Brands Inc.		4,310		210,414
Vector Group Ltd.		17,232		224,878


				435,292

Trading Companies & Distributors — 0.7%
Applied Industrial Technologies Inc.		6,558		627,338
DXP Enterprises Inc./TX^(a)		4,888		143,072
GATX Corp.		6,025		588,703
McGrath RentCorp.		4,719		386,863
Rush Enterprises Inc., Class A		9,918		489,552
SiteOne Landscape Supply Inc.^(a)		16,573		2,972,865
Systemax Inc.		5,876		251,023
Titan Machinery Inc.^(a)		4,924		128,566


				5,587,982

Water Utilities — 0.4%
American States Water Co.		9,634		762,916
Cadiz Inc.^(a)		11,387		132,659
California Water Service Group		19,015		1,117,131
Middlesex Water Co.		4,492		368,434
SJW Group		6,062		397,364
York Water Co. (The)		4,977		257,012


				3,035,516

Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.		18,619		879,934


Total Common Stocks — 99.9% (Cost: $728,441,554)				765,436,709


S C H E D U L E O F I N V E S T M E N T S		77

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 10.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		78,070,290	$	78,109,325
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		960,000		960,000


				79,069,325


Total Short-Term Investments — 10.3% (Cost: $79,053,634)				79,069,325


Total Investments in Securities — 110.2% (Cost: $807,495,188)				844,506,034

Other Assets, Less Liabilities — (10.2)%				(78,191,080	)


Net Assets — 100.0%			$	766,314,954

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	44,610,732	$	33,522,087	^(a)	$	—	$	10,908	$	(34,402	)	$	78,109,325		78,070,290	$	316,241	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		650,000	^(a)		—		—		—			960,000		960,000		279			—


								$	10,908	$	(34,402	)	$	79,069,325			$	316,520		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
Russell 2000 E-Mini Index		5		06/18/21	$	565	$	(300	)
S&P Select Sector Technology E-Mini Index		1		06/18/21		141		41

							$	(259	)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	41


78		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	300

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	155,523


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(23,199	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	396,181

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	765,436,709		$	—	$	—	$	765,436,709
Money Market Funds		79,069,325			—		—		79,069,325


	$	844,506,034		$	—	$	—	$	844,506,034

Derivative financial instruments^(a)
Assets
Futures Contracts	$	41		$	—	$	—	$	41
Liabilities
Futures Contracts		(300	)		—		—		(300	)


	$	(259	)	$	—	$	—	$	(259	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		79

Schedule of Investments

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
AAR Corp.		2,965	$	119,312
Aerojet Rocketdyne Holdings Inc.		8,009		374,181
BWX Technologies Inc.		5,041		337,344
Cubic Corp.		6,141		459,592
Curtiss-Wright Corp.		4,230		541,017
Ducommun Inc.^(a)		2,208		130,117
Hexcel Corp.^(a)		7,525		424,485
Kaman Corp.		2,461		131,294
Kratos Defense & Security Solutions Inc.^(a)		11,309		302,403
Maxar Technologies Inc.		5,348		207,556
Moog Inc., Class A		5,768		499,220
National Presto Industries Inc.		713		73,353
PAE Inc.^(a)		4,780		42,877
Parsons Corp.^(a)		4,417		195,806
Spirit AeroSystems Holdings Inc., Class A		12,491		570,714
Triumph Group Inc.^(a)		10,171		172,093
Vectrus Inc.^(a)		1,899		99,413
Virgin Galactic Holdings Inc.^(a)		13,528		299,645


				4,980,422

Air Freight & Logistics — 0.2%
Air Transport Services Group Inc.^(a)(b)		4,305		113,308
Atlas Air Worldwide Holdings Inc.^(a)		5,401		366,782
Forward Air Corp.		2,646		233,615
Hub Group Inc., Class A^(a)		4,452		292,585


				1,006,290

Airlines — 1.7%
Alaska Air Group Inc.^(a)		24,092		1,665,721
Allegiant Travel Co.^(a)		2,547		600,404
American Airlines Group Inc.^(a)		122,764		2,666,434
Hawaiian Holdings Inc.^(a)		10,162		255,168
JetBlue Airways Corp.^(a)		61,145		1,244,912
SkyWest Inc.		10,339		513,435
Spirit Airlines Inc.^(a)(b)		19,060		682,729


				7,628,803

Auto Components — 0.9%
Adient PLC^(a)		17,705		820,450
American Axle & Manufacturing Holdings Inc.^(a)		21,336		197,998
Cooper Tire & Rubber Co.		3,711		211,490
Cooper-Standard Holdings Inc.^(a)		3,205		93,073
Dana Inc.		26,760		677,028
Goodyear Tire & Rubber Co. (The)^(a)		44,493		765,724
Modine Manufacturing Co.^(a)		4,995		81,319
Motorcar Parts of America Inc.^(a)		1,711		36,958
Patrick Industries Inc.		2,107		188,787
Standard Motor Products Inc.		3,754		160,784
Stoneridge Inc.^(a)		2,506		83,324
Tenneco Inc., Class A^(a)		8,999		90,620
Veoneer Inc.^(a)(b)		17,612		403,315
Visteon Corp.^(a)		1,884		229,490


				4,040,360

Automobiles — 0.4%
Harley-Davidson Inc.		17,621		852,328
Thor Industries Inc.		4,837		684,871
Winnebago Industries Inc.		3,638		290,858


				1,828,057

Banks — 11.2%
1st Source Corp.		3,844		182,936


Security	Shares		Value

Banks (continued)
Associated Banc-Corp.		33,229	$	727,383
Atlantic Union Bankshares Corp.		9,967		385,424
Banc of California Inc.		5,228		93,581
BancFirst Corp.		4,779		332,188
Bancorp. Inc. (The)^(a)		8,775		194,849
BancorpSouth Bank		11,020		326,082
Bank of Hawaii Corp.		5,751		522,708
Bank OZK		25,304		1,037,211
BankUnited Inc.		17,589		819,823
BOK Financial Corp.		6,790		597,113
Bryn Mawr Bank Corp.		5,676		260,869
Camden National Corp.		3,347		159,719
Cathay General Bancorp.		16,390		663,467
CIT Group Inc.		19,013		1,013,203
Comerica Inc.		26,807		2,014,814
Community Bank System Inc.		3,618		280,865
Community Trust Bancorp. Inc.		4,749		211,615
ConnectOne Bancorp. Inc.		7,160		194,394
CrossFirst Bankshares Inc.^(a)		15,168		223,576
Cullen/Frost Bankers Inc.		7,249		870,315
Customers Bancorp. Inc.^(a)(b)		5,542		191,310
Dime Community Bancshares Inc.		6,635		219,751
East West Bancorp. Inc.		17,093		1,301,632
Eastern Bankshares Inc.		10,990		234,417
Enterprise Financial Services Corp.		6,015		295,517
FB Financial Corp.		4,954		207,870
First Bancshares Inc. (The)		3,142		122,915
First Busey Corp.		9,536		238,209
First Citizens BancShares Inc./NC, Class A		521		451,947
First Financial Corp./IN		3,096		136,967
First Foundation Inc.		6,606		157,223
First Hawaiian Inc.		28,229		775,168
First Horizon Corp.		106,994		1,956,920
First Interstate BancSystem Inc., Class A		5,919		278,015
First Merchants Corp.		12,226		564,963
Flushing Financial Corp.		9,546		222,135
FNB Corp.		68,553		883,648
Fulton Financial Corp.		36,130		616,017
German American Bancorp. Inc.		3,405		147,539
Great Southern Bancorp. Inc.		2,067		116,599
Hancock Whitney Corp.		18,658		862,746
Heartland Financial USA Inc.		5,538		278,395
Heritage Commerce Corp.		11,541		139,300
Hilltop Holdings Inc.		9,008		317,082
Home BancShares Inc./AR		20,182		561,665
Horizon Bancorp Inc./IN		8,231		150,957
Independent Bank Corp.		6,253		512,121
Independent Bank Corp./MI		4,210		99,188
Independent Bank Group Inc.		2,607		196,855
International Bancshares Corp.		12,460		590,479
Investors Bancorp. Inc.		18,688		273,592
Lakeland Bancorp. Inc.		14,397		261,018
Lakeland Financial Corp.		2,796		182,383
Midland States Bancorp. Inc.		6,974		196,527
National Bank Holdings Corp., Class A		2,039		81,356
Nicolet Bankshares Inc.^(a)		2,034		162,232
OceanFirst Financial Corp.		15,110		345,415
OFG Bancorp.		7,979		189,023
Old National Bancorp./IN		31,386		593,195
PacWest Bancorp.		24,624		1,068,928


80		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Park National Corp.		2,743	$	343,122
Peoples Bancorp. Inc./OH		5,859		195,866
People’s United Financial Inc.		81,964		1,486,007
Pinnacle Financial Partners Inc.		6,860		601,210
Popular Inc.		9,685		716,303
Prosperity Bancshares Inc.		11,656		855,084
QCR Holdings Inc.		3,230		155,751
Sandy Spring Bancorp. Inc.		10,984		498,234
Signature Bank/New York NY		11,370		2,859,669
South State Corp.		6,407		540,238
Sterling Bancorp./DE		25,085		630,386
Stock Yards Bancorp. Inc.		2,956		151,229
Synovus Financial Corp.		30,482		1,428,387
TCF Financial Corp.		29,394		1,338,015
Texas Capital Bancshares Inc.^(a)		4,933		338,552
Tompkins Financial Corp.		1,335		104,330
Towne Bank/Portsmouth VA		9,431		292,172
TriCo Bancshares		6,983		323,173
TriState Capital Holdings Inc.^(a)		8,837		210,939
Trustmark Corp.		14,631		474,191
UMB Financial Corp.		9,257		898,207
Umpqua Holdings Corp.		47,213		880,050
United Bankshares Inc./WV		24,843		975,585
Univest Financial Corp.		6,296		175,847
Valley National Bancorp.		84,288		1,160,646
Washington Trust Bancorp. Inc.		3,620		184,801
Webster Financial Corp.		18,861		997,936
WesBanco Inc.		15,300		555,237
Western Alliance Bancorp.		8,106		851,697
Wintrust Financial Corp.		7,756		597,988
Zions Bancorp. NA		31,631		1,765,010


				49,879,216

Beverages — 0.0%
Coca-Cola Consolidated Inc.		257		75,365
MGP Ingredients Inc.		1,221		73,382


				148,747

Biotechnology — 2.2%
Adverum Biotechnologies Inc.^(a)		11,026		43,001
Aeglea BioTherapeutics Inc.^(a)		4,423		34,411
Akebia Therapeutics Inc.^(a)		17,723		56,536
Alkermes PLC^(a)		15,836		348,471
ALX Oncology Holdings Inc.^(a)		1,176		73,688
Apellis Pharmaceuticals Inc.^(a)		4,397		222,796
Arena Pharmaceuticals Inc.^(a)		6,198		425,369
Assembly Biosciences Inc.^(a)		5,281		22,603
Atara Biotherapeutics Inc.^(a)		8,492		119,398
Athersys Inc.^(a)		18,163		30,332
Bluebird Bio Inc.^(a)(b)		6,314		189,420
Catalyst Pharmaceuticals Inc.^(a)		9,394		43,025
Celldex Therapeutics Inc.^(a)(b)		4,480		135,878
Clovis Oncology Inc.^(a)(b)		10,577		62,827
Coherus Biosciences Inc.^(a)		12,420		183,816
Crinetics Pharmaceuticals Inc.^(a)		2,813		48,693
CytomX Therapeutics Inc.^(a)(b)		6,020		56,347
Denali Therapeutics Inc.^(a)		15,544		939,479
Eagle Pharmaceuticals Inc./DE^(a)		1,755		71,657
Emergent BioSolutions Inc.^(a)		3,359		204,832
Enanta Pharmaceuticals Inc.^(a)		3,760		190,782
Esperion Therapeutics Inc.^(a)		5,374		144,829


Security	Shares		Value

Biotechnology (continued)
Forma Therapeutics Holdings Inc.^(a)		2,049	$	55,221
G1 Therapeutics Inc.^(a)		2,429		51,179
Geron Corp.^(a)		34,320		49,764
Global Blood Therapeutics Inc.^(a)(b)		6,017		245,373
Homology Medicines Inc.^(a)		3,613		24,460
Ideaya Biosciences Inc.^(a)		3,250		66,788
ImmunityBio Inc.^(a)(b)		2,520		44,730
Immunovant Inc.^(a)		9,621		150,857
Inhibrx Inc.^(a)		304		6,484
Inovio Pharmaceuticals Inc.^(a)(b)		21,550		146,756
Ironwood Pharmaceuticals Inc.^(a)		13,258		146,368
IVERIC bio Inc.^(a)		10,780		75,460
Jounce Therapeutics Inc.^(a)		1,985		18,719
Karyopharm Therapeutics Inc.^(a)		4,432		41,395
Keros Therapeutics Inc.^(a)		735		43,218
Kodiak Sciences Inc.^(a)		6,079		734,586
Myriad Genetics Inc.^(a)		14,735		445,292
Nkarta Inc.^(a)		1,722		54,846
Nurix Therapeutics Inc.^(a)		2,696		93,875
Precigen Inc.^(a)(b)		10,060		77,814
Protagonist Therapeutics Inc.^(a)		3,760		108,814
Prothena Corp. PLC^(a)		5,239		139,043
Radius Health Inc.^(a)		2,804		62,529
Rhythm Pharmaceuticals Inc.^(a)		3,008		64,853
Rocket Pharmaceuticals Inc.^(a)		2,790		127,894
Sangamo Therapeutics Inc.^(a)		10,253		120,780
Seres Therapeutics Inc.^(a)		5,514		114,746
Shattuck Labs Inc.^(a)		1,146		43,181
Sorrento Therapeutics Inc.^(a)(b)		44,999		370,342
Spectrum Pharmaceuticals Inc.^(a)		28,115		87,438
Syndax Pharmaceuticals Inc.^(a)		3,129		49,876
uniQure NV^(a)(b)		3,002		96,875
United Therapeutics Corp.^(a)		8,477		1,708,624
Vericel Corp.^(a)		3,917		244,499
Viking Therapeutics Inc.^(a)		6,899		44,085
ZIOPHARM Oncology Inc.^(a)(b)		25,714		88,970


				9,693,924

Building Products — 1.1%
American Woodmark Corp.^(a)		2,005		199,417
Apogee Enterprises Inc.		5,473		192,267
Armstrong World Industries Inc.		4,336		449,426
AZEK Co. Inc. (The)^(a)		11,051		533,542
Builders FirstSource Inc.^(a)		24,992		1,216,361
Cornerstone Building Brands Inc.^(a)		5,001		70,314
Griffon Corp.		4,041		109,592
Insteel Industries Inc.		2,380		90,749
JELD-WEN Holding Inc.^(a)		8,173		238,406
Masonite International Corp.^(a)		1,926		243,235
PGT Innovations Inc.^(a)		5,167		136,047
Quanex Building Products Corp.		4,630		126,353
Resideo Technologies Inc.^(a)		27,701		831,307
UFP Industries Inc.		3,466		291,283


				4,728,299

Capital Markets — 3.2%
Affiliated Managers Group Inc.		8,055		1,298,224
Ares Management Corp., Class A		9,036		474,571
Artisan Partners Asset Management Inc., Class A		8,247		419,937
B. Riley Financial Inc.		2,122		151,277
BGC Partners Inc., Class A		70,400		373,120


S C H E D U L E O F I N V E S T M E N T S		81

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Blucora Inc.^(a)		8,492	$	122,242
BrightSphere Investment Group Inc.		13,305		299,496
Cohen & Steers Inc.		3,502		238,206
Cowen Inc., Class A		4,169		164,634
Diamond Hill Investment Group Inc.		1,055		180,405
Donnelley Financial Solutions Inc.^(a)		6,365		194,514
Evercore Inc., Class A		4,668		654,127
Federated Hermes Inc.		18,125		522,000
Focus Financial Partners Inc., Class A^(a)		3,356		157,933
Invesco Ltd.		74,646		2,015,442
Janus Henderson Group PLC		34,361		1,181,675
Jefferies Financial Group Inc.		24,183		786,189
LPL Financial Holdings Inc.		6,216		974,047
Moelis & Co., Class A		7,810		423,927
Oppenheimer Holdings Inc., Class A, NVS		1,776		90,878
Piper Sandler Cos		3,404		394,830
StepStone Group Inc., Class A		1,677		55,844
Stifel Financial Corp.		21,554		1,491,321
StoneX Group Inc.^(a)		2,588		164,390
Victory Capital Holdings Inc., Class A		3,485		96,709
Virtu Financial Inc., Class A		16,393		485,725
Virtus Investment Partners Inc.		1,597		436,716
Waddell & Reed Financial Inc., Class A		12,876		321,643
WisdomTree Investments Inc.		31,479		213,585


				14,383,607

Chemicals — 2.4%
AdvanSix Inc.^(a)		5,646		164,186
American Vanguard Corp.		6,230		123,229
Ashland Global Holdings Inc.		5,509		474,931
Avient Corp.		10,350		525,470
Axalta Coating Systems Ltd.^(a)		22,000		701,580
Cabot Corp.		11,538		633,205
Chase Corp.		876		103,753
Chemours Co. (The)		31,335		946,317
Element Solutions Inc.		41,230		902,112
Ferro Corp.^(a)		16,357		272,508
FutureFuel Corp.		10,198		129,515
Hawkins Inc.		3,097		103,285
HB Fuller Co.		5,223		349,001
Huntsman Corp.		22,655		649,519
Innospec Inc.		3,249		316,485
Koppers Holdings Inc.^(a)		2,490		82,768
Kraton Corp.^(a)		2,307		82,498
Kronos Worldwide Inc.		5,733		97,461
Minerals Technologies Inc.		6,970		544,636
NewMarket Corp.		1,290		447,101
Olin Corp.		27,401		1,179,065
PQ Group Holdings Inc.		8,288		116,032
Sensient Technologies Corp.		3,334		274,188
Tredegar Corp.		4,573		66,857
Trinseo SA		7,492		463,830
Tronox Holdings PLC, Class A		6,901		146,301
Valvoline Inc.		16,726		525,196
WR Grace & Co.		5,048		346,949


				10,767,978

Commercial Services & Supplies — 1.4%
ABM Industries Inc.		7,702		395,960
ACCO Brands Corp.		21,146		181,433
ADT Inc.		28,642		263,507


Security	Shares		Value

Commercial Services & Supplies (continued)
Brady Corp., Class A, NVS		6,497	$	354,541
BrightView Holdings Inc.^(a)		5,358		96,069
Cimpress PLC^(a)		1,822		173,564
CoreCivic Inc.		26,008		202,082
Covanta Holding Corp.		23,040		346,522
Deluxe Corp.		8,323		366,378
Ennis Inc.		8,552		177,283
Healthcare Services Group Inc.		6,663		199,557
Herman Miller Inc.		11,629		482,603
HNI Corp.		6,629		280,672
Interface Inc.		12,876		165,328
KAR Auction Services Inc.		25,656		384,583
Kimball International Inc., Class B		10,796		157,406
Knoll Inc.		11,038		263,808
Matthews International Corp., Class A		6,951		287,632
SP Plus Corp.^(a)		3,079		105,702
Steelcase Inc., Class A		19,578		270,176
Stericycle Inc.^(a)		7,227		551,276
UniFirst Corp./MA		956		214,326
Viad Corp.		3,989		166,182


				6,086,590

Communications Equipment — 0.6%
ADTRAN Inc.		10,839		185,238
Casa Systems Inc.^(a)(b)		2,402		18,844
CommScope Holding Co. Inc.^(a)(b)		38,622		635,332
Comtech Telecommunications Corp.		5,538		132,801
Digi International Inc.^(a)		2,646		47,284
EchoStar Corp., Class A^(a)(b)		10,675		261,004
Extreme Networks Inc.^(a)		10,607		120,708
Harmonic Inc.^(a)		8,584		67,127
Infinera Corp.^(a)		15,255		140,651
NETGEAR Inc.^(a)		6,347		236,172
NetScout Systems Inc.^(a)		14,619		382,945
Plantronics Inc.^(a)		4,600		183,954
Ribbon Communications Inc.^(a)		15,194		102,559
Viavi Solutions Inc.^(a)		15,196		248,606


				2,763,225

Construction & Engineering — 1.2%
Aegion Corp.^(a)		6,214		187,042
API Group Corp.^(a)(c)		29,051		617,624
Argan Inc.		2,047		102,657
Construction Partners Inc., Class A^(a)		3,469		110,071
Dycom Industries Inc.^(a)		3,274		307,134
EMCOR Group Inc.		6,426		769,835
Fluor Corp.^(a)		24,392		560,528
Granite Construction Inc.		9,379		357,340
Great Lakes Dredge & Dock Corp.^(a)		12,884		202,279
IES Holdings Inc.^(a)		1,509		79,660
MasTec Inc.^(a)		6,144		641,188
MYR Group Inc.^(a)		3,607		280,985
Northwest Pipe Co.^(a)		2,291		76,222
NV5 Global Inc.^(a)		874		78,774
Primoris Services Corp.		5,204		169,963
Sterling Construction Co. Inc.^(a)		3,664		76,394
Tutor Perini Corp.^(a)		8,244		132,728
Valmont Industries Inc.		1,825		450,501


				5,200,925

Construction Materials — 0.2%
Eagle Materials Inc.		4,646		641,798


82		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction Materials (continued)
Forterra Inc.^(a)		1,650	$	38,709
U.S. Concrete Inc.^(a)		1,373		87,062


				767,569

Consumer Finance — 1.1%
Credit Acceptance Corp.^(a)(b)		1,276		503,752
Curo Group Holdings Corp.		4,426		63,380
Encore Capital Group Inc.^(a)		3,949		155,354
Enova International Inc.^(a)		5,288		181,061
FirstCash Inc.		5,258		378,734
LendingClub Corp.^(a)		16,952		260,891
Navient Corp.		38,893		654,569
Nelnet Inc., Class A		2,316		171,917
OneMain Holdings Inc.		16,627		945,577
Oportun Financial Corp.^(a)		3,060		66,433
PRA Group Inc.^(a)		4,822		181,693
PROG Holdings Inc.		7,745		394,530
Santander Consumer USA Holdings Inc.		9,879		335,293
SLM Corp.		26,077		512,674
World Acceptance Corp.^(a)(b)		975		127,472


				4,933,330

Containers & Packaging — 1.1%
Berry Global Group Inc.^(a)		13,616		866,250
Graphic Packaging Holding Co.		27,803		515,746
Greif Inc., Class A, NVS		5,721		346,178
Myers Industries Inc.		5,187		117,019
O-I Glass Inc.^(a)		30,943		510,250
Pactiv Evergreen Inc.		6,056		89,144
Ranpak Holdings Corp.^(a)		7,582		145,802
Sealed Air Corp.		16,768		828,339
Silgan Holdings Inc.		9,339		393,825
Sonoco Products Co.		19,718		1,290,740


				5,103,293

Distributors — 0.1%
Core-Mark Holding Co. Inc.		8,725		371,336


Diversified Consumer Services — 0.7%
Adtalem Global Education Inc.^(a)		10,176		349,139
American Public Education Inc.^(a)		1,684		51,295
Carriage Services Inc.		1,914		71,162
Graham Holdings Co., Class B		818		519,929
Grand Canyon Education Inc.^(a)		3,235		350,318
H&R Block Inc.		34,466		767,213
Houghton Mifflin Harcourt Co.^(a)		25,161		228,462
Laureate Education Inc., Class A^(a)		10,971		150,851
Perdoceo Education Corp.^(a)		15,307		178,480
Strategic Education Inc.		2,329		174,815
Stride Inc.^(a)(b)		3,185		91,186
WW International Inc.^(a)		9,176		254,542


				3,187,392

Diversified Financial Services — 0.1%
Cannae Holdings Inc.^(a)		16,470		653,859


Diversified Telecommunication Services — 0.2%
Anterix Inc.^(a)		1,003		47,462
Cogent Communications Holdings Inc.		2,426		183,187
Consolidated Communications Holdings Inc.^(a)		14,429		103,889
Liberty Latin America Ltd., Class A^(a)		6,244		86,698
Liberty Latin America Ltd., Class C, NVS^(a)		18,650		260,168
ORBCOMM Inc.^(a)		9,446		108,251


Security	Shares		Value

Diversified Telecommunication Services (continued)
Vonage Holdings Corp.^(a)		13,408	$	181,678


				971,333

Electric Utilities — 1.0%
ALLETE Inc.		10,236		720,205
Hawaiian Electric Industries Inc.		21,104		908,738
IDACORP Inc.		9,467		970,178
MGE Energy Inc.		4,639		347,044
Otter Tail Corp.		9,219		435,413
PNM Resources Inc.		7,755		382,787
Portland General Electric Co.		17,117		870,571


				4,634,936

Electrical Equipment — 1.2%
Acuity Brands Inc.^(b)		6,938		1,287,138
Atkore Inc.^(a)		8,985		703,346
AZZ Inc.		5,976		314,577
Encore Wire Corp.		3,164		236,287
EnerSys		4,563		417,879
GrafTech International Ltd.		25,743		327,451
nVent Electric PLC		33,048		1,006,312
Powell Industries Inc.		2,627		92,575
Regal Beloit Corp.		4,416		637,803
Thermon Group Holdings Inc.^(a)		6,753		128,982


				5,152,350

Electronic Equipment, Instruments & Components — 2.3%
Arlo Technologies Inc.^(a)		16,558		101,501
Arrow Electronics Inc.^(a)		13,892		1,584,660
Avnet Inc.		19,906		874,271
Belden Inc.		8,815		381,513
Benchmark Electronics Inc.		4,084		122,602
ePlus Inc.^(a)		2,051		205,838
Fabrinet^(a)		3,184		272,614
FLIR Systems Inc.		12,714		762,459
Insight Enterprises Inc.^(a)		6,884		690,947
Jabil Inc.		25,956		1,360,613
Knowles Corp.^(a)		18,698		390,788
Methode Electronics Inc.		4,741		213,013
National Instruments Corp.		13,187		546,074
OSI Systems Inc.^(a)		1,352		130,563
PC Connection Inc.		1,400		63,490
Plexus Corp.^(a)		2,258		208,730
Sanmina Corp.^(a)		12,924		527,816
ScanSource Inc.^(a)		4,918		148,671
TTM Technologies Inc.^(a)		13,302		199,530
Vishay Intertechnology Inc.		25,523		627,100
Vishay Precision Group Inc.^(a)		2,479		79,031
Vontier Corp.^(a)		18,896		592,201


				10,084,025

Energy Equipment & Services — 1.1%
Archrock Inc.		25,299		236,293
Cactus Inc., Class A		10,277		306,357
ChampionX Corp.^(a)		35,637		748,733
Core Laboratories NV		8,181		230,541
Dril-Quip Inc.^(a)		2,775		85,054
Frank’s International NV^(a)		25,045		81,396
Helix Energy Solutions Group Inc.^(a)(b)		28,635		122,844
Helmerich & Payne Inc.		21,339		546,919
Liberty Oilfield Services Inc., Class A		15,701		183,702
NexTier Oilfield Solutions Inc.^(a)		31,415		112,780
NOV Inc.		73,015		1,091,574


S C H E D U L E O F I N V E S T M E N T S		83

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Energy Equipment & Services (continued)
Oceaneering International Inc.^(a)		19,192	$	206,314
Patterson-UTI Energy Inc.		37,872		256,015
ProPetro Holding Corp.^(a)		16,312		157,084
RPC Inc.^(a)		11,878		57,727
Select Energy Services Inc., Class A^(a)		13,524		65,321
Transocean Ltd.^(a)		113,447		365,299


				4,853,953

Entertainment — 0.4%
Cinemark Holdings Inc.		20,911		443,313
IMAX Corp.^(a)		3,972		81,903
Lions Gate Entertainment Corp., Class A^(a)(b)		12,333		178,458
Lions Gate Entertainment Corp., Class B, NVS^(a)		22,667		285,604
Madison Square Garden Entertainment Corp.^(a)(b)		3,603		326,468
Madison Square Garden Sports Corp.^(a)		1,485		274,487
World Wrestling Entertainment Inc., Class A		3,525		194,263


				1,784,496

Equity Real Estate Investment Trusts (REITs) — 9.7%
Acadia Realty Trust		16,350		341,552
Agree Realty Corp.		5,550		390,498
Alexander & Baldwin Inc.		7,829		143,506
Alexander’s Inc.		449		124,481
American Assets Trust Inc.		7,021		246,086
American Campus Communities Inc.		26,252		1,186,853
American Finance Trust Inc.		26,937		269,639
Apartment Investment & Management Co., Class A		17,463		121,193
Apple Hospitality REIT Inc.		41,873		664,106
Armada Hoffler Properties Inc.		11,460		156,200
Brandywine Realty Trust		37,371		505,630
Brixmor Property Group Inc.		56,598		1,264,399
Brookfield Property REIT Inc., Class A		6,476		116,471
CareTrust REIT Inc.		6,041		146,071
CatchMark Timber Trust Inc., Class A		7,531		87,586
Centerspace		2,866		201,738
Chatham Lodging Trust^(a)		7,270		100,835
City Office REIT Inc.		6,364		69,559
Colony Capital Inc.		96,324		674,268
Columbia Property Trust Inc.		25,615		461,326
CorePoint Lodging Inc.		10,620		106,094
Corporate Office Properties Trust		8,245		231,190
Cousins Properties Inc.		28,757		1,054,519
CubeSmart		16,298		690,057
DiamondRock Hospitality Co.^(a)		39,802		414,737
Diversified Healthcare Trust		46,047		203,298
Douglas Emmett Inc.		12,043		403,922
Empire State Realty Trust Inc., Class A		28,038		319,353
EPR Properties		14,549		694,133
Equity Commonwealth		23,915		688,752
Essential Properties Realty Trust Inc.		11,504		301,290
Federal Realty Investment Trust		7,710		869,996
Four Corners Property Trust Inc.		6,834		197,298
Franklin Street Properties Corp.		22,861		120,706
GEO Group Inc. (The)^(b)		18,436		101,582
Getty Realty Corp.		4,429		139,868
Gladstone Commercial Corp.		8,804		185,236
Gladstone Land Corp.		2,432		51,048
Global Net Lease Inc.		13,245		254,304
Healthcare Realty Trust Inc.		12,428		399,684
Healthcare Trust of America Inc., Class A		22,778		668,990
Highwoods Properties Inc.		19,954		893,740


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Hudson Pacific Properties Inc.		16,165	$	454,398
Independence Realty Trust Inc.		14,460		243,506
Industrial Logistics Properties Trust		12,619		312,951
JBG SMITH Properties		21,386		697,397
Kilroy Realty Corp.		11,696		801,644
Kimco Realty Corp.		82,963		1,742,223
Kite Realty Group Trust		17,446		363,051
Lamar Advertising Co., Class A		10,220		1,012,189
Lexington Realty Trust		32,881		402,463
Life Storage Inc.		7,170		688,750
LTC Properties Inc.		9,515		404,673
Macerich Co. (The)		22,982		316,922
Mack-Cali Realty Corp.		18,452		301,875
Monmouth Real Estate Investment Corp.		10,005		184,892
National Health Investors Inc.		9,017		661,938
National Retail Properties Inc.		33,567		1,558,180
National Storage Affiliates Trust		4,765		216,522
New Senior Investment Group Inc.		17,289		114,453
Office Properties Income Trust		10,716		297,369
One Liberty Properties Inc.		4,775		118,754
Outfront Media Inc.		28,104		684,894
Paramount Group Inc.		34,702		368,188
Park Hotels & Resorts Inc.		45,607		1,017,492
Pebblebrook Hotel Trust^(b)		14,885		355,454
Physicians Realty Trust		21,674		405,954
Piedmont Office Realty Trust Inc., Class A		26,492		493,281
Plymouth Industrial REIT Inc.		6,747		125,764
PotlatchDeltic Corp.		8,117		481,825
Preferred Apartment Communities Inc., Class A		11,817		120,533
PS Business Parks Inc.		1,964		318,895
Rayonier Inc.		12,513		453,972
Retail Opportunity Investments Corp.		24,485		430,936
Retail Properties of America Inc., Class A		41,475		486,502
RLJ Lodging Trust		32,858		530,328
RPT Realty		15,697		199,509
Ryman Hospitality Properties Inc.		10,450		821,893
Sabra Health Care REIT Inc.		41,913		761,559
Saul Centers Inc.		3,060		132,131
Seritage Growth Properties, Class A^(a)		7,156		123,083
Service Properties Trust		32,286		397,602
SITE Centers Corp.		33,841		499,155
SL Green Realty Corp.		13,418		993,066
Spirit Realty Capital Inc.		13,146		624,961
STAG Industrial Inc.		13,402		489,307
STORE Capital Corp.		27,415		981,183
Summit Hotel Properties Inc.^(a)		20,429		207,763
Sunstone Hotel Investors Inc.		43,770		576,013
Tanger Factory Outlet Centers Inc.		18,363		320,434
UMH Properties Inc.		4,458		95,981
Uniti Group Inc.		44,737		510,002
Universal Health Realty Income Trust		1,372		91,855
Urban Edge Properties		14,228		268,198
Urstadt Biddle Properties Inc., Class A		8,286		150,557
Washington REIT		18,161		421,698
Weingarten Realty Investors		23,907		773,152
Xenia Hotels & Resorts Inc.		21,468		417,123


				43,286,187

Food & Staples Retailing — 0.8%
Andersons Inc. (The)		3,524		101,209
BJ’s Wholesale Club Holdings Inc.^(a)		12,433		555,382


84		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
Chefs’ Warehouse Inc. (The)^(a)(b)		6,266	$	201,953
HF Foods Group Inc.^(a)		4,726		29,443
Ingles Markets Inc., Class A		2,989		183,196
PriceSmart Inc.		1,985		166,819
Rite Aid Corp.^(a)		10,846		190,022
SpartanNash Co.		7,407		143,474
Sprouts Farmers Market Inc.^(a)(b)		23,223		594,741
U.S. Foods Holding Corp.^(a)		16,217		672,357
United Natural Foods Inc.^(a)(b)		10,930		402,880
Weis Markets Inc.		3,617		187,541


				3,429,017

Food Products — 1.4%
B&G Foods Inc.		12,500		364,750
Calavo Growers Inc.		1,572		122,820
Cal-Maine Foods Inc.		3,641		136,028
Flowers Foods Inc.		20,419		489,239
Fresh Del Monte Produce Inc.		4,033		113,731
Hain Celestial Group Inc. (The)^(a)		9,150		375,241
Hostess Brands Inc.^(a)		26,611		406,882
Ingredion Inc.		12,508		1,168,372
J&J Snack Foods Corp.		1,550		255,145
John B Sanfilippo & Son Inc.		2,163		190,128
Landec Corp.^(a)		3,029		34,288
Mission Produce Inc.^(a)		828		16,726
Pilgrim’s Pride Corp.^(a)(b)		8,570		205,337
Post Holdings Inc.^(a)		10,721		1,219,835
Sanderson Farms Inc.		1,583		260,451
Seaboard Corp.		29		103,762
Seneca Foods Corp., Class A^(a)		1,493		68,768
Simply Good Foods Co. (The)^(a)(b)		5,144		177,725
Tootsie Roll Industries Inc.		2,145		67,718
TreeHouse Foods Inc.^(a)		10,868		517,317
Whole Earth Brands Inc.^(a)		6,347		85,685


