2021 Annual Report

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 Rob Kapito strong fiscal and monetary support and improving economic indicators. The implementation of mass President, BlackRock, Inc. 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 Total Returns as of April 30, 2021 equities also gained, as both developed countries and emerging markets rebounded substantially. 6-Month 12-Month The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the U.S. large cap equities beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and 28.85% 45.98% economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking (S&P 500 Index) inflation concerns late in the reporting period, which led to higher yields and a negative overall return for U.S. small cap equities 48.06 74.91 most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) (Russell 2000 Index) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly. International equities (MSCI Europe, Australasia, 28.84 39.88 The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates Far East Index) 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 Emerging market equities did other influential central banks around the world, including the European Central Bank and the Bank of (MSCI Emerging Markets 22.95 48.71 Japan. Index) Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, 3-month Treasury bills we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and (ICE BofA 3-Month 0.05 0.11 pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as U.S. Treasury Bill Index) 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 U.S. Treasury securities (ICE BofA 10-Year (6.26) (7.79) to be followed by interest rate hikes that could threaten the economic expansion. U.S. Treasury Index) 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 U.S. investment grade bonds should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on (Bloomberg Barclays (1.52) (0.27) credit, global high-yield and Asian bonds present attractive opportunities. We believe that international U.S. Aggregate Bond Index) diversification and a focus on sustainability can help provide portfolio resilience, and the disruption Tax-exempt municipal bonds 2.42 7.40 created by the coronavirus appears to be accelerating the shift toward sustainable investments. (S&P Municipal Bond Index)

In this environment, our view is that investors need to think globally, extend their scope across a broad U.S. high yield bonds array of asset classes, and be nimble as market conditions change. We encourage you to talk with your (Bloomberg Barclays 7.98 19.57 financial advisor and visit iShares.com for further insight about investing in today’s markets. U.S. Corporate High Yield 2% Sincerely, Issuer Capped Index) Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T H I S P A G E I S NO T P ART O F Y OUR F U ND R E P O RT 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 off 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 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS 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. IndexTM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns 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 13.8449.32 122.99 265.58 Index ...... 49.48 17.61 14.05 49.48 125.03 272.30

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$40,000 $37,230 $36,534 35,000

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5,000 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Apr 19 Apr 20 Apr 21

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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 Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (11/01/20) (04/30/21) the Period (a) (11/01/20) (04/30/21) the Period (a) 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 ND S U MMARY 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 TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology ...... 26.6% Apple Inc...... 5.2% Health Care ...... 12.8 Microsoft Corp...... 4.7 Consumer Discretionary ...... 12.3 Amazon.com Inc...... 3.7 Financials ...... 11.7 Facebook Inc., Class A...... 2.0 Communication Services...... 10.8 Alphabet Inc., Class A ...... 1.8 Industrials ...... 9.2 Alphabet Inc., Class C ...... 1.7 Consumer Staples ...... 5.6 Tesla Inc...... 1.4 Real Estate...... 3.1 Berkshire Hathaway Inc., Class B ...... 1.3 Materials ...... 2.8 JPMorgan Chase & Co...... 1.2 Utilities...... 2.6 Johnson & Johnson...... 1.1 Energy ...... 2.5

(a) Excludes money market funds.

6 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS 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 IndexTM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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 ...... 81.8415.21 11.7681.84102.97203.97 Index ...... 85.8116.01 12.44 85.81110.16 222.96

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$35,000 $32,296 30,000 $30,355

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(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. 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.

Expense Example

F U ND S U MMARY 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 TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Road & Rail ...... 48.8% Kansas City Southern...... 9.8% Air Freight & Logistics...... 25.8 FedEx Corp...... 9.4 Airlines...... 20.0 Norfolk Southern Corp...... 9.1 Marine ...... 5.4 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 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS 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 IndexTM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns 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)

$14,000 13,000 12,000 11,000 10,000 9,000 $7,995 8,000 $7,695 7,000 6,000 5,000 4,000 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Apr 19 Apr 20 Apr 21

Fund Index

Expense Example

F U ND S U MMARY 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 TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Oil, Gas & Consumable Fuels ...... 90.5% Exxon Mobil Corp...... 23.9% Energy Equipment & Services ...... 8.1 Chevron Corp...... 19.7 Other (each representing less than 1%)...... 1.4 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 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS 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 IndexTM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns 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 25.4094.87 313.27 Index ...... 25.92 14.73 15.73 25.92 98.81 331.01

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$45,000 $43,101 $41,343 40,000

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Expense Example

F U ND S U MMARY 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 off strength, benefiting from the launch of new drugs to treat immune disorders.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Health Care Equipment & Supplies ...... 27.7% Johnson & Johnson...... 8.5% Pharmaceuticals...... 25.2 UnitedHealth Group Inc...... 7.5 Health Care Providers & Services ...... 19.8 Pfizer Inc...... 4.3 Biotechnology ...... 17.0 Abbott Laboratories...... 4.2 Life Sciences Tools & Services ...... 9.8 AbbVie Inc...... 3.9 Health Care Technology...... 0.5 Merck & Co. Inc...... 3.7 Thermo Fisher Scientific Inc...... 3.7 Medtronic PLC ...... 3.5 Danaher Corp...... 3.2 Eli Lilly & Co...... 2.9

(a) Excludes money market funds.

12 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS 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 IndexTM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns 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 ...... 59.7830.60 19.61 59.78 279.89 499.14 Index ...... 60.22 31.15 20.1060.22 287.97 524.18

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$70,000 $62,418 60,000 $59,932

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0 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Apr 19 Apr 20 Apr 21

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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

F U ND S U MMARY 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 TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Software ...... 34.3% Apple Inc...... 18.5% Technology Hardware, Storage & Peripherals ...... 20.0 Microsoft Corp...... 17.0 Semiconductors & Semiconductor Equipment ...... 19.6 Facebook Inc., Class A...... 5.1 Interactive Media & Services ...... 16.9 Alphabet Inc., Class A ...... 5.0 IT Services ...... 4.0 Alphabet Inc., Class C ...... 4.9 Communications Equipment...... 3.0 NVIDIA Corp...... 3.6 Other (each representing less than 1%)...... 2.2 Adobe Inc...... 2.4 Intel Corp...... 2.3 Cisco Systems Inc...... 2.1 salesforce.com Inc...... 2.1

(a) Excludes money market funds.

14 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS 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 IndexTM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns 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 19.7358.01176.29 Index ...... 20.16 10.06 11.20 20.1661.49 189.01

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$30,000 $28,901 28,000 $27,622 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Apr 19 Apr 20 Apr 21

Fund Index

Expense Example

F U ND S U MMARY 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 TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Electric Utilities ...... 60.5% NextEra Energy Inc...... 14.6% Multi-Utilities ...... 29.1 Duke Energy Corp...... 7.4 Gas Utilities ...... 4.1 Southern Co. (The) ...... 6.7 Water Utilities ...... 3.7 Dominion Energy Inc...... 6.2 Independent Power and Renewable Electricity Producers. .... 2.6 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

(a) Excludes money market funds.

16 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS 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.

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

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

Shareholder Expenses

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

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

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

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

A BOUT F U ND P E RFO RMANC E /SH AREHO LDER E X PENS E S 17 Schedule of Investments iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Banks (continued) East West Bancorp. Inc...... 5,738 $ 436,949 Aerospace & Defense — 1.5% Fifth Third Bancorp...... 28,535 1,156,809 Axon Enterprise Inc.(a) ...... 2,596 $ 393,580 First Citizens BancShares Inc./NC, Class A ...... 291 252,431 Boeing Co. (The)(a) ...... 21,906 5,132,795 First Financial Bankshares Inc...... 5,584 274,063 BWX Technologies Inc...... 3,796 254,028 First Horizon Corp...... 22,297 407,812 Curtiss-Wright Corp...... 1,691 216,279 First Republic Bank/CA...... 7,047 1,291,292 General Dynamics Corp...... 9,245 1,758,676 FNB Corp...... 13,168 169,736 HEICO Corp...... 1,718 241,894 Glacier Bancorp. Inc...... 3,921 231,143 HEICO Corp., Class A...... 2,972 375,304 Home BancShares Inc./AR ...... 6,187 172,184 Hexcel Corp.(a) ...... 3,447 194,445 Huntington Bancshares Inc./OH ...... 41,113 629,851 Howmet Aerospace Inc.(a) ...... 15,488 494,997 JPMorgan Chase & Co...... 121,864 18,743,902 Huntington Ingalls Industries Inc...... 1,571 333,555 KeyCorp...... 38,665 841,350 L3Harris Technologies Inc...... 8,232 1,722,381 M&T Bank Corp...... 5,183 817,307 Lockheed Martin Corp...... 9,864 3,753,844 People's United Financial Inc...... 17,385 315,190 Mercury Systems Inc.(a) ...... 2,227 167,559 Pinnacle Financial Partners Inc...... 3,120 273,437 Northrop Grumman Corp...... 6,205 2,199,300 PNC Financial Services Group Inc. (The)...... 16,917 3,162,633 Raytheon Technologies Corp...... 60,682 5,051,170 Popular Inc...... 3,443 254,644 Teledyne Technologies Inc.(a) ...... 1,473 659,536 Prosperity Bancshares Inc...... 3,803 278,988 Textron Inc...... 9,177 589,531 Regions Financial Corp...... 38,034 829,141 TransDigm Group Inc.(a)...... 2,184 1,340,408 Signature Bank/New York NY...... 2,301 578,724 24,879,282 SVB Financial Group(a)...... 2,166 1,238,584 Air Freight & Logistics — 0.7% Synovus Financial Corp...... 5,869 275,021 CH Robinson Worldwide Inc...... 5,404 524,620 TCF Financial Corp...... 6,134 279,220 Expeditors International of Washington Inc...... 6,779 744,741 Truist Financial Corp...... 53,765 3,188,802 FedEx Corp...... 9,766 2,835,168 U.S. Bancorp...... 54,590 3,239,916 United Parcel Service Inc., Class B ...... 28,719 5,854,655 UMB Financial Corp...... 1,726 167,474 (a) XPO Logistics Inc...... 4,092 569,279 Umpqua Holdings Corp...... 8,856 165,076 10,528,463 United Bankshares Inc./WV ...... 5,109 200,630 Airlines — 0.3% Valley National Bancorp...... 15,767 217,112 Alaska Air Group Inc.(a)...... 5,044 348,742 Webster Financial Corp...... 3,695 195,502 American Airlines Group Inc.(a)(b) ...... 25,615 556,358 Wells Fargo & Co...... 165,098 7,437,665 Delta Air Lines Inc.(a) ...... 25,357 1,189,750 Western Alliance Bancorp...... 4,140 434,990 JetBlue Airways Corp.(a)...... 12,364 251,731 Wintrust Financial Corp...... 2,315 178,486 Southwest Airlines Co...... 23,492 1,474,828 Zions Bancorp. NA...... 6,446 359,687 (a)(b) United Airlines Holdings Inc...... 12,754 693,818 69,054,680 4,515,227 Beverages — 1.3% Auto Components — 0.2% Boston Beer Co. Inc. (The), Class A, NVS(a) ...... 367 446,452 Aptiv PLC(a) ...... 10,838 1,559,480 Brown-Forman Corp., Class B, NVS ...... 7,322 558,522 Autoliv Inc.(a) ...... 3,154 317,482 Coca-Cola Co. (The) ...... 154,827 8,357,562 BorgWarner Inc...... 9,394 456,360 Constellation Brands Inc., Class A ...... 6,779 1,629,129 Gentex Corp...... 9,784 344,201 Keurig Dr Pepper Inc...... 23,232 832,867 Lear Corp...... 2,225 409,044 Molson Coors Beverage Co., Class B ...... 7,536 414,103 (a) 3,086,567 Monster Beverage Corp...... 14,711 1,427,703 Automobiles — 1.7% National Beverage Corp...... 966 4 6,938 Ford Motor Co.(a) ...... 155,725 1,797,067 PepsiCo Inc...... 55,095 7,942,495 General Motors Co...... 50,556 2,892,814 21,655,771 Harley-Davidson Inc...... 6,267 303,135 Biotechnology — 2.1% Tesla Inc.(a) ...... 30,666 21,755,687 AbbVie Inc...... 70,522 7,863,203 Thor Industries Inc...... 2,183 309,091 ACADIA Pharmaceuticals Inc.(a) ...... 4,529 93,116 (a) 27,057,794 Acceleron Pharma Inc...... 2,098 262,187 (a) Banks — 4.3% Agios Pharmaceuticals Inc...... 2,380 132,804 (a) Bank of America Corp...... 303,398 12,296,721 Alexion Pharmaceuticals Inc...... 8,735 1,473,420 (a) Bank OZK ...... 5,004 205,114 Alkermes PLC ...... 6,136 135,023 (a)(b) BOK Financial Corp...... 1,262 110,980 Allogene Therapeutics Inc...... 2,530 78,228 (a)(b) Citigroup Inc...... 83,453 5,945,192 Alnylam Pharmaceuticals Inc...... 4,670 656,789 Citizens Financial Group Inc...... 17,010 787,223 Amgen Inc...... 23,065 5,527,296 (a) Comerica Inc...... 5,481 411,952 Biogen Inc...... 6,097 1,629,911 (a)(b) Commerce Bancshares Inc...... 4,197 326,569 BioMarin Pharmaceutical Inc...... 7,240 564,141 (a)(b) Cullen/Frost Bankers Inc...... 2,292 275,178 Bluebird Bio Inc...... 2,571 77,130

