Schedule of Investments (unaudited) November 30, 2020 | iShares® High Yield Bond Factor ETF (Formerly iShares® Edge High Yield Defensive Bond ETF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.6% | ||||||||
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a) | $ | 250 | $ | 255,625 | ||||
|
| |||||||
Aerospace & Defense — 3.4% | ||||||||
Signature Aviation U.S. Holdings Inc., 5.38%, 05/01/26 (Call 05/01/21)(a) | 150 | 154,125 | ||||||
Spirit AeroSystems Inc. | ||||||||
5.50%, 01/15/25 (Call 10/15/22)(a) | 20 | 21,250 | ||||||
7.50%, 04/15/25 (Call 04/15/22)(a) | 250 | 267,500 | ||||||
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)(a) | 275 | 310,750 | ||||||
TransDigm Inc. | ||||||||
6.25%, 03/15/26 (Call 03/15/22)(a) | 175 | 185,500 | ||||||
6.38%, 06/15/26 (Call 06/15/21) | 250 | 259,675 | ||||||
6.50%, 07/15/24 (Call 12/31/20) | 100 | 101,500 | ||||||
6.50%, 05/15/25 (Call 12/31/20) | 75 | 76,500 | ||||||
|
| |||||||
1,376,800 | ||||||||
Agriculture — 1.3% | ||||||||
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a) | 200 | 215,346 | ||||||
Vector Group Ltd. | ||||||||
6.13%, 02/01/25 (Call 12/31/20)(a) | 240 | 243,000 | ||||||
10.50%, 11/01/26 (Call 11/01/21)(a) | 75 | 80,437 | ||||||
|
| |||||||
538,783 | ||||||||
Airlines — 2.2% | ||||||||
American Airlines Group Inc., 5.00%, 06/01/22(a) | 200 | 165,500 | ||||||
American Airlines Inc., 11.75%, 07/15/25(a) | 300 | 331,800 | ||||||
Delta Air Lines Inc. | ||||||||
3.80%, 04/19/23 (Call 03/19/23) | 75 | 75,950 | ||||||
7.38%, 01/15/26 (Call 12/15/25) | 275 | 309,207 | ||||||
|
| |||||||
882,457 | ||||||||
Auto Manufacturers — 3.4% | ||||||||
Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)(a) | 100 | 111,500 | ||||||
Ford Motor Co. | ||||||||
8.50%, 04/21/23 | 100 | 112,095 | ||||||
9.00%, 04/22/25 (Call 03/22/25) | 275 | 334,188 | ||||||
9.63%, 04/22/30 (Call 01/22/30) | 275 | 382,825 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
4.50%, 10/01/27 (Call 07/01/27)(a) | 200 | 182,798 | ||||||
5.63%, 02/01/23 (Call 12/31/20)(a) | 100 | 98,951 | ||||||
Navistar International Corp., 9.50%, 05/01/25 (Call 05/01/22)(a) | 150 | 167,812 | ||||||
|
| |||||||
1,390,169 | ||||||||
Auto Parts & Equipment — 0.3% | ||||||||
Meritor Inc., 6.25%, 02/15/24 (Call 12/28/20) | 100 | 102,025 | ||||||
|
| |||||||
Banks — 0.6% | ||||||||
Intesa Sanpaolo SpA, 5.71%, 01/15/26(a) | 200 | 226,935 | ||||||
|
| |||||||
Building Materials — 0.3% | ||||||||
Builders FirstSource Inc., 6.75%, 06/01/27 (Call 06/01/22)(a) | 68 | 73,100 | ||||||
Norbord Inc., 5.75%, 07/15/27 (Call 07/15/22)(a) | 50 | 53,625 | ||||||
|
| |||||||
126,725 | ||||||||
Chemicals — 2.7% | ||||||||
GCP Applied Technologies Inc., 5.50%, 04/15/26 (Call 04/15/21)(a) | 25 | 25,625 | ||||||
OCI NV, 5.25%, 11/01/24 (Call 11/01/21)(a) | 200 | 208,000 | ||||||
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 12/31/20)(a) | 170 | 168,725 | ||||||
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 12/28/20)(a) | 150 | 127,125 | ||||||
Sasol Financing USA LLC, 5.88%, 03/27/24 (Call 02/27/24) | 400 | 412,400 |
Security | Par (000) | Value | ||||||
| ||||||||
Chemicals (continued) | ||||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 12/31/20)(a) | $ | 160 | $ | 163,600 | ||||
|
| |||||||
1,105,475 | ||||||||
Commercial Services — 4.1% | ||||||||
