UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22649
iShares U.S. ETF Trust
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
100 Summer Street, 4th Floor, Boston, MA 02110
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 670-2000
Date of fiscal year end: October 31, 2022
Date of reporting period: April 30, 2022
Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
APRIL 30, 2022 |
2022 Semi-Annual Report (Unaudited)
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iShares U.S. ETF Trust
· | BlackRock Short Maturity Bond ETF | NEAR | Cboe BZX |
· | BlackRock Short Maturity Municipal Bond ETF | MEAR | Cboe BZX |
· | BlackRock Ultra Short-Term Bond ETF | ICSH | Cboe BZX |
Dear Shareholder,
The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.
In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local- currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of April 30, 2022 | ||||||||
6-Month |
12-Month | |||||||
U.S. large cap equities | (9.65) | % | 0.21 | % | ||||
U.S. small cap equities | (18.38) | (16.87) | ||||||
International equities | (11.80) | (8.15) | ||||||
Emerging market equities | (14.15) | (18.33) | ||||||
3-month Treasury bills | 0.07 | 0.08 | ||||||
U.S. Treasury securities | (10.29) | (8.86) | ||||||
U.S. investment grade bonds | (9.47) | (8.51) | ||||||
Tax-exempt municipal bonds | (7.90) | (7.88) | ||||||
U.S. high yield bonds | (7.40) | (5.22) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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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 |
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48 |
Fund Summary as of April 30, 2022 | BlackRock Short Maturity Bond ETF |
Investment Objective
The BlackRock Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (0.86 | )% | (0.73 | )% | 1.43 | % | 1.26 | % | (0.73 | )% | 7.33 | % | 11.39 | % | ||||||||||||||||||
Fund Market | (0.88 | ) | (0.75 | ) | 1.41 | 1.26 | (0.75 | ) | 7.24 | 11.34 | ||||||||||||||||||||||
Bloomberg Short-Term Government/Corporate Index | (0.33 | ) | (0.28 | ) | 1.30 | 0.93 | (0.28 | ) | 6.64 | 8.31 |
The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.
The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 991.40 | $ | 1.23 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.25 | 0.25 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Total Investments(a) | |||
Corporate Bonds & Notes | 72.9% | |||
Asset-Backed Securities | 15.4 | |||
Collaterized Mortgage Obligations | 8.5 | |||
Commercial Paper | 2.4 | |||
Certificates of Deposit | 0.8 |
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | Percent of Total Investments(a) | |||
Aaa | 14.3% | |||
Aa | 2.4 | |||
A | 32.5 | |||
Baa | 34.1 | |||
Ba | 2.6 | |||
P-1 | 0.8 | |||
P-2 | 1.2 | |||
Not Rated | 12.1 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
4 | 2 0 2 2 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 |
Fund Summary as of April 30, 2022 | BlackRock Short Maturity Municipal Bond ETF |
Investment Objective
The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (0.89 | )% | (0.96 | )% | 0.84 | % | 0.81 | % | (0.96 | )% | 4.27 | % | 5.94 | % | ||||||||||||||||||
Fund Market | (0.82 | ) | (0.93 | ) | 0.84 | 0.82 | (0.93 | ) | 4.25 | 5.99 | ||||||||||||||||||||||
Bloomberg Municipal Bond: 1 Year (1-2) Index | (1.99 | ) | (1.98 | ) | 0.85 | 0.81 | (1.98 | ) | 4.33 | 5.94 |
The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.
The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 991.10 | $ | 1.23 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.25 | 0.25 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
S&P Credit Rating* | | Percent of Total Investments | (a) | |
AAA | 0.5 | % | ||
AA+ | 0.9 | |||
AA | 4.8 | |||
AA- | 2.2 | |||
A+ | 5.6 | |||
A | 37.1 | |||
A- | 2.5 | |||
BBB+ | 9.3 | |||
BBB | 2.0 | |||
BB+ | 0.6 | |||
Not Rated | 34.5 |
TEN LARGEST STATES
State | | Percent of Total Investments | (a) | |
Texas | 13.3 | % | ||
New Jersey | 13.0 | |||
Kentucky | 8.3 | |||
Georgia | 7.8 | |||
New York | 6.3 | |||
Pennsylvania | 5.1 | |||
Alabama | 4.2 | |||
Mississippi | 3.6 | |||
Illinois | 3.3 | |||
Indiana | 3.1 |
* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of April 30, 2022 | BlackRock Ultra Short-Term Bond ETF |
Investment Objective
The BlackRock Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (0.50 | )% | (0.40 | )% | 1.54 | % | 1.20 | % | (0.40 | )% | 7.96 | % | 10.52 | % | ||||||||||||||||||
Fund Market | (0.53 | ) | (0.47 | ) | 1.54 | 1.20 | (0.47 | ) | 7.96 | 10.50 | ||||||||||||||||||||||
ICE BofA US 6-Month Treasury Bill Index | (0.07 | ) | (0.04 | ) | 1.25 | 0.89 | (0.04 | ) | 6.43 | 7.75 |
The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.
On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/21) | | �� | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | |||||||||
$ | 1,000.00 | $ | 995.00 | $ | 0.40 | $ | 1,000.00 | $ | 1,024.40 | $ | 0.40 | 0.08 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | | Percent of Total Investments | (a) | |
Corporate Bonds & Notes | 38.6 | % | ||
Commercial Paper | 37.5 | |||
Certificates of Deposit | 14.6 | |||
Repurchase Agreements | 4.4 | |||
Municipal Debt Obligations | 3.6 | |||
Asset-Backed Securities | 1.2 | |||
U.S. Government & Agency Obligations | 0.1 |
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aaa | 0.8 | % | ||
Aa | 13.0 | |||
A | 26.3 | |||
Baa | 10.8 | |||
P-1 | 23.2 | |||
P-2 | 9.4 | |||
A-1 | 1.7 | |||
Not Rated | 14.8 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
6 | 2 0 2 2 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 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 7 |
Schedule of Investments (unaudited) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities |
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AGL Core CLO 4 Ltd., 2.13%, 04/20/33 (Call 07/20/22), (3 mo. LIBOR US + 1.070%)(a)(b) | USD | 1,400 | $ | 1,381,295 | ||||||||
AIG CLO Ltd., 2.18%, 04/20/32 (Call 07/20/22), (3 mo. LIBOR US + | USD | 1,000 | 1,003,523 | |||||||||
American Express Credit Account Master Trust, Series 2018-9, Class A, 0.93%, 04/15/26, (1 mo. LIBOR | USD | 17,650 | 17,709,585 | |||||||||
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A2, 0.28%, 06/18/24 (Call 04/18/24) | USD | 2,520 | 2,517,197 | |||||||||
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 1.33%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.050%)(a)(b) | USD | 4,500 | 4,480,790 | |||||||||
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 1.37%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.090%)(a)(b) | USD | 13,840 | 13,780,858 | |||||||||
Apidos CLO XII, 2.12%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + | USD | 500 | 496,103 | |||||||||
ASSURANT CLO Ltd., Series 2018-2A, Class A, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR | USD | 250 | 247,747 | |||||||||
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 1.30%, 11/17/27 (Call 05/17/22), (3 mo. LIBOR US + 0.830%)(a)(b) | USD | 6,574 | 6,534,225 | |||||||||
Atrium XIII, Series 13A, Class A1, 2.36%, 11/21/30 (Call 07/23/22), (3 mo. LIBOR US + 1.180%)(a)(b) | USD | 2,500 | 2,492,348 | |||||||||
Autoflorence of Amyloids 0.15%, 12/24/44 (Call 11/24/26)(b)(c) | EUR | 10,320 | 10,917,268 | |||||||||
0.20%, 12/24/44 (Call 11/24/26)(b)(c) | EUR | 898 | 938,976 | |||||||||
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 2.03%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 0.97%)(a)(b) | USD | 3,200 | 3,174,017 | |||||||||
Barings Clo Ltd., 2.37%, 01/15/33 (Call 07/15/22), (3 mo. LIBOR US + | USD | 3,850 | 3,823,511 | |||||||||
Barings CLO Ltd., 2.13%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR | USD | 550 | 543,586 | |||||||||
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 2.06%, 07/20/29 (Call 07/20/22), (3 mo. LIBOR US + 1.000%)(a)(b) | USD | 360 | 358,468 | |||||||||
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 2.16%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.1%)(a)(b) | USD | 750 | 746,293 | |||||||||
Benefit Street Partners Clo XII Ltd., 1.99%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.95%)(a)(b) | USD | 1,678 | 1,661,564 | |||||||||
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25(b) | USD | 15,385 | 15,383,543 | |||||||||
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 2.32%, 04/30/31 (Call 04/30/22), (3 mo. LIBOR US + | USD | 1,000 | 991,445 | |||||||||
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 2.01%, 04/17/31 (Call 07/17/22), (3 mo. LIBOR US + 0.970%)(a)(b) | USD | 5,234 | 5,174,951 | |||||||||
Cbam Ltd., Series 2018-7A, Class A, 2.16%, 07/20/31 (Call 07/20/22), | USD | 750 | 745,229 | |||||||||
Cedar Funding IX CLO Ltd., 2.04%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 0.98%)(a)(b) | USD | 2,130 | 2,110,386 | |||||||||
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 1.20%, 08/15/32 (Call 05/15/23), (1 mo. LIBOR US + 0.650%)(a)(b) | USD | 6,981 | 6,980,397 |
Security | Par (000) | Value | ||||||||||
CIFC Funding Ltd. Series 2014-2RA, Class A1, 2.23%, 04/24/30 (Call 07/24/22), (3 mo. LIBOR US + 1.050%)(a)(b) | USD | 250 | $ | 248,878 | ||||||||
Series 2015-2A, Class AR2, 2.05%, 04/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.010%)(a)(b) | USD | 13,000 | 12,941,132 | |||||||||
Series 2018-1A, Class A, 2.04%, 04/18/31 (Call 07/18/22), (3 mo. LIBOR US + 1.0%)(a)(b) | USD | 13,000 | 12,885,982 | |||||||||
Series 2018-2A, Class A1, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.040%)(a)(b) | USD | 1,250 | 1,238,778 | |||||||||
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 1.07%, 04/22/26, | USD | 40,505 | 40,747,277 | |||||||||
College Ave Student Loans LLC, Series 2021-A, Class A1, 1.56%, 07/25/51 | USD | 245 | 243,531 | |||||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)(a) | USD | 4,130 | 3,953,154 | |||||||||
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34(a) | USD | 11,579 | 11,326,244 | |||||||||
Dowson Dwson | ||||||||||||
1.61%, 01/20/29(b) | GBP | 4,129 | 5,193,440 | |||||||||
2.44%, 01/20/29(b) | GBP | 646 | 812,408 | |||||||||
Dowson PLC Series 2021-2, Class A, 1.37%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 0.680%)(b)(c) | GBP | 7,554 | 9,494,652 | |||||||||
Series 2021-2, Class B, 1.89%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 1.200%)(b)(c) | GBP | 1,600 | 1,995,004 | |||||||||
Drive Auto Receivables Trust, Series | USD | 3,870 | 3,869,174 | |||||||||
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 1.99%, 07/18/30 (Call 07/18/22), (3 mo. LIBOR US + 0.95%)(a)(b) | USD | 10,750 | 10,655,424 | |||||||||
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 1.48%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.0%)(a)(b) | USD | 250 | 249,688 | |||||||||
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 1.94%, 04/15/29 (Call 07/15/22), (3 mo. LIBOR US + 0.900%)(a)(b) | USD | 15,023 | 14,893,746 | |||||||||
Dutch Property Finance, Series 2021-2, Class A, 0.29%, 04/28/59 | EUR | 6,269 | 6,582,646 | |||||||||
Dutch Property Finance BV, 1.00%, 10/28/59(b) | EUR | 8,498 | 8,937,768 | |||||||||
Elevation CLO Ltd., Series 2014-2A, Class A1R, 2.27%, 10/15/29 (Call 07/15/22), (3 mo. LIBOR US + | USD | 480 | 478,459 | |||||||||
Elmwood CLO X Ltd., Series 2021-3A, Class A, 2.10%, 10/20/34 (Call 10/20/22), (3 mo. LIBOR US + 1.04%)(a)(b) | USD | 13,000 | 12,781,584 | |||||||||
Elvet Mortgages PLC, Series 2021-1, Class A, 0.85%, 10/22/63 | GBP | 10,830 | 13,526,096 | |||||||||
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 07/20/24)(a) | USD | 10,141 | 9,883,634 | |||||||||
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 2.01%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + | USD | 670 | 665,111 | |||||||||
Gilbert Park CLO Ltd., 2.23%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR | USD | 250 | 249,196 | |||||||||
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 2.35%, 10/29/29 (Call 04/29/22), (3 mo. LIBOR US + 1.110%)(a)(b) | USD | 16,240 | 16,185,993 |
8 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Gosforth Funding PLC, Series 2018-1A, Class A1, 0.63%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR | USD | 1,147 | $ | 1,147,200 | ||||||||
Highbridge Loan Management, Series 3A-2014, Class A1R, 2.22%, 07/18/29 (Call 07/18/22), (3 mo. LIBOR US + 1.18%)(a)(b) | USD | 1,100 | 1,097,096 | |||||||||
KKR CLO 21 Ltd., 2.04%, 04/15/31 | USD | 5,590 | 5,541,046 | |||||||||
LCM 29 Ltd., Series 29A, Class AR, 2.11%, 04/15/31 (Call 07/15/22), | USD | 2,600 | 2,568,460 | |||||||||
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 1.99%, 04/19/30 (Call 07/19/22), (3 mo. LIBOR US + 0.950%)(a)(b) | USD | 3,902 | 3,875,791 | |||||||||
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 2.10%, 07/21/30 (Call 07/21/22), (3 mo. LIBOR US + 1.000%)(a)(b) | USD | 800 | 795,045 | |||||||||
Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 1.24%, 07/27/31 (Call 07/27/22), (3 mo. LIBOR US + 0.970%)(a)(b) | USD | 13,200 | 13,096,362 | |||||||||
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 1.50%, 07/29/30, | USD | 4,875 | 4,880,057 | |||||||||
Madison Park Funding XXXVII Ltd., 2.11%, 07/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.070%)(a)(b) | USD | 1,750 | 1,725,991 | |||||||||
Mariner CLO LLC, Series 2016-3A, Class AR2, 2.17%, 07/23/29 (Call 07/23/22), (3 mo. LIBOR | USD | 1,058 | 1,053,228 | |||||||||
Navient Private Education Loan Trust Series 2017-A, Class A2B, 1.45%, 12/16/58 (Call 06/15/28), (1 mo. LIBOR US + 0.900%)(a)(b) | USD | 503 | 501,027 | |||||||||
Series 2020-IA, Class A1B, 1.55%, 04/15/69 (Call 12/15/30), | USD | 6,788 | 6,746,282 | |||||||||
Navient Private Education Refi Loan Trust Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 07/15/28)(a) | USD | 6,640 | 6,202,463 | |||||||||
Series 2021-DA, Class A, 1.51%, 04/15/60 (Call 05/15/32), | USD | 8,580 | 8,221,468 | |||||||||
Nelnet Student Loan Trust 1.28%, 04/20/62 (Call 04/20/31), | USD | 3,321 | 3,302,698 | |||||||||
1.33%, 04/20/62 (Call 01/20/31), | USD | 6,431 | 6,349,896 | |||||||||
Series 2021-A, Class A1, 1.39%, 04/20/62 (Call 02/20/29), | USD | 8,030 | 7,963,557 | |||||||||
Series 2021-BA, Class AFL, 1.37%, 04/20/62 (Call 07/20/29), | USD | 13,856 | 13,724,971 | |||||||||
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 2.27%, 01/28/30 (Call 07/28/22), (3 mo. LIBOR US + 0.99%)(a)(b) | USD | 497 | 494,125 | |||||||||
Neuberger Berman Loan Advisers CLO 33 Ltd., 2.12%, 10/16/33 (Call 10/16/22), | USD | 2,050 | 2,023,770 | |||||||||
OCP CLO Ltd., Series 2017-13A, 2.00%, 07/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.96%)(a)(b) | USD | 2,350 | 2,328,404 | |||||||||
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 2.18%, 01/25/31 (Call 07/25/22), (3 mo. LIBOR US + 1.0%)(a)(b) | USD | 3,000 | 2,976,446 | |||||||||
OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.83%, 06/18/31 (Call 05/18/22)(a) | USD | 184 | 183,909 |
Security | Par (000) | Value | ||||||||||
Palmer Square CLO Ltd. 2.04%, 10/17/31 (Call 07/19/22), | USD | 1,800 | $ | 1,781,429 | ||||||||
Series 2015-2, 2.16%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR | USD | 3,650 | 3,632,292 | |||||||||
Series 2021-3A, Class A1, 1.38%, 01/15/35 (Call 01/15/24)(a)(b) | USD | 500 | 491,218 | |||||||||
PFS Financing Corp. 0.87%, 02/15/26, (SOFR + 0.600%)(a)(b) | USD | 22,642 | 22,601,059 | |||||||||
Series 2020-F, Class A, 0.93%, 08/15/24(a) | USD | 3,274 | 3,264,657 | |||||||||
Pikes Peak CLO 1, Series 2018-1A, Class A, 2.36%, 07/24/31 (Call 07/24/22), (3 mo. LIBOR US + 1.180%)(a)(b) | USD | 1,500 | 1,493,466 | |||||||||
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 1.71%, 07/25/51 | USD | 1,864 | 1,846,822 | |||||||||
Red & Black Auto Germany 8 UG, Class B, 0.20%, 09/15/30 (Call 11/15/25)(b)(c) | EUR | 400 | 418,106 | |||||||||
Red & Black Auto Italy S.r.l., Class A, 0.16%, 12/28/31 (Call 09/28/25)(b)(c) | EUR | 16,009 | 16,963,133 | |||||||||
Romark WM-R Ltd., Series 2018-1A, Class A1, 2.09%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + | USD | 3,879 | 3,845,729 | |||||||||
RR 3 Ltd., Series 2018-3A, Class A1R2, 2.13%, 01/15/30 (Call 07/15/22), | USD | 2,000 | 1,989,862 | |||||||||
Santander Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.32%, 09/16/24 (Call 09/15/23) | USD | 6,381 | 6,375,210 | |||||||||
Satus PLC | ||||||||||||
1.39%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 0.700%)(b)(c) | GBP | 860 | 1,081,014 | |||||||||
1.89%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.200%)(b)(c) | GBP | 400 | 499,655 | |||||||||
2.29%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.600%)(b)(c) | GBP | 300 | 373,735 | |||||||||
Shackleton Clo Ltd., Series 2017-11A, 1.60%, 08/15/30 (Call 05/15/22), | USD | 2,750 | 2,738,013 | |||||||||
Shackleton CLO Ltd., Series 2015-7R, 2.19%, 07/15/31 (Call 07/15/22), | USD | 2,750 | 2,731,376 | |||||||||
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 2.04%, 04/20/29 (Call 07/20/22), (3 mo. LIBOR US + 0.98%(a)(b) | USD | 1,522 | 1,513,701 | |||||||||
Silver Creek CLO Ltd., 2.30%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 1.240%)(a)(b) | USD | 6,742 | 6,726,633 | |||||||||
SILVERSTONE MASTER ISSUER SMI 2022 1X 2A REGS, 0.98%, 01/21/70 | GBP | 3,485 | 4,345,527 | |||||||||
SLM Private Credit Student Loan Trust | ||||||||||||
Series 2004-A, Class A3, 1.23%, 06/15/33 (Call 06/15/22), (3 mo. LIBOR US + 0.400%)(b) | USD | 3,650 | 3,570,275 | |||||||||
Series 2004-B, Class A3, 1.16%, 03/15/24 (Call 03/15/24), (3 mo. LIBOR US + 0.330%)(b) | USD | 3,639 | 3,624,772 | |||||||||
Series 2005-A, Class A4, 1.14%, 12/15/38 (Call 12/15/26), (3 mo. LIBOR US + 0.310%)(b) | USD | 7,697 | 7,538,919 | |||||||||
Series 2005-B, Class A4, 1.16%, 06/15/39 (Call 06/15/26), (3 mo. LIBOR US + 0.330%)(b) | USD | 5,384 | 5,195,472 | |||||||||
Series 2006-A, Class A5, 1.12%, 06/15/39 (Call 03/15/28), (3 mo. LIBOR US + 0.290%)(b) | USD | 11,875 | 11,357,641 | |||||||||