				6,379,948

Gas Utilities — 1.1%
Chesapeake Utilities Corp.		1,462		173,276
National Fuel Gas Co.		17,474		867,759
New Jersey Resources Corp.		18,277		766,720
Northwest Natural Holding Co.		6,472		348,970
ONE Gas Inc.		10,083		811,379
South Jersey Industries Inc.		19,673		486,907
Southwest Gas Holdings Inc.		11,153		777,587
Spire Inc.		10,019		754,832


				4,987,430

Health Care Equipment & Supplies — 0.9%
Accuray Inc.^(a)		18,612		87,476
AngioDynamics Inc.^(a)		3,884		94,381
Atrion Corp.		120		76,632
Avanos Medical Inc.^(a)		4,501		194,488
CONMED Corp.		2,542		358,295
CryoLife Inc.^(a)		4,215		122,994
Envista Holdings Corp.^(a)(b)		30,475		1,318,958
Inogen Inc.^(a)		3,701		242,008
Integer Holdings Corp.^(a)		2,319		217,708
Integra LifeSciences Holdings Corp.^(a)		3,696		273,800
Intersect ENT Inc.^(a)		2,755		60,087
Invacare Corp.		8,047		72,664
Lantheus Holdings Inc.^(a)		13,268		314,452
LivaNova PLC^(a)		2,843		241,285


Security	Shares		Value

Health Care Equipment & Supplies (continued)
OraSure Technologies Inc.^(a)		5,432	$	49,703
Orthofix Medical Inc.^(a)		2,023		89,720
SeaSpine Holdings Corp.^(a)		2,258		46,989
Varex Imaging Corp.^(a)		3,824		90,782
ViewRay Inc.^(a)		11,992		57,681


				4,010,103

Health Care Providers & Services — 1.5%
Acadia Healthcare Co. Inc.^(a)		17,166		1,045,753
AMN Healthcare Services Inc.^(a)(b)		4,746		376,358
Apollo Medical Holdings Inc.^(a)		2,085		61,904
Biodesix Inc.^(a)(b)		356		5,824
Brookdale Senior Living Inc.^(a)		37,083		242,523
Community Health Systems Inc.^(a)		24,234		270,209
Covetrus Inc.^(a)		6,028		172,702
Cross Country Healthcare Inc.^(a)		3,895		51,881
Hanger Inc.^(a)		3,524		87,853
MEDNAX Inc.^(a)		16,926		445,492
ModivCare Inc.^(a)		1,145		160,392
National HealthCare Corp.		1,789		125,785
Option Care Health Inc.^(a)		9,220		175,918
Owens & Minor Inc.		7,524		271,541
Patterson Companies Inc.		17,115		550,076
Premier Inc., Class A		13,679		483,553
RadNet Inc.^(a)		3,742		83,596
Select Medical Holdings Corp.^(a)		9,044		341,140
Surgery Partners Inc.^(a)		5,561		268,040
Tenet Healthcare Corp.^(a)		20,393		1,208,489
Tivity Health Inc.^(a)		4,106		99,283
Triple-S Management Corp., Class B^(a)		5,383		127,631


				6,655,943

Health Care Technology — 0.5%
Allscripts Healthcare Solutions Inc.^(a)		27,062		421,085
Change Healthcare Inc.^(a)		43,057		988,158
Computer Programs & Systems Inc.		3,330		99,966
Evolent Health Inc., Class A^(a)		15,309		331,593
NextGen Healthcare Inc.^(a)		11,373		208,240


				2,049,042

Hotels, Restaurants & Leisure — 2.8%
Bally’s Corp.		3,401		197,122
BJ’s Restaurants Inc.^(a)		2,274		138,691
Bloomin’ Brands Inc.^(a)		15,634		494,034
Boyd Gaming Corp.^(a)		7,690		508,694
Brinker International Inc.		8,654		580,943
Carrols Restaurant Group Inc.^(a)		8,155		48,033
Cheesecake Factory Inc. (The)		8,386		524,880
Choice Hotels International Inc.		3,016		343,221
Chuy’s Holdings Inc.^(a)		1,941		94,837
Cracker Barrel Old Country Store Inc.		4,512		755,625
Dave & Buster’s Entertainment Inc.^(a)		9,265		423,040
Del Taco Restaurants Inc.		6,165		70,281
Denny’s Corp.^(a)		12,318		233,303
Dine Brands Global Inc.		3,216		310,826
El Pollo Loco Holdings Inc.^(a)		4,494		76,128
Extended Stay America Inc.		20,172		401,221
Golden Entertainment Inc.^(a)		3,495		120,473
Hilton Grand Vacations Inc.^(a)		8,596		383,038
Hyatt Hotels Corp., Class A^(a)		4,371		359,864
Jack in the Box Inc.		2,155		260,001
Noodles & Co., Class A^(a)		6,698		80,945


S C H E D U L E O F I N V E S T M E N T S		85

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Norwegian Cruise Line Holdings Ltd.^(a)		69,965	$	2,172,413
Red Rock Resorts Inc., Class A		12,055		441,575
Ruth’s Hospitality Group Inc.		3,810		99,479
Scientific Games Corp./DE, Class A^(a)		10,764		629,909
Shake Shack Inc., Class A^(a)		2,285		248,494
Six Flags Entertainment Corp.		14,606		686,190
Travel + Leisure Co.		16,536		1,067,068
Wendy’s Co. (The)		8,943		201,844
Wyndham Hotels & Resorts Inc.		10,483		766,412


				12,718,584

Household Durables — 1.8%
Beazer Homes USA Inc.^(a)		5,420		120,920
Casper Sleep Inc.^(a)		2,770		23,684
Century Communities Inc.^(a)		5,464		404,008
Ethan Allen Interiors Inc.		3,619		103,902
GoPro Inc., Class A^(a)		11,100		124,653
Green Brick Partners Inc.^(a)		9,229		238,201
Helen of Troy Ltd.^(a)		1,463		309,000
Hooker Furniture Corp.		3,025		113,468
iRobot Corp.^(a)(b)		2,285		248,608
KB Home		16,052		774,188
La-Z-Boy Inc.		6,277		279,075
Leggett & Platt Inc.		13,418		666,472
LGI Homes Inc.^(a)		1,717		284,644
M/I Homes Inc.^(a)		3,320		231,470
MDC Holdings Inc.		4,999		293,241
Meritage Homes Corp.^(a)		3,484		370,663
Taylor Morrison Home Corp.^(a)		23,101		720,982
Tempur Sealy International Inc.		11,943		455,506
Toll Brothers Inc.		20,066		1,258,138
TRI Pointe Homes Inc.^(a)		21,888		521,372
Tupperware Brands Corp.^(a)		9,443		230,126
Universal Electronics Inc.^(a)		3,022		171,801


				7,944,122

Household Products — 0.2%
Central Garden & Pet Co.^(a)		786		42,554
Central Garden & Pet Co., Class A, NVS^(a)		5,471		269,556
Energizer Holdings Inc.		5,039		248,423
Spectrum Brands Holdings Inc.		3,999		352,472


				913,005

Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy Inc., Class A		1,685		44,787
Clearway Energy Inc., Class C		7,271		208,605


				253,392

Insurance — 3.5%
Ambac Financial Group Inc.^(a)		11,682		200,346
American Equity Investment Life Holding Co.		16,273		504,138
American National Group Inc.		2,532		287,002
AMERISAFE Inc.		3,525		218,832
Argo Group International Holdings Ltd.		8,292		432,677
Assured Guaranty Ltd.		14,507		737,681
Athene Holding Ltd., Class A^(a)		25,570		1,525,762
Axis Capital Holdings Ltd.		7,153		399,137
Brighthouse Financial Inc.^(a)		18,738		876,751
CNO Financial Group Inc.		29,328		748,744
Enstar Group Ltd.^(a)		1,898		476,740
FBL Financial Group Inc., Class A		2,747		155,727
First American Financial Corp.		22,554		1,454,733
Genworth Financial Inc., Class A^(a)		102,936		444,684


Security	Shares		Value

Insurance (continued)
Hanover Insurance Group Inc. (The)		7,655	$	1,058,763
HCI Group Inc.		1,251		91,848
Heritage Insurance Holdings Inc.		4,772		43,473
James River Group Holdings Ltd.		5,804		273,426
Kemper Corp.		7,750		604,965
MBIA Inc.^(a)		11,290		113,126
Mercury General Corp.		6,501		404,817
National Western Life Group Inc., Class A		771		176,790
Old Republic International Corp.		54,489		1,341,519
Primerica Inc.		3,125		499,281
Safety Insurance Group Inc.		2,364		193,919
Selective Insurance Group Inc.		8,526		649,170
SiriusPoint Ltd.^(a)		13,483		142,650
United Fire Group Inc.		4,170		126,184
Universal Insurance Holdings Inc.		5,380		75,051
Unum Group		39,242		1,108,979
Watford Holdings Ltd.^(a)		4,631		161,437


				15,528,352

Interactive Media & Services — 0.3%
Cars.com Inc.^(a)(b)		13,668		180,555
Eventbrite Inc., Class A^(a)		13,739		323,828
TripAdvisor Inc.^(a)		10,953		516,215
Yelp Inc.^(a)		5,894		231,634


				1,252,232

Internet & Direct Marketing Retail — 0.3%
Groupon Inc.^(a)		4,527		229,202
Liquidity Services Inc.^(a)		2,953		52,947
PetMed Express Inc.		1,577		46,403
Qurate Retail Inc., Series A		72,805		866,380
Waitr Holdings Inc.^(a)		9,122		22,440


				1,217,372

IT Services — 2.0%
Alliance Data Systems Corp.		9,487		1,118,043
Cardtronics PLC, Class A^(a)		7,000		271,880
Cass Information Systems Inc.		1,905		87,421
Conduent Inc.^(a)		34,487		234,512
CSG Systems International Inc.		6,656		306,109
DXC Technology Co.		49,055		1,614,400
Euronet Worldwide Inc.^(a)		3,173		455,103
EVERTEC Inc.		4,641		185,176
ExlService Holdings Inc.^(a)		2,556		236,123
GreenSky Inc., Class A^(a)		9,021		54,938
Hackett Group Inc. (The)		3,943		65,572
I3 Verticals Inc., Class A^(a)		4,323		143,610
International Money Express Inc.^(a)		2,179		34,385
Limelight Networks Inc.^(a)(b)		8,505		26,621
MAXIMUS Inc.		4,686		429,425
MoneyGram International Inc.^(a)		6,693		46,182
Perficient Inc.^(a)		2,202		144,473
Perspecta Inc.		25,691		751,976
Repay Holdings Corp.^(a)		5,612		128,234
Sabre Corp.		60,403		904,837
Sykes Enterprises Inc.^(a)		5,404		236,857
Unisys Corp.^(a)		12,147		291,528
Verra Mobility Corp.^(a)(b)		11,998		161,253
WEX Inc.^(a)		4,210		863,934


				8,792,592

Leisure Products — 0.9%
Acushnet Holdings Corp.		2,992		126,591


86		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products (continued)
Brunswick Corp./DE		6,879	$	736,947
Johnson Outdoors Inc., Class A		664		94,162
Malibu Boats Inc., Class A^(a)		1,477		123,123
MasterCraft Boat Holdings Inc.^(a)		3,866		109,640
Mattel Inc.^(a)		65,552		1,406,746
Nautilus Inc.^(a)		2,253		37,760
Polaris Inc.		5,662		792,850
Smith & Wesson Brands Inc.		10,790		187,746
Sturm Ruger & Co. Inc.		2,026		131,568
Vista Outdoor Inc.^(a)		11,411		372,113


				4,119,246

Life Sciences Tools & Services — 0.3%
Fluidigm Corp.^(a)		7,463		37,390
Luminex Corp.		4,841		177,616
Pacific Biosciences of California Inc.^(a)		18,739		559,359
Syneos Health Inc.^(a)		7,976		676,764


				1,451,129

Machinery — 4.2%
AGCO Corp.		5,557		810,877
Albany International Corp., Class A		3,400		303,416
Allison Transmission Holdings Inc.		20,292		841,509
Altra Industrial Motion Corp.		3,676		216,921
Astec Industries Inc.		2,108		158,121
Barnes Group Inc.		5,551		277,106
Blue Bird Corp.^(a)		3,099		83,487
CIRCOR International Inc.^(a)		2,203		75,717
Colfax Corp.^(a)(b)		22,193		1,002,902
Columbus McKinnon Corp./NY		1,991		98,574
Crane Co.		9,035		849,832
Douglas Dynamics Inc.		1,581		70,718
Enerpac Tool Group Corp.		5,236		139,278
Flowserve Corp.		24,131		956,553
Gates Industrial Corp. PLC^(a)		12,283		211,882
Gorman-Rupp Co. (The)		3,007		103,802
Greenbrier Companies Inc. (The)		6,607		312,115
Hillenbrand Inc.		14,242		699,140
Hyster-Yale Materials Handling Inc.		885		71,552
ITT Inc.		8,758		825,967
John Bean Technologies Corp.		2,801		407,209
Kadant Inc.		755		134,413
Kennametal Inc.		16,174		649,548
Lincoln Electric Holdings Inc.		3,554		455,090
Luxfer Holdings PLC		6,105		134,981
Lydall Inc.^(a)		3,506		129,196
Manitowoc Co. Inc. (The)^(a)		7,276		166,475
Meritor Inc.^(a)		5,566		150,449
Middleby Corp. (The)^(a)		3,809		690,648
Miller Industries Inc./TN		2,066		88,879
Mueller Industries Inc.		6,924		310,680
Mueller Water Products Inc., Class A		14,785		212,312
Navistar International Corp.^(a)		9,346		413,560
Oshkosh Corp.		12,962		1,612,862
REV Group Inc.		2,783		50,762
Rexnord Corp.		22,412		1,119,031
SPX Corp.^(a)		4,266		258,775
SPX FLOW Inc.		4,803		319,832
Standex International Corp.		1,697		160,909
Tennant Co.		1,547		122,074
Terex Corp.		13,532		635,869


Security	Shares		Value

Machinery (continued)
Timken Co. (The)		12,717	$	1,066,575
TriMas Corp.^(a)(b)		8,502		270,704
Trinity Industries Inc.		5,098		140,909
Wabash National Corp.		6,957		122,513
Welbilt Inc.^(a)		15,098		337,289
Woodward Inc.		5,333		666,678


				18,937,691

Marine — 0.1%
Genco Shipping & Trading Ltd.		4,602		70,595
Kirby Corp.^(a)		7,438		473,800


				544,395

Media — 1.0%
AMC Networks Inc., Class A^(a)(b)		5,802		291,725
Clear Channel Outdoor Holdings Inc.^(a)		91,290		229,138
EW Scripps Co. (The), Class A, NVS		11,561		249,949
Gray Television Inc.		8,453		171,765
Iheartmedia Inc., Class A^(a)(b)		21,665		414,668
John Wiley & Sons Inc., Class A		8,549		486,780
Loral Space & Communications Inc.		1,325		53,172
Meredith Corp.^(a)		8,088		251,537
MSG Networks Inc., Class A^(a)		8,228		130,578
Nexstar Media Group Inc., Class A		3,440		507,090
Scholastic Corp., NVS		7,266		220,378
Sinclair Broadcast Group Inc., Class A		5,998		194,755
TEGNA Inc.		41,819		838,889
Tribune Publishing Co.^(a)		6,300		109,872
WideOpenWest Inc.^(a)		10,456		147,116


				4,297,412

Metals & Mining — 2.2%
Alcoa Corp.^(a)		35,369		1,295,920
Allegheny Technologies Inc.^(a)		24,294		565,078
Arconic Corp.^(a)		7,109		203,317
Carpenter Technology Corp.		9,600		363,552
Century Aluminum Co.^(a)		9,479		148,441
Cleveland-Cliffs Inc.		86,886		1,551,784
Coeur Mining Inc.^(a)		23,956		193,565
Commercial Metals Co.		23,463		685,589
Hecla Mining Co.		41,698		246,435
Kaiser Aluminum Corp.		2,838		341,894
Materion Corp.		1,152		81,573
McEwen Mining Inc.^(a)(b)		22,550		27,060
Schnitzer Steel Industries Inc., Class A		5,993		282,930
Steel Dynamics Inc.		36,945		2,003,158
SunCoke Energy Inc.		9,922		66,974
United States Steel Corp.		50,329		1,158,070
Warrior Met Coal Inc.		10,012		158,690
Worthington Industries Inc.		4,033		263,194


				9,637,224

Mortgage Real Estate Investment — 1.9%
Apollo Commercial Real Estate Finance Inc.		24,865		378,197
Arbor Realty Trust Inc.		22,613		399,798
Ares Commercial Real Estate Corp.		8,726		128,796
ARMOUR Residential REIT Inc.		16,365		203,417
Blackstone Mortgage Trust Inc., Class A		28,127		913,846
Capstead Mortgage Corp.		18,458		119,608
Chimera Investment Corp.		48,262		634,163
Colony Credit Real Estate Inc.		17,256		149,955
Dynex Capital Inc.		5,191		104,858
Ellington Financial Inc.		5,855		105,039


S C H E D U L E O F I N V E S T M E N T S		87

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment (continued)
Granite Point Mortgage Trust Inc.		6,121	$	81,042
Hannon Armstrong Sustainable Infrastructure Capital Inc.		4,603		241,197
Invesco Mortgage Capital Inc.		44,608		173,971
KKR Real Estate Finance Trust Inc.		6,063		127,929
Ladder Capital Corp.		24,510		291,424
MFA Financial Inc.		91,335		401,874
New Residential Investment Corp.		88,666		950,500
New York Mortgage Trust Inc.		73,333		336,598
Orchid Island Capital Inc.		26,685		146,767
PennyMac Mortgage Investment Trust		18,594		372,810
Ready Capital Corp.		12,467		180,896
Redwood Trust Inc.		9,727		108,067
Starwood Property Trust Inc.		56,310		1,453,924
TPG RE Finance Trust Inc.		12,939		161,220
Two Harbors Investment Corp.		57,638		449,576


				8,615,472

Multi-Utilities — 0.8%
Avista Corp.		13,377		615,610
Black Hills Corp.		11,732		809,273
MDU Resources Group Inc.		38,324		1,282,321
NorthWestern Corp.		10,527		716,152
Unitil Corp.		3,376		194,559


				3,617,915

Multiline Retail — 0.9%
Big Lots Inc.		3,380		233,017
Dillard’s Inc., Class A		1,419		140,353
Franchise Group Inc.		5,432		209,295
Kohl’s Corp.		30,200		1,771,532
Macy’s Inc.		58,305		966,697
Nordstrom Inc.		20,660		757,809


				4,078,703

Oil, Gas & Consumable Fuels — 5.1%
Alto Ingredients Inc.^(a)(b)		17,248		95,899
Antero Midstream Corp.		54,332		469,428
Antero Resources Corp.^(a)		54,002		487,098
APA Corp.		72,334		1,446,680
Arch Resources Inc.		2,953		131,143
Bonanza Creek Energy Inc.^(a)		3,914		129,514
Cimarex Energy Co.		19,403		1,284,479
Clean Energy Fuels Corp.^(a)		13,807		151,877
CNX Resources Corp.^(a)		42,553		571,061
Comstock Resources Inc.^(a)		3,648		20,028
Continental Resources Inc./OK^(a)		11,466		312,334
CVR Energy Inc.		9,699		206,492
Delek U.S. Holdings Inc.		14,816		351,584
Denbury Inc.^(a)		2,886		157,027
Devon Energy Corp.		113,224		2,647,177
Diamondback Energy Inc.		34,731		2,838,565
Dorian LPG Ltd.^(a)		3,472		46,143
EQT Corp.^(a)		53,567		1,023,130
Equitrans Midstream Corp.		78,205		638,153
HollyFrontier Corp.		31,145		1,090,075
International Seaways Inc.		5,644		99,786
Kosmos Energy Ltd.		78,520		224,567
Magnolia Oil & Gas Corp., Class A^(a)		26,447		297,793
Marathon Oil Corp.		151,126		1,701,679
Matador Resources Co.		9,009		237,027
Murphy Oil Corp.		28,416		481,083
Ovintiv Inc.		49,934		1,194,921


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Par Pacific Holdings Inc.^(a)		10,226	$	155,333
PBF Energy Inc., Class A^(a)		18,713		265,350
PDC Energy Inc.^(a)		19,430		709,389
Range Resources Corp.^(a)		50,226		493,219
Renewable Energy Group Inc.^(a)		3,105		172,390
REX American Resources Corp.^(a)		1,614		130,298
Southwestern Energy Co.^(a)		124,916		533,391
Talos Energy Inc.^(a)		6,897		77,177
Targa Resources Corp.		43,751		1,517,722
Tellurian Inc.^(a)		16,593		36,753
World Fuel Services Corp.		12,159		376,078


				22,801,843

Paper & Forest Products — 0.6%
Clearwater Paper Corp.^(a)		3,338		111,689
Domtar Corp.		10,954		431,807
Glatfelter Corp.		5,985		88,099
Louisiana-Pacific Corp.		20,376		1,342,371
Mercer International Inc.		8,089		133,388
Neenah Inc.		3,618		192,369
Schweitzer-Mauduit International Inc.		6,351		290,050
Verso Corp., Class A		7,815		120,664


				2,710,437

Personal Products — 0.6%
BellRing Brands Inc., Class A^(a)		7,561		194,998
Coty Inc., Class A^(a)		54,518		545,725
Edgewell Personal Care Co.		10,710		409,122
elf Beauty Inc.^(a)		2,497		75,534
Herbalife Nutrition Ltd.^(a)		16,002		732,412
Inter Parfums Inc.		1,265		93,104
Nu Skin Enterprises Inc., Class A		9,933		525,059
USANA Health Sciences Inc.^(a)		1,199		107,898


				2,683,852

Pharmaceuticals — 0.7%
Aerie Pharmaceuticals Inc.^(a)		3,020		51,733
Amneal Pharmaceuticals Inc.^(a)		22,098		121,760
ANI Pharmaceuticals Inc.^(a)(b)		1,887		62,799
Axsome Therapeutics Inc.^(a)		2,714		164,089
Collegium Pharmaceutical Inc.^(a)		3,377		75,307
Corcept Therapeutics Inc.^(a)		9,357		213,246
Endo International PLC^(a)		43,319		248,218
Innoviva Inc.^(a)		12,124		138,820
Intra-Cellular Therapies Inc.^(a)(b)		4,747		163,439
Nektar Therapeutics^(a)(b)		35,005		686,448
Odonate Therapeutics Inc.^(a)		1,185		3,970
Osmotica Pharmaceuticals PLC^(a)(b)		1,565		4,507
Phibro Animal Health Corp., Class A		3,937		96,535
Prestige Consumer Healthcare Inc.^(a)(b)		9,547		415,867
Provention Bio Inc.^(a)		5,578		40,106
Reata Pharmaceuticals Inc., Class A^(a)(b)		5,088		515,923
Supernus Pharmaceuticals Inc.^(a)		10,291		313,361


				3,316,128

Professional Services — 2.2%
ASGN Inc.^(a)		6,361		669,050
Barrett Business Services Inc.		1,221		89,536
CACI International Inc., Class A^(a)		2,132		543,362
CBIZ Inc.^(a)		6,492		218,066
CRA International Inc.		704		56,503
Forrester Research Inc.^(a)		1,074		46,665
Heidrick & Struggles International Inc.		2,915		123,305


88		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
Huron Consulting Group Inc.^(a)		2,153	$	121,128
ICF International Inc.		1,575		143,420
KBR Inc.		26,625		1,053,285
Kelly Services Inc., Class A, NVS^(a)		6,504		162,925
Kforce Inc.		1,947		109,110
ManpowerGroup Inc.		10,642		1,286,511
ManTech International Corp./VA, Class A		2,603		222,166
Nielsen Holdings PLC		67,625		1,734,581
Resources Connection Inc.		11,125		156,974
Robert Half International Inc.		21,707		1,901,750
Science Applications International Corp.		10,925		976,913
TrueBlue Inc.^(a)		4,058		114,841


				9,730,091

Real Estate Management & Development — 0.8%
Cushman & Wakefield PLC^(a)(b)		9,367		159,239
Forestar Group Inc.^(a)		1,915		48,526
Howard Hughes Corp. (The)^(a)(b)		4,517		487,565
Jones Lang LaSalle Inc.^(a)		6,114		1,148,882
Kennedy-Wilson Holdings Inc.		24,120		495,666
Marcus & Millichap Inc.^(a)		2,582		91,196
Newmark Group Inc., Class A		32,775		352,331
RE/MAX Holdings Inc., Class A		3,590		131,861
Realogy Holdings Corp.^(a)		22,896		395,643
RMR Group Inc. (The), Class A		3,814		150,958


				3,461,867

Road & Rail — 0.8%
ArcBest Corp.		5,263		382,936
Avis Budget Group Inc.^(a)(b)		9,911		888,125
Daseke Inc.^(a)(b)		7,710		58,519
Heartland Express Inc.		7,492		139,276
Landstar System Inc.		3,750		646,050
Marten Transport Ltd.		5,820		97,310
Ryder System Inc.		10,396		830,017
Schneider National Inc., Class B		4,728		114,559
Werner Enterprises Inc.		5,659		261,616


				3,418,408

Semiconductors & Semiconductor Equipment — 0.6%
Alpha & Omega Semiconductor Ltd.^(a)		4,043		125,737
Amkor Technology Inc.		10,178		205,799
Ichor Holdings Ltd.^(a)		2,423		135,131
Magnachip Semiconductor Corp.^(a)		4,381		109,569
NeoPhotonics Corp.^(a)		4,208		39,387
Onto Innovation Inc.^(a)		5,645		386,795
Photronics Inc.^(a)		7,306		92,786
SMART Global Holdings Inc.^(a)		2,869		132,404
SunPower Corp.^(a)(b)		15,185		390,103
Synaptics Inc.^(a)(b)		4,110		574,866
Ultra Clean Holdings Inc.^(a)		8,442		431,133
Veeco Instruments Inc.^(a)		9,880		227,339


				2,851,049

Software — 0.9%
Avaya Holdings Corp.^(a)		14,653		421,567
Blackbaud Inc.^(a)		4,127		293,512
CDK Global Inc.		11,448		613,498
ChannelAdvisor Corp.^(a)		2,837		60,003
CommVault Systems Inc.^(a)		5,323		370,002
Ebix Inc.		4,493		135,284
j2 Global Inc.^(a)		3,889		470,569
Nutanix Inc., Class A^(a)		16,774		453,569


Security	Shares		Value

Software (continued)
Progress Software Corp.		3,251	$	141,939
Teradata Corp.^(a)		8,110		401,202
Verint Systems Inc.^(a)		6,709		325,856
Xperi Holding Corp.		11,417		234,619
Zix Corp.^(a)(b)		5,102		40,229


				3,961,849

Specialty Retail — 3.4%
Abercrombie & Fitch Co., Class A		12,271		460,040
Academy Sports & Outdoors Inc.^(a)(b)		3,082		94,956
American Eagle Outfitters Inc.		28,457		983,759
America’s Car-Mart Inc./TX^(a)		879		132,580
Asbury Automotive Group Inc.^(a)(b)		1,620		321,748
At Home Group Inc.^(a)(b)		6,241		197,091
AutoNation Inc.^(a)		10,278		1,053,290
Bed Bath & Beyond Inc.		23,333		590,792
Buckle Inc. (The)		5,614		235,451
Caleres Inc.		8,214		191,468
Camping World Holdings Inc., Class A		2,680		116,687
Children’s Place Inc. (The)^(a)		2,934		229,879
Citi Trends Inc.		1,304		136,398
Conn’s Inc.^(a)		3,852		77,965
Designer Brands Inc. , Class A		11,394		201,674
Dick’s Sporting Goods Inc.		12,507		1,032,828
Foot Locker Inc.		19,739		1,164,206
GameStop Corp., Class A^(a)		10,515		1,825,299
Genesco Inc.^(a)		2,887		144,350
Group 1 Automotive Inc.		3,284		539,101
Guess? Inc.		7,510		203,070
Haverty Furniture Companies Inc.		1,610		74,817
Hibbett Sports Inc.^(a)		3,240		257,418
Lumber Liquidators Holdings Inc.^(a)		2,897		69,441
MarineMax Inc.^(a)		2,293		130,242
Monro Inc.		2,168		153,039
Murphy USA Inc.		4,786		667,168
ODP Corp. (The)^(a)		10,391		420,108
Penske Automotive Group Inc.		5,907		517,985
Rent-A-Center Inc./TX		9,504		546,955
Sally Beauty Holdings Inc.^(a)(b)		21,245		426,387
Shoe Carnival Inc.		1,102		66,065
Signet Jewelers Ltd.^(a)		10,205		609,749
Sleep Number Corp.^(a)		4,889		547,030
Sonic Automotive Inc., Class A		4,592		226,569
Sportsman’s Warehouse Holdings Inc.^(a)		4,253		74,683
TravelCenters of America Inc.^(a)(b)		2,944		80,931
Urban Outfitters Inc.^(a)		13,203		473,988
Winmark Corp.		105		20,220
Zumiez Inc.^(a)		2,388		102,612


				15,398,039

Technology Hardware, Storage & Peripherals — 0.7%
3D Systems Corp.^(a)		23,783		512,286
Avid Technology Inc.^(a)		8,108		184,376
Diebold Nixdorf Inc.^(a)		15,248		228,873
Eastman Kodak Co.^(a)		12,769		95,257
NCR Corp.^(a)		24,563		1,123,757
Super Micro Computer Inc.^(a)		8,561		316,928
Turtle Beach Corp.^(a)		1,394		38,739
Xerox Holdings Corp.		31,957		771,442


				3,271,658


S C H E D U L E O F I N V E S T M E N T S		89

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 2.8%
Capri Holdings Ltd.^(a)		29,051	$	1,600,129
Carter’s Inc.		8,336		906,873
Columbia Sportswear Co.		3,173		345,889
Fossil Group Inc.^(a)		9,642		124,382
G-III Apparel Group Ltd.^(a)		8,829		286,854
Hanesbrands Inc.		66,645		1,403,544
Kontoor Brands Inc.		9,042		568,109
Levi Strauss & Co., Class A		8,603		248,283
Oxford Industries Inc.		2,336		213,113
PVH Corp.		13,655		1,545,473
Ralph Lauren Corp.		5,645		752,422
Skechers U.S.A. Inc., Class A^(a)		9,267		449,357
Steven Madden Ltd.		6,768		275,255
Tapestry Inc.		53,410		2,555,668
Under Armour Inc., Class A^(a)		15,192		369,317
Under Armour Inc., Class C, NVS^(a)(b)		12,964		258,113
Unifi Inc.^(a)		3,453		93,335
Wolverine World Wide Inc.		7,526		313,985


				12,310,101

Thrifts & Mortgage Finance — 2.1%
Axos Financial Inc.^(a)		5,057		228,324
Capitol Federal Financial Inc.		24,446		315,965
Essent Group Ltd.		21,735		1,142,826
Federal Agricultural Mortgage Corp., Class C, NVS		2,291		235,652
Flagstar Bancorp. Inc.		9,095		423,281
Kearny Financial Corp./MD		13,757		175,815
Meridian Bancorp. Inc.		5,182		114,574
MGIC Investment Corp.		65,379		996,376
Mr Cooper Group Inc.^(a)		7,754		267,358
New York Community Bancorp. Inc.		89,703		1,072,848
NMI Holdings Inc., Class A^(a)		18,444		476,593
PennyMac Financial Services Inc.		4,099		246,801
Premier Financial Corp.		9,665		305,317
Provident Financial Services Inc.		13,935		328,448
Radian Group Inc.		37,019		912,148
Rocket Companies Inc., Class A		22,223		498,906
TFS Financial Corp.		8,927		174,612
Walker & Dunlop Inc.		6,473		717,532
Washington Federal Inc.		14,276		464,684
Waterstone Financial Inc.		6,537		128,779


				9,226,839

Tobacco — 0.1%
Universal Corp./VA		4,974		279,688
Vector Group Ltd.		14,343		187,176


				466,864

Trading Companies & Distributors — 1.8%
Air Lease Corp.		20,502		957,648
Applied Industrial Technologies Inc.		4,417		422,530
Beacon Roofing Supply Inc.^(a)		10,789		607,744
Boise Cascade Co.		7,852		523,886
CAI International Inc.		3,348		142,457
DXP Enterprises Inc./TX^(a)		2,250		65,858
GATX Corp.		3,639		355,567
GMS Inc.^(a)		8,850		386,834


Security	Shares		Value

Trading Companies & Distributors (continued)
H&E Equipment Services Inc.		6,907	$	268,682
Herc Holdings Inc.^(a)		4,983		526,205
McGrath RentCorp.		2,780		227,904
MRC Global Inc.^(a)(b)		12,856		121,104
MSC Industrial Direct Co. Inc., Class A		9,033		814,415
NOW Inc.^(a)		22,997		225,831
Rush Enterprises Inc., Class A		3,287		162,246
Titan Machinery Inc.^(a)		2,963		77,364
Triton International Ltd.		12,793		641,825
Univar Solutions Inc.^(a)		33,206		775,360
WESCO International Inc.^(a)		8,517		781,179


				8,084,639

Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		14,298		476,266


Water Utilities — 0.1%
American States Water Co.		2,231		176,673
Middlesex Water Co.		1,308		107,282
SJW Group		2,089		136,934


				420,889

Wireless Telecommunication Services — 0.2%
Boingo Wireless Inc.^(a)		8,859		123,672
Gogo Inc.^(a)(b)		9,322		97,135
Telephone and Data Systems Inc.		19,939		458,198
U.S. Cellular Corp.^(a)		3,134		106,963


				785,968


Total Common Stocks — 99.9% (Cost: $381,352,998)				445,727,610


Short-Term Investments

Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		14,013,972		14,020,978
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		160,000		160,000


				14,180,978


Total Short-Term Investments — 3.2% (Cost: $14,178,358)				14,180,978


Total Investments in Securities — 103.1% (Cost: $395,531,356)				459,908,588

Other Assets, Less Liabilities — (3.1)%				(13,830,287	)


Net Assets — 100.0%			$	446,078,301

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


90		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,494,125	$	—	$	(465,042	)^(a)	$	5,199		$	(13,304	)	$	14,020,978		14,013,972	$	109,418	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		663,000		—		(503,000	)^(a)		—			—			160,000		160,000		393			—
PennyMac Financial Services Inc.^(c)		—		1,063,844		(1,164,824	)		355,953			—			N/A		N/A		4,746			—
PennyMac Mortgage Investment Trust^(c)		544,804		368,511		(856,948	)		(329,294	)		641,438			N/A		N/A		8,682			—


								$	31,858		$	628,134		$	14,180,978			$	123,239		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity was not considered an affiliate.

