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2020 Semi-Annual Report(Unaudited)

iShares Trust

• iShares Morningstar Large-Cap ETF | JKD | NYSE Arca• iShares Morningstar Large-Cap Growth ETF | JKE | NYSE Arca• iShares Morningstar Large-Cap Value ETF | JKF | NYSE Arca• iShares Morningstar Mid-Cap ETF | JKG | NYSE Arca• iShares Morningstar Mid-Cap Growth ETF | JKH | NYSE Arca• iShares Morningstar Mid-Cap Value ETF | JKI | NASDAQ• iShares Morningstar Small-Cap ETF | JKJ | NYSE Arca• iShares Morningstar Small-Cap Growth ETF | JKK | NYSE Arca• iShares Morningstar Small-Cap Value ETF | JKL | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies ofeach Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from yourfinancial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will benotified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can followthe instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue toreceive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your electionto receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take anyaction. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financialintermediary. Please note that not all financial intermediaries may offer this service.

OCTOBER 31, 2020

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in globalfinancial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vastdisruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities andbonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laidto rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S.economy. But as the threat from the coronavirus became more apparent throughout February and March2020, countries around the world took economically disruptive countermeasures. Stay-at-home ordersand closures of non-essential businesses became widespread, many workers were laid off, andunemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued,as businesses began to re-open and governments learned to adapt to life with the virus. Equity pricescontinued to rise throughout the summer, fed by strong fiscal and monetary support and improvingeconomic indicators. Many equity indices neared or surpassed all-time highs in early September 2020before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginallyduring the reporting period. International equities from developed economies declined, significantlylagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initiallydiverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environ-ment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bondprices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the“Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to postpositive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. Afterthe coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interestrates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, asdid several other central banks around the world, including the European Central Bank and the Bank ofJapan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth,we believe that the global expansion is likely to continue as economic activity resumes. Several risksremain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policyfatigue among governments already deep into deficit spending, and structural damage to the financialsystem from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given theextraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. Webelieve that international diversification and a focus on sustainability can help provide portfolio resilience,and the disruption created by the coronavirus appears to be accelerating the shift toward sustainableinvestments. We remain neutral on equities overall while favoring emerging market stocks and tiltingtoward the quality factor for its resilience.

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

Sincerely,

Rob KapitoPresident, BlackRock, Inc.

Total Returns as of October 31, 2020

6-Month 12-Month

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

13.29% 9.71%

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

18.13 (0.14)

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

8.57 (6.86)

Emerging market equities(MSCI Emerging MarketsIndex)

20.96 8.25

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

0.06 0.92

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

(1.63) 8.92

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

1.27 6.19

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

4.87 3.55

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

10.73 3.42

Past performance is no guarantee of future results. Indexperformance is shown for illustrative purposes only. Youcannot invest directly in an index.

The Markets in Review

Rob KapitoPresident, BlackRock, Inc.

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

Page

The Markets in Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Table of Contents

Investment Objective

The iShares Morningstar Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as representedby the Morningstar� Large Core IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investmentprofile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

6 Months 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.79% 11.10% 11.49% 13.29% 11.10% 72.27% 248.26%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.96 11.19 11.51 13.29 11.19 72.38 248.42Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.92 11.33 11.72 13.53 11.33 74.00 255.79

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 redemptionor sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(05/01/20)

EndingAccount Value

(10/31/20)

ExpensesPaid Duringthe Period (a)


(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,157.90 $ 1.09 $ 1,000.00 $ 1,024.20 $ 1.02 0.20%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.3%Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

TEN LARGEST HOLDINGS

SecurityPercent of


Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.9%Berkshire Hathaway Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Home Depot Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Thermo Fisher Scientific Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0PepsiCo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Coca-Cola Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9

(a) Excludes money market funds.

Fund Summary as of October 31, 2020 iShares� Morningstar Large-Cap ETF

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


The iShares Morningstar Large-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibitgrowth characteristics, as represented by the Morningstar� Large Growth IndexSM (the “Index”). The Fund invests in a representative sample of securities included in theIndex 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 areincluded in the Index.