18 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Biotechnology (continued) Capital Markets (continued) Blueprint Medicines Corp.(a) ...... 2,177 $ 209,689 Moody's Corp...... 6,437 $ 2,103,032 Emergent BioSolutions Inc.(a)...... 1, 8 1 1 1 1 0 , 4 3 5 Morgan Stanley...... 59,929 4,947,139 Exact Sciences Corp.(a) ...... 6,771 892,553 Morningstar Inc...... 831 220,223 Exelixis Inc.(a)...... 12,447 306,445 MSCI Inc...... 3,298 1,602,069 FibroGen Inc.(a) ...... 3 , 2 8 1 7 3 , 2 3 2 Nasdaq Inc...... 4,618 745,992 Gilead Sciences Inc...... 50,271 3,190,700 Northern Trust Corp...... 8,364 951,823 Horizon Therapeutics PLC(a)...... 8,828 835,305 Raymond James Financial Inc...... 4,824 630,883 Incyte Corp.(a) ...... 7,484 638,984 S&P Global Inc...... 9,612 3,752,429 Ionis Pharmaceuticals Inc.(a)...... 5,624 240,820 SEI Investments Co...... 4,888 300,319 Moderna Inc.(a) ...... 12,168 2,175,882 State Street Corp...... 14,023 1,177,231 Neurocrine Biosciences Inc.(a) ...... 3,713 350,841 Stifel Financial Corp...... 4,059 280,842 Novavax Inc.(a)(b) ...... 2,721 644,686 T Rowe Price Group Inc...... 9,096 1,630,003 Regeneron Pharmaceuticals Inc.(a) ...... 4,189 2,016,166 Tradeweb Markets Inc., Class A ...... 4,071 330,891 Sarepta Therapeutics Inc.(a)(b) ...... 3,160 223,854 Virtu Financial Inc., Class A...... 2, 9 8 0 8 8 , 2 9 7 (a)(b) Seagen Inc...... 5,047 725,557 49,774,522 (a) Ultragenyx Pharmaceutical Inc...... 2,487 277,649 Chemicals — 1.8% (a) United Therapeutics Corp...... 1,766 355,955 Air Products & Chemicals Inc...... 8,833 2,548,144 (a) Vertex Pharmaceuticals Inc...... 10,360 2,260,552 Albemarle Corp...... 4,636 779,636 (a) Vir Biotechnology Inc...... 2,611 124,649 Ashland Global Holdings Inc...... 2,192 188,972 34,147,202 Axalta Coating Systems Ltd.(a)...... 8,327 265,548 Building Products — 0.5% Celanese Corp...... 4,572 716,204 A O Smith Corp...... 5,520 373,980 CF Industries Holdings Inc...... 8,672 421,719 Allegion PLC ...... 3,666 492,637 Chemours Co. (The) ...... 6,685 201,887 Armstrong World Industries Inc...... 1,985 205,745 Corteva Inc...... 29,773 1,451,731 Carrier Global Corp...... 32,604 1,420,882 Dow Inc...... 29,640 1,852,500 Fortune Brands Home & Security Inc...... 5,602 588,098 DuPont de Nemours Inc...... 21,446 1,653,701 Johnson Controls International PLC...... 28,694 1,788,784 Eastman Chemical Co...... 5,425 625,991 Lennox International Inc...... 1,390 466,123 Ecolab Inc...... 9,934 2,226,408 Masco Corp...... 10,172 649,787 Element Solutions Inc...... 8,291 181,407 Owens Corning ...... 4,112 398,083 FMC Corp...... 5,126 606,098 Trane Technologies PLC ...... 9,545 1,659,207 Huntsman Corp...... 7,679 220,157 Trex Co. Inc.(a)...... 4,641 501,182 Ingevity Corp.(a)...... 1,520 118,682 8,544,508 International Flavors & Fragrances Inc...... 9,966 1,416,866 Capital Markets — 3.1% Linde PLC ...... 20,880 5,968,339 Affiliated Managers Group Inc...... 1,672 269,476 LyondellBasell Industries NV, Class A ...... 10,209 1,059,082 Ameriprise Financial Inc...... 4,650 1,201,560 Mosaic Co. (The) ...... 13,570 477,393 Apollo Global Management Inc...... 8,398 464,997 NewMarket Corp...... 297 102,937 Ares Management Corp., Class A...... 4,182 219,639 PPG Industries Inc...... 9,440 1,616,506 Bank of New York Mellon Corp. (The) ...... 32,220 1,607,134 RPM International Inc...... 5,230 496,013 BlackRock Inc.(c)...... 5,665 4,641,334 Scotts Miracle-Gro Co. (The) ...... 1,611 372,399 Blackstone Group Inc. (The)...... 27,384 2,423,210 Sherwin-Williams Co. (The)...... 9,688 2,653,253 Carlyle Group Inc. (The)...... 4,634 197,686 Valvoline Inc...... 7,435 233,459 Cboe Global Markets Inc...... 4,278 446,495 Westlake Chemical Corp...... 1,457 136,798 Charles Schwab Corp. (The) ...... 59,649 4,199,290 WR Grace & Co...... 2,548 175,124 CME Group Inc...... 14,335 2,895,527 28,766,954 Coinbase Global Inc., Class A(a)(b) ...... 626 186,323 Commercial Services & Supplies — 0.4% FactSet Research Systems Inc...... 1,521 511,391 ADT Inc...... 6,613 60,840 Federated Hermes Inc...... 3,948 113,702 Cimpress PLC(a) ...... 783 74,588 Franklin Resources Inc...... 10,736 322,080 Cintas Corp...... 3,542 1,222,486 Goldman Sachs Group Inc. (The) ...... 13,741 4,788,051 Clean Harbors Inc.(a) ...... 2,079 184,948 Interactive Brokers Group Inc., Class A ...... 3,249 232,369 Copart Inc.(a) ...... 8,240 1,025,962 Intercontinental Exchange Inc...... 22,475 2,645,532 IAA Inc.(a)...... 5,321 334,212 Invesco Ltd...... 15,282 412,614 MSA Safety Inc...... 1,482 238,246 Janus Henderson Group PLC ...... 6,754 232,270 Republic Services Inc...... 8,385 891,325 Jefferies Financial Group Inc...... 8,108 263,591 Rollins Inc...... 8,908 332,090 KKR & Co. Inc...... 22,831 1,291,778 Stericycle Inc.(a) ...... 3,720 283,762 Lazard Ltd., Class A...... 4,520 203,355 Tetra Tech Inc...... 2,193 279,893 LPL Financial Holdings Inc...... 3,219 504,417 Waste Management Inc...... 15,511 2,140,053 MarketAxess Holdings Inc...... 1,514 739,528 7,068,405

S C HEDU LE O F I NVES TMENTS 19 Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Communications Equipment — 0.8% Diversified Consumer Services — 0.1% Arista Networks Inc.(a)...... 2,192 $ 690,853 Bright Horizons Family Solutions Inc.(a) ...... 2,446 $ 354,254 Ciena Corp.(a) ...... 6,237 314,781 Chegg Inc.(a)...... 5,586 504,583 Cisco Systems Inc...... 168,599 8,583,375 frontdoor Inc.(a) ...... 3,384 181,146 EchoStar Corp., Class A(a)...... 1,848 45,184 Grand Canyon Education Inc.(a) ...... 1,940 210,083 F5 Networks Inc.(a)...... 2,463 459,990 H&R Block Inc...... 7,163 159,448 Juniper Networks Inc...... 12,850 326,261 Service Corp. International ...... 6,742 360,292 Lumentum Holdings Inc.(a)...... 2,967 252,343 Terminix Global Holdings Inc.(a) ...... 5,367 273,127 Motorola Solutions Inc...... 6,724 1,266,129 2,042,933 Ubiquiti Inc...... 308 87,882 Diversified Financial Services — 1.3% (a) Viavi Solutions Inc...... 8,836 144,557 Berkshire Hathaway Inc., Class B(a)...... 76,145 20,936,068 12,171,355 Equitable Holdings Inc...... 15,658 535,973 Construction & Engineering — 0.1% Voya Financial Inc...... 4,855 329,266 (a) AECOM ...... 5,983 397,451 21,801,307 EMCOR Group Inc...... 2,192 262,602 Diversified Telecommunication Services — 1.2% (a)(b) MasTec Inc...... 2,189 228,444 AT&T Inc...... 284,811 8,945,913 Quanta Services Inc...... 5,602 541,377 Liberty Global PLC, Class A(a) ...... 5,727 154,056 Valmont Industries Inc...... 839 207,107 Liberty Global PLC, Class C, NVS(a) ...... 14,352 388,365 1,636,981 Lumen Technologies Inc...... 39,507 506,875 Construction Materials — 0.1% Verizon Communications Inc...... 165,259 9,550,318 Eagle Materials Inc...... 1,655 228,621 19,545,527 Martin Marietta Materials Inc...... 2,506 884,919 Electric Utilities — 1.6% Vulcan Materials Co...... 5,337 951,267 ALLETE Inc...... 2,081 146,419 2,064,807 Alliant Energy Corp...... 10,081 566,250 Consumer Finance — 0.7% American Electric Power Co. Inc...... 19,874 1,763,022 Ally Financial Inc...... 15,109 777,358 Avangrid Inc...... 2,201 112,031 American Express Co...... 26,025 3,990,934 Duke Energy Corp...... 30,621 3,083,228 Capital One Financial Corp...... 18,363 2,737,556 Edison International...... 15,049 894,663 Credit Acceptance Corp.(a)(b) ...... 450 177,655 Entergy Corp...... 8,004 874,757 Discover Financial Services ...... 12,208 1,391,712 Evergy Inc...... 9,162 586,093 FirstCash Inc...... 1,562 112,511 Eversource Energy...... 13,619 1,174,230 Green Dot Corp., Class A(a) ...... 2,072 94,815 Exelon Corp...... 39,158 1,759,760 LendingTree Inc.(a)...... 428 88,378 FirstEnergy Corp...... 21,725 823,812 OneMain Holdings Inc...... 3,331 189,434 Hawaiian Electric Industries Inc...... 4,493 193,469 PROG Holdings Inc...... 2,802 142,734 IDACORP Inc...... 2,000 204,960 Santander Consumer USA Holdings Inc...... 2,925 99,274 NextEra Energy Inc...... 78,237 6,064,150 SLM Corp...... 13,101 257,565 NRG Energy Inc...... 9,765 349,782 Synchrony Financial ...... 21,705 949,377 OGE Energy Corp...... 7,996 268,346 (a) 11,009,303 PG&E Corp...... 59,531 673,891 Containers & Packaging — 0.4% Pinnacle West Capital Corp...... 4,487 379,825 Amcor PLC ...... 62,495 734,316 PNM Resources Inc...... 3,186 157,261 AptarGroup Inc...... 2,590 390,598 Portland General Electric Co...... 3,534 179,739 Avery Dennison Corp...... 3,330 713,186 PPL Corp...... 30,936 901,166 Ball Corp...... 13,179 1,234,082 Southern Co. (The) ...... 42,098 2,785,625 Berry Global Group Inc.(a) ...... 5,320 338,458 Xcel Energy Inc...... 21,530 1,535,089 Crown Holdings Inc...... 5,450 598,410 25,477,568 Graphic Packaging Holding Co...... 10,742 199,264 Electrical Equipment — 0.6% International Paper Co...... 15,616 905,728 Acuity Brands Inc...... 1,457 270,303 Packaging Corp. of America ...... 3,775 557,379 AMETEK Inc...... 9,167 1,236,903 Sealed Air Corp...... 6,128 302,723 Array Technologies Inc.(a) ...... 4,370 123,059 Silgan Holdings Inc...... 3,291 138,782 Eaton Corp. PLC...... 15,899 2,272,444 Sonoco Products Co...... 3,914 256,210 Emerson Electric Co...... 23,954 2,167,598 Westrock Co...... 10,655 594,016 EnerSys...... 1,636 149,825 (a) 6,963,152 Generac Holdings Inc...... 2,493 807,607 Distributors — 0.1% Hubbell Inc...... 2,130 408,981 Genuine Parts Co...... 5,756 719,327 nVent Electric PLC ...... 6,841 208,308 LKQ Corp.(a) ...... 11,275 526,655 Regal Beloit Corp...... 1,648 238,021 Pool Corp...... 1,609 679,835 Rockwell Automation Inc...... 4,647 1,228,016 Sensata Technologies Holding PLC(a) ...... 6,415 370,402 1,925,817