Futures Contracts




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


Long Contracts
Russell 2000 E-Mini Index		3		06/18/21	$	339	$	96
S&P MidCap 400 E-Mini Index		1		06/18/21		272		(92	)


							$	4

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	96


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	92

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	417,335


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(88,951	)


S C H E D U L E O F I N V E S T M E N T S		91

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Small-Cap Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	493,387

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	445,727,610		$	—	$	—	$	445,727,610
Money Market Funds		14,180,978			—		—		14,180,978


	$	459,908,588		$	—	$	—	$	459,908,588

Derivative financial instruments^(a)
Assets
Futures Contracts	$	96		$	—	$	—	$	96
Liabilities
Futures Contracts		(92	)		—		—		(92	)


	$	4		$	—	$	—	$	4

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


92		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Boeing Co. (The)^(a)		12,675	$	2,969,879
General Dynamics Corp.		5,373		1,022,106
HEICO Corp.		994		139,955
HEICO Corp., Class A		1,693		213,792
Howmet Aerospace Inc.^(a)		8,964		286,489
Huntington Ingalls Industries Inc.		940		199,581
L3Harris Technologies Inc.		4,764		996,772
Lockheed Martin Corp.		5,696		2,167,670
Northrop Grumman Corp.		3,588		1,271,731
Raytheon Technologies Corp.		35,110		2,922,556
Teledyne Technologies Inc.^(a)		850		380,587
Textron Inc.		5,215		335,012
TransDigm Group Inc.^(a)		1,262		774,540


				13,680,670

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		3,075		298,521
Expeditors International of Washington Inc.		3,889		427,246
FedEx Corp.		5,643		1,638,219
United Parcel Service Inc., Class B		16,628		3,389,784
XPO Logistics Inc.^(a)		2,347		326,515


				6,080,285

Airlines — 0.2%
Delta Air Lines Inc.^(a)		14,831		695,870
Southwest Airlines Co.		13,710		860,714
United Airlines Holdings Inc.^(a)		7,452		405,389


				1,961,973

Auto Components — 0.2%
Aptiv PLC^(a)		6,258		900,464
Autoliv Inc.^(a)		1,806		181,792
BorgWarner Inc.		5,492		266,801
Gentex Corp.		5,595		196,832
Lear Corp.		1,272		233,845
QuantumScape Corp.^(a)(b)		3,187		116,453


				1,896,187

Automobiles — 1.7%
Ford Motor Co.^(a)		90,449		1,043,782
General Motors Co.		29,292		1,676,088
Tesla Inc.^(a)		17,748		12,591,141


				15,311,011

Banks — 4.0%
Bank of America Corp.		175,609		7,117,433
Citigroup Inc.		48,235		3,436,261
Citizens Financial Group Inc.		9,950		460,486
Commerce Bancshares Inc.		2,421		188,378
Fifth Third Bancorp		16,549		670,896
First Republic Bank/CA		4,090		749,452
Huntington Bancshares Inc./OH		23,894		366,056
JPMorgan Chase & Co.		70,532		10,848,527
KeyCorp		22,661		493,103
M&T Bank Corp.		3,009		474,489
PNC Financial Services Group Inc. (The)		9,800		1,832,110
Regions Financial Corp.		22,462		489,672
SVB Financial Group^(a)		1,251		715,359
Truist Financial Corp.		31,126		1,846,083
U.S. Bancorp.		31,594		1,875,104
Wells Fargo & Co.		95,555		4,304,753


				35,868,162


Security	Shares		Value

Beverages — 1.4%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		212	$	257,896
Brown-Forman Corp., Class A		1,284		91,613
Brown-Forman Corp., Class B, NVS		4,235		323,046
Coca-Cola Co. (The)		89,646		4,839,091
Constellation Brands Inc., Class A		3,944		947,822
Keurig Dr Pepper Inc.		13,500		483,975
Molson Coors Beverage Co., Class B		4,327		237,769
Monster Beverage Corp.^(a)		8,591		833,756
PepsiCo Inc.		31,887		4,596,830


				12,611,798

Biotechnology — 2.1%
AbbVie Inc.		40,818		4,551,207
ACADIA Pharmaceuticals Inc.^(a)		2,683		55,162
Alexion Pharmaceuticals Inc.^(a)		5,105		861,111
Alnylam Pharmaceuticals Inc.^(a)		2,747		386,338
Amgen Inc.		13,347		3,198,475
Biogen Inc.^(a)		3,530		943,675
BioMarin Pharmaceutical Inc.^(a)		4,177		325,472
Exact Sciences Corp.^(a)		3,906		514,889
Exelixis Inc.^(a)		7,166		176,427
Gilead Sciences Inc.		29,038		1,843,042
Horizon Therapeutics PLC^(a)		5,245		496,282
Incyte Corp.^(a)		4,294		366,622
Ionis Pharmaceuticals Inc.^(a)		3,234		138,480
Mirati Therapeutics Inc.^(a)		1,050		174,531
Moderna Inc.^(a)		7,061		1,262,648
Neurocrine Biosciences Inc.^(a)		2,159		204,004
Regeneron Pharmaceuticals Inc.^(a)		2,438		1,173,409
Sarepta Therapeutics Inc.^(a)		1,825		129,283
Seagen Inc.^(a)		2,970		426,967
Vertex Pharmaceuticals Inc.^(a)		6,024		1,314,437


				18,542,461

Building Products — 0.5%
A O Smith Corp.		3,155		213,751
Allegion PLC		2,084		280,048
Carrier Global Corp.		18,976		826,974
Fortune Brands Home & Security Inc.		3,183		334,151
Johnson Controls International PLC		16,686		1,040,205
Lennox International Inc.		787		263,913
Masco Corp.		5,905		377,212
Owens Corning		2,442		236,410
Trane Technologies PLC		5,530		961,280
Trex Co. Inc.^(a)		2,660		287,253


				4,821,197

Capital Markets — 3.0%
Ameriprise Financial Inc.		2,694		696,130
Apollo Global Management Inc.		4,850		268,544
Bank of New York Mellon Corp. (The)		18,714		933,454
BlackRock Inc.^(c)		3,287		2,693,039
Blackstone Group Inc. (The)		15,827		1,400,531
Carlyle Group Inc. (The)		2,684		114,499
Charles Schwab Corp. (The)		34,579		2,434,362
CME Group Inc.		8,298		1,676,113
FactSet Research Systems Inc.		880		295,874
Franklin Resources Inc.		6,269		188,070
Goldman Sachs Group Inc. (The)		7,953		2,771,223
Intercontinental Exchange Inc.		12,980		1,527,876
KKR & Co. Inc.		13,424		759,530
MarketAxess Holdings Inc.		872		425,937


S C H E D U L E O F I N V E S T M E N T S		93

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Moody’s Corp.		3,738	$	1,221,242
Morgan Stanley		34,672		2,862,174
Morningstar Inc.		502		133,035
MSCI Inc.		1,921		933,164
Nasdaq Inc.		2,650		428,081
Northern Trust Corp.		4,812		547,606
Raymond James Financial Inc.		2,818		368,538
S&P Global Inc.		5,564		2,172,130
SEI Investments Co.		2,737		168,161
State Street Corp.		8,181		686,795
T Rowe Price Group Inc.		5,300		949,760


				26,655,868

Chemicals — 1.8%
Air Products & Chemicals Inc.		5,114		1,475,287
Albemarle Corp.		2,697		453,555
Celanese Corp.		2,679		419,665
CF Industries Holdings Inc.		4,918		239,162
Corteva Inc.		17,273		842,231
Dow Inc.		17,251		1,078,188
DuPont de Nemours Inc.		12,513		964,877
Eastman Chemical Co.		3,124		360,478
Ecolab Inc.		5,755		1,289,811
FMC Corp.		2,997		354,365
International Flavors & Fragrances Inc.		5,776		821,174
Linde PLC		12,082		3,453,519
LyondellBasell Industries NV, Class A		5,988		621,195
Mosaic Co. (The)		7,927		278,872
PPG Industries Inc.		5,501		941,991
RPM International Inc.		2,988		283,382
Scotts Miracle-Gro Co. (The)		947		218,909
Sherwin-Williams Co. (The)		5,605		1,535,041
Westlake Chemical Corp.		790		74,173


				15,705,875

Commercial Services & Supplies — 0.4%
Cintas Corp.		2,051		707,882
Copart Inc.^(a)		4,855		604,496
IAA Inc.^(a)		3,093		194,271
Republic Services Inc.		4,924		523,421
Rollins Inc.		5,087		189,644
Waste Management Inc.		9,012		1,243,386


				3,463,100

Communications Equipment — 0.8%
Arista Networks Inc.^(a)		1,273		401,212
Ciena Corp.^(a)		3,564		179,875
Cisco Systems Inc.		97,585		4,968,052
F5 Networks Inc.^(a)		1,428		266,693
Juniper Networks Inc.		7,539		191,415
Lumentum Holdings Inc.^(a)		1,738		147,817
Motorola Solutions Inc.		3,930		740,019
Ubiquiti Inc.		171		48,792


				6,943,875

Construction & Engineering — 0.1%
AECOM^(a)		3,395		225,530
Quanta Services Inc.		3,176		306,929


				532,459

Construction Materials — 0.1%
Martin Marietta Materials Inc.		1,438		507,787


Security	Shares		Value

Construction Materials (continued)
Vulcan Materials Co.		3,097	$	552,009


				1,059,796

Consumer Finance — 0.6%
Ally Financial Inc.		8,778		451,628
American Express Co.		15,076		2,311,905
Capital One Financial Corp.		10,617		1,582,782
Discover Financial Services		7,076		806,664
Synchrony Financial		12,680		554,623


				5,707,602

Containers & Packaging — 0.4%
Amcor PLC		35,892		421,731
AptarGroup Inc.		1,497		225,763
Avery Dennison Corp.		1,925		412,277
Ball Corp.		7,568		708,667
Crown Holdings Inc.		3,102		340,600
International Paper Co.		9,188		532,904
Packaging Corp. of America		2,180		321,877
Westrock Co.		6,055		337,566


				3,301,385

Distributors — 0.1%
Genuine Parts Co.		3,342		417,650
LKQ Corp.^(a)		6,412		299,504
Pool Corp.		925		390,831


				1,107,985

Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.^(a)		1,394		201,893
Chegg Inc.^(a)		3,252		293,753
Service Corp. International		3,891		207,935


				703,581

Diversified Financial Services — 1.4%
Berkshire Hathaway Inc., Class B^(a)(b)		44,072		12,117,596
Equitable Holdings Inc.		9,005		308,241
Voya Financial Inc.		2,846		193,016


				12,618,853

Diversified Telecommunication Services — 1.2%
AT&T Inc.		164,847		5,177,844
Lumen Technologies Inc.		22,680		290,984
Verizon Communications Inc.		95,650		5,527,614


				10,996,442

Electric Utilities — 1.6%
Alliant Energy Corp.		5,741		322,472
American Electric Power Co. Inc.		11,512		1,021,230
Avangrid Inc.		1,281		65,203
Duke Energy Corp.		17,780		1,790,268
Edison International		8,858		526,608
Entergy Corp.		4,636		506,668
Evergy Inc.		5,216		333,668
Eversource Energy		7,985		688,467
Exelon Corp.		22,625		1,016,768
FirstEnergy Corp.		12,722		482,418
NextEra Energy Inc.		45,294		3,510,738
NRG Energy Inc.		5,620		201,308
OGE Energy Corp.		4,597		154,275
PG&E Corp.^(a)		34,938		395,498
Pinnacle West Capital Corp.		2,587		218,990
PPL Corp.		17,950		522,884
Southern Co. (The)		24,419		1,615,805


94		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities (continued)
Xcel Energy Inc.		12,488	$	890,394


				14,263,662

Electrical Equipment — 0.6%
AMETEK Inc.		5,318		717,558
Eaton Corp. PLC		9,210		1,316,385
Emerson Electric Co.		13,879		1,255,911
Generac Holdings Inc.^(a)		1,443		467,460
Hubbell Inc.		1,248		239,629
Rockwell Automation Inc.		2,701		713,766
Sensata Technologies Holding PLC^(a)		3,622		209,134
Sunrun Inc.^(a)		3,678		180,222


				5,100,065

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		13,894		935,622
CDW Corp./DE		3,255		580,464
Cognex Corp.		4,046		348,441
Corning Inc.		17,855		789,370
Flex Ltd.^(a)		11,468		199,543
IPG Photonics Corp.^(a)		835		181,287
Keysight Technologies Inc.^(a)		4,340		626,479
SYNNEX Corp.		949		115,019
TE Connectivity Ltd.		7,668		1,031,116
Trimble Inc.^(a)		5,881		482,242
Zebra Technologies Corp., Class A^(a)		1,247		608,212


				5,897,795

Energy Equipment & Services — 0.2%
Baker Hughes Co.		17,115		343,669
Halliburton Co.		20,791		406,672
Schlumberger Ltd.		32,432		877,286


				1,627,627

Entertainment — 2.0%
Activision Blizzard Inc.		17,906		1,632,848
Electronic Arts Inc.		6,675		948,384
Liberty Media Corp.-Liberty Formula One, Class A^(a)		593		24,562
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		4,679		219,632
Live Nation Entertainment Inc.^(a)		3,296		269,876
Netflix Inc.^(a)		10,236		5,255,879
Playtika Holding Corp.^(a)		1,602		44,504
Roku Inc.^(a)		2,575		883,148
Skillz Inc.^(a)(b)		5,496		96,290
Take-Two Interactive Software Inc.^(a)		2,647		464,231
Walt Disney Co. (The)^(a)		41,958		7,805,027
Zynga Inc., Class A^(a)		23,138		250,353


				17,894,734

Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities Inc.		2,935		531,528
American Homes 4 Rent, Class A		6,176		228,759
American Tower Corp.		10,270		2,616,488
Americold Realty Trust		5,799		234,222
AvalonBay Communities Inc.		3,249		623,808
Boston Properties Inc.		3,283		358,996
Camden Property Trust		2,244		270,357
Crown Castle International Corp.		9,978		1,886,441
CyrusOne Inc.		2,768		201,593
Digital Realty Trust Inc.		6,485		1,000,700
Duke Realty Corp.		8,589		399,560
Equinix Inc.		2,068		1,490,532
Equity LifeStyle Properties Inc.		3,894		270,244
Equity Residential		7,994		593,395


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Essex Property Trust Inc.		1,493	$	433,746
Extra Space Storage Inc.		3,037		451,572
Gaming and Leisure Properties Inc.		5,025		233,612
Healthpeak Properties Inc.		12,376		424,992
Host Hotels & Resorts Inc.		16,203		294,246
Invitation Homes Inc.		13,037		457,077
Iron Mountain Inc.		6,626		265,835
Medical Properties Trust Inc.		13,326		293,838
Mid-America Apartment Communities Inc.		2,627		413,306
Omega Healthcare Investors Inc.		5,322		202,236
Prologis Inc.		17,090		1,991,498
Public Storage		3,504		985,185
Realty Income Corp.		8,619		596,004
Regency Centers Corp.		3,629		231,022
SBA Communications Corp.		2,546		763,087
Simon Property Group Inc.		7,620		927,659
Sun Communities Inc.		2,580		430,421
UDR Inc.		6,817		316,650
Ventas Inc.		8,760		485,830
VEREIT Inc.		5,264		251,830
VICI Properties Inc.		12,329		390,829
Vornado Realty Trust		3,604		164,883
Welltower Inc.		9,706		728,241
Weyerhaeuser Co.		17,419		675,335
WP Carey Inc.		4,032		301,956


				23,417,513

Food & Staples Retailing — 1.2%
Casey’s General Stores Inc.		848		188,417
Costco Wholesale Corp.		10,229		3,806,109
Kroger Co. (The)		17,730		647,854
Sysco Corp.		11,834		1,002,695
Walgreens Boots Alliance Inc.		16,636		883,371
Walmart Inc.		32,046		4,483,556


				11,012,002

Food Products — 1.0%
Archer-Daniels-Midland Co.		12,974		819,049
Beyond Meat Inc.^(a)(b)		1,141		150,247
Bunge Ltd.		3,218		271,664
Campbell Soup Co.		4,666		222,801
Conagra Brands Inc.		11,444		424,458
Darling Ingredients Inc.^(a)		3,775		262,174
General Mills Inc.		14,095		857,822
Hershey Co. (The)		3,386		556,320
Hormel Foods Corp.		6,456		298,267
JM Smucker Co. (The)		2,520		330,095
Kellogg Co.		5,850		365,157
Kraft Heinz Co. (The)		15,108		623,809
Lamb Weston Holdings Inc.		3,363		270,721
McCormick & Co. Inc./MD, NVS		5,818		525,714
Mondelez International Inc., Class A		32,634		1,984,474
Tyson Foods Inc., Class A		6,878		532,701


				8,495,473

Gas Utilities — 0.1%
Atmos Energy Corp.		2,943		304,865
UGI Corp.		4,791		209,415


				514,280

Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		40,946		4,916,796
ABIOMED Inc.^(a)		1,042		334,201


S C H E D U L E O F I N V E S T M E N T S		95

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Align Technology Inc.^(a)		1,673	$	996,322
Baxter International Inc.		11,708		1,003,259
Becton Dickinson and Co.		6,723		1,672,750
Boston Scientific Corp.^(a)(b)		32,774		1,428,946
Cooper Companies Inc. (The)		1,128		463,484
Danaher Corp.		14,647		3,719,459
DENTSPLY SIRONA Inc.		5,030		339,575
DexCom Inc.^(a)		2,237		863,706
Edwards Lifesciences Corp.^(a)		14,454		1,380,646
Hill-Rom Holdings Inc.		1,525		168,085
Hologic Inc.^(a)		5,919		387,990
IDEXX Laboratories Inc.^(a)		1,978		1,085,902
Insulet Corp.^(a)		1,529		451,391
Intuitive Surgical Inc.^(a)		2,721		2,353,665
Masimo Corp.^(a)		1,168		271,759
Medtronic PLC		31,158		4,079,205
Novocure Ltd.^(a)		1,956		399,220
Penumbra Inc.^(a)		777		237,754
Quidel Corp.^(a)		884		92,634
ResMed Inc.		3,390		637,218
STERIS PLC		1,963		414,232
Stryker Corp.		7,566		1,987,059
Tandem Diabetes Care Inc.^(a)		1,435		131,877
Teleflex Inc.		1,077		455,011
West Pharmaceutical Services Inc.		1,701		558,813
Zimmer Biomet Holdings Inc.		4,790		848,596


				31,679,555

Health Care Providers & Services — 2.6%
Amedisys Inc.^(a)		755		203,737
AmerisourceBergen Corp.		3,412		412,170
Anthem Inc.		5,672		2,151,900
Cardinal Health Inc.		6,747		407,114
Centene Corp.^(a)		13,491		832,934
Chemed Corp.		370		176,346
Cigna Corp.		8,129		2,024,202
CVS Health Corp.		30,303		2,315,149
DaVita Inc.^(a)(b)		1,661		193,556
Encompass Health Corp.		2,278		193,311
Guardant Health Inc.^(a)		1,963		312,078
HCA Healthcare Inc.		6,138		1,234,106
Henry Schein Inc.^(a)		3,314		240,265
Humana Inc.		2,981		1,327,261
Laboratory Corp. of America Holdings^(a)		2,275		604,854
LHC Group Inc.^(a)		728		151,621
McKesson Corp.		3,699		693,784
Molina Healthcare Inc.^(a)		1,385		353,314
Quest Diagnostics Inc.		3,067		404,476
UnitedHealth Group Inc.		21,853		8,714,976
Universal Health Services Inc., Class B		1,808		268,325


				23,215,479

Health Care Technology — 0.2%
Cerner Corp.		7,151		536,682
Teladoc Health Inc.^(a)(b)		3,028		521,876
Veeva Systems Inc., Class A^(a)		3,169		895,084


				1,953,642

Hotels, Restaurants & Leisure — 2.1%
Airbnb Inc., Class A^(a)		1,691		292,053
Aramark		5,837		226,884
Booking Holdings Inc.^(a)		947		2,335,378


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Caesars Entertainment Inc.^(a)		4,813	$	470,904
Carnival Corp.^(a)		18,622		520,671
Chipotle Mexican Grill Inc.^(a)		654		975,788
Darden Restaurants Inc.		3,014		442,214
Domino’s Pizza Inc.		891		376,305
DraftKings Inc., Class A^(a)(b)		7,524		426,310
Expedia Group Inc.		3,223		567,989
Hilton Worldwide Holdings Inc.^(a)		6,447		829,729
Las Vegas Sands Corp.		7,677		470,293
Marriott International Inc./MD, Class A^(a)		6,168		916,071
McDonald’s Corp.		17,234		4,068,603
MGM Resorts International		9,645		392,744
Penn National Gaming Inc.^(a)		3,439		306,484
Royal Caribbean Cruises Ltd.		5,124		445,532
Starbucks Corp.		27,207		3,114,929
Vail Resorts Inc.		934		303,699
Wynn Resorts Ltd.^(a)		2,417		310,343
Yum! Brands Inc.		6,972		833,293


				18,626,216

Household Durables — 0.4%
DR Horton Inc.		7,703		757,128
Garmin Ltd.		3,436		471,557
Lennar Corp., Class A		6,395		662,522
Lennar Corp., Class B		355		28,602
Mohawk Industries Inc.^(a)		1,368		281,124
Newell Brands Inc.		8,680		234,013
NVR Inc.^(a)		82		411,484
PulteGroup Inc.		6,110		361,223
Whirlpool Corp.		1,441		340,725


				3,548,378

Household Products — 1.3%
Church & Dwight Co. Inc.		5,732		491,462
Clorox Co. (The)		2,934		535,455
Colgate-Palmolive Co.		19,613		1,582,769
Kimberly-Clark Corp.		7,828		1,043,629
Procter & Gamble Co. (The)		56,922		7,594,533
Reynolds Consumer Products Inc.		1,253		36,738


				11,284,586

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		15,666		435,828
Vistra Corp.		11,112		187,460


				623,288

Industrial Conglomerates — 1.1%
3M Co.		13,384		2,638,522
Carlisle Companies Inc.		1,225		234,771
General Electric Co.		202,584		2,657,902
Honeywell International Inc.		16,073		3,584,922
Roper Technologies Inc.		2,433		1,086,189


				10,202,306

Insurance — 2.0%
Aflac Inc.		14,876		799,287
Alleghany Corp.^(a)		326		221,344
Allstate Corp. (The)		7,033		891,784
American Financial Group Inc./OH		1,610		197,805
American International Group Inc.		19,866		962,508
Aon PLC, Class A		5,232		1,315,534
Arch Capital Group Ltd.^(a)		9,257		367,595
Arthur J Gallagher & Co.		4,472		648,216
Assurant Inc.		1,332		207,259


96		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Brown & Brown Inc.		5,378	$	286,002
Chubb Ltd.		10,406		1,785,566
Cincinnati Financial Corp.		3,473		391,338
Erie Indemnity Co., Class A, NVS		572		122,419
Everest Re Group Ltd.		931		257,840
Fidelity National Financial Inc.		2,641		120,482
Globe Life Inc.		2,213		226,810
Hartford Financial Services Group Inc. (The)		8,335		549,777
Lincoln National Corp.		4,144		265,755
Loews Corp.		5,217		290,848
Markel Corp.^(a)		320		376,454
Marsh & McLennan Companies Inc.		11,745		1,593,797
MetLife Inc.		17,404		1,107,417
Principal Financial Group Inc.		5,827		372,171
Progressive Corp. (The)		13,550		1,365,027
Prudential Financial Inc.		9,211		924,416
Reinsurance Group of America Inc.		1,584		206,760
RenaissanceRe Holdings Ltd.		1,165		196,664
Travelers Companies Inc. (The)		5,867		907,390
W R Berkley Corp.		3,217		256,459
Willis Towers Watson PLC		2,975		770,109


				17,984,833

Interactive Media & Services — 6.3%
Alphabet Inc., Class A^(a)		6,952		16,361,532
Alphabet Inc., Class C, NVS^(a)		6,663		16,058,630
Facebook Inc., Class A^(a)		55,602		18,075,098
IAC/InterActiveCorp.^(a)		1,920		486,662
Match Group Inc.^(a)(b)		6,234		970,197
Pinterest Inc., Class A^(a)		12,351		819,736
Snap Inc., Class A, NVS^(a)		21,445		1,325,730
Twitter Inc.^(a)		18,462		1,019,472
Zillow Group Inc., Class A^(a)		860		114,681
Zillow Group Inc., Class C, NVS^(a)		3,562		463,487


				55,695,225

Internet & Direct Marketing Retail — 4.3%
Amazon.com Inc.^(a)		9,892		34,299,719
ContextLogic Inc., Class A^(a)(b)		1,096		15,201
DoorDash Inc., Class A^(a)		788		112,818
eBay Inc.		14,991		836,348
Etsy Inc.^(a)		2,935		583,449
Grubhub Inc.^(a)		2,186		148,735
MercadoLibre Inc.^(a)		1,057		1,660,526
Wayfair Inc., Class A^(a)		1,705		503,947


				38,160,743

IT Services — 5.5%
Accenture PLC, Class A		14,658		4,250,380
Affirm Holdings Inc.^(a)(b)		748		52,734
Akamai Technologies Inc.^(a)		3,752		407,842
Automatic Data Processing Inc.		9,890		1,849,331
Black Knight Inc.^(a)		3,602		260,857
Broadridge Financial Solutions Inc.		2,679		424,970
Cognizant Technology Solutions Corp., Class A		12,298		988,759
EPAM Systems Inc.^(a)		1,291		590,955
Fidelity National Information Services Inc.		14,350		2,194,115
Fiserv Inc.^(a)		13,305		1,598,197
FleetCor Technologies Inc.^(a)		1,949		560,766
Gartner Inc.^(a)		2,037		399,008
Genpact Ltd.		4,022		191,166
Global Payments Inc.		6,821		1,463,991


Security	Shares		Value

IT Services (continued)
GoDaddy Inc., Class A^(a)		3,895	$	338,164
International Business Machines Corp.		20,652		2,930,106
Jack Henry & Associates Inc.		1,747		284,464
Mastercard Inc., Class A		20,267		7,743,210
MongoDB Inc.^(a)		1,199		356,655
Okta Inc.^(a)(b)		2,868		773,500
Paychex Inc.		7,458		727,080
PayPal Holdings Inc.^(a)		27,069		7,099,928
Snowflake Inc., Class A^(a)		1,363		315,657
Square Inc., Class A^(a)(b)		9,007		2,205,094
Twilio Inc., Class A^(a)		3,710		1,364,538
VeriSign Inc.^(a)		2,299		502,952
Visa Inc., Class A		39,204		9,156,486
Western Union Co. (The)		9,442		243,226


				49,274,131

Leisure Products — 0.1%
Hasbro Inc.		2,933		291,687
Peloton Interactive Inc., Class A^(a)		6,083		598,263


				889,950

Life Sciences Tools & Services — 1.3%
10X Genomics Inc., Class A^(a)		1,695		335,271
Agilent Technologies Inc.		7,071		944,969
Avantor Inc.^(a)		11,878		380,571
Bio-Rad Laboratories Inc., Class A^(a)		497		313,175
Bio-Techne Corp.		891		380,894
Bruker Corp.^(b)		2,331		159,720
Charles River Laboratories International Inc.^(a)		1,152		382,982
Illumina Inc.^(a)		3,374		1,325,442
IQVIA Holdings Inc.^(a)		4,438		1,041,554
Mettler-Toledo International Inc.^(a)		545		715,760
PerkinElmer Inc.		2,572		333,408
PPD Inc.^(a)		2,497		115,361
PRA Health Sciences Inc.^(a)		1,482		247,331
Repligen Corp.^(a)		1,169		247,489
Thermo Fisher Scientific Inc.		9,103		4,280,504
Waters Corp.^(a)		1,428		428,214


				11,632,645

Machinery — 1.7%
Caterpillar Inc.		12,598		2,873,730
Cummins Inc.		3,435		865,757
Deere & Co.		7,242		2,685,696
Dover Corp.		3,362		501,577
Fortive Corp.		7,890		558,770
Graco Inc.		3,877		297,754
IDEX Corp.		1,757		393,919
Illinois Tool Works Inc.		6,659		1,534,633
Ingersoll Rand Inc.^(a)		8,729		431,300
Nikola Corp.^(a)(b)		3,232		37,394
Nordson Corp.		1,243		262,783
Otis Worldwide Corp.		9,491		739,064
PACCAR Inc.		8,057		724,163
Parker-Hannifin Corp.		2,992		938,919
Pentair PLC		3,813		245,977
Snap-on Inc.		1,246		296,050
Stanley Black & Decker Inc.		3,741		773,526
Toro Co. (The)		2,501		286,615
Westinghouse Air Brake Technologies Corp.		4,113		337,554
Xylem Inc./NY		4,224		467,385


				15,252,566


S C H E D U L E O F I N V E S T M E N T S		97

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media — 1.4%
Altice USA Inc., Class A^(a)		5,605	$	203,518
Cable One Inc.		127		227,330
Charter Communications Inc., Class A^(a)		3,267		2,200,161
Comcast Corp., Class A		105,661		5,932,865
Discovery Inc., Class A^(a)		3,736		140,698
Discovery Inc., Class C, NVS^(a)		6,785		219,223
DISH Network Corp., Class A^(a)		5,684		254,586
Fox Corp., Class A, NVS		7,684		287,535
Fox Corp., Class B		3,529		128,385
Interpublic Group of Companies Inc. (The)		8,974		284,924
Liberty Broadband Corp., Class A^(a)		553		87,191
Liberty Broadband Corp., Class C, NVS^(a)		4,922		800,908
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		1,870		84,505
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		3,948		178,568
News Corp., Class A, NVS		8,984		235,336
News Corp., Class B		2,799		68,044
Omnicom Group Inc.		4,979		409,573
Sirius XM Holdings Inc.		26,633		162,461
ViacomCBS Inc., Class A		238		10,758
ViacomCBS Inc., Class B, NVS		13,580		557,052


				12,473,621

Metals & Mining — 0.4%
Freeport-McMoRan Inc.		33,741		1,272,373
Newmont Corp.		18,568		1,158,829
Nucor Corp.		6,967		573,105
Reliance Steel & Aluminum Co.		1,461		234,213
Royal Gold Inc.		1,507		168,573
Southern Copper Corp.		1,989		138,057


				3,545,150

Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		12,357		221,561
Annaly Capital Management Inc.		32,132		291,759


				513,320

Multi-Utilities — 0.7%
Ameren Corp.		5,858		496,993
CenterPoint Energy Inc.		12,672		310,337
CMS Energy Corp.		6,643		427,743
Consolidated Edison Inc.		7,985		618,119
Dominion Energy Inc.		18,621		1,487,818
DTE Energy Co.		4,472		626,169
NiSource Inc.		9,002		234,232
Public Service Enterprise Group Inc.		11,745		741,814
Sempra Energy		7,018		965,466
WEC Energy Group Inc.		7,344		713,617


				6,622,308

Multiline Retail — 0.5%
Dollar General Corp.		5,675		1,218,706
Dollar Tree Inc.^(a)		5,429		623,792
Target Corp.		11,577		2,399,449


				4,241,947

Oil, Gas & Consumable Fuels — 2.2%
Cabot Oil & Gas Corp.		9,178		152,997
Cheniere Energy Inc.^(a)		5,298		410,701
Chevron Corp.		44,530		4,589,707
ConocoPhillips		31,301		1,600,733
EOG Resources Inc.		13,527		996,128
Exxon Mobil Corp.		97,855		5,601,220
Hess Corp.		6,400		476,864
Kinder Morgan Inc.		45,256		771,615


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		15,121	$	841,484
Occidental Petroleum Corp.		19,574		496,397
ONEOK Inc.		10,399		544,284
Phillips 66		10,167		822,612
Pioneer Natural Resources Co.		4,779		735,153
Valero Energy Corp.		9,502		702,768
Williams Companies Inc. (The)		28,249		688,146


				19,430,809

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		5,307		1,665,337


Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		51,776		3,231,858
Catalent Inc.^(a)		3,937		442,794
Elanco Animal Health Inc.^(a)		10,847		343,958
Eli Lilly & Co.		18,383		3,359,861
Jazz Pharmaceuticals PLC^(a)		1,296		213,062
Johnson & Johnson		60,762		9,887,800
Merck & Co. Inc.		58,485		4,357,132
Perrigo Co. PLC		3,058		127,305
Pfizer Inc.		128,923		4,982,874
Royalty Pharma PLC, Class A		1,962		86,328
Viatris Inc.^(a)		28,295		376,324
Zoetis Inc.		10,984		1,900,562


				29,309,858

Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		3,196		265,108
Clarivate PLC^(a)		6,005		167,720
CoStar Group Inc.^(a)		909		776,677
Dun & Bradstreet Holdings Inc.^(a)		3,160		75,082
Equifax Inc.		2,849		653,076
IHS Markit Ltd.		8,596		924,758
Jacobs Engineering Group Inc.		2,987		399,093
Leidos Holdings Inc.		3,065		310,423
TransUnion		4,411		461,346
Verisk Analytics Inc.		3,787		712,713


				4,745,996

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		7,743		659,704
Opendoor Technologies Inc.^(a)(b)		7,823		158,572


				818,276

Road & Rail — 1.2%
AMERCO		210		125,292
CSX Corp.		17,626		1,775,819
JB Hunt Transport Services Inc.		1,921		327,934
Kansas City Southern		2,099		613,349
Knight-Swift Transportation Holdings Inc.		2,818		132,784
Lyft Inc., Class A^(a)		6,009		334,461
Norfolk Southern Corp.		5,832		1,628,528
Old Dominion Freight Line Inc.		2,242		578,010
Uber Technologies Inc.^(a)		33,918		1,857,689
Union Pacific Corp.		15,479		3,437,731


				10,811,597

Semiconductors & Semiconductor Equipment — 5.2%
Advanced Micro Devices Inc.^(a)(b)		28,001		2,285,442
Analog Devices Inc.		8,533		1,306,914
Applied Materials Inc.		21,209		2,814,646
Broadcom Inc.		9,437		4,305,159
Cree Inc.^(a)		2,671		265,551


98		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Enphase Energy Inc.^(a)		2,981	$	415,104
Entegris Inc.		3,102		349,223
First Solar Inc.^(a)		1,980		151,529
Intel Corp.		93,914		5,402,873
KLA Corp.		3,568		1,125,169
Lam Research Corp.		3,302		2,048,726
Marvell Technology Inc.		18,645		842,941
Maxim Integrated Products Inc.		6,251		587,594
Microchip Technology Inc.		6,242		938,110
Micron Technology Inc.^(a)		25,843		2,224,307
Monolithic Power Systems Inc.		987		356,682
NVIDIA Corp.		14,334		8,605,847
NXP Semiconductors NV		6,408		1,233,604
ON Semiconductor Corp.^(a)		9,458		368,862
Qorvo Inc.^(a)		2,615		492,065
QUALCOMM Inc.		26,253		3,643,916
Skyworks Solutions Inc.		3,835		695,401
SolarEdge Technologies Inc.^(a)		1,194		314,667
Teradyne Inc.		3,903		488,187
Texas Instruments Inc.		21,273		3,839,989
Universal Display Corp.		987		220,782
Xilinx Inc.		5,666		725,021