Cimpress PLC, 7.00%, 06/15/26 (Call 06/15/21)(a)(b) | 150 | 154,125 | ||||||
Graham Holdings Co., 5.75%, 06/01/26 (Call 06/01/21)(a) | 50 | 52,750 | ||||||
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(a) | 75 | 78,446 | ||||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 12/31/20)(a) | 72 | 72,000 | ||||||
North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22(a) | 200 | 189,121 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||
5.25%, 04/15/24(a) | 175 | 185,500 | ||||||
5.75%, 04/15/26(a) | 225 | 244,125 | ||||||
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/31/20)(a) | 150 | 154,687 | ||||||
Sabre GLBL Inc. | ||||||||
5.25%, 11/15/23 (Call 12/31/20)(a)(b) | 150 | 150,938 | ||||||
7.38%, 09/01/25 (Call 09/01/22)(a) | 200 | 215,500 | ||||||
United Rentals North America Inc., 4.88%, 01/15/28 (Call 01/15/23) | 150 | 160,125 | ||||||
|
| |||||||
1,657,317 | ||||||||
Computers — 1.2% | ||||||||
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a) | 150 | 162,795 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b) | 310 | 338,578 | ||||||
|
| |||||||
501,373 | ||||||||
Cosmetics & Personal Care — 0.7% | ||||||||
Coty Inc., 6.50%, 04/15/26 (Call 04/15/21)(a)(b) | 150 | 146,250 | ||||||
Edgewell Personal Care Co., 4.70%, 05/24/22 | 125 | 129,688 | ||||||
|
| |||||||
275,938 | ||||||||
Diversified Financial Services — 3.6% | ||||||||
Credit Acceptance Corp., 6.63%, 03/15/26 (Call 03/15/22)(b) | 75 | 79,313 | ||||||
Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/21)(a) | 215 | 182,750 | ||||||
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)(a) | 150 | 155,813 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.25%, 06/03/26 (Call 06/01/22)(a) | 100 | 105,325 | ||||||
LPL Holdings Inc., 5.75%, 09/15/25 | 225 | 232,879 | ||||||
OneMain Finance Corp. | ||||||||
6.63%, 01/15/28 (Call 07/15/27) | 50 | 57,625 | ||||||
6.88%, 03/15/25 | 300 | 342,750 | ||||||
7.13%, 03/15/26 | 250 | 287,772 | ||||||
|
| |||||||
1,444,227 | ||||||||
Electric — 3.0% | ||||||||
Clearway Energy Operating LLC, 5.75%, 10/15/25 (Call 10/15/21) | 150 | 157,875 | ||||||
Drax Finco PLC, 6.63%, 11/01/25 (Call 05/01/21)(a) | 200 | 209,000 | ||||||
NRG Energy Inc. | ||||||||
5.75%, 01/15/28 (Call 01/15/23) | 150 | 163,702 | ||||||
7.25%, 05/15/26 (Call 05/15/21)(b) | 200 | 211,940 | ||||||
PG&E Corp., 5.00%, 07/01/28 (Call 07/01/23) | 350 | 373,625 | ||||||
Vistra Operations Co. LLC, 5.63%, 02/15/27 (Call 02/15/22)(a) | 100 | 105,630 | ||||||
|
| |||||||
1,221,772 | ||||||||
Electronics — 0.3% | ||||||||
Sensata Technologies BV, 4.88%, 10/15/23(a) | 125 | 134,375 | ||||||
|
| |||||||
Engineering & Construction — 1.1% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 250 | 279,375 | ||||||
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)(b) | 175 | 171,064 | ||||||
|
| |||||||
450,439 |
1
Schedule of Investments (unaudited) (continued) November 30, 2020 | iShares® High Yield Bond Factor ETF (Formerly iShares® Edge High Yield Defensive Bond ETF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Entertainment — 1.4% | ||||||||
Live Nation Entertainment Inc., 6.50%, 05/15/27 (Call 05/15/23)(a) | $ | 250 | $ | 276,875 | ||||
Six Flags Entertainment Corp. | ||||||||
4.88%, 07/31/24 (Call 12/31/20)(a) | 250 | 249,060 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) | 50 | 50,250 | ||||||