Series 2006-B, Class A5, 1.10%, 12/15/39 (Call 06/15/27), (3 mo. LIBOR US + 0.270%)(b) | USD | 8,508 | 8,136,654 |
S C H E D U L E O F I N V E S T M E N T S | 9 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
SMB Private Education Loan Trust | ||||||||||||
Series 2017-A, Class A2B, 1.45%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b) | USD | 12,379 | $ | 12,386,643 | ||||||||
Series 2021-C, Class A1, 0.80%, 01/15/53, (1 mo. LIBOR US + 0.400%)(a)(b) | USD | 2,541 | 2,540,090 | |||||||||
SoFi Professional Loan Program LLC, Series 16-C, Class A1, 1.77%, 10/27/36 (Call 12/25/22), (1 mo. LIBOR US + 1.100%)(a)(b) | USD | 543 | 543,543 | |||||||||
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 2.08%, 01/23/29 (Call 07/23/22), (3 mo. LIBOR | USD | 2,579 | 2,564,393 | |||||||||
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 2.46%, 01/25/32 (Call 07/25/22), (3 mo. LIBOR | USD | 1,250 | 1,243,233 | |||||||||
Southwick Park CLO LLC, 2.12%, 07/20/32 (Call 01/20/23), | USD | 8,760 | 8,635,000 | |||||||||
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 1.39%, 10/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.15%)(a)(b) | USD | 500 | 496,248 | |||||||||
Tagus STC/Ulisses Finance No.2, 0.15%, 09/23/38 (Call 02/23/28)(b)(c) | EUR | 12,100 | 12,823,936 | |||||||||
TCI-Symphony CLO Ltd., 1.26%, 10/13/32 (Call 01/13/23), (3 mo. LIBOR US + 1.020%)(a)(b) | USD | 5,235 | 5,183,263 | |||||||||
TICP CLO IX Ltd., Series 2017-9A, Class A, 2.20%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR | USD | 500 | 497,126 | |||||||||
Together Asset Backed Securitisation, 1.39%, 07/12/63 (Call 10/12/25)(b)(c) | GBP | 2,886 | 3,598,205 | |||||||||
Verizon Owner Trust, Series 2020-A, Class A1B, 0.86%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR | USD | 6,484 | 6,484,624 | |||||||||
VOYA CLO, Series 2017-2A, Class A1R, 2.02%, 06/07/30 (Call 07/15/22), | USD | 5,330 | 5,292,866 | |||||||||
Voya Ltd., Series 2012-4, 2.04%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)(a)(b) | USD | 13,000 | 12,906,093 | |||||||||
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 1.97%, 04/20/28 (Call 07/20/22), (3 mo. LIBOR | USD | 973 | 969,841 | |||||||||
Westlake Automobile Receivables Trust, Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 02/15/24)(a) | USD | 7,369 | 7,329,906 | |||||||||
|
| |||||||||||
Total Asset-Backed Securities — 13.7% |
| 608,662,976 | ||||||||||
|
| |||||||||||
Certificates of Deposit | ||||||||||||
Sumitomo Mitsui Banking Corp./New York, 0.70%, 07/15/22 | $ | 30,000 | 29,993,253 | |||||||||
|
| |||||||||||
Total Certificates of Deposit — 0.7% |
| 29,993,253 | ||||||||||
|
| |||||||||||
Collaterized Mortgage Obligations |
| |||||||||||
Asset-Backed Securities — 1.2% | ||||||||||||
Arbor Realty Commercial Real Estate Notes Ltd., 1.62%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR | 14,450 | 14,396,442 | ||||||||||
BDS 2021-FL9 Ltd., 1.62%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR | 8,750 | 8,522,330 |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
FS Rialto Issuer LLC, 2.20%, 01/19/39 | $ | 5,000 | $ | 4,998,781 | ||||||||
HGI CRE CLO Ltd., 1.55%, 09/17/36 | 5,380 | 5,318,409 | ||||||||||
KREF Ltd., 1.97%, 02/17/39 | 9,360 | 9,150,272 | ||||||||||
LoanCore Issuer Ltd. | ||||||||||||
1.85%, 11/15/38 (Call 11/15/23), | 2,640 | 2,597,100 | ||||||||||
Series 2018-CRE1, Class A, 1.68%, 05/15/28 (Call 05/15/22), (1 mo. LIBOR US + 1.130%)(a)(b) | 1,463 | 1,457,357 | ||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, 1.65%, 07/16/36 (Call 07/16/23), | ||||||||||||
(1 mo. LIBOR US + 1.1%)(a)(b) | 4,520 | 4,458,206 | ||||||||||
Multifamily Housing Mortgage Loan Trust, 1.62%, 02/19/37 (Call 03/17/24)(a)(b) | 1,860 | 1,825,125 | ||||||||||
NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 1.85%, 02/15/36 | 1,990 | 1,986,803 | ||||||||||
|
| |||||||||||
Mortgage-Backed Securities — 6.4% | ||||||||||||
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 1.37%, 09/15/34 (Call 05/15/22), (1 mo. LIBOR | USD | 12,100 | 11,964,008 | |||||||||
AREIT CRE TRUST 11/24 1, 1.30%, 11/17/24(a)(b) | USD | 1,975 | 1,957,341 | |||||||||
AREIT Trust, Series 2019-CRE3, Class A, 1.69%, 09/14/36, (1 mo. LIBOR US + 1.020%)(a)(b) | USD | 6,813 | 6,778,451 | |||||||||
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 1.25%, 09/15/34, (1 mo. LIBOR | USD | 19,220 | 18,834,506 | |||||||||
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 1.12%, 03/15/37, (1 mo. LIBOR US + 0.722%)(a)(b) | USD | 8,630 | 8,376,705 | |||||||||
BX Commercial Mortgage Trust | ||||||||||||
1.24%, 10/15/38, (1 mo. LIBOR US + 0.69%)(a)(b) | USD | 9,306 | 9,067,113 | |||||||||
1.53%, 02/15/39(a)(b) | USD | 10,702 | 10,470,369 | |||||||||
Series 2018-BIOA, Class A, 1.23%, 03/15/37, (1 mo. LIBOR | USD | 21,075 | 20,863,522 | |||||||||
BX Trust | ||||||||||||
1.30%, 10/15/36, (1 mo. LIBOR US + 0.89%)(a)(b) | USD | 8,520 | 8,306,662 | |||||||||
Series 2019-CALM, Class A, 1.27%, 11/15/32, (1 mo. LIBOR | USD | 6,798 | 6,712,798 | |||||||||
Series 2021, Class A, 1.83%, 06/15/23, | USD | 2,070 | 2,041,536 | |||||||||
CEDR Commercial Mortgage Trust, 1.04%, 02/15/39(a)(b) | USD | 5,410 | 5,267,973 | |||||||||
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1.57%, 07/25/49 (Call 11/25/23), (1 mo. LIBOR US + 0.900%)(a)(b) | USD | 1,311 | 1,300,483 | |||||||||
Cold Storage Trust, Series 2020-ICE5, Class A, 1.45%, 11/15/37, (1 mo. LIBOR US + 0.900%)(a)(b) | USD | 1,843 | 1,821,684 | |||||||||
Commission, Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/23)(a) | USD | 6,407 | 6,354,820 | |||||||||
Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 0.98%, 03/10/46 (Call 12/10/22), (1 mo. LIBOR US + 0.630%)(a)(b) | USD | 788 | 787,928 | |||||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 1.38%, 05/15/36, (1 mo. LIBOR | USD | 6,333 | 6,298,169 |
10 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Mortgage-Backed Securities (continued) | ||||||||||||
DBGS Mortgage Trust, Series 2018-5BP, Class A, 1.19%, 06/15/33 (Call 05/15/22), | USD | 4,200 | $ | 4,136,834 | ||||||||
Extended Stay America Trust, Series 2021-ESH, Class A, 1.48%, 07/15/38, | USD | 6,192 | 6,106,362 | |||||||||
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 1.35%, 02/15/38, | USD | 8,600 | 8,442,242 | |||||||||
GS Mortgage Securities Corportation Trust, 1.50%, 10/15/36, | USD | 10,360 | 10,146,811 | |||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, 1.45%, 03/15/39 (Call 03/15/24)(a)(b) | USD | 5,540 | 5,505,584 | |||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, | USD | 1,645 | 1,633,232 | |||||||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 1.35%, 05/15/36, | USD | 8,533 | 8,447,240 | |||||||||
MED Trust LLC, 1.35%, 11/15/38(a)(b) | USD | 4,260 | 4,187,899 | |||||||||
MF1 | ||||||||||||
1.37%, 12/15/34, (SOFR + 1.070%)(a)(b) | USD | 1,230 | 1,229,201 | |||||||||
1.67%, 12/15/34, (SOFR + 1.370%)(a)(b) | USD | 480 | 479,683 | |||||||||
Morgan Stanley Capital I Trust | ||||||||||||
Series 2017-CLS, Class A, 1.25%, 11/15/34, | USD | 14,512 | 14,438,981 | |||||||||
Series 2018-BOP, Class A, 1.40%, 08/15/33, | USD | 5,549 | 5,512,184 | |||||||||
Series 2018-SUN, Class A, 1.45%, 07/15/35 (Call 07/15/22), |
| USD |
|
| 19,045 |
|
| 18,663,355 |
| |||
MSCG Trust, 1.45%, 10/15/37, | USD | 5,300 | 5,253,281 | |||||||||
MTN Commercial Mortgage Trust, 1.45%, 03/15/39(a)(b) | USD | 8,930 | 8,885,292 | |||||||||
Ready Capital Mortgage Financing LLC, 1.76%, 01/25/37 (Call 02/25/24), | USD | 8,560 | 8,567,046 | |||||||||
Rialto Real Estate Fund LP, 1.00%, 01/19/37(b) | USD | 6,955 | 6,955,000 | |||||||||
Taurus CMBS, 1.11%, 08/17/31 (Call 08/17/26), (SOFR + 0.95%)(b)(c) | GBP | 6,966 | 8,657,771 | |||||||||
TPGI Trust, Series 2021 DGWD, Class A, 1.25%, 06/15/26, | USD | 6,320 | 6,193,384 | |||||||||
Vita Scientia, 1.30%, 08/27/25(b) | EUR | 5,709 | 6,022,711 | |||||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 1.43%, 12/15/34, | USD | 17,280 | 17,068,377 | |||||||||
|
| |||||||||||
Total Collaterized Mortgage Obligations — 7.6% |
| 338,447,363 | ||||||||||
|
| |||||||||||
Commercial Paper | ||||||||||||
Enel Finance America | ||||||||||||
0.00%, 06/27/22(d) | $ | 13,800 | 13,773,018 | |||||||||
0.00%, 08/09/22(d) | 16,000 | 15,932,907 | ||||||||||
1.27%, 07/08/22(b) | 20,000 | 19,950,728 | ||||||||||
Energy Transfer Partners, 0.00%, 05/16/22(b)(d) | 30,000 | 29,986,216 | ||||||||||
GM Financial Co. Inc., 0.00%, 06/16/22(d) | 15,000 | 14,975,240 | ||||||||||
|
| |||||||||||
Total Commercial Paper — 2.1% | 94,618,109 | |||||||||||
|
|
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Aerospace & Defense — 0.1% | ||||||||
L3Harris Technologies Inc., 3.85%, 06/15/23 | $ 5,000 | $ | 5,040,771 | |||||
|
| |||||||
Agriculture — 0.3% | ||||||||
BAT Capital Corp. | ||||||||
1.39%, 08/15/22 (Call 07/15/22), | 10,000 | 10,005,948 | ||||||
2.76%, 08/15/22 (Call 07/15/22)(e) | 2,994 | 2,997,895 | ||||||
|
| |||||||
13,003,843 | ||||||||
Auto Manufacturers — 7.5% | ||||||||
American Honda Finance Corp. | ||||||||
1.95%, 05/20/22 | 14,773 | 14,779,217 | ||||||
2.20%, 06/27/22 | 6,136 | 6,143,958 | ||||||
BMW Finance NV, 2.25%, 08/12/22(a) | 16,350 | 16,351,108 | ||||||
BMW U.S. Capital LLC | 22,230 | 22,070,135 | ||||||
0.80%, 04/01/24(a) | 12,000 | 11,458,029 | ||||||
1.12%, 04/01/25, (SOFR + 0.840%)(a)(b) | 11,100 | 11,132,271 | ||||||
Daimler Finance North America LLC | 9,005 | 8,616,175 | ||||||
2.55%, 08/15/22(a) | 19,691 | 19,720,233 | ||||||
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23(a)(e) | 15,000 | 14,500,293 | ||||||
General Motors Financial Co. Inc. | 15,000 | 14,751,875 | ||||||
1.05%, 03/08/24(e) | 20,000 | 19,091,212 | ||||||
Hyundai Capital America | 17,710 | 17,304,296 | ||||||
1.00%, 09/17/24(a) | 8,105 | 7,543,251 | ||||||
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24(a)(e) | 10,520 | 9,776,521 | ||||||
Nissan Motor Acceptance Corp. | 12,515 | 11,804,302 | ||||||
1.25%, 03/08/24, | ||||||||
(3 mo. LIBOR US + 0.640%)(a)(b)(e) | 4,375 | 4,352,865 | ||||||
3.88%, 09/21/23(a) | 4,000 | 3,998,416 | ||||||
Stellantis NV, 5.25%, 04/15/23 | 9,400 | 9,558,766 | ||||||
Volkswagen Group of America Finance LLC | 44,345 | 43,905,785 | ||||||
0.88%, 11/22/23(a) | 14,000 | 13,440,740 | ||||||
2.70%, 09/26/22(a)(e) | 2,145 | 2,144,333 | ||||||
2.90%, 05/13/22(a)(e) | 35,500 | 35,515,633 | ||||||
4.25%, 11/13/23(a)(e) | 13,000 | 13,156,349 | ||||||
|
| |||||||
331,115,763 | ||||||||
Banks — 23.4% | ||||||||
Banco Santander SA | 21,200 | 20,496,026 | ||||||
2.13%, 04/12/23, | 10,000 | 10,058,804 | ||||||
3.85%, 04/12/23 | 9,291 | 9,372,228 | ||||||
Bank of America Corp. | ||||||||
3.00%, 12/20/23 (Call 12/20/22), | ||||||||
(3 mo. LIBOR US + 0.790%)(b) | 58,985 | 58,846,706 | ||||||
3.30%, 01/11/23 | 25,000 | 25,201,082 | ||||||
3.55%, 03/05/24 (Call 03/05/23), | ||||||||
(3 mo. LIBOR US + 0.780%)(b) | 30,000 | 30,019,139 | ||||||
3.86%, 07/23/24 (Call 07/23/23), | ||||||||
(3 mo. LIBOR US + 0.940%)(b) | 10,000 | 10,023,319 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22(a)(e) | $ 20,000 | $ 19,972,910 | ||||||
Barclays Bank PLC, 1.70%, 05/12/22 | 15,000 | 15,002,855 | ||||||
Barclays PLC, 1.84%, 05/16/24 (Call 05/16/23), | ||||||||
(3 mo. LIBOR US + 1.380%)(b) | 41,000 | 41,258,254 | ||||||
BPCE SA (SOFR + 0.570%)(a)(b) | 3,110 | 3,089,059 | ||||||
2.04%, 09/12/23, | 15,000 | 15,121,500 | ||||||
3.00%, 05/22/22(a) | 17,993 | 18,005,844 | ||||||
Canadian Imperial Bank of Commerce, 0.45%, 06/22/23 | 27,480 | 26,765,569 | ||||||
Citigroup Inc. | ||||||||
(SOFR + 1.667%)(b) | 15,000 | 14,778,455 | ||||||
1.91%, 10/27/22 (Call 09/27/22), | ||||||||
(3 mo. LIBOR US + 0.690%)(b) | 10,000 | 10,014,510 | ||||||
2.70%, 10/27/22 (Call 09/27/22)(e) | 33,800 | 33,887,050 | ||||||
2.88%, 07/24/23 (Call 07/24/22), | ||||||||
(3 mo. LIBOR US + 0.950%)(b)(e) | 13,250 | 13,247,547 | ||||||
Cooperatieve Rabobank UA, 1.84%, 09/26/23, | ||||||||
(3 mo. LIBOR US + 0.860%)(a)(b) | 10,000 | 10,054,153 | ||||||
Credit Suisse AG/New York NY, 0.52%, 08/09/23 | 25,000 | 24,200,901 | ||||||
Credit Suisse Group AG, 3.80%, 06/09/23 | 8,500 | 8,526,600 | ||||||
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22 | 19,380 | 19,489,874 | ||||||
Deutsche Bank AG/New York NY | ||||||||
(SOFR + 2.159%)(b) | 17,000 | 16,535,119 | ||||||
Series E, 0.55%, 11/08/23, | 13,790 | 13,709,632 | ||||||
DNB Bank ASA, 1.11%, 03/28/25 (Call 03/28/24), | ||||||||
(3 mo. LIBOR US + 0.390%)(a)(b)(e) | 15,000 | 15,014,250 | ||||||
Federation des Caisses Desjardins du Quebec, 0.48%, 05/21/24, | 20,000 | 19,855,392 | ||||||
Goldman Sachs Group Inc. (The) | 25,000 | 24,545,447 | ||||||
1.22%, 12/06/23 (Call 12/06/22) | 28,860 | 28,028,386 | ||||||
2.11%, 11/29/23, | 13,800 | 13,963,564 | ||||||
2.18%, 07/24/23 (Call 07/24/22), | ||||||||
(3 mo. LIBOR US + 1.000%)(b) | 5,000 | 4,999,192 | ||||||
3.20%, 02/23/23 (Call 01/23/23)(e) | 7,583 | 7,609,697 | ||||||
HSBC Holdings PLC | ||||||||
(SOFR + 0.534%)(b) | 11,120 | 10,702,284 | ||||||
1.98%, 03/11/25 (Call 03/11/24), | ||||||||
(3 mo. LIBOR US + 1.230%)(b)(e) | 13,000 | 12,993,569 | ||||||
3.60%, 05/25/23(e) | 10,000 | 10,074,433 | ||||||
Series ., 0.63%, 11/22/24 (Call 11/22/23), | 6,570 | 6,491,423 | ||||||
Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22)(e) | 15,430 | 15,436,432 | ||||||
JPMorgan Chase & Co. | ||||||||
(SOFR + 0.580%)(b) | 2,000 | 1,954,835 | ||||||
1.51%, 06/01/24 (Call 06/01/23), | ||||||||
(SOFR + 1.455%)(b) | 33,590 | 33,056,172 | ||||||
3.25%, 09/23/22 | 5,000 | 5,028,651 | ||||||
3.56%, 04/23/24 (Call 04/23/23), | ||||||||
(3 mo. LIBOR US + 0.730%)(b) | 29,600 | 29,605,618 | ||||||
KeyBank N.A./Cleveland OH, 0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(b) | 4,625 | 4,491,870 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Mitsubishi UFJ Financial Group Inc. (3 mo. LIBOR US + 0.790%)(b) | $ 3,000 | $ 3,002,216 | ||||||
2.62%, 07/18/22(e) | 5,000 | 5,010,505 | ||||||
2.67%, 07/25/22(e) | 5,000 | 5,011,055 | ||||||
Mizuho Financial Group Inc. | ||||||||
(3 mo. LIBOR US + 0.630%)(b)(e) | 10,000 | 9,978,783 | ||||||
1.37%, 03/05/23, | 3,000 | 3,010,349 | ||||||
1.65%, 09/13/23 (Call 09/13/22), | ||||||||
(3 mo. LIBOR US + 0.850%)(b)(e) | 25,000 | 25,036,118 | ||||||
3.55%, 03/05/23(e) | 20,000 | 20,128,741 | ||||||
Morgan Stanley | ||||||||
0.53%, 01/25/24 (Call 01/25/23), | ||||||||
(SOFR + 0.455%)(b) | 41,100 | 40,246,621 | ||||||
0.56%, 11/10/23 (Call 11/10/22), | ||||||||
(SOFR + 0.466%)(b) | 5,500 | 5,424,495 | ||||||
2.58%, 10/24/23 (Call 10/24/22), | ||||||||
(3 mo. LIBOR US + 1.400%)(b) | 23,700 | 23,784,591 | ||||||
3.74%, 04/24/24 (Call 04/24/23), | ||||||||
(3 mo. LIBOR US + 0.847%)(b) | 20,000 | 19,990,698 | ||||||
3.75%, 02/25/23(e) | 25,000 | 25,187,139 | ||||||
National Bank of Canada, 0.54%, 08/06/24, | ||||||||
(SOFR + 0.490%)(b)(e) | 8,695 | 8,626,294 | ||||||
Natwest Group PLC | ||||||||
(3 mo. LIBOR US + 1.470%)(b) | 9,895 | 9,893,906 | ||||||
2.52%, 06/25/24 (Call 06/25/23), | ||||||||
(3 mo. LIBOR US + 1.550%)(b) | 3,000 | 3,018,308 | ||||||
3.50%, 05/15/23 (Call 05/15/22), | 8,500 | 8,500,414 | ||||||
3.88%, 09/12/23(e) | 20,000 | 20,058,097 | ||||||
Skandinaviska Enskilda Banken AB, 1.45%, 12/12/22, | 15,000 | 15,042,552 | ||||||
Sumitomo Mitsui Financial Group Inc. (3 mo. LIBOR US + 0.800%)(b)(e) | 4,000 | 4,013,966 | ||||||
2.78%, 07/12/22(e) | 5,000 | 5,011,902 | ||||||
UBS AG/London, 0.50%, 08/09/24, | ||||||||
(SOFR + 0.450%)(a)(b) | 15,725 | 15,596,746 | ||||||
UBS Group AG | ||||||||
(3 mo. LIBOR US + 1.220%)(a)(b) | 20,000 | 20,009,055 | ||||||
3.49%, 05/23/23 (Call 05/23/22)(a) | 20,000 | 20,026,237 | ||||||
Wells Fargo & Co., 2.47%, 10/31/23 (Call 10/31/22), | 14,000 | 14,054,316 | ||||||
|
| |||||||
1,041,191,455 | ||||||||
Beverages — 0.3% | ||||||||
Keurig Dr Pepper Inc., 0.75%, 03/15/24 | ||||||||
(Call 05/31/22)(e) | 11,955 | 11,407,116 | ||||||
|
| |||||||
Biotechnology — 0.6% | ||||||||
Gilead Sciences Inc., 0.75%, 09/29/23 | ||||||||
(Call 05/10/22)(e) | 25,438 | 24,610,097 | ||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)(e) | 8,800 | 8,576,639 | ||||||
|
| |||||||
Chemicals — 0.4% | ||||||||
DuPont de Nemours Inc., 4.21%, 11/15/23 | ||||||||
(Call 10/15/23) | 2,000 | 2,025,994 |
12 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
International Flavors & Fragrances Inc. | $ 5,300 | $ | 5,269,266 | |||||
3.20%, 05/01/23 (Call 02/01/23) | 9,000 | 9,011,220 | ||||||
Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/31/22)(e) | 1,254 | 1,254,805 | ||||||
|
| |||||||
17,561,285 | ||||||||
Computers — 0.5% | ||||||||
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23) | 10,523 | 10,752,512 | ||||||
International Business Machines Corp. | 7,500 | 7,504,284 | ||||||
2.88%, 11/09/22(e) | 3,679 | 3,693,059 | ||||||
|
| |||||||
21,949,855 | ||||||||
Diversified Financial Services — 6.2% | ||||||||
AerCap Ireland Capital DAC/AerCap Global | ||||||||
Aviation Trust 1.15%, 10/29/23(e) | 35,000 | 33,404,907 | ||||||
4.63%, 07/01/22(e) | 20,500 | 20,565,526 | ||||||
Air Lease Corp. | 4,840 | 4,587,981 | ||||||
1.18%, 12/15/22, | 28,600 | 28,566,029 | ||||||
3.88%, 07/03/23 (Call 06/03/23) | 6,138 | 6,159,038 | ||||||
American Express Co. | ||||||||
(SOFR + 0.930%)(b)(e) | 8,930 | 8,989,856 | ||||||
1.16%, 02/27/23 (Call 01/27/23), | ||||||||
(3 mo. LIBOR US + 0.650%)(b)(e) | 4,000 | 4,004,181 | ||||||
2.50%, 08/01/22 (Call 07/01/22)(e) | 15,000 | 15,024,362 | ||||||
3.40%, 02/27/23 (Call 01/27/23)(e) | 22,382 | 22,543,611 | ||||||
3.40%, 02/22/24 (Call 01/22/24)(e) | 25,000 | 25,064,604 | ||||||
Aviation Capital Group LLC, 3.88%, 05/01/23 | ||||||||
(Call 04/01/23)(a) | 20,240 | 20,191,629 | ||||||
Capital One Financial Corp. | 14,000 | 13,968,443 | ||||||
3.20%, 01/30/23 (Call 12/30/22)(e) | 10,000 | 10,062,069 | ||||||