Performance





Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,195.10 $ 1.38 $ 1,000.00 $ 1,023.90 $ 1.28 0.25%




SectorPercent of


Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.7%Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9


SecurityPercent of


Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0%Amazon.com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Facebook Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Tesla Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8PayPal Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Alphabet Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Netflix Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Alphabet Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6


Fund Summary as of October 31, 2020 iShares� Morningstar Large-Cap Growth ETF

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


The iShares Morningstar Large-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibitvalue characteristics, as represented by the Morningstar� Large Value IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Indexthat 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 includedin the Index.

Performance



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51% (11.63)% 6.01% 8.57% (11.63)% 33.89% 127.61%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25 (11.97) 5.93 8.53 (11.97) 33.36 126.69Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.61 (11.43) 6.28 8.85 (11.43) 35.58 133.43


Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,015.10 $ 1.27 $ 1,000.00 $ 1,023.90 $ 1.28 0.25%




SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0%Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6


SecurityPercent of


Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0%Procter & Gamble Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Verizon Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Walmart Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Comcast Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2AT&T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0


Fund Summary as of October 31, 2020 iShares� Morningstar Large-Cap Value ETF



The iShares Morningstar Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by theMorningstar� Mid Core IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profilesimilar 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



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.18% 0.24% 7.83% 11.45% 0.24% 45.77% 195.72%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.74 (0.10) 7.75 11.41 (0.10) 45.26 194.72Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.33 0.49 8.10 11.71 0.49 47.58 202.72


Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,161.80 $ 1.36 $ 1,000.00 $ 1,023.90 $ 1.28 0.25%




SectorPercent of


Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3%Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.7Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2


SecurityPercent of


Twitter Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5%TE Connectivity Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Trane Technologies PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4PPG Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3T Rowe Price Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Rockwell Automation Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2American Water Works Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Motorola Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Parker-Hannifin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2


Fund Summary as of October 31, 2020 iShares� Morningstar Mid-Cap ETF



The iShares Morningstar Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibitgrowth characteristics, as represented by the Morningstar� Mid Growth IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Indexthat 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 includedin the Index.

Performance




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


Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,270.20 $ 1.72 $ 1,000.00 $ 1,023.70 $ 1.53 0.30%




SectorPercent of


Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.2%Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6


SecurityPercent of


Zoom Video Communications Inc., Class A . . . . . . . . . . . . . . . . . . 3.2%Square Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2MercadoLibre Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Twilio Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Lululemon Athletica Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4DocuSign Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Workday Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Veeva Systems Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4IDEXX Laboratories Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Snap Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4


Fund Summary as of October 31, 2020 iShares� Morningstar Mid-Cap Growth ETF



The iShares Morningstar Mid-CapValue ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit valuecharacteristics, as represented by the Morningstar� Mid Value IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index thatcollectively 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 includedin the Index.

Performance





Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,120.50 $ 1.60 $ 1,000.00 $ 1,023.70 $ 1.53 0.30%




SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0%Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3


SecurityPercent of


Cummins Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6%Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Travelers Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Eversource Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5PACCAR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Public Service Enterprise Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.5Zimmer Biomet Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Carrier Global Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4American International Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4


Fund Summary as of October 31, 2020 iShares� Morningstar Mid-Cap Value ETF



The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented bythe Morningstar� Small Core IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profilesimilar 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





Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,130.40 $ 1.34 $ 1,000.00 $ 1,023.90 $ 1.28 0.25%




SectorPercent of


Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3%Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


SecurityPercent of


Nuance Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Dunkin' Brands Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Sunrun Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Williams-Sonoma Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Cree Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Darling Ingredients Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Eaton Vance Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0CubeSmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0HD Supply Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Mosaic Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Fund Summary as of October 31, 2020 iShares� Morningstar Small-Cap ETF



The iShares Morningstar Small-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibitgrowth characteristics, as represented by the Morningstar� Small Growth IndexSM (the “Index”). The Fund invests in a representative sample of securities included in theIndex 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 areincluded in the Index.

Performance




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


Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,274.10 $ 1.72 $ 1,000.00 $ 1,023.70 $ 1.53 0.30%




SectorPercent of


Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0%Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Other (each representing less than 1%). . . . . . . . . . . . . . . . . . . . . . 1.2


SecurityPercent of


Match Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4%Datadog Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8SolarEdge Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Enphase Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4MyoKardia Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Carvana Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Five9 Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Mirati Therapeutics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Boston Beer Co. Inc. (The), Class A . . . . . . . . . . . . . . . . . . . . . . . . . 1.1


Fund Summary as of October 31, 2020 iShares� Morningstar Small-Cap Growth ETF



The iShares Morningstar Small-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibitvalue characteristics, as represented by the Morningstar� Small Value IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Indexthat 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 includedin the Index.