20 2021 I S H ARES A N N U AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Electrical Equipment (continued) Equity Real Estate Investment Trusts (REITs) (continued) Shoals Technologies Group Inc., Class A(a)(b)...... 3,093 $ 99,193 Camden Property Trust ...... 3 , 8 7 6 $ 4 6 6 , 9 8 0 9,580,660 CoreSite Realty Corp...... 1,725 209,570 Electronic Equipment, Instruments & Components — 0.7% Corporate Office Properties Trust ...... 4,304 120,684 Amphenol Corp., Class A...... 23,994 1,615,756 Cousins Properties Inc...... 5,958 218,480 Arrow Electronics Inc.(a) ...... 2,981 340,043 Crown Castle International Corp...... 17,250 3,261,285 Avnet Inc...... 4,135 181,609 CubeSmart...... 7,945 336,391 CDW Corp./DE ...... 5,613 1,000,966 CyrusOne Inc...... 4,703 342,520 Cognex Corp...... 6,934 597,156 Digital Realty Trust Inc...... 11,204 1,728,889 Coherent Inc.(a) ...... 973 252,970 Douglas Emmett Inc...... 6,693 224,483 Corning Inc...... 30,642 1,354,683 Duke Realty Corp...... 14,910 693,613 FLIR Systems Inc...... 5,139 308,186 EastGroup Properties Inc...... 1,571 249,255 IPG Photonics Corp.(a) ...... 1,428 310,033 Equinix Inc...... 3,564 2,568,789 Itron Inc.(a)...... 1,791 161,083 Equity Commonwealth ...... 4,971 143,165 Jabil Inc...... 5,257 275,572 Equity LifeStyle Properties Inc...... 6,822 473,447 Keysight Technologies Inc.(a) ...... 7,393 1,067,180 Equity Residential...... 13,789 1,023,557 Littelfuse Inc...... 981 260,200 Essex Property Trust Inc...... 2,605 756,805 National Instruments Corp...... 5,293 219,183 Extra Space Storage Inc...... 5,222 776,459 SYNNEX Corp...... 1,616 195,859 Federal Realty Investment Trust ...... 2,807 316,742 TE Connectivity Ltd...... 13,164 1,770,163 First Industrial Realty Trust Inc...... 5,050 251,339 Trimble Inc.(a)...... 10,085 826,970 Gaming and Leisure Properties Inc...... 8,485 394,468 Vontier Corp.(a) ...... 6,782 212,548 Healthcare Realty Trust Inc...... 5,529 177,813 Zebra Technologies Corp., Class A(a) ...... 2,124 1,035,960 Healthcare Trust of America Inc., Class A ...... 8,827 259,249 Healthpeak Properties Inc...... 21,751 746,929 11,986,120 Highwoods Properties Inc...... 4,085 182,967 Energy Equipment & Services — 0.2% Host Hotels & Resorts Inc...... 27,885 506,392 Baker Hughes Co...... 29,192 586,175 Hudson Pacific Properties Inc...... 5,778 162,420 Halliburton Co...... 35,489 694,165 Invitation Homes Inc...... 22,574 791,444 NOV Inc...... 15,492 231,605 Iron Mountain Inc...... 11,384 456,726 Schlumberger Ltd...... 55,677 1,506,063 JBG SMITH Properties ...... 4,339 141,495 TechnipFMC PLC ...... 16,825 124,505 Kilroy Realty Corp...... 4,278 293,214 3,142,513 Kimco Realty Corp...... 17,278 362,838 Entertainment — 1.9% Lamar Advertising Co., Class A...... 3,520 348,621 Activision Blizzard Inc...... 30,949 2,822,239 Lexington Realty Trust ...... 11,161 136,611 Electronic Arts Inc...... 11,486 1,631,931 Life Storage Inc...... 2,938 282,224 (a) Liberty Media Corp.-Liberty Formula One, Class A . .... 928 38,438 Medical Properties Trust Inc...... 22,687 500,248 Liberty Media Corp.-Liberty Formula One, Mid-America Apartment Communities Inc...... 4,520 711,132 (a) Class C, NVS ...... 8,213 385,518 National Health Investors Inc...... 1,756 128,908 (a)(b) Live Nation Entertainment Inc...... 5,753 471,056 National Retail Properties Inc...... 6,905 320,530 (a) Madison Square Garden Sports Corp...... 697 128,833 Omega Healthcare Investors Inc...... 8,944 339,872 (a) Netflix Inc...... 17,681 9,078,663 Physicians Realty Trust ...... 8,213 153,829 (a) Playtika Holding Corp...... 2,785 77,367 PotlatchDeltic Corp...... 2,813 166,980 (a) ROBLOX Corp., Class A ...... 1,580 117,789 Prologis Inc...... 29,592 3,448,356 (a) Roku Inc...... 4,447 1,525,188 PS Business Parks Inc...... 809 131,357 (a) Take-Two Interactive Software Inc...... 4,605 807,625 Public Storage...... 6,061 1,704,111 (a) Walt Disney Co. (The) ...... 72,493 13,485,148 Rayonier Inc...... 5,664 205,490 Warner Music Group Corp., Class A ...... 3,567 135,403 Realty Income Corp...... 14,953 1,034,000 World Wrestling Entertainment Inc., Class A...... 1,918 105,701 Regency Centers Corp...... 6,354 404,496 (a) Zynga Inc., Class A ...... 40,275 435,776 Rexford Industrial Realty Inc...... 5,272 292,860 31,246,675 Sabra Health Care REIT Inc...... 8,475 153,991 Equity Real Estate Investment Trusts (REITs) — 3.0% SBA Communications Corp...... 4,377 1,311,874 Alexandria Real Estate Equities Inc...... 5,092 922,161 Simon Property Group Inc...... 13,115 1,596,620 American Campus Communities Inc...... 5,546 250,735 SL Green Realty Corp...... 2,703 200,049 American Homes 4 Rent, Class A...... 10,806 400,254 Spirit Realty Capital Inc...... 4,570 217,258 American Tower Corp...... 17,719 4,514,270 STORE Capital Corp...... 9,453 338,323 Americold Realty Trust ...... 10,106 408,181 Sun Communities Inc...... 4,471 745,897 Apartment Income REIT Corp...... 5,916 267,107 UDR Inc...... 11,780 547,181 Apartment Investment & Management Co., Class A...... 5,916 41,057 Ventas Inc...... 14,990 831,345 AvalonBay Communities Inc...... 5,555 1,066,560 VEREIT Inc...... 9,172 438,788 Boston Properties Inc...... 5,626 615,203 VICI Properties Inc...... 21,490 681,233 Brixmor Property Group Inc...... 11,960 267,186 Vornado Realty Trust...... 6,371 291,473

S C HEDU LE O F I NVES TMENTS 21 Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Equity Real Estate Investment Trusts (REITs) (continued) Health Care Equipment & Supplies (continued) Welltower Inc...... 16,641 $ 1,248,574 Cooper Companies Inc. (The) ...... 1,974 $ 811,097 Weyerhaeuser Co...... 29,754 1,153,563 Danaher Corp...... 25,284 6,420,619 WP Carey Inc...... 6,965 521,609 DENTSPLY SIRONA Inc...... 8,746 590,442 (a) 47,978,525 DexCom Inc...... 3,858 1,489,574 (a) Food & Staples Retailing — 1.2% Edwards Lifesciences Corp...... 24,930 2,381,314 (a) Albertsons Companies Inc., Class A(b) ...... 1, 8 9 0 3 5 , 0 9 7 Globus Medical Inc., Class A ...... 3,131 224,712 (a) BJ's Wholesale Club Holdings Inc.(a) ...... 5,555 248,142 Haemonetics Corp...... 2,004 134,789 Casey's General Stores Inc...... 1,498 332,841 Hill-Rom Holdings Inc...... 2,687 296,161 (a) Costco Wholesale Corp...... 17,689 6,581,900 Hologic Inc...... 10,240 671,232 (a) Kroger Co. (The)...... 30,405 1,110,999 ICU Medical Inc...... 775 161,409 (a) Performance Food Group Co.(a) ...... 5,275 309,643 IDEXX Laboratories Inc...... 3,421 1,878,095 (a)(b) Sprouts Farmers Market Inc.(a) ...... 4,887 125,156 Insulet Corp...... 2,648 781,743 (a) Sysco Corp...... 20,450 1,732,728 Integra LifeSciences Holdings Corp...... 2,839 210,313 (a) U.S. Foods Holding Corp.(a) ...... 8,896 368,828 Intuitive Surgical Inc...... 4,690 4,056,850 (a) Walgreens Boots Alliance Inc...... 28,639 1,520,731 Masimo Corp...... 2,022 470,459 Walmart Inc...... 55,364 7,745,977 Medtronic PLC...... 53,827 7,047,031 Neogen Corp.(a) ...... 2,054 197,205 20,112,042 Novocure Ltd.(a) ...... 3,379 689,654 Food Products — 1.0% NuVasive Inc.(a) ...... 2,023 144,543 Archer-Daniels-Midland Co...... 22,351 1,411,019 Penumbra Inc.(a)(b) ...... 1,364 417,370 Beyond Meat Inc.(a)(b) ...... 1,985 261,385 Quidel Corp.(a) ...... 1,537 161,062 Bunge Ltd...... 5,602 472,921 ResMed Inc...... 5,816 1,093,233 Campbell Soup Co...... 8,154 389,353 STERIS PLC ...... 3,409 719,367 Conagra Brands Inc...... 19,659 729,152 Stryker Corp...... 13,099 3,440,190 Darling Ingredients Inc.(a)...... 6,568 456,148 Tandem Diabetes Care Inc.(a)(b)...... 2,453 225,431 Flowers Foods Inc...... 8,113 194,387 Teleflex Inc...... 1,852 782,433 General Mills Inc...... 24,493 1,490,644 West Pharmaceutical Services Inc...... 2,949 968,805 Hain Celestial Group Inc. (The)(a) ...... 3,389 138,983 Zimmer Biomet Holdings Inc...... 8,277 1,466,353 Hershey Co. (The) ...... 5,806 953,926 Hormel Foods Corp...... 11,133 514,345 55,807,846 Ingredion Inc...... 2,678 250,152 Health Care Providers & Services — 2.6% (a) JM Smucker Co. (The) ...... 4,388 574,784 1Life Healthcare Inc...... 2,896 126,005 (a) Kellogg Co...... 10,249 639,742 Acadia Healthcare Co. Inc...... 3,591 218,764 (a) Kraft Heinz Co. (The) ...... 25,706 1,061,401 Amedisys Inc...... 1,298 350,265 Lamb Weston Holdings Inc...... 5,909 475,674 AmerisourceBergen Corp...... 5,917 714,774 Lancaster Colony Corp...... 748 138,163 Anthem Inc...... 9,765 3,704,743 McCormick & Co. Inc./MD, NVS ...... 9,985 902,244 Cardinal Health Inc...... 11,756 709,357 (a) Mondelez International Inc., Class A ...... 56,291 3,423,056 Centene Corp...... 23,332 1,440,518 Pilgrim's Pride Corp.(a) ...... 2,073 49,669 Chemed Corp...... 650 309,796 Post Holdings Inc.(a) ...... 2,355 267,952 Cigna Corp...... 14,027 3,492,863 (a) Seaboard Corp...... 10 35,780 Covetrus Inc...... 3,798 108,813 TreeHouse Foods Inc.(a)(b)...... 2,196 104,530 CVS Health Corp...... 52,474 4,009,013 (a)(b) Tyson Foods Inc., Class A...... 11,856 918,247 DaVita Inc...... 2,887 336,422 Encompass Health Corp...... 4,031 342,071 15,853,657 Guardant Health Inc.(a) ...... 3,402 540,850 Gas Utilities — 0.1% HCA Healthcare Inc...... 10,600 2,131,236 Atmos Energy Corp...... 5,133 531,728 HealthEquity Inc.(a)...... 3,274 248,726 National Fuel Gas Co...... 3,541 175,846 Henry Schein Inc.(a) ...... 5,682 411,945 New Jersey Resources Corp...... 3,972 166,626 Humana Inc...... 5,161 2,297,884 ONE Gas Inc...... 2,092 168,343 Laboratory Corp. of America Holdings(a)...... 3,929 1,044,603 Southwest Gas Holdings Inc...... 2,203 153,593 LHC Group Inc.(a) ...... 1,272 264,919 Spire Inc...... 2,060 155,200 McKesson Corp...... 6,335 1,188,193 UGI Corp...... 8,418 367,951 Molina Healthcare Inc.(a) ...... 2,308 588,771 1,719,287 Oak Street Health Inc.(a)(b)...... 674 41,539 Health Care Equipment & Supplies — 3.5% Premier Inc., Class A...... 2,935 103,752 Abbott Laboratories ...... 70,746 8,495,180 Quest Diagnostics Inc...... 5,282 696,590 (a) ABIOMED Inc...... 1,798 576,673 Tenet Healthcare Corp.(a)...... 4,165 246,818 (a) Align Technology Inc...... 2,865 1,706,193 UnitedHealth Group Inc...... 37,752 15,055,497 Baxter International Inc...... 20,227 1,733,252 Universal Health Services Inc., Class B ...... 3,129 464,375 Becton Dickinson and Co...... 11,618 2,890,675 41,189,102 Boston Scientific Corp.(a) ...... 56,752 2,474,387