Charles Schwab Corp. (The), 0.55%, 03/18/24 | ||||||||
(Call 02/18/24), (SOFR + 0.500%)(b) | 34,500 | 34,456,644 | ||||||
International Lease Finance Corp., 5.88%, 08/15/22(e) | 21,825 | 22,002,305 | ||||||
Synchrony Financial, 4.38%, 03/19/24 | ||||||||
(Call 02/19/24)(e) | 6,250 | 6,301,695 | ||||||
|
| |||||||
275,892,880 | ||||||||
Electric — 3.3% | ||||||||
Dominion Energy Inc., Series D, 1.36%, | 10,975 | 10,955,648 | ||||||
Duke Energy Corp. | 13,865 | 13,812,413 | ||||||
3.05%, 08/15/22 (Call 05/31/22)(e) | 17,045 | 17,066,679 | ||||||
NextEra Energy Capital Holdings Inc. | 5,580 | 5,573,397 | ||||||
0.65%, 03/01/23(e) | 24,670 | 24,272,967 | ||||||
0.68%, 11/03/23 (Call 05/31/22), | ||||||||
(SOFR + 0.400%)(b) | 24,300 | 24,166,981 | ||||||
0.75%, 02/22/23 (Call 05/31/22), | ||||||||
(3 mo. LIBOR US + 0.270%)(b) | 26,954 | 26,879,223 | ||||||
Southern California Edison Co., 0.07%, 04/03/23 | 26,240 | 25,677,969 | ||||||
|
| |||||||
148,405,277 |
Security | Par (000) | Value | ||||||
Food — 0.3% | ||||||||
General Mills Inc. (3 mo. LIBOR US + 1.010%)(b)(e) | $ 2,696 | $ | 2,726,466 | |||||
2.60%, 10/12/22 (Call 09/12/22)(e) | 9,135 | 9,139,707 | ||||||
|
| |||||||
11,866,173 | ||||||||
Gas — 0.6% | ||||||||
Atmos Energy Corp., 0.63%, 03/09/23 | ||||||||
(Call 05/16/22)(e) | 7,875 | 7,736,545 | ||||||
ONE Gas Inc., 0.85%, 03/11/23 | 20,000 | 19,650,288 | ||||||
|
| |||||||
27,386,833 | ||||||||
Health Care - Products — 0.4% | ||||||||
Baxter International Inc., 0.49%, 11/29/24, | ||||||||
(SOFR + 0.440%)(a)(b) | 6,430 | 6,398,296 | ||||||
Thermo Fisher Scientific Inc., 0.82%, 10/18/24 | ||||||||
(Call 10/18/22), (SOFR + 0.530%)(b) | 12,850 | 12,796,159 | ||||||
|
| |||||||
19,194,455 | ||||||||
Health Care - Services — 1.7% | ||||||||
Anthem Inc. | 4,555 | 4,571,317 | ||||||
3.13%, 05/15/22 | 27,616 | 27,631,027 | ||||||
Humana Inc., 0.65%, 08/03/23 (Call 05/09/22) | 43,100 | 41,831,160 | ||||||
|
| |||||||
74,033,504 | ||||||||
Home Builders — 0.1% | ||||||||
Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)(e) | 4,500 | 4,566,331 | ||||||
|
| |||||||
Household Products & Wares — 0.2% | ||||||||
Avery Dennison Corp., 0.85%, 08/15/24 | ||||||||
(Call 08/15/22)(e) | 10,440 | 9,836,278 | ||||||
|
| |||||||
Insurance — 0.4% | ||||||||
MassMutual Global Funding II, 0.92%, 03/21/25, (SOFR + 0.270%)(a)(b) | 3,996 | 4,004,233 | ||||||
Metropolitan Life Global Funding I, 0.96%, 03/21/25, (SOFR + 0.910%)(a)(b) | 8,745 | 8,775,172 | ||||||
New York Life Global Funding, 2.90%, 01/17/24(a) | 5,000 | 4,974,700 | ||||||
|
| |||||||
17,754,105 | ||||||||
Internet — 0.3% | ||||||||
Amazon.com Inc., 3.00%, 04/13/25(b)(e) | 14,825 | 14,778,005 | ||||||
|
| |||||||
Machinery — 0.3% | ||||||||
Caterpillar Financial Services Corp., 1.02%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b) | 9,600 | 9,626,006 | ||||||
Rockwell Automation Inc., 0.35%, 08/15/23 | ||||||||
(Call 08/15/22), (SOFR + 0.25000%) | 3,870 | 3,751,519 | ||||||
|
| |||||||
13,377,525 | ||||||||
Manufacturing — 0.6% | ||||||||
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22) | 9,115 | 8,801,123 | ||||||
General Electric Co., 2.70%, 10/09/22 | 17,655 | 17,697,232 | ||||||
|
| |||||||
26,498,355 | ||||||||
Media — 2.3% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital 2.94%, 02/01/24 (Call 01/01/24), | 18,300 | 18,639,087 | ||||||
4.46%, 07/23/22 (Call 05/31/22)(e) | 74,155 | 74,282,030 | ||||||
4.50%, 02/01/24 (Call 01/01/24) | 10,000 | 10,123,210 | ||||||
|
| |||||||
103,044,327 | ||||||||
Oil & Gas — 0.5% | ||||||||
ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23) | 5,365 | 5,220,632 |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||
Oil & Gas (continued) | ||||||||
Phillips 66, 0.90%, 02/15/24 (Call 05/31/22)(e) | $ 19,400 | $ | 18,628,701 | |||||
|
| |||||||
23,849,333 | ||||||||
Pharmaceuticals — 5.4% | ||||||||
AbbVie Inc. | 21,924 | 21,920,538 | ||||||
2.90%, 11/06/22(e) | 50,000 | 50,132,701 | ||||||
Bayer U.S. Finance II LLC | ||||||||
(3 mo. LIBOR US + 1.010%)(a)(b) | 32,500 | 32,651,716 | ||||||
3.88%, 12/15/23 (Call 11/15/23)(a) | 15,000 | 15,118,865 | ||||||
Bristol-Myers Squibb Co., 2.60%, 05/16/22 | 10,400 | 10,406,871 | ||||||
Cigna Corp. | 9,360 | 8,920,107 | ||||||
3.05%, 11/30/22 (Call 10/31/22)(e) | 19,937 | 20,029,674 | ||||||
CVS Health Corp. | 15,000 | 15,037,587 | ||||||
3.50%, 07/20/22 (Call 05/20/22)(e) | 33,390 | 33,423,423 | ||||||
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)(e) | 9,760 | 9,736,004 | ||||||
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) | 20,000 | 20,310,683 | ||||||
|
| |||||||
237,688,169 | ||||||||
Pipelines — 1.4% | ||||||||
Enbridge Inc. | 3,130 | 3,123,849 | ||||||
0.55%, 10/04/23(e) | 2,805 | 2,702,168 | ||||||
2.15%, 02/16/24 | 7,980 | 7,798,535 | ||||||
4.00%, 10/01/23 (Call 07/01/23) | 6,000 | 6,057,256 | ||||||
Energy Transfer LP | 10,000 | 10,020,049 | ||||||
3.60%, 02/01/23 (Call 11/01/22)(e) | 6,400 | 6,411,515 | ||||||
4.25%, 03/15/23 (Call 12/15/22)(e) | 8,000 | 8,060,333 | ||||||
Kinder Morgan Energy Partners LP | 7,123 | 7,137,713 | ||||||
4.30%, 05/01/24 (Call 02/01/24)(e) | 4,820 | 4,874,647 | ||||||
Kinder Morgan Inc., 3.15%, 01/15/23 | 6,309 | 6,325,868 | ||||||
|
| |||||||
62,511,933 | ||||||||
Retail — 1.2% | ||||||||
7-Eleven Inc. | 34,000 | 33,400,342 | ||||||
0.80%, 02/10/24 (Call 05/31/22)(a)(e) | 15,600 | 14,862,015 | ||||||
Starbucks Corp., 0.47%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)(b) | 4,130 | 4,133,872 | ||||||
|
| |||||||
52,396,229 | ||||||||
Semiconductors — 0.1% | ||||||||
Analog Devices Inc., 0.52%, 10/01/24, | 5,025 | 5,001,108 | ||||||
|
| |||||||
Software — 3.3% | ||||||||
Fidelity National Information Services Inc., 0.38%, 03/01/23(e) | 32,634 | 32,026,458 | ||||||
Fiserv Inc. | ||||||||
3.50%, 10/01/22 (Call 07/01/22)(e) | 25,675 | 25,746,409 | ||||||
3.80%, 10/01/23 (Call 09/01/23) | 11,769 | 11,878,406 | ||||||
Oracle Corp. | ||||||||
2.40%, 09/15/23 (Call 07/15/23) | 8,000 | 7,924,816 | ||||||
2.50%, 10/15/22(e) | 23,441 | 23,450,825 | ||||||
2.63%, 02/15/23 (Call 01/15/23)(e) | 10,780 | 10,784,006 |
Security | Par/ Shares (000) | Value | ||||||
Software (continued) | ||||||||
VMware Inc., 0.60%, 08/15/23(e) | $ 34,000 | $ | 32,897,056 | |||||
|
| |||||||
144,707,976 | ||||||||
Telecommunications — 1.5% | ||||||||
AT&T Inc. | ||||||||
(SOFR + 0.640%)(b) | 22,000 | 21,978,902 | ||||||
1.98%, 06/12/24, | 15,000 | 15,186,891 | ||||||
Rogers Communications Inc., 2.95%, 03/15/25 (Call 03/15/23)(a) | 9,385 | 9,150,873 | ||||||
Verizon Communications Inc. | 12,440 | 12,416,918 | ||||||
1.61%, 05/15/25 (Call 03/15/25), | ||||||||
(3 mo. LIBOR US + 1.100%)(b) | 10,000 | 10,111,326 | ||||||
|
| |||||||
68,844,910 | ||||||||
Transportation — 1.0% | ||||||||
Ryder System Inc. | 20,000 | 20,025,266 | ||||||
3.65%, 03/18/24 (Call 02/18/24)(e) | 19,000 | 18,933,901 | ||||||
3.88%, 12/01/23 (Call 11/01/23)(e) | 5,000 | 5,039,284 | ||||||
|
| |||||||
43,998,451 | ||||||||
Trucking & Leasing — 0.7% | ||||||||
Penske Truck Leasing Co. LP/PTL Finance | 10,000 | 9,966,446 | ||||||
4.13%, 08/01/23 (Call 07/01/23)(a) | 15,000 | 15,104,947 | ||||||
4.88%, 07/11/22(a) | 4,901 | 4,928,870 | ||||||
|
| |||||||
30,000,263 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 65.1% | 2,890,089,244 | |||||||
|
| |||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Institutional, | 60,065 | 60,065,271 | ||||||
BlackRock Cash Funds: Treasury, | 446,610 | 446,610,000 | ||||||
|
| |||||||
Total Money Market Funds — 11.4% | 506,675,271 | |||||||
|
| |||||||
Total Investments in Securities — 100.6% | 4,468,486,216 | |||||||
Other Assets, Less Liabilities — (0.6)% | (27,505,864 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 4,440,980,352 | ||||||
|
|
(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) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | Zero-coupon bond. |
(e) | All or a portion of this security is on loan. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
14 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 49,889,059 | $ | 10,193,143 | (a) | $ | — | $ | (20,226 | ) | $ | 3,295 | $ | 60,065,271 | 60,065 | $ | 36,943 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 208,310,000 | 238,300,000 | (a) | — | — | — | 446,610,000 | 446,610 | 153,334 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (20,226 | ) | $ | 3,295 | $ | 506,675,271 | $ | 190,277 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
USD 9,116,021 | EUR 8,473,000 | BBP | 06/15/22 | $ | 159,832 | |||||||||
USD 58,080,902 | EUR 52,860,000 | DB | 06/15/22 | 2,206,455 | ||||||||||
USD 53,202,546 | GBP 40,763,000 | BBP | 06/15/22 | 1,943,335 | ||||||||||
|
| |||||||||||||
4,309,622 | ||||||||||||||
|
| |||||||||||||
Net unrealized appreciation | $ | 4,309,622 | ||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Foreign Currency Exchange Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | ||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | 4,309,622 | ||
|
|
For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Foreign Currency Exchange Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Forward foreign currency exchange contracts | $ | 5,697,209 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Forward foreign currency exchange contracts | $ | 3,837,887 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 486,450 | ||
Average amounts sold — in USD | $ | 104,111,245 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Bond ETF |
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
Assets | Liabilities | |||||||
Derivative Financial Instruments: | ||||||||
Forward foreign currency exchange contracts | $ | 4,309,622 | $ | — | ||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 4,309,622 | — | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | — | ||||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 4,309,622 | — | ||||||
|
|
|
|
The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:
Counterparty | | Derivative Assets Subject to an MNA by | | | Derivatives Available for Offset | | | Non-Cash Collateral Received | | | Cash Collateral Received | | | Net Amount of Derivative Assets | (a)(b) | |||||
Barclays Bank PLC | $2,103,167 | $ | — | $ | — | $ | — | $2,103,167 | ||||||||||||
Deutsche Bank Securities Inc. | 2,206,455 | — | — | — | 2,206,455 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$4,309,622 | $ | — | $ | — | $ | — | $ 4,309,622 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 608,662,976 | $ | — | $ | 608,662,976 | ||||||||
Certificates of Deposit | — | 29,993,253 | — | 29,993,253 | ||||||||||||
Collaterized Mortgage Obligations | — | 338,447,363 | — | 338,447,363 | ||||||||||||
Commercial Paper | — | 94,618,109 | — | 94,618,109 | ||||||||||||
Corporate Bonds & Notes | — | 2,890,089,244 | — | 2,890,089,244 | ||||||||||||
Money Market Funds | 506,675,271 | — | — | 506,675,271 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 506,675,271 | $ | 3,961,810,945 | $ | — | $ | 4,468,486,216 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 4,309,622 | $ | — | $ | 4,309,622 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 | 2 0 2 2 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 |
Schedule of Investments (unaudited) April 30, 2022 | BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Debt Obligations | ||||||||
Alabama — 4.3% | ||||||||
Black Belt Energy Gas District RB | $ | 170 | $ | 170,330 | ||||
4.00%, 12/01/22 | 240 | 243,144 | ||||||
4.00%, 12/01/22 | 750 | 758,653 | ||||||
4.00%, 06/01/23 | 240 | 244,391 | ||||||
4.00%, 12/01/24 | 1,250 | 1,277,215 | ||||||
Series A, VRDN, 4.00%, 08/01/47 (Put | 4,000 | 4,016,064 | ||||||
Columbia Industrial Development Board RB, VRDN, 0.39%, 12/01/37 (Put 04/29/22)(a)(b) | 3,300 | 3,300,000 | ||||||
Southeast Alabama Gas Supply District (The) RB, Series��A, 4.00%, 06/01/22 | 1,500 | 1,502,301 | ||||||
Southeast Energy Authority A Cooperative District RB | ||||||||
Series A, 4.00%, 10/01/22 | 355 | 357,606 | ||||||
Series A, 4.00%, 10/01/23 | 450 | 456,100 | ||||||
Series B, 4.00%, 06/01/24 | 1,200 | 1,221,662 | ||||||
|
| |||||||
13,547,466 | ||||||||
California — 0.6% | ||||||||
California County Tobacco Securitization Agency RB, Series A, 4.00%, 06/01/22 | 545 | 546,058 | ||||||
State of California GO, 5.00%, 12/01/24 | 1,190 | 1,267,883 | ||||||
|
| |||||||
1,813,941 | ||||||||
Colorado — 0.1% | ||||||||
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23 | 250 | 259,571 | ||||||
|
| |||||||
Connecticut — 2.0% | ||||||||
Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22 | 500 | 501,707 | ||||||
State of Connecticut GO | ||||||||
Series A, 3.00%, 01/15/23 | 2,000 | 2,017,876 | ||||||
Series C, VRDN, 0.48%, 05/15/34 (Put 04/29/22)(a)(b) | 1,920 | 1,920,000 | ||||||
Series C, 3.00%, 06/01/22 | 900 | 901,140 | ||||||
Series C, 5.00%, 07/15/22 | 900 | 906,547 | ||||||
State of Connecticut Special Tax Revenue ST, Series A, 5.00%, 05/01/22 | 200 | 200,000 | ||||||
|
| |||||||
6,447,270 | ||||||||
District of Columbia — 2.7% | ||||||||
District of Columbia RB, VRDN, 0.55%, 04/01/38 (Put 04/29/22)(a)(b) | 2,890 | 2,890,000 | ||||||
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/22 | 1,200 | 1,215,068 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 10/01/53 | 4,525 | 4,525,000 | ||||||
|
| |||||||
8,630,068 | ||||||||
Florida — 2.8% | ||||||||
County of Martin FL RB, VRDN, 0.40%, 07/15/22 (Put 04/29/22)(a)(b) | 500 | 500,000 | ||||||
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23 | 2,500 | 2,584,407 | ||||||
County of Palm Beach FL RB, VRDN, 0.48%, 07/01/32 (Put 05/02/22)(a)(b) | 2,800 | 2,800,000 | ||||||
Florida Development Finance Corp. RB, VRDN, 0.30%, 12/01/56 (Put 05/31/22)(a)(b) | 2,150 | 2,144,432 | ||||||
Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23 | 1,000 | 967,265 | ||||||
|
| |||||||
8,996,104 |
Security | Par (000) | Value | ||||||
Georgia — 7.9% | ||||||||
Bartow County Development Authority RB, VRDN, 1.55%, 08/01/43 (Put 08/19/22)(a)(b) | $ | 2,000 | $ | 1,995,994 | ||||
Burke County Development Authority RB, VRDN, 2.25%, 10/01/32 (Put 05/25/23)(a)(b) | 2,000 | 1,985,544 | ||||||
City of Atlanta GA TA, 5.00%, 12/01/22 | 3,975 | 4,040,063 | ||||||
Main Street Natural Gas Inc. RB | ||||||||
Series A, VRDN, 4.00%, 04/01/48 (Put 06/01/23)(a)(b) | 5,685 | 5,775,869 | ||||||
Series D, VRDN, 1.14%, 08/01/48 (Put 09/01/23)(a)(b) | 5,000 | 4,975,170 | ||||||
Monroe County Development Authority RB, VRDN, 0.39%, 06/01/49 (Put 04/29/22)(a)(b) | 3,700 | 3,700,000 | ||||||
Municipal Electric Authority of Georgia RB, VRDN, 0.46%, 01/01/48 (Put 04/29/22)(a)(b) | 1,000 | 1,000,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 01/01/44 (Put 07/01/28) (AGM)(a)(b)(c) | 1,700 | 1,700,000 | ||||||
|
| |||||||
25,172,640 | ||||||||
Illinois — 3.4% | ||||||||
County of Cook IL GO, 4.00%, 11/15/22 | 1,395 | 1,411,630 | ||||||
Illinois Development Finance Authority RB, VRDN, 0.48%, 02/01/33 (Put 04/29/22)(a)(b) | 2,000 | 2,000,000 | ||||||
Illinois Finance Authority RB, VRDN, 0.45%, 01/01/37 (Put 05/02/22)(a)(b) | 3,300 | 3,300,000 | ||||||
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.48%, 03/01/33 | 4,000 | 4,000,000 | ||||||
|
| |||||||
10,711,630 | ||||||||
Indiana — 3.2% | ||||||||
City of Rockport IN RB, VRDN, 1.35%, 07/01/25 (Put 09/01/22)(a)(b) | 2,250 | 2,245,529 | ||||||
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23 | 1,800 | 1,851,027 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.59%, 04/01/30 | 6,000 | 6,000,000 | ||||||
|
| |||||||
10,096,556 | ||||||||
Iowa — 1.0% | ||||||||
Iowa Finance Authority RB, VRDN, 0.49%, 12/01/41 (Put 04/29/22)(a)(b)(c) | 3,200 | 3,200,000 | ||||||
|
| |||||||
Kansas — 2.2% | ||||||||
City of Burlington KS RB | ||||||||
Series A, VRDN, 0.67%, 09/01/35 (Put 04/29/22)(a)(b) | 4,000 | 4,000,000 | ||||||
Series B, VRDN, 0.67%, 09/01/35 (Put 04/29/22)(a)(b) | 3,000 | 3,000,000 | ||||||
|
| |||||||
7,000,000 | ||||||||
Kentucky — 8.4% | ||||||||
County of Meade KY RB | ||||||||
VRDN, 0.60%, 08/01/61 (Put 04/29/22)(a)(b) | 7,600 | 7,600,000 | ||||||
VRDN, 0.59%, 08/01/61 (Put 04/29/22)(a)(b) | 7,500 | 7,500,000 | ||||||
Kentucky Public Energy Authority RB | ||||||||
4.00%, 02/01/23 | 1,000 | 1,013,616 | ||||||
Series A, VRDN, 4.00%, 04/01/48 (Put 01/02/24)(a)(b) | 3,930 | 4,004,065 | ||||||
Kentucky State Property & Building Commission RB, Series A, 5.00%, 11/01/22 | 1,000 | 1,016,571 | ||||||
Louisville/Jefferson County Metropolitan Government RB, VRDN, 0.52%, 06/01/33 (Put 04/29/22)(a)(b) | 5,000 | 5,000,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 12/01/41 (Put 12/01/27) (AGM)(a)(b)(c) | 500 | 500,000 | ||||||
|
| |||||||
26,634,252 | ||||||||
Louisiana — 3.0% | ||||||||
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB, 5.00%, 08/01/22 (AGM) | 465 | 469,236 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Louisiana (continued) | ||||||||
Lake Charles Harbor & Terminal District RB, VRDN, 1.00%, 12/01/51 (Put 12/01/24)(a)(b) | $ | 4,325 | $ | 4,091,761 | ||||
Louisiana Offshore Terminal Authority RB, VRDN, 1.65%, 09/01/27 (Put 12/01/23)(a)(b) | 400 | 392,594 | ||||||
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23) | 2,325 | 2,362,358 | ||||||
Parish of St Charles LA RB, 4.00%, 12/01/40 | 2,345 | 2,348,661 | ||||||
|
| |||||||
9,664,610 | ||||||||
Massachusetts — 1.9% | ||||||||
Massachusetts Educational Financing Authority RB 5.00%, 07/01/22 | 1,445 | 1,451,835 | ||||||
5.00%, 01/01/24 | 2,500 | 2,582,732 | ||||||
Massachusetts Housing Finance Agency RB | ||||||||
Series A, 0.30%, 12/01/23 (Call 06/01/22) | 1,000 | 951,862 | ||||||
Series A, 0.40%, 06/01/24 (Call 06/01/23) | 1,000 | 959,541 | ||||||
|
| |||||||
5,945,970 | ||||||||
Michigan — 2.1% | ||||||||
Michigan Finance Authority RB | 665 | 644,694 | ||||||
5.00%, 10/15/22 | 3,250 | 3,289,552 | ||||||
5.00%, 11/01/22 | 240 | 243,867 | ||||||
5.00%, 12/01/22 | 1,390 | 1,415,583 | ||||||
