Schedule of Investments (unaudited) December 31, 2020 | iShares® U.S. Infrastructure ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.8% | ||||||||
Howmet Aerospace Inc. | 26,622 | $ | 759,792 | |||||
|
| |||||||
Aluminum — 0.7% | ||||||||
Kaiser Aluminum Corp. | 6,799 | 672,421 | ||||||
|
| |||||||
Building Products — 6.8% | ||||||||
Advanced Drainage Systems Inc. | 8,745 | 730,907 | ||||||
Apogee Enterprises Inc. | 23,816 | 754,491 | ||||||
Armstrong World Industries Inc. | 8,356 | 621,603 | ||||||
Builders FirstSource Inc.(a) | 19,134 | 780,859 | ||||||
Gibraltar Industries Inc.(a) | 10,442 | 751,197 | ||||||
Insteel Industries Inc. | 28,212 | 628,281 | ||||||
Owens Corning | 9,092 | 688,810 | ||||||
Simpson Manufacturing Co. Inc. | 7,441 | 695,361 | ||||||
Trex Co. Inc.(a)(b) | 9,072 | 759,508 | ||||||
|
| |||||||
6,411,017 | ||||||||
Commodity Chemicals — 4.3% | ||||||||
AdvanSix Inc.(a) | 33,029 | 660,250 | ||||||
Hawkins Inc. | 12,610 | 659,629 | ||||||
LyondellBasell Industries NV, Class A | 7,566 | 693,500 | ||||||
Olin Corp. | 29,572 | 726,288 | ||||||
Tredegar Corp. | 40,766 | 680,792 | ||||||
Westlake Chemical Corp. | 8,275 | 675,240 | ||||||
|
| |||||||
4,095,699 | ||||||||
Construction & Engineering — 11.6% | ||||||||
AECOM(a) | 13,158 | 655,005 | ||||||
Aegion Corp.(a) | 36,949 | 701,661 | ||||||
Argan Inc. | 13,913 | 618,989 | ||||||
Construction Partners Inc., Class A(a)(b) | 24,053 | 700,183 | ||||||
EMCOR Group Inc. | 7,656 | 700,218 | ||||||
Fluor Corp. | 36,215 | 578,354 | ||||||
Granite Construction Inc. | 24,960 | 666,682 | ||||||
Great Lakes Dredge & Dock Corp.(a) | 58,734 | 773,527 | ||||||
Jacobs Engineering Group Inc. | 6,198 | 675,334 | ||||||
MasTec Inc.(a) | 10,790 | 735,662 | ||||||
MYR Group Inc.(a) | 12,098 | 727,090 | ||||||
NV5 Global Inc.(a) | 9,055 | 713,353 | ||||||
Primoris Services Corp. | 25,671 | 708,776 | ||||||
Quanta Services Inc. | 9,549 | 687,719 | ||||||
Tutor Perini Corp.(a) | 50,367 | 652,253 | ||||||
Valmont Industries Inc. | 3,988 | 697,621 | ||||||
|
| |||||||
10,992,427 | ||||||||
Construction Machinery & Heavy Trucks — 3.6% | ||||||||
Astec Industries Inc. | 10,810 | 625,683 | ||||||
Greenbrier Companies Inc. (The) | 19,171 | 697,441 | ||||||
Oshkosh Corp. | 7,982 | 687,011 | ||||||
Terex Corp. | 19,520 | 681,053 | ||||||
Trinity Industries Inc. | 28,427 | 750,188 | ||||||
|
| |||||||
3,441,376 | ||||||||
Construction Materials — 2.9% | ||||||||
Eagle Materials Inc. | 7,010 | 710,463 | ||||||
Martin Marietta Materials Inc. | 2,369 | 672,725 | ||||||
Summit Materials Inc., Class A(a) | 32,803 | 658,684 | ||||||
Vulcan Materials Co. | 4,612 | 684,006 | ||||||
|
| |||||||
2,725,878 | ||||||||
Distributors — 0.8% | ||||||||
Pool Corp. | 2,083 | 775,918 | ||||||
|
|
Security | Shares | Value | ||||||
Diversified Chemicals — 0.7% | ||||||||
Eastman Chemical Co. | 6,596 | $ | 661,447 | |||||
|
| |||||||
Diversified Metals & Mining — 0.7% | ||||||||
Compass Minerals International Inc. | 10,325 | 637,259 | ||||||
|
| |||||||
Electric Utilities — 18.4% | ||||||||
Alliant Energy Corp. | 13,558 | 698,644 | ||||||
American Electric Power Co. Inc. | 8,598 | 715,955 | ||||||
Avangrid Inc. | 15,379 | 698,976 | ||||||
Duke Energy Corp. | 7,865 | 720,119 | ||||||
Edison International | 11,596 | 728,461 | ||||||
Entergy Corp. | 6,717 | 670,625 | ||||||
Evergy Inc. | 13,055 | 724,683 | ||||||
Eversource Energy | 8,381 | 725,040 | ||||||