22 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Health Care Technology — 0.2% Household Products (continued) American Well Corp., Class A(a) ...... 2,241 $ 34,489 Procter & Gamble Co. (The) ...... 98,340 $ 13,120,523 Cerner Corp...... 12,300 923,115 Reynolds Consumer Products Inc...... 2,380 69,782 (a)(b) GoodRx Holdings Inc., Class A ...... 1,583 63,336 19,614,601 (a) Teladoc Health Inc...... 5,198 895,875 Independent Power and Renewable Electricity Producers — 0.1% (a) Veeva Systems Inc., Class A ...... 5,463 1,543,024 AES Corp. (The) ...... 26,875 747,663 3,459,839 Vistra Corp...... 19,683 332,052 Hotels, Restaurants & Leisure — 2.1% 1,079,715 (a) Airbnb Inc., Class A ...... 2,951 509,667 Industrial Conglomerates — 1.1% Aramark...... 10,166 395,153 3M Co...... 23,109 4,555,708 (a) Booking Holdings Inc...... 1,632 4,024,643 Carlisle Companies Inc...... 2,156 413,198 (a) Boyd Gaming Corp...... 3,186 210,754 General Electric Co...... 349,782 4,589,140 (a) Carnival Corp...... 31,906 892,092 Honeywell International Inc...... 27,774 6,194,713 (a) Chipotle Mexican Grill Inc...... 1,128 1,683,010 Roper Technologies Inc...... 4,191 1,871,030 Choice Hotels International Inc...... 1,116 127,001 17,623,789 Churchill Downs Inc...... 1,398 295,677 Insurance — 2.1% Cracker Barrel Old Country Store Inc...... 949 158,929 Aflac Inc...... 25,646 1,377,960 Darden Restaurants Inc...... 5,260 771,747 Alleghany Corp.(a)...... 570 387,013 Domino's Pizza Inc...... 1,563 660,118 Allstate Corp. (The) ...... 12,162 1,542,142 DraftKings Inc., Class A(a)(b) ...... 12,690 719,015 American Financial Group Inc./OH...... 2,811 345,359 Expedia Group Inc...... 5,472 964,331 American International Group Inc...... 34,631 1,677,872 Hilton Worldwide Holdings Inc.(a) ...... 11,039 1,420,719 Aon PLC, Class A...... 9,049 2,275,281 Hyatt Hotels Corp., Class A(a)...... 1,383 113,862 Arch Capital Group Ltd.(a) ...... 16,048 637,266 Las Vegas Sands Corp...... 13,226 810,225 Arthur J Gallagher & Co...... 7,663 1,110,752 Marriott International Inc./MD, Class A(a) ...... 10,598 1,574,015 Assurant Inc...... 2,286 355,702 Marriott Vacations Worldwide Corp.(a) ...... 1,652 293,445 Athene Holding Ltd., Class A(a) ...... 5,086 303,482 McDonald's Corp...... 29,775 7,029,282 Axis Capital Holdings Ltd...... 3,301 184,196 MGM Resorts International ...... 16,489 671,432 Brighthouse Financial Inc.(a) ...... 3,434 160,677 Norwegian Cruise Line Holdings Ltd.(a)...... 14,564 452,212 Brown & Brown Inc...... 9,501 505,263 Planet Fitness Inc., Class A(a) ...... 3,283 275,739 Chubb Ltd...... 17,978 3,084,845 Royal Caribbean Cruises Ltd...... 8,754 761,160 Cincinnati Financial Corp...... 5,975 673,263 Starbucks Corp...... 47,047 5,386,411 CNA Financial Corp...... 1,070 50,215 Texas Roadhouse Inc...... 2,601 278,359 Enstar Group Ltd.(a) ...... 511 128,353 Vail Resorts Inc...... 1,627 529,035 Erie Indemnity Co., Class A, NVS...... 1,003 214,662 Wendy's Co. (The) ...... 7,417 167,402 Everest Re Group Ltd...... 1,591 440,627 Wyndham Hotels & Resorts Inc...... 3,672 268,460 Fidelity National Financial Inc...... 11,748 535,944 Wynn Resorts Ltd.(a) ...... 4,143 531,961 First American Financial Corp...... 4,422 285,219 Yum! Brands Inc...... 11,941 1,427,188 Globe Life Inc...... 3,822 391,717 33,403,044 Hanover Insurance Group Inc. (The) ...... 1,465 202,624 Household Durables — 0.4% Hartford Financial Services Group Inc. (The) ...... 14,240 939,270 DR Horton Inc...... 13,280 1,305,291 Kemper Corp...... 2,379 185,705 Garmin Ltd...... 6,008 824,538 Lincoln National Corp...... 7,315 469,111 (a) Helen of Troy Ltd...... 966 204,029 Loews Corp...... 9,091 506,823 Leggett & Platt Inc...... 5,421 269,261 Markel Corp.(a)...... 544 639,972 Lennar Corp., Class A...... 11,013 1,140,947 Marsh & McLennan Companies Inc...... 20,290 2,753,353 Lennar Corp., Class B...... 654 52,693 Mercury General Corp...... 1,068 66,504 (a) Mohawk Industries Inc...... 2,380 489,090 MetLife Inc...... 30,104 1,915,517 Newell Brands Inc...... 14,856 400,518 Old Republic International Corp...... 11,001 270,845 (a) NVR Inc...... 139 697,516 Primerica Inc...... 1,592 254,354 PulteGroup Inc...... 10,487 619,991 Principal Financial Group Inc...... 10,133 647,195 Tempur Sealy International Inc...... 7,719 294,403 Progressive Corp. (The)...... 23,443 2,361,648 Toll Brothers Inc...... 4,430 277,761 Prudential Financial Inc...... 15,932 1,598,936 Whirlpool Corp...... 2,492 589,233 Reinsurance Group of America Inc...... 2,739 357,522 7,165,271 RenaissanceRe Holdings Ltd...... 1,982 334,581 Household Products — 1.2% RLI Corp...... 1,640 182,794 Church & Dwight Co. Inc...... 9,780 838,537 Selective Insurance Group Inc...... 2,385 181,594 Clorox Co. (The) ...... 5,058 923,085 Travelers Companies Inc. (The) ...... 10,101 1,562,221 Colgate-Palmolive Co...... 33,982 2,742,347 Unum Group...... 8,248 233,088 Energizer Holdings Inc...... 2,347 115,707 W R Berkley Corp...... 5,661 451,295 Kimberly-Clark Corp...... 13,536 1,804,620 White Mountains Insurance Group Ltd...... 129 150,340

S C HEDU LE O F I NVES TMENTS 23 Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Securitys Value

Insurance (continued) IT Services (continued) Willis Towers Watson PLC...... 5,162 $ 1,336,235 Perspecta Inc...... 5,613 $ 164,293 (a) 34,269,337 Snowflake Inc., Class A ...... 2,381 551,416 (a) Interactive Media & Services — 6.0% Square Inc., Class A ...... 15,543 3,805,237 (a) Alphabet Inc., Class A(a)...... 12,010 28,265,535 Twilio Inc., Class A ...... 6,409 2,357,230 (a) Alphabet Inc., Class C, NVS(a)...... 11,510 27,740,481 VeriSign Inc...... 3,969 868,298 ANGI Inc.(a)(b)...... 2, 9 8 1 4 7 , 7 2 6 Visa Inc., Class A ...... 67,736 15,820,420 Bumble Inc., Class A(a) ...... 2,013 121,263 Western Union Co. (The)...... 16,545 426,199 (a) Cargurus Inc.(a)(b) ...... 3 , 4 4 6 8 5 , 0 4 7 WEX Inc...... 1,761 361,375 Facebook Inc., Class A(a)...... 96,063 31,228,160 87,553,097 IAC/InterActiveCorp.(a) ...... 3,323 842,281 Leisure Products — 0.2% Match Group Inc.(a) ...... 10,771 1,676,291 Brunswick Corp./DE...... 3,093 331,353 Pinterest Inc., Class A(a)(b)...... 21,320 1,415,008 Hasbro Inc...... 5,071 504,311 Snap Inc., Class A, NVS(a)...... 37,131 2,295,439 Mattel Inc.(a) ...... 13,950 299,367 TripAdvisor Inc.(a) ...... 3,845 181,215 Peloton Interactive Inc., Class A(a) ...... 10,557 1,038,281 Twitter Inc.(a)...... 31,927 1,763,009 Polaris Inc...... 2,325 325,570 (a) Zillow Group Inc., Class A ...... 1,497 199,625 2,498,882 (a) Zillow Group Inc., Class C, NVS ...... 6,177 803,751 Life Sciences Tools & Services — 1.3% (a) ZoomInfo Technologies Inc., Class A ...... 3,741 194,008 10X Genomics Inc., Class A(a) ...... 2,931 579,752 96,858,839 Agilent Technologies Inc...... 12,205 1,631,076 Internet & Direct Marketing Retail — 3.9% Avantor Inc.(a) ...... 20,660 661,946 Amazon.com Inc.(a) ...... 17,094 59,272,078 Bio-Rad Laboratories Inc., Class A(a)...... 862 543,172 Chewy Inc., Class A(a)...... 3,054 243,465 Bio-Techne Corp...... 1, 5 4 7 6 6 1 , 3 2 7 DoorDash Inc., Class A(a)(b) ...... 1,373 196,573 Bruker Corp...... 3,997 273,874 eBay Inc...... 25,886 1,444,180 Charles River Laboratories International Inc.(a) ...... 1,972 655,591 Etsy Inc.(a)...... 5,042 1,002,299 Illumina Inc.(a) ...... 5,827 2,289,079 Grubhub Inc.(a) ...... 3,785 257,531 IQVIA Holdings Inc.(a) ...... 7,616 1,787,399 Qurate Retail Inc., Series A...... 14,766 175,715 Mettler-Toledo International Inc.(a) ...... 937 1,230,581 Wayfair Inc., Class A(a)(b) ...... 2,911 860,404 PerkinElmer Inc...... 4,487 581,650 (a) 63,452,245 PPD Inc...... 4,446 205,405 (a) IT Services — 5.4% PRA Health Sciences Inc...... 2,531 422,399 (a) Accenture PLC, Class A...... 25,330 7,344,940 Repligen Corp...... 2,044 432,735 (a) Affirm Holdings Inc.(a)(b) ...... 1,299 91,580 Syneos Health Inc...... 3,263 276,866 Akamai Technologies Inc.(a) ...... 6,500 706,550 Thermo Fisher Scientific Inc...... 15,726 7,394,837 (a) Amdocs Ltd...... 5,251 402,962 Waters Corp...... 2,504 750,875 Automatic Data Processing Inc...... 17,055 3,189,114 20,378,564 Black Knight Inc.(a) ...... 6,325 458,057 Machinery — 1.8% Broadridge Financial Solutions Inc...... 4,598 729,381 AGCO Corp...... 2,421 353,272 Cognizant Technology Solutions Corp., Class A ...... 21,185 1,703,274 Allison Transmission Holdings Inc...... 4,378 181,556 Concentrix Corp.(a)...... 1,616 251,094 Caterpillar Inc...... 21,782 4,968,692 DXC Technology Co...... 10,385 341,770 Colfax Corp.(a)(b) ...... 4,633 209,365 EPAM Systems Inc.(a) ...... 2,254 1,031,768 Crane Co...... 2,020 190,001 Euronet Worldwide Inc.(a)...... 2,060 295,466 Cummins Inc...... 5,896 1,486,028 Fastly Inc., Class A(a)(b)...... 3,358 214,475 Deere & Co...... 12,518 4,642,300 Fidelity National Information Services Inc...... 24,844 3,798,648 Donaldson Co. Inc...... 5,104 320,940 Fiserv Inc.(a) ...... 22,998 2,762,520 Dover Corp...... 5,758 859,036 FleetCor Technologies Inc.(a) ...... 3,336 959,834 Flowserve Corp...... 5,333 211,400 Gartner Inc.(a)...... 3,540 693,415 Fortive Corp...... 13,574 961,311 Genpact Ltd...... 7,143 339,507 Gates Industrial Corp. PLC(a) ...... 2,759 47,593 Global Payments Inc...... 11,824 2,537,785 Graco Inc...... 6,770 519,936 GoDaddy Inc., Class A(a) ...... 6,678 579,784 IDEX Corp...... 3,043 682,241 International Business Machines Corp...... 35,707 5,066,109 Illinois Tool Works Inc...... 11,538 2,659,048 Jack Henry & Associates Inc...... 3,069 499,725 Ingersoll Rand Inc.(a) ...... 14,949 738,630 LiveRamp Holdings Inc.(a) ...... 2,730 133,715 ITT Inc...... 3,458 326,124 Mastercard Inc., Class A ...... 35,015 13,377,831 Lincoln Electric Holdings Inc...... 2,333 298,741 MAXIMUS Inc...... 2,529 231,758 Middleby Corp. (The)(a)...... 2,237 405,613 MongoDB Inc.(a) ...... 2,038 606,223 Navistar International Corp.(a) ...... 2,005 88,721 Okta Inc.(a)(b) ...... 4,928 1,329,082 Nikola Corp.(a)(b) ...... 5,530 63,982 Paychex Inc...... 12,870 1,254,696 Nordson Corp...... 2,173 459,394 PayPal Holdings Inc.(a) ...... 46,771 12,267,566 Oshkosh Corp...... 2,687 334,343