Series A, 4.00%, 06/01/22 | 1,000 | 1,001,776 | ||||||
|
| |||||||
6,595,472 | ||||||||
Minnesota — 0.6% | ||||||||
City of Minneapolis MN RB, Class C, 0.33%, 11/15/48 (Put 04/29/22)(a)(b) | 2,050 | 2,050,000 | ||||||
|
| |||||||
Mississippi — 3.6% | ||||||||
Mississippi Business Finance Corp. RB | ||||||||
VRDN, 0.33%, 12/01/30 (Put 05/02/22)(a)(b) | 1,600 | 1,600,000 | ||||||
Series A, VRDN, 0.47%, 12/01/30 (Put 05/02/22)(a)(b) | 10,000 | 10,000,000 | ||||||
|
| |||||||
11,600,000 | ||||||||
Missouri — 1.0% | ||||||||
City of Kansas City MO RB, 5.00%, 09/01/22 | 810 | 818,307 | ||||||
County of Greene MO COP, Series A, 3.00%, 03/01/23 | 350 | 353,409 | ||||||
RBC Municipal Products Inc. Trust RB, VRDN, 0.49%, 09/01/39 (Put 05/06/22)(a)(b)(c) | 2,000 | 2,000,000 | ||||||
|
| |||||||
3,171,716 | ||||||||
Nebraska — 0.9% | ||||||||
Central Plains Energy Project RB, VRDN, 5.00%, 03/01/50 (Put 10/01/23)(a)(b) | 1,000 | 1,028,529 | ||||||
County of Douglas NE RB, 0.97%, 07/01/35 | 2,000 | 1,950,722 | ||||||
|
| |||||||
2,979,251 | ||||||||
Nevada — 0.8% | ||||||||
County of Clark Department of Aviation RB, 5.00%, 07/01/22 | 2,165 | 2,176,806 | ||||||
Nevada Housing Division RB, 0.25%, 12/01/22 (Call 05/20/22) | 485 | 480,648 | ||||||
|
| |||||||
2,657,454 | ||||||||
New Jersey — 13.2% | ||||||||
Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22 | 4,000 | 4,009,496 | ||||||
New Jersey Economic Development Authority RB | 200 | 200,768 | ||||||
5.25%, 09/01/24 (c) | 7,600 | 8,004,457 | ||||||
Series A, 4.00%, 07/01/22 | 2,000 | 2,007,336 | ||||||
Series AAA, 5.00%, 06/15/22 | 1,000 | 1,003,838 | ||||||
Series B, 5.00%, 11/01/23 (SAP) | 1,450 | 1,498,634 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
Series B, 5.00%, 11/01/24 | $ | 1,010 | $ | 1,062,325 | ||||
Series NN, 5.00%, 03/01/23 | 1,000 | 1,022,281 | ||||||
Series UU, 5.00%, 06/15/22 | 2,000 | 2,007,676 | ||||||
Series UU, 5.00%, 06/15/23 | 1,575 | 1,617,741 | ||||||
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23 | 1,500 | 1,549,686 | ||||||
New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24 | 500 | 525,060 | ||||||
New Jersey Housing & Mortgage Finance Agency RB, 4.00%, 04/01/23 | 1,290 | 1,309,149 | ||||||
New Jersey Transportation Trust Fund Authority RB | 220 | 220,854 | ||||||
Series A, 5.00%, 06/15/22 | 2,750 | 2,760,266 | ||||||
Series A, 5.00%, 06/15/24 | 1,575 | 1,653,378 | ||||||
Series A, 5.50%, 12/15/22 | 1,430 | 1,461,396 | ||||||
Series A, 5.50%, 12/15/22 (AGM-CR) | 190 | 194,194 | ||||||
Series A, 5.50%, 12/15/23 | 155 | 161,782 | ||||||
Series B, 5.25%, 12/15/22 (AMBAC) | 910 | 928,134 | ||||||
Series D, 5.00%, 12/15/23 | 470 | 487,395 | ||||||
Series D, 5.25%, 12/15/23 | 1,275 | 1,327,197 | ||||||
State of New Jersey GO, Series A, 4.00%, 06/01/23 | 1,290 | 1,311,985 | ||||||
Tobacco Settlement Financing Corp. RB, | 3,000 | 3,008,067 | ||||||
Township of Deptford NJ RB, Series A, 1.00%, 07/13/22 | 1,478 | 1,477,297 | ||||||
Township of Evesham NJ GO, 1.00%, 06/14/22 | 988 | 987,090 | ||||||
|
| |||||||
41,797,482 | ||||||||
New Mexico — 0.2% | ||||||||
New Mexico Municipal Energy Acquisition Authority RB, Series A, 4.00%, 05/01/22 | 600 | 600,000 | ||||||
|
| |||||||
New York — 6.4% | ||||||||
Albany Industrial Development Agency RB, VRDN, 0.55%, 07/01/32 (Put 05/05/22)(a)(b) | 900 | 900,000 | ||||||
Amherst Development Corp. RB, VRDN, 0.51%, 02/01/35 (Put 04/29/22)(a)(b) | 1,720 | 1,720,000 | ||||||
City of New York NY GO, VRDN, 0.35%, 12/01/47 (Put 04/29/22)(a)(b) | 2,400 | 2,400,000 | ||||||
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD) | 1,425 | 1,470,415 | ||||||
New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA) | 1,560 | 1,444,189 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB, VRDN, 0.36%, 02/01/44 (Put 04/29/22)(a)(b) | 3,200 | 3,200,000 | ||||||
New York Transportation Development Corp. RB 5.00%, 12/01/22 | 495 | 502,761 | ||||||
Series A, 5.00%, 12/01/23 | 1,250 | 1,285,794 | ||||||
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.47%, 09/01/26 (Put | 2,195 | 2,195,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 07/01/50 (Put | 2,000 | 2,000,000 | ||||||
Town of Newburgh NY GOL, 1.00%, 05/18/22 | 820 | 819,773 | ||||||
Town of Oyster Bay NY GOL | 425 | 431,819 | ||||||
5.00%, 08/15/22 (BAM) | 715 | 722,189 | ||||||
Village of Kings Point NY RB, 1.00%, 07/22/22 | 1,300 | 1,299,156 | ||||||
|
| |||||||
20,391,096 | ||||||||
North Carolina — 0.2% | ||||||||
North Carolina Medical Care Commission RB, VRDN, 0.47%, 10/01/35 (Put 04/29/22)(a)(b) | 500 | 500,000 | ||||||
|
|
18 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
North Dakota — 2.2% | ||||||||
North Dakota Housing Finance Agency RB, VRDN, 0.44%, 07/01/36 (Put 05/06/22)(a)(b) | $ | 6,875 | $ | 6,875,000 | ||||
|
| |||||||
Ohio — 2.1% | ||||||||
Akron Bath Copley Joint Township Hospital District RB | ||||||||
5.00%, 11/15/22 | 225 | 228,295 | ||||||
5.00%, 11/15/23 | 325 | 337,185 | ||||||
City of Cleveland OH GOL, Series A, 2.00%, 12/01/22 | 300 | 300,832 | ||||||
Ohio Higher Educational Facility Commission RB, VRDN, 0.41%, 01/01/39 | 5,975 | 5,975,000 | ||||||
|
| |||||||
6,841,312 | ||||||||
Oregon — 1.9% | ||||||||
Oregon State Facilities Authority RB, VRDN, 0.32%, 08/01/34 (Put 04/29/22)(a)(b) | 6,100 | 6,100,000 | ||||||
|
| |||||||
Pennsylvania — 5.2% | ||||||||
Allegheny County Hospital Development Authority RB, 1.00%, 11/15/23(a)(b) | 1,500 | 1,500,005 | ||||||
Butler County Industrial Development Authority/PA RB, VRDN, 0.53%, 05/01/34 (Put 05/02/22)(a)(b) | 2,200 | 2,200,000 | ||||||
Connellsville Area School District GOL, 4.00%, 08/15/22 (BAM SAW) | 500 | 503,561 | ||||||
Ephrata Area School District GO, 3.00%, 03/01/24 | 1,000 | 1,007,895 | ||||||
General Authority of Southcentral Pennsylvania RB, VRDN, 0.38%, 06/01/37 | 3,300 | 3,300,000 | ||||||
Muhlenberg School District GOL, 4.00%, 05/15/22 (SAW) | 700 | 700,614 | ||||||
Pennsylvania Economic Development Financing Authority RB, VRDN, 0.75%, 12/01/37 | 3,000 | 3,000,000 | ||||||
Pennsylvania Housing Finance Agency RB 5.00%, 10/01/25 | 500 | 539,509 | ||||||
Series 133, 5.00%, 10/01/22 | 380 | 385,353 | ||||||
Philadelphia Gas Works Co. RB, Series A, 5.00%, 08/01/22 | 1,315 | 1,325,932 | ||||||
Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/22 | 360 | 361,001 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 10/01/41 | 1,620 | 1,620,000 | ||||||
|
| |||||||
16,443,870 | ||||||||
Puerto Rico — 1.0% | ||||||||
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22 | 3,000 | 3,052,932 | ||||||
|
| |||||||
South Carolina — 0.3% | ||||||||
South Carolina Public Service Authority RB, VRDN, 0.50%, 01/01/36 (Put 04/29/22)(a)(b) | 900 | 900,000 | ||||||
|
| |||||||
South Dakota — 0.6% | ||||||||
South Dakota Housing Development Authority RB, VRDN, 0.45%, 11/01/62 | 1,780 | 1,780,000 | ||||||
|
| |||||||
Tennessee — 0.6% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facility RB, 5.00%, 05/01/22 | 535 | 535,000 | ||||||
Tennergy Corp./TN | ||||||||
Series A, 4.00%, 09/01/22 | 335 | 337,375 | ||||||
Series A, 4.00%, 03/01/23 | 375 | 380,114 | ||||||
Series A, 4.00%, 09/01/23 | 320 | 325,633 | ||||||
Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23 | 250 | 256,942 | ||||||
|
| |||||||
1,835,064 |
Security | Par (000) | Value | ||||||
Texas — 13.5% | ||||||||
Fort Bend Independent School District RB | ||||||||
0.55%, 05/27/22 | $ | 5,000 | $ | 4,999,244 | ||||
0.60%, 05/27/22 | 5,000 | 4,999,313 | ||||||
Harris County Cultural Education Facilities Finance Corp. RB, VRDN, 5.00%, 06/01/32 (Put 09/01/22)(a)(b) | 4,000 | 4,071,820 | ||||||
Port of Arthur Navigation District Industrial Development Corp. RB | 7,000 | 7,000,000 | ||||||
VRDN, 0.49%, 06/01/41 (Put 05/02/22)(a)(b) | 3,000 | 3,000,000 | ||||||
State of Texas GO | ||||||||
VRDN, 0.47%, 12/01/43 (Put 05/06/22)(a)(b) | 9,700 | 9,700,000 | ||||||
Series A, VRDN, 0.47%, 06/01/44 (Put 05/02/22)(a)(b) | 410 | 410,000 | ||||||
Series A, VRDN, 0.47%, 06/01/45 (Put 04/29/22)(a)(b) | 2,910 | 2,910,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. RB, VRDN, 0.32%, 10/01/41 (Put 04/29/22)(a)(b) | 1,000 | 1,000,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.54%, 06/15/27 | 1,500 | 1,500,000 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III RB | ||||||||
5.00%, 12/15/22 | 2,000 | 2,030,104 | ||||||
5.00%, 12/15/23 | 1,150 | 1,183,122 | ||||||
|
| |||||||
42,803,603 | ||||||||
Virginia — 0.1% | ||||||||
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23 | 300 | 308,728 | ||||||
|
| |||||||
Washington — 0.3% | ||||||||
King County Housing Authority RB, 3.00%, 06/01/22 | 250 | 250,290 | ||||||
Washington Health Care Facilities Authority RB, VRDN, 5.00%, 08/01/49 (Put 02/01/25)(a)(b) | 800 | 840,096 | ||||||
|
| |||||||
1,090,386 | ||||||||
Wisconsin — 1.0% | ||||||||
Public Finance Authority RB, 5.00%, 06/01/22 | 175 | 175,462 | ||||||
Wisconsin Health & Educational Facilities Authority RB, VRDN, 0.62%, 08/15/54 (Put 01/01/26)(a)(b) | 2,000 | 1,956,224 | ||||||
Wisconsin Housing & Economic Development Authority RB, VRDN, 0.44%, 03/01/41 (Put 04/29/22)(a)(b) | 1,000 | 1,000,000 | ||||||
|
| |||||||
3,131,686 | ||||||||
|
| |||||||
Total Municipal Debt Obligations — 101.3% |
| 321,625,130 | ||||||
|
| |||||||
Total Investments in Securities — 101.3% |
| 321,625,130 | ||||||
Other Assets, Less Liabilities — (1.3)% | (4,063,007) | |||||||
|
| |||||||
Net Assets — 100.0% | $317,562,123 | |||||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Short Maturity Municipal Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash(a) | $ | — | $ | — | $ (3)(b) | $ | 3 | $ | — | $ | — | — | $ | 11 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) As of period end, the entity is no longer held.
(b) Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Debt Obligations | $ | — | $ | 321,625,130 | $ | — | $ | 321,625,130 | ||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
20 | 2 0 2 2 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 |
Schedule of Investments (unaudited) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Asset-Backed Securities |
| |||||||
CarMax Auto Owner Trust 2.81%, 05/15/25 | $ | 3,752 | $ | 3,751,689 | ||||
Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 06/15/24) | 1,662 | 1,660,499 | ||||||
Ford Credit Auto Lease Trust | 7,361 | 7,296,796 | ||||||
3.06%, 10/15/24 | 4,343 | 4,344,384 | ||||||
Ford Credit Auto Owner Trust, 0.73%, 09/15/24 (Call 08/15/25) | 11,021 | 10,905,104 | ||||||
Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 05/15/25) | 14,164 | 14,043,266 | ||||||
Hyundai Auto Lease Securitization Trust | 14,741 | 14,580,326 | ||||||
0.81%, 04/15/24 (Call 06/15/24)(a) | 10,000 | 9,861,733 | ||||||
Toyota Auto Receivables, 2.35%, 01/15/25 | 9,455 | 9,432,001 | ||||||
|
| |||||||
Total Asset-Backed Securities — 1.2% | 75,875,798 | |||||||
|
| |||||||
Certificates of Deposit |
| |||||||
Banco Santander SA, 0.62%, 08/01/22 | 10,000 | 9,982,436 | ||||||
Banco Santander SA/New York, 0.75%, 10/19/22, (SOFR + 0.450%)(b) | 10,000 | 10,000,139 | ||||||
Bank of Montreal, 0.50%, 11/28/22 | 7,000 | 6,935,419 | ||||||
Barclays Bank PLC, 1.65%, 03/03/23 | 15,000 | 14,896,899 | ||||||
Barclays Bank PLC/NY, 0.57%, 02/03/23, | 30,000 | 29,958,136 | ||||||
Bayerische Landesbank/New York | 15,000 | 14,821,625 | ||||||
1.38%, 01/27/23, (3 mo. LIBOR US + 0.160%)(b) | 22,500 | 22,486,494 | ||||||
BNP Paribas NY, 0.20%, 09/08/22 | 35,000 | 34,841,396 | ||||||
Canadian Imperial Bank of Commerce | 6,000 | 5,950,437 | ||||||
1.39%, 09/12/22 | 35,000 | 35,001,361 | ||||||
Canadian Imperial Bank of Commerce/New York NY | 22,000 | 21,996,495 | ||||||
0.56%, 03/03/23, (SOFR + 0.280%)(b) | 30,000 | 29,957,026 | ||||||
0.58%, 01/06/23, (SOFR + 0.300%)(b) | 10,000 | 9,991,483 | ||||||
Credit Industriel et Commercial/New York, 0.37%, 05/06/22, | ||||||||
(3 mo. LIBOR US + 0.5000%)(b) | 7,000 | 6,999,838 | ||||||
Credit Suisse AG/New York NY, 0.50%, 10/28/22 | 15,000 | 14,885,213 | ||||||
Kookmin Bank/New York | 25,000 | 24,965,230 | ||||||
0.60%, 02/09/23, (SOFR + 0.320%)(b) | 10,000 | 9,986,935 | ||||||
0.60%, 02/21/23, (SOFR + 0.320%)(b) | 20,000 | 19,972,128 | ||||||
0.68%, 12/02/22, (3 mo. LIBOR US + 0.180%)(b) | 10,000 | 10,002,880 | ||||||
1.35%, 10/24/22, (3 mo. LIBOR US + 0.170%)(b) | 5,000 | 5,000,737 | ||||||
Landesbank Baden-Wuerttemberg | 10,000 | 9,927,814 | ||||||
0.81%, 06/03/22, (SOFR + 0.28000%) | 8,000 | 7,996,013 | ||||||
Lloyds Bank Corp. | 6,700 | 6,677,059 | ||||||
0.40%, 12/01/22 | 16,000 | 15,845,779 | ||||||
Lloyds Bank Corporate Markets PLC, 0.23%, 06/30/22 | 15,000 | 14,980,635 | ||||||
Lloyds Bank Corporate Markets PLC/New York NY, 0.55%, 02/03/23, (SOFR + 0.280%)(b) | 25,000 | 24,972,292 | ||||||
Mitsubishi UFJ Financial Group, 0.25%, 05/05/22, | 8,000 | 7,999,778 | ||||||
Mizuho Bank Ltd./New York NY, 0.46%, 07/25/22, | 11,500 | 11,495,807 |
Security | Par (000) | Value | ||||||
MUFG Bank Ltd. | $ | 7,000 | $ | 6,985,690 | ||||
0.30%, 10/31/22 | 7,500 | 7,440,330 | ||||||
0.32%, 08/08/22 | 5,000 | 4,985,744 | ||||||
MUFG Bank Ltd/New York NY | 15,000 | 14,983,183 | ||||||
0.55%, 01/27/23, (SOFR + 0.280%)(b) | 25,000 | 24,971,663 | ||||||
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)(b) | 12,000 | 11,999,163 | ||||||
Natixis SA/New York NY, 0.56%, 02/07/23, | 10,000 | 9,987,810 | ||||||
Nordea Bank Abp/New York NY, 0.46%, 10/27/22, | 20,000 | 19,979,828 | ||||||
Oversea Chinese Bannking Corp., 0.17%, 06/03/22, | 10,130 | 10,123,821 | ||||||
Royal Bank of Canada | 18,000 | 17,933,956 | ||||||
0.37%, 11/10/22 | 10,000 | 9,910,767 | ||||||
0.40%, 11/15/22 | 15,000 | 14,863,004 | ||||||
0.53%, 01/11/23, (SOFR + 0.250%)(b) | 18,000 | 17,976,174 | ||||||
Royal Bank of Canada/New York NY, 0.41%, 05/24/22, (SOFR + 0.130%)(b) | 10,000 | 9,999,797 | ||||||
Standard Chartered Bank/New York | 30,000 | 29,953,549 | ||||||
0.63%, 05/01/23, (SOFR + 0.350%)(b) | 25,000 | 24,964,987 | ||||||
0.69%, 07/28/23, (SOFR + 0.420%)(b) | 15,000 | 14,994,400 | ||||||
Sumitomo Mitsui Banking Corp., 2.70%, 04/25/23 | 50,000 | 49,970,811 | ||||||
Sumitomo Mitsui Banking Corp./New York | 20,000 | 19,971,846 | ||||||
0.70%, 07/15/22 | 10,000 | 9,997,751 | ||||||
Sumitomo Mitsui Trust Bank, 0.25%, 05/11/22, | 5,000 | 4,999,617 | ||||||
Svenska Handelsbanken/New York NY | 10,000 | 9,993,875 | ||||||
0.72%, 10/27/22, (SOFR + 0.190%)(b) | 15,000 | 14,984,871 | ||||||
Toronto Dominion Bank | 20,000 | 19,964,584 | ||||||
0.73%, 12/30/22 | 8,000 | 7,917,643 | ||||||
Toronto-Dominion Bank | 25,000 | 24,975,142 | ||||||
1.75%, 10/21/22 | 15,000 | 14,987,087 | ||||||
2.69%, 04/28/23 | 10,000 | 9,999,291 | ||||||
Toronto-Dominion Bank/NY, 0.34%, 10/28/22 | 7,000 | 6,943,114 | ||||||
UBS AG/Stamford Branch, 1.68%, 10/20/22 | 5,000 | 4,996,245 | ||||||
Westpac Banking Corp., 2.25%, 01/23/23 | 30,000 | 29,989,956 | ||||||
|
| |||||||
Total Certificates of Deposit — 14.6% |
| 920,273,183 | ||||||
|
| |||||||
Commercial Paper | ||||||||
Amcor Flexibles North America | 30,000 | 29,992,980 | ||||||
1.09%, 06/09/22(c) | 30,000 | 29,962,895 | ||||||
Ameren Corp. | 22,614 | 22,608,325 | ||||||
1.03%, 06/02/22(c) | 15,000 | 14,985,451 | ||||||
American Electric Power Inc. | 28,250 | 28,248,189 | ||||||
0.59%, 05/04/22(c) | 20,000 | 19,998,358 | ||||||
American Honda Financial, 1.26%, 07/06/22(c) | 20,000 | 19,952,664 | ||||||
Amphenol Corp., 0.65%, 05/10/22(c) | 19,000 | 18,996,255 | ||||||
Antalis SA, 1.40%, 08/04/22(c) | 25,000 | 24,912,228 |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
ANZ New Zealand International Ltd. | $ | 30,000 | $ | 29,999,092 | ||||
1.86%, 10/21/22(c) | 25,000 | 24,776,389 | ||||||
ASB Bank Ltd., 0.84%, 09/15/22, | 18,250 | 18,280,323 | ||||||
ASB Finance Ltd., 1.53%, 09/12/22(c) | 15,000 | 14,913,640 | ||||||
AT&T Inc., 0.78%, 05/17/22(c) | 66,300 | 66,274,276 | ||||||
AT+T Inc., 1.55%, 08/16/22(c) | 45,000 | 44,789,358 | ||||||
Australia & New Zealand Banking Group Ltd., 1.20%, 07/28/22(c) | 10,000 | 9,970,000 | ||||||
Avery Dennison Corp. | 5,250 | 5,249,367 | ||||||
0.67%, 05/10/22(c) | 7,965 | 7,963,382 | ||||||
Barclays Bank PLC, Series 10-10.51%, 07/22/22, | 10,000 | 9,998,670 | ||||||
Base Aktiengesellsch | 10,000 | 9,940,325 | ||||||
2.14%, 10/03/22(c) | 17,400 | 17,239,051 | ||||||
Baxter International, 0.56%, 05/02/22(c) | 37,037 | 37,035,262 | ||||||
Bedford Row Funding Corp., 0.44%, 06/27/22, | 15,000 | 14,995,920 | ||||||
Bell Canada, 0.66%, 05/12/22(c) | 30,000 | 29,992,872 | ||||||
BNZ Financial Funding Ltd., 0.82%, 06/13/22(c) | 7,500 | 7,492,313 | ||||||
BNZ International Funding Ltd., 0.94%, 07/01/22(c) | 10,000 | 9,983,585 | ||||||
BPCE SA | 15,000 | 14,951,198 | ||||||
2.43%, 03/01/23(c) | 13,500 | 13,227,125 | ||||||
2.51%, 02/22/23(c) | 10,000 | 9,795,600 | ||||||
Brookfield Infrastructure Holdings, 0.58%, 05/03/22(c) | 19,316 | 19,314,762 | ||||||
Brookfield Renewable, 0.81%, 05/19/22(c) | 12,000 | 11,994,580 | ||||||
Church & Dwight Co. Inc., 0.93%, 05/25/22(c) | 14,060 | 14,050,607 | ||||||
Citigroup Global Markets Inc. | 18,000 | 17,938,383 | ||||||
2.20%, 01/03/23(c) | 20,000 | 19,699,817 | ||||||
2.60%, 04/11/23(c) | 30,000 | 29,267,541 | ||||||
Collateralized Commercial Paper Flex Co. LLC | 15,000 | 14,947,561 | ||||||
0.92%, 06/24/22(c) | 30,000 | 29,955,153 | ||||||
Collateralized Commercial Paper V Co. | 18,750 | 18,634,497 | ||||||
1.66%, 10/14/22(c) | 12,650 | 12,543,622 | ||||||
1.70%, 10/21/22(c) | 15,000 | 14,865,250 | ||||||
Commonwealth Bank of Australia | 15,000 | 15,000,000 | ||||||
1.77%, 10/21/22(c) | 5,000 | 4,957,465 | ||||||
Crown Point Capital Co., 0.30%, 10/04/22(a) | 10,000 | 9,939,342 | ||||||
Disney (walt) Co. (The), 1.69%, 09/30/22(c) | 5,000 | 4,964,174 | ||||||
DNB Bank ASA | 5,000 | 4,958,696 | ||||||
1.86%, 11/07/22(c) | 5,000 | 4,950,933 | ||||||