Exelon Corp. | 17,517 | 739,568 | ||||||
FirstEnergy Corp. | 24,767 | 758,118 | ||||||
Hawaiian Electric Industries Inc. | 19,960 | 706,384 | ||||||
IDACORP Inc. | 7,832 | 752,107 | ||||||
MGE Energy Inc. | 10,110 | 708,003 | ||||||
NextEra Energy Inc. | 9,886 | 762,705 | ||||||
NRG Energy Inc. | 20,770 | 779,914 | ||||||
OGE Energy Corp. | 21,806 | 694,739 | ||||||
Otter Tail Corp. | 17,381 | 740,604 | ||||||
PG&E Corp.(a) | 57,406 | 715,279 | ||||||
Pinnacle West Capital Corp. | 8,700 | 695,565 | ||||||
PNM Resources Inc. | 14,561 | 706,645 | ||||||
Portland General Electric Co. | 17,202 | 735,730 | ||||||
PPL Corp. | 25,061 | 706,720 | ||||||
Southern Co. (The) | 11,653 | 715,844 | ||||||
Xcel Energy Inc. | 10,904 | 726,970 | ||||||
|
| |||||||
17,327,398 | ||||||||
Environmental & Facilities Services — 0.7% | ||||||||
Tetra Tech Inc. | 5,539 | 641,306 | ||||||
|
| |||||||
Gas Utilities — 6.7% | ||||||||
Atmos Energy Corp. | 7,371 | 703,415 | ||||||
Chesapeake Utilities Corp. | 6,876 | 744,052 | ||||||
National Fuel Gas Co. | 17,202 | 707,518 | ||||||
New Jersey Resources Corp. | 21,262 | 755,864 | ||||||
Northwest Natural Holding Co. | 14,737 | 677,755 | ||||||
ONE Gas Inc. | 8,999 | 690,853 | ||||||
South Jersey Industries Inc. | 31,105 | 670,313 | ||||||
Southwest Gas Holdings Inc. | 10,370 | 629,977 | ||||||
Spire Inc. | 11,035 | 706,681 | ||||||
|
| |||||||
6,286,428 | ||||||||
Home Furnishings — 0.7% | ||||||||
Leggett & Platt Inc. | 15,130 | 670,259 | ||||||
|
| |||||||
Independent Power Producers & Energy Traders — 0.8% | ||||||||
Vistra Corp. | 37,441 | 736,090 | ||||||
|
| |||||||
Industrial Conglomerates — 0.7% | ||||||||
Carlisle Companies Inc. | 4,501 | 702,966 | ||||||
|
| |||||||
Industrial Machinery — 1.5% | ||||||||
EnPro Industries Inc. | 9,187 | 693,802 | ||||||
Mueller Industries Inc. | 19,959 | 700,761 | ||||||
|
| |||||||
1,394,563 | ||||||||
Multi-Utilities — 11.4% | ||||||||
Ameren Corp. | 9,301 | 726,036 | ||||||
Avista Corp. | 19,180 | 769,885 |
1
Schedule of Investments (unaudited) (continued) December 31, 2020 | iShares® U.S. Infrastructure ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Multi-Utilities (continued) | ||||||||
Black Hills Corp. | 11,871 | $ | 729,473 | |||||
CenterPoint Energy Inc. | 31,364 | 678,717 | ||||||
CMS Energy Corp. | 11,996 | 731,876 | ||||||
Consolidated Edison Inc. | 9,520 | 688,010 | ||||||
Dominion Energy Inc. | 9,448 | 710,490 | ||||||
DTE Energy Co. | 5,693 | 691,187 | ||||||
MDU Resources Group Inc. | 26,792 | 705,701 | ||||||
NiSource Inc. | 29,875 | 685,333 | ||||||
NorthWestern Corp. | 12,517 | 729,866 | ||||||
Public Service Enterprise Group Inc. | 12,441 | 725,310 | ||||||
Sempra Energy | 5,593 | 712,604 | ||||||
Unitil Corp. | 16,539 | 732,182 | ||||||
WEC Energy Group Inc. | 7,684 | 707,159 | ||||||
|
| |||||||
10,723,829 | ||||||||
Oil & Gas Storage & Transportation — 4.2% | ||||||||
Antero Midstream Corp. | 94,842 | 731,232 | ||||||
EnLink Midstream LLC | 158,280 | 587,219 | ||||||
Equitrans Midstream Corp. | 82,891 | 666,443 | ||||||
Kinder Morgan Inc./DE | 48,024 | 656,488 | ||||||
ONEOK Inc. | 17,647 | 677,292 | ||||||
Williams Companies Inc. (The) | 31,881 | 639,214 | ||||||
|
| |||||||
3,957,888 | ||||||||
Railroads — 3.1% | ||||||||
CSX Corp. | 7,805 | 708,304 | ||||||
Kansas City Southern | 3,691 | 753,444 | ||||||
Norfolk Southern Corp. | 2,985 | 709,266 | ||||||