|
| |||||||
576,185 | ||||||||
Environmental Control — 0.6% | ||||||||
Covanta Holding Corp., 5.88%, 07/01/25 (Call 12/31/20) | 75 | 78,094 | ||||||
Stericycle Inc., 5.38%, 07/15/24 (Call 07/15/21)(a) | 150 | 156,000 | ||||||
|
| |||||||
234,094 | ||||||||
Food — 4.1% | ||||||||
BRF GmbH, 4.35%, 09/29/26(a) | 200 | 208,800 | ||||||
Del Monte Foods Inc., 11.88%, 05/15/25 (Call 05/15/22)(a) | 125 | 136,562 | ||||||
Kraft Heinz Foods Co. | ||||||||
4.38%, 06/01/46 (Call 12/01/45) | 300 | 320,384 | ||||||
4.88%, 10/01/49 (Call 04/01/49)(a) | 200 | 225,582 | ||||||
5.50%, 06/01/50 (Call 12/01/49)(a) | 125 | 154,797 | ||||||
6.88%, 01/26/39 | 100 | 139,088 | ||||||
Pilgrim’s Pride Corp. | ||||||||
5.75%, 03/15/25 (Call 12/28/20)(a) | 125 | 128,400 | ||||||
5.88%, 09/30/27 (Call 09/30/22)(a) | 180 | 193,500 | ||||||
Post Holdings Inc., 5.75%, 03/01/27 (Call 03/01/22)(a) | 150 | 157,875 | ||||||
|
| |||||||
1,664,988 | ||||||||
Gas — 1.0% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
5.63%, 05/20/24 (Call 03/20/24) | 200 | 218,000 | ||||||
5.75%, 05/20/27 (Call 02/20/27) | 125 | 141,250 | ||||||
5.88%, 08/20/26 (Call 05/20/26) | 25 | 28,094 | ||||||
|
| |||||||
387,344 | ||||||||
Health Care - Services — 1.2% | ||||||||
AHP Health Partners Inc., 9.75%, 07/15/26 (Call 07/15/21)(a) | 125 | 136,875 | ||||||
HCA Inc., 5.38%, 02/01/25 | 150 | 167,930 | ||||||
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22) | 175 | 184,187 | ||||||
|
| |||||||
488,992 | ||||||||
Holding Companies - Diversified — 1.2% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
6.25%, 05/15/26 (Call 05/15/22) | 225 | 235,111 | ||||||
6.38%, 12/15/25 (Call 12/28/20) | 225 | 231,188 | ||||||
|
| |||||||
466,299 | ||||||||
Home Builders — 0.7% | ||||||||
Forestar Group Inc., 8.00%, 04/15/24 (Call 04/15/21)(a) | 50 | 52,688 | ||||||
MDC Holdings Inc., 6.00%, 01/15/43 (Call 10/15/42) | 75 | 97,500 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | 125 | 136,400 | ||||||
|
| |||||||
286,588 | ||||||||
Insurance — 0.5% | ||||||||
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a) | 50 | 55,356 | ||||||
Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26) | 125 | 133,125 | ||||||
|
| |||||||
188,481 | ||||||||
Internet — 2.3% | ||||||||
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 07/01/22)(a)(b) | 150 | 157,125 | ||||||
Netflix Inc. | ||||||||
4.88%, 04/15/28 | 100 | 114,500 | ||||||
5.88%, 02/15/25 | 175 | 199,937 | ||||||
6.38%, 05/15/29 | 150 | 188,219 | ||||||
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 12/11/20)(a) | 250 | 254,650 | ||||||
Uber Technologies Inc., 8.00%, 11/01/26 (Call 11/01/21)(a) | 30 | 32,421 | ||||||
|
| |||||||
946,852 |
Security | Par (000) | Value | ||||||
| ||||||||
Iron & Steel — 3.2% | ||||||||
Cleveland-Cliffs Inc. | ||||||||
5.75%, 03/01/25 (Call 12/28/20) | $ | 150 | $ | 149,250 | ||||
5.88%, 06/01/27 (Call 06/01/22) | 150 | 149,625 | ||||||
9.88%, 10/17/25 (Call 10/17/22)(a) | 167 | 194,764 | ||||||
Mineral Resources Ltd., 8.13%, 05/01/27 (Call 05/01/22)(a)(b) | 200 | 220,810 | ||||||
United States Steel Corp., 12.00%, 06/01/25 (Call 06/01/22)(a) | 500 | 570,000 | ||||||
|
| |||||||
1,284,449 | ||||||||
Leisure Time — 3.2% | ||||||||
Carnival Corp. | ||||||||
10.50%, 02/01/26 (Call 08/01/23)(a) | 150 | 177,375 | ||||||