2.41%, 03/02/23(c) | 10,000 | 9,798,915 | ||||||
DZ Bank AG Deutsche Zentral, 1.36%, 08/12/22(c) | 6,260 | 6,235,260 | ||||||
Enbridge Inc. | 10,000 | 9,997,686 | ||||||
0.95%, 05/18/22(c) | 20,000 | 19,990,004 | ||||||
1.37%, 07/05/22(c) | 30,000 | 29,923,843 | ||||||
Enel Finance America | 8,860 | 8,849,496 | ||||||
1.08%, 06/10/22(c) | 10,000 | 9,987,400 | ||||||
1.27%, 07/08/22(c) | 12,000 | 11,970,437 | ||||||
1.36%, 07/21/22(c) | 15,000 | 14,953,209 | ||||||
1.45%, 08/03/22(c) | 15,100 | 15,042,016 |
Security | Par (000) | Value | ||||||
1.68%, 09/07/22(c) | $ | 10,000 | $ | 9,939,376 | ||||
1.73%, 09/15/22(c) | 28,000 | 27,814,698 | ||||||
1.97%, 10/21/22(c) | 15,500 | 15,352,696 | ||||||
Eversource Energy, 0.74%, 05/17/22(c) | 10,000 | 9,996,325 | ||||||
Fidelity National Information Services, 0.89%, 05/23/22(c) | 6,429 | 6,425,194 | ||||||
Goldman Sachs International, 1.93%, 11/10/22(c) | 10,000 | 9,896,488 | ||||||
Hyundai Capital America, 0.70%, 05/11/22(c) | 20,000 | 19,995,327 | ||||||
ING U.S Funding LLC. | 25,000 | 24,994,962 | ||||||
0.64%, 05/17/22(c) | 10,000 | 9,996,825 | ||||||
Intercontinental Exchange Inc., 0.91%, 05/17/22, | 9,499 | 9,494,678 | ||||||
J.P. Morgan Securities, 0.22%, 09/30/22, | ||||||||
(3 mo. LIBOR US + 0.17000 %)(a) | 10,000 | 9,938,104 | ||||||
Kookmin Bank, 2.63%, 04/25/23(c) | 25,000 | 24,356,467 | ||||||
Kookmin Bank/New York, 1.44%, 08/22/22, | ||||||||
(3 mo. LIBOR US + 0.35%)(c) | 6,000 | 5,972,496 | ||||||
La Fayette Asset Security, 0.79%, 06/10/22(c) | 32,000 | 31,967,968 | ||||||
Lloyds Bank Corp, 1.88%, 10/31/22(c) | 15,000 | 14,856,317 | ||||||
Mackinac Funding, 0.56%, 05/03/22(c) | 7,000 | 6,999,710 | ||||||
Macquarie Bank Ltd. | 15,000 | 14,990,631 | ||||||
0.45%, 09/20/22, (SOFR + 0.180%)(a)(b) | 10,000 | 9,992,691 | ||||||
0.59%, 02/28/23, (SOFR + 0.3%)(a)(b) | 25,000 | 24,967,325 | ||||||
1.45%, 08/01/22, (SOFR + 0.180%)(c) | 5,000 | 4,981,135 | ||||||
2.01%, 11/01/22, (SOFR + 0.350%)(c) | 10,000 | 9,897,442 | ||||||
Mitsubishi HC Capital America Inc. | 2,000 | 1,999,906 | ||||||
0.66%, 05/09/22(c) | 5,000 | 4,999,086 | ||||||
0.74%, 05/12/22(c) | 20,000 | 19,994,692 | ||||||
0.76%, 05/16/22(c) | 12,536 | 12,531,519 | ||||||
National Australia Bank Ltd. | 30,000 | 29,841,075 | ||||||
1.57%, 09/26/22(c) | 20,000 | 19,870,000 | ||||||
1.76%, 10/11/22, (3 mo. LIBOR US + 0.41 %)(c) | 20,000 | 19,839,583 | ||||||
2.39%, 02/24/23(c) | 17,000 | 16,667,253 | ||||||
National Bank of Canada | 8,000 | 7,997,076 | ||||||
1.86%, 10/31/22, (SOFR + 0.33%)(c) | 10,000 | 9,905,239 | ||||||
National Grid Holdings, 1.06%, 06/07/22, | 14,500 | 14,483,349 | ||||||
NatWest Market PLC | 15,600 | 15,555,523 | ||||||
1.34%, 07/26/22(c) | 25,000 | 24,918,294 | ||||||
Nieuw Amsterdam Recv, 0.59%, 05/03/22(c) | 30,000 | 29,998,690 | ||||||
Nordea Bank Abp, 1.72%, 10/21/22, | 10,000 | 9,916,972 | ||||||
Nutrien Ltd. | 14,880 | 14,873,929 | ||||||
1.05%, 05/31/22(c) | 15,000 | 14,985,960 | ||||||
Oscar AcquisitionCo LLC/Oscar Finance Inc., 0.70%, 05/12/22, (SOFR + 0.33%)(c) | 26,787 | 26,780,277 | ||||||
Regatta Funding Co. LLC, 1.81%, 10/28/22(c) | 5,000 | 4,953,236 | ||||||
Royal Bank of Canada, 1.75%, 09/12/22(c) | 20,000 | 19,868,684 | ||||||
Skandinaviska Enskilda Banken AB | 7,000 | 6,990,900 | ||||||
1.69%, 09/12/22(c) | 40,000 | 39,746,738 | ||||||
1.92%, 10/24/22, (3 mo. LIBOR US + 0.645 %)(c) | 15,000 | 14,859,083 | ||||||
1.93%, 10/26/22(c) | 30,000 | 29,713,500 | ||||||
Societe Generale SA | 10,000 | 9,938,270 | ||||||
0.37%, 05/03/22(c) | 10,000 | 9,999,592 | ||||||
1.47%, 08/31/22, (SOFR + 0.42000%)(c) | 15,000 | 14,924,205 |
22 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Stanley Works (The), 0.69%, 05/23/22(c) | $ | 15,000 | $ | 14,993,100 | ||||
Sumitomo Mitsui Banking Corp., 1.33%, 07/21/22(c) | 15,000 | 14,954,315 | ||||||
Suncor Energy Inc., 0.61%, 05/05/22(c) | 17,775 | 17,773,205 | ||||||
Swedbank AB | 20,000 | 19,928,853 | ||||||
1.41%, 08/15/22(c) | 12,000 | 11,949,528 | ||||||
1.83%, 10/17/22(c) | 35,000 | 34,698,921 | ||||||
1.88%, 10/24/22(c) | 15,000 | 14,861,679 | ||||||
1.90%, 10/26/22(c) | 20,000 | 19,812,000 | ||||||
Telus Corp., 1.26%, 07/06/22(c) | 9,250 | 9,228,107 | ||||||
Thermo Fisher Scientific Inc., 1.02%, 06/01/22(c) | 20,000 | 19,981,300 | ||||||
Toronto Dominion Bank, 1.29%, 08/03/22(c) | 20,000 | 19,931,627 | ||||||
Toronto-Dominion Bank | 15,000 | 14,798,307 | ||||||
2.50%, 02/17/23(c) | 20,000 | 19,599,670 | ||||||
Transcanada Pipelines Ltd. | 20,000 | 19,999,062 | ||||||
0.61%, 05/05/22(c) | 30,000 | 29,996,970 | ||||||
1.35%, 07/20/22, (SOFR + 0.2%)(c) | 20,000 | 19,938,637 | ||||||
UBS AG London, 1.64%, 09/01/22(c) | 10,000 | 9,943,333 | ||||||
UBS AG/London | 10,000 | 9,991,147 | ||||||
1.51%, 08/18/22(c) | 10,000 | 9,953,627 | ||||||
UBS AG/LONDON, 0.77%, 05/31/22(c) | 25,000 | 24,982,822 | ||||||
Verizon Communications Inc. | 19,394 | 19,390,455 | ||||||
0.67%, 05/10/22(c) | 25,000 | 24,994,882 | ||||||
1.25%, 07/05/22(c) | 30,000 | 29,930,376 | ||||||
VW CR Inc. | 10,000 | 9,996,425 | ||||||
0.78%, 05/17/22(c) | 15,000 | 14,994,180 | ||||||
1.15%, 06/21/22(c) | 20,000 | 19,966,051 | ||||||
VW Credit Inc. | 19,500 | 19,402,231 | ||||||
1.57%, 08/24/22(c) | 10,000 | 9,949,235 | ||||||
Walt Disney Co. (The) | 16,940 | 16,921,290 | ||||||
1.05%, 07/15/22(c) | 10,950 | 10,925,478 | ||||||
Waste Management Inc. | 21,600 | 21,527,964 | ||||||
1.43%, 08/02/22(c) | 4,805 | 4,786,906 | ||||||
1.47%, 08/09/22(c) | 19,720 | 19,638,201 | ||||||
1.61%, 09/08/22(c) | 25,000 | 24,853,333 | ||||||
Wec Energy Group Inc., 0.61%, 05/05/22(c) | 10,000 | 9,998,990 | ||||||
Westpac Banking Corp./NY, 1.71%, 10/14/22(c) | 5,000 | 4,960,520 | ||||||
Westpac Securities NZ Ltd., 1.00%, 07/01/22(c) | 7,250 | 7,237,389 | ||||||
|
| |||||||
Total Commercial Paper — 37.5% | ||||||||
(Cost: $2,369,594,301) | 2,367,025,344 | |||||||
|
| |||||||
Corporate Bonds & Notes |
| |||||||
Aerospace & Defense — 0.1% | ||||||||
Raytheon Technologies Corp., 3.65%, 08/16/23 | 4,000 | 4,027,791 | ||||||
|
| |||||||
Agriculture — 0.3% | ||||||||
Cargill Inc. | 10,165 | 9,694,625 | ||||||
3.50%, 04/22/25 (Call 04/22/23)(a) | 6,825 | 6,817,179 | ||||||
|
| |||||||
16,511,804 |
Security | Par (000) | Value | ||||||
Auto Manufacturers — 5.2% | ||||||||
American Honda Finance Corp. | $ | 8,820 | $ | 8,815,666 | ||||
0.65%, 09/08/23 | 20,000 | 19,404,953 | ||||||
0.75%, 08/09/24 | 3,235 | 3,060,447 | ||||||
0.88%, 07/07/23 | 7,025 | 6,878,059 | ||||||
1.03%, 09/08/23, (3 mo. LIBOR US + 0.420%)(b) | 5,790 | 5,792,890 | ||||||
2.20%, 06/27/22 | 10,100 | 10,113,099 | ||||||
BMW Finance NV, 2.25%, 08/12/22(a) | 1,890 | 1,890,128 | ||||||
BMW U.S. Capital LLC | 19,960 | 19,816,460 | ||||||
0.75%, 08/12/24(a) | 2,925 | 2,769,225 | ||||||
0.80%, 04/01/24(a) | 3,350 | 3,198,700 | ||||||
0.81%, 04/01/24, (SOFR + 0.530%)(a)(b)(e) | 15,615 | 15,590,937 | ||||||
Daimler Finance North America LLC | 26,690 | 25,537,558 | ||||||
1.75%, 03/10/23(a)(e) | 13,184 | 13,052,588 | ||||||
2.55%, 08/15/22(a) | 2,247 | 2,250,336 | ||||||
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23(a) | 4,000 | 3,866,745 | ||||||
Hyundai Capital America | 21,620 | 21,124,724 | ||||||
0.80%, 01/08/24(a) | 3,000 | 2,858,227 | ||||||
2.38%, 02/10/23(a) | 7,560 | 7,520,264 | ||||||
2.85%, 11/01/22(a) | 8,440 | 8,453,403 | ||||||
Hyundai Capital Services Inc., 0.75%, 09/15/23(a) | 20,000 | 19,304,718 | ||||||
PACCAR Financial Corp., 0.80%, 06/08/23 | 2,760 | 2,709,279 | ||||||
Toyota Motor Credit Corp. | 6,580 | 6,559,333 | ||||||
0.47%, 02/13/23, (SOFR + 0.200%)(b)(e) | 22,277 | 22,250,732 | ||||||
0.50%, 06/18/24 | 4,000 | 3,783,960 | ||||||
0.56%, 09/13/24, (SOFR + 0.290%)(b) | 12,000 | 11,940,188 | ||||||
0.58%, 06/13/22, (SOFR + 0.300%)(b) | 15,000 | 14,998,650 | ||||||
0.62%, 10/14/22, (SOFR + 0.340%)(b) | 13,000 | 12,998,828 | ||||||
0.90%, 03/22/24, (SOFR + 0.320%)(b) | 10,000 | 10,031,632 | ||||||
2.50%, 03/22/24 | 15,000 | 14,837,458 | ||||||
2.90%, 03/30/23 | 10,000 | 10,032,130 | ||||||
Volkswagen Group of America Finance LLC, 0.75%, | 15,025 | 14,876,185 | ||||||
|
| |||||||
326,317,502 | ||||||||
Auto Parts & Equipment — 0.0% | ||||||||
Aptiv PLC / Aptiv Corp., 2.40%, 02/18/25 | 3,275 | 3,149,185 | ||||||
|
| |||||||
Banks — 12.4% | ||||||||
Banco Santander SA, 0.70%, 06/30/24 | 8,200 | 7,927,708 | ||||||
Bank of America Corp. | ||||||||
0.52%, 06/14/24 (Call 06/14/23), | 18,580 | 17,965,990 | ||||||
2.82%, 07/21/23 (Call 07/21/22), | ||||||||
(3 mo. LIBOR US + 0.930%)(b) | 20,834 | 20,831,216 | ||||||
3.00%, 12/20/23 (Call 12/20/22), | 10,000 | 9,976,554 | ||||||
3.30%, 01/11/23 | 10,000 | 10,080,433 | ||||||
Series 2025, 0.81%, 02/04/25 (Call 02/04/24), | 15,000 | 14,908,500 | ||||||
BPCE SA | ||||||||
1.40%, 05/31/22, (3 mo. LIBOR US | 7,006 | 7,005,977 | ||||||
2.75%, 01/11/23(a)(e) | 4,000 | 3,999,828 | ||||||
Canadian Imperial Bank of Commerce | 3,480 | 3,481,346 | ||||||
3.50%, 09/13/23 | 4,500 | 4,532,117 |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Citigroup Inc., 2.88%, 07/24/23 (Call 07/24/22), | ||||||||
(3 mo. LIBOR US + 0.950%)(b) | $ | 20,000 | $ | 19,996,297 | ||||
Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 (Call 07/15/22) | 12,000 | 11,898,435 | ||||||
Credit Suisse AG/New York NY | 14,000 | 13,961,523 | ||||||
0.50%, 02/02/24 | 5,335 | 5,076,628 | ||||||
0.60%, 01/19/24, (SOFR + 0.540%)(b) | 10,000 | 9,946,690 | ||||||
0.67%, 02/02/24, (SOFR + 0.390%)(b) | 15,000 | 14,892,016 | ||||||
1.00%, 05/05/23 | 5,000 | 4,895,011 | ||||||
Deutsche Bank AG/New York NY | 20,815 | 20,058,027 | ||||||
Series E, 0.55%, 11/08/23, (SOFR + 0.500%)(b) | 16,220 | 16,125,470 | ||||||
DNB Bank ASA | ||||||||
1.12%, 12/02/22, (3 mo. LIBOR US + | 5,000 | 5,007,039 | ||||||
2.15%, 12/02/22(a) | 14,382 | 14,377,149 | ||||||
Fifth Third Bank NA, 1.80%, 01/30/23 | 4,560 | 4,544,429 | ||||||
Goldman Sachs Group Inc. (The) | 20,000 | 19,636,357 | ||||||
1.22%, 12/06/23 (Call 12/06/22) | 12,000 | 11,654,214 | ||||||
0.63%, 11/17/23 (Call 11/17/22), | 10,000 | 9,846,574 | ||||||
0.74%, 11/17/23 (Call 11/17/22), | 7,000 | 6,975,655 | ||||||
HSBC Holdings PLC, 1.16%, 11/22/24 | 6,995 | 6,708,807 | ||||||
JPMorgan Chase & Co. | 4,000 | 3,909,670 | ||||||
0.86%, 03/16/24 (Call 03/16/23), | 20,000 | 19,930,900 | ||||||
KeyBank N.A./Cleveland OH | ||||||||
0.43%, 06/14/24 (Call 06/14/23), | 10,000 | 9,712,151 | ||||||
0.59%, 06/14/24 (Call 06/14/23), | 15,565 | 15,409,225 | ||||||
Kookmin Bank/New York, 0.60%, 11/03/22, | 11,000 | 10,992,764 | ||||||
Kookmin Bank/Seoul, 0.50%, 08/03/22, | 10,535 | 10,532,316 | ||||||
Korea Development Bank (The), 0.84%, 02/18/23, | 16,455 | 16,447,801 | ||||||
Lloyds Bank PLC, 2.25%, 08/14/22 | 10,000 | 10,014,291 | ||||||
Macquarie Bank Ltd. | 15,000 | 14,950,944 | ||||||
2.10%, 10/17/22(a) | 9,450 | 9,444,731 | ||||||
Mitsubishi UFJ Financial Group Inc. | 8,400 | 8,417,649 | ||||||
2.67%, 07/25/22 | 35,637 | 35,715,796 | ||||||
Morgan Stanley | ||||||||
0.53%, 01/25/24 (Call 01/25/23), (SOFR + | 10,000 | 9,792,365 | ||||||
0.56%, 11/10/23 (Call 11/10/22), | 15,000 | 14,794,076 | ||||||
0.73%, 04/05/24 (Call 04/05/23), | 30,000 | 29,210,476 | ||||||
0.90%, 01/24/25 (Call 01/24/24), | 15,000 | 14,853,743 | ||||||
3.62%, 04/17/25 (Call 04/17/24), | 6,865 | 6,829,504 | ||||||
3.75%, 02/25/23 | 15,384 | 15,499,158 | ||||||
National Australia Bank Ltd., 1.21%, 12/13/22, | 3,500 | 3,503,747 | ||||||
National Australia Bank Ltd./New York, 1.88%, 12/13/22 | 4,460 | 4,455,501 | ||||||
Nordea Bank Abp, 1.00%, 06/09/23(a) | 3,135 | 3,061,221 | ||||||
Nordea Bank Abp/New York NY, 0.30%, 01/27/23 | 8,000 | 7,937,456 | ||||||
Santander UK PLC, 2.10%, 01/13/23, | 2,105 | 2,097,569 | ||||||
Skandinaviska Enskilda Banken AB | 3,000 | 3,008,510 | ||||||
2.20%, 12/12/22(a) | 2,845 | 2,841,051 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Sumitomo Mitsui Financial Group Inc. | $ | 3,580 | $ | 3,416,767 | ||||
3.10%, 01/17/23 | 2,659 | 2,669,358 | ||||||
Sumitomo Mitsui Trust Bank Ltd. | 15,000 | 14,906,357 | ||||||
0.80%, 09/12/23, (SOFR + 0.44%)(a) | 12,744 | 12,344,801 | ||||||
0.80%, 09/16/24(a) | 12,000 | 11,229,504 | ||||||
2.55%, 03/10/25(a) | 10,000 | 9,687,234 | ||||||
Suncorp-Metway Ltd., 2.80%, 05/04/22, | 895 | 895,043 | ||||||
Svenska Handelsbanken AB, 0.63%, 06/30/23, | 6,310 | 6,143,256 | ||||||
Swedbank AB | 14,500 | 13,992,645 | ||||||
1.30%, 06/02/23(a) | 6,680 | 6,561,644 | ||||||
Truist Bank | ||||||||
0.48%, 01/17/24 (Call 01/17/23), | 45,000 | 44,652,150 | ||||||
1.25%, 03/09/23 (Call 02/09/23) | 15,000 | 14,839,598 | ||||||
UBS AG/London | 4,440 | 4,324,693 | ||||||
0.45%, 02/09/24(a) | 7,000 | 6,661,922 | ||||||
0.50%, 08/09/24, (SOFR + 0.450%)(a)(b) | 8,470 | 8,400,918 | ||||||
0.54%, 02/09/24, (SOFR + 0.360%)(a)(b) | 5,000 | 4,980,480 | ||||||
0.55%, 06/01/23, (SOFR + 0.320%)(a)(b) | 8,470 | 8,455,178 | ||||||
0.70%, 08/09/24(a) | 4,330 | 4,081,618 | ||||||
1.38%, 01/13/25 (Call 12/13/24), | 6,970 | 6,591,347 | ||||||
Westpac Banking Corp. | 12,445 | 12,381,937 | ||||||
1.02%, 11/18/24(e) | 3,550 | 3,363,025 | ||||||
2.00%, 01/13/23 | 2,375 | 2,370,138 | ||||||
|
| |||||||
782,622,218 | ||||||||
Beverages — 0.8% | ||||||||
Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23(a) | 52,207 | 50,866,797 | ||||||
PepsiCo Inc., 0.75%, 05/01/23 | 1,615 | 1,588,736 | ||||||
|
| |||||||
52,455,533 | ||||||||
Biotechnology — 0.2% | ||||||||
Gilead Sciences Inc., 0.75%, 09/29/23 | 15,971 | 15,451,209 | ||||||
|
| |||||||
Chemicals — 0.1% | ||||||||
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)(e) | 8,800 | 8,526,244 | ||||||
|
| |||||||
Cosmetics & Personal Care — 0.3% | ||||||||
GSK Consumer Healthcare Capital US LLC, 1.17%, | 2,150 | 2,152,310 | ||||||
GSK Consumer Healthcare Capital US LLC., 3.02%, 03/24/24 (Call 03/24/23)(a) | 9,235 | 9,142,060 | ||||||
Unilever Capital Corp., 0.63%, 08/12/24 | 5,975 | 5,649,786 | ||||||
|
| |||||||
16,944,156 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
American Express Co. | 10,000 | 9,927,500 | ||||||
0.75%, 11/03/23 | 10,000 | 9,704,172 | ||||||
0.98%, 03/04/25 (Call 02/01/25), | 8,235 | 8,290,197 | ||||||
1.44%, 04/17/25, (SOFR + 0.950%) | 10,000 | 10,007,700 | ||||||
3.38%, 05/03/24 | 7,600 | 7,593,935 | ||||||
LSEGA Financing PLC, 0.65%, 04/06/24 | 3,895 | 3,688,487 | ||||||
|
| |||||||
49,211,991 | ||||||||
Electric — 4.2% | ||||||||
Dominion Energy Inc., Series D, 1.36%, 09/15/23 | 30,560 | 30,506,113 |
24 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Duke Energy Corp. | $ | 14,765 | $ | 14,708,999 | ||||
2.40%, 08/15/22 (Call 07/15/22) | 6,610 | 6,616,193 | ||||||
Eversource Energy, 0.45%, 08/15/23, (SOFR + 0.250%)(b) | 23,850 | 23,788,122 | ||||||
Florida Power & Light Co. | ||||||||
0.44%, 05/10/23 (Call 05/31/22), (SOFR + 0.250%)(b) | 11,020 | 10,988,007 | ||||||
0.66%, 01/12/24 (Call 07/12/22), (SOFR + 0.250%)(b) | 8,240 | 8,208,674 | ||||||
National Rural Utilities Cooperative Finance Corp, 0.58%, 08/07/23, (SOFR + 0.330%)(b) | 16,150 | 16,128,731 | ||||||
National Rural Utilities Cooperative Finance Corp., | ||||||||
Series D, 0.61%, 10/18/24, | 5,000 | 4,981,501 | ||||||
NextEra Energy Capital Holdings Inc. | 9,305 | 9,293,989 | ||||||
0.65%, 03/01/23 | 6,888 | 6,777,146 | ||||||
0.68%, 11/03/23, (SOFR + 0.400%)(b) | 30,000 | 29,835,779 | ||||||
0.75%, 02/22/23 (Call 05/31/22), | 45,000 | 44,875,159 | ||||||
2.94%, 03/21/24 (Call 09/21/22) | 15,000 | 14,889,951 | ||||||
PPL Electric Utilities Corp. | ||||||||
0.61%, 06/24/24 (Call 06/24/22), | 8,065 | 8,017,979 | ||||||
1.22%, 09/28/23, | 8,710 | 8,673,975 | ||||||
WEC Energy Group Inc., 0.55%, 09/15/23 | 21,955 | 21,191,414 | ||||||
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23) | 7,560 | 7,289,006 | ||||||
|
| |||||||
266,770,738 | ||||||||
Electronics — 0.1% | ||||||||
Honeywell International Inc., 0.48%, 08/19/22 | 3,666 | 3,654,887 | ||||||
|
| |||||||
Food — 0.7% | ||||||||
Hormel Foods Corp., 0.65%, 06/03/24 | 12,125 | 11,559,446 | ||||||
Nestle Holdings Inc., 0.61%, 09/14/24 | 35,000 | 32,941,080 | ||||||
|
| |||||||
44,500,526 | ||||||||
Gas — 0.7% | ||||||||
Atmos Energy Corp. | 8,175 | 8,031,271 | ||||||
1.02%, 03/09/23 (Call 05/31/22), | 23,770 | 23,782,123 | ||||||
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 05/31/22) | 15,935 | 15,600,141 | ||||||
|
| |||||||
47,413,535 | ||||||||
Health Care - Products — 0.9% | ||||||||
Thermo Fisher Scientific Inc. | ||||||||
0.64%, 04/18/23 (Call 05/31/22), | 20,000 | 19,969,110 | ||||||
0.80%, 10/18/23 (Call 10/18/22) | 30,000 | 29,088,224 | ||||||
0.82%, 10/18/24 (Call 10/18/22), | 9,215 | 9,176,389 | ||||||
|
| |||||||
58,233,723 | ||||||||
Health Care - Services — 0.8% | ||||||||
Roche Holdings Inc. | ||||||||
0.49%, 03/05/24, (SOFR + 0.240%)(a)(b) | 5,370 | 5,359,005 | ||||||
0.59%, 09/11/23, (SOFR + 0.240%)(a)(b) | 15,000 | 15,006,138 | ||||||
1.88%, 03/08/24(a) | 15,000 | 14,718,158 | ||||||
UnitedHealth Group Inc., 0.55%, 05/15/24 | 15,135 | 14,408,200 | ||||||
|
| |||||||
49,491,501 | ||||||||
Household Products & Wares — 0.1% | ||||||||
Church & Dwight Co. Inc., 2.45%, 08/01/22 | 2,000 | 2,001,842 | ||||||
Reckitt Benckiser Treasury Services PLC, 2.38%, 06/24/22 (Call 05/24/22), (SOFR + 0.24%)(a) | 3,000 | 3,002,013 | ||||||
|
| |||||||
5,003,855 |
Security | Par (000) | Value | ||||||
Insurance — 3.3% | ||||||||
Athene Global Funding, 2.51%, 03/08/24(a) | $ | 10,000 | $ | 9,749,663 | ||||
Brighthouse Financial Global Funding | 23,890 | 23,833,511 | ||||||
1.20%, 12/15/23(a) | 17,000 | 16,397,403 | ||||||
Jackson National Life Global Funding, 0.88%, 01/06/23, (SOFR + 0.600%)(a)(b) | 26,000 | 26,010,617 | ||||||
MassMutual Global Funding II, 0.85%, 06/09/23, (SOFR + 0.55%)(a)(e) | 8,328 | 8,153,966 | ||||||
MET Tower Global Funding, 0.83%, 01/17/23, (SOFR + 0.550%)(a)(b) | 22,000 | 22,018,834 | ||||||
Metropolitan Life Global Funding I | 3,590 | 3,385,704 | ||||||