Performance





Expense Example



(05/01/20)

EndingAccount Value

(10/31/20)



(05/01/20)

EndingAccount Value

(10/31/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,125.30 $ 1.61 $ 1,000.00 $ 1,023.70 $ 1.53 0.30%




SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.4%Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0


SecurityPercent of


Quanta Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Penn National Gaming Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1L Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1First Solar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Flex Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Owens Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Comerica Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Steel Dynamics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Tapestry Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Fund Summary as of October 31, 2020 iShares� Morningstar Small-Cap Value ETF


Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. Thesecircumstances 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, currentperformance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performanceresults 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 oron 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 orless 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. The price used to calculatemarket return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fundare 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 reinvestedat 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 doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable 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) ongoingcosts, 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 (orfrom 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 andcents) 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 feewaivers, 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 valuedivided 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 yourFund’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 yourFund 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 commissionsand 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 determinethe relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance

A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S 13

Security Shares Value

Common StocksAerospace & Defense — 2.3%L3Harris Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,495 $ 4,429,720Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,629 7,923,092Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,365 5,032,724

17,385,536Air Freight & Logistics — 0.9%FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,322 6,829,769

Beverages — 5.2%Brown-Forman Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,866 681,841Brown-Forman Corp., Class B, NVS . . . . . . . . . . . . . . . . . . . . . . . 35,398 2,467,595Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,345 14,771,001Constellation Brands Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 23,745 3,923,386Keurig Dr Pepper Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,431 3,024,394PepsiCo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,894 14,781,061

39,649,278Biotechnology — 3.8%AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,477 12,380,093Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,244 10,682,993Regeneron Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 11,352 6,170,493

29,233,579Capital Markets — 4.2%BlackRock Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,902 8,330,217Blackstone Group Inc. (The), Class A . . . . . . . . . . . . . . . . . . . . . . 90,664 4,571,279Charles Schwab Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,777 7,596,183CME Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,546 5,809,653Intercontinental Exchange Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,703 5,824,763

32,132,095Chemicals — 2.9%Air Products & Chemicals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,707 6,272,582Linde PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,896 9,892,385Sherwin-Williams Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,833 6,076,927

22,241,894Commercial Services & Supplies — 0.7%Waste Management Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,888 5,059,684

Consumer Finance — 0.8%American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,677 6,083,609

Diversified Financial Services — 3.8%Berkshire Hathaway Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . 144,857 29,246,628

Electric Utilities — 1.6%NextEra Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,133 12,162,597

Electrical Equipment — 0.6%Emerson Electric Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,846 4,849,272

Electronic Equipment, Instruments & Components — 0.6%Amphenol Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,592 4,806,081

Entertainment — 3.7%Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,120 6,218,948Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,026 4,556,655Walt Disney Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,007 16,975,849

27,751,452Equity Real Estate Investment Trusts (REITs) — 1.6%Digital Realty Trust Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,201 4,935,204Prologis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,244 7,265,805

12,201,009


Food & Staples Retailing — 1.7%Costco Wholesale Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,765 $ 13,147,899

Health Care Equipment & Supplies — 8.2%Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,115 14,937,708Baxter International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,380 4,838,817Becton Dickinson and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,498 6,817,873Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,644 5,299,650Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,125 12,423,852Medtronic PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,265 11,391,061Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,648 6,797,232

62,506,193Health Care Providers & Services — 6.1%Anthem Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,050 7,106,440Centene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,606 4,763,814Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,608 6,446,378Humana Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,906 5,951,668UnitedHealth Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,055 21,986,863

46,255,163Hotels, Restaurants & Leisure — 3.5%McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,069 13,007,697Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,513 9,262,370Yum! Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,717 4,266,768

26,536,835Industrial Conglomerates — 1.3%Honeywell International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,530 10,149,374

Insurance — 2.2%Aon PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,235 5,011,512Marsh & McLennan Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . 54,403 5,628,534Progressive Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,146 5,895,018