11.50%, 04/01/23 (Call 01/01/23)(a) | 250 | 284,687 | ||||||
NCL Corp. Ltd. | ||||||||
10.25%, 02/01/26 (Call 08/01/23)(a) | 75 | 85,125 | ||||||
12.25%, 05/15/24 (Call 02/15/24)(a) | 205 | 243,120 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
5.25%, 11/15/22 | 225 | 221,625 | ||||||
9.13%, 06/15/23 (Call 03/15/23)(a) | 150 | 162,375 | ||||||
10.88%, 06/01/23 (Call 03/01/23)(a) | 100 | 113,125 | ||||||
|
| |||||||
1,287,432 | ||||||||
Lodging — 1.5% | ||||||||
Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 05/15/22)(a) | 100 | 106,358 | ||||||
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21) | 200 | 210,000 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||
5.25%, 05/15/27 (Call 02/15/27)(a)(b) | 50 | 50,500 | ||||||
5.50%, 03/01/25 (Call 12/01/24)(a) | 250 | 255,000 | ||||||
|
| |||||||
621,858 | ||||||||
Machinery — 1.0% | ||||||||
Mueller Water Products Inc., 5.50%, 06/15/26 (Call 06/15/21)(a) . | 100 | 103,750 | ||||||
RBS Global Inc./Rexnord LLC, 4.88%, 12/15/25 (Call 12/31/20)(a) | 125 | 127,500 | ||||||
Terex Corp., 5.63%, 02/01/25 (Call 12/21/20)(a) | 150 | 153,937 | ||||||
|
| |||||||
385,187 | ||||||||
Media — 3.7% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, 05/01/27 (Call 05/01/21)(a) | 250 | 261,062 | ||||||
DISH DBS Corp. | ||||||||
5.00%, 03/15/23 | 200 | 208,000 | ||||||
7.38%, 07/01/28 (Call 07/01/23) | 25 | 27,125 | ||||||
7.75%, 07/01/26(b) | 275 | 313,844 | ||||||
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)(b) | 40 | 39,750 | ||||||
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a) | 200 | 214,100 | ||||||
Virgin Media Secured Finance PLC | ||||||||
5.50%, 08/15/26 (Call 08/15/21)(a) | 200 | 209,250 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a) | 200 | 217,000 | ||||||
|
| |||||||
1,490,131 | ||||||||
Mining — 2.7% | ||||||||
Arconic Corp., 6.13%, 02/15/28 (Call 02/15/23)(a) | 200 | 217,000 | ||||||
First Quantum Minerals Ltd., 7.25%, 04/01/23 (Call 12/31/20)(a) | 200 | 204,390 | ||||||
FMG Resources August 2006 Pty Ltd. | ||||||||
5.13%, 03/15/23 (Call 12/15/22)(a) | 125 | 131,718 | ||||||
5.13%, 05/15/24 (Call 02/15/24)(a) | 200 | 216,000 | ||||||
Freeport-McMoRan Inc. | ||||||||
3.88%, 03/15/23 (Call 12/15/22) | 100 | 104,000 | ||||||
5.40%, 11/14/34 (Call 05/14/34) | 25 | 30,969 | ||||||
5.45%, 03/15/43 (Call 09/15/42) | 50 | 62,283 |
2
Schedule of Investments (unaudited) (continued) November 30, 2020 | iShares® High Yield Bond Factor ETF (Formerly iShares® Edge High Yield Defensive Bond ETF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Mining (continued) | ||||||||
Joseph T Ryerson & Son Inc., 8.50%, 08/01/28 (Call 08/01/23)(a) | $ | 125 | $ | 136,250 | ||||
|
| |||||||
1,102,610 | ||||||||
Office & Business Equipment — 0.1% | ||||||||
Pitney Bowes Inc., 4.63%, 03/15/24 (Call 12/15/23)(b) | 37 | 36,508 | ||||||
|
| |||||||
Oil & Gas — 6.8% | ||||||||
Cenovus Energy Inc., 3.80%, 09/15/23 (Call 06/15/23) | 150 | 154,726 | ||||||
Comstock Resources Inc. | ||||||||
7.50%, 05/15/25 (Call 12/31/20)(a) | 150 | 149,625 | ||||||
9.75%, 08/15/26 (Call 08/15/21) | 200 | 211,520 | ||||||
Continental Resources Inc./OK, 5.00%, 09/15/22 (Call 12/28/20) | 50 | 50,125 | ||||||
EQT Corp., 7.88%, 02/01/25 (Call 01/01/25) | 250 | 286,250 | ||||||