0.60%, 09/08/22, (SOFR + 0.350%)(a)(b) | 23,000 | 23,014,260 | ||||||
0.60%, 01/07/24, (SOFR + 0.320%)(a)(b) | 27,000 | 26,883,050 | ||||||
0.85%, 01/13/23, (SOFR + 0.570%)(a)(b) | 16,460 | 16,474,979 | ||||||
Principal Life Global Funding II | 635 | 629,714 | ||||||
0.75%, 08/23/24(a) | 660 | 617,929 | ||||||
Protective Life Global Funding | 15,000 | 14,830,149 | ||||||
0.63%, 10/13/23(a) | 4,820 | 4,654,754 | ||||||
0.85%, 03/31/23(a) | 9,525 | 9,525,003 | ||||||
|
| |||||||
206,179,536 | ||||||||
Internet — 0.3% | ||||||||
Amazon.com Inc. | 9,205 | 9,010,132 | ||||||
3.00%, 04/13/25 | 10,000 | 9,968,300 | ||||||
|
| |||||||
18,978,432 | ||||||||
Machinery — 1.7% | ||||||||
Caterpillar Financial Services Corp. | 10,000 | 9,953,900 | ||||||
0.54%, 09/13/24, (SOFR + 0.270%)(b) | 15,620 | 15,500,288 | ||||||
0.95%, 05/13/22 | 12,000 | 11,998,254 | ||||||
0.95%, 01/10/24 | 20,000 | 19,380,429 | ||||||
1.13%, 05/13/22, (3 mo. LIBOR US + 0.735%)(b) | 5,000 | 5,000,406 | ||||||
John Deere Capital Corp. | 7,330 | 7,304,081 | ||||||
0.48%, 10/11/24, (SOFR + 0.200%)(b)(e) | 14,290 | 14,292,275 | ||||||
0.55%, 07/05/22 | 11,060 | 11,033,864 | ||||||
0.90%, 01/10/24 | 3,605 | 3,488,905 | ||||||
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 08/15/22), (SOFR + 0.25000%) | 9,050 | 8,772,933 | ||||||
|
| |||||||
106,725,335 | ||||||||
Manufacturing — 0.3% | ||||||||
Siemens Financieringsmaatschappij NV, 0.48%, 03/11/24, (SOFR + 0.43%)(a)(b) | 18,980 | 18,998,681 | ||||||
|
| |||||||
Oil & Gas — 0.9% | ||||||||
Chevron Corp., 1.14%, 05/11/23 | 4,510 | 4,451,036 | ||||||
Chevron USA Inc., 0.58%, 08/11/23, | 37,065 | 37,026,405 | ||||||
ConocoPhillips Co., 2.13%, 03/08/24 | 16,000 | 15,734,630 | ||||||
|
| |||||||
57,212,071 | ||||||||
Oil & Gas Services — 0.0% | ||||||||
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 10/20/22)(a) | 2,500 | 2,504,719 | ||||||
|
| |||||||
Pharmaceuticals — 0.6% | ||||||||
AbbVie Inc., 3.25%, 10/01/22 (Call 07/01/22) | 12,685 | 12,712,294 |
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
AstraZeneca PLC | $ | 24,000 | $ | 23,441,226 | ||||
2.38%, 06/12/22 | 764 | 764,652 | ||||||
|
| |||||||
36,918,172 | ||||||||
Pipelines — 1.0% | ||||||||
Enbridge Inc. | 11,350 | 11,327,694 | ||||||
0.55%, 10/04/23(e) | 5,380 | 5,182,768 | ||||||
0.83%, 02/16/24, (SOFR + 0.630%)(b) | 10,125 | 10,137,465 | ||||||
2.15%, 02/16/24 | 5,530 | 5,404,248 | ||||||
2.90%, 07/15/22 (Call 06/15/22) | 5,000 | 5,007,388 | ||||||
TransCanada PipeLines Ltd., 1.00%, 10/12/24 | 27,205 | 25,532,422 | ||||||
|
| |||||||
62,591,985 | ||||||||
Retail — 0.5% | ||||||||
Amazon.com Inc., 2.73%, 04/13/24 | 20,000 | 19,978,006 | ||||||
McDonald’s Corp., 3.35%, 04/01/23 | 1,263 | 1,271,549 | ||||||
Starbucks Corp., 0.47%, 02/14/24 | 11,515 | 11,525,797 | ||||||
|
| |||||||
32,775,352 | ||||||||
Savings & Loans — 0.5% | ||||||||
Nationwide Building Society | 16,520 | 15,754,351 | ||||||
2.00%, 01/27/23, (SOFR + 0.18000%)(a) | 15,890 | 15,808,906 | ||||||
|
| |||||||
31,563,257 | ||||||||
Semiconductors — 0.8% | ||||||||
Analog Devices Inc., 0.52%, 10/01/24, | 15,330 | 15,257,112 | ||||||
NVIDIA Corp. | 28,000 | 27,314,412 | ||||||
0.58%, 06/14/24 | 5,305 | 5,048,589 | ||||||
|
| |||||||
47,620,113 | ||||||||
Software — 0.2% | ||||||||
Adobe Inc., 1.70%, 02/01/23 | 4,010 | 3,986,398 | ||||||
Roper Technologies Inc., 0.45%, 08/15/22 | 2,390 | 2,377,513 | ||||||
salesforce.com Inc., 0.63%, 07/15/24 (Call 07/15/22) | 9,415 | 8,920,020 | ||||||
|
| |||||||
15,283,931 | ||||||||
Telecommunications — 0.7% | ||||||||
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24 | 21,081 | 20,131,137 | ||||||
NTT Finance Corp., 0.58%, 03/01/24(a) | 6,005 | 5,725,094 | ||||||
Verizon Communications Inc. | 3,580 | 3,438,925 | ||||||
0.80%, 03/22/24, (SOFR + 0.500%)(b) | 16,955 | 16,923,540 | ||||||
|
| |||||||
46,218,696 | ||||||||
Transportation — 0.1% | ||||||||
Ryder System Inc., 2.88%, 06/01/22 | 4,899 | 4,905,189 | ||||||
|
| |||||||
Total Corporate Bonds & Notes — 38.6% | 2,438,761,867 | |||||||
|
| |||||||
Municipal Debt Obligations | ||||||||
Alabama — 0.1% | ||||||||
Alabama Federal Aid Highway Finance Authority |
| |||||||
0.23%, 09/01/22 | 3,035 | 3,025,734 | ||||||
0.45%, 09/01/23 | 3,545 | 3,445,102 | ||||||
|
| |||||||
6,470,836 | ||||||||
Arizona — 0.0% | ||||||||
County of Pima AZ COP, 0.48%, 12/01/22 | 1,020 | 1,012,893 | ||||||
|
|
Security | Par (000) | Value | ||||||
California — 0.5% | ||||||||
California Health Facilities Financing Authority RB, 0.42%, 06/01/22 | $ | 2,400 | $ | 2,398,874 | ||||
County of Fresno CA, 0.25%, 06/30/22, (SOFR + 0.89%) | 19,900 | 19,878,548 | ||||||
Mizuho Floater/Residual Trust RB, 0.62%, 07/01/39 | 10,000 | 10,000,000 | ||||||
Port of Oakland RB, 0.82%, 05/01/23, (SOFR + 0.38%) | 400 | 392,660 | ||||||
|
| |||||||
32,670,082 | ||||||||
Connecticut — 0.0% | ||||||||
Connecticut Housing Finance Authority RB, Class A4, 0.30%, 11/15/22 (Call 05/31/22) | 580 | 575,419 | ||||||
|
| |||||||
Hawaii — 0.1% | ||||||||
State of Hawaii GO, 0.43%, 10/01/22 | 4,945 | 4,923,123 | ||||||
|
| |||||||
New York — 2.9% | ||||||||
City of New York NY GO, Class D, 0.43%, 08/01/22, | 5,575 | 5,563,655 | ||||||
Deutsche Bank Spears/Lifers Trust, 0.94%, 04/01/31 | 51,500 | 51,500,000 | ||||||
Long Island Power Authority RB | 6,800 | 6,691,255 | ||||||
0.76%, 03/01/23 (Call 06/01/22), (SOFR + 0.28000%) | 1,290 | 1,271,739 | ||||||
Mizuho Floater/Residual Trust RB | 13,000 | 13,000,000 | ||||||
VRDN, 0.59%, 07/01/25 Put (a)(f) | 28,230 | 28,230,000 | ||||||
VRDN, 0.74%, 09/01/27 Put (a)(f) | 11,000 | 11,000,000 | ||||||
VRDN, 0.59%, 02/15/41 (Put 05/31/22)(a)(f) | 5,484 | 5,484,126 | ||||||
VRDN, 0.59%, 11/01/56 (Put 05/31/22)(a)(f) | 250 | 250,000 | ||||||
VRDN, 0.74%, 09/01/26 (Put 05/31/22)(a)(f) | 6,000 | 6,000,000 | ||||||
VRDN, 0.74%, 03/01/31 Put (a)(f) | 18,000 | 18,000,000 | ||||||
VRDN, 0.74%, 03/01/31 Put (a)(f) | 8,640 | 8,640,000 | ||||||
New York State Dormitory Authority RB, 2.01%, 03/15/23 | 1,765 | 1,758,748 | ||||||
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23 | 12,570 | 12,337,279 | ||||||
Taxable Municipal Funding Trust RB | 6,870 | 6,870,000 | ||||||
VRDN, 0.94%, 01/16/25 (Put 04/29/22)(a)(f) | 1,085 | 1,085,000 | ||||||
VRDN, 0.94%, 02/01/31 Put (a)(f) | 400 | 400,000 | ||||||
VRDN, 0.94%, 11/15/54 (Put 11/15/26)(a)(f) | 1,010 | 1,010,000 | ||||||
|
| |||||||
179,091,802 | ||||||||
Texas — 0.0% | ||||||||
City of Houston Texas Airport System Revenue RB, 0.88%, | 690 | 689,624 | ||||||
State of Texas GO | 545 | 542,506 | ||||||
0.31%, 10/01/22 | 515 | 512,643 | ||||||
|
| |||||||
1,744,773 | ||||||||
|
| |||||||
Total Municipal Debt Obligations — 3.6% | 226,488,928 | |||||||
|
| |||||||
Repurchase Agreements(b)(g) | ||||||||
Bank of America Securities Inc., 0.64%, 05/02/22 | 35,000 | 35,000,000 |
26 | 2 0 2 2 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 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||
Bank of America Securities Inc., 0.92%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $7,000,537, collateralized by non-agency mortgage-backed security, 3.00%, due to 10/25/58, par and fair value of $10,733,517 and $8,400,000, respectively) | $ | 7,000 | $ | 7,000,000 | ||||
BNP Paribas, 0.65%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $20,001,083, collateralized by non-agency mortgage-backed security, 1.45% to 9.75%, due 3/15/23 to 10/10/79, par and fair value of $23,029,182 and $21,936,791, respectively) | 20,000 | 20,000,000 | ||||||
Citigroup Global Markets Inc., 0.59%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $9,000,443, collateralized by non-agency mortgage-backed security, 0.91% to 3.85%, due to 5/1/38 to 9/20/71, par and fair value of $162,563,543 and $9,334,123, respectively) | 9,000 | 9,000,000 | ||||||
Citigroup Global Markets Inc., 0.61%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $12,000,610, collateralized by non-agency mortgage-backed security, 0.63% to 3.50%, due 6/2/26 to 12/25/57, par and fair value of $14,905,000 and $12,558,347, respectively) | 12,000 | 12,000,000 | ||||||
Credit Suisse Securities (USA) LLC, 0.89%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,002,596, collateralized by non-agency mortgage-backed security, 0.00% to 9.50%, due 8/15/25 to 7/25/51, par and fair value of $46,018,894 and $40,250,000, respectively) | 35,000 | 35,000,000 | ||||||
Goldman Sachs & Co. LLC, 0.80%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $60,004,000, collateralized by non-agency mortgage-backed security, 1.70% to 9.15%, due 6/6/22 to 11/15/41, par and fair value of $67,191,000 and $63,000,498, respectively) | 60,000 | 60,000,000 | ||||||
Mizuho Securities USA Inc., 0.87%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $11,000,798, collateralized by non-agency mortgage-backed security, 0.00% to 5.29%, due 3/10/23 to 5/25/65, par and fair value of $21,180,000 and $12,499,887, respectively) | 11,000 | 11,000,000 | ||||||
Mizuho Securities USA LLC, 0.77%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $6,000,385, collateralized by non-agency mortgage-backed security, 4.75%, due to 2/15/41, par and fair value of $4,897,000 and $6,120,088, respectively) | 6,000 | 6,000,000 | ||||||
Wells Fargo Securities, 0.47%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,001,371, collateralized by non-agency mortgage-backed security, 1.53% to 4.75%, due 7/10/22 to 4/25/60, par and fair value of $67,610,132 and $38,213,175, respectively) | 35,000 | 35,000,000 | ||||||
Wells Fargo Securities, 1.08%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $25,002,250, collateralized by non-agency mortgage-backed security, 0.00% to 6.02%, due 1/15/25 to 5/15/48, par and fair value of $45,222,738 and $28,750,000, respectively) | 25,000 | 25,000,000 |
Security | Par/ Shares (000) | Value | ||||||
Wells Fargo Securities, 1.10%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $22,002,017, collateralized by non-agency mortgage-backed security, 2.75%, due to 4/12/27, par and fair value of $22,411,000 and $22,440,103, respectively) | $ | 22,000 | $ | 22,000,000 | ||||
Wells Fargo Securities, 1.30%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $3,000,325, collateralized by non-agency mortgage-backed security, 4.55%, due to 11/14/24, par and fair value of $3,182,000 and $3,300,638, respectively) | 3,000 | 3,000,000 | ||||||
|
| |||||||
Total Repurchase Agreements — 4.4% | 280,000,000 | |||||||
|
| |||||||
U.S. Government Obligations | ||||||||
U.S. Government Obligations — 0.2% | ||||||||
U.S. Treasury Note/Bond, 0.25%, 09/30/23 | 10,000 | 9,691,406 | ||||||
|
| |||||||
Total U.S. Government Obligations — 0.2% | 9,691,406 | |||||||
|
| |||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(h)(i)(j) | 17,089 | 17,089,282 | ||||||
|
| |||||||
Total Money Market Funds — 0.3% | 17,089,282 | |||||||
|
| |||||||
Total Investments in Securities — 100.4% (Cost: $6,378,633,720) | 6,335,205,808 | |||||||
Other Assets, Less Liabilities — (0.4)% | (25,323,213 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 6,309,882,595 | ||||||
|
|
(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) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) | Rates are discount rates or a range of discount rates as of period end. |
(d) | Zero-coupon bond. |
(e) | All or a portion of this security is on loan. |
(f) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(g) | Maturity date represents next reset date. |
(h) | Affiliate of the Fund. |
(i) | Annualized 7-day yield as of period end. |
(j) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S | 27 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Ultra Short-Term Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) |
Change in | Value at 04/30/22 |
Shares | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 17,719,634 | $ | — | $ | (612,533 | )(a) | $ | (21,904 | ) | $ | 4,085 | $ | 17,089,282 | 17,089 | $ | 40,689 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | — | — | 0 | (a) | — | — | — | — | 470 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (21,904 | ) | $ | 4,085 | $ | 17,089,282 | $ | 41,159 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
(c) | As of period end, the entity is no longer held. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 |
Level 2 |
Level 3 |
Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 75,875,798 | $ | — | $ | 75,875,798 | ||||||||
Certificates of Deposit | — | 920,273,183 | — | 920,273,183 | ||||||||||||
Commercial Paper | — | 2,367,025,344 | — | 2,367,025,344 | ||||||||||||
Corporate Bonds & Notes | — | 2,438,761,867 | — | 2,438,761,867 | ||||||||||||
Municipal Debt Obligations | — | 226,488,928 | — | 226,488,928 | ||||||||||||
Repurchase Agreements | — | 280,000,000 | — | 280,000,000 | ||||||||||||
U.S. Government Obligations | — | 9,691,406 | — | 9,691,406 | ||||||||||||
Money Market Funds | 17,089,282 | — | — | 17,089,282 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 17,089,282 | $ | 6,318,116,526 | $ | — | $ | 6,335,205,808 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 | 2 0 2 2 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 |
Statements of Assets and Liabilities (unaudited)
April 30, 2022
BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Municipal Bond ETF | BlackRock Ultra Short-Term Bond ETF | ||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Unaffiliated(b) | $ | 3,961,810,945 | $ | 321,625,130 | $ | 6,038,116,526 | ||||||
Affiliated(c) | 506,675,271 | — | 17,089,282 | |||||||||
Repurchase agreements, at value — Unaffiliated(d) | — | — | 280,000,000 | |||||||||
Cash | 21,079,505 | 64,737 | 967,276 | |||||||||
Foreign currency, at value(e) | 2,580,366 | — | — | |||||||||
Receivables: | ||||||||||||
Investments sold | 13,736,772 | — | — | |||||||||
Securities lending income — Affiliated | 9,490 | — | 7,917 | |||||||||
Dividends | 164,772 | 11,084 | 1,086,463 | |||||||||
Interest | 15,845,376 | 1,805,085 | 5,248,681 | |||||||||
Unrealized appreciation on: | ||||||||||||
Forward foreign currency exchange contracts | 4,309,622 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total assets | 4,526,212,119 | 323,506,036 | 6,342,516,145 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Collateral on securities loaned, at value | 60,047,061 | — | 17,107,130 | |||||||||
Payables: | ||||||||||||
Investments purchased | 24,296,844 | 5,880,283 | 7,599,240 | |||||||||
Capital shares redeemed | — | — | 7,513,148 | |||||||||
Investment advisory fees | 887,862 | 63,630 | 414,032 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 85,231,767 | 5,943,913 | 32,633,550 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 4,440,980,352 | $ | 317,562,123 | $ | 6,309,882,595 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 4,523,263,867 | $ | 320,287,356 | $ | 6,351,570,380 | ||||||
Accumulated loss | (82,283,515 | ) | (2,725,233 | ) | (41,687,785 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 4,440,980,352 | $ | 317,562,123 | $ | 6,309,882,595 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 89,750,000 | 6,400,000 | 125,950,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 49.48 | $ | 49.62 | $ | 50.10 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | None | None | None | |||||||||
|
|
|
|
|
| |||||||
(a) Securities loaned, at value | $ | 57,902,319 | $ | — | $ | 16,698,288 | ||||||
(b) Investments, at cost — Unaffiliated | $ | 4,021,262,018 | $ | 324,336,707 | $ | 6,081,548,523 | ||||||
(c) Investments, at cost — Affiliated | $ | 506,663,262 | $ | — | $ | 17,085,197 | ||||||
(d) Repurchase agreements, at cost — Unaffiliated | $ | — | $ | — | $ | 280,000,000 | ||||||
(e) Foreign currency, at cost | $ | 2,576,556 | $ | — | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
Statements of Operations (unaudited)
Six Months Ended April 30, 2022
BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Municipal Bond ETF | BlackRock Ultra Short-Term Bond ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — Affiliated | $ | 155,420 | $ | 11 | $ | 3,355 | ||||||
Interest — Unaffiliated | 19,982,140 | 755,902 | 16,426,605 | |||||||||
Securities lending income — Affiliated — net | 34,857 | — | 37,804 | |||||||||
Foreign taxes withheld | (190 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 20,172,227 | 755,913 | 16,467,764 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees | 5,767,340 | 375,734 | 2,437,715 | |||||||||
Professional fees | 217 | 217 | 217 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 5,767,557 | 375,951 | 2,437,932 | |||||||||
Less: | ||||||||||||
Investment advisory fees waived | (62,388 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived | 5,705,169 | 375,951 | 2,437,932 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 14,467,058 | 379,962 | 14,029,832 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — Unaffiliated | (957,422 | ) | — | 22,867 | ||||||||
Investments — Affiliated | (20,226 | ) | 3 | (21,904 | ) | |||||||
In-kind redemptions — Unaffiliated | 13,315 | — | — | |||||||||
Forward foreign currency exchange contracts | 5,697,209 | — | — | |||||||||
Foreign currency transactions | 244,447 | — | — | |||||||||
|
|
|
|
|
| |||||||
Net realized gain | 4,977,323 | 3 | 963 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — Unaffiliated | (63,111,093 | ) | (3,121,040 | ) | (45,350,476 | ) | ||||||
Investments — Affiliated | 3,295 | — | 4,085 | |||||||||
Forward foreign currency exchange contracts | 3,837,887 | — | — | |||||||||
Foreign currency translations | (903 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (59,270,814 | ) | (3,121,040 | ) | (45,346,391 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (54,293,491 | ) | (3,121,037 | ) | (45,345,428 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (39,826,433 | ) | $ | (2,741,075 | ) | $ | (31,315,596 | ) | |||
|
|
|
|
|
|
See notes to financial statements.