				46,048,311

Software — 9.3%
Adobe Inc.^(a)		11,077		5,630,882
Alteryx Inc., Class A^(a)		1,355		110,771
Anaplan Inc.^(a)		3,259		194,399
ANSYS Inc.^(a)		2,017		737,536
Aspen Technology Inc.^(a)		1,559		203,980
Autodesk Inc.^(a)		5,083		1,483,779
Avalara Inc.^(a)		1,963		278,177
Bill.com Holdings Inc.^(a)		1,416		218,956
C3.ai Inc., Class A^(a)(b)		382		25,311
Cadence Design Systems Inc.^(a)		6,434		847,808
Ceridian HCM Holding Inc.^(a)		3,008		284,196
Citrix Systems Inc.		2,830		350,496
Cloudflare Inc., Class A^(a)		4,315		365,653
Coupa Software Inc.^(a)		1,666		448,221
Crowdstrike Holdings Inc., Class A^(a)		4,373		911,814
Datadog Inc., Class A^(a)		4,734		406,035
DocuSign Inc.^(a)		4,329		965,107
Dynatrace Inc.^(a)		4,220		219,609
Elastic NV^(a)		1,467		176,950
Fair Isaac Corp.^(a)		673		350,909
Five9 Inc.^(a)		1,548		290,978
Fortinet Inc.^(a)		3,163		645,980
Guidewire Software Inc.^(a)		1,927		203,318
HubSpot Inc.^(a)		1,004		528,556
Intuit Inc.		6,327		2,607,736
Microsoft Corp.		174,337		43,964,305
nCino Inc.^(a)		380		24,848
NortonLifeLock Inc.		13,370		288,926
Nuance Communications Inc.^(a)		6,547		348,104
Oracle Corp.		42,862		3,248,511
Palo Alto Networks Inc.^(a)		2,264		800,075
Paycom Software Inc.^(a)(b)		1,127		433,230
Paylocity Holding Corp.^(a)		876		169,278
Pegasystems Inc.		911		115,642
PTC Inc.^(a)		2,437		319,101
RingCentral Inc., Class A^(a)		1,853		591,014


Security	Shares		Value

Software (continued)
salesforce.com Inc.^(a)		21,214	$	4,886,008
ServiceNow Inc.^(a)		4,533		2,295,375
Slack Technologies Inc., Class A^(a)		11,727		497,225
Smartsheet Inc., Class A^(a)		2,681		158,983
SolarWinds Corp.^(a)		1,657		27,937
Splunk Inc.^(a)		3,738		472,558
SS&C Technologies Holdings Inc.		5,151		382,307
Synopsys Inc.^(a)		3,536		873,604
Trade Desk Inc. (The), Class A^(a)(b)		984		717,641
Tyler Technologies Inc.^(a)		940		399,368
VMware Inc., Class A^(a)(b)		1,873		301,235
Workday Inc., Class A^(a)		4,272		1,055,184
Zendesk Inc.^(a)		2,705		395,336
Zoom Video Communications Inc., Class A^(a)		4,734		1,512,844
Zscaler Inc.^(a)(b)		1,716		321,990


				83,087,786

Specialty Retail — 2.3%
Advance Auto Parts Inc.		1,521		304,443
AutoZone Inc.^(a)		515		754,022
Best Buy Co. Inc.		5,367		624,021
Burlington Stores Inc.^(a)		1,531		499,611
CarMax Inc.^(a)		3,794		505,513
Carvana Co.^(a)		1,448		413,057
Five Below Inc.^(a)(b)		1,300		261,651
Floor & Decor Holdings Inc., Class A^(a)		2,398		265,986
Gap Inc. (The)		4,724		156,364
Home Depot Inc. (The)		24,887		8,055,175
L Brands Inc.^(a)		5,366		353,620
Lowe’s Companies Inc.		16,892		3,315,055
O’Reilly Automotive Inc.^(a)		1,621		896,219
Ross Stores Inc.		8,249		1,080,124
TJX Companies Inc. (The)		27,740		1,969,540
Tractor Supply Co.		2,687		506,768
Ulta Beauty Inc.^(a)		1,305		429,802
Williams-Sonoma Inc.		1,759		300,349


				20,691,320

Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc.		364,766		47,952,138
Dell Technologies Inc., Class C^(a)		5,549		545,633
Hewlett Packard Enterprise Co.		30,427		487,441
HP Inc.		29,052		990,964
NetApp Inc.		5,154		384,952
Seagate Technology PLC		4,617		428,642
Western Digital Corp.		7,151		505,075


				51,294,845

Textiles, Apparel & Luxury Goods — 0.6%
Deckers Outdoor Corp.^(a)		648		219,154
Lululemon Athletica Inc.^(a)		2,734		916,628
Nike Inc., Class B		29,392		3,897,967
VF Corp.		7,484		656,047


				5,689,796

Tobacco — 0.6%
Altria Group Inc.		42,949		2,050,815
Philip Morris International Inc.		35,986		3,418,670


				5,469,485

Trading Companies & Distributors — 0.2%
Fastenal Co.		13,373		699,140
United Rentals Inc.^(a)		1,684		538,796
Watsco Inc.		763		223,452


S C H E D U L E O F I N V E S T M E N T S		99

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors (continued)
WW Grainger Inc.		1,020	$	442,211


				1,903,599

Water Utilities — 0.1%
American Water Works Co. Inc.		4,188		653,286
Essential Utilities Inc.		5,130		241,777


				895,063

Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		13,496		1,783,226


Total Common Stocks — 99.8% (Cost: $775,691,611)				888,858,909


Short-Term Investments

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		17,340,163		17,348,833
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		1,623,000		1,623,000


				18,971,833


Total Short-Term Investments — 2.1% (Cost: $18,972,776)				18,971,833


Total Investments in Securities — 101.9% (Cost: $794,664,387)				907,830,742

Other Assets, Less Liabilities — (1.9)%				(16,643,340	)


Net Assets — 100.0%			$	891,187,402

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,078,621	$	14,272,716	^(a)	$	—		$	538	$	(3,042	)	$	17,348,833		17,340,163	$	7,876	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,933,000		—			(310,000	)^(a)		—		—			1,623,000		1,623,000		1,255			—
BlackRock Inc.		7,133,988		11,269,219			(19,465,923	)		4,344,995		(589,240	)		2,693,039		3,287		231,249			—


									$	4,345,533	$	(592,282	)	$	21,664,872			$	240,380		$	—

^(a)

Represents net amount purchased (sold).

^(b)


100		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar U.S. Equity ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/18/21

2,087

69,265

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	69,265

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	734,180


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(219,341	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,111,384

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	888,858,909	$	—	$	—	$	888,858,909
Money Market Funds		18,971,833		—		—		18,971,833


	$	907,830,742	$	—	$	—	$	907,830,742


Derivative financial instruments^(a)
Assets
Futures Contracts	$	69,265	$	—	$	—	$	69,265

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		101

Schedule of Investments

April 30, 2021

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.4%
Boeing Co. (The)^(a)		18,679	$	4,376,676
General Dynamics Corp.		7,911		1,504,910
Howmet Aerospace Inc.^(a)		5,876		187,797
Huntington Ingalls Industries Inc.		794		168,582
L3Harris Technologies Inc.		4,131		864,329
Lockheed Martin Corp.		8,392		3,193,660
Northrop Grumman Corp.		3,379		1,197,653
Raytheon Technologies Corp.		51,735		4,306,421
Textron Inc.		7,789		500,365
TransDigm Group Inc.^(a)		773		474,421


				16,774,814

Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		2,985		289,784
Expeditors International of Washington Inc.		2,877		316,067
FedEx Corp.		8,304		2,410,734
United Parcel Service Inc., Class B		15,626		3,185,516
XPO Logistics Inc.^(a)		1,972		274,345


				6,476,446

Airlines — 0.4%
Delta Air Lines Inc.^(a)		21,650		1,015,818
Southwest Airlines Co.		20,055		1,259,053
United Airlines Holdings Inc.^(a)		10,792		587,085


				2,861,956

Auto Components — 0.3%
Aptiv PLC^(a)		4,398		632,828
Autoliv Inc.^(a)		2,686		270,373
BorgWarner Inc.		8,164		396,607
Gentex Corp.		3,787		133,227
Lear Corp.		1,878		345,251


				1,778,286

Automobiles — 0.6%
Ford Motor Co.^(a)		133,224		1,537,405
General Motors Co.		43,173		2,470,359


				4,007,764

Banks — 7.4%
Bank of America Corp.		258,668		10,483,814
Citigroup Inc.		71,069		5,062,956
Citizens Financial Group Inc.		14,412		666,987
Commerce Bancshares Inc.		2,372		184,565
Fifth Third Bancorp.		24,142		978,717
Huntington Bancshares Inc./OH		34,741		532,232
JPMorgan Chase & Co.		103,897		15,980,398
KeyCorp.		33,085		719,930
M&T Bank Corp.		4,394		692,890
PNC Financial Services Group Inc. (The)		14,437		2,698,997
Regions Financial Corp.		32,590		710,462
SVB Financial Group^(a)		735		420,295
Truist Financial Corp.		45,869		2,720,490
U.S. Bancorp.		46,541		2,762,208
Wells Fargo & Co.		140,757		6,341,103


				50,956,044

Beverages — 2.4%
Brown-Forman Corp., Class A		722		51,515
Brown-Forman Corp., Class B, NVS		2,283		174,147
Coca-Cola Co. (The)		132,050		7,128,059
Constellation Brands Inc., Class A		5,800		1,393,856
Keurig Dr Pepper Inc.		19,703		706,353


Security	Shares		Value

Beverages (continued)
Molson Coors Beverage Co., Class B		6,430	$	353,328
PepsiCo Inc.		46,973		6,771,628


				16,578,886

Biotechnology — 2.5%
AbbVie Inc.		60,124		6,703,826
Alexion Pharmaceuticals Inc.^(a)		4,024		678,768
Alnylam Pharmaceuticals Inc.^(a)		1,389		195,349
Amgen Inc.		19,665		4,712,521
Biogen Inc.^(a)		5,198		1,389,581
Gilead Sciences Inc.		42,784		2,715,501
Regeneron Pharmaceuticals Inc.^(a)		1,730		832,649


				17,228,195

Building Products — 0.7%
A O Smith Corp.		2,472		167,478
Allegion PLC		1,723		231,537
Carrier Global Corp.		27,742		1,208,996
Fortune Brands Home & Security Inc.		2,601		273,053
Johnson Controls International PLC		24,561		1,531,133
Lennox International Inc.		525		176,053
Masco Corp.		3,059		195,409
Owens Corning		3,583		346,870
Trane Technologies PLC		5,047		877,320


				5,007,849

Capital Markets — 4.2%
Ameriprise Financial Inc.		2,540		656,336
Apollo Global Management Inc.		4,324		239,420
Bank of New York Mellon Corp. (The)		27,532		1,373,296
BlackRock Inc.^(b)		4,833		3,959,677
Blackstone Group Inc. (The)		15,233		1,347,968
Carlyle Group Inc. (The)		3,992		170,299
Charles Schwab Corp. (The)		50,954		3,587,161
CME Group Inc.		12,224		2,469,126
Franklin Resources Inc.		9,393		281,790
Goldman Sachs Group Inc. (The)		11,715		4,082,092
Intercontinental Exchange Inc.		12,678		1,492,327
KKR & Co. Inc.		8,981		508,145
Morgan Stanley		51,094		4,217,810
Nasdaq Inc.		1,645		265,733
Northern Trust Corp.		7,067		804,225
Raymond James Financial Inc.		4,147		542,345
S&P Global Inc.		3,088		1,205,524
SEI Investments Co.		1,438		88,351
State Street Corp.		11,945		1,002,783
T Rowe Price Group Inc.		3,962		709,990


				29,004,398

Chemicals — 2.3%
Air Products & Chemicals Inc.		4,291		1,237,868
Albemarle Corp.		2,023		340,208
Celanese Corp.		3,899		610,778
CF Industries Holdings Inc.		7,352		357,528
Corteva Inc.		25,262		1,231,775
Dow Inc.		25,409		1,588,063
DuPont de Nemours Inc.		18,368		1,416,357
Eastman Chemical Co.		4,640		535,410
Ecolab Inc.		3,391		759,991
FMC Corp.		2,230		263,675
International Flavors & Fragrances Inc.		8,444		1,200,483
Linde PLC		11,136		3,183,114
LyondellBasell Industries NV, Class A		8,735		906,169


102		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Mosaic Co. (The)		7,256	$	255,266
PPG Industries Inc.		4,992		854,830
RPM International Inc.		1,913		181,429
Scotts Miracle-Gro Co. (The)		570		131,761
Sherwin-Williams Co. (The)		3,406		932,801
Westlake Chemical Corp.		1,179		110,696


				16,098,202

Commercial Services & Supplies — 0.3%
Cintas Corp.		1,165		402,088
Republic Services Inc.		4,335		460,810
Waste Management Inc.		8,840		1,219,655


				2,082,553

Communications Equipment — 1.2%
Ciena Corp.^(a)(c)		2,621		132,282
Cisco Systems Inc.		143,743		7,317,956
F5 Networks Inc.^(a)		906		169,204
Juniper Networks Inc.		11,208		284,571
Lumentum Holdings Inc.^(a)		1,073		91,259
Motorola Solutions Inc.		2,677		504,079


				8,499,351

Construction & Engineering — 0.1%
AECOM^(a)		5,080		337,464
Quanta Services Inc.		2,817		272,235


				609,699

Construction Materials — 0.0%
Martin Marietta Materials Inc.		846		298,740


Consumer Finance — 1.2%
Ally Financial Inc.		12,772		657,120
American Express Co.		22,217		3,406,977
Capital One Financial Corp.		15,638		2,331,313
Discover Financial Services		6,558		747,612
Synchrony Financial		18,549		811,333


				7,954,355

Containers & Packaging — 0.6%
Amcor PLC		53,343		626,780
AptarGroup Inc.		967		145,833
Avery Dennison Corp.		1,481		317,186
Ball Corp.		5,371		502,940
Crown Holdings Inc.		4,562		500,908
International Paper Co.		13,424		778,592
Packaging Corp. of America		3,205		473,218
Westrock Co.		8,905		496,454


				3,841,911

Distributors — 0.1%
Genuine Parts Co.		4,933		616,477
LKQ Corp.^(a)		9,529		445,100


				1,061,577

Diversified Consumer Services — 0.0%
Bright Horizons Family Solutions Inc.^(a)		769		111,374


Diversified Financial Services — 1.8%
Berkshire Hathaway Inc., Class B^(a)		42,488		11,682,076
Equitable Holdings Inc.		13,387		458,237
Voya Financial Inc.		2,765		187,522


				12,327,835

Diversified Telecommunication Services — 2.4%
AT&T Inc.		242,821		7,627,008
Lumen Technologies Inc.		33,712		432,525


Security	Shares		Value

Diversified Telecommunication Services (continued)
Verizon Communications Inc.		140,895	$	8,142,322


				16,201,855

Electric Utilities — 2.7%
Alliant Energy Corp.		8,534		479,355
American Electric Power Co. Inc.		16,940		1,502,747
Avangrid Inc.		1,903		96,863
Duke Energy Corp.		26,171		2,635,158
Edison International		12,961		770,531
Entergy Corp.		6,802		743,391
Evergy Inc.		7,678		491,162
Eversource Energy		7,415		639,321
Exelon Corp.		33,302		1,496,592
FirstEnergy Corp.		18,552		703,492
NextEra Energy Inc.		45,156		3,500,042
NRG Energy Inc.		4,929		176,557
OGE Energy Corp.		6,899		231,530
PG&E Corp.^(a)		50,835		575,452
Pinnacle West Capital Corp.		3,850		325,902
PPL Corp.		26,261		764,983
Southern Co. (The)		35,979		2,380,730
Xcel Energy Inc.		18,253		1,301,439


				18,815,247

Electrical Equipment — 0.7%
Eaton Corp. PLC		13,563		1,938,560
Emerson Electric Co.		20,448		1,850,340
Hubbell Inc.		1,007		193,354
Rockwell Automation Inc.		1,536		405,903
Sensata Technologies Holding PLC^(a)		3,529		203,764
Sunrun Inc.^(a)		2,820		138,180


				4,730,101

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		10,283		692,457
CDW Corp./DE		2,301		410,337
Corning Inc.		26,088		1,153,351
Flex Ltd.^(a)		17,048		296,635
Keysight Technologies Inc.^(a)		2,331		336,480
SYNNEX Corp.		1,410		170,892
TE Connectivity Ltd.		7,254		975,445
Trimble Inc.^(a)		3,522		288,804


				4,324,401

Energy Equipment & Services — 0.3%
Baker Hughes Co.		11,361		228,129
Halliburton Co.		30,348		593,607
Schlumberger Ltd.		47,473		1,284,144


				2,105,880

Entertainment — 2.0%
Activision Blizzard Inc.		9,674		882,172
Electronic Arts Inc.		6,986		992,571
Liberty Media Corp.-Liberty Formula One, Class A^(a)		882		36,532
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		6,950		326,233
Walt Disney Co. (The)^(a)		61,806		11,497,152


				13,734,660

Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities Inc.		1,574		285,051
American Tower Corp.		5,339		1,360,217
AvalonBay Communities Inc.		4,766		915,072
Boston Properties Inc.		4,843		529,582
Camden Property Trust		2,058		247,948


S C H E D U L E O F I N V E S T M E N T S		103

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Digital Realty Trust Inc.		5,933	$	915,521
Duke Realty Corp.		6,446		299,868
Equity LifeStyle Properties Inc.		2,457		170,516
Equity Residential		11,641		864,111
Essex Property Trust Inc.		1,245		361,697
Extra Space Storage Inc.		2,392		355,667
Gaming and Leisure Properties Inc.		7,524		349,791
Healthpeak Properties Inc.		11,055		379,629
Host Hotels & Resorts Inc.		24,089		437,456
Iron Mountain Inc.		9,912		397,670
Medical Properties Trust Inc.		19,606		432,312
Mid-America Apartment Communities Inc.		1,933		304,119
Omega Healthcare Investors Inc.		7,973		302,974
Prologis Inc.		16,076		1,873,336
Public Storage		5,189		1,458,939
Realty Income Corp.		7,760		536,604
Regency Centers Corp.		3,446		219,372
Simon Property Group Inc.		11,208		1,364,462
UDR Inc.		5,509		255,893
Ventas Inc.		12,713		705,063
VEREIT Inc.		4,349		208,056
VICI Properties Inc.		10,208		323,594
Vornado Realty Trust		5,360		245,220
Welltower Inc.		14,253		1,069,403
Weyerhaeuser Co.		25,518		989,333
WP Carey Inc.		5,989		448,516


				18,606,992

Food & Staples Retailing — 1.9%
Casey’s General Stores Inc.		496		110,206
Costco Wholesale Corp.		7,486		2,785,466
Kroger Co. (The)		25,847		944,449
Sysco Corp.		17,410		1,475,149
Walgreens Boots Alliance Inc.		24,478		1,299,782
Walmart Inc.		47,202		6,604,032


				13,219,084

Food Products — 1.6%
Archer-Daniels-Midland Co.		19,061		1,203,321
Bunge Ltd.		4,786		404,034
Campbell Soup Co.		6,978		333,200
Conagra Brands Inc.		16,684		618,810
General Mills Inc.		20,758		1,263,332
Hershey Co. (The)		2,315		380,355
Hormel Foods Corp.		5,312		245,414
JM Smucker Co. (The)		3,707		485,580
Kellogg Co.		8,691		542,492
Kraft Heinz Co. (The)		22,010		908,793
Lamb Weston Holdings Inc.		5,027		404,673
McCormick & Co. Inc./MD, NVS		3,379		305,326
Mondelez International Inc., Class A		48,079		2,923,684
Tyson Foods Inc., Class A		10,006		774,965


				10,793,979

Gas Utilities — 0.1%
Atmos Energy Corp.		2,887		299,064
UGI Corp.		7,174		313,576


				612,640

Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		29,927		3,593,634
Baxter International Inc.		12,422		1,064,441
Becton Dickinson and Co.		9,893		2,461,478


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Boston Scientific Corp.^(a)		23,005	$	1,003,018
Danaher Corp.		8,063		2,047,518
DENTSPLY SIRONA Inc.		4,318		291,508
Hill-Rom Holdings Inc.		2,286		251,963
Medtronic PLC		45,899		6,009,097
Stryker Corp.		6,266		1,645,640
Zimmer Biomet Holdings Inc.		4,508		798,637


				19,166,934

Health Care Providers & Services — 3.7%
AmerisourceBergen Corp.		5,035		608,228
Anthem Inc.		5,479		2,078,678
Cardinal Health Inc.		9,953		600,564
Centene Corp.^(a)		19,746		1,219,118
Cigna Corp.		11,980		2,983,140
CVS Health Corp.		44,649		3,411,184
DaVita Inc.^(a)(c)		1,476		171,998
Encompass Health Corp.		1,418		120,331
HCA Healthcare Inc.		9,035		1,816,577
Henry Schein Inc.^(a)		4,897		355,032
Humana Inc.		2,318		1,032,066
Laboratory Corp. of America Holdings^(a)		3,334		886,411
McKesson Corp.		5,398		1,012,449
Molina Healthcare Inc.^(a)		1,047		267,090
Quest Diagnostics Inc.		2,654		350,009
UnitedHealth Group Inc.		21,532		8,586,962
Universal Health Services Inc., Class B		1,499		222,467


				25,722,304

Hotels, Restaurants & Leisure — 2.5%
Aramark		8,673		337,120
Booking Holdings Inc.^(a)		478		1,178,786
Caesars Entertainment Inc.^(a)		7,057		690,457
Carnival Corp.^(a)		27,245		761,770
Darden Restaurants Inc.		2,530		371,202
Expedia Group Inc.		2,022		356,337
Hilton Worldwide Holdings Inc.^(a)		4,793		616,859
Las Vegas Sands Corp.		11,140		682,437
Marriott International Inc./MD, Class A^(a)		9,033		1,341,581
McDonald’s Corp.		25,385		5,992,891
MGM Resorts International		5,114		208,242
Penn National Gaming Inc.^(a)		5,077		452,462
Royal Caribbean Cruises Ltd.		7,476		650,038
Starbucks Corp.		23,276		2,664,869
Wynn Resorts Ltd.^(a)		3,556		456,590
Yum! Brands Inc.		3,652		436,487


				17,198,128

Household Durables — 0.5%
DR Horton Inc.		5,442		534,894
Garmin Ltd.		2,020		277,225
Lennar Corp., Class A		5,840		605,024
Lennar Corp., Class B		328		26,427
Mohawk Industries Inc.^(a)		2,016		414,288
Newell Brands Inc.		12,904		347,892
NVR Inc.^(a)		62		311,122
PulteGroup Inc.		5,348		316,174
Whirlpool Corp.		2,124		502,220


				3,335,266

Household Products — 1.8%
Colgate-Palmolive Co.		28,898		2,332,069
Kimberly-Clark Corp.		11,528		1,536,913


104		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Procter & Gamble Co. (The)		61,281	$	8,176,111
Reynolds Consumer Products Inc.		1,936		56,763


				12,101,856

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		22,816		634,741
Vistra Corp.		16,647		280,835


				915,576

Industrial Conglomerates — 2.0%
3M Co.		19,717		3,887,009
Carlisle Companies Inc.		680		130,322
General Electric Co.		298,529		3,916,701
Honeywell International Inc.		23,680		5,281,587
Roper Technologies Inc.		1,317		587,962


				13,803,581

Insurance — 3.4%
Aflac Inc.		21,741		1,168,144
Allstate Corp. (The)		10,282		1,303,758
American Financial Group Inc./OH		2,390		293,635
American International Group Inc.		29,361		1,422,540
Aon PLC, Class A		5,255		1,321,317
Arch Capital Group Ltd.^(a)		6,515		258,711
Arthur J Gallagher & Co.		2,591		375,565
Assurant Inc.		973		151,399
Chubb Ltd.		15,329		2,630,303
Cincinnati Financial Corp.		5,119		576,809
Everest Re Group Ltd.		1,367		378,591
Fidelity National Financial Inc.		3,670		167,425
Globe Life Inc.		3,245		332,580
Hartford Financial Services Group Inc. (The)		12,137		800,557
Lincoln National Corp.		6,162		395,169
Loews Corp.		7,753		432,230
Markel Corp.^(a)		470		552,917
Marsh & McLennan Companies Inc.		17,306		2,348,424
MetLife Inc.		25,629		1,630,773
Principal Financial Group Inc.		8,658		552,987
Progressive Corp. (The)		19,955		2,010,267
Prudential Financial Inc.		13,548		1,359,677
Reinsurance Group of America Inc.		2,320		302,830
RenaissanceRe Holdings Ltd.		662		111,752
Travelers Companies Inc. (The)		8,607		1,331,159
W R Berkley Corp.		2,902		231,347
Willis Towers Watson PLC		2,573		666,047


				23,106,913

Interactive Media & Services — 2.3%
Alphabet Inc., Class A^(a)		3,290		7,743,015
Alphabet Inc., Class C, NVS^(a)		3,154		7,601,518
Zillow Group Inc., Class A^(a)		819		109,214
Zillow Group Inc., Class C, NVS^(a)		3,406		443,189


				15,896,936

Internet & Direct Marketing Retail — 0.2%
eBay Inc.		13,845		772,413
Wayfair Inc., Class A^(a)(c)		1,311		387,492


				1,159,905

IT Services — 2.3%
Accenture PLC, Class A		12,676		3,675,660
Automatic Data Processing Inc.		7,052		1,318,654
Cognizant Technology Solutions Corp., Class A		18,101		1,455,320
Fidelity National Information Services Inc.		11,886		1,817,369


Security	Shares		Value

IT Services (continued)
Fiserv Inc.^(a)		10,913	$	1,310,870
Genpact Ltd.		3,228		153,427
Global Payments Inc.		5,148		1,104,915
International Business Machines Corp.		30,425		4,316,699
Paychex Inc.		5,080		495,249
Western Union Co. (The)		14,034		361,516


				16,009,679

Leisure Products — 0.1%
Peloton Interactive Inc., Class A^(a)		4,678		460,081


Life Sciences Tools & Services — 0.3%
Agilent Technologies Inc.		3,665		489,791
Bruker Corp.		1,248		85,513
Illumina Inc.^(a)		1,880		738,539
IQVIA Holdings Inc.^(a)		2,790		654,785
Waters Corp.^(a)		1,060		317,862


				2,286,490

Machinery — 2.3%
Caterpillar Inc.		18,566		4,235,090
Cummins Inc.		5,026		1,266,753
Deere & Co.		6,745		2,501,383
Dover Corp.		2,532		377,749
Fortive Corp.		5,407		382,924
Illinois Tool Works Inc		9,815		2,261,965
Ingersoll Rand Inc.^(a)		6,226		307,627
Otis Worldwide Corp		8,599		669,604
PACCAR Inc.		7,311		657,113
Parker-Hannifin Corp.		2,216		695,403
Pentair PLC		3,241		209,077
Snap-on Inc.		1,851		439,797
Stanley Black & Decker Inc.		5,462		1,129,378
Westinghouse Air Brake Technologies Corp		6,005		492,830


				15,626,693

Media — 2.0%
Altice USA Inc., Class A^(a)		4,652		168,914
Comcast Corp., Class A		155,640		8,739,186
Discovery Inc., Class A^(a)		5,489		206,716
Discovery Inc., Class C, NVS^(a)		9,894		319,675
DISH Network Corp., Class A^(a)		8,450		378,476
Fox Corp., Class A, NVS		11,315		423,407
Fox Corp., Class B		5,251		191,031
Interpublic Group of Companies Inc. (The)		13,415		425,926
Liberty Broadband Corp., Class A^(a)		415		65,433
Liberty Broadband Corp., Class C, NVS^(a)		3,637		591,813
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		1,872		84,596
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		3,858		174,497
News Corp., Class A, NVS		13,357		349,887
News Corp., Class B		4,246		103,220
Omnicom Group Inc.		7,343		604,035
ViacomCBS Inc., Class A		355		16,046
ViacomCBS Inc., Class B, NVS		19,940		817,939


				13,660,797

Metals & Mining — 0.5%
Freeport-McMoRan Inc.		49,690		1,873,810
Newmont Corp.		10,186		635,708
Nucor Corp.		10,178		837,242
Reliance Steel & Aluminum Co.		2,172		348,193
Southern Copper Corp.		1,248		86,624


				3,781,577


S C H E D U L E O F I N V E S T M E N T S		105

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		18,501	$	331,723
Annaly Capital Management Inc.		47,759		433,652


				765,375

Multi-Utilities — 1.4%
Ameren Corp.		8,652		734,036
CenterPoint Energy Inc.		18,836		461,294
CMS Energy Corp.		6,352		409,005
Consolidated Edison Inc.		11,694		905,232
Dominion Energy Inc.		27,440		2,192,456
DTE Energy Co.		6,619		926,792
NiSource Inc.		13,383		348,226
Public Service Enterprise Group Inc.		17,149		1,083,131
Sempra Energy		10,324		1,420,273
WEC Energy Group Inc.		10,709		1,040,593


				9,521,038

Multiline Retail — 0.6%
Dollar General Corp.		4,075		875,106
Dollar Tree Inc.^(a)		8,034		923,107
Target Corp.		11,952		2,477,171


				4,275,384

Oil, Gas & Consumable Fuels — 4.0%
Cabot Oil & Gas Corp.		5,173		86,234
Chevron Corp.		65,589		6,760,258
ConocoPhillips		46,126		2,358,884
EOG Resources Inc.		19,903		1,465,657
Exxon Mobil Corp.		144,141		8,250,631
Hess Corp.		9,265		690,335
Kinder Morgan Inc.		66,074		1,126,562
Marathon Petroleum Corp.		22,112		1,230,533
Occidental Petroleum Corp.		28,652		726,615
ONEOK Inc.		15,104		790,543
Phillips 66		14,829		1,199,814
Pioneer Natural Resources Co.		4,356		670,083
Valero Energy Corp.		13,870		1,025,825
Williams Companies Inc. (The)		41,210		1,003,876


				27,385,850

Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		2,900		910,020


Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		76,283		4,761,585
Elanco Animal Health Inc.^(a)		8,028		254,568
Eli Lilly & Co.		13,542		2,475,071
Jazz Pharmaceuticals PLC^(a)		1,936		318,279
Johnson & Johnson		89,501		14,564,498
Merck & Co. Inc.		86,152		6,418,324
Perrigo Co. PLC		4,545		189,208
Pfizer Inc.		189,906		7,339,867
Royalty Pharma PLC, Class A		2,960		130,240
Viatris Inc.^(a)		41,224		548,279


				36,999,919

Professional Services — 0.2%
Equifax Inc.		1,834		420,408
Jacobs Engineering Group Inc.		4,407		588,819
Leidos Holdings Inc.		2,454		248,541


				1,257,768

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)(c)		5,595		476,694


Security	Shares		Value

Road & Rail — 1.6%
CSX Corp.		25,962	$	2,615,672
Kansas City Southern		1,286		375,782
Knight-Swift Transportation Holdings Inc.		2,627		123,784
Lyft Inc., Class A^(a)(c)		4,815		268,003
Norfolk Southern Corp.		8,577		2,395,041
Union Pacific Corp.		22,806		5,064,985


				10,843,267

Semiconductors & Semiconductor Equipment — 4.6%
Analog Devices Inc.		8,959		1,372,160
Applied Materials Inc.		16,670		2,212,276
Broadcom Inc.		10,186		4,646,853
Cree Inc.^(a)		1,914		190,290
First Solar Inc.^(a)		1,253		95,892
Intel Corp.		138,336		7,958,470
KLA Corp.		2,339		737,604
Lam Research Corp.		2,546		1,579,666
Microchip Technology Inc.		3,121		469,055
Micron Technology Inc.^(a)		38,088		3,278,234
NXP Semiconductors NV		9,439		1,817,102
ON Semiconductor Corp.^(a)		13,949		544,011
Qorvo Inc.^(a)		1,768		332,684
QUALCOMM Inc.		12,527		1,738,748
Skyworks Solutions Inc.		2,454		444,984
Texas Instruments Inc.		19,774		3,569,405
Xilinx Inc.		3,662		468,589


				31,456,023

Software — 0.9%
Citrix Systems Inc.		1,980		245,223
NortonLifeLock Inc.		10,651		230,168
Nuance Communications Inc.^(a)		6,073		322,902
Oracle Corp.		63,150		4,786,139
SolarWinds Corp.^(a)		1,555		26,217
SS&C Technologies Holdings Inc.		3,700		274,614
VMware Inc., Class A^(a)(c)		998		160,508


				6,045,771

Specialty Retail — 2.7%
Advance Auto Parts Inc.		1,097		219,575
AutoZone Inc.^(a)		490		717,419
Best Buy Co. Inc.		7,874		915,510
Burlington Stores Inc.^(a)		932		304,140
CarMax Inc.^(a)		2,990		398,388
Gap Inc. (The)		7,096		234,878
Home Depot Inc. (The)		25,761		8,338,063
L Brands Inc.^(a)		7,900		520,610
Lowe’s Companies Inc.		12,898		2,531,232
O’Reilly Automotive Inc.^(a)		1,652		913,358
Ross Stores Inc.		6,241		817,196
TJX Companies Inc. (The)		22,256		1,580,176
Tractor Supply Co.		1,590		299,874
Ulta Beauty Inc.^(a)		781		257,222
Williams-Sonoma Inc.		1,372		234,269


				18,281,910

Technology Hardware, Storage & Peripherals — 4.9%
Apple Inc.		217,252		28,559,948
Dell Technologies Inc., Class C^(a)		8,053		791,851
Hewlett Packard Enterprise Co.		44,434		711,833
HP Inc.		42,725		1,457,350
NetApp Inc.		7,601		567,719
Seagate Technology PLC		6,872		637,996


106		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp.		10,384	$	733,422


				33,460,119

Textiles, Apparel & Luxury Goods — 0.3%
Nike Inc., Class B		14,894		1,975,243
VF Corp.		4,208		368,873


				2,344,116

Tobacco — 1.2%
Altria Group Inc.		63,284		3,021,811
Philip Morris International Inc.		53,023		5,037,185


				8,058,996

Trading Companies & Distributors — 0.1%
United Rentals Inc.^(a)		1,510		483,125
WW Grainger Inc.		910		394,521


				877,646

Water Utilities — 0.0%
Essential Utilities Inc.		3,750		176,738


Wireless Telecommunication Services — 0.4%
T-Mobile U.S. Inc.^(a)		19,888		2,627,801


Total Common Stocks — 99.8% (Cost: $607,765,796)				686,702,225


Security	Shares		Value


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(b)(d)(e)		1,530,943	$	1,531,709
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(d)		1,890,000		1,890,000


				3,421,709


Total Short-Term Investments — 0.5% (Cost: $3,421,711)				3,421,709


Total Investments in Securities — 100.3% (Cost: $611,187,507)				690,123,934

Other Assets, Less Liabilities — (0.3)%				(2,366,044	)


Net Assets — 100.0%			$	687,757,890

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates




Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,531,915	^(a)	$	—		$	(204	)	$	(2	)	$	1,531,709		1,530,943	$	7,825	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,210,000		680,000	^(a)		—			—			—			1,890,000		1,890,000		876			—
BlackRock Inc.		—		3,554,533			(19,642	)		(58	)		424,844			3,959,677		4,833		—			—


									$	(262	)	$	424,842		$	7,381,386			$	8,701		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
S&P Select Sector Consumer Staples E-Mini Index		6		06/18/21	$	418	$	1,392
S&P Select Sector Financial E-Mini Index		5		06/18/21		557		21,502


							$	22,894


S C H E D U L E O F I N V E S T M E N T S		107

Schedule of Investments (continued)

April 30, 2021

iShares^® Morningstar Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	22,894

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	843,106


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,063	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,274,675

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	686,702,225	$	—	$	—	$	686,702,225
Money Market Funds		3,421,709		—		—		3,421,709


	$	690,123,934	$	—	$	—	$	690,123,934

Derivative financial instruments^(a)
Assets
Futures Contracts	$	22,894	$	—	$	—	$	22,894

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


108		2 0 2 1 I S H A R E S 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

April 30, 2021


	iShares Morningstar Growth ETF			iShares Morningstar Mid-Cap ETF			iShares Morningstar Mid-Cap Growth ETF			iShares Morningstar Mid-Cap Value ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,883,453,009		$	880,063,539		$	1,516,822,179		$	456,431,182
Affiliated^(c)		22,405,813			30,550,740			72,940,412			2,945,373
Cash		6,923			11,877			9,317			12,501
Cash pledged:
Futures contracts		195,000			88,000			196,000			63,000
Receivables:
Investments sold		—			—			23,592			—
Securities lending income — Affiliated		2,487			5,439			9,366			679
Dividends		411,930			365,031			292,752			283,552


Total assets		1,906,475,162			911,084,626			1,590,293,618			459,736,287


LIABILITIES
Collateral on securities loaned, at value		19,339,685			29,104,557			70,259,700			2,010,767
Payables:
Variation margin on futures contracts		23,201			19,255			39,666			8,550
Capital shares redeemed		—			15,196			38,029			—
Investment advisory fees		61,417			28,970			76,354			22,493


Total liabilities		19,424,303			29,167,978			70,413,749			2,041,810


NET ASSETS	$	1,887,050,859		$	881,916,648		$	1,519,879,869		$	457,694,477


NET ASSETS CONSIST OF:
Paid-in capital	$	1,545,540,494		$	819,371,915		$	1,373,303,650		$	399,703,597
Accumulated earnings		341,510,365			62,544,733			146,576,219			57,990,880


NET ASSETS	$	1,887,050,859		$	881,916,648		$	1,519,879,869		$	457,694,477


Shares outstanding		30,500,000	^(d)		13,400,000	^(e)		22,850,000	^(f)		7,150,000	^(g)


Net asset value	$	61.87	^(d)	$	65.81	^(e)	$	66.52	^(f)	$	64.01	^(g)


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Securities loaned, at value	$	18,537,002		$	27,775,433		$	66,948,419		$	1,923,243
^(b)Investments, at cost — Unaffiliated	$	1,432,303,421		$	760,641,013		$	1,302,097,542		$	370,007,354
^(c)Investments, at cost — Affiliated	$	22,405,813		$	30,553,045		$	72,926,462		$	2,945,373

^(d)	Shares outstanding and net asset value per share reflect a five-for-one stock split effective after the close of trading on April 16, 2021.