24 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Machinery (continued) Multi-Utilities (continued) Otis Worldwide Corp...... 16,297 $ 1,269,047 Avista Corp...... 2,687 $ 123,656 PACCAR Inc...... 13,853 1,245,108 Black Hills Corp...... 2,457 169,484 Parker-Hannifin Corp...... 5,177 1,624,594 CenterPoint Energy Inc...... 22,016 539,172 Pentair PLC ...... 6,508 419,831 CMS Energy Corp...... 11,458 737,781 Snap-on Inc...... 2,142 508,939 Consolidated Edison Inc...... 13,684 1,059,278 Stanley Black & Decker Inc...... 6,430 1,329,531 Dominion Energy Inc...... 32,262 2,577,734 Timken Co. (The) ...... 2,651 222,339 DTE Energy Co...... 7,728 1,082,075 Toro Co. (The) ...... 4,250 487,050 MDU Resources Group Inc...... 8,189 274,004 Westinghouse Air Brake Technologies Corp...... 7,126 584,831 NiSource Inc...... 15,467 402,451 Woodward Inc...... 2,279 284,898 NorthWestern Corp...... 2,104 143,135 Xylem Inc./NY ...... 7,216 798,450 Public Service Enterprise Group Inc...... 20,084 1,268,505 29,782,885 Sempra Energy ...... 12,116 1,666,798 Marine — 0.0% WEC Energy Group Inc...... 12,660 1,230,172 Kirby Corp.(a) ...... 2,408 153,390 12,135,032 Multiline Retail — 0.5% Media — 1.4% Dollar General Corp...... 9,799 2,104,335 (a) Altice USA Inc., Class A ...... 9,742 353,732 Dollar Tree Inc.(a) ...... 9,407 1,080,864 Cable One Inc...... 216 386,640 Kohl's Corp...... 6,357 372,902 (a)(b) Charter Communications Inc., Class A ...... 5,638 3,796,911 Ollie's Bargain Outlet Holdings Inc.(a) ...... 2,225 205,301 Comcast Corp., Class A ...... 182,555 10,250,463 Target Corp...... 19,991 4,143,335 Discovery Inc., Class A(a)...... 6,443 242,643 7,906,73 Discovery Inc., Class C, NVS(a) ...... 11,601 374,828 7 DISH Network Corp., Class A(a)...... 9,933 444,899 Oil, Gas & Consumable Fuels — 2.3% Fox Corp., Class A, NVS ...... 13,322 498,509 APA Corp...... 15,096 301,920 Cabot Oil & Gas Corp...... 15,729 262,202 Fox Corp., Class B...... 6,105 222,100 (a) Interpublic Group of Companies Inc. (The) ...... 15,426 489,776 Cheniere Energy Inc...... 9,148 709,153 Liberty Broadband Corp., Class A(a)(b)...... 928 146,318 Chevron Corp...... 76,932 7,929,381 Liberty Broadband Corp., Class C, NVS(a)(b)...... 8,496 1,382,469 Cimarex Energy Co...... 4,067 269,235 Liberty Media Corp.-Liberty SiriusXM, Class A(a) ...... 3,354 151,567 ConocoPhillips...... 54,245 2,774,089 (a) ...... 2,462 67,065 Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) . . . 7,014 317,243 Continental Resources Inc./OK Devon Energy Corp...... 23,487 549,126 New York Times Co. (The), Class A ...... 5,697 258,701 Diamondback Energy Inc...... 7,241 591,807 News Corp., Class A, NVS ...... 15,557 407,516 EOG Resources Inc...... 23,382 1,721,851 News Corp., Class B ...... 4,690 114,014 EQT Corp.(a)...... 11,061 211,265 Nexstar Media Group Inc., Class A...... 1,707 251,629 Equitrans Midstream Corp...... 16,426 134,036 Omnicom Group Inc...... 8,604 707,765 Exxon Mobil Corp...... 169,067 9,677,395 Sirius XM Holdings Inc.(b) ...... 46,420 283,162 TEGNA Inc...... 8,520 170,911 Hess Corp...... 11,008 820,206 ViacomCBS Inc., Class A...... 418 18,894 HollyFrontier Corp...... 6,088 213,080 ViacomCBS Inc., Class B, NVS...... 23,501 964,011 Kinder Morgan Inc...... 77,576 1,322,671 Marathon Oil Corp...... 31,921 359,430 22,234,701 Marathon Petroleum Corp...... 26,098 1,452,354 Metals & Mining — 0.4% Occidental Petroleum Corp...... 33,710 854,886 (a) Alcoa Corp...... 7,361 269,707 ONEOK Inc...... 17,777 930,448 Commercial Metals Co...... 4,636 135,464 Ovintiv Inc...... 10,444 249,925 Freeport-McMoRan Inc...... 58,293 2,198,229 Phillips 66 ...... 17,423 1,409,695 Newmont Corp...... 31,949 1,993,937 Pioneer Natural Resources Co...... 8,240 1,267,559 Nucor Corp...... 11,980 985,475 Targa Resources Corp...... 8,922 309,504 Reliance Steel & Aluminum Co...... 2,563 410,874 Valero Energy Corp...... 16,283 1,204,291 Royal Gold Inc...... 2,666 298,219 Williams Companies Inc. (The) ...... 48,396 1,178,927 Steel Dynamics Inc...... 8,048 436,363 36,771,501 6,728,268 Paper & Forest Products — 0.0% Mortgage Real Estate Investment — 0.1% Louisiana-Pacific Corp...... 4,244 279,595 AGNC Investment Corp...... 21,849 391,752 Annaly Capital Management Inc...... 55,249 501,661 Personal Products — 0.2% Blackstone Mortgage Trust Inc., Class A ...... 5,984 194,420 Coty Inc., Class A(a) ...... 11,998 120,100 New Residential Investment Corp...... 17,132 183,655 Estee Lauder Companies Inc. (The), Class A...... 9,200 2,886,960 Starwood Property Trust Inc...... 11,402 294,400 Herbalife Nutrition Ltd.(a) ...... 3,494 159,920 1,565,888 3,166,980 Multi-Utilities — 0.8% Pharmaceuticals — 3.1% Ameren Corp...... 10,146 860,787 Atea Pharmaceuticals Inc.(a)(b)...... 497 12,281

S C HEDU LE O F I NVES TMENTS 25 Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Pharmaceuticals (continued) Semiconductors & Semiconductor Equipment (continued) Bristol-Myers Squibb Co...... 89,474 $ 5,584,967 Applied Materials Inc...... 36,618 $ 4,859,575 Catalent Inc.(a) ...... 6,816 766,596 Broadcom Inc...... 16,303 7,437,429 Elanco Animal Health Inc.(a) ...... 18,985 602,014 Cirrus Logic Inc.(a) ...... 2,286 170,101 Eli Lilly & Co...... 31,741 5,801,303 Cree Inc.(a) ...... 4,615 458,823 Jazz Pharmaceuticals PLC(a) ...... 2,186 359,378 Enphase Energy Inc.(a) ...... 5,076 706,833 Johnson & Johnson ...... 104,978 17,083,070 Entegris Inc...... 5,345 601,740 Merck & Co. Inc...... 101,049 7,528,150 First Solar Inc.(a) ...... 3,438 263,110 Nektar Therapeutics(a) ...... 7,314 143,428 Intel Corp...... 162,259 9,334,760 Perrigo Co. PLC ...... 5,472 227,799 KLA Corp...... 6,153 1,940,349 Pfizer Inc...... 222,558 8,601,867 Lam Research Corp...... 5,696 3,534,083 Royalty Pharma PLC, Class A ...... 3,467 152,548 Marvell Technology Inc...... 31,592 1,428,274 Viatris Inc.(a) ...... 48,357 643,148 Maxim Integrated Products Inc...... 10,686 1,004,484 Zoetis Inc...... 18,948 3,278,572 Microchip Technology Inc...... 10,783 1,620,577 (a) 50,785,121 Micron Technology Inc...... 44,655 3,843,456 Professional Services — 0.7% MKS Instruments Inc...... 2,225 398,520 ASGN Inc.(a) ...... 2,073 218,038 Monolithic Power Systems Inc...... 1,700 614,346 Booz Allen Hamilton Holding Corp...... 5,541 459,626 NVIDIA Corp...... 24,761 14,866,009 CACI International Inc., Class A(a) ...... 997 254,095 NXP Semiconductors NV...... 11,093 2,135,513 (a) Clarivate PLC(a)...... 10,469 292,399 ON Semiconductor Corp...... 16,633 648,687 CoreLogic Inc...... 2,930 233,521 Power Integrations Inc...... 2,407 199,324 (a) CoStar Group Inc.(a) ...... 1,577 1,347,436 Qorvo Inc...... 4,515 849,588 Dun & Bradstreet Holdings Inc.(a) ...... 5,415 128,660 QUALCOMM Inc...... 45,367 6,296,940 (a) Equifax Inc...... 4,833 1,107,869 Semtech Corp...... 2,565 173,753 (a) FTI Consulting Inc.(a)...... 1,370 190,225 Silicon Laboratories Inc...... 1,732 244,125 IHS Markit Ltd...... 14,861 1,598,746 Skyworks Solutions Inc...... 6,557 1,188,981 (a) Insperity Inc...... 1,428 125,007 SolarEdge Technologies Inc...... 2,080 548,163 Jacobs Engineering Group Inc...... 5,136 686,221 Teradyne Inc...... 6,597 825,153 KBR Inc...... 5,507 217,857 Texas Instruments Inc...... 36,710 6,626,522 Leidos Holdings Inc...... 5,325 539,316 Universal Display Corp...... 1,719 384,523 ManpowerGroup Inc...... 2,269 274,299 Xilinx Inc...... 9,827 1,257,463 Nielsen Holdings PLC...... 14,000 359,100 80,703,744 Robert Half International Inc...... 4,538 397,574 Software — 9.1% Science Applications International Corp...... 2,344 209,601 ACI Worldwide Inc.(a)...... 4,643 175,413 TransUnion ...... 7,603 795,198 Adobe Inc.(a)...... 19,141 9,730,136 TriNet Group Inc.(a) ...... 1,507 118,616 Alteryx Inc., Class A(a)(b)...... 2,358 192,766 Verisk Analytics Inc...... 6,515 1,226,123 Anaplan Inc.(a) ...... 5,798 345,851 (a) 10,779,527 ANSYS Inc...... 3,443 1,258,967 (a) Real Estate Management & Development — 0.1% Aspen Technology Inc...... 2,730 357,193 (a) CBRE Group Inc., Class A(a)...... 13,311 1,134,097 Autodesk Inc...... 8,777 2,562,094 (a) Howard Hughes Corp. (The)(a)(b)...... 1,740 187,816 Avalara Inc...... 3,361 476,287 (b) Jones Lang LaSalle Inc.(a)...... 2,073 389,537 Bentley Systems Inc., Class B ...... 418 2 1,402 Bill.com Holdings Inc.(a) ...... 2,377 367,556 1,711,450 Blackbaud Inc.(a)...... 1,841 130,932 Road & Rail — 1.2% Cadence Design Systems Inc.(a) ...... 11,168 1,471,607 AMERCO ...... 370 220,753 CDK Global Inc...... 4,988 267,307 CSX Corp...... 30,451 3,067,938 Ceridian HCM Holding Inc.(a) ...... 5,228 493,941 JB Hunt Transport Services Inc...... 3,301 563,514 Citrix Systems Inc...... 4,866 602,654 Kansas City Southern ...... 3,638 1,063,060 Cloudflare Inc., Class A(a) ...... 7,517 636,991 Knight-Swift Transportation Holdings Inc...... 5,061 238,474 Coupa Software Inc.(a)(b) ...... 2,890 777,526 Landstar System Inc...... 1,511 260,315 Crowdstrike Holdings Inc., Class A(a)...... 7,531 1,570,289 Lyft Inc., Class A(a) ...... 10,255 570,793 Datadog Inc., Class A(a) ...... 8,253 707,860 Norfolk Southern Corp...... 10,088 2,816,973 DocuSign Inc.(a) ...... 7,461 1,663,355 Old Dominion Freight Line Inc...... 3,842 990,506 Dolby Laboratories Inc., Class A ...... 2,569 260,676 Uber Technologies Inc.(a) ...... 58,510 3,204,593 Dropbox Inc., Class A(a) ...... 11,814 303,620 Union Pacific Corp...... 26,750 5,940,908 Dynatrace Inc.(a) ...... 7,363 383,171 18,937,827 Elastic NV(a) ...... 2,404 289,970 Semiconductors & Semiconductor Equipment — 5.0% Fair Isaac Corp.(a)...... 1,152 600,664 (a) Advanced Micro Devices Inc...... 48,334 3,945,021 FireEye Inc.(a) ...... 9,025 179,372 (a) Allegro MicroSystems Inc...... 1,668 41,166 Five9 Inc.(a)...... 2,633 494,925 Analog Devices Inc...... 14,732 2,256,353 Fortinet Inc.(a)...... 5,425 1,107,948

26 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Software (continued) Specialty Retail (continued) Guidewire Software Inc.(a) ...... 3,376 $ 356,202 O'Reilly Automotive Inc.(a) ...... 2,811 $ 1,554,146 HubSpot Inc.(a)(b) ...... 1,726 908,653 Penske Automotive Group Inc...... 1,372 120,311 Intuit Inc...... 10,927 4,503,672 RH(a) ...... 654 449,965 j2 Global Inc.(a) ...... 1,704 206,184 Ross Stores Inc...... 14,220 1,861,967 Manhattan Associates Inc.(a)...... 2,532 347,492 TJX Companies Inc. (The)...... 47,845 3,396,995 McAfee Corp., Class A ...... 1,431 34,745 Tractor Supply Co...... 4,634 873,972 Microsoft Corp...... 301,202 75,957,120 Ulta Beauty Inc.(a)...... 2,241 738,073 nCino Inc.(a)(b) ...... 583 3 8 , 1 2 2 Williams-Sonoma Inc...... 3,047 520,275 (a) New Relic Inc...... 2,083 133,937 37,713,229 NortonLifeLock Inc...... 23,095 499,083 Technology Hardware, Storage & Peripherals — 5.5% (a) Nuance Communications Inc...... 11,303 600,980 Apple Inc...... 630,216 82,848,196 (a) Nutanix Inc., Class A ...... 7,428 200,853 Dell Technologies Inc., Class C(a) ...... 9,443 928,530 Oracle Corp...... 74,049 5,612,174 Hewlett Packard Enterprise Co...... 52,106 834,738 (a) Palantir Technologies Inc., Class A ...... 17,540 404,122 HP Inc...... 50,158 1,710,889 (a) Palo Alto Networks Inc...... 3,895 1,376,454 NetApp Inc...... 8,889 663,920 (a) Paycom Software Inc...... 1,967 756,134 Pure Storage Inc., Class A(a)(b) ...... 9,711 196,357 (a) Paylocity Holding Corp...... 1,501 290,053 Seagate Technology PLC ...... 8,043 746,712 Pegasystems Inc...... 1,586 201,327 Western Digital Corp...... 12,195 861,333 (a) Proofpoint Inc...... 2,260 388,969 Xerox Holdings Corp...... 6,837 165,045 PTC Inc.(a)...... 4,230 553,876 88,955,720 Qualtrics International Inc., Class A(a) ...... 2,052 76,642 Textiles, Apparel & Luxury Goods — 0.8% RingCentral Inc., Class A(a) ...... 3,172 1,011,709 Carter's Inc...... 1,753 190,709 salesforce.com Inc.(a) ...... 36,649 8,440,998 Columbia Sportswear Co...... 1,183 128,959 ServiceNow Inc.(a) ...... 7,832 3,965,890 Deckers Outdoor Corp.(a)...... 1,112 376,078 Slack Technologies Inc., Class A(a)...... 20,082 851,477 Hanesbrands Inc...... 14,315 301,474 Smartsheet Inc., Class A(a) ...... 4,517 267,858 Levi Strauss & Co., Class A ...... 2,607 75,238 SolarWinds Corp.(a) ...... 2,623 44,224 Lululemon Athletica Inc.(a) ...... 4,733 1,586,833 Splunk Inc.(a) ...... 6,415 810,984 Nike Inc., Class B...... 50,776 6,733,913 SS&C Technologies Holdings Inc...... 8,928 662,636 PVH Corp...... 2,786 315,320 Synopsys Inc.(a) ...... 6,097 1,506,325 Ralph Lauren Corp...... 1,948 259,649 Trade Desk Inc. (The), Class A(a) ...... 1,707 1,244,932 Skechers U.S.A. Inc., Class A(a) ...... 5,419 262,767 Tyler Technologies Inc.(a) ...... 1,609 683,600 Tapestry Inc...... 11,097 530,991 Unity Software Inc.(a)...... 1,001 101,682 Under Armour Inc., Class A(a)...... 7,562 183,832 Verint Systems Inc.(a) ...... 2,513 122,056 Under Armour Inc., Class C, NVS(a) ...... 7,793 155,159 VMware Inc., Class A(a)(b) ...... 3,258 523,984 VF Corp...... 12,721 1,115,123 Workday Inc., Class A(a)...... 7,368 1,819,896 Zendesk Inc.(a)...... 4,688 685,151 12,216,045 Zoom Video Communications Inc., Class A(a)...... 8,155 2,606,093 Thrifts & Mortgage Finance — 0.1% Zscaler Inc.(a) ...... 2,973 557,854 Essent Group Ltd...... 4,472 235,138 MGIC Investment Corp...... 13,131 200,117 146,784,616 New York Community Bancorp. Inc...... 18,553 221,894 Specialty Retail — 2.3% Radian Group Inc...... 7,966 196,282 Aaron's Co. Inc. (The)...... 1,402 43,308 Rocket Companies Inc., Class A ...... 4,614 103,584 Advance Auto Parts Inc...... 2,625 525,420 TFS Financial Corp...... 2,098 41,037 AutoNation Inc.(a) ...... 2,166 221,972 AutoZone Inc.(a) ...... 889 1,301,603 998,052 Best Buy Co. Inc...... 9,220 1,072,009 Tobacco — 0.6% Burlington Stores Inc.(a) ...... 2,627 857,269 Altria Group Inc...... 74,211 3,543,575 CarMax Inc.(a) ...... 6,503 866,460 Philip Morris International Inc...... 62,193 5,908,335 Carvana Co.(a)(b) ...... 2,509 715,717 9,451,910 Dick's Sporting Goods Inc...... 2,693 222,388 Trading Companies & Distributors — 0.3% Five Below Inc.(a) ...... 2,242 451,247 Air Lease Corp...... 4,178 195,154 Floor & Decor Holdings Inc., Class A(a)...... 4,179 463,535 Applied Industrial Technologies Inc...... 1,611 154,108 Foot Locker Inc...... 4,119 242,939 Fastenal Co...... 22,910 1,197,735 Gap Inc. (The) ...... 7,979 264,105 MSC Industrial Direct Co. Inc., Class A...... 1,831 165,083 Home Depot Inc. (The) ...... 42,995 13,916,192 SiteOne Landscape Supply Inc.(a)(b) ...... 1,813 325,216 L Brands Inc.(a) ...... 9,201 606,346 United Rentals Inc.(a)...... 2,860 915,057 Lithia Motors Inc., Class A...... 1,049 403,215 Univar Solutions Inc.(a) ...... 6,808 158,967 Lowe's Companies Inc...... 29,190 5,728,537 Watsco Inc...... 1,332 390,090 Murphy USA Inc...... 979 136,472 National Vision Holdings Inc.(a) ...... 3,150 158,791