30 | 2 0 2 2 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 |
Statements of Changes in Net Assets
BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Municipal Bond ETF | |||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 14,467,058 | $ | 35,445,063 | $ | 379,962 | $ | 964,192 | ||||||||
Net realized gain (loss) | 4,977,323 | 5,840,631 | 3 | (4,755 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (59,270,814 | ) | (9,550,521 | ) | (3,121,040 | ) | (395,104 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (39,826,433 | ) | 31,735,173 | (2,741,075 | ) | 564,333 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (15,103,815 | ) | (39,578,305 | ) | (301,036 | ) | (1,005,763 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (358,289,432 | ) | 464,293,661 | 27,435,233 | 2,519,567 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (413,219,680 | ) | 456,450,529 | 24,393,122 | 2,078,137 | |||||||||||
Beginning of period | 4,854,200,032 | 4,397,749,503 | 293,169,001 | 291,090,864 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,440,980,352 | $ | 4,854,200,032 | $ | 317,562,123 | $ | 293,169,001 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 31 |
Statements of Changes in Net Assets (continued)
BlackRock Ultra Short-Term Bond ETF | ||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 14,029,832 | $ | 23,822,908 | ||||
Net realized gain | 963 | 115,920 | ||||||
Net change in unrealized appreciation (depreciation) | (45,346,391 | ) | (9,452,665 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (31,315,596 | ) | 14,486,163 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (12,399,875 | ) | (24,852,336 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 546,936,084 | 894,302,572 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase in net assets | 503,220,613 | 883,936,399 | ||||||
Beginning of period | 5,806,661,982 | 4,922,725,583 | ||||||
|
|
|
| |||||
End of period | $ | 6,309,882,595 | $ | 5,806,661,982 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
32 | 2 0 2 2 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 |
(For a share outstanding throughout each period)
BlackRock Short Maturity Bond ETF | ||||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||
Net asset value, beginning of period | $ | 50.07 | $ | 50.15 | $ | 50.36 | $ | 50.12 | $ | 50.25 | $ | 50.17 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.15 | 0.38 | 0.91 | 1.37 | 1.11 | 0.74 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.58 | ) | (0.03 | ) | (0.16 | ) | 0.21 | (0.23 | ) | 0.04 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.43 | ) | 0.35 | 0.75 | 1.58 | 0.88 | 0.78 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.16 | ) | (0.43 | ) | (0.96 | ) | (1.34 | ) | (1.01 | ) | (0.70 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.16 | ) | (0.43 | ) | (0.96 | ) | (1.34 | ) | (1.01 | ) | (0.70 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 49.48 | $ | 50.07 | $ | 50.15 | $ | 50.36 | $ | 50.12 | $ | 50.25 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (0.86 | )%(e) | 0.70 | % | 1.51 | % | 3.19 | % | 1.78 | % | 1.57 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.63 | %(g) | 0.76 | % | 1.81 | % | 2.73 | % | 2.21 | % | 1.47 | % | ||||||||||||
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|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,440,980 | $ | 4,854,200 | $ | 4,397,750 | $ | 6,260,259 | $ | 4,981,818 | $ | 2,909,738 | ||||||||||||
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|
|
|
|
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|
| |||||||||||||
Portfolio turnover rate(h) | 18 | %(e) | 55 | % | 67 | %(i) | 58 | %(i) | 48 | % | 56 | % | ||||||||||||
|
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|
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|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | Includes mortgage dollar roll transactions (“MDRs”). |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short Maturity Municipal Bond ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.11 | $ | 50.19 | $ | 50.13 | $ | 49.85 | $ | 50.01 | $ | 50.02 | ||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.06 | 0.17 | 0.51 | 0.81 | 0.68 | 0.49 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.50 | ) | (0.07 | ) | 0.13 | 0.26 | (0.21 | ) | (0.03 | ) | ||||||||||||||
|
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|
|
|
|
|
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|
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| |||||||||||||
Net increase (decrease) from investment operations | (0.44 | ) | 0.10 | 0.64 | 1.07 | 0.47 | 0.46 | |||||||||||||||||
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| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.05 | ) | (0.18 | ) | (0.58 | ) | (0.79 | ) | (0.63 | ) | (0.47 | ) | ||||||||||||
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|
| |||||||||||||
Total distributions | (0.05 | ) | (0.18 | ) | (0.58 | ) | (0.79 | ) | (0.63 | ) | (0.47 | ) | ||||||||||||
|
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|
|
|
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| |||||||||||||
Net asset value, end of period | $ | 49.62 | $ | 50.11 | $ | 50.19 | $ | 50.13 | $ | 49.85 | $ | 50.01 | ||||||||||||
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|
|
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|
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| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (0.89 | )%(e) | 0.19 | % | 1.29 | % | 2.16 | % | 0.95 | % | 0.93 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.25 | %(g) | 0.34 | % | 1.02 | % | 1.63 | % | 1.35 | % | 0.99 | % | ||||||||||||
|
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|
|
|
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|
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|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 317,562 | $ | 293,169 | $ | 291,091 | $ | 210,532 | $ | 127,111 | $ | 52,507 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 43 | %(e) | 52 | % | 108 | % | 170 | % | 221 | % | 163 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
34 | 2 0 2 2 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Ultra Short-Term Bond ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.45 | $ | 50.54 | $ | 50.41 | $ | 50.15 | $ | 50.12 | $ | 50.04 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.11 | 0.22 | 0.69 | 1.38 | 1.16 | 0.71 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.36 | ) | (0.07 | ) | 0.25 | 0.23 | (0.16 | ) | 0.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.25 | ) | 0.15 | 0.94 | 1.61 | 1.00 | 0.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.24 | ) | (0.81 | ) | (1.35 | ) | (0.97 | ) | (0.65 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.10 | ) | (0.24 | ) | (0.81 | ) | (1.35 | ) | (0.97 | ) | (0.65 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 50.10 | $ | 50.45 | $ | 50.54 | $ | 50.41 | $ | 50.15 | $ | 50.12 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (0.50 | )%(e) | 0.29 | % | 1.89 | % | 3.25 | % | 2.02 | % | 1.47 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.08 | %(g) | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.09 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.46 | %(g) | 0.44 | % | 1.36 | % | 2.74 | % | 2.33 | % | 1.43 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,309,883 | $ | 5,806,662 | $ | 4,922,726 | $ | 2,195,391 | $ | 601,794 | $ | 187,932 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 19 | %(e) | 47 | % | 54 | % | 16 | % | 32 | % | 11 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 35 |
Notes to Financial Statements (unaudited) |
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
BlackRock ETF | Diversification Classification | |||
Short Maturity Bond | Diversified | |||
Short Maturity Municipal Bond | Diversified | |||
Ultra Short-Term Bond | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
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Notes to Financial Statements (unaudited) (continued) |
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
• | Repurchase agreements are valued at amortized cost, which approximates market value. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 37 |
Notes to Financial Statements (unaudited) (continued) |
Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.
Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.
The following table summarizes the open repurchase agreements as of April 30, 2022 which are subject to offset under an MRA:
BlackRock ETF and Counterparty | Market Value of Repurchase Agreements | Cash Collateral Received | Non-Cash Collateral Received(a) | Net Amount | ||||||||||||
Ultra Short-Term Bond | ||||||||||||||||
Bank of America Securities Inc. | $ | 42,000,000 | $ | — | $ | 42,000,000 | $ | — | ||||||||
BNP Paribas | 20,000,000 | — | 20,000,000 | — | ||||||||||||
Citigroup Global Markets Inc. | 21,000,000 | — | 21,000,000 | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 35,000,000 | — | 35,000,000 | — | ||||||||||||
Goldman Sachs Inc. | 60,000,000 | — | 60,000,000 | — | ||||||||||||
Mizuho Securities USA Inc. | 17,000,000 | — | 17,000,000 | — | ||||||||||||
Wells Fargo Securities LLC | 85,000,000 | — | 85,000,000 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 280,000,000 | $ | — | $ | 280,000,000 | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of repurchase agreements is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
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Notes to Financial Statements (unaudited) (continued) |
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
BlackRock ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
|
| Net Amount |
| ||||
Short Maturity Bond | ||||||||||||||||
Barclays Bank PLC | $ | 4,417,836 | $ | 4,417,836 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. | 301,047 | 301,047 | — | — | ||||||||||||
BofA Securities, Inc. | 849,841 | 849,841 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 696,240 | 696,240 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 165,356 | 165,356 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 9,139,436 | 9,139,436 | — | — | ||||||||||||
HSBC Securities (USA), Inc. | 859,535 | 859,535 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 22,231,152 | 22,231,152 | — | — | ||||||||||||
Jefferies LLC | 100,722 | 100,722 | — | — | ||||||||||||
Mitsubishi UFJ Securities Holdings Co., Ltd. | 344,574 | 344,574 | — | — | ||||||||||||
Morgan Stanley | 10,779,402 | 10,779,402 | — | — | ||||||||||||
Toronto-Dominion Bank | 8,017,178 | 8,017,178 | — | — | ||||||||||||
|
|
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|
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| |||||||||
$ | 57,902,319 | $ | 57,902,319 | $ | — | $ | — | |||||||||
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|
|
| |||||||||
Ultra Short-Term Bond | ||||||||||||||||
Barclays Capital, Inc. | $ | 6,549,850 | $ | 6,549,850 | $ | — | $ | — | ||||||||
BMO Capital Markets Corp. | 354,383 | 354,383 | — | — | ||||||||||||
BNP Paribas SA | 469,004 | 469,004 | — | — | ||||||||||||
BofA Securities, Inc. | 863,931 | 863,931 | — | — | ||||||||||||
HSBC Securities (USA), Inc. | 4,895,513 | 4,895,513 | — | — | ||||||||||||
Nomura Securities International, Inc. | 3,352,055 | 3,352,055 | — | — | ||||||||||||
Wells Fargo Securities LLC | 213,552 | 213,552 | — | — | ||||||||||||
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| |||||||||
$ | 16,698,288 | $ | 16,698,288 | $ | — | $ | — | |||||||||
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(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of
N O T E S T O F I N A N C I A L S T A T E M E N T S | 39 |
Notes to Financial Statements (unaudited) (continued) |
the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
BlackRock ETF | Investment Advisory Fee | |
Short Maturity Bond | 0.25% | |
Short Maturity Municipal Bond | 0.25 | |
Ultra Short-Term Bond | 0.08 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fees for the BlackRock Short Maturity Bond ETF through February 28, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.
This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
BlackRock ETF | Amounts waived | |
Short Maturity Bond | $ 62,388 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution
40 | 2 0 2 2 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 |
Notes to Financial Statements (unaudited) (continued)
fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:
BlackRock ETF | Fees Paid to BTC | |
Short Maturity Bond | $ 14,617 | |
Ultra Short-Term Bond | 13,308 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended April 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
BlackRock ETF | Purchases | Sales | Net Realized Gain (Loss) | |||
Short Maturity Municipal Bond | $1,600,085 | $8,100,503 | $ — |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
Other Securities | ||||||||
BlackRock ETF | Purchases | Sales | ||||||
Short Maturity Bond | $ | 694,851,244 | $ | 1,133,701,165 | ||||
Short Maturity Municipal Bond | 142,293,246 | 122,225,000 | ||||||
Ultra Short-Term Bond | 559,694,500 | 472,960,977 |
For the six months ended April 30, 2022, in-kind transactions were as follows:
BlackRock ETF | In-kind Purchases | In-kind Sales | ||
Short Maturity Bond | $ — | $8,317,718 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 41 |
Notes to Financial Statements (unaudited) (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
BlackRock ETF | Non-Expiring | |||
Short Maturity Bond | $ | 31,169,742 | ||
Short Maturity Municipal Bond | 119,615 | |||
Ultra Short-Term Bond | 1,276,656 |
As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
BlackRock ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Short Maturity Bond | $ | 4,531,434,180 | $ | 7,918,265 | $ | (66,556,607 | ) | $ | (58,638,342 | ) | ||||||
Short Maturity Municipal Bond | 324,365,109 | 27,680 | (2,767,659 | ) | (2,739,979 | ) | ||||||||||
Ultra Short-Term Bond | 6,379,178,049 | 919,802 | (44,892,043 | ) | (43,972,241 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
42 | 2 0 2 2 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 |
Notes to Financial Statements (unaudited) (continued)
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 04/30/22 | Year Ended 10/31/21 | |||||||||||||||
BlackRock ETF | Shares | Amount | Shares | Amount | ||||||||||||
Short Maturity Bond | ||||||||||||||||
Shares sold | 7,550,000 | $ | 375,625,789 | 18,900,000 | $ | 948,305,065 | ||||||||||
Shares redeemed | (14,750,000 | ) | (733,915,221 | ) | (9,650,000 | ) | (484,011,404) | |||||||||
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|
|
| |||||||||
Net increase (decrease) | (7,200,000 | ) | $ | (358,289,432 | ) | 9,250,000 | $ | 464,293,661 | ||||||||
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Short Maturity Municipal Bond | ||||||||||||||||
Shares sold | 800,000 | $ | 39,905,125 | 1,250,000 | $ | 62,769,891 | ||||||||||
Shares redeemed | (250,000 | ) | (12,469,892 | ) | (1,200,000 | ) | (60,250,324) | |||||||||
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|
| |||||||||
Net increase | 550,000 | $ | 27,435,233 | 50,000 | $ | 2,519,567 | ||||||||||
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| |||||||||
Ultra Short-Term Bond | ||||||||||||||||
Shares sold | 19,300,000 | $ | 970,870,390 | 30,000,000 | $ | 1,515,394,891 | ||||||||||
Shares redeemed | (8,450,000 | ) | (423,934,306 | ) | (12,300,000 | ) | (621,092,319) | |||||||||
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|
|
|
|
|
|
| |||||||||
Net increase | 10,850,000 | $ | 546,936,084 | 17,700,000 | $ | 894,302,572 | ||||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 43 |
Notes to Financial Statements (unaudited) (continued)
11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
44 | 2 0 2 2 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 |
Statement Regarding Liquidity Risk Management Program (unaudited) |
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF and BlackRock Ultra Short-Term Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M | 45 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
April 30, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
BlackRock ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Short Maturity Bond | $ | 0.161800 | $ | — | $ | — | $ | 0.161800 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
Ultra Short-Term Bond | 0.102204 | — | — | 0.102204 | 100 | — | — | 100 |
46 | 2 0 2 2 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 |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N | 47 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR | AGM Insured Custodial Receipt | |
AMBAC | Ambac Assurance Corp. | |
BAM | Build America Mutual Assurance Co. | |
CLO | Collateralized Loan Obligation | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
FHA | Federal Housing Administration | |
GO | General Obligation | |
GOL | General Obligation Limited | |
GTD | Guaranteed | |
LIBOR | London Interbank Offered Rate | |
MO | Moral Obligation | |
RB | Revenue Bond | |
Currency Abbreviations | ||
EUR | Euro | |
GBP | British Pound | |
USD | United States Dollar |
Portfolio Abbreviations - Fixed Income (continued) | ||
SAP | Subject to Appropriations | |
SAW | State Aid Withholding | |
SOFR | Secured Overnight Financing Rate | |
ST | Special Tax | |
TA | Tax Allocation | |
Counterparty Abbreviations | ||
ANZ | Australia and New Zealand Bank Group | |
BBP | Barclays Bank PLC Wholesale | |
DB | Deutsche Bank AG London | |
GS | Goldman Sachs & Co. | |
UBS | UBS AG |
48 | 2 0 2 2 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 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1008-0422
APRIL 30, 2022 |
| 2022 Semi-Annual Report (Unaudited)
|
iShares U.S. ETF Trust
· iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX
· iShares Interest Rate Hedged Corporate Bond ETF | LQDH | NYSE Arca
· iShares Interest Rate Hedged High Yield Bond ETF | HYGH | NYSE Arca
Dear Shareholder,
The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.
In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of April 30, 2022 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities (S&P 500® Index) | (9.65)% | 0.21% | ||||||
U.S. small cap equities (Russell 2000® Index) | (18.38) | (16.87) | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | (11.80) | (8.15) | ||||||
Emerging market equities (MSCI Emerging Markets Index) | (14.15) | (18.33) | ||||||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.07 | 0.08 | ||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (10.29) | (8.86) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (9.47) | (8.51) | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (7.90) | (7.88) | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (7.40) | (5.22) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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Financial Statements | ||
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39 |
Fund Summary as of April 30, 2022 | iShares® Inflation Hedged Corporate Bond ETF |
Investment Objective
The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds, as represented by the BlackRock Inflation Hedged Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.
Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (8.65 | )% | (2.26 | )% | 5.35 | % | (2.26 | )% | 23.04 | % | ||||||||||||||
Fund Market | (8.99 | ) | (2.01 | ) | 5.40 | (2.01 | ) | 23.30 | ||||||||||||||||
Index(a) | (7.77 | ) | 0.48 | 6.61 | 0.48 | 29.00 | ||||||||||||||||||
BlackRock Inflation Hedged Corporate Bond Index (b) | (7.81 | ) | N/A | N/A | N/A | N/A |
The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.
(a) | Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index which terminated on January 01, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Inflation Hedged Corporate Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index as the underlying index of the fund. |
(b) | The inception date of the BlackRock Inflation Hedged Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (7.81)%. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22 |
) | | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 913.50 | $ 0.24 | $ 1,000.00 | $ 1,024.50 | $ 0.25 | 0.05 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
|
| |||
Investment Type | Percent of Net Assets | |||
Investment Companies | 94.2 | % | ||
Short-term Investments | 44.3 | |||
Swaps, net cumulative appreciation | 6.6 | |||
Other assets less liabilities | (45.1 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
|
| |||
Credit Rating(a) | Percent of Total Investment(b) | |||
Aaa | 3.3 | % | ||
Aa | 5.0 | |||
A | 41.1 | |||
Baa | 47.7 | |||
Ba | 2.1 | |||
Not Rated | 0.8 |
(a) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | Excludes money market funds. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of April 30, 2022 | iShares® Interest Rate Hedged Corporate Bond ETF |
Investment Objective
The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds, as represented by the BlackRock Interest Rate Hedged Corporate Bond Index, (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (4.25 | )% | (3.33 | )% | 2.20 | % | 1.63 | % | (3.33 | )% | 11.48 | % | 13.68 | % | ||||||||||||||||||
Fund Market | (4.26 | ) | (3.20 | ) | 2.23 | 1.65 | (3.20 | ) | 11.67 | 13.84 | ||||||||||||||||||||||
Index(a) | (4.34 | ) | (3.10 | ) | 2.13 | 1.98 | (3.10 | ) | 11.12 | 16.79 | ||||||||||||||||||||||
BlackRock Interest Rate Hedged Corporate Bond Index (b) | (4.50 | ) | N/A | N/A | N/A | N/A | N/A | N/A |
The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.