16,535,064Internet & Direct Marketing Retail — 0.9%Booking Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,078 6,616,555

IT Services — 4.6%Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,005 11,497,315Cognizant Technology Solutions Corp., Class A . . . . . . . . . . . . 70,962 5,068,106Fidelity National Information Services Inc. . . . . . . . . . . . . . . . . . . 58,081 7,236,312Fiserv Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,654 5,981,577Global Payments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,265 5,404,961

35,188,271Life Sciences Tools & Services — 2.6%IQVIA Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,589 4,248,430Thermo Fisher Scientific Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,186 15,227,840

19,476,270Multi-Utilities — 0.7%Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,406 4,939,936

Multiline Retail — 0.8%Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,474 5,942,809

Oil, Gas & Consumable Fuels — 0.4%EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,221 3,397,327

Pharmaceuticals — 4.6%Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192,136 11,230,349Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,509 9,068,144Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,801 14,951,824

35,250,317

Schedule of Investments (unaudited)October 31, 2020

iShares� Morningstar Large-Cap ETF(Percentages shown are based on Net Assets)



Road & Rail — 1.4%Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,866 $ 10,253,277

Semiconductors & Semiconductor Equipment — 3.8%Analog Devices Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,478 5,390,508Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,171 6,170,048Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,802 6,089,708Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,114 11,439,093

29,089,357Software — 1.3%Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,827 9,641,213

Specialty Retail — 6.2%Home Depot Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,294 21,681,923Lowe's Companies Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,575 10,367,408O'Reilly Automotive Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,934 4,337,184Ross Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,989 4,257,563TJX Companies Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,173 6,307,988

46,952,066Technology Hardware, Storage & Peripherals — 15.9%Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,108,850 120,709,411

Wireless Telecommunication Services — 0.9%T-Mobile U.S. Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,252 6,601,812

Total Common Stocks — 99.8%(Cost: $602,309,082) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 758,821,632


Short-Term InvestmentsMoney Market Funds — 0.1%BlackRock Cash Funds: Treasury, SL Agency Shares,

0.04%(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773,000 $ 773,000

Total Short-Term Investments — 0.1%(Cost: $773,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773,000

Total Investments in Securities — 99.9%(Cost: $603,082,082) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 759,594,632

Other Assets, Less Liabilities — 0.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550,099

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 760,144,731

(a) Non-income producing security.(b) Affiliate of the Fund.(c) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated IssuerValue at

04/30/20Purchases

at CostProceeds

from SalesNet Realized

Gain (Loss)

Change inUnrealized

Appreciation(Depreciation)

Value at10/31/20

SharesHeld at

10/31/20 Income

CapitalGain

Distributionsfrom

UnderlyingFunds

BlackRock Cash Funds: Institutional, SL AgencyShares(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,078,621 $ — $(3,077,446)(b) $ 923 $ (2,098) $ — — $ 4,835(c) $ —

BlackRock Cash Funds: Treasury, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933,000 — (1,160,000)(b) — — 773,000 773,000 937 —

BlackRock Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,133,988 2,263,328 (2,649,817) 450,542 1,132,176 8,330,217 13,902 117,844 —

$ 451,465 $ 1,130,078 $9,103,217 $123,616 $ —

(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.

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsS&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 12/18/20 $ 1,143 $ (28,333)

Schedule of Investments (unaudited) (continued)October 31, 2020

iShares� Morningstar Large-Cap ETF(Percentages shown are based on Net Assets)

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

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

EquityContracts

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,333

(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 variationmargin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

EquityContracts

Net Realized Gain (Loss) from:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 450,900

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(316,939)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,958,693

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 valuationof 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 October 31, 2020. The breakdown of the Fund's investmentsinto major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $758,821,632 $ — $ — $758,821,632Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773,000 — — 773,000

$759,594,632 $ — $ — $759,594,632

Derivative financial instruments(a)

LiabilitiesFutures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (28,333) $ — $ — $ (28,333)

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

See notes to financial statements.