^(e)	Shares outstanding and net asset value per share reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(f)	Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(g)	Shares outstanding and net asset value per share reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		109

Statements of Assets and Liabilities (continued)

April 30, 2021


	iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF			iShares Morningstar Small-Cap Value ETF			iShares Morningstar U.S. Equity ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	241,566,676		$	765,436,709		$	445,727,610		$	886,165,870
Affiliated^(c)		14,055,424			79,069,325			14,180,978			21,664,872
Cash		353			8,092			7,651			23,136
Cash pledged:
Futures contracts		8,000			—			8,000			112,000
Receivables:
Securities lending income — Affiliated		4,031			18,723			2,917			2,423
Capital shares sold		—			—			71,112			—
Dividends		53,012			50,887			153,625			605,873


Total assets		255,687,496			844,583,736			460,151,893			908,574,174


LIABILITIES
Collateral on securities loaned, at value		13,791,615			78,096,649			14,018,074			17,350,162
Payables:
Investments purchased		26,237			132,888			31,641			—
Variation margin on futures contracts		1,736			257			2,428			14,545
Capital shares redeemed		58,751			—			—			—
Investment advisory fees		8,223			38,988			21,449			22,065


Total liabilities		13,886,562			78,268,782			14,073,592			17,386,772


NET ASSETS	$	241,800,934		$	766,314,954		$	446,078,301		$	891,187,402


NET ASSETS CONSIST OF:
Paid-in capital	$	251,364,167		$	789,580,130		$	417,358,133		$	834,164,326
Accumulated earnings (loss)		(9,563,233	)		(23,265,176	)		28,720,168			57,023,076


NET ASSETS	$	241,800,934		$	766,314,954		$	446,078,301		$	891,187,402


Shares outstanding		4,150,000	^(d)		14,850,000	^(e)		7,650,000	^(f)		15,100,000	^(d)


Net asset value	$	58.27	^(d)	$	51.60	^(e)	$	58.31	^(f)	$	59.02	^(d)


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Securities loaned, at value	$	13,329,236		$	75,430,449		$	13,493,189		$	16,771,633
^(b)Investments, at cost — Unaffiliated	$	223,960,798		$	728,441,554		$	381,352,998		$	774,228,680
^(c)Investments, at cost — Affiliated	$	14,054,560		$	79,053,634		$	14,178,358		$	20,435,707

^(d)	Shares outstanding and net asset value per share reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(e)	Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(f)	Shares outstanding and net asset value per share reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

See notes to financial statements.


110		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021


	iShares Morningstar Value ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	682,742,548
Affiliated^(c)		7,381,386
Cash		126,701
Cash pledged:
Futures contracts		48,000
Receivables:
Securities lending income — Affiliated		302
Dividends		736,277


Total assets		691,035,214


LIABILITIES
Collateral on securities loaned, at value		1,531,914
Payables:
Investments purchased		1,718,383
Variation margin on futures contracts		4,880
Investment advisory fees		22,147


Total liabilities		3,277,324


NET ASSETS	$	687,757,890


NET ASSETS CONSIST OF:
Paid-in capital	$	662,390,134
Accumulated earnings		25,367,756


NET ASSETS	$	687,757,890


Shares outstanding		10,800,000	^(d)


Net asset value	$	63.68	^(d)


Shares authorized		Unlimited


Par value		None


^(a) Securities loaned, at value	$	1,477,273
^(b) Investments, at cost — Unaffiliated	$	604,230,963
^(c) Investments, at cost — Affiliated	$	6,956,544

^(d)	Shares outstanding and net asset value per share reflect a two-for-one stock split effective after the close of trading on April 16, 2021.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		111

Statements of Operations

Year Ended April 30, 2021


	iShares Morningstar Growth ETF			iShares Morningstar Mid-Cap ETF			iShares Morningstar Mid-Cap Growth ETF			iShares Morningstar Mid-Cap Value ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	8,828,055		$	9,291,589		$	4,585,392		$	9,471,972
Dividends — Affiliated		1,725			942			670			600
Securities lending income — Affiliated — net		99,243			46,977			194,293			64,269
Foreign taxes withheld		—			—			—			(739	)


Total investment income		8,929,023			9,339,508			4,780,355			9,536,102


EXPENSES
Investment advisory fees		4,082,655			1,620,367			3,290,251			988,368
Miscellaneous		437			—			437			437


Total expenses		4,083,092			1,620,367			3,290,688			988,805


Net investment income		4,845,931			7,719,141			1,489,667			8,547,297


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(73,990,557	)		(11,129,106	)		(48,442,068	)		5,096,829
Investments — Affiliated		18,893			19,058			(352	)		5,815
In-kind redemptions — Unaffiliated		681,727,118			179,565,344			360,695,103			5,107,315
Futures contracts		833,905			629,841			392,881			483,729


Net realized gain		608,589,359			169,085,137			312,645,564			10,693,688

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		25,614,493			131,408,123			160,268,797			164,947,880
Investments — Affiliated		(27,931	)		(26,106	)		(36,854	)		(8,897	)
Futures contracts		(335,342	)		(33,549	)		4,098			(21,348	)


Net change in unrealized appreciation (depreciation)		25,251,220			131,348,468			160,236,041			164,917,635


Net realized and unrealized gain		633,840,579			300,433,605			472,881,605			175,611,323


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	638,686,510		$	308,152,746		$	474,371,272		$	184,158,620

See notes to financial statements.


112		2 0 2 1 I S H A R E S 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 (continued)

Year Ended April 30, 2021


	iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF			iShares Morningstar Small-Cap Value ETF			iShares Morningstar U.S. Equity ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	2,955,346		$	1,485,629		$	7,088,608		$	12,170,180
Dividends — Affiliated		270			279			13,821			232,504
Securities lending income — Affiliated — net		89,135			316,241			109,418			7,876
Foreign taxes withheld		(2,979	)		(21	)		(100	)		(3,852	)


Total investment income		3,041,772			1,802,128			7,211,747			12,406,708


EXPENSES
Investment advisory fees		463,451			1,252,672			813,048			1,483,012
Miscellaneous		—			437			437			—


Total expenses		463,451			1,253,109			813,485			1,483,012


Net investment income		2,578,321			549,019			6,398,262			10,923,696


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(710,506	)		(49,796,901	)		22,313,906			(4,351,189	)
Investments — Affiliated		5,416			10,908			49,901			240,340
In-kind redemptions — Unaffiliated		53,863,025			185,547,275			652,776			256,316,628
In-kind redemptions — Affiliated		—			—			(18,043	)		4,105,193
Futures contracts		230,384			155,523			417,335			734,180


Net realized gain		53,388,319			135,916,805			23,415,875			257,045,152

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		45,433,400			25,606,477			155,760,364			34,267,786
Investments — Affiliated		(11,168	)		(34,402	)		628,134			(592,282	)
Futures contracts		(15,512	)		(23,199	)		(88,951	)		(219,341	)


Net change in unrealized appreciation (depreciation)		45,406,720			25,548,876			156,299,547			33,456,163


Net realized and unrealized gain		98,795,039			161,465,681			179,715,422			290,501,315


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	101,373,360		$	162,014,700		$	186,113,684		$	301,425,011

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		113

Statements of Operations (continued)

Year Ended April 30, 2021


	iShares Morningstar Value ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	15,955,188
Dividends — Affiliated		876
Securities lending income — Affiliated — net		7,825


Total investment income		15,963,889


EXPENSES
Investment advisory fees		1,132,604
Miscellaneous		437


Total expenses		1,133,041


Net investment income		14,830,848


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(31,789,867	)
Investments — Affiliated		(262	)
In-kind redemptions — Unaffiliated		93,561,295
Futures contracts		843,106


Net realized gain		62,614,272

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		85,563,332
Investments — Affiliated		424,842
Futures contracts		(6,063	)


Net change in unrealized appreciation (depreciation)		85,982,111


Net realized and unrealized gain		148,596,383


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	163,427,231

See notes to financial statements.


114		2 0 2 1 I S H A R E S 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							iShares
	Morningstar Growth ETF							Morningstar Mid-Cap ETF

		Year Ended			Year Ended				Year Ended			Year Ended
		04/30/21			04/30/20				04/30/21			04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	4,845,931		$	6,468,239			$	7,719,141		$	9,795,166
Net realized gain			608,589,359			86,230,545				169,085,137			45,717,609
Net change in unrealized appreciation (depreciation)			25,251,220			41,247,095				131,348,468			(139,210,542	)


Net increase (decrease) in net assets resulting from operations			638,686,510			133,945,879				308,152,746			(83,697,767	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(4,551,595	)		(6,545,139	)			(8,255,303	)		(10,156,866	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(266,458,523	)		287,700,863				14,113,783			(54,773,831	)


NET ASSETS
Total increase (decrease) in net assets			367,676,392			415,101,603				314,011,226			(148,628,464	)
Beginning of year			1,519,374,467			1,104,272,864				567,905,422			716,533,886


End of year		$	1,887,050,859		$	1,519,374,467			$	881,916,648		$	567,905,422

^(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		115

Statements of Changes in Net Assets (continued)


	iShares							iShares
	Morningstar Mid-Cap Growth ETF							Morningstar Mid-Cap Value ETF

		Year Ended			Year Ended				Year Ended			Year Ended
		04/30/21			04/30/20				04/30/21			04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,489,667		$	1,689,566			$	8,547,297		$	13,200,591
Net realized gain			312,645,564			80,743,013				10,693,688			7,386,597
Net change in unrealized appreciation (depreciation)			160,236,041			(61,398,189	)			164,917,635			(121,181,532	)


Net increase (decrease) in net assets resulting from operations			474,371,272			21,034,390				184,158,620			(100,594,344	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(981,614	)		(1,606,525	)			(8,834,502	)		(13,689,233	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			513,857,069			37,481,148				(48,677,560	)		(18,192,795	)


NET ASSETS
Total increase (decrease) in net assets			987,246,727			56,909,013				126,646,558			(132,476,372	)
Beginning of year			532,633,142			475,724,129				331,047,919			463,524,291


End of year		$	1,519,879,869		$	532,633,142			$	457,694,477		$	331,047,919

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

See notes to financial statements.


116		2 0 2 1 I S H A R E S 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							iShares
	Morningstar Small-Cap ETF							Morningstar Small-Cap Growth ETF

		Year Ended			Year Ended				Year Ended			Year Ended
		04/30/21			04/30/20				04/30/21			04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	2,578,321		$	3,040,136			$	549,019		$	521,216
Net realized gain			53,388,319			17,783,994				135,916,805			8,121,255
Net change in unrealized appreciation (depreciation)			45,406,720			(60,283,790	)			25,548,876			(21,553,768	)


Net increase (decrease) in net assets resulting from operations			101,373,360			(39,459,660	)			162,014,700			(12,911,297	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(2,733,151	)		(3,363,152	)			(481,903	)		(599,016	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(41,954,608	)		(9,094,043	)			413,270,056			(10,228,865	)


NET ASSETS
Total increase (decrease) in net assets			56,685,601			(51,916,855	)			574,802,853			(23,739,178	)
Beginning of year			185,115,333			237,032,188				191,512,101			215,251,279


End of year		$	241,800,934		$	185,115,333			$	766,314,954		$	191,512,101

^(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		117

Statements of Changes in Net Assets (continued)


	iShares							iShares
	Morningstar Small-Cap Value ETF							Morningstar U.S. Equity ETF

		Year Ended			Year Ended				Year Ended			Year Ended
		04/30/21			04/30/20				04/30/21			04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	6,398,262		$	8,831,055			$	10,923,696		$	15,605,819
Net realized gain (loss)			23,415,875			(28,001,959	)			257,045,152			69,701,863
Net change in unrealized appreciation (depreciation)			156,299,547			(103,996,055	)			33,456,163			(85,548,713	)


Net increase (decrease) in net assets resulting from operations			186,113,684			(123,166,959	)			301,425,011			(241,031	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(6,659,248	)		(10,178,053	)			(10,641,246	)		(20,017,376	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			9,611,427			(40,323,939	)			(117,661,509	)		(124,847,974	)


NET ASSETS
Total increase (decrease) in net assets			189,065,863			(173,668,951	)			173,122,256			(145,106,381	)
Beginning of year			257,012,438			430,681,389				718,065,146			863,171,527


End of year		$	446,078,301		$	257,012,438			$	891,187,402		$	718,065,146

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

See notes to financial statements.


118		2 0 2 1 I S H A R E S 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
	Morningstar Value ETF

	Year Ended			Year Ended
	04/30/21			04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,830,848		$	15,483,963
Net realized gain		62,614,272			22,452,095
Net change in unrealized appreciation (depreciation)		85,982,111			(79,584,801	)


Net increase (decrease) in net assets resulting from operations		163,427,231			(41,648,743	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(15,026,189	)		(15,607,286	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		91,874,202			11,742,819


NET ASSETS
Total increase (decrease) in net assets		240,275,244			(45,513,210	)
Beginning of year		447,482,646			492,995,856


End of year	$	687,757,890		$	447,482,646

^(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		119

Financial Highlights

(For a share outstanding throughout each period)


	iShares Morningstar Growth ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	42.80			$	38.08			$	33.00			$	27.25			$	23.27

Net investment income^(b)			0.14				0.21				0.23				0.30				0.22
Net realized and unrealized gain^(c)			19.07				4.73				5.10				5.74				3.98


Net increase from investment operations			19.21				4.94				5.33				6.04				4.20


Distributions^(d)
From net investment income			(0.14	)			(0.22	)			(0.25	)			(0.29	)			(0.22	)


Total distributions			(0.14	)			(0.22	)			(0.25	)			(0.29	)			(0.22	)


Net asset value, end of year		$	61.87			$	42.80			$	38.08			$	33.00			$	27.25


Total Return
Based on net asset value			44.94	%			13.04	%			16.21	%			22.26	%			18.15	%


Ratios to Average Net Assets
Total expenses			0.23	%			0.25	%			0.25	%			0.25	%			0.25	%


Net investment income			0.27	%			0.54	%			0.66	%			0.97	%			0.91	%


Supplemental Data
Net assets, end of year (000)		$	1,887,051			$	1,519,374			$	1,104,273			$	932,317			$	729,026


Portfolio turnover rate^(e)			97	%			28	%			23	%			48	%			31	%

^(a)	Per share amounts reflect a five-for-one stock split effective after the close of trading on April 16, 2021.

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

See notes to financial statements.


120		2 0 2 1 I S H A R E S 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 Morningstar Mid-Cap ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	43.02			$	49.08			$	45.05			$	42.00			$	36.49

Net investment income^(b)			0.57				0.67				0.75				0.62				0.50
Net realized and unrealized gain (loss)^(c)			22.83				(6.03	)			4.05				3.03				5.67


Net increase (decrease) from investment operations			23.40				(5.36	)			4.80				3.65				6.17


Distributions^(d)
From net investment income			(0.61	)			(0.70	)			(0.77	)			(0.60	)			(0.66	)


Total distributions			(0.61	)			(0.70	)			(0.77	)			(0.60	)			(0.66	)


Net asset value, end of year		$	65.81			$	43.02			$	49.08			$	45.05			$	42.00


Total Return
Based on net asset value			54.74	%			(10.99	)%			10.79	%			8.73	%			17.06	%


Ratios to Average Net Assets
Total expenses			0.22	%			0.25	%			0.25	%			0.25	%			0.25	%


Net investment income			1.06	%			1.39	%			1.63	%			1.40	%			1.28	%


Supplemental Data
Net assets, end of year (000)		$	881,917			$	567,905			$	716,534			$	747,858			$	747,607


Portfolio turnover rate^(e)			133	%			55	%			60	%			50	%			56	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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)	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		121

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar Mid-Cap Growth ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	42.27			$	40.66			$	34.55			$	29.55			$	25.60

Net investment income^(b)			0.07				0.13				0.09				0.13				0.14
Net realized and unrealized gain^(c)			24.23				1.61				6.13				5.02				3.96


Net increase from investment operations			24.30				1.74				6.22				5.15				4.10


Distributions^(d)
From net investment income			(0.05	)			(0.13	)			(0.11	)			(0.15	)			(0.15	)


Total distributions			(0.05	)			(0.13	)			(0.11	)			(0.15	)			(0.15	)


Net asset value, end of year		$	66.52			$	42.27			$	40.66			$	34.55			$	29.55


Total Return
Based on net asset value			57.51	%			4.29	%			18.03	%			17.46	%			16.06	%


Ratios to Average Net Assets
Total expenses			0.27	%			0.30	%			0.30	%			0.30	%			0.30	%


Net investment income			0.12	%			0.31	%			0.25	%			0.38	%			0.52	%


Supplemental Data
Net assets, end of year (000)		$	1,519,880			$	532,633			$	475,724			$	259,139			$	212,773


Portfolio turnover rate^(e)			90	%			26	%			30	%			43	%			47	%

^(a)	Per share amounts reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

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

See notes to financial statements.


122		2 0 2 1 I S H A R E S 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 Morningstar Mid-Cap Value ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	40.13			$	53.28			$	52.55			$	49.30			$	41.87

Net investment income^(b)			1.14				1.50				1.23				1.09				0.96
Net realized and unrealized gain (loss)^(c)			23.92				(13.08	)			0.73				3.21				7.40


Net increase (decrease) from investment operations			25.06				(11.58	)			1.96				4.30				8.36


Distributions^(d)
From net investment income			(1.18	)			(1.57	)			(1.23	)			(1.05	)			(0.93	)


Total distributions			(1.18	)			(1.57	)			(1.23	)			(1.05	)			(0.93	)


Net asset value, end of year		$	64.01			$	40.13			$	53.28			$	52.55			$	49.30


Total Return
Based on net asset value			63.45	%			(22.07	)%			3.83	%			8.81	%			20.15	%


Ratios to Average Net Assets
Total expenses			0.27	%			0.30	%			0.30	%			0.30	%			0.30	%


Net investment income			2.32	%			2.95	%			2.36	%			2.13	%			2.06	%


Supplemental Data
Net assets, end of year (000)		$	457,694			$	331,048			$	463,524			$	417,801			$	384,524


Portfolio turnover rate^(e)			95	%			51	%			35	%			45	%			38	%

^(a)	Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(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)	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		123

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar Small-Cap ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	35.60			$	43.90			$	42.58			$	40.28			$	33.61

Net investment income^(b)			0.56				0.57				0.58				0.49				0.42
Net realized and unrealized gain (loss)^(c)			22.71				(8.23	)			1.34				2.35				6.88


Net increase (decrease) from investment operations			23.27				(7.66	)			1.92				2.84				7.30


Distributions^(d)
From net investment income			(0.60	)			(0.64	)			(0.60	)			(0.54	)			(0.63	)


Total distributions			(0.60	)			(0.64	)			(0.60	)			(0.54	)			(0.63	)


Net asset value, end of year		$	58.27			$	35.60			$	43.90			$	42.58			$	40.28


Total Return
Based on net asset value			65.95	%			(17.58	)%			4.56	%			7.09	%			21.86	%


Ratios to Average Net Assets
Total expenses			0.22	%			0.25	%			0.25	%			0.25	%			0.25	%


Net investment income			1.24	%			1.34	%			1.33	%			1.18	%			1.13	%


Supplemental Data
Net assets, end of year (000)		$	241,801			$	185,115			$	237,032			$	246,938			$	241,644


Portfolio turnover rate^(e)			175	%			62	%			67	%			56	%			66	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

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

See notes to financial statements.


124		2 0 2 1 I S H A R E S 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 Morningstar Small-Cap Growth ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	31.92			$	34.17			$	30.51			$	25.81			$	21.76

Net investment income^(b)			0.05				0.08				0.04				0.12				0.14
Net realized and unrealized gain (loss)^(c)			19.68				(2.24	)			3.72				4.71				4.22


Net increase (decrease) from investment operations			19.73				(2.16	)			3.76				4.83				4.36


Distributions^(d)
From net investment income			(0.05	)			(0.09	)			(0.10	)			(0.13	)			(0.31	)


Total distributions			(0.05	)			(0.09	)			(0.10	)			(0.13	)			(0.31	)


Net asset value, end of year		$	51.60			$	31.92			$	34.17			$	30.51			$	25.81


Total Return
Based on net asset value			61.86	%			(6.32	)%			12.35	%			18.75	%			20.10	%


Ratios to Average Net Assets
Total expenses			0.26	%			0.30	%			0.30	%			0.30	%			0.30	%


Net investment income			0.11	%			0.24	%			0.12	%			0.42	%			0.60	%


Supplemental Data
Net assets, end of year (000)		$	766,315			$	191,512			$	215,251			$	164,737			$	116,125


Portfolio turnover rate^(e)			156	%			57	%			55	%			51	%			63	%

^(a)	Per share amounts reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(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)	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		125

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar Small-Cap Value ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	32.95			$	47.85			$	48.08			$	47.92			$	40.75

Net investment income^(b)			0.89				1.02				1.08				0.86				1.03
Net realized and unrealized gain (loss)^(c)			25.39				(14.74	)			(0.23	)			0.20				7.28


Net increase (decrease) from investment operations			26.28				(13.72	)			0.85				1.06				8.31


Distributions^(d)
From net investment income			(0.92	)			(1.18	)			(1.08	)			(0.90	)			(1.14	)


Total distributions			(0.92	)			(1.18	)			(1.08	)			(0.90	)			(1.14	)


Net asset value, end of year		$	58.31			$	32.95			$	47.85			$	48.08			$	47.92


Total Return
Based on net asset value			80.90	%			(29.05	)%			1.83	%			2.23	%			20.58	%


Ratios to Average Net Assets
Total expenses			0.26	%			0.30	%			0.30	%			0.30	%			0.30	%


Net investment income			2.07	%			2.34	%			2.24	%			1.78	%			2.29	%


Supplemental Data
Net assets, end of year (000)		$	446,078			$	257,012			$	430,681			$	447,161			$	481,551


Portfolio turnover rate^(e)			145	%			65	%			48	%			54	%			48	%

^(a)	Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

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

See notes to financial statements.


126		2 0 2 1 I S H A R E S 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 Morningstar U.S. Equity ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	40.80			$	41.90			$	38.08			$	35.72			$	30.15

Net investment income^(b)			0.66				0.81				0.81				0.73				0.64
Net realized and unrealized gain (loss)^(c)			18.21				(0.88	)			3.82				2.36				5.61


Net increase (decrease) from investment operations			18.87				(0.07	)			4.63				3.09				6.25


Distributions^(d)
From net investment income			(0.65	)			(1.03	)			(0.81	)			(0.73	)			(0.68	)


Total distributions			(0.65	)			(1.03	)			(0.81	)			(0.73	)			(0.68	)


Net asset value, end of year		$	59.02			$	40.80			$	41.90			$	38.08			$	35.72


Total Return
Based on net asset value			46.58	%			(0.13	)%			12.33	%			8.66	%			20.97	%


Ratios to Average Net Assets
Total expenses			0.18	%			0.20	%			0.20	%			0.20	%			0.20	%


Net investment income			1.32	%			1.90	%			2.05	%			1.91	%			1.96	%


Supplemental Data
Net assets, end of year (000)		$	891,187			$	718,065			$	863,172			$	944,382			$	814,433


Portfolio turnover rate^(e)			131	%			49	%			38	%			46	%			45	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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)	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		127

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar Value ETF

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			04/30/21	^(a)			04/30/20	^(a)			04/30/19	^(a)			04/30/18	^(a)			04/30/17	^(a)


Net asset value, beginning of year		$	48.12			$	54.18			$	50.55			$	47.54			$	42.52

Net investment income^(b)			1.55				1.65				1.49				1.28				1.27
Net realized and unrealized gain (loss)^(c)			15.58				(6.04	)			3.58				3.01				5.01


Net increase (decrease) from investment operations			17.13				(4.39	)			5.07				4.29				6.28


Distributions^(d)
From net investment income			(1.57	)			(1.67	)			(1.44	)			(1.28	)			(1.26	)


Total distributions			(1.57	)			(1.67	)			(1.44	)			(1.28	)			(1.26	)


Net asset value, end of year		$	63.68			$	48.12			$	54.18			$	50.55			$	47.54


Total Return
Based on net asset value			36.36	%			(8.23	)%			10.22	%			9.07	%			14.95	%


Ratios to Average Net Assets
Total expenses			0.22	%			0.25	%			0.25	%			0.25	%			0.25	%


Net investment income			2.88	%			3.06	%			2.86	%			2.54	%			2.78	%


Supplemental Data
Net assets, end of year (000)		$	687,758			$	447,483			$	492,996			$	374,024			$	380,268


Portfolio turnover rate^(e)			112	%			36	%			24	%			24	%			31	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on April 16, 2021.

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

See notes to financial statements.


128		2 0 2 1 I S H A R E S 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

1.	ORGANIZATION

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



iShares ETF	Diversification Classification

Morningstar Growth^(a)(b)		Non-diversified
Morningstar Mid-Cap		Diversified
Morningstar Mid-Cap Growth		Diversified
Morningstar Mid-Cap Value		Diversified
Morningstar Small-Cap		Diversified
Morningstar Small-Cap Growth		Diversified
Morningstar Small-Cap Value		Diversified
Morningstar U.S. Equity^(c)		Diversified
Morningstar Value^(d)		Diversified

^(a)

Formerly the iShares Morningstar Large-Cap Growth ETF.

^(b)

The Fund’s classification changed from diversified to non-diversified during the reporting period.

^(c)

Formerly the iShares Morningstar Large-Cap ETF.

^(d)

Formerly the iShares Morningstar Large-Cap Value ETF.

2.	SIGNIFICANT ACCOUNTING POLICIES


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		129

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


130		2 0 2 1 I S H A R E S 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 (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, 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


Morningstar Growth
Barclays Bank PLC	$	948,807	$	948,807		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		1,872,443		1,872,443			—		—
BofA Securities, Inc.		3,466,759		3,466,759			—		—
Goldman Sachs & Co.		4,740		4,740			—		—
HSBC Bank PLC		583,211		583,211			—		—
JPMorgan Securities LLC		6,884,950		6,884,950			—		—
Morgan Stanley & Co. LLC		23,002		23,002			—		—
SG Americas Securities LLC		300,453		300,453			—		—
Virtu Americas LLC		2,136,075		2,136,075			—		—
Wells Fargo Bank, National Association		77,924		77,924			—		—
Wells Fargo Securities LLC		2,238,638		2,238,638			—		—


	$	18,537,002	$	18,537,002		$	—	$	—

Morningstar Mid-Cap
Barclays Bank PLC	$	4,441,547	$	4,441,547		$	—	$	—
Barclays Capital Inc.		519,640		519,640			—		—
BNP Paribas Prime Brokerage International Ltd.		2,383,804		2,383,804			—		—
BNP Paribas Securities Corp.		1,298,321		1,298,321			—		—
BofA Securities, Inc.		2,217,937		2,217,937			—		—
Citigroup Global Markets Inc.		890,913		890,913			—		—
Deutsche Bank Securities Inc.		153,580		153,580			—		—
Goldman Sachs & Co.		1,082,676		1,082,676			—		—
HSBC Bank PLC		664,755		664,755			—		—
JPMorgan Securities LLC		11,549,748		11,549,748			—		—
Morgan Stanley & Co. LLC		548,619		548,619			—		—
National Financial Services LLC		5,519		5,519			—		—
State Street Bank & Trust Company		32,886		32,886			—		—
UBS AG		701,790		701,790			—		—
Wells Fargo Bank, National Association		77,312		77,312			—		—
Wells Fargo Securities LLC		1,206,386		1,206,386			—		—


	$	27,775,433	$	27,775,433		$	—	$	—


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		131

Notes to Financial Statements (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


Morningstar Mid-Cap Growth
Barclays Capital Inc.	$	3,451,487	$	3,371,104		$	—	$	(80,383	)^(b)
BNP Paribas Prime Brokerage International Ltd.		7,632,998		7,632,998			—		—
BNP Paribas Securities Corp.		444,807		444,807			—		—
BofA Securities, Inc.		2,945,923		2,945,923			—		—
Credit Suisse Securities (USA) LLC		564,984		564,984			—		—
Goldman Sachs & Co.		3,027,294		3,027,294			—		—
HSBC Bank PLC		2,113,538		2,113,538			—		—
Jefferies LLC		473,341		473,341			—		—
JPMorgan Securities LLC		27,379,056		27,379,056			—		—
Morgan Stanley & Co. LLC		1,427,345		1,427,345			—		—
National Financial Services LLC		571,536		571,536			—		—
Nomura Securities International Inc.		1,324,143		1,324,143			—		—
RBC Capital Markets LLC		375,807		375,807			—		—
SG Americas Securities LLC		13,078		13,078			—		—
State Street Bank & Trust Company		7,645,186		7,645,186			—		—
UBS AG		4,325,044		4,325,044			—		—
UBS Securities LLC		2,037,373		2,037,373			—		—
Virtu Americas LLC		1,063,401		1,063,401			—		—
Wells Fargo Bank, National Association		117,306		117,306			—		—
Wells Fargo Securities LLC		14,772		14,772			—		—


	$	66,948,419	$	66,868,036		$	—	$	(80,383	)

Morningstar Mid-Cap Value
Barclays Bank PLC	$	6,272	$	6,272		$	—	$	—
BNP Paribas Securities Corp.		202,762		202,762			—		—
Credit Suisse Securities (USA) LLC		4,694		4,694			—		—
State Street Bank & Trust Company		1,267,554		1,267,554			—		—
Wells Fargo Securities LLC		441,961		441,961			—		—


	$	1,923,243	$	1,923,243		$	—	$	—

Morningstar Small-Cap
Barclays Bank PLC	$	1,134,020	$	1,134,020		$	—	$	—
Barclays Capital Inc.		149,271		149,271			—		—
BNP Paribas Prime Brokerage International Ltd.		745,494		745,494			—		—
BofA Securities, Inc.		1,216,699		1,216,699			—		—
Citigroup Global Markets Inc.		123,814		123,814			—		—
Credit Suisse Securities (USA) LLC		702,953		702,953			—		—
Deutsche Bank Securities Inc.		351,036		351,036			—		—
Goldman Sachs & Co.		1,593,192		1,593,192			—		—
Jefferies LLC		495,928		495,928			—		—
JPMorgan Securities LLC		2,626,649		2,626,649			—		—
Morgan Stanley & Co. LLC		1,279,464		1,279,464			—		—
National Financial Services LLC		237,451		237,451			—		—
Natixis Securities Americas LLC		147,334		147,334			—		—
RBC Capital Markets LLC		110,215		110,215			—		—
Scotia Capital (USA) Inc.		80,100		80,100			—		—
State Street Bank & Trust Company		922,956		922,956			—		—
TD Prime Services LLC		491,917		491,917			—		—
UBS AG		527,400		527,400			—		—
UBS Securities LLC		155,560		155,560			—		—
Virtu Americas, LLC		24,742		24,742			—		—
Wells Fargo Bank, National Association		133,781		133,781			—		—
Wells Fargo Securities LLC		79,260		79,260			—		—