Jagged Peak Energy LLC, 5.88%, 05/01/26 (Call 05/01/21) | 150 | 155,580 | ||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 08/01/21)(a) | 65 | 64,350 | ||||||
Occidental Petroleum Corp. | ||||||||
3.13%, 02/15/22 (Call 11/15/21) | 175 | 174,554 | ||||||
3.50%, 06/15/25 (Call 03/15/25) | 300 | 280,500 | ||||||
5.55%, 03/15/26 (Call 12/15/25) | 375 | 372,187 | ||||||
6.95%, 07/01/24 | 200 | 211,000 | ||||||
7.88%, 09/15/31 | 25 | 26,625 | ||||||
8.50%, 07/15/27 (Call 01/15/27)(b) | 50 | 55,500 | ||||||
Parkland Corp., 6.00%, 04/01/26 | 150 | 158,019 | ||||||
Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27) | 100 | 85,017 | ||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||
4.50%, 05/15/29 (Call 05/15/24)(a) | 10 | 10,313 | ||||||
4.88%, 01/15/23 (Call 12/28/20) | 250 | 253,867 | ||||||
5.50%, 02/15/26 (Call 02/15/21) | 65 | 67,397 | ||||||
|
| |||||||
2,767,155 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24) | 175 | 158,340 | ||||||
|
| |||||||
Packaging & Containers — 1.0% | ||||||||
Berry Global Inc. | ||||||||
4.50%, 02/15/26 (Call 02/15/21)(a) | 125 | 128,125 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) | 10 | 10,650 | ||||||
Klabin Austria GmbH, 7.00%, 04/03/49 (Call 10/03/48)(a) | 200 | 250,504 | ||||||
|
| |||||||
389,279 | ||||||||
Pharmaceuticals — 3.0% | ||||||||
Bausch Health Americas Inc. | ||||||||
8.50%, 01/31/27 (Call 07/31/22)(a) | 200 | 220,000 | ||||||
9.25%, 04/01/26 (Call 04/01/22)(a) | 225 | 249,795 | ||||||
Bausch Health Companies Inc. | ||||||||
5.00%, 01/30/28 (Call 01/30/23)(a) | 15 | 14,996 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) | 15 | 15,323 | ||||||
7.00%, 03/15/24 (Call 12/31/20)(a) | 50 | 51,525 | ||||||
9.00%, 12/15/25 (Call 12/15/21)(a) | 225 | 247,207 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||
6.00%, 06/30/28 (Call 06/30/23)(a) | 350 | 276,500 | ||||||
9.50%, 07/31/27 (Call 07/31/23)(a) | 75 | 82,530 | ||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a) | 72 | 77,760 | ||||||
|
| |||||||
1,235,636 | ||||||||
Pipelines — 4.6% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||
5.38%, 09/15/24 (Call 12/16/20) | 225 | 210,375 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | 175 | 159,469 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 (Call 03/01/25) | 200 | 184,000 |
Security | Par (000) | Value | ||||||
| ||||||||
Pipelines (continued) | ||||||||
4.40%, 04/01/24 (Call 01/01/24) | $ | 225 | $ | 216,833 | ||||
5.45%, 06/01/47 (Call 12/01/46) | 50 | 37,000 | ||||||
EQM Midstream Partners LP | ||||||||
4.75%, 07/15/23 (Call 06/15/23) | 300 | 306,000 | ||||||
6.50%, 07/15/48 (Call 01/15/48) | 150 | 148,500 | ||||||
New Fortress Energy Inc., 6.75%, 09/15/25 (Call 09/15/22)(a) | 275 | 292,187 | ||||||
Western Midstream Operating LP, 6.25%, 02/01/50 (Call 08/01/49) | 300 | 298,500 | ||||||
|
| |||||||
1,852,864 | ||||||||
Real Estate — 2.4% | ||||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/15/23)(a) | 175 | 189,656 | ||||||
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/31/20)(a) | 175 | 183,750 | ||||||
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 12/31/20)(a) | 250 | 257,187 | ||||||
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 12/31/20) | 250 | 253,438 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 06/15/25 (Call 06/15/22)(a) | 100 | 108,197 | ||||||