(a) | Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index which terminated on January 01, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Corporate Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index as the underlying index of the fund. |
(b) | The inception date of the BlackRock Interest Rate Hedged Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (4.50)%. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 957.50 | $ 0.49 | $ 1,000.00 | $ 1,024.30 | $ 0.50 | 0.10 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Investment Companies | 97.9 | % | ||
Short-term Investments | 47.4 | |||
Swaps, net cumulative appreciation | 12.8 | |||
Other assets less liabilities | (58.1 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING
FUND)
Credit Rating(a) | Percent of Total Investment(b) | |||
Aaa | 3.3 | % | ||
Aa | 5.0 | |||
A | 41.1 | |||
Baa | 47.7 | |||
Ba | 2.1 | |||
Not Rated | 0.8 |
(a) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | Excludes money market funds. |
FUND SUMMARY | 5 |
Fund Summary as of April 30, 2022 | iShares® Interest Rate Hedged High Yield Bond ETF |
Investment Objective
The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Interest Rate Hedged High Yield Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (1.46 | )% | 0.25 | % | 3.37 | % | 2.78 | % | 0.25 | % | 18.00 | % | 24.27 | % | ||||||||||||||||||
Fund Market | (1.51 | ) | 0.22 | 3.37 | 2.78 | 0.22 | 18.02 | 24.24 | ||||||||||||||||||||||||
Index(a) | (2.09 | ) | (0.02 | ) | 3.40 | 3.16 | (0.02 | ) | 18.21 | 27.93 | ||||||||||||||||||||||
BlackRock Interest Rate Hedged High Yield Bond Index (b) | (2.27 | ) | N/A | N/A | N/A | N/A | N/A | N/A |
The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.
(a) | Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index which terminated on January 01, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged High Yield Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index as the underlying index of the fund. |
(b) | The inception date of the BlackRock Interest Rate Hedged High Yield Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (2.27)%. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 985.40 | $ 0.25 | $ 1,000.00 | $ 1,024.50 | $ 0.25 | 0.05 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Investment Companies | 95.7 | % | ||
Short-term Investments | 48.8 | |||
Swaps, net cumulative appreciation | 6.3 | |||
Other assets less liabilities | (50.8 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND) |
Credit Rating(a) | Percent of Total Investment(b) | |||
Baa | 2.4 | % | ||
Ba | 45.7 | |||
B | 39.2 | |||
Caa | 10.2 | |||
Ca | 0.2 | |||
Not Rated | 2.3 |
(a) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | Excludes money market funds. |
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 7 |
Schedule of Investments (unaudited) April 30, 2022 | iShares® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 94.2% | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b) | 963,435 | $ | 108,482,781 | |||||
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Total Investment Companies — 94.2% | 108,482,781 | |||||||
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Short-Term Investments | ||||||||
Money Market Funds — 44.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(a)(c)(d) | 49,652,183 | 49,652,183 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c) | 1,390,000 | 1,390,000 | ||||||
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| |||||||
51,042,183 | ||||||||
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Total Short-Term Investments — 44.3% |
| 51,042,183 | ||||||
|
| |||||||
Total Investments in Securities — 138.5% |
| 159,524,964 | ||||||
Other Assets, Less Liabilities — (38.5)% |
| (44,337,203 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 115,187,761 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized 7-day yield as of period end. |
(d) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
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Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
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| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 32,598,902 | $ | 17,073,792 | (a) | $ | — | $ | (28,534 | ) | $ | 8,023 | $ | 49,652,183 | 49,652,183 | $ | 136,091 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 600,000 | 790,000 | (a) | — | — | — | 1,390,000 | 1,390,000 | 977 | — | ||||||||||||||||||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 69,395,318 | 85,125,216 | (27,854,152 | ) | 183,508 | (18,367,109 | ) | 108,482,781 | 963,435 | 1,108,510 | — | |||||||||||||||||||||||||||||
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$ | 154,974 | $ | (18,359,086 | ) | $ | 159,524,964 | $ | 1,245,578 | $ | — | ||||||||||||||||||||||||||||||
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(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. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
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Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
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Short Contracts | (18 | ) | 06/21/22 | $ | 2,143 | $ | 145,382 | |||||||||
U.S. 10 Year Treasury Note | (6 | ) | 06/21/22 | 773 | 66,308 | |||||||||||
U.S. Long Bond | (8 | ) | 06/21/22 | 1,124 | 117,352 |
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Inflation Hedged Corporate Bond ETF |
Futures Contracts (continued)
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Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
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U.S. Ultra Bond | (13 | ) | 06/21/22 | $ | 2,077 | $ | 171,679 | |||||||||
U.S. 5 Year Treasury Note | (3 | ) | 06/30/22 | 338 | (262 | ) | ||||||||||
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$ | 500,459 | |||||||||||||||
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Centrally Cleared Inflation Swaps
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Paid by the Fund | Received by the Fund | Termination | Notional Amount | Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||||
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Reference | Frequency | Rate | Frequency | Date | (000) | Value | (Received) | (Depreciation) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
1.74% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/22 | $ | (10 | ) | $ | 988 | $ | — | $ | 988 | |||||||||||||||
1.75% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/23 | (10 | ) | 1,219 | — | 1,219 | |||||||||||||||||||
3.26% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/29/23 | (2,000 | ) | 81,421 | 13 | 81,408 | |||||||||||||||||||
3.35% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/05/24 | (9,000 | ) | 337,063 | 58 | 337,005 | |||||||||||||||||||
3.34% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/28/24 | (1,000 | ) | 47,364 | (1,594 | ) | 48,958 | ||||||||||||||||||
1.80% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/25 | (10 | ) | 1,509 | — | 1,509 | |||||||||||||||||||
2.57% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 04/19/26 | (1,250 | ) | 128,967 | 17 | 128,950 | |||||||||||||||||||
2.70% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/01/26 | (2,500 | ) | 185,468 | 14 | 185,454 | |||||||||||||||||||
2.68% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/07/26 | (2,000 | ) | 149,025 | 27 | 148,998 | |||||||||||||||||||
2.74% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/15/26 | (2,000 | ) | 140,802 | 27 | 140,775 | |||||||||||||||||||
2.92% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/21/26 | (3,500 | ) | 208,397 | 46 | 208,351 | |||||||||||||||||||
3.13% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/27/26 | (10,000 | ) | 493,208 | 133 | 493,075 | |||||||||||||||||||
3.15% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/29/26 | (2,000 | ) | 96,250 | 27 | 96,223 | |||||||||||||||||||
3.32% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 11/19/26 | (2,000 | ) | 78,371 | 27 | 78,344 | |||||||||||||||||||
3.17% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 11/24/26 | (3,000 | ) | 138,808 | 40 | 138,768 | |||||||||||||||||||
3.36% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 04/05/27 | (500 | ) | 6,793 | 7 | 6,786 | |||||||||||||||||||
3.65% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/04/27 | (2,000 | ) | (11,132 | ) | 26 | (11,158 | ) | |||||||||||||||||
2.66% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/01/28 | (1,000 | ) | 74,253 | 18 | 74,235 | |||||||||||||||||||
2.96% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/26/28 | (3,000 | ) | 158,379 | 55 | 158,324 | |||||||||||||||||||
3.01% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/27/28 | (2,000 | ) | 99,617 | 37 | 99,580 | |||||||||||||||||||
2.97% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 11/01/28 | (2,000 | ) | 104,696 | 37 | 104,659 | |||||||||||||||||||
2.19% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/03/28 | (663 | ) | 87,414 | (27,459 | ) | 114,873 | ||||||||||||||||||
1.89% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/30 | (1,410 | ) | 265,259 | 28,433 | 236,826 | |||||||||||||||||||
1.90% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/30 | (5,900 | ) | 1,105,903 | 33,637 | 1,072,266 |
SCHEDULE OF INVESTMENTS | 9 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Inflation Hedged Corporate Bond ETF |
Centrally Cleared Inflation Swaps (continued)
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Paid by the Fund | Received by the Fund | Termination | Notional Amount | Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||||||
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Reference | Frequency | Rate | Frequency | Date | (000) | Value | (Received) | (Depreciation) | ||||||||||||||||||||||
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2.24% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/12/31 | $ | (2,000 | ) | $ | 292,970 | $ | 47 | $ | 292,923 | |||||||||||||||||
2.40% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 02/09/31 | (3,000 | ) | 391,167 | 70 | 391,097 | |||||||||||||||||||||
2.47% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 04/07/31 | (2,000 | ) | 244,634 | 47 | 244,587 | |||||||||||||||||||||
2.67% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/19/31 | (1,000 | ) | 98,892 | 23 | 98,869 | |||||||||||||||||||||
2.57% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 06/02/31 | (3,000 | ) | 324,410 | 2,870 | 321,540 | |||||||||||||||||||||
2.60% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/30/31 | (1,000 | ) | 82,164 | 23 | 82,141 | |||||||||||||||||||||
3.15% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/04/32 | (4,000 | ) | (5,523 | ) | 93 | (5,616 | ) | |||||||||||||||||||
2.61% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/07/37 | (4,000 | ) | 279,014 | 115 | 278,899 | |||||||||||||||||||||
2.50% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/25/37 | (1,000 | ) | 82,576 | 29 | 82,547 | |||||||||||||||||||||
2.50% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 02/09/37 | (1,000 | ) | 80,301 | 29 | 80,272 | |||||||||||||||||||||
2.96% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 03/30/37 | (1,000 | ) | 6,414 | 29 | 6,385 | |||||||||||||||||||||
2.40% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 06/29/41 | (500 | ) | 66,906 | 19 | 66,887 | |||||||||||||||||||||
2.45% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 06/29/41 | (1,000 | ) | 125,476 | 38 | 125,438 | |||||||||||||||||||||
2.38% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/16/41 | (300 | ) | 40,156 | 4 | 40,152 | |||||||||||||||||||||
2.73% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 11/17/41 | (1,500 | ) | 75,253 | 58 | 75,195 | |||||||||||||||||||||
2.58% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/05/42 | (2,500 | ) | 173,379 | 96 | 173,283 | |||||||||||||||||||||
2.50% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/06/46 | (1,500 | ) | 141,824 | 67 | 141,757 | |||||||||||||||||||||
2.47% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/09/46 | (1,000 | ) | 101,876 | 45 | 101,831 | |||||||||||||||||||||
2.49% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/24/46 | (2,000 | ) | 187,240 | 89 | 187,151 | |||||||||||||||||||||
2.40% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/15/48 | (362 | ) | 54,052 | (30,782 | ) | 84,834 | ||||||||||||||||||||
1.83% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/18/49 | (418 | ) | 132,763 | (11,789 | ) | 144,552 | ||||||||||||||||||||
1.94% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/50 | (10 | ) | 3,110 | — | 3,110 | |||||||||||||||||||||
1.95% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/50 | (600 | ) | 185,038 | 16,729 | 168,309 | |||||||||||||||||||||
2.23% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/06/51 | (300 | ) | 66,979 | 15 | 66,964 | |||||||||||||||||||||
2.41% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/30/51 | (1,000 | ) | 153,845 | 49 | 153,796 | |||||||||||||||||||||
2.42% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/02/51 | (2,000 | ) | 299,264 | 98 | 299,166 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 7,664,222 | $ | 11,737 | $ | 7,652,485 | |||||||||||||||||||||||||
|
|
|
|
|
|
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Inflation Hedged Corporate Bond ETF |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $83,361 | $(71,624 | ) | $7,669,259 | $(16,774 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||
Interest Rate Contracts | Inflation Linked Contracts | Total | ||||||||||
| ||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized appreciation on futures contracts(a) | $ | 500,721 | $ | — | $ | 500,721 | ||||||
Swaps — centrally cleared | ||||||||||||
Unrealized appreciation on centrally cleared swaps(a) | $ | — | $ | 7,669,259 | $ | 7,669,259 | ||||||
|
|
|
|
|
| |||||||
$ | 500,721 | $ | 7,669,259 | $ | 8,169,980 | |||||||
|
|
|
|
|
| |||||||
Liabilities — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized depreciation on futures contracts(a) | $ | 262 | $ | — | $ | 262 | ||||||
Swaps — centrally cleared | ||||||||||||
Unrealized depreciation on centrally cleared swaps(a) | $ | — | $ | 16,774 | $ | 16,774 | ||||||
|
|
|
|
|
| |||||||
$ | 262 | $ | 16,774 | $ | 17,036 | |||||||
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared inflation swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||
Interest Rate Contracts | Inflation Linked Contracts | Total | ||||||||||
| ||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | 71,200 | $ | — | $ | 71,200 | ||||||
Swaps | — | 849,418 | 849,418 | |||||||||
|
|
|
|
|
| |||||||
$ | 71,200 | $ | 849,418 | $ | 920,618 | |||||||
|
|
|
|
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | 528,314 | $ | — | $ | 528,314 | ||||||
Swaps | — | 4,900,268 | 4,900,268 | |||||||||
|
|
|
|
|
| |||||||
$ | 528,314 | $ | 4,900,268 | $ | 5,428,582 | |||||||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 774,120 | ||
Average notional value of contracts — short | $ | (3,300,568 | ) | |
Inflation swaps: | ||||
Average notional value — pays fixed rate | $ | 88,334,667 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
SCHEDULE OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Inflation Hedged Corporate Bond ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 108,482,781 | $ | — | $ | — | $ | 108,482,781 | ||||||||
Money Market Funds | 51,042,183 | — | — | 51,042,183 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 159,524,964 | $ | — | $ | — | $ | 159,524,964 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 500,721 | $ | — | $ | — | $ | 500,721 | ||||||||
Swaps | — | 7,669,259 | — | 7,669,259 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (262 | ) | — | — | (262 | ) | ||||||||||
Swaps | — | (16,774 | ) | — | (16,774 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 500,459 | $ | 7,652,485 | $ | — | $ | 8,152,944 | |||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2022 | iShares® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Investment Companies |
| |||||||
Exchange-Traded Funds — 97.9% | ||||||||
iShares iBoxx $Investment Grade Corporate Bond ETF(a)(b) | 10,639,543 | $ | 1,198,012,542 | |||||
|
| |||||||
Total Investment Companies — 97.9% |
| 1,198,012,542 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 47.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(a)(c)(d) | 564,903,118 | 564,903,118 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c) | 15,170,000 | 15,170,000 | ||||||
|
| |||||||
580,073,118 | ||||||||
|
| |||||||
Total Short-Term Investments — 47.4% |
| 580,073,118 | ||||||
|
| |||||||
Total Investments in Securities — 145.3% |
| 1,778,085,660 | ||||||
Other Assets, Less Liabilities — (45.3)% |
| (554,767,870 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,223,317,790 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized 7-day yield as of period end. |
(d) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 322,620,459 | $ | 242,460,178 | (a) | $ | — | $ (321,596 | ) | $ | 144,077 | $ | 564,903,118 | 564,903,118 | $ | 1,377,320 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 7,390,000 | 7,780,000 | (a) | — | — | — | 15,170,000 | 15,170,000 | 11,544 | — | ||||||||||||||||||||||||||||||||
iShares iBoxx $Investment Grade Corporate Bond ETF | 709,029,875 | 778,624,621 | (90,236,720 | ) | (2,682,495 | ) | (196,722,739 | ) | 1,198,012,542 | 10,639,543 | 12,205,537 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$(3,004,091 | ) | $ | (196,578,662 | ) | $ | 1,778,085,660 | $ | 13,594,401 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
SCHEDULE OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Corporate Bond ETF |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps
| ||||||||||||||||||||||||||||||
Paid by the Fund | Received by the Fund | Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||
0.89% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 07/21/22 | $ | (300,000 | ) | $ | 95,401 | $ | 378 | $ | 95,023 | ||||||||||||||||
0.23% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/22 | (57,770 | ) | 428,590 | 453 | 428,137 | ||||||||||||||||||||
2.38% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 01/12/23 | (14,338 | ) | (19,252 | ) | (159,142 | ) | 139,890 | ||||||||||||||||||
0.89% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/14/24 | (12,110 | ) | 362,264 | 49 | 362,215 | ||||||||||||||||||||
0.88% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/24 | (36,690 | ) | 1,782,289 | 257 | 1,782,032 | ||||||||||||||||||||
2.46% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 01/12/25 | (22,748 | ) | 363,048 | (1,183,519 | ) | 1,546,567 | |||||||||||||||||||
1.13% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/13/25 | (28,389 | ) | 1,232,690 | 205 | 1,232,485 | ||||||||||||||||||||
0.35% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/22/25 | (36,500 | ) | 3,210,947 | 17,929 | 3,193,018 | ||||||||||||||||||||
0.40% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/25 | (70,900 | ) | 6,240,713 | 514,493 | 5,726,220 | ||||||||||||||||||||
0.93% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/17/26 | (1,000 | ) | 81,314 | 8 | 81,306 | ||||||||||||||||||||
0.93% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/17/26 | (17,100 | ) | 1,391,112 | (5,643 | ) | 1,396,755 | |||||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/23/26 | (4,420 | ) | 391,507 | 35 | 391,472 | ||||||||||||||||||||
0.87% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/01/26 | (7,500 | ) | 594,190 | 61 | 594,129 | ||||||||||||||||||||
1.01% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/29/26 | (950 | ) | 70,852 | 8 | 70,844 | ||||||||||||||||||||
0.98% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/10/26 | (3,512 | ) | 267,010 | 30 | 266,980 | ||||||||||||||||||||
1.32% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 11/23/26 | (1,000 | ) | 73,482 | 9 | 73,473 | ||||||||||||||||||||
1.00% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/07/26 | (8,100 | ) | 617,336 | 73 | 617,263 | ||||||||||||||||||||
1.06% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/26 | (29,360 | ) | 2,169,348 | 267 | 2,169,081 | ||||||||||||||||||||
1.09% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/17/26 | (70,200 | ) | 5,112,559 | 639 | 5,111,920 | ||||||||||||||||||||
1.50% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/20/27 | (17,522 | ) | 979,480 | 163 | 979,317 | ||||||||||||||||||||
1.74% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/27 | (15,000 | ) | 692,006 | 163 | 691,843 | ||||||||||||||||||||
2.57% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/13/27 | (10,430 | ) | 84,506 | 101 | 84,405 | ||||||||||||||||||||
2.72% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/26/27 | (5,900 | ) | 9,090 | 58 | 9,032 | ||||||||||||||||||||
0.49% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/22/27 | (65,232 | ) | 8,262,365 | 775,846 | 7,486,519 | ||||||||||||||||||||
1.08% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/19/28 | (2,350 | ) | 262,308 | 4,051 | 258,257 | ||||||||||||||||||||
3.25% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/18/28 | (34,860 | ) | (469,469 | ) | (4,947,190 | ) | 4,477,721 | ||||||||||||||||||
1.19% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/20/28 | (38,300 | ) | 3,490,452 | 459 | 3,489,993 | ||||||||||||||||||||
1.23% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/22/28 | (1,460 | ) | 129,642 | 17 | 129,625 | ||||||||||||||||||||
1.15% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/28 | (27,500 | ) | 2,616,855 | 356 | 2,616,499 | ||||||||||||||||||||
1.19% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/30/28 | (5,590 | ) | 520,785 | 73 | 520,712 | ||||||||||||||||||||
1.21% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/04/29 | (1,600 | ) | 147,375 | 21 | 147,354 | ||||||||||||||||||||
1.33% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/06/29 | (12,000 | ) | 1,025,686 | 157 | 1,025,529 | ||||||||||||||||||||
1.43% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/10/29 | (11,385 | ) | 899,135 | 149 | 898,986 | ||||||||||||||||||||
1.46% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/13/29 | (23,194 | ) | 1,802,155 | 304 | 1,801,851 | ||||||||||||||||||||
1.56% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/21/29 | (5,000 | ) | 356,520 | 66 | 356,454 | ||||||||||||||||||||
1.59% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/28/29 | (7,230 | ) | 502,937 | 95 | 502,842 | ||||||||||||||||||||
1.97% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/29 | (11,660 | ) | 546,625 | 157 | 546,468 | ||||||||||||||||||||
2.17% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/29 | (7,500 | ) | 259,378 | 101 | 259,277 | ||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/29 | (5,000 | ) | 42,265 | 68 | 42,197 | ||||||||||||||||||||
0.77% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 04/01/30 | (18,514 | ) | 2,923,800 | (130,548 | ) | 3,054,348 | |||||||||||||||||||
0.78% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/30 | (27,400 | ) | 4,584,373 | 429 | 4,583,944 | ||||||||||||||||||||
1.22% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 02/12/31 | (25,180 | ) | 3,499,907 | 845,748 | 2,654,159 | ||||||||||||||||||||
1.63% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/25/31 | (18,080 | ) | 1,987,426 | (141,786 | ) | 2,129,212 | |||||||||||||||||||
1.03% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 08/23/31 | (1,000 | ) | 138,098 | 15 | 138,083 | ||||||||||||||||||||
1.28% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/23/31 | (5,000 | ) | 705,977 | 75 | 705,902 | ||||||||||||||||||||
1.37% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/22/31 | (10,460 | ) | 1,406,894 | 158 | 1,406,736 | ||||||||||||||||||||
1.43% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/28/31 | (7,000 | ) | 747,783 | 108 | 747,675 | ||||||||||||||||||||
1.44% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/17/31 | (10,700 | ) | 1,132,927 | 167 | 1,132,760 | ||||||||||||||||||||
1.24% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/31 | (18,300 | ) | 2,263,575 | 304 | 2,263,271 | ||||||||||||||||||||
1.28% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/17/31 | (29,900 | ) | 3,611,445 | 497 | 3,610,948 | ||||||||||||||||||||
1.68% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/20/32 | (17,720 | ) | 1,554,811 | 297 | 1,554,514 | ||||||||||||||||||||
1.63% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/07/32 | (6,113 | ) | 563,653 | 103 | 563,550 | ||||||||||||||||||||
2.13% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/25/32 | (14,000 | ) | 691,546 | 239 | 691,307 | ||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/32 | (9,000 | ) | 96,269 | 155 | 96,114 | ||||||||||||||||||||
0.91% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/25/35 | (26,000 | ) | 6,083,754 | 127,036 | 5,956,718 | ||||||||||||||||||||
1.59% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/14/36 | (3,200 | ) | 534,596 | 61 | 534,535 |
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Corporate Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
| ||||||||||||||||||||||||||||||
Paid by the Fund | Received by the Fund | Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||
1.44% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/05/36 | $ | (3,600 | ) | $ | 545,650 | $ | 70 | $ | 545,580 | ||||||||||||||||
1.46% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/29/36 | (8,360 | ) | 1,243,276 | 163 | 1,243,113 | ||||||||||||||||||||
2.34% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 12/08/36 | (16,846 | ) | 1,339,235 | (1,453,881 | ) | 2,793,116 | |||||||||||||||||||
1.35% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/36 | (20,000 | ) | 3,265,210 | 416 | 3,264,794 | ||||||||||||||||||||
1.34% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/21/36 | (15,000 | ) | 2,482,210 | 294 | 2,481,916 | ||||||||||||||||||||
1.63% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/14/37 | (7,130 | ) | 928,786 | 149 | 928,637 | ||||||||||||||||||||
2.07% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/37 | (2,000 | ) | 156,128 | 42 | 156,086 