Union Pacific Corp. | 3,479 | 724,397 | ||||||
|
| |||||||
2,895,411 | ||||||||
Specialized REITs — 0.8% | ||||||||
Weyerhaeuser Co. | 21,987 | 737,224 | ||||||
|
| |||||||
Specialty Chemicals — 2.3% | ||||||||
Avient Corp. | 17,247 | 694,709 | ||||||
Ingevity Corp.(a)(b) | 9,627 | 729,053 | ||||||
PQ Group Holdings Inc. | 49,555 | 706,654 | ||||||
|
| |||||||
2,130,416 | ||||||||
Steel — 7.1% | ||||||||
Allegheny Technologies Inc.(a) | 39,943 | 669,844 | ||||||
Carpenter Technology Corp. | 22,811 | 664,256 | ||||||
Cleveland-Cliffs Inc. | 53,819 | 783,605 | ||||||
Commercial Metals Co. | 33,889 | 696,080 | ||||||
Haynes International Inc. | 27,190 | 648,210 | ||||||
Nucor Corp. | 11,971 | 636,737 | ||||||
Reliance Steel & Aluminum Co. | 5,558 | 665,571 | ||||||
Steel Dynamics Inc. | 17,390 | 641,169 |
Security | Shares | Value | ||||||
| ||||||||
Steel (continued) | ||||||||
United States Steel Corp. | 40,470 | $ | 678,682 | |||||
Worthington Industries Inc. | 12,672 | 650,580 | ||||||
|
| |||||||
6,734,734 | ||||||||
Trading Companies & Distributors — 2.3% | ||||||||
BMC Stock Holdings Inc.(a) | 14,397 | 772,831 | ||||||
Boise Cascade Co. | 15,452 | 738,606 | ||||||
H&E Equipment Services Inc. | 22,447 | 669,145 | ||||||
|
| |||||||
2,180,582 | ||||||||
Water Utilities — 6.3% | ||||||||
American States Water Co. | 9,692 | 770,611 | ||||||
American Water Works Co. Inc. | 4,815 | 738,958 | ||||||
Cadiz Inc.(a)(b) | 70,711 | 753,072 | ||||||
California Water Service Group | 14,496 | 783,219 | ||||||
Essential Utilities Inc. | 15,075 | 712,897 | ||||||
Middlesex Water Co. | 10,151 | 735,643 | ||||||
SJW Group | 10,746 | 745,342 | ||||||
York Water Co. (The) | 15,406 | 717,920 | ||||||
|
| |||||||
5,957,662 | ||||||||
|
| |||||||
Total Common Stocks — 99.9% |
| 94,249,990 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18%(c)(d)(e) | 722,064 | 722,497 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 240,000 | 240,000 | ||||||
|
| |||||||
962,497 | ||||||||
|
| |||||||
Total Short -Term Investments — 1.0% |
| 962,497 | ||||||
|
| |||||||
Total Investments in Securities — 100.9% |
| 95,212,487 | ||||||
Other Assets, Less Liabilities — (0.9)% | (818,391 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 94,394,096 | ||||||
|
|
(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. |
2
Schedule of Investments (unaudited) (continued) December 31, 2020 | iShares® U.S. Infrastructure ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 03/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Appreciation (Depreciation) | Value at 12/31/20 | Shares Held at 12/31/20 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 114,457 | $ | 608,062 | (a) | $ | — | $ | 25 | $ | (47 | ) | $ | 722,497 | 722,064 | $ | 2,535 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 10,000 | 230,000 | (a) | — | — | — | 240,000 | 240,000 | 51 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 25 | $ | (47 | ) | $ | 962,497 | $ | 2,586 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
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 December 31, 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 | ||||||||||||||||
Common Stocks | $ | 94,249,990 | $ | — | $ | — | $ | 94,249,990 | ||||||||
Money Market Funds | 962,497 | — | — | 962,497 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 95,212,487 | $ | — | $ | — | $ | 95,212,487 | |||||||||
|
|
|
|
|
|
|
|
3