|
| |||||||
992,228 | ||||||||
Real Estate Investment Trusts — 4.7% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a)(b) | 325 | 299,000 | ||||||
ESH Hospitality Inc. | ||||||||
4.63%, 10/01/27 (Call 10/01/22)(a) | 50 | 50,875 | ||||||
5.25%, 05/01/25 (Call 12/31/20)(a)(b) | 175 | 179,156 | ||||||
Iron Mountain Inc., 5.25%, 03/15/28 | 25 | 26,156 | ||||||
New Residential Investment Corp., 6.25%, 10/15/25 (Call 10/15/22)(a) | 175 | 171,500 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 10/01/23)(a) | 225 | 237,094 | ||||||
Service Properties Trust | ||||||||
4.35%, 10/01/24 (Call 09/01/24) | 200 | 191,500 | ||||||
4.75%, 10/01/26 (Call 08/01/26) | 150 | 140,970 | ||||||
Starwood Property Trust Inc., 5.00%, 12/15/21 (Call 09/15/21) | 150 | 152,250 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.13%, 12/15/24 (Call 12/31/20)(a) | 40 | 39,100 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 8.25%, 10/15/23 (Call 12/28/20) | 300 | 300,375 | ||||||
XHR LP, 6.38%, 08/15/25 (Call 08/15/22)(a) | 125 | 130,938 | ||||||
|
| |||||||
1,918,914 | ||||||||
Retail — 5.3% | ||||||||
1011778 BC ULC/New Red Finance Inc., 4.25%, 05/15/24 (Call 12/31/20)(a) | 77 | 78,565 | ||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 07/15/22)(a) | 65 | 70,688 | ||||||
Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)(a) | 75 | 77,250 | ||||||
Bed Bath & Beyond Inc., 5.17%, 08/01/44 (Call 02/01/44) | 225 | 192,094 | ||||||
Gap Inc. (The), 8.63%, 05/15/25 (Call 05/15/22)(a) | 200 | 222,250 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 06/01/26 | 50 | 51,747 | ||||||
L Brands Inc. | ||||||||
6.75%, 07/01/36 | 110 | 119,075 | ||||||
6.88%, 11/01/35 | 350 | 381,062 | ||||||
Macy’s Inc., 8.38%, 06/15/25 (Call 06/15/22)(a) | 150 | 163,492 | ||||||
Macy’s Retail Holdings LLC, 2.88%, 02/15/23 (Call 11/15/22) | 250 | 232,500 | ||||||
PetSmart Inc. | ||||||||
5.88%, 06/01/25 (Call 12/28/20)(a) | 275 | 279,125 | ||||||
8.88%, 06/01/25 (Call 12/11/20)(a) | 100 | 100,750 |
3
Schedule of Investments (unaudited) (continued) November 30, 2020 | iShares® High Yield Bond Factor ETF (Formerly iShares® Edge High Yield Defensive Bond ETF) (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
| ||||||||
Retail (continued) | ||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 12/28/20) | $ | 150 | $ | 153,335 | ||||
Yum! Brands Inc., 4.75%, 01/15/30 | 10 | 10,811 | ||||||
|
| |||||||
2,132,744 | ||||||||
Semiconductors — 0.5% | ||||||||
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a) | 200 | 207,500 | ||||||
|
| |||||||
Software — 0.4% | ||||||||
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., 6.00%, 07/15/25 (Call 12/07/20)(a) | 50 | 52,270 | ||||||
Open Text Corp., 5.88%, 06/01/26 | 100 | 104,250 | ||||||
|
| |||||||
156,520 | ||||||||
Telecommunications — 8.7% | ||||||||
Altice France Holding SA, 10.50%, 05/15/27 (Call 05/15/22)(a) | 200 | 225,440 | ||||||
Altice France SA/France | ||||||||
7.38%, 05/01/26 (Call 05/01/21)(a) | 300 | 315,000 | ||||||
8.13%, 02/01/27 (Call 02/01/22)(a) | 100 | 110,250 | ||||||
CenturyLink Inc. | ||||||||
Series P, 7.60%, 09/15/39 | 125 | 147,257 | ||||||
Series U, 7.65%, 03/15/42 | 75 | 88,688 | ||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24) | 200 | 224,000 | ||||||