	$	13,329,236	$	13,329,236		$	—	$	—


132		2 0 2 1 I S H A R E S 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 (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


Morningstar Small-Cap Growth
Barclays Bank PLC	$	2,948,217	$	2,948,217		$	—	$	—
Barclays Capital Inc.		1,566,167		1,566,167			—		—
BMO Capital Markets		364,460		364,460			—		—
BNP Paribas Prime Brokerage International Ltd.		9,137,879		9,137,879			—		—
BNP Paribas Securities Corp		3,923,196		3,923,196			—		—
BofA Securities, Inc.		4,151,123		4,151,123			—		—
Citadel Clearing LLC		228,910		228,910			—		—
Citigroup Global Markets Inc.		2,229,776		2,229,776			—		—
Credit Suisse Securities (USA) LLC		4,992,357		4,992,357			—		—
Deutsche Bank Securities Inc.		981,226		981,226			—		—
Goldman Sachs & Co.		9,526,648		9,526,648			—		—
Jefferies LLC		474,210		474,210			—		—
JPMorgan Securities LLC		15,412,277		15,412,277			—		—
Morgan Stanley & Co. LLC		7,249,588		7,249,588			—		—
National Financial Services LLC		1,434,692		1,434,692			—		—
Nomura Securities International Inc.		240,950		240,950			—		—
Pershing LLC		120,881		120,881			—		—
RBC Capital Markets LLC		30,650		30,650			—		—
Scotia Capital (USA) Inc.		1,352,211		1,352,211			—		—
SG Americas Securities LLC		21,788		21,788			—		—
State Street Bank & Trust Company		1,616,704		1,616,704			—		—
TD Prime Services LLC		1,949,206		1,949,206			—		—
UBS AG		2,596,060		2,570,615			—		(25,445	)^(b)
UBS Securities LLC		1,905,751		1,905,751			—		—
Wells Fargo Bank, National Association		160,556		160,556			—		—
Wells Fargo Securities LLC		814,966		814,966			—		—


	$	75,430,449	$	75,405,004		$	—	$	(25,445	)

Morningstar Small-Cap Value
Barclays Bank PLC	$	134,534	$	134,534		$	—	$	—
Barclays Capital Inc.		2,136,783		2,136,783			—		—
BNP Paribas Prime Brokerage International Ltd.		959,071		959,071			—		—
BNP Paribas Securities Corp.		4,776		4,776			—		—
BofA Securities, Inc.		607,177		607,177			—		—
Citigroup Global Markets Inc.		571,249		571,249			—		—
Credit Suisse Securities (USA) LLC		740,138		740,138			—		—
Deutsche Bank Securities Inc.		39,039		39,039			—		—
Goldman Sachs & Co.		1,438,396		1,438,396			—		—
HSBC Bank PLC		114,000		114,000			—		—
Jefferies LLC		576,572		576,572			—		—
JPMorgan Securities LLC		1,256,151		1,256,151			—		—
Morgan Stanley & Co. LLC		1,368,981		1,368,981			—		—
National Financial Services LLC		145,440		145,440			—		—
Pershing LLC		426,756		426,756			—		—
State Street Bank & Trust Company		229,721		229,721			—		—
TD Prime Services LLC		1,291,823		1,291,823			—		—
UBS AG		916,273		916,273			—		—
UBS Securities LLC		149,848		149,848			—		—
Virtu Americas LLC		303,478		303,478			—		—
Wells Fargo Securities LLC		82,983		82,983			—		—


	$	13,493,189	$	13,493,189		$	—	$	—


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		133

Notes to Financial Statements (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


Morningstar U.S. Equity
Barclays Bank PLC	$	920,958	$	920,958		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		474,174		474,174			—		—
BNP Paribas Securities Corp.		259,034		259,034			—		—
Citigroup Global Markets Inc.		8,473,758		8,473,758			—		—
Credit Suisse Securities (USA) LLC		25,046		25,046			—		—
Deutsche Bank Securities Inc.		37,012		37,012			—		—
HSBC Bank PLC		289,016		289,016			—		—
JP Morgan Securities LLC		4,655,242		4,655,242			—		—
Nomura Securities International Inc.		906,880		906,880			—		—
UBS Securities LLC		442,788		442,788			—		—
Wells Fargo Securities LLC		287,725		287,725			—		—


	$	16,771,633	$	16,771,633		$	—	$	—

Morningstar Value
Barclays Bank PLC	$	1,447	$	1,447		$	—	$	—
Barclays Capital Inc.		128,547		128,547			—		—
BNP Paribas Prime Brokerage International Ltd.		519,212		519,212			—		—
BNP Paribas Securities Corp.		1,447		1,447			—		—
Goldman Sachs & Co.		170,250		170,250			—		—
JP Morgan Securities LLC		471,923		471,923			—		—
SG Americas Securities LLC		172,546		172,546			—		—
Wells Fargo Securities LLC		11,901		11,901			—		—


	$	1,477,273	$	1,477,273		$	—	$	—

^(a)

^(b)

The market value of the loaned securities is determined as of April 30, 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.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


134		2 0 2 1 I S H A R E S 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 (continued)

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



iShares ETF	Investment Advisory Fee

Morningstar Growth		0.04	%
Morningstar Mid-Cap		0.04
Morningstar Mid-Cap Growth		0.06
Morningstar Mid-Cap Value		0.06
Morningstar Small-Cap		0.04
Morningstar Small-Cap Growth		0.06
Morningstar Small-Cap Value		0.06
Morningstar U.S. Equity		0.03
Morningstar Value		0.04

Prior to March 22, 2021, for its investment advisory services to each Fund, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fee

Morningstar Growth		0.25	%
Morningstar Mid-Cap		0.25
Morningstar Mid-Cap Growth		0.30
Morningstar Mid-Cap Value		0.30
Morningstar Small-Cap		0.25
Morningstar Small-Cap Growth		0.30
Morningstar Small-Cap Value		0.30
Morningstar U.S. Equity		0.20
Morningstar Value		0.25


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		135

Notes to Financial Statements (continued)



iShares ETF	Fees Paid to BTC

Morningstar Growth	$	39,981
Morningstar Mid-Cap		19,439
Morningstar Mid-Cap Growth		81,690
Morningstar Mid-Cap Value		22,360
Morningstar Small-Cap		32,903
Morningstar Small-Cap Growth		119,805
Morningstar Small-Cap Value		40,137
Morningstar U.S. Equity		3,266
Morningstar Value		2,431

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

For the year ended April 30, 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)

Morningstar Growth	$	987,852,753	$	779,681,792		$ (26,984,065	)
Morningstar Mid-Cap		642,400,272		647,442,626		(10,403,871	)
Morningstar Mid-Cap Growth		560,024,688		750,537,239		(24,691,195	)
Morningstar Mid-Cap Value		237,747,399		196,829,815		2,708,978
Morningstar Small-Cap		216,420,608		197,436,878		6,594,119
Morningstar Small-Cap Growth		386,817,727		292,776,341		(19,346,975	)
Morningstar Small-Cap Value		303,181,919		203,867,569		23,130,906
Morningstar U.S. Equity		665,251,442		554,682,983		(15,343,213	)
Morningstar Value		409,021,601		290,692,048		(9,764,188	)

7.	PURCHASES AND SALES

For the year ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Morningstar Growth	$	1,724,799,478	$	1,730,122,947
Morningstar Mid-Cap		956,923,104		953,978,640
Morningstar Mid-Cap Growth		1,083,495,852		1,087,290,964
Morningstar Mid-Cap Value		349,458,380		348,931,181
Morningstar Small-Cap		362,325,535		356,222,036
Morningstar Small-Cap Growth		735,725,943		735,942,112
Morningstar Small-Cap Value		446,932,729		444,997,597
Morningstar U.S. Equity		1,064,343,108		1,061,693,183
Morningstar Value		571,493,274		570,881,917


136		2 0 2 1 I S H A R E S 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 (continued)

For the year ended April 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Morningstar Growth	$	1,602,557,138	$	1,863,540,019
Morningstar Mid-Cap		449,579,947		436,133,340
Morningstar Mid-Cap Growth		1,473,281,849		957,094,945
Morningstar Mid-Cap Value		24,535,486		73,004,876
Morningstar Small-Cap		169,847,601		217,249,420
Morningstar Small-Cap Growth		1,000,508,054		586,958,791
Morningstar Small-Cap Value		50,825,613		41,362,361
Morningstar U.S. Equity		736,181,531		855,140,525
Morningstar Value		420,282,349		328,315,278

8.	INCOME TAX INFORMATION



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

Morningstar Growth	$	680,378,247	$	(680,378,247	)
Morningstar Mid-Cap		178,659,693		(178,659,693	)
Morningstar Mid-Cap Growth		361,486,981		(361,486,981	)
Morningstar Mid-Cap Value		5,863,557		(5,863,557	)
Morningstar Small-Cap		52,548,964		(52,548,964	)
Morningstar Small-Cap Growth		185,425,073		(185,425,073	)
Morningstar Small-Cap Value		1,872,028		(1,872,028	)
Morningstar U.S. Equity		259,812,516		(259,812,516	)
Morningstar Value		92,395,202		(92,395,202	)

The tax character of distributions paid was as follows:




iShares ETF		Year Ended 04/30/21		Year Ended 04/30/20


Morningstar Growth
Ordinary income	$	4,551,595	$	6,545,139


Morningstar Mid-Cap
Ordinary income	$	8,255,303	$	10,156,866


Morningstar Mid-Cap Growth
Ordinary income	$	981,614	$	1,606,525


Morningstar Mid-Cap Value
Ordinary income	$	8,834,502	$	13,689,233


Morningstar Small-Cap
Ordinary income	$	2,733,151	$	3,363,152


Morningstar Small-Cap Growth
Ordinary income	$	481,903	$	599,016


Morningstar Small-Cap Value
Ordinary income	$	6,659,248	$	10,178,053


Morningstar U.S. Equity
Ordinary income	$	10,641,246	$	20,017,376


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		137

Notes to Financial Statements (continued)



iShares ETF	Year Ended 04/30/21		Year Ended 04/30/20

Morningstar Value
Ordinary income	$	15,026,189	$	15,607,286

As of April 30, 2021, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total

Morningstar Growth	$	294,336	$	(109,462,904	)	$	450,678,933		$	341,510,365
Morningstar Mid-Cap		—		(56,037,265	)		118,581,998			62,544,733
Morningstar Mid-Cap Growth		591,094		(68,160,148	)		214,145,273			146,576,219
Morningstar Mid-Cap Value		—		(27,164,578	)		85,155,458			57,990,880
Morningstar Small-Cap		—		(26,958,768	)		17,395,535			(9,563,233	)
Morningstar Small-Cap Growth		68,663		(59,824,289	)		36,490,450			(23,265,176	)
Morningstar Small-Cap Value		—		(35,069,200	)		63,789,368			28,720,168
Morningstar U.S. Equity		556,123		(56,517,575	)		112,984,528			57,023,076
Morningstar Value		1,017,301		(53,433,371	)		77,783,826			25,367,756

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

For the year ended April 30, 2021, the Funds utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized

Morningstar Mid-Cap Value	$	5,286,912
Morningstar Small-Cap		293,489
Morningstar Small-Cap Value		22,596,689



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Morningstar Growth	$	1,455,179,889	$	457,531,407	$	(6,852,474	)	$	450,678,933
Morningstar Mid-Cap		792,032,281		131,414,275		(12,832,277	)		118,581,998
Morningstar Mid-Cap Growth		1,375,617,318		230,880,443		(16,735,170	)		214,145,273
Morningstar Mid-Cap Value		374,221,097		89,103,269		(3,947,811	)		85,155,458
Morningstar Small-Cap		238,226,565		24,386,297		(6,990,762	)		17,395,535
Morningstar Small-Cap Growth		808,015,584		60,193,139		(23,702,689	)		36,490,450
Morningstar Small-Cap Value		396,119,220		73,651,690		(9,862,322	)		63,789,368
Morningstar U.S. Equity		794,846,214		118,857,814		(5,873,286	)		112,984,528
Morningstar Value		612,340,108		81,859,165		(4,075,339	)		77,783,826

9.	PRINCIPAL RISKS


138		2 0 2 1 I S H A R E S 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 (continued)

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Year Ended 04/30/21						Year Ended 04/30/20

iShares ETF	Shares			Amount			Shares			Amount


Morningstar Growth
Shares sold		29,900,000	^(a)	$	1,604,954,974			14,250,000	^(a)	$	588,806,800
Shares redeemed		(34,900,000	)^(a)		(1,871,413,497	)		(7,750,000	)^(a)		(301,105,937	)


Net increase (decrease)		(5,000,000	)	$	(266,458,523	)		6,500,000		$	287,700,863


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		139

Notes to Financial Statements (continued)




	Year Ended 04/30/21						Year Ended 04/30/20

iShares ETF	Shares			Amount			Shares			Amount


Morningstar Mid-Cap
Shares sold		7,400,000	^(b)	$	452,376,412			3,000,000	^(b)	$	145,981,686
Shares redeemed		(7,200,000	)^(b)		(438,262,629	)		(4,400,000	)^(b)		(200,755,517	)


Net increase (decrease)		200,000		$	14,113,783			(1,400,000	)	$	(54,773,831	)

Morningstar Mid-Cap Growth
Shares sold		25,600,000	^(c)	$	1,476,002,219			7,800,000	^(c)	$	317,949,595
Shares redeemed		(15,350,000	)^(c)		(962,145,150	)		(6,900,000	)^(c)		(280,468,447	)


Net increase		10,250,000		$	513,857,069			900,000		$	37,481,148

Morningstar Mid-Cap Value
Shares sold		450,000	^(d)	$	24,647,782			1,800,000	^(d)	$	90,092,517
Shares redeemed		(1,550,000	)^(d)		(73,325,342	)		(2,250,000	)^(d)		(108,285,312	)


Net decrease		(1,100,000	)	$	(48,677,560	)		(450,000	)	$	(18,192,795	)

Morningstar Small-Cap
Shares sold		3,000,000	^(b)	$	176,528,854			1,000,000	^(b)	$	43,217,116
Shares redeemed		(4,050,000	)^(b)		(218,483,462	)		(1,200,000	)^(b)		(52,311,159	)


Net decrease		(1,050,000	)	$	(41,954,608	)		(200,000	)	$	(9,094,043	)

Morningstar Small-Cap Growth
Shares sold		20,700,000	^(c)	$	1,003,545,020			1,200,000	^(c)	$	40,132,134
Shares redeemed		(11,850,000	)^(c)		(590,274,964	)		(1,500,000	)^(c)		(50,360,999	)


Net increase (decrease)		8,850,000		$	413,270,056			(300,000	)	$	(10,228,865	)

Morningstar Small-Cap Value
Shares sold		950,000	^(d)	$	52,199,867			1,200,000	^(d)	$	53,954,280
Shares redeemed		(1,100,000	)^(d)		(42,588,440	)		(2,400,000	)^(d)		(94,278,219	)


Net increase (decrease)		(150,000	)	$	9,611,427			(1,200,000	)	$	(40,323,939	)

Morningstar U.S. Equity
Shares sold		13,400,000	^(b)	$	738,349,045			6,000,000	^(b)	$	259,485,127
Shares redeemed		(15,900,000	)^(b)		(856,010,554	)		(9,000,000	)^(b)		(384,333,101	)


Net decrease		(2,500,000	)	$	(117,661,509	)		(3,000,000	)	$	(124,847,974	)

Morningstar Value
Shares sold		7,100,000	^(e)	$	421,625,514			3,600,000	^(e)	$	196,396,198
Shares redeemed		(5,600,000	)^(e)		(329,751,312	)		(3,400,000	)^(e)		(184,653,379	)


Net increase		1,500,000		$	91,874,202			200,000		$	11,742,819

^(a)

Share transactions reflect a five-for-one stock split effective after the close of trading on April 16, 2021.

^(b)

Share transactions reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(c)

Share transactions reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(d)

Share transactions reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(e)

Share transactions reflect a two-for-one stock split effective after the close of trading on April 16, 2021.


140		2 0 2 1 I S H A R E S 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 (continued)

The Board authorized a stock split for the following Funds, effective after the close of trading on April 16, 2021, for the shareholders of record on April 14, 2021. The impact of the stock split was an increase in the number of shares outstanding, while decreasing the NAV per share, resulting in no effect on the net assets of the Funds. The financial statements for the Funds have been adjusted to reflect the stock split.



iShares ETF	Forward Share Split

Morningstar Growth		5 for 1
Morningstar Mid-Cap		4 for 1
Morningstar Mid-Cap Growth		6 for 1
Morningstar Mid-Cap Value		3 for 1
Morningstar Small-Cap		4 for 1
Morningstar Small-Cap Growth		6 for 1
Morningstar Small-Cap Value		3 for 1
Morningstar U.S. Equity		4 for 1
Morningstar Value		2 for 1

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 Morningstar Mid-Cap Value ETF received proceeds of $404,668 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


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		141

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Morningstar Growth ETF,

iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF,

iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF,

iShares Morningstar Small-Cap Growth ETF, iShares Morningstar Small-Cap Value ETF,

iShares Morningstar U.S. Equity ETF and iShares Morningstar Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Morningstar Growth ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar Small-Cap Growth ETF, iShares Morningstar Small-Cap Value ETF, iShares Morningstar U.S. Equity ETF and iShares Morningstar Value ETF (nine of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, the related statements of operations for the year ended April 30, 2021, the statements of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2021 and each of the financial highlights for each of the five years in the period ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


142		2 0 2 1 I S H A R E S 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

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended April 30, 2021 that qualified for the dividends-received deduction were as follows:



iShares ETF	Dividends-Received Deduction

Morningstar Growth		100.00	%
Morningstar Mid-Cap		78.40	%
Morningstar Mid-Cap Growth		100.00	%
Morningstar Mid-Cap Value		90.81	%
Morningstar Small-Cap		82.77	%
Morningstar Small-Cap Growth		100.00	%
Morningstar Small-Cap Value		93.72	%
Morningstar U.S. Equity		100.00	%
Morningstar Value		100.00	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Dividend Income

Morningstar Growth		$ 6,924,319
Morningstar Mid-Cap		7,118,370
Morningstar Mid-Cap Growth		4,177,933
Morningstar Mid-Cap Value		8,699,655
Morningstar Small-Cap		2,336,772
Morningstar Small-Cap Growth		891,943
Morningstar Small-Cap Value		6,507,655
Morningstar U.S. Equity		12,110,828
Morningstar Value		15,657,217

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2021:



iShares ETF	Qualified Business Income

Morningstar Growth		$ 933,492
Morningstar Mid-Cap		1,991,399
Morningstar Mid-Cap Growth		61,314
Morningstar Mid-Cap Value		757,061
Morningstar Small-Cap		543,679
Morningstar Small-Cap Growth		117,619
Morningstar Small-Cap Value		620,378
Morningstar U.S. Equity		313,404
Morningstar Value		125,894


I M P O R T A N T T A X I N F O R M A T I O N		143

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Morningstar Growth ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar Small-Cap Growth ETF, iShares Morningstar Small-Cap Value ETF, iShares Morningstar U.S. Equity ETF and iShares Morningstar Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:


144		2 0 2 1 I S H A R E S 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)

Proxy Results

A Virtual Special Meeting (“Meeting”) of the Shareholders of iShares Morningstar Growth ETF (the “Fund”) (formerly the iShares Morningstar Large-Cap Growth ETF) was held on March 12, 2021. The Meeting was held for the following purpose:

(1) Approve a change in the Fund’s diversification status from “diversified” to “non-diversified,” as such terms are defined under the Investment Company Act of 1940, and the elimination of the related fundamental investment restriction.

The results of the voting on the above matter was as follows:



Matter	Votes For		Votes Against		Votes Abstained

(1) Approve a change in the Fund’s diversification Status from “diversified” to “non-diversified”, as such terms are defined under the Investment Company Act of 1940, and the elimination of the Related fundamental investment restriction		3,186,830.035		155,606.523	139,383.441

Regulation Regarding Derivatives

Section 19(a) Notices

April 30, 2021



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

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

Morningstar Growth^(a)	$	0.132549	$	—	$	0.003482	$	0.136031		97	%		—	%		3	%		100	%
Morningstar Mid-Cap^(a)		0.561838		—		0.048322		0.610160		92			—			8			100
Morningstar Mid-Cap Growth^(a)		0.048055		—		0.000959		0.049014		98			—			2			100
Morningstar Mid-Cap Value^(a)		1.137994		—		0.041636		1.179630		96			—			4			100
Morningstar Small-Cap^(a)		0.556316		—		0.045672		0.601988		92			—			8			100
Morningstar Small-Cap Growth^(a)		0.046895		—		0.002463		0.049358		95			—			5			100
Morningstar Small-Cap Value^(a)		0.864840		—		0.057825		0.922665		94			—			6			100
Morningstar U.S. Equity^(a)		0.647192		—		0.005264		0.652456		99			—			1			100
Morningstar Value^(a)		1.571598		—		0.002558		1.574156		100			—			0	^(b)		100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


S U P P L E M E N T A L I N F O R M A T I O N		145

Trustee and Officer Information


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(64)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


		Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


146		2 0 2 1 I S H A R E S 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

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (65)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		147

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


148		2 0 2 1 I S H A R E S 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

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		149

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-404-0421


		APRIL 30, 2021

2021 Annual Report

iShares Trust

iShares Cohen & Steers REIT ETF | ICF | Cboe BZX

iShares Core U.S. REIT ETF | USRT | NYSE Arca

iShares Global REIT ETF | REET | NYSE Arca

iShares International Developed Real Estate ETF | IFGL | NASDAQ

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57

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

Market Overview		4

Fund Summary		5

About Fund Performance		13

Shareholder Expenses		13

Schedules of Investments		14

Financial Statements

Statements of Assets and Liabilities		29

Statements of Operations		30

Statements of Changes in Net Assets		31

Financial Highlights		33

Notes to Financial Statements		37

Report of Independent Registered Public Accounting Firm		46

Important Tax Information (Unaudited)		47

Statement Regarding Liquidity Risk Management Program		48

Supplemental Information		49

Trustee and Officer Information		50

General Information		52

Glossary of Terms Used in this Report		53

Market Overview

iShares Trust

Global Market Overview


4		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Cohen & Steers REIT ETF

Investment Objective

The iShares Cohen & Steers REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs), as represented by the Cohen & Steers Realty Majors 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		29.11	%		7.80	%		8.72	%		29.11	%		45.56	%		130.82	%
Fund Market		29.22			7.79			8.73			29.22			45.54			130.87
Index		29.65			8.18			9.11			29.65			48.18			139.19

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,284.60	$ 1.87			$ 1,000.00	$ 1,023.20	$ 1.66		0.33	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Cohen & Steers REIT ETF

Portfolio Management Commentary

Real estate investment trusts (“REITs”) advanced during the reporting period, benefiting from a stabilization of economic activity following the pandemic-related restrictions of early 2020. Specialized REITs contributed the most to the Index’s return. Increased demand for self-storage REITs led to higher occupancy rates amid pandemic-related moves and household consolidations as well as downsizing and increased home rentals fueled by changing demographics. Communications infrastructure REITs expanded next-generation 5G mobile networks, bolstering returns of specialized REITs, driven by higher cell tower usage as demand for digital communication grew. Similarly, data center operators advanced with the acceleration of remote working trends that raised demand for digitization, video conferencing, and data analysis.

Retail REITs were a key source of strength for the Index, helped by the development and distribution of several COVID-19 vaccines. Mall operators performed particularly well as rent collections rose amid higher consumer spending, driven in part by government stimulus measures. Retail REITs with sizable portfolios of convenience, grocery, and drug stores also performed well, as these essential businesses were somewhat insulated from the vagaries of the pandemic.

Residential REITs also contributed meaningfully to the Index’s performance. Higher occupancy rates and rising rent collections bolstered residential REITs as consumers left cities in favor of rental houses in lower density suburbs. Demand for apartment rentals, notably in the Sun Belt, also remained robust, particularly in the second half of 2020.

Healthcare REITs advanced amid ongoing improvement in demand for senior care residences, declining COVID-19 infections, and high resident vaccination rates. New resident acceptances rose markedly, with nearly all communities adding new residents in early 2021. Industrial REITs providing logistics and warehouse capabilities also bolstered returns as e-commerce fulfilment demand rose sharply.

Portfolio Information



ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Specialized REITs	43.1	%
Residential REITs	18.4
Retail REITs	11.0
Industrial REITs	10.0
Health Care REITs	9.2
Office REITs	6.6
Hotel & Resort REITs	1.7



TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Crown Castle International Corp.	8.3	%
American Tower Corp.	7.7
Prologis Inc.	7.7
Equinix Inc.	6.8
Digital Realty Trust Inc.	5.7
Public Storage	5.6
Simon Property Group Inc.	5.2
SBA Communications Corp.	4.4
Welltower Inc.	4.1
AvalonBay Communities Inc.	3.5

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Core U.S. REIT ETF

Investment Objective

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		37.43	%		7.44	%		8.22	%		37.43	%		43.16	%		120.29	%
Fund Market		37.46			7.43			8.21			37.46			43.07			120.14
Index		37.47			7.51			8.50			37.47			43.60			126.09

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,347.90	$ 0.47			$ 1,000.00	$ 1,024.40	$ 0.40		0.08	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Core U.S. REIT ETF

Portfolio Management Commentary

Real estate investment trusts (“REITs”) advanced strongly during the reporting period, benefiting from a stabilization of economic activity following the pandemic-related restrictions of early 2020. Specialized REITs contributed the most to the Index’s return. Increased demand for self-storage REITs led to higher occupancy rates amid pandemic-related moves and household consolidations as well as downsizing and increased home rentals fueled by changing demographics. REITs involved in hospitality and gaming posted higher revenues by engaging in acquisitions and investments and took advantage of low interest rates to lower existing debt and issue new debt at a lower cost of capital. Data center operators advanced with the acceleration of remote work trends that raised demand for digitization, video conferencing, and data analysis.

Retail REITs were a key source of strength, helped by the development and distribution of several COVID-19 vaccines. Mall operators performed particularly well, as rent collections rose amid higher consumer spending, driven in part by government stimulus measures. Retail REITs with sizable portfolios of convenience, grocery, and drug stores also performed well, as these essential businesses were somewhat insulated from the vagaries of the pandemic.

Residential REITs also contributed meaningfully to the Index’s performance. Higher occupancy rates and rising rent collections bolstered residential REITs as consumers left cities in favor of rental houses in lower density suburbs. Demand for apartment rentals, notably in the Sun Belt, remained robust, particularly in the second half of 2020.

Industrials REITs providing logistics and warehouse capabilities also bolstered returns as e-commerce fulfilment demand rose sharply. Healthcare REITs advanced amid steep declines in COVID-19 infections among residents, high vaccination rates, and signs of improving demand for senior care residences.

Portfolio Information



ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Specialized REITs	24.5	%
Residential REITs	18.2
Industrial REITs	13.9
Retail REITs	13.5
Health Care REITs	11.3
Office REITs	9.7
Diversified REITs	4.9
Hotel & Resort REITs	4.0



TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Prologis Inc.	8.0	%
Equinix Inc.	6.0
Digital Realty Trust Inc.	4.0
Public Storage	3.9
Simon Property Group Inc.	3.7
Welltower Inc.	2.9
Equity Residential	2.5
AvalonBay Communities Inc.	2.5
Realty Income Corp.	2.4
Alexandria Real Estate Equities Inc.	2.3

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® Global REIT ETF

Investment Objective

The iShares Global REIT ETF (the “Fund”) seeks to track the investment results of an index composed of global real estate equities in developed and emerging markets, as represented by the FTSE EPRA Nareit Global REITS 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

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		36.95	%		5.37	%		5.78	%		36.95	%		29.91	%		46.61	%
Fund Market		37.60			5.40			5.77			37.60			30.05			46.56
Index		35.73			4.51			4.94			35.73			24.67			38.87

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 7/8/14. The first day of secondary market trading was 7/10/14.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,350.70	$ 0.82			$ 1,000.00	$ 1,024.10	$ 0.70		0.14	%

^(a)


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


Fund Summary as of April 30, 2021 (continued)		iShares^® Global REIT ETF

Portfolio Management Commentary

Global real estate investment trusts (“REITs”) advanced significantly for the reporting period despite contracting demand for commercial real estate and shifts in residential real estate demand due to the COVID-19 pandemic. REITs based in the U.S., which represented approximately 66% of the Index on average for the reporting period, drove the Index’s return. Retail REITs were a key source of strength, helped by the development and distribution of several COVID-19 vaccines. Mall operators performed particularly well, as rent collections rose amid higher consumer spending, driven in part by government stimulus measures. Retail REITs with sizable portfolios of convenience, grocery, and drug stores also performed well as these essential businesses were somewhat insulated from the vagaries of the pandemic.

Specialized REITs benefited from the increased demand for self-storage, which led to higher occupancy rates amid pandemic-related moves and household consolidations, as well as downsizing and increased home rentals fueled by changing demographics. REITs involved in hospitality and gaming posted higher revenues by engaging in acquisitions and investments and took advantage of low interest rates to lower existing debt and issue new debt at a lower cost of capital.

Residential REITs bolstered the Index’s performance. Higher occupancy rates and rising rent collections proved beneficial as consumers left cities in favor of rental houses in lower density suburbs. Demand for apartment rentals, notably in the Sun Belt, also remained robust, particularly in the second half of 2020.

REITs in Japan, the U.K., and Australia contributed modestly to the Index’s return. Diversified REITs in Japan, particularly those owning commercial and logistics facilities, benefited from ultra-low interest rates and the Bank of Japan’s stimulative monetary policy, which included significant REIT purchases. In the U.K., industrial REITs drove contribution. Higher online purchases during stay-at-home orders drove demand for warehouse and logistics services, leading to rising profits. Australian diversified REITs also aided performance. Residential housing developers benefited from rising sales as consumers sought lower-density housing amid the pandemic.

Portfolio Information



ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Retail REITs	18.6	%
Industrial REITs	16.3
Residential REITs	15.7
Office REITs	12.9
Specialized REITs	12.3
Diversified REITs	11.6
Health Care REITs	9.2
Hotel & Resort REITs	3.4



TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
United States	67.3	%
Japan	8.9
United Kingdom	5.4
Australia	4.1
Canada	3.3
Singapore	3.3
France	2.2
Hong Kong	1.5
Belgium	1.3
South Africa	0.6

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S 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 April 30, 2021		iShares^® International Developed Real Estate ETF

Investment Objective

The iShares International Developed Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the FTSE EPRA Nareit Developed ex-U.S. 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

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		29.62	%		4.55	%		4.36	%		29.62	%		24.90	%		53.21	%
Fund Market		30.45			4.69			4.28			30.45			25.73			52.03
Index		29.29			4.71			4.65			29.29			25.88			57.48

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,264.30	$ 2.69			$ 1,000.00	$ 1,022.40	$ 2.41		0.48	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of April 30, 2021 (continued)		iShares^® International Developed Real Estate ETF

Portfolio Management Commentary

International developed real estate stocks advanced significantly for the reporting period despite contracting demand for commercial real estate and shifts in residential real estate demand due to the COVID-19 pandemic. Real estate stocks in Japan were the largest contributors to the Index’s return as equity real estate investment trusts (“REITs”) posted strong gains. Diversified and industrial REITs in the residential and logistics markets benefited from ultra-low interest rates and the Bank of Japan’s stimulative monetary policy, which included significant REIT purchases. Despite the prevalence of telecommuting and worker relocation to the suburbs, office REITs also performed well. Real estate management and development companies bolstered gains, as ongoing demand and resilient property prices, most notably for condominiums, offset lower rental and hotel revenue during Japan’s emergency restrictions.

German real estate companies also contributed to the Index’s return. Despite halting rent increases and lease terminations during the pandemic, German real estate operating companies in the residential rental market grew profits and earnings as defaults and vacancy rates remained low. Stable rental income prompted some real estate operating companies to increase their dividend payouts. Merger activity to improve scale and increase efficiencies also contributed to strong returns. The U.K. was another source of strength, with industrial REITs contributing the most. Increased online purchases during stay-at-home orders drove demand for warehouse and logistics services, leading to rising profits. Optimism about successful development and distribution of vaccines and the resolution of the Brexit trade deal also benefited the industry.

Australian REITs further aided the Index’s performance. Low bond rates and vaccine development news buoyed diversified and retail REITs. Among diversified REITs, companies providing residential housing benefited from rising sales as consumers sought lower-density housing amid the pandemic. Despite the rise in online shopping, retail REITs also posted strong gains as Australian consumers drove shopping mall traffic to pre-pandemic levels when activity resumed amid low rates of coronavirus transmission.

Portfolio Information



ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Real Estate Operating Companies	24.7	%
Retail REITs	15.8
Diversified Real Estate Activities	14.1
Diversified REITs	13.3
Office REITs	10.3
Industrial REITs	10.3
Residential REITs	4.5
Real Estate Development	2.6
Health Care REITs	1.7
Specialized REITs	1.2
Hotel & Resort REITs	1.0
Other (each representing less than 1%)	0.5



TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
Japan	24.9	%
Hong Kong	12.4
Germany	11.8
United Kingdom	10.9
Australia	7.6
Singapore	7.3
Canada	6.4
Sweden	5.4
France	4.1
Belgium	2.5

^(a)

Excludes money market funds.