S C HEDU LE O F I NVES TMENTS 27 Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Trading Companies & Distributors (continued) Money Market Funds (continued) WW Grainger Inc...... 1,762 $ 763,897 BlackRock Cash Funds: Treasury, SL Agency Shares, (c)(d) 4,265,307 0.00% ...... 4,056,000 $ 4,056,000 Transportation Infrastructure — 0.0% 20,818,800 Macquarie Infrastructure Corp...... 3,029 100,896 Total Short-Term Investments — 1.3% Water Utilities — 0.1% (Cost: $20,814,613)...... 20,818,800 American Water Works Co. Inc...... 7,255 1,131,708 Essential Utilities Inc...... 9,008 424,547 Total Investments in Securities — 101.0% (Cost: $749,989,989) ...... 1,629,295,871 1,556,255 Wireless Telecommunication Services — 0.2% Other Assets, Less Liabilities — (1.0)%...... (15,715,441) T-Mobile U.S. Inc.(a)...... 23,313 3,080,347 Net Assets — 100.0% ...... $ 1,613,580,430 U.S. Cellular Corp.(a) ...... 594 20,273 (a) 3,100,620 Non-income producing security. (b) All or a portion of this security is on loan. Total Common Stocks — 99.7% (c) Affiliate of the Fund. (Cost: $729,175,376) ...... 1,608,477,071 (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 Short-Term Investments securities. Money Market Funds — 1.3% BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e) ...... 16,754,422 16,762,800

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:

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

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index ...... 23 06/18/21 $ 4,801 $ 177,920

28 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares Dow Jones U.S. ETF April 30, 2021

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 HEDU LE O F I NVES TMENTS 29 Schedule of Investments iShares Transportation Average ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Short-Term Investments Air Freight & Logistics — 25.8% Money Market Funds — 0.8% CH Robinson Worldwide Inc...... 1,001,203 $ 97,196,787 BlackRock Cash Funds: Institutional, SL Agency Shares, Expeditors International of Washington Inc...... 931,519 102,336,677 0.08%(c)(d)(e) ...... 12,168,245 $ 12,174,329 FedEx Corp...... 694,525 201,627,553 BlackRock Cash Funds: Treasury, SL Agency Shares, United Parcel Service Inc., Class B ...... 746,095 152,098,927 0.00%(c)(d) ...... 4,370,000 4,370,000 553,259,944 16,544,329 Airlines — 20.0% Alaska Air Group Inc.(a)...... 1,112,444 76,914,378 Total Short-Term Investments — 0.8% American Airlines Group Inc.(a) ...... 1,574,499 34,198,118 (Cost: $16,534,209)...... 16,544,329 (a) Delta Air Lines Inc...... 2,258,867 105,986,040 Total Investments in Securities — 100.8% (a) JetBlue Airways Corp...... 2,039,842 41,531,183 (Cost: $1,761,795,859)...... 2,161,517,391 Southwest Airlines Co...... 1,679,478 105,437,629 United Airlines Holdings Inc.(a) ...... 1,185,195 64,474,608 Other Assets, Less Liabilities — (0.8)%...... (17,211,258) 428,541,956 Net Assets — 100.0% ...... $ 2,144,306,133 Marine — 5.4% (a) Kirby Corp.(a) ...... 902,918 57,515,877 Non-income producing security. (b) All or a portion of this security is on loan. Matson Inc...... 903,858 59,049,043 (c) Affiliate of the Fund. 116,564,920 (d) Annualized 7-day yield as of period-end. Road & Rail — 48.8% (e) All or a portion of this security was purchased with cash collateral received from loaned Avis Budget Group Inc.(a)(b)...... 1,004,843 90,043,981 securities. 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

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

30 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares Transportation Average ETF April 30, 2021

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P Select Sector Industrial E-Mini Index ...... 36 06/18/21 $ 3,687 $ 238,595

Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $238,595

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.

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 HEDU LE O F I NVES TMENTS 31 Schedule of Investments iShares U.S. Energy ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Oil, Gas & Consumable Fuels (continued) ONEOK Inc...... 948,606 $ 49,650,038 Electric Utilities — 0.7% Ovintiv Inc...... 593,450 14,201,259 OGE Energy Corp...... 455,191 $ 15,276,210 Phillips 66 ...... 922,494 74,638,990 Energy Equipment & Services — 8.1% Pioneer Natural Resources Co...... 435,162 66,940,970 Baker Hughes Co...... 1,578,019 31,686,622 Targa Resources Corp...... 513,190 17,802,561 Halliburton Co...... 1,909,675 37,353,243 Valero Energy Corp...... 865,371 64,002,839 NOV Inc...... 894,499 13,372,760 Williams Companies Inc. (The)...... 2,572,410 62,663,908 Schlumberger Ltd...... 2,948,423 79,754,842 1,898,138,662 TechnipFMC PLC ...... 1,056,031 7,814,629 Semiconductors & Semiconductor Equipment — 0.7% (a) 169,982,096 First Solar Inc...... 191,428 14,649,985 Oil, Gas & Consumable Fuels — 90.3% Total Common Stocks — 99.8% APA Corp...... 849,541 16,990,820 (Cost: $2,244,320,972)...... 2,098,046,953 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 Short-Term Investments Cimarex Energy Co...... 233,463 15,455,251 Money Market Funds — 0.2% ConocoPhillips ...... 1,987,992 101,665,911 BlackRock Cash Funds: Treasury, SL Agency Shares, Continental Resources Inc./OK(a) ...... 176,824 4,816,686 0.00%(b)(c)...... 3,640,000 3,640,000 Devon Energy Corp...... 1,284,903 30,041,032 Diamondback Energy Inc...... 391,010 31,957,247 Total Short-Term Investments — 0.2% EOG Resources Inc...... 1,227,963 90,427,195 (Cost: $3,640,000)...... 3,640,000 (a) EQT Corp...... 648,874 12,393,493 Total Investments in Securities — 100.0% Equitrans Midstream Corp...... 1,010,035 8,241,886 (Cost: $2,247,960,972)...... 2,101,686,953 Exxon Mobil Corp...... 8,771,485 502,079,801 Hess Corp...... 584,257 43,532,989 Other Assets, Less Liabilities — 0.0% ...... 771,804 HollyFrontier Corp...... 347,999 12,179,965 Net Assets — 100.0% ...... $ 2,102,458,757 Kinder Morgan Inc...... 4,115,846 70,175,174 Marathon Oil Corp...... 1,752,733 19,735,774 (a) Non-income producing security. (b) Marathon Petroleum Corp...... 1,374,780 76,506,507 Affiliate of the Fund. (c) Occidental Petroleum Corp...... 1,790,863 45,416,286 Annualized 7-day yield as of period-end.

Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 04/30/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income 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) — — — 3,640,0003,640,000 760 — $ (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) 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.

32 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares U.S. Energy ETF April 30, 2021

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P Select Sector Energy E-Mini Index ...... 104 06/18/21 $ 5,314 $ (58,608)

Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $ 58,608

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.

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 HEDU LE O F I NVES TMENTS 33 Schedule of Investments iShares U.S. Healthcare ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Health Care Equipment & Supplies (continued) Penumbra Inc.(a) ...... 17,211 $ 5,266,394 Biotechnology — 16.9% Quidel Corp.(a)(b) ...... 19,602 2,054,094 AbbVie Inc...... 896,556 $ 99,965,994 ResMed Inc...... 73,876 13,886,472 ACADIA Pharmaceuticals Inc.(a) ...... 58,990 1,212,834 STERIS PLC ...... 43,335 9,144,552 Acceleron Pharma Inc.(a) ...... 26,709 3,337,824 Stryker Corp...... 166,171 43,641,490 Agios Pharmaceuticals Inc.(a)(b)...... 29,189 1,628,746 Tandem Diabetes Care Inc.(a)(b)...... 31,780 2,920,582 Alexion Pharmaceuticals Inc.(a) ...... 111,620 18,828,062 Teleflex Inc...... 23,704 10,014,466 Alkermes PLC(a) ...... 80,655 1,774,813 West Pharmaceutical Services Inc...... 37,623 12,359,908 Allogene Therapeutics Inc.(a)(b) ...... 33,760 1,043,859 Zimmer Biomet Holdings Inc...... 105,531 18,695,872 Alnylam Pharmaceuticals Inc.(a)(b) ...... 59,403 8,354,438 Amgen Inc...... 293,236 70,271,075 709,658,571 Biogen Inc.(a) ...... 77,342 20,675,837 Health Care Providers & Services — 19.7% (a)(b) BioMarin Pharmaceutical Inc.(a)...... 92,318 7,193,419 1Life Healthcare Inc...... 38,948 1,694,627 (a) Bluebird Bio Inc.(a)(b) ...... 34,183 1,025,490 Acadia Healthcare Co. Inc...... 45,347 2,762,539 (a) Blueprint Medicines Corp.(a)(b) ...... 29,379 2,829,785 Amedisys Inc...... 16,698 4,505,955 Emergent BioSolutions Inc.(a)...... 22,897 1,396,259 Anthem Inc...... 124,340 47,173,353 (a) Exact Sciences Corp.(a) ...... 85,850 11,316,747 Centene Corp...... 295,281 18,230,649 Exelixis Inc.(a)...... 158,812 3,909,951 Chemed Corp...... 8,163 3,890,567 FibroGen Inc.(a)(b) ...... 42,303 944,203 Cigna Corp...... 178,636 44,482,150 (a) Gilead Sciences Inc...... 637,985 40,492,908 Covetrus Inc...... 50,555 1,448,401 Horizon Therapeutics PLC(a)...... 113,752 10,763,214 CVS Health Corp...... 665,789 50,866,280 (a)(b) Incyte Corp.(a) ...... 94,873 8,100,257 DaVita Inc...... 36,600 4,264,998 Ionis Pharmaceuticals Inc.(a)...... 71,407 3,057,648 Encompass Health Corp...... 50,332 4,271,174 (a) Moderna Inc.(a) ...... 154,255 27,583,879 Guardant Health Inc...... 43,341 6,890,352 Neurocrine Biosciences Inc.(a) ...... 47,749 4,511,803 HCA Healthcare Inc...... 134,613 27,065,290 (a) Novavax Inc.(a)(b) ...... 34,499 8,173,848 HealthEquity Inc...... 42,031 3,193,095 (a) Regeneron Pharmaceuticals Inc.(a) ...... 53,454 25,727,410 Henry Schein Inc...... 72,331 5,243,998 Sarepta Therapeutics Inc.(a)(b) ...... 40,263 2,852,231 Humana Inc...... 65,424 29,129,382 (a) Seagen Inc.(a) ...... 64,385 9,255,988 Laboratory Corp. of America Holdings ...... 49,553 13,174,656 (a) Ultragenyx Pharmaceutical Inc.(a) ...... 31,900 3,561,316 LHC Group Inc...... 16,079 3,348,773 United Therapeutics Corp.(a)...... 22,616 4,558,481 McKesson Corp...... 80,726 15,140,969 (a) Vertex Pharmaceuticals Inc.(a) ...... 131,984 28,798,909 Molina Healthcare Inc...... 30,049 7,665,500 (a)(b) Vir Biotechnology Inc.(a) ...... 32,977 1,574,322 Oak Street Health Inc...... 8,530 525,704 Premier Inc., Class A...... 35,975 1,271,716 434,721,550 Quest Diagnostics Inc...... 67,758 8,935,925 Health Care Equipment & Supplies — 27.7% Tenet Healthcare Corp.(a)...... 53,679 3,181,018 Abbott Laboratories ...... 899,424 108,002,834 UnitedHealth Group Inc...... 479,948 191,403,262 ABIOMED Inc.(a)(b) ...... 22,964 7,365,244 Universal Health Services Inc., Class B ...... 39,539 5,867,983 Align Technology Inc.(a) ...... 36,561 21,773,172 Baxter International Inc...... 256,447 21,974,943 505,628,316 Becton Dickinson and Co...... 147,519 36,704,202 Health Care Technology — 0.5% (a) Boston Scientific Corp.(a) ...... 719,509 31,370,592 American Well Corp., Class A ...... 28,372 436,645 (a)(b) Cooper Companies Inc. (The) ...... 24,954 10,253,349 GoodRx Holdings Inc., Class A ...... 20,039 801,761 (a)(b) Danaher Corp...... 321,819 81,722,717 Teladoc Health Inc...... 65,898 11,357,520 DENTSPLY SIRONA Inc...... 111,214 7,508,057 12,595,926 DexCom Inc.(a) ...... 48,831 18,853,649 Life Sciences Tools & Services — 9.8% Edwards Lifesciences Corp.(a) ...... 317,074 30,286,908 10X Genomics Inc., Class A(a) ...... 37,146 7,347,479 Globus Medical Inc., Class A(a) ...... 39,176 2,811,662 Agilent Technologies Inc...... 154,699 20,673,974 Haemonetics Corp.(a) ...... 25,696 1,728,313 Avantor Inc.(a) ...... 262,441 8,408,610 Hill-Rom Holdings Inc...... 33,638 3,707,580 Berkeley Lights Inc.(a)(b) ...... 4,233 207,883 Hologic Inc.(a)...... 130,817 8,575,054 Bio-Rad Laboratories Inc., Class A(a)...... 10,941 6,894,252 ICU Medical Inc.(a) ...... 9,974 2,077,285 Bio-Techne Corp...... 19,698 8,420,698 IDEXX Laboratories Inc.(a)...... 43,372 23,810,794 Bruker Corp...... 51,477 3,527,204 Insulet Corp.(a)(b)...... 33,550 9,904,631 Charles River Laboratories International Inc.(a) ...... 25,270 8,401,011 Integra LifeSciences Holdings Corp.(a)(b) ...... 35,977 2,665,176 Illumina Inc.(a) ...... 74,075 29,099,623 Intuitive Surgical Inc.(a) ...... 59,767 51,698,455 IQVIA Holdings Inc.(a) ...... 97,115 22,791,919 Masimo Corp.(a) ...... 25,815 6,006,376 Mettler-Toledo International Inc.(a) ...... 11,884 15,607,495 Medtronic PLC...... 684,430 89,605,576 PPD Inc.(a) ...... 55,373 2,558,233 Neogen Corp.(a) ...... 27,157 2,607,344 PRA Health Sciences Inc.(a) ...... 32,718 5,460,307 Novocure Ltd.(a) ...... 43,157 8,808,344 Repligen Corp.(a)...... 25,823 5,466,987 NuVasive Inc.(a) ...... 25,927 1,852,484 Syneos Health Inc.(a)...... 42,064 3,569,130