Embarq Corp., 8.00%, 06/01/36 | 200 | 240,240 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 08/01/26 | 150 | 165,517 | ||||||
6.63%, 08/01/26(b) | 175 | 194,687 | ||||||
Sprint Capital Corp., 8.75%, 03/15/32 | 185 | 284,092 | ||||||
Sprint Corp. | ||||||||
7.13%, 06/15/24 | 225 | 261,844 | ||||||
7.63%, 02/15/25 (Call 11/15/24) | 250 | 299,375 | ||||||
7.63%, 03/01/26 (Call 11/01/25) | 25 | 31,087 | ||||||
7.88%, 09/15/23 | 55 | 63,434 | ||||||
Telecom Italia Capital SA, 7.72%, 06/04/38 | 100 | 136,819 | ||||||
Telesat Canada/Telesat LLC | ||||||||
4.88%, 06/01/27 (Call 12/01/22)(a) | 100 | 101,750 | ||||||
6.50%, 10/15/27 (Call 10/15/22)(a)(b) | 150 | 154,500 | ||||||
T-Mobile USA Inc., 5.13%, 04/15/25 (Call 12/08/20) | 150 | 153,892 | ||||||
ViaSat Inc. | ||||||||
5.63%, 09/15/25 (Call 12/11/20)(a) | 125 | 127,188 | ||||||
5.63%, 04/15/27 (Call 04/15/22)(a) | 200 | 210,000 | ||||||
|
| |||||||
3,535,060 |
Security | Par/ Shares | Value | ||||||
| ||||||||
Toys, Games & Hobbies — 0.7% | ||||||||
Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)(a)(b) | $ | 250 | $ | 262,925 | ||||
|
| |||||||
Transportation — 0.6% | ||||||||
XPO Logistics Inc. | ||||||||
6.13%, 09/01/23 (Call 12/31/20)(a) | 50 | 50,925 | ||||||
6.75%, 08/15/24 (Call 08/15/21)(a) | 200 | 211,910 | ||||||
|
| |||||||
262,835 | ||||||||
Trucking & Leasing — 0.9% | ||||||||
Fortress Transportation & Infrastructure Investors LLC | ||||||||
6.75%, 03/15/22 (Call 12/31/20)(a) | 250 | 251,793 | ||||||
9.75%, 08/01/27 (Call 08/01/23)(a) | 100 | 113,500 | ||||||
|
| |||||||
365,293 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.2% | 39,375,726 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 9.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.19%(c)(d)(e) | 3,167 | 3,168,778 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d) | 851 | 851,000 | ||||||
|
| |||||||
4,019,778 | ||||||||
|
| |||||||
Total Short-Term Investments — 9.9% | 4,019,778 | |||||||
|
| |||||||
Total Investments in Securities — 107.1% | 43,395,504 | |||||||
Other Assets, Less Liabilities — (7.1)% | (2,859,051 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 40,536,453 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 02/29/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 11/30/20 | Shares Held at 11/30/20 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 6,043,449 | $ | — | $ | (2,873,236 | )(a) | $ | (702 | ) | $ | (733 | ) | $ | 3,168,778 | 3,167 | $ | 18,250 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,466,000 | — | (615,000 | )(a) | — | — | 851,000 | 851 | 1,726 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (702 | ) | $ | (733 | ) | $ | 4,019,778 | $ | 19,976 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
4
Schedule of Investments (unaudited) (continued) November 30, 2020 | iShares® High Yield Bond Factor ETF (Formerly iShares® Edge High Yield Defensive Bond ETF) |
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 a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2020. 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 | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 39,375,726 | $ | — | $ | 39,375,726 | ||||||||
Money Market Funds | 4,019,778 | — | — | 4,019,778 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,019,778 | $ | 39,375,726 | $ | — | $ | 43,395,504 | |||||||||
|
|
|
|
|
|
|
|
5