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

About Fund Performance

Shareholder Expenses


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		13

Schedule of Investments

April 30, 2021

iShares^® Cohen & Steers REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Health Care REITs — 9.2%
Healthpeak Properties Inc.		1,588,893	$	54,562,586
Ventas Inc.		1,105,492		61,310,586
Welltower Inc.		1,231,615		92,408,074

				208,281,246

Hotel & Resort REITs — 1.7%
Host Hotels & Resorts Inc.		2,081,678		37,803,273


Industrial REITs — 10.0%
Duke Realty Corp.		1,097,758		51,067,702
Prologis Inc.		1,494,787		174,187,529

				225,255,231

Office REITs — 6.6%
Alexandria Real Estate Equities Inc.		365,448		66,182,633
Boston Properties Inc.		418,061		45,714,970
Cousins Properties Inc.		438,465		16,078,512
Kilroy Realty Corp.		309,534		21,215,460

				149,191,575

Residential REITs — 18.4%
American Campus Communities Inc.		406,193		18,363,986
AvalonBay Communities Inc.		412,036		79,110,912
Equity LifeStyle Properties Inc.		500,163		34,711,312
Equity Residential		1,010,758		75,028,566
Essex Property Trust Inc.		192,443		55,908,540
Invitation Homes Inc.		1,654,334		58,000,950
Sun Communities Inc.		317,457		52,961,351
UDR Inc.		869,121		40,370,671

				414,456,288

Retail REITs — 10.9%
Federal Realty Investment Trust		203,167		22,925,364
Realty Income Corp.		1,102,009		76,203,922
Regency Centers Corp.		465,731		29,648,436


Security	Shares		Value

Retail REITs (continued)
Simon Property Group Inc.		967,722	$	117,810,476

				246,588,198

Specialized REITs — 43.0%
American Tower Corp.		684,553		174,403,568
Crown Castle International Corp.		982,952		185,836,905
Digital Realty Trust Inc.		826,866		127,593,693
Equinix Inc.		211,449		152,403,981
Extra Space Storage Inc.		381,418		56,713,042
Public Storage		448,886		126,208,788
SBA Communications Corp.		327,939		98,289,877
VICI Properties Inc.		1,583,903		50,209,725

				971,659,579


Total Common Stocks — 99.8% (Cost: $1,819,693,012)				2,253,235,390


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		4,130,000		4,130,000


Total Short -Term Investments — 0.2% (Cost: $4,130,000)				4,130,000


Total Investments in Securities — 100.0% (Cost: $1,823,823,012)				2,257,365,390

Other Assets, Less Liabilities — (0.0)%				(33,247	)


Net Assets — 100.0%			$	2,257,332,143

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)		$56,103,503	$	—	$	(56,090,150	)^(b)	$	18,999	$	(32,352	)	$	—		—	$	76,177	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,230,000		—		(100,000	)^(b)		—		—			4,130,000		4,130,000		3,328			—

								$	18,999	$	(32,352	)	$	4,130,000			$	79,505		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


14		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Cohen & Steers REIT ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

(000)

Value/
Unrealized
Appreciation

(Depreciation)

Long Contracts

Dow Jones U.S. Real Estate Index

100

06/18/21

3,860

397,643

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	397,643

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	979,757


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	57,963

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	3,706,306

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,253,235,390	$	—	$	—	$	2,253,235,390
Money Market Funds		4,130,000		—		—		4,130,000

	$	2,257,365,390	$	—	$	—	$	2,257,365,390

Derivative financial instruments^(a)
Assets
Futures Contracts	$	397,643	$	—	$	—	$	397,643

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


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

Schedule of Investments

April 30, 2021

iShares^® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Diversified REITs — 4.9%
Alexander & Baldwin Inc.		132,709	$	2,432,556
American Assets Trust Inc.		92,350		3,236,867
Armada Hoffler Properties Inc.		105,024		1,431,477
Broadstone Net Lease Inc.		69,249		1,397,445
Colony Capital Inc.		882,403		6,176,821
Empire State Realty Trust Inc., Class A		265,666		3,025,936
Essential Properties Realty Trust Inc.		191,378		5,012,190
Gladstone Commercial Corp.		61,686		1,297,873
Global Net Lease Inc.		165,896		3,185,203
One Liberty Properties Inc.		29,813		741,449
PS Business Parks Inc.		36,942		5,998,273
STORE Capital Corp.		445,808		15,955,468
VEREIT Inc.		404,003		19,327,504
Washington REIT		155,257		3,605,068
WP Carey Inc.		321,396		24,069,346

				96,893,476

Health Care REITs — 11.3%
CareTrust REIT Inc.		164,934		3,988,104
Community Healthcare Trust Inc.		41,122		2,093,932
Diversified Healthcare Trust		434,944		1,920,278
Global Medical REIT Inc.		80,454		1,155,319
Healthcare Realty Trust Inc.		256,715		8,255,954
Healthcare Trust of America Inc., Class A		401,616		11,795,462
Healthpeak Properties Inc.		995,740		34,193,712
LTC Properties Inc.		71,552		3,043,107
Medical Properties Trust Inc.		1,058,972		23,350,333
National Health Investors Inc.		80,005		5,873,167
New Senior Investment Group Inc.		152,643		1,010,497
Omega Healthcare Investors Inc.		423,388		16,088,744
Physicians Realty Trust		383,118		7,175,800
Sabra Health Care REIT Inc.		377,140		6,852,634
Universal Health Realty Income Trust		23,694		1,586,313
Ventas Inc.		689,222		38,224,252
Welltower Inc.		772,264		57,942,968

				224,550,576

Hotel & Resort REITs — 4.0%
Apple Hospitality REIT Inc.		387,413		6,144,370
Chatham Lodging Trust^(a)		85,841		1,190,615
CorePoint Lodging Inc.		71,730		716,583
DiamondRock Hospitality Co.^(a)		373,833		3,895,340
Hersha Hospitality Trust, Class A^(a)		62,885		726,950
Host Hotels & Resorts Inc.		1,290,850		23,441,836
Park Hotels & Resorts Inc.		434,455		9,692,691
Pebblebrook Hotel Trust		239,178		5,711,571
RLJ Lodging Trust		302,142		4,876,572
Ryman Hospitality Properties Inc.		92,608		7,283,619
Service Properties Trust		300,846		3,704,918
Summit Hotel Properties Inc.^(a)		189,617		1,928,405
Sunstone Hotel Investors Inc.		395,468		5,204,359
Xenia Hotels & Resorts Inc.		212,063		4,120,384

				78,638,213

Industrial REITs — 13.9%
Americold Realty Trust		438,587		17,714,529
Duke Realty Corp.		680,164		31,641,229
EastGroup Properties Inc.		71,911		11,409,399
First Industrial Realty Trust Inc.		236,583		11,774,736
Industrial Logistics Properties Trust		119,084		2,953,283
Lexington Realty Trust		501,628		6,139,927


Security	Shares		Value

Industrial REITs (continued)
Monmouth Real Estate Investment Corp.		174,689	$	3,228,253
Plymouth Industrial REIT Inc.		45,871		855,036
Prologis Inc.		1,361,155		158,615,392
Rexford Industrial Realty Inc.		242,249		13,456,932
STAG Industrial Inc.		293,338		10,709,770
Terreno Realty Corp.		124,088		8,006,158

				276,504,644

Office REITs — 9.7%
Alexandria Real Estate Equities Inc.		250,465		45,359,211
Boston Properties Inc.		287,214		31,406,851
Brandywine Realty Trust		310,818		4,205,368
CIM Commercial Trust Corp.		20,503		229,634
City Office REIT Inc.		79,822		872,454
Columbia Property Trust Inc.		210,514		3,791,357
Corporate Office Properties Trust		211,310		5,925,132
Cousins Properties Inc.		273,556		10,031,298
Douglas Emmett Inc.		307,451		10,311,907
Easterly Government Properties Inc.		150,145		3,217,607
Franklin Street Properties Corp.		191,645		1,011,886
Highwoods Properties Inc.		190,162		8,517,356
Hudson Pacific Properties Inc.		277,126		7,790,012
JBG SMITH Properties		224,806		7,330,924
Kilroy Realty Corp.		214,584		14,707,587
Mack-Cali Realty Corp.		160,275		2,622,099
Office Properties Income Trust		87,641		2,432,038
Paramount Group Inc.		344,839		3,658,742
Piedmont Office Realty Trust Inc., Class A		227,645		4,238,750
SL Green Realty Corp.		129,883		9,612,641
Vornado Realty Trust		324,092		14,827,209

				192,100,063

Residential REITs — 18.1%
American Campus Communities Inc.		252,944		11,435,598
American Homes 4 Rent, Class A		503,800		18,660,752
Apartment Income REIT Corp.		273,509		12,348,931
Apartment Investment & Management Co., Class A		273,050		1,894,967
AvalonBay Communities Inc.		259,892		49,899,264
Bluerock Residential Growth REIT Inc., Class A		40,604		384,926
BRT Apartments Corp.		20,204		380,441
Camden Property Trust		174,181		20,985,327
Centerspace		23,870		1,680,209
Equity LifeStyle Properties Inc.		321,079		22,282,883
Equity Residential		678,801		50,387,398
Essex Property Trust Inc.		120,405		34,980,061
Independence Realty Trust Inc.		186,928		3,147,868
Invitation Homes Inc.		1,035,953		36,320,512
Mid-America Apartment Communities Inc.		210,286		33,084,296
NexPoint Residential Trust Inc.		40,587		2,035,844
Preferred Apartment Communities Inc., Class A		87,136		888,787
Sun Communities Inc.		195,324		32,585,903
UDR Inc.		540,857		25,122,808
UMH Properties Inc.		68,216		1,468,691

				359,975,466

Retail REITs — 13.5%
Acadia Realty Trust		154,681		3,231,286
Agree Realty Corp.		114,228		8,037,082
Alexander’s Inc.		3,922		1,087,335
American Finance Trust Inc.		201,608		2,018,096
Brixmor Property Group Inc.		547,307		12,226,838
Brookfield Property REIT Inc., Class A		72,400		1,302,114


16		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Retail REITs (continued)
Federal Realty Investment Trust		141,044	$	15,915,405
Getty Realty Corp.		64,006		2,021,309
Kimco Realty Corp.		762,854		16,019,934
Kite Realty Group Trust		152,307		3,169,509
Macerich Co. (The)		274,819		3,789,754
National Retail Properties Inc.		319,568		14,834,347
NETSTREIT Corp.		40,723		848,260
Realty Income Corp.		690,593		47,754,506
Regency Centers Corp.		311,157		19,808,255
Retail Opportunity Investments Corp.		212,214		3,734,966
Retail Properties of America Inc., Class A		393,309		4,613,515
Retail Value Inc.		30,118		561,098
RPT Realty		147,933		1,880,228
Saul Centers Inc.		21,961		948,276
Seritage Growth Properties, Class A^(a)		63,269		1,088,227
Simon Property Group Inc.		604,009		73,532,056
SITE Centers Corp.		281,650		4,154,337
Spirit Realty Capital Inc.		210,981		10,030,037
Tanger Factory Outlet Centers Inc.		166,099		2,898,428
Urban Edge Properties		213,531		4,025,059
Urstadt Biddle Properties Inc., Class A		55,283		1,004,492
Washington Prime Group Inc.		37,849		93,109
Weingarten Realty Investors		224,069		7,246,391
Whitestone REIT		73,215		715,311

				268,589,560

Specialized REITs — 24.5%
CoreSite Realty Corp.		74,304		9,027,193
CubeSmart		356,823		15,107,886
CyrusOne Inc.		221,991		16,167,604
Digital Realty Trust Inc.		515,843		79,599,733
EPR Properties		136,679		6,520,955
Equinix Inc.		164,235		118,374,019
Extra Space Storage Inc.		236,911		35,226,297
Farmland Partners Inc.		46,889		625,030
Four Corners Property Trust Inc.		136,394		3,937,695
Gaming and Leisure Properties Inc.		401,241		18,653,694
GEO Group Inc. (The)		200,223		1,103,229


Security	Shares		Value

Specialized REITs (continued)
Gladstone Land Corp.		39,200	$	822,808
Iron Mountain Inc.		528,109		21,187,733
Lamar Advertising Co., Class A		158,739		15,721,511
Life Storage Inc.		136,457		13,108,059
National Storage Affiliates Trust		115,268		5,237,778
Outfront Media Inc.		265,632		6,473,452
Public Storage		278,518		78,308,121
QTS Realty Trust Inc., Class A		117,620		7,820,554
Safehold Inc.^(b)		33,182		2,346,299
VICI Properties Inc.		987,009		31,288,185

				486,657,835


Total Common Stocks — 99.9% (Cost: $1,807,268,118)				1,983,909,833


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		129,163		129,227
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,320,000		2,320,000

				2,449,227


Total Short -Term Investments — 0.1% (Cost: $2,449,239)				2,449,227


Total Investments in Securities — 100.0% (Cost: $1,809,717,357)				1,986,359,060

Other Assets, Less Liabilities — 0.0%				333,101


Net Assets — 100.0%			$	1,986,692,161

^(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 cash collateral received from loaned securities.

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$32,937,842	$	—	$	(32,796,496	)^(a)	$	8,434	$	(20,553	)	$	129,227		129,163	$	219,152	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,157,000		—		(837,000	)^(a)		—		—			2,320,000		2,320,000		2,553			—

								$	8,434	$	(20,553	)	$	2,449,227			$	221,705		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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 (continued)

April 30, 2021

iShares^® Core U.S. REIT ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Dow Jones U.S. Real Estate Index

06/18/21

2,779

243,857

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	243,857

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,357,874


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(115,972	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	3,969,638

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,983,909,833	$	—	$	—	$	1,983,909,833
Money Market Funds		2,449,227		—		—		2,449,227

	$	1,986,359,060	$	—	$	—	$	1,986,359,060

Derivative financial instruments^(a)
Assets
Futures Contracts	$	243,857	$	—	$	—	$	243,857

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


18		2 0 2 1 I S H A R E S 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

April 30, 2021

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.0%
BWP Trust		1,041,285	$	3,321,927
Charter Hall Long Wale REIT		1,035,799		3,912,504
Charter Hall Retail REIT		1,032,617		2,967,240
Cromwell Property Group		3,013,199		2,036,603
Dexus		2,324,917		18,264,124
GPT Group (The)		4,112,456		14,676,202
Mirvac Group		8,328,544		17,305,805
National Storage REIT		2,093,107		3,249,809
Scentre Group		10,960,684		23,029,102
Shopping Centres Australasia Property Group		2,289,302		4,403,245
Stockland		5,048,916		18,252,167
Vicinity Centres		7,913,385		9,688,622
Waypoint REIT		1,661,265		3,195,278

				124,302,628

Belgium — 1.3%
Aedifica SA		70,550		8,628,692
Ascencio		11,190		623,685
Befimmo SA		46,135		1,963,244
Cofinimmo SA		57,024		8,752,298
Intervest Offices & Warehouses NV		50,600		1,352,252
Leasinvest Real Estate SCA		5,460		491,641
Montea C.V.A.		25,673		2,818,550
Retail Estates NV		21,526		1,655,840
Warehouses De Pauw CVA		296,189		10,454,111
Xior Student Housing NV^(a)		42,809		2,393,729

				39,134,042

Canada — 3.3%
Allied Properties REIT		257,990		8,944,297
Artis REIT		246,593		2,178,886
Boardwalk REIT		80,478		2,398,247
Canadian Apartment Properties REIT		357,042		15,858,214
Choice Properties REIT		546,826		6,196,354
Cominar REIT		359,057		2,848,640
Crombie REIT		196,250		2,611,455
Dream Industrial REIT		322,039		3,568,031
Dream Office REIT		84,542		1,452,099
First Capital Real Estate Investment Trust		460,046		6,622,838
Granite REIT		121,810		7,791,602
H&R Real Estate Investment Trust		604,930		7,489,094
InterRent REIT		238,266		2,972,999
Killam Apartment REIT		205,267		3,160,264
NorthWest Healthcare Properties REIT		319,827		3,395,335
RioCan REIT		667,431		11,404,162
SmartCentres Real Estate Investment Trust		278,082		6,469,441
Summit Industrial Income REIT		264,415		3,355,160
WPT Industrial Real Estate Investment Trust		113,770		1,902,234

				100,619,352

China — 0.1%
Yuexiu REIT		2,709,000		1,363,769


France — 2.2%
Carmila SA		84,549		1,420,850
Covivio		107,300		9,584,244
Gecina SA		109,786		16,077,307
ICADE		69,406		5,405,744
Klepierre SA		387,633		10,293,912
Mercialys SA		131,069		1,677,210


Security	Shares		Value

France (continued)
Unibail-Rodamco-Westfield^(b)		284,605	$	23,499,442

				67,958,709

Germany — 0.3%
alstria office REIT-AG		391,304		7,013,959
Hamborner REIT AG		150,290		1,648,896

				8,662,855

Hong Kong — 1.5%
Champion REIT		4,278,000		2,489,627
Hui Xian Real Estate Investment Trust^(a)		5,166,000		1,429,598
Link REIT		4,404,700		41,654,624

				45,573,849

Ireland — 0.1%
Hibernia REIT PLC		1,435,932		1,967,118
Irish Residential Properties REIT PLC		941,435		1,842,744

				3,809,862

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		138,916		658,875


Japan — 8.8%
Activia Properties Inc.		1,418		6,538,329
Advance Residence Investment Corp.		2,727		8,694,566
AEON REIT Investment Corp.		3,267		4,498,271
Comforia Residential REIT Inc.		1,299		4,159,462
Daiwa House REIT Investment Corp.		4,246		11,385,596
Daiwa Office Investment Corp.		578		4,182,773
Daiwa Securities Living Investments Corp.		4,073		4,180,876
Frontier Real Estate Investment Corp.		943		4,123,819
Fukuoka REIT Corp.		1,522		2,495,242
Global One Real Estate Investment Corp.		2,094		2,423,412
GLP J-REIT		8,642		14,484,373
Hoshino Resorts REIT Inc.		463		2,719,418
Hulic Reit Inc.		2,496		3,987,023
Ichigo Office REIT Investment Corp.		2,592		2,264,636
Industrial & Infrastructure Fund Investment Corp.		3,988		7,227,691
Invesco Office J-Reit Inc.		18,776		3,466,444
Invincible Investment Corp.		10,390		3,730,913
Japan Excellent Inc.		2,685		3,755,880
Japan Hotel REIT Investment Corp.		9,454		5,414,395
Japan Logistics Fund Inc.		1,767		5,059,887
Japan Metropolitan Fund Invest		14,842		14,624,065
Japan Prime Realty Investment Corp.		1,851		7,527,281
Japan Real Estate Investment Corp.		2,747		17,039,166
Kenedix Office Investment Corp.		796		5,869,594
Kenedix Residential Next Investment Corp.		1,971		4,071,651
Kenedix Retail REIT Corp.		1,130		2,892,585
LaSalle Logiport REIT		3,437		5,581,332
Mitsubishi Estate Logistics REIT Investment Corp.		705		2,915,329
Mitsui Fudosan Logistics Park Inc.		1,029		5,328,338
Mori Hills REIT Investment Corp.		3,367		4,888,549
Mori Trust Sogo REIT Inc.		2,140		3,083,573
Nippon Accommodations Fund Inc.		953		5,658,451
Nippon Building Fund Inc.		3,111		20,435,460
Nippon Prologis REIT Inc.		4,718		15,150,432
Nippon REIT Investment Corp.		931		3,611,399
Nomura Real Estate Master Fund Inc.		9,491		15,004,298
NTT UD REIT Investment Corp.		2,732		4,054,073
Orix JREIT Inc.		5,562		9,810,655
Sekisui House Reit Inc.		8,507		7,082,357
Tokyu REIT Inc.		1,897		3,222,843


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 (continued)

April 30, 2021

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
United Urban Investment Corp.		6,269	$	9,371,526

				272,015,963

Malaysia — 0.1%
Axis Real Estate Investment Trust		2,368,500		1,139,035
IGB REIT		3,610,200		1,542,293
Sunway REIT^(a)		4,194,300		1,535,849

				4,217,177

Mexico — 0.5%
Concentradora Fibra Danhos SA de CV^(a)		502,315		595,572
Fibra Uno Administracion SA de CV		6,242,013		7,738,122
Macquarie Mexico Real Estate Management SA de CV^(c)		1,544,050		1,839,895
PLA Administradora Industrial S. de RL de CV^(a)		1,682,809		2,571,613
Prologis Property Mexico SA de CV		965,448		2,078,337

				14,823,539

Netherlands — 0.2%
Eurocommercial Properties NV^(b)		102,882		2,665,237
NSI NV		40,607		1,652,235
Vastned Retail NV		37,306		1,120,478
Wereldhave NV		87,344		1,511,981

				6,949,931

New Zealand — 0.2%
Goodman Property Trust		2,310,152		3,696,301
Kiwi Property Group Ltd.		3,340,374		3,043,833

				6,740,134

Saudi Arabia — 0.1%
Al Maather REIT Fund		81,765		190,998
Al Rajhi REIT		244,019		659,810
Alahli REIT Fund 1		100,845		264,072
Alkhabeer REIT		93,821		237,173
Jadwa REIT Saudi Fund		283,094		1,165,561
Musharaka Real Estate Income Fund, NVS		150,153		408,405
Riyad REIT Fund		322,107		790,215
Sedco Capital REIT Fund		89,098		241,390

				3,957,624

Singapore — 3.2%
Ascendas REIT		6,911,814		16,157,352
Ascott Residence Trust		3,790,732		3,020,277
CapitaLand China Trust		2,174,030		2,255,082
CapitaLand Integrated Commercial Trust		9,232,726		14,920,596
CDL Hospitality Trusts		1,688,700		1,586,647
First REIT^(a)		2,234,100		436,610
Fortune REIT		2,872,000		2,895,351
Frasers Centrepoint Trust		2,287,870		4,178,836
Frasers Logistics & Commercial Trust		5,587,400		6,173,691
Keppel DC REIT		2,591,333		5,239,541
Keppel REIT^(a)		4,217,000		3,930,457
Manulife US Real Estate Investment Trust		3,141,400		2,387,464
Mapletree Commercial Trust		4,633,991		7,628,112
Mapletree Industrial Trust		3,448,200		7,334,941
Mapletree Logistics Trust		6,071,817		9,082,168
Mapletree North Asia Commercial Trust^(a)		4,858,900		3,980,909
Parkway Life REIT		822,800		2,578,981
Sasseur Real Estate Investment Trust		1,148,100		798,251
Suntec REIT		4,555,700		5,239,192

				99,824,458

South Africa — 0.6%
Attacq Ltd.^(b)		1,492,273		750,894


Security	Shares		Value

South Africa (continued)
Emira Property Fund Ltd.		705,540	$	482,437
Equites Property Fund Ltd.		1,159,593		1,618,595
Growthpoint Properties Ltd.		7,107,322		7,113,446
Hyprop Investments Ltd.^(a)		637,050		1,339,309
Redefine Properties Ltd.^(b)		11,551,826		3,439,868
SA Corporate Real Estate Ltd.		5,367,484		788,057
Stor-Age Property REIT Ltd.		758,500		730,398
Vukile Property Fund Ltd.		1,891,939		1,457,996

				17,721,000

Spain — 0.5%
Inmobiliaria Colonial Socimi SA		714,866		7,258,785
Lar Espana Real Estate Socimi SA		129,131		833,201
Merlin Properties Socimi SA		699,323		7,739,921

				15,831,907

Thailand — 0.1%
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust^(a)		3,405,702		1,443,766


Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS^(b)		515,852		115,712
Akmerkez Gayrimenkul Yatirim Ortakligi AS		13,819		79,961
Emlak Konut Gayrimenkul Yatirim Ortakligi AS^(a)		3,990,173		875,798
Halk Gayrimenkul Yatirim Ortakligi AS		417,889		165,805
Is Gayrimenkul Yatirim Ortakligi AS^(b)		1,186,257		266,092
Ozak Gayrimenkul Yatirim Ortakligi^(b)		200,329		107,992
Torunlar Gayrimenkul Yatirim Ortakligi AS^(b)		304,252		130,991

				1,742,351

United Kingdom — 5.4%
Assura PLC		5,538,763		5,709,346
Big Yellow Group PLC		341,723		5,658,668
BMO Commercial Property Trust Ltd.		1,127,247		1,243,902
BMO Real Estate Investments Ltd.		530,283		572,679
British Land Co. PLC (The)		1,950,420		13,999,160
Capital & Counties Properties PLC^(b)		1,556,026		3,916,693
Civitas Social Housing PLC		1,328,975		2,101,318
Custodian REIT PLC		829,464		1,173,700
Derwent London PLC		214,576		9,890,171
Empiric Student Property PLC^(b)		1,258,981		1,533,948
GCP Student Living PLC		971,902		2,206,862
Great Portland Estates PLC		537,947		5,161,567
Hammerson PLC		8,635,487		4,763,378
Impact Healthcare REIT PLC		518,370		802,399
Land Securities Group PLC		1,503,032		15,000,020
LondonMetric Property PLC		1,876,582		5,856,394
LXI REIT PLC		1,237,552		2,340,577
NewRiver REIT PLC^(b)		654,731		921,012
Picton Property Income Ltd. (The)		1,156,798		1,455,896
Primary Health Properties PLC		2,750,407		5,757,814
RDI REIT PLC		575,036		964,954
Regional REIT Ltd.^(c)		799,134		931,624
Safestore Holdings PLC		441,440		5,204,334
Schroder REIT Ltd.		1,068,471		657,572
Segro PLC		2,508,492		34,922,364
Shaftesbury PLC^(b)		591,948		5,151,073
Standard Life Investment Property Income Trust Ltd.		871,134		879,268
Target Healthcare REIT PLC		979,510		1,603,006
Triple Point Social Housing REIT PLC^(c)		793,169		1,157,485
Tritax Big Box REIT PLC		3,599,369		9,483,617
UK Commercial Property REIT Ltd.		1,572,667		1,750,659


20		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
UNITE Group PLC (The)		671,079	$	10,824,514
Workspace Group PLC		283,516		3,218,847

				166,814,821

United States — 66.9%
Acadia Realty Trust		171,379		3,580,107
Agree Realty Corp.		130,186		9,159,887
Alexander’s Inc.		4,549		1,261,165
Alexandria Real Estate Equities Inc.		286,560		51,896,016
American Assets Trust Inc.		105,972		3,714,319
American Campus Communities Inc.		289,064		13,068,583
American Finance Trust Inc.		230,867		2,310,979
American Homes 4 Rent, Class A		576,140		21,340,226
Americold Realty Trust		501,544		20,257,362
Apartment Income REIT Corp.		312,643		14,115,831
Apartment Investment & Management Co., Class A		318,154		2,207,989
Apple Hospitality REIT Inc.		442,628		7,020,080
Armada Hoffler Properties Inc.		121,623		1,657,721
AvalonBay Communities Inc.		297,341		57,089,472
Boston Properties Inc.		328,595		35,931,863
Brandywine Realty Trust		363,648		4,920,157
Brixmor Property Group Inc.		625,569		13,975,211
Brookfield Property REIT Inc., Class A		83,911		1,509,139
Camden Property Trust		199,202		23,999,857
CareTrust REIT Inc.		182,229		4,406,297
Centerspace		27,568		1,940,511
Colony Capital Inc.^(a)		1,017,466		7,122,262
Columbia Property Trust Inc.		246,375		4,437,214
Community Healthcare Trust Inc.		47,273		2,407,141
Corporate Office Properties Trust		235,678		6,608,411
Cousins Properties Inc.		312,730		11,467,809
CubeSmart		407,952		17,272,688
CyrusOne Inc.		253,832		18,486,585
DiamondRock Hospitality Co.^(b)		405,915		4,229,634
Digital Realty Trust Inc.		590,184		91,071,293
Diversified Healthcare Trust		501,055		2,212,158
Douglas Emmett Inc.		351,478		11,788,572
Duke Realty Corp.		778,187		36,201,259
Easterly Government Properties Inc.		171,727		3,680,110
EastGroup Properties Inc.		82,183		13,039,155
Empire State Realty Trust Inc., Class A		305,113		3,475,237
EPR Properties		155,610		7,424,153
Equity Commonwealth		247,247		7,120,714
Equity LifeStyle Properties Inc.		367,249		25,487,081
Equity Residential		776,622		57,648,651
Essential Properties Realty Trust Inc.		221,334		5,796,737
Essex Property Trust Inc.		137,755		40,020,583
Extra Space Storage Inc.		271,040		40,300,938
Federal Realty Investment Trust		161,253		18,195,788
First Industrial Realty Trust Inc.		270,405		13,458,057
Four Corners Property Trust Inc.		150,288		4,338,815
Franklin Street Properties Corp.		221,575		1,169,916
Gaming and Leisure Properties Inc.		458,868		21,332,773
Getty Realty Corp.		73,390		2,317,656
Global Net Lease Inc.		189,863		3,645,370
Healthcare Realty Trust Inc.		293,822		9,449,315
Healthcare Trust of America Inc., Class A		459,007		13,481,036
Healthpeak Properties Inc.		1,139,231		39,121,193
Highwoods Properties Inc.		217,468		9,740,392
Host Hotels & Resorts Inc.		1,476,529		26,813,767
Hudson Pacific Properties Inc.		317,695		8,930,406


Security	Shares		Value

United States (continued)
Independence Realty Trust Inc.		214,915	$	3,619,169
Industrial Logistics Properties Trust		136,787		3,392,318
Innovative Industrial Properties Inc.		49,208		9,011,461
Invitation Homes Inc.		1,185,259		41,555,181
JBG SMITH Properties		257,739		8,404,869
Kilroy Realty Corp.		246,013		16,861,731
Kimco Realty Corp.		872,269		18,317,649
Kite Realty Group Trust		174,925		3,640,189
Lexington Realty Trust		571,738		6,998,073
Life Storage Inc.		155,971		14,982,574
LTC Properties Inc.		81,855		3,481,293
Macerich Co. (The)		313,334		4,320,876
Mack-Cali Realty Corp.		183,155		2,996,416
Medical Properties Trust Inc.		1,211,379		26,710,907
Mid-America Apartment Communities Inc.		240,597		37,853,126
Monmouth Real Estate Investment Corp.		199,925		3,694,614
National Health Investors Inc.		91,408		6,710,261
National Retail Properties Inc.		365,357		16,959,872
National Storage Affiliates Trust		131,612		5,980,449
NexPoint Residential Trust Inc.		46,451		2,329,982
Office Properties Income Trust		100,912		2,800,308
Omega Healthcare Investors Inc.		484,127		18,396,826
Paramount Group Inc.		400,721		4,251,650
Park Hotels & Resorts Inc.		496,344		11,073,435
Pebblebrook Hotel Trust^(a)		273,231		6,524,756
Physicians Realty Trust		438,223		8,207,917
Piedmont Office Realty Trust Inc., Class A		266,389		4,960,163
Prologis Inc.		1,557,324		181,474,966
PS Business Parks Inc.		42,158		6,845,194
Public Storage		318,654		89,592,759
QTS Realty Trust Inc., Class A		134,041		8,912,386
Realty Income Corp.		790,117		54,636,591
Regency Centers Corp.		355,850		22,653,411
Retail Opportunity Investments Corp.		241,908		4,257,581
Retail Properties of America Inc., Class A		448,294		5,258,489
Rexford Industrial Realty Inc.		276,908		15,382,239
RLJ Lodging Trust		348,044		5,617,430
RPT Realty		168,708		2,144,279
Ryman Hospitality Properties Inc.		105,490		8,296,788
Sabra Health Care REIT Inc.		431,329		7,837,248
Safehold Inc.^(a)		38,047		2,690,303
Service Properties Trust		346,009		4,261,101
Simon Property Group Inc.		691,053		84,128,792
SITE Centers Corp.		325,066		4,794,723
SL Green Realty Corp.		148,468		10,988,117
Spirit Realty Capital Inc.		240,124		11,415,495
STAG Industrial Inc.		335,202		12,238,225
STORE Capital Corp.		509,764		18,244,454
Summit Hotel Properties Inc.^(b)		216,211		2,198,866
Sun Communities Inc.		223,462		37,280,165
Sunstone Hotel Investors Inc.		455,715		5,997,209
Tanger Factory Outlet Centers Inc.		190,937		3,331,851
Terreno Realty Corp.		141,684		9,141,452
UDR Inc.		618,702		28,738,708
Universal Health Realty Income Trust		27,402		1,834,564
Urban Edge Properties		244,187		4,602,925
Ventas Inc.		788,556		43,733,316
VEREIT Inc.		461,966		22,100,453
VICI Properties Inc.		1,129,243		35,797,003
Vornado Realty Trust		370,535		16,951,976


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 (continued)

April 30, 2021

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Washington REIT		180,345	$	4,187,611
Weingarten Realty Investors		255,069		8,248,931
Welltower Inc.		883,563		66,293,732
WP Carey Inc.		367,663		27,534,282
Xenia Hotels & Resorts Inc.		229,412		4,457,475

				2,062,792,796


Total Common Stocks — 99.5% (Cost: $2,750,119,240)				3,066,959,408


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		9,184,770		9,189,362
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		6,480,000		6,480,000

				15,669,362


Total Short-Term Investments — 0.5% (Cost: $15,662,325)				15,669,362


Total Investments in Securities — 100.0% (Cost: $2,765,781,565)				3,082,628,770

Other Assets, Less Liabilities — 0.0%				591,829


Net Assets — 100.0%			$	3,083,220,599

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$32,298,609	$	—		$	(23,086,489	)^(a)	$	(421	)	$	(22,337	)	$	9,189,362		9,184,770	$	1,080,322	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,440,000		3,040,000	^(a)		—			—			—			6,480,000		6,480,000		3,996			—

									$	(421	)	$	(22,337	)	$	15,669,362			$	1,084,318		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		12		06/17/21	$	1,618	$	23,320
Dow Jones U.S. Real Estate Index		327		06/18/21		12,622		636,590

							$	659,910


22		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® Global REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	659,910

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,860,552


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	112,684

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,464,149

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,066,959,408	$	—	$	—	$	3,066,959,408
Money Market Funds		15,669,362		—		—		15,669,362

	$	3,082,628,770	$	—	$	—	$	3,082,628,770

Derivative financial instruments^(a)
Assets
Futures Contracts	$	659,910	$	—	$	—	$	659,910

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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

April 30, 2021

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.5%
BWP Trust		158,386	$	505,286
Charter Hall Long Wale REIT		161,096		608,505
Charter Hall Retail REIT		159,081		457,122
Cromwell Property Group		470,162		317,780
Dexus		358,788		2,818,573
GPT Group (The)		640,480		2,285,693
Mirvac Group		1,292,059		2,684,757
National Storage REIT		318,115		493,913
Scentre Group		1,704,981		3,582,275
Shopping Centres Australasia Property Group		355,253		683,294
Stockland		783,270		2,831,573
Vicinity Centres		1,231,015		1,507,173
Waypoint REIT		259,569		499,255

				19,275,199

Austria — 0.4%
CA Immobilien Anlagen AG		22,791		1,000,035


Belgium — 2.5%
Aedifica SA		10,814		1,322,618
Ascencio		1,693		94,361
Befimmo SA		7,061		300,476
Cofinimmo SA		8,858		1,359,565
Intervest Offices & Warehouses NV		7,384		197,333
Leasinvest Real Estate SCA		801		72,125
Montea C.V.A.		3,991		438,158
Retail Estates NV		3,377		259,768
Shurgard Self Storage SA		8,350		389,002
Warehouses De Pauw CVA		45,658		1,611,518
Xior Student Housing NV		6,660		372,404

				6,417,328

Canada — 6.4%
Allied Properties REIT		39,947		1,384,929
Artis REIT		38,351		338,868
Boardwalk REIT		12,315		366,987
Canadian Apartment Properties REIT		55,614		2,470,126
Chartwell Retirement Residences		70,040		712,242
Choice Properties REIT		83,482		945,976
Cominar REIT		54,764		434,479
Crombie REIT		29,989		399,057
Dream Industrial REIT		49,834		552,136
Dream Office REIT		13,135		225,608
First Capital Real Estate Investment Trust		71,381		1,027,603
Granite REIT		19,107		1,222,183
H&R Real Estate Investment Trust		93,040		1,151,845
InterRent REIT		36,591		456,570
Killam Apartment REIT		31,588		486,325
NorthWest Healthcare Properties REIT		49,017		520,372
RioCan REIT		104,326		1,782,582
SmartCentres Real Estate Investment Trust		42,734		994,186
Summit Industrial Income REIT		40,696		516,391
WPT Industrial Real Estate Investment Trust		17,884		299,020