34 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares U.S. Healthcare ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Life Sciences Tools & Services (continued) Short-Term Investments Thermo Fisher Scientific Inc...... 199,934 $ 94,014,965 Money Market Funds — 1.4% Waters Corp.(a) ...... 31,573 9,467,796 BlackRock Cash Funds: Institutional, SL Agency Shares, 251,917,566 0.08%(c)(d)(e) ...... 33,892,194 $ 33,909,140 Pharmaceuticals — 25.2% BlackRock Cash Funds: Treasury, SL Agency Shares, (a) Atea Pharmaceuticals Inc...... 6,283 155,253 0.00%(c)(d) ...... 2,827,000 2,827,000 Bristol-Myers Squibb Co...... 1,137,513 71,003,561 36,736,140 Catalent Inc.(a) ...... 86,427 9,720,445 (a) Elanco Animal Health Inc...... 239,953 7,608,910 Total Short-Term Investments — 1.4% Eli Lilly & Co...... 403,881 73,817,330 (Cost: $36,724,328)...... 36,736,140 Jazz Pharmaceuticals PLC(a)(b) ...... 28,554 4,694,278 Johnson & Johnson ...... 1,334,608 217,180,760 Total Investments in Securities — 101.2% Merck & Co. Inc...... 1,284,667 95,707,692 (Cost: $2,067,584,301)...... 2,597,014,558 (a)(b) Nektar Therapeutics ...... 92,527 1,814,454 Other Assets, Less Liabilities — (1.2)%...... (31,975,660) Perrigo Co. PLC ...... 67,469 2,808,734 Pfizer Inc...... 2,831,818 109,449,766 Net Assets — 100.0% ...... $ 2,565,038,898

Royalty Pharma PLC, Class A ...... 43,215 1,901,460 (a) (a) Non-income producing security. Viatris Inc...... 612,848 8,150,878 (b) All or a portion of this security is on loan. Zoetis Inc...... 241,247 41,742,968 (c) Affiliate of the Fund. 645,756,489 (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 Total Common Stocks — 99.8% securities. (Cost: $2,030,859,973)...... 2,560,278,418

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

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P Select Sector Health Care E-Mini Index...... 38 06/18/21 $ 4,645 $ 207,725

S C HEDU LE O F I NVES TMENTS 35 Schedule of Investments (continued) iShares U.S. Healthcare ETF April 30, 2021

Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $207,725

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.

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 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments iShares U.S. Technology ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks IT Services (continued) International Business Machines Corp...... 630,006 $ 89,385,251 Communications Equipment — 3.0% MongoDB Inc.(a) ...... 36,578 10,880,492 Arista Networks Inc.(a) ...... 38,789 $ 12,225,129 Okta Inc.(a) ...... 86,849 23,423,175 Ciena Corp.(a) ...... 109,505 5,526,717 Perspecta Inc...... 95,773 2,803,276 Cisco Systems Inc...... 2,976,456 151,531,375 Snowflake Inc., Class A(a)(b) ...... 41,959 9,717,285 EchoStar Corp., Class A(a)(b) ...... 34,827 851,520 Twilio Inc., Class A(a)...... 112,753 41,470,553 F5 Networks Inc.(a) ...... 43,512 8,126,301 VeriSign Inc.(a)...... 70,241 15,366,623 Juniper Networks Inc...... 230,787 5,859,682 Lumentum Holdings Inc.(a) ...... 53,619 4,560,296 293,104,233 Motorola Solutions Inc...... 119,128 22,431,803 Semiconductors & Semiconductor Equipment — 19.6% (a) Ubiquiti Inc...... 5,354 1,527,657 Advanced Micro Devices Inc...... 854,347 69,731,802 (a) Viavi Solutions Inc.(a) ...... 160,270 2,622,017 Allegro MicroSystems Inc...... 29,414 725,938 Analog Devices Inc...... 259,901 39,806,437 215,262,497 Applied Materials Inc...... 646,969 85,859,256 Diversified Telecommunication Services — 0.2% Broadcom Inc...... 287,806 131,297,097 Liberty Global PLC, Class A(a) ...... 100,658 2,707,700 Cirrus Logic Inc.(a)(b) ...... 40,532 3,015,986 Liberty Global PLC, Class C, NVS(a)(b) ...... 250,799 6,786,621 Cree Inc.(a)(b) ...... 81,332 8,086,027 Lumen Technologies Inc...... 696,742 8,939,200 Enphase Energy Inc.(a)...... 91,058 12,679,827 18,433,521 Entegris Inc...... 95,123 10,708,947 Electronic Equipment, Instruments & Components — 0.3% Intel Corp...... 2,864,507 164,795,088 CDW Corp./DE ...... 99,508 17,745,262 KLA Corp...... 108,522 34,222,413 SYNNEX Corp...... 28,883 3,500,619 Lam Research Corp...... 100,737 62,502,272 21,245,881 Marvell Technology Inc...... 560,915 25,358,967 Health Care Technology — 0.6% Maxim Integrated Products Inc...... 189,175 17,782,450 Cerner Corp...... 215,589 16,179,955 Microchip Technology Inc...... 189,581 28,492,128 Veeva Systems Inc., Class A(a) ...... 96,249 27,185,530 Micron Technology Inc.(a)...... 788,688 67,882,376 43,365,485 MKS Instruments Inc...... 38,974 6,980,633 Household Durables — 0.2% Monolithic Power Systems Inc...... 30,265 10,937,166 Garmin Ltd...... 105,502 14,479,094 NVIDIA Corp...... 437,114 262,434,503 NXP Semiconductors NV...... 195,150 37,568,326 Interactive Media & Services — 16.9% ON Semiconductor Corp.(a) ...... 289,559 11,292,801 Alphabet Inc., Class A(a) ...... 155,115 365,063,152 Power Integrations Inc...... 42,553 3,523,814 Alphabet Inc., Class C, NVS(a)...... 148,675 358,324,591 Qorvo Inc.(a) ...... 79,846 15,024,622 ANGI Inc.(a)(b) ...... 56,052 897,392 QUALCOMM Inc...... 800,905 111,165,614 Bumble Inc., Class A(a)...... 35,241 2,122,918 Semtech Corp.(a) ...... 45,311 3,069,367 Cargurus Inc.(a)...... 63,454 1,566,045 Silicon Laboratories Inc.(a)...... 31,082 4,381,008 Facebook Inc., Class A(a)...... 1,125,865 365,996,194 Skyworks Solutions Inc...... 116,255 21,080,519 IAC/InterActiveCorp.(a) ...... 58,565 14,844,471 SolarEdge Technologies Inc.(a) ...... 36,404 9,593,910 Match Group Inc.(a)(b) ...... 189,364 29,470,719 Teradyne Inc...... 117,647 14,715,287 Snap Inc., Class A, NVS(a)(b) ...... 653,168 40,378,846 Texas Instruments Inc...... 648,792 117,113,444 Twitter Inc.(a) ...... 562,255 31,047,721 Universal Display Corp...... 30,307 6,779,373 Zillow Group Inc., Class A(a) ...... 25,882 3,451,365 Xilinx Inc...... 173,455 22,195,302 (a)(b) Zillow Group Inc., Class C, NVS ...... 108,874 14,166,685 1,420,802,700 1,227,330,099 Software — 34.2% Internet & Direct Marketing Retail — 0.8% ACI Worldwide Inc.(a) ...... 83,128 3,140,576 Chewy Inc., Class A(a)(b) ...... 53,811 4,289,813 Adobe Inc.(a) ...... 337,933 171,784,861 DoorDash Inc., Class A(a)(b) ...... 24,061 3,444,813 Alteryx Inc., Class A(a)(b) ...... 41,543 3,396,140 eBay Inc...... 455,105 25,390,308 Anaplan Inc.(a)...... 99,304 5,923,484 Etsy Inc.(a) ...... 88,962 17,684,756 ANSYS Inc.(a) ...... 61,226 22,387,899 Grubhub Inc.(a) ...... 65,963 4,488,123 Asana Inc., Class A(a) ...... 11,334 377,649 (a) 55,297,813 Aspen Technology Inc...... 47,874 6,263,834 (a) IT Services — 4.0% Autodesk Inc...... 154,938 45,227,952 (a) Akamai Technologies Inc.(a)(b) ...... 114,678 12,465,499 Avalara Inc...... 60,293 8,544,121 (b) Amdocs Ltd...... 92,228 7,077,577 Bentley Systems Inc., Class B ...... 7,387 378,214 (a) Cognizant Technology Solutions Corp., Class A ...... 373,599 30,037,360 Bill.com Holdings Inc...... 43,555 6,734,910 (a) DXC Technology Co...... 178,072 5,860,349 Blackbaud Inc...... 33,740 2,399,589 (a) EPAM Systems Inc.(a)...... 39,598 18,125,984 Cadence Design Systems Inc...... 196,891 25,944,327 Fastly Inc., Class A(a)(b) ...... 60,363 3,855,385 CDK Global Inc...... 85,164 4,563,939 (a) Gartner Inc.(a) ...... 62,510 12,244,459 Ceridian HCM Holding Inc...... 92,417 8,731,558 GoDaddy Inc., Class A(a) ...... 119,684 10,390,965 Citrix Systems Inc...... 86,677 10,734,946