Schedule of Investments (unaudited) (continued)October 31, 2020

iShares� Morningstar Large-Cap ETF



Common StocksAutomobiles — 3.0%Tesla Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,548 $ 51,433,926

Beverages — 2.0%Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,632 33,356,342

Biotechnology — 1.8%Vertex Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,534 30,323,464

Capital Markets — 4.1%Moody's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,481 33,514,755S&P Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,270 35,587,437

69,102,192Chemicals — 1.9%Ecolab Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,748 32,999,935

Entertainment — 2.6%Netflix Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,859 45,128,221

Equity Real Estate Investment Trusts (REITs) — 8.4%American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,121 36,771,787Crown Castle International Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 236,494 36,940,363Equinix Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,088 36,626,349SBA Communications Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,097 34,001,456

144,339,955Health Care Equipment & Supplies — 4.0%Edwards Lifesciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 447,637 32,091,097Intuitive Surgical Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,625 36,439,245

68,530,342Industrial Conglomerates — 2.0%Roper Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,340 33,546,856

Interactive Media & Services — 9.3%Alphabet Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,178 45,538,748Alphabet Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,533 44,631,268Facebook Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,085 68,957,184

159,127,200Internet & Direct Marketing Retail — 6.2%Amazon.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,827 105,739,996

IT Services — 10.6%Automatic Data Processing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 277,285 43,799,939Mastercard Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,995 43,871,837PayPal Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,516 46,442,413Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,081 47,804,448

181,918,637Life Sciences Tools & Services — 1.8%Illumina Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,653 30,631,933

Media — 4.4%Charter Communications Inc., Class A(a) . . . . . . . . . . . . . . . . . 64,525 38,961,486Sirius XM Holdings Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,230,076 35,698,335

74,659,821


Metals & Mining — 2.0%Newmont Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 554,806 $ 34,864,009

Personal Products — 2.2%Estee Lauder Companies Inc. (The), Class A . . . . . . . . . . . . . 169,779 37,293,655

Pharmaceuticals — 2.2%Zoetis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,543 37,979,543

Road & Rail — 1.9%Uber Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,239 33,083,885

Semiconductors & Semiconductor Equipment — 7.9%Advanced Micro Devices Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 508,172 38,260,270NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,124 52,203,609QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,092 44,544,309

135,008,188Software — 19.1%Adobe Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,623 44,094,343Autodesk Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,690 37,848,923Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,874 38,351,310Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591,957 119,853,534salesforce.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,093 44,152,901ServiceNow Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,482 43,030,849

327,331,860Textiles, Apparel & Luxury Goods — 2.5%Nike Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356,118 42,762,649

Total Common Stocks — 99.9%(Cost: $1,247,867,237). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,709,162,609

Short-Term InvestmentsMoney Market Funds — 0.3%BlackRock Cash Funds: Institutional, SL Agency Shares,

0.20%(c)(d)(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,356,871 3,359,221BlackRock Cash Funds: Treasury, SL Agency Shares,

0.04%(c)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,827,000 1,827,000

5,186,221

Total Short-Term Investments — 0.3%(Cost: $5,181,903) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,186,221

Total Investments in Securities — 100.2%(Cost: $1,253,049,140). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,714,348,830

Other Assets, Less Liabilities — (0.2)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,533,086)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,710,815,744

(a) Non-income producing security.(b) All or a portion of this security is on loan.(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Schedule of Investments (unaudited)October 31, 2020

iShares� Morningstar Large-Cap Growth ETF(Percentages shown are based on Net Assets)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated IssuerValue at

04/30/20Purchases

at CostProceeds

from SalesNet Realized

Gain (Loss)

Change inUnrealized


Value at10/31/20

SharesHeld at

10/31/20 Income

CapitalGain

Distributionsfrom

UnderlyingFunds

BlackRock Cash Funds: Institutional, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,714,086 $ — $(30,348,057)(a) $ 16,805 $ (23,613) $3,359,221 3,356,871 $80,681(b) $ —

BlackRock Cash Funds: Treasury, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,337,000 — (510,000)(a) — — 1,827,000 1,827,000 1,350 —

$ 16,805 $ (23,613) $5,186,221 $82,031 $ —

(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

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsS&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 12/18/20 $ 653 $ 5,018S&P Select Sector Consumer Discretionary E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 12/18/20 288 (1,824)S&P Select Sector Technology E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 12/18/20 558 (5,782)

(2,588)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statement

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