				16,287,485

Finland — 0.6%
Citycon OYJ		24,853		218,402
Kojamo OYJ		64,367		1,397,054

				1,615,456

France — 4.1%
Carmila SA		13,092		220,012


Security	Shares		Value

France (continued)
Covivio		16,390	$	1,463,987
Gecina SA		17,033		2,494,350
ICADE		10,391		809,312
Klepierre SA		60,750		1,613,266
Mercialys SA		19,810		253,496
Unibail-Rodamco-Westfield^(a)		44,432		3,668,689

				10,523,112

Germany — 11.7%
ADLER Group SA^(a)(b)		26,580		786,486
alstria office REIT-AG		58,781		1,053,625
Aroundtown SA		395,932		3,052,293
Deutsche EuroShop AG^(a)		16,539		382,265
Deutsche Wohnen SE		114,138		6,182,968
Grand City Properties SA		37,294		1,003,841
Hamborner REIT AG		22,754		249,644
LEG Immobilien SE		23,705		3,301,623
Sirius Real Estate Ltd.		319,155		448,956
TAG Immobilien AG		41,476		1,283,669
TLG Immobilien AG		2,934		92,007
Vonovia SE^(c)		186,288		12,253,208

				30,090,585

Hong Kong — 12.3%
Champion REIT		645,000		375,365
CK Asset Holdings Ltd.		782,000		4,908,360
Hang Lung Properties Ltd.		665,000		1,815,150
Hongkong Land Holdings Ltd.^(c)		380,300		1,882,485
Hysan Development Co. Ltd.		201,000		756,967
Link REIT		684,800		6,476,057
New World Development Co. Ltd.		468,333		2,478,287
Sino Land Co. Ltd.		1,136,800		1,689,060
Sun Hung Kai Properties Ltd.		467,000		7,052,936
Swire Properties Ltd.		347,400		1,037,703
Wharf Real Estate Investment Co. Ltd.		538,900		3,101,493

				31,573,863

Ireland — 0.2%
Hibernia REIT PLC		219,611		300,850
Irish Residential Properties REIT PLC		147,247		288,218

				589,068

Israel — 0.5%
Amot Investments Ltd.		48,683		318,965
Azrieli Group Ltd.		12,095		852,115

				1,171,080

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		22,641		107,386


Japan — 24.7%
Activia Properties Inc.		227		1,046,686
Advance Residence Investment Corp.		422		1,345,474
Aeon Mall Co. Ltd.		39,200		621,864
AEON REIT Investment Corp.		509		700,832
Comforia Residential REIT Inc.		208		666,026
Daiwa House REIT Investment Corp.		660		1,769,782
Daiwa Office Investment Corp.		89		644,060
Daiwa Securities Living Investments Corp.		644		661,057
Frontier Real Estate Investment Corp.		149		651,590
Fukuoka REIT Corp.		238		390,189
Global One Real Estate Investment Corp.		312		361,081
GLP J-REIT		1,342		2,249,251
Hoshino Resorts REIT Inc.		73		428,763


24		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Hulic Co. Ltd.		119,900	$	1,364,582
Hulic Reit Inc.		380		606,999
Ichigo Office REIT Investment Corp.		384		335,501
Industrial & Infrastructure Fund Investment Corp.		620		1,123,663
Invesco Office J-Reit Inc.		2,837		523,770
Invincible Investment Corp.		1,615		579,925
Japan Excellent Inc.		410		573,524
Japan Hotel REIT Investment Corp.		1,468		840,737
Japan Logistics Fund Inc.		281		804,657
Japan Metropolitan Fund Invest		2,304		2,270,169
Japan Prime Realty Investment Corp.		290		1,179,315
Japan Real Estate Investment Corp.		429		2,661,013
Kenedix Office Investment Corp.		125		921,733
Kenedix Residential Next Investment Corp.		304		627,997
Kenedix Retail REIT Corp.		178		455,646
LaSalle Logiport REIT		532		863,913
Mitsubishi Estate Co. Ltd.		374,900		6,158,300
Mitsubishi Estate Logistics REIT Investment Corp.		112		463,144
Mitsui Fudosan Co. Ltd.		304,500		6,602,305
Mitsui Fudosan Logistics Park Inc.		166		859,576
Mori Hills REIT Investment Corp.		522		757,892
Mori Trust Sogo REIT Inc.		327		471,181
Nippon Accommodations Fund Inc.		153		908,440
Nippon Building Fund Inc.		483		3,172,718
Nippon Prologis REIT Inc.		736		2,363,442
Nippon REIT Investment Corp.		143		554,705
Nomura Real Estate Holdings Inc.		37,300		917,954
Nomura Real Estate Master Fund Inc.		1,473		2,328,662
NTT UD REIT Investment Corp.		418		620,279
Orix JREIT Inc.		866		1,527,513
Sekisui House Reit Inc.		1,320		1,098,943
Sumitomo Realty & Development Co. Ltd.		129,700		4,317,994
Tokyo Tatemono Co. Ltd.		64,700		954,770
Tokyu REIT Inc.		289		490,987
United Urban Investment Corp.		976		1,459,022

				63,297,626

Malta — 0.0%
BGP Holdings PLC^(d)		6,603,392		79


Netherlands — 0.4%
Eurocommercial Properties NV^(a)		15,734		407,601
NSI NV		5,965		242,707
Vastned Retail NV		5,578		167,534
Wereldhave NV		13,043		225,783

				1,043,625

New Zealand — 0.6%
Goodman Property Trust		358,581		573,739
Kiwi Property Group Ltd.		513,105		467,554
Precinct Properties New Zealand Ltd.		343,989		407,240

				1,448,533

Norway — 0.5%
Entra ASA^(b)		55,008		1,244,735


Singapore — 7.2%
Ascendas REIT		1,071,790		2,505,462
Ascott Residence Trust^(c)		582,600		464,188
CapitaLand Integrated Commercial Trust		1,432,488		2,314,980
CapitaLand Ltd.		845,100		2,363,028
CDL Hospitality Trusts		260,600		244,851
City Developments Ltd.		153,700		911,525


Security	Shares		Value

Singapore (continued)
Fortune REIT		450,000	$	453,659
Frasers Centrepoint Trust		355,749		649,782
Frasers Logistics & Commercial Trust		853,500		943,058
Keppel DC REIT^(c)		396,971		802,655
Keppel REIT^(c)		645,800		601,918
Manulife US Real Estate Investment Trust		468,500		356,060
Mapletree Commercial Trust		718,917		1,183,425
Mapletree Industrial Trust		540,900		1,150,592
Mapletree Logistics Trust^(c)		948,037		1,418,065
Parkway Life REIT		129,100		404,650
Suntec REIT		681,900		784,206
UOL Group Ltd.		161,700		935,876

				18,487,980

Spain — 0.9%
Inmobiliaria Colonial Socimi SA		106,591		1,082,330
Lar Espana Real Estate Socimi SA		20,261		130,732
Merlin Properties Socimi SA		108,467		1,200,484

				2,413,546

Sweden — 5.3%
Atrium Ljungberg AB, Class B		14,696		307,450
Castellum AB		89,980		2,193,168
Catena AB		8,284		401,868
Dios Fastigheter AB		27,580		262,729
Fabege AB		85,139		1,271,182
Fastighets AB Balder, Class B^(a)		33,038		1,905,524
Hufvudstaden AB, Class A		35,470		565,876
Klovern AB, Class B		208,472		404,333
Kungsleden AB		62,298		725,333
Nyfosa AB		57,772		696,209
Pandox AB^(a)		28,984		507,989
Sagax AB		56,205		1,488,918
Samhallsbyggnadsbolaget i Norden AB		328,570		1,254,323
Wallenstam AB, Class B		53,475		827,192
Wihlborgs Fastigheter AB		43,433		888,615

				13,700,709

Switzerland — 2.5%
Allreal Holding AG, Registered		4,605		933,067
Hiag Immobilien Holding AG		963		111,922
Intershop Holding AG		358		239,831
Mobimo Holding AG, Registered		2,139		680,127
Peach Property Group AG^(a)		2,931		165,824
PSP Swiss Property AG, Registered		14,125		1,743,846
Swiss Prime Site AG, Registered		24,668		2,400,400

				6,275,017

United Kingdom — 10.8%
Aberdeen Standard European Logistics Income PLC^(b)		74,847		118,656
Assura PLC		855,319		881,661
Big Yellow Group PLC		53,324		883,004
BMO Commercial Property Trust Ltd.		178,840		197,348
BMO Real Estate Investments Ltd.		73,477		79,351
British Land Co. PLC (The)		303,759		2,180,233
Capital & Counties Properties PLC^(a)		241,085		606,838
Civitas Social Housing PLC		207,992		328,868
CLS Holdings PLC		52,223		180,040
Custodian REIT PLC		122,720		173,650
Derwent London PLC		33,143		1,527,617
Empiric Student Property PLC^(a)		192,498		234,540
GCP Student Living PLC		151,392		343,760
Grainger PLC		216,300		855,310


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 (continued)

April 30, 2021

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Great Portland Estates PLC		83,660	$	802,712
Hammerson PLC		1,341,697		740,087
Helical PLC		32,533		190,985
Impact Healthcare REIT PLC		73,887		114,372
Intu Properties PLC^(c)(d)		6,694		0	^(e)
Land Securities Group PLC		234,089		2,336,171
LondonMetric Property PLC		287,407		896,933
LXI REIT PLC		188,882		357,232
NewRiver REIT PLC^(a)		103,497		145,590
Phoenix Spree Deutschland Ltd.		25,872		130,389
Picton Property Income Ltd. (The)		178,718		224,927
Primary Health Properties PLC		428,334		896,692
RDI REIT PLC		89,345		149,928
Regional REIT Ltd.^(b)		126,554		147,536
Safestore Holdings PLC		66,827		787,853
Schroder REIT Ltd.		159,587		98,215
Segro PLC		390,677		5,438,871
Shaftesbury PLC^(a)		91,994		800,523
Standard Life Investment Property Income Trust Ltd.		136,319		137,592
Target Healthcare REIT PLC		152,013		248,775
Triple Point Social Housing REIT PLC^(b)		123,329		179,976
Tritax Big Box REIT PLC		561,996		1,480,747
Tritax EuroBox PLC^(b)		167,799		265,317
UK Commercial Property REIT Ltd.		246,322		274,200
UNITE Group PLC (The)		104,344		1,683,070
Workspace Group PLC		43,465		493,472

				27,613,041


Total Common Stocks — 99.1% (Cost: $257,786,710)				254,175,488


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(f)(g)(h)		1,764,573	$	1,765,455
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(f)(g)		110,000		110,000

				1,875,455


Total Short-Term Investments — 0.7% (Cost: $1,875,651)				1,875,455


Total Investments in Securities — 99.8% (Cost: $259,662,361)				256,050,943

Other Assets, Less Liabilities — 0.2%				462,967


Net Assets — 100.0%			$	256,513,910

^(a)	Non-income producing security.

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

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

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Rounds to less than $1.

^(f)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	411,987	$	1,358,596	^(a)	$	—	$	(4,109	)	$	(1,019	)	$	1,765,455		1,764,573	$	218,121	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		20,000	^(a)		—		—			—			110,000		110,000		124			—

								$	(4,109	)	$	(1,019	)	$	1,875,455			$	218,245		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Dow Jones U.S. Real Estate Index

06/18/21

1,081

65,304


26		2 0 2 1 I S H A R E S 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 (continued)

April 30, 2021

iShares^® International Developed Real Estate ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		5		06/18/21	$	237	$	2,098
SGX MSCI Singapore Index		23		05/28/21		625		(505	)
TOPIX Index		2		06/10/21		348		(8,104	)

							$	58,793

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	67,402


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	8,609

^(a)

For the year ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	501,720


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(61,899	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

1,862,393

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

Fair Value Measurements


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 (continued)

April 30, 2021

iShares^® International Developed Real Estate ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	254,175,409		$	—	$	79	$	254,175,488
Money Market Funds		1,875,455			—		—		1,875,455

	$	256,050,864		$	—	$	79	$	256,050,943

Derivative financial instruments^(a)
Assets
Futures Contracts	$	67,402		$	—	$	—	$	67,402
Liabilities
Futures Contracts		(8,609	)		—		—		(8,609	)

	$	58,793		$	—	$	—	$	58,793

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


28		2 0 2 1 I S H A R E S 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

April 30, 2021


	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF		iShares Global REIT ETF		iShares International Developed Real Estate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,253,235,390		$	1,983,909,833	$	3,066,959,408	$	254,175,488
Affiliated^(c)		4,130,000			2,449,227		15,669,362		1,875,455
Cash		44,342			21,814		1,480		11,991
Foreign currency, at value^(d)		—			—		2,567,454		481,052
Cash pledged:
Futures contracts		233,000			142,000		760,000		72,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			—		122,820		61,846
Receivables:
Investments sold		—			—		1,715		269
Securities lending income — Affiliated		—			63		156,969		31,436
Variation margin on futures contracts		14,001			9,836		35,554		1,309
Capital shares sold		—			80,911		—		—
Dividends		259,379			947,811		6,187,577		1,491,615
Tax reclaims		—			—		291,624		179,981

Total assets		2,257,916,112			1,987,561,495		3,092,753,963		258,382,442


LIABILITIES
Collateral on securities loaned, at value		—			129,240		9,193,332		1,768,338
Payables:
Capital shares redeemed		6,040			616,346		—		—
Investment advisory fees		577,929			123,748		340,032		100,194

Total liabilities		583,969			869,334		9,533,364		1,868,532


NET ASSETS	$	2,257,332,143		$	1,986,692,161	$	3,083,220,599	$	256,513,910


NET ASSETS CONSIST OF:
Paid-in capital	$	1,976,563,277		$	1,848,913,311	$	2,897,040,261	$	351,865,222
Accumulated earnings (loss)		280,768,866			137,778,850		186,180,338		(95,351,312	)

NET ASSETS	$	2,257,332,143		$	1,986,692,161	$	3,083,220,599	$	256,513,910


Shares outstanding		36,050,000	^(f)		35,100,000		113,250,000		8,900,000


Net asset value	$	62.62	^(f)	$	56.60	$	27.22	$	28.82


Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited


Par value		None			None		None		None


^(a)Securities loaned, at value	$	—		$	127,278	$	8,643,067	$	1,519,644
^(b)Investments, at cost — Unaffiliated	$	1,819,693,012		$	1,807,268,118	$	2,750,119,240	$	257,786,710
^(c)Investments, at cost — Affiliated	$	4,130,000		$	2,449,239	$	15,662,325	$	1,875,651
^(d)Foreign currency, at cost	$	—		$	—	$	2,585,348	$	477,120
^(e)Foreign currency collateral pledged, at cost	$	—		$	—	$	95,784	$	62,081
^(f)Shares outstanding and net asset value per share reflect a two-for-one stock split effective after the close of trading on December 4, 2020

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		29

Statements of Operations

Year Ended April 30, 2021


	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Global REIT ETF			iShares International Developed Real Estate ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	47,474,535		$	38,725,204		$	72,556,788		$	9,458,556
Dividends — Affiliated		3,328			2,553			3,996			124
Securities lending income — Affiliated — net		76,177			219,152			1,080,322			218,121
Other income — Unaffiliated		—			—			—			423
Foreign taxes withheld		—			(3,333	)		(3,956,938	)		(782,180	)
Foreign withholding tax claims		—			—			—			1,529

Total investment income		47,554,040			38,943,576			69,684,168			8,896,573


EXPENSES
Investment advisory fees		6,286,568			1,216,256			3,202,918			1,200,330
Professional fees		—			—			—			6
Miscellaneous		437			437			437			437

Total expenses		6,287,005			1,216,693			3,203,355			1,200,773

Net investment income		41,267,035			37,726,883			66,480,813			7,695,800


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(38,966,500	)		(19,527,672	)		(37,713,990	)		(8,028,745	)
Investments — Affiliated		18,999			8,434			(421	)		(4,109	)
In-kind redemptions — Unaffiliated		47,294,219			45,375,821			24,885,402			(2,421,200	)
Futures contracts		979,757			1,357,874			2,860,552			501,720
Foreign currency transactions		—			—			212,477			93,565

Net realized gain (loss)		9,326,475			27,214,457			(9,755,980	)		(9,858,769	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		458,075,261			442,594,850			711,577,247			67,140,608
Investments — Affiliated		(32,352	)		(20,553	)		(22,337	)		(1,019	)
Futures contracts		57,963			(115,972	)		112,684			(61,899	)
Foreign currency translations		—			—			(102,765	)		(14,000	)

Net change in unrealized appreciation (depreciation)		458,100,872			442,458,325			711,564,829			67,063,690

Net realized and unrealized gain		467,427,347			469,672,782			701,808,849			57,204,921

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	508,694,382		$	507,399,665		$	768,289,662		$	64,900,721

See notes to financial statements.


30		2 0 2 1 I S H A R E S 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						iShares
	Cohen & Steers REIT ETF						Core U.S. REIT ETF
	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	41,267,035		$	55,315,585		$	37,726,883		$	48,269,628
Net realized gain		9,326,475			58,518,629			27,214,457			31,905,082
Net change in unrealized appreciation (depreciation)		458,100,872			(302,415,032	)		442,458,325			(337,896,791	)

Net increase (decrease) in net assets resulting from operations		508,694,382			(188,580,818	)		507,399,665			(257,722,081	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(45,075,395	)		(57,779,284	)		(45,560,203	)		(55,248,742	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(49,147,842	)		(97,904,801	)		185,409,809			362,362,438


NET ASSETS
Total increase (decrease) in net assets		414,471,145			(344,264,903	)		647,249,271			49,391,615
Beginning of year		1,842,860,998			2,187,125,901			1,339,442,890			1,290,051,275

End of year	$	2,257,332,143		$	1,842,860,998		$	1,986,692,161		$	1,339,442,890

^(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		31

Statements of Changes in Net Assets (continued)


	iShares						iShares
	Global REIT ETF						International Developed Real Estate ETF
	Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/21			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	66,480,813		$	60,463,596		$	7,695,800		$	11,291,346
Net realized gain (loss)		(9,755,980	)		(19,632,563	)		(9,858,769	)		5,959,927
Net change in unrealized appreciation (depreciation)		711,564,829			(457,762,007	)		67,063,690			(73,663,655	)

Net increase (decrease) in net assets resulting from operations		768,289,662			(416,930,974	)		64,900,721			(56,412,382	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(61,575,908	)		(99,617,820	)		(5,659,254	)		(29,166,474	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		476,173,181			779,725,811			(62,111,213	)		(132,369,027	)


NET ASSETS
Total increase (decrease) in net assets		1,182,886,935			263,177,017			(2,869,746	)		(217,947,883	)
Beginning of year		1,900,333,664			1,637,156,647			259,383,656			477,331,539

End of year	$	3,083,220,599		$	1,900,333,664		$	256,513,910		$	259,383,656

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Cohen & Steers REIT ETF
		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 year	$	49.68		$	55.51		$	47.00		$	49.84		$	50.01

Net investment income^(b)		1.15			1.39			1.28			1.30			1.21
Net realized and unrealized gain (loss)^(c)		13.04			(5.78	)		8.74			(2.58	)		0.57

Net increase (decrease) from investment operations		14.19			(4.39	)		10.02			(1.28	)		1.78


Distributions^(d)
From net investment income		(1.25	)		(1.44	)		(1.51	)		(1.56	)		(1.95	)

Total distributions		(1.25	)		(1.44	)		(1.51	)		(1.56	)		(1.95	)


Net asset value, end of year	$	62.62		$	49.68		$	55.51		$	47.00		$	49.84


Total Return
Based on net asset value		29.11	%		(8.10	)%		21.70	%		(2.68	)%		3.58	%


Ratios to Average Net Assets
Total expenses		0.33	%		0.34	%		0.34	%		0.34	%		0.34	%

Net investment income		2.15	%		2.43	%		2.51	%		2.63	%		2.37	%


Supplemental Data
Net assets, end of year (000)	$	2,257,332		$	1,842,861		$	2,187,126		$	2,476,649		$	3,239,748

Portfolio turnover rate^(e)		27	%		19	%		17	%		12	%		8	%

^(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)	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		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core U.S. REIT ETF
		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 year	$	42.45		$	51.60		$	45.73		$	48.93		$	47.95

Net investment income^(a)		1.17			1.62			1.79			1.70			1.27
Net realized and unrealized gain (loss)^(b)		14.39			(8.95	)		6.59			(3.20	)		1.60

Net increase (decrease) from investment operations		15.56			(7.33	)		8.38			(1.50	)		2.87


Distributions^(c)
From net investment income		(1.41	)		(1.80	)		(2.44	)		(1.70	)		(1.89	)
From net realized gain		—			(0.02	)		(0.07	)		—			—

Total distributions		(1.41	)		(1.82	)		(2.51	)		(1.70	)		(1.89	)


Net asset value, end of year	$	56.60		$	42.45		$	51.60		$	45.73		$	48.93


Total Return
Based on net asset value		37.43	%		(14.60	)%		18.82	%		(3.18	)%		6.02	%


Ratios to Average Net Assets
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.28	%

Net investment income		2.48	%		3.12	%		3.64	%		3.60	%		2.57	%


Supplemental Data
Net assets, end of year (000)	$	1,986,692		$	1,339,443		$	1,290,051		$	514,475		$	124,765

Portfolio turnover rate^(d)		5	%		8	%		11	%		8	%		30	%

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

See notes to financial statements.


34		2 0 2 1 I S H A R E S 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 Global REIT ETF
		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 year	$	20.42		$	26.53		$	24.82		$	25.42		$	26.35

Net investment income^(a)		0.66			0.88			0.98			0.97			0.86
Net realized and unrealized gain (loss)^(b)		6.75			(5.54	)		2.08			(0.56	)		(0.47	)

Net increase (decrease) from investment operations		7.41			(4.66	)		3.06			0.41			0.39


Distributions^(c)
From net investment income		(0.61	)		(1.45	)		(1.35	)		(0.99	)		(1.29	)
From net realized gain		—			—			—			(0.02	)		(0.03	)

Total distributions		(0.61	)		(1.45	)		(1.35	)		(1.01	)		(1.32	)


Net asset value, end of year	$	27.22		$	20.42		$	26.53		$	24.82		$	25.42


Total Return
Based on net asset value		36.95	%		(18.47	)%		12.77	%		1.61	%		1.53	%


Ratios to Average Net Assets
Total expenses		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%

Net investment income		2.91	%		3.36	%		3.85	%		3.83	%		3.31	%


Supplemental Data
Net assets, end of year (000)	$	3,083,221		$	1,900,334		$	1,637,157		$	913,379		$	350,819

Portfolio turnover rate^(d)		6	%		8	%		9	%		7	%		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)	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		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Developed Real Estate ETF
		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 year	$	22.75		$	29.65		$	30.40		$	28.11		$	30.06

Net investment income^(a)		0.78			0.86			0.93			0.91			0.82
Net realized and unrealized gain (loss)^(b)		5.86			(5.47	)		(0.55	)		2.86			(0.76	)

Net increase (decrease) from investment operations		6.64			(4.61	)		0.38			3.77			0.06


Distributions^(c)
From net investment income		(0.57	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)

Total distributions		(0.57	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)


Net asset value, end of year	$	28.82		$	22.75		$	29.65		$	30.40		$	28.11


Total Return
Based on net asset value		29.62	%		(16.93	)%		1.39	%		13.69	%		0.63	%^(d)


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		0.48	%		N/A			0.48	%		N/A			0.48	%

Net investment income		3.08	%		2.99	%		3.20	%		3.08	%		2.85	%^(d)


Supplemental Data
Net assets, end of year (000)	$	256,514		$	259,384		$	477,332		$	535,093		$	519,971

Portfolio turnover rate^(e)		9	%		10	%		8	%		8	%		7	%

^(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)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

•

Total return by 0.04%.

•

Ratio of net investment income to average net assets by 0.01%.

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

See notes to financial statements.


36		2 0 2 1 I S H A R E S 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

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Cohen & Steers REIT		Non-diversified
Core U.S. REIT		Diversified
Global REIT		Diversified
International Developed Real Estate		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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


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		37

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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).

4.	SECURITIES AND OTHER INVESTMENTS


38		2 0 2 1 I S H A R E S 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 (continued)

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:


	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	^(a)		Received		Net Amount
Core U.S. REIT
Goldman Sachs & Co.	$	127,278	$	127,278		$	—	$	—

Global REIT
BNP Paribas Prime Brokerage International Ltd.	$	74,839	$	74,839		$	—	$	—
BofA Securities, Inc.		3,989,446		3,989,446			—		—
Credit Suisse Securities (USA) LLC		450,564		450,564			—		—
Goldman Sachs & Co.		1,847,329		1,847,329			—		—
HSBC Bank PLC		2,075,501		2,075,501			—		—
JPMorgan Securities LLC		22,300		22,300			—		—
UBS AG		183,088		183,088			—		—

	$	8,643,067	$	8,643,067		$	—	$	—

International Developed Real Estate
BofA Securities, Inc.	$	266,693	$	266,693		$	—	$	—
Goldman Sachs & Co.		220,679		220,679			—		—
HSBC Bank PLC		38,561		38,561			—		—
Morgan Stanley & Co. LLC		993,711		993,711			—		—

	$	1,519,644	$	1,519,644		$	—	$	—

^(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.

5.	DERIVATIVE FINANCIAL INSTRUMENTS


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		39

Notes to Financial Statements (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.3500	%
Over $121 billion, up to and including $181 billion		0.3325
Over $181 billion, up to and including $231 billion		0.3159
Over $231 billion, up to and including $281 billion		0.3001
Over $281 billion		0.2851

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.


iShares ETF	Investment Advisory Fee
Core U.S. REIT		0.08	%
Global REIT		0.14
International Developed Real Estate		0.48

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

Pursuant to the current securities lending agreement, each of iShares Global REIT ETF and iShares International Developed Real Estate ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained


40		2 0 2 1 I S H A R E S 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 (continued)

can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2021, each Group 1 Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 statement of operations. For the year ended April 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Cohen & Steers REIT	$	32,091
Core U.S. REIT		78,546
Global REIT		249,245
International Developed Real Estate		49,418

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

For the year ended April 30, 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)
Cohen & Steers REIT	$	12,897,749	$	42,835,696	$	(8,622,783)
Core U.S. REIT		7,018,354		16,427,504		(5,592,547)
Global REIT		3,212,228		18,325,041		(8,578,842)
International Developed Real Estate		1,020,826		1,139,828		(472,986)

7.	PURCHASES AND SALES

For the year ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Cohen & Steers REIT	$	524,989,630	$	515,000,552
Core U.S. REIT		107,774,987		83,063,135
Global REIT		216,261,944		135,728,182
International Developed Real Estate		23,275,871		23,719,099


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		41

Notes to Financial Statements (continued)

For the year ended April 30, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Cohen & Steers REIT	$	146,868,457	$	195,735,267
Core U.S. REIT		511,549,141		328,873,669
Global REIT		537,391,421		113,515,198
International Developed Real Estate		13,292,890		73,009,768

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Cohen & Steers REIT	$	40,898,688		$	(40,898,688)
Core U.S. REIT		28,985,712			(28,985,712)
Global REIT		21,390,191			(21,390,191)
International Developed Real Estate		(2,461,940	)		2,461,940

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 04/30/21		Year Ended 04/30/20
Cohen & Steers REIT
Ordinary income	$	45,075,395	$	57,779,284

Core U.S. REIT
Ordinary income	$	45,560,203	$	54,739,018
Long-term capital gains		—		509,724

	$	45,560,203	$	55,248,742

Global REIT
Ordinary income	$	61,575,908	$	99,617,820

International Developed Real Estate
Ordinary income	$	5,659,254	$	29,166,474

As of April 30, 2021, the tax components of accumulated net earnings (losses) were as follows:


	Undistributed		Non-expiring Capital Loss			Net Unrealized
iShares ETF		Ordinary Income		Carryforwards	^(a)		Gains (Losses)	^(b)		Total
Cohen & Steers REIT	$	—	$	(130,976,844	)	$	411,745,710		$	280,768,866
Core U.S. REIT		—		(19,015,351	)		156,794,201			137,778,850
Global REIT		19,799,762		(53,903,719	)		220,284,295			186,180,338
International Developed Real Estate		—		(80,257,865	)		(15,093,447	)		(95,351,312)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the characterization of corporate actions and the timing and recognition of partnership income.


42		2 0 2 1 I S H A R E S 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 (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cohen & Steers REIT	$	1,845,619,680	$	470,684,261	$	(58,938,551	)	$	411,745,710
Core U.S. REIT		1,829,564,859		246,425,492		(89,631,291	)		156,794,201
Global REIT		2,862,346,540		337,662,396		(117,356,846	)		220,305,550
International Developed Real Estate		271,143,129		35,635,600		(50,736,396	)		(15,100,796)

9.	PRINCIPAL RISKS

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.


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		43

Notes to Financial Statements (continued)

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

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

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 04/30/21						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
Cohen & Steers REIT
Shares sold		2,750,000	^(a)	$	147,340,181			4,100,000	^(a)	$	241,031,203
Shares redeemed		(3,800,000	)^(a)		(196,488,023	)		(6,400,000	)^(a)		(338,936,004	)

Net decrease		(1,050,000	)	$	(49,147,842	)		(2,300,000	)	$	(97,904,801	)

Core U.S. REIT
Shares sold		10,850,000		$	516,994,095			15,600,000		$	781,521,024
Shares redeemed		(7,300,000	)		(331,584,286	)		(9,050,000	)		(419,158,586	)

Net increase		3,550,000		$	185,409,809			6,550,000		$	362,362,438

Global REIT
Shares sold		25,850,000		$	596,282,883			37,850,000		$	946,728,517
Shares redeemed		(5,650,000	)		(120,109,702	)		(6,500,000	)		(167,002,706	)

Net increase		20,200,000		$	476,173,181			31,350,000		$	779,725,811


44		2 0 2 1 I S H A R E S 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 (continued)


	Year Ended 04/30/21						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
International Developed Real Estate
Shares sold		600,000		$	13,805,489			400,000		$	12,029,743
Shares redeemed		(3,100,000	)		(75,916,702	)		(5,100,000	)		(144,398,770	)

Net decrease		(2,500,000	)	$	(62,111,213	)		(4,700,000	)	$	(132,369,027	)

^(a)

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

The Board authorized a two-for-one stock split for the iShares Cohen & Steers REIT ETF, effective after the close of trading on December 4, 2020, for the shareholders of record on December 2, 2020. The impact of the stock split was an increase in the number of shares outstanding by a factor of two, while decreasing the NAV per share by a factor of two, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

11.

SUBSEQUENT EVENTS


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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF,

iShares Global REIT ETF and iShares International Developed Real Estate ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF, iShares Global REIT ETF and iShares International Developed Real Estate ETF (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, the related statements of operations for the year ended April 30, 2021, the statements of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2021 and each of the financial highlights for each of the five years in the period ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


46		2 0 2 1 I S H A R E S 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

Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2021:


iShares ETF	Qualified Dividend Income
Cohen & Steers REIT	$	870,481
Core U.S. REIT		627,760
Global REIT		819,493
International Developed Real Estate		4,694,593

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2021:


iShares ETF	Qualified Business Income
Cohen & Steers REIT	$	34,447,138
Core U.S. REIT		37,274,480
Global REIT		35,791,193

For the fiscal year ended April 30, 2021, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
International Developed Real Estate	$	9,430,489		$ 755,458


I M P O R T A N T T A X I N F O R M A T I O N		47

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF, iShares Global REIT ETF and iShares International Developed Real Estate ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:


48		2 0 2 1 I S H A R E S 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

Section 19(a) Notices

April 30, 2021


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Cohen & Steers REIT	$	1.251757	$	—	$	—	$	1.251757		100	%		—	%		—	%		100	%
Core U.S. REIT		1.409330		—		—		1.409330		100			—			—			100
Global REIT		0.607906		—		—		0.607906		100			—			—			100
International Developed Real Estate		0.571353		—		—		0.571353		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


S U P P L E M E N T A L I N F O R M A T I O N		49

Trustee and Officer Information


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a)(64)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (50)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


50		2 0 2 1 I S H A R E S 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

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (65)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (59)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		51

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


52		2 0 2 1 I S H A R E S 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

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		53

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 Cohen & Steers Capital Management, Inc. or FTSE International Limited, 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-AR-405-0421

(b) Not Applicable

Item 2.

Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.

Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirty-two series of the registrant for which the fiscal year-end is April 30, 2021 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $429,900 for the fiscal year ended April 30, 2020 and $432,500 for the fiscal year ended April 30, 2021.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended April 30, 2020 and April 30, 2021 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $124,773 for the fiscal year ended April 30, 2020 and $310,400 for the fiscal year ended April 30, 2021. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees – There were no other fees billed in each of the fiscal years ended April 30, 2020 and April 30, 2021 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended April 30, 2021 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $124,773 for the fiscal year ended April 30, 2020 and $310,400 for the fiscal year ended April 30, 2021.

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

Item 6.

Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust


		By:		/s/ Armando Senra
				Armando Senra, President (Principal Executive Officer)

Date: July 02, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ Armando Senra
				Armando Senra, President (Principal Executive Officer)

Date: July 02, 2021


		By:		/s/ Trent Walker
				Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: July 02, 2021


N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS		EX-99.CERT

I, Armando Senra, certify that:

I have reviewed this report on Form N-CSR of iShares Trust for the following thirty-two series: iShares Cohen & Steers REIT ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Dow Jones U.S. ETF, iShares Global REIT ETF, iShares International Developed Real Estate ETF, iShares International Select Dividend ETF, iShares Morningstar Growth ETF (Formerly, iShares Morningstar Large-Cap Growth ETF), iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar Small-Cap Growth ETF, iShares Morningstar Small-Cap Value ETF, iShares Morningstar U.S. Equity ETF (Formerly, iShares Morningstar Large-Cap ETF), iShares Morningstar Value ETF (Formerly, iShares Morningstar Large-Cap Value ETF), iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Select ETF, iShares Select Dividend ETF, iShares Transportation Average ETF, iShares U.S. Basic Materials ETF, iShares U.S. Consumer Goods ETF, iShares U.S. Consumer Services ETF, iShares U.S. Dividend and Buyback ETF, iShares U.S. Energy ETF, iShares U.S. Financial Services ETF, iShares U.S. Financials ETF, iShares U.S. Healthcare ETF, iShares U.S. Industrials ETF, iShares U.S. Technology ETF and iShares U.S. Utilities ETF;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


		President
Date: July 02, 2021	/s/ Armando Senra	(Principal Executive Officer)
	Armando Senra	[Title]
	[Signature]


N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS		EX-99.CERT

I, Trent Walker, certify that:

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: July 02, 2021	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Trent Walker	[Title]
	[Signature]

Ex.99.906 CERT

N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


		President
Date: July 02, 2021	/s/ Armando Senra	(Principal Executive Officer)
	Armando Senra	[Title]
	[Signature]


Date: July 02, 2021	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Trent Walker	[Title]
	[Signature]