S C HEDU LE O F I NVES TMENTS 37 Schedule of Investments (continued) iShares U.S. Technology ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Software (continued) Software (continued) Cloudflare Inc., Class A(a) ...... 132,494 $ 11,227,542 Verint Systems Inc.(a)(b) ...... 45,755 $ 2,222,320 Coupa Software Inc.(a) ...... 50,941 13,705,167 VMware Inc., Class A(a)(b) ...... 56,613 9,105,069 Crowdstrike Holdings Inc., Class A(a) ...... 132,882 27,707,226 Workday Inc., Class A(a)...... 129,598 32,010,706 Datadog Inc., Class A(a) ...... 145,440 12,474,389 Zendesk Inc.(a) ...... 83,110 12,146,526 DocuSign Inc.(a) ...... 131,340 29,280,940 Zoom Video Communications Inc., Class A(a) ...... 144,196 46,080,716 Dolby Laboratories Inc., Class A...... 46,612 4,729,720 Zscaler Inc.(a)...... 52,769 9,901,575 (a)(b) Dropbox Inc., Class A ...... 209,115 5,374,255 2,484,422,467 (a) Dynatrace Inc...... 129,640 6,746,466 Technology Hardware, Storage & Peripherals — 20.0% (a) Elastic NV ...... 44,346 5,349,015 Apple Inc...... 10,218,207 1,343,285,492 (a) Fair Isaac Corp...... 20,664 10,774,416 Dell Technologies Inc., Class C(a) ...... 167,470 16,467,325 (a) FireEye Inc...... 168,385 3,346,652 Hewlett Packard Enterprise Co...... 918,310 14,711,326 (a) Five9 Inc...... 47,046 8,843,237 HP Inc...... 881,710 30,075,128 (a) Fortinet Inc...... 95,595 19,523,367 NetApp Inc...... 157,325 11,750,604 (a) Guidewire Software Inc...... 59,299 6,256,637 Pure Storage Inc., Class A(a) ...... 173,288 3,503,884 (a) HubSpot Inc...... 30,741 16,183,599 Seagate Technology PLC ...... 141,767 13,161,648 Intuit Inc...... 193,065 79,573,670 Western Digital Corp...... 216,033 15,258,411 (a) j2 Global Inc...... 29,867 3,613,907 Xerox Holdings Corp...... 116,631 2,815,473 Manhattan Associates Inc.(a) ...... 45,030 6,179,917 1,451,029,291 McAfee Corp., Class A ...... 25,204 611,953 Microsoft Corp...... 4,883,651 1,231,559,109 Total Common Stocks — 99.8% nCino Inc.(a) ...... 10,195 666,651 (Cost: $4,029,366,499)...... 7,244,773,081 New Relic Inc.(a)(b) ...... 38,281 2,461,468 NortonLifeLock Inc...... 410,689 8,874,989 Short-Term Investments Nuance Communications Inc.(a) ...... 201,188 10,697,166 Nutanix Inc., Class A(a)...... 136,575 3,692,988 Money Market Funds — 1.9% Oracle Corp...... 1,307,637 99,105,808 BlackRock Cash Funds: Institutional, SL Agency (c)(d)(e) Palantir Technologies Inc., Class A(a) ...... 309,129 7,122,332 Shares, 0.08% ...... 117,884,070 117,943,012 Palo Alto Networks Inc.(a) ...... 68,631 24,253,509 BlackRock Cash Funds: Treasury, SL Agency Shares, (c)(d) Paycom Software Inc.(a)...... 34,649 13,319,422 0.00% ...... 18,110,000 18,110,000 Paylocity Holding Corp.(a)(b) ...... 26,561 5,132,648 136,053,012 Pegasystems Inc.(b)...... 27,669 3,512,303 Proofpoint Inc.(a) ...... 40,388 6,951,179 Total Short-Term Investments — 1.9% PTC Inc.(a) ...... 73,991 9,688,382 (Cost: $136,019,061) ...... 136,053,012 (a)(b) Qualtrics International Inc., Class A ...... 39,733 1,484,028 Total Investments in Securities — 101.7% (a) RingCentral Inc., Class A ...... 56,652 18,069,155 (Cost: $4,165,385,560)...... 7,380,826,093 salesforce.com Inc.(a)(b) ...... 647,021 149,021,877 ServiceNow Inc.(a) ...... 138,258 70,009,703 Other Assets, Less Liabilities — (1.7)%...... (123,570,864) (a) Slack Technologies Inc., Class A ...... 353,938 15,006,971 Net Assets — 100.0% ...... $ 7,257,255,229 Smartsheet Inc., Class A(a) ...... 81,103 4,809,408 SolarWinds Corp.(a)(b)...... 50,566 852,543 (a) Non-income producing security. (b) Splunk Inc.(a) ...... 114,138 14,429,326 All or a portion of this security is on loan. (c) Affiliate of the Fund. SS&C Technologies Holdings Inc...... 158,229 11,743,756 (d) (a) Annualized 7-day yield as of period-end. Synopsys Inc...... 107,541 26,569,079 (e) (a)(b) All or a portion of this security was purchased with cash collateral received from loaned Trade Desk Inc. (The), Class A ...... 30,064 21,925,976 securities. Tyler Technologies Inc.(a)...... 28,637 12,166,716 Unity Software Inc.(a)...... 17,651 1,792,989

38 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares U.S. Technology ETF April 30, 2021

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

Futures Contracts

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

Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $454,891

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 HEDU LE O F I NVES TMENTS 39 Schedule of Investments (continued) iShares U.S. Technology ETF April 30, 2021

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 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments iShares U.S. Utilities ETF April 30, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Multi-Utilities (continued) Avista Corp...... 54,366 $ 2,501,923 Electric Utilities — 60.4% Black Hills Corp...... 49,405 3,407,957 ALLETE Inc...... 40,912 $ 2,878,568 CenterPoint Energy Inc...... 433,865 10,625,354 Alliant Energy Corp...... 196,553 11,040,382 CMS Energy Corp...... 227,279 14,634,495 American Electric Power Co. Inc...... 390,622 34,652,078 Consolidated Edison Inc...... 269,342 20,849,764 Avangrid Inc...... 43,708 2,224,737 Dominion Energy Inc...... 633,712 50,633,589 Duke Energy Corp...... 604,621 60,879,289 DTE Energy Co...... 152,420 21,341,848 Edison International...... 298,339 17,736,254 MDU Resources Group Inc...... 157,728 5,277,579 Entergy Corp...... 157,695 17,234,487 NiSource Inc...... 308,232 8,020,197 Evergy Inc...... 178,512 11,419,413 NorthWestern Corp...... 39,728 2,702,696 Eversource Energy...... 269,802 23,262,328 Public Service Enterprise Group Inc...... 397,299 25,093,405 Exelon Corp...... 767,974 34,512,752 Sempra Energy ...... 238,014 32,743,586 FirstEnergy Corp...... 427,286 16,202,685 WEC Energy Group Inc...... 248,117 24,109,529 Hawaiian Electric Industries Inc...... 85,887 3,698,294 IDACORP Inc...... 39,698 4,068,251 238,849,346 NextEra Energy Inc...... 1,541,612 119,490,346 Water Utilities — 3.7% NRG Energy Inc...... 192,468 6,894,204 American Water Works Co. Inc...... 142,718 22,262,581 PG&E Corp.(a) ...... 1,170,845 13,253,965 Essential Utilities Inc...... 175,652 8,278,479 Pinnacle West Capital Corp...... 88,642 7,503,545 30,541,060 PNM Resources Inc...... 67,534 3,333,478 Total Common Stocks — 99.9% Portland General Electric Co...... 70,443 3,582,731 (Cost: $796,528,409) ...... 820,991,512 PPL Corp...... 604,873 17,619,950 Southern Co. (The) ...... 831,115 54,994,880 Xcel Energy Inc...... 422,908 30,153,340 Short-Term Investments 496,635,957 Money Market Funds — 0.1% Gas Utilities — 4.1% BlackRock Cash Funds: Treasury, SL Agency Shares, Atmos Energy Corp...... 100,810 10,442,908 0.00%(b)(c) ...... 902,000 902,000 National Fuel Gas Co...... 71,715 3,561,367 Total Short-Term Investments — 0.1% New Jersey Resources Corp...... 75,740 3,177,293 (Cost: $902,000) ...... 902,000 ONE Gas Inc...... 41,894 3,371,210 Southwest Gas Holdings Inc...... 45,033 3,139,701 Total Investments in Securities — 100.0% Spire Inc...... 40,659 3,063,249 (Cost: $797,430,409) ...... 821,893,512 UGI Corp...... 164,046 7,170,450 Other Assets, Less Liabilities — 0.0% ...... 198,247 33,926,178 Independent Power and Renewable Electricity Producers — 2.6% Net Assets — 100.0%...... $ 822,091,759 AES Corp. (The) ...... 525,528 14,620,189 (a) Non-income producing security. Vistra Corp...... 380,485 6,418,782 (b) Affiliate of the Fund. 21,038,971 (c) Annualized 7-day yield as of period-end. Multi-Utilities — 29.1% Ameren Corp...... 199,286 16,907,424

S C HEDU LE O F I NVES TMENTS 41 Schedule of Investments (continued) iShares U.S. Utilities ETF April 30, 2021

Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 04/30/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income 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) — — 902,000902,000 1,501 — $ 4,454 $ (4,249) $902,000 $ 5,273 $ —

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P Select Sector Utilities E-Mini Index ...... 13 06/18/21 $ 873 $ 39,732

Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $ 39,732

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.

42 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares U.S. Utilities ETF April 30, 2021

Fair Value Measurements (continued)

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 ...... $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...... $ 3 9 , 7 3 2 $ — $ — $ 3 9 , 7 3 2

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 43 Statements of Assets and Liabilities April 30, 2021

iShares iShares iShares iShares Dow Jones Transportation U.S. Energy U.S. Healthcare U.S. ETF Average ETF ETF 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 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Statements of Assets and Liabilities (continued) April 30, 2021

iShares iShares U.S. Technology U.S. Utilities ETF 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 INANC IAL S T ATEMENTS 45 Statements of Operations Year Ended April 30, 2021

iShares iShares iShares iShares Dow Jones Transportation U.S. Energy U.S. Healthcare U.S. ETF Average ETF ETF 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 2021 I S H ARES A N N U AL R EPO RT TO S H AREHO LDERS Statements of Operations (continued) Year Ended April 30, 2021

iShares iShares U.S. Technology U.S. Utilities ETF 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 INANC IAL S T ATEMENTS 47 Statements of Changes in Net Assets

iShares iShares Dow Jones U.S. ETF Transportation Average 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...... $ 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Statements of Changes in Net Assets (continued)

iShares iShares U.S. Energy ETF U.S. Healthcare 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...... $ 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 INANC IAL S T ATEMENTS 49 Statements of Changes in Net Assets (continued)

iShares iShares U.S. Technology ETF U.S. Utilities 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...... $ 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Financial Highlights (For a share outstanding throughout each period)

iShares Dow Jones U.S. 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 ...... $ 71.50 $ 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 INANC IAL H I G HLIG HTS 51 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Transportation Average 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 ...... $ 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares U.S. Energy 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 ...... $ 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%

See notes to financial statements.

F INANC IAL H I G HLIG HTS 53 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares U.S. Healthcare 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 ...... $ 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%

See notes to financial statements.

54 2021 I S H ARES A N N U AL R EPO RT TO S H AREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares U.S. Technology 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 ...... $ 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 INANC IAL H I G HLIG HTS 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%

See notes to financial statements.

56 2021 I S H ARES A N N U AL R EPO RT TO S H AREHO LDERS 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”):

Diversification iShares ETF 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 off 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 orr 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 TES TO F INANC IAL S T ATEMENTS 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS 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:

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) 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 TES TO F INANC IAL S T ATEMENTS 59 Notes to Financial Statements (continued)

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) 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 off 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

60 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS 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 efffectively 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:

Fees Paid iShares ETF 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 TES TO F INANC IAL S T ATEMENTS 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:

Net Realized iShares ETF Purchases Sales 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:

In-kind In-kind iShares ETF Purchases 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 off 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS 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:

Accumulated iShares ETF Paid-in Capital 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:

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

Non-expiring Undistributed Capital Loss Net Unrealized iShares ETF Ordinary Income Carryforwards(a) 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) 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 and the characterization of corporate actions.

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:

Net Unrealized Gross Unrealized Gross Unrealized Appreciation iShares ETF Tax Cost Appreciation Depreciation (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 TES TO F INANC IAL S T ATEMENTS 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS 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 Year Ended 04/30/21 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 (a) (a) Shares redeemed...... (1,200,000) (100,050,090) (1,400,000) (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 (b) (b) Shares redeemed...... (21,150,000) (1,607,622,674)(17,600,000) (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 (a) (a) Shares redeemed...... (3,800,000) (285,761,440) (6,500,000) (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 TES TO F INANC IAL S T ATEMENTS 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 off $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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS 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 off 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 RT O F I NDEPENDENT R EGI S TERED P U BLIC A CCOUNTING F IRM 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:

Dividends-Received iShares ETF 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:

Qualified Dividend iShares ETF 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:

Qualified Business iShares ETF Income Dow Jones U.S...... $ 906,998

68 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS 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:

a) 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.

b) 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.

c) 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.

d) 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.

e) 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 ATEMENT R EGARDING L I Q UIDITY R I S K M ANAG EMENT P R OGRAM 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 % Breakdown of the Total Cumulative for the Fiscal Year Distributions for the Fiscal Year Net Net Investment Net Realized Return of Total Per Investment Net Realized Return of Total Per iShares ETF Income Capital Gains Capital Share Income Capital Gains Capital 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 2021 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS 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

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

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

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

(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

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

Cecilia H. Trustee (since Chair of the Finance Committee (since 2019) and Trustee and Member of the Director of iShares, Inc. (since 2005); Trustee of Herbert (72) 2005); Finance, Audit and Quality Committees of Stanford Health Care (since 2016); iShares U.S. ETF Trust (since 2011); Independent Trustee of WNET, New York's public media company (since 2011) and Member of Independent Board Chair of iShares, Inc. and Board Chair the Audit Committee (since 2018) and Investment Committee (since 2011); Chair iShares U.S. ETF Trust (since 2016); Trustee of (since 2016). (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of Thrivent Church Loan and Income Fund (since San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 2019). 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).

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

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

T RUSTEE AND O F FIC ER I N F O RMATION 71 Trustee and Officer Information (continued)

Independent Trustees (continued)

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

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

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

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

Madhav V. Trustee (since Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth Director of iShares, Inc. (since 2011); Trustee of Rajan (56) 2011); Fixed School of Business (since 2017); Advisory Board Member (since 2016) and Director iShares U.S. ETF Trust (since 2011). Income Plus (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Committee Chair Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of (since 2019). 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).

Officers

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

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

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

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

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

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

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

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

72 2021 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS 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 off 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 theirr 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 forr 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 NERAL I NFO RMATION 73 Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS Non-Voting Shares REIT Real Estate Investment Trust

74 2021 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS THIS PAGE INTENTIONALLY LEFT BLANK. 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. ©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. iS-AR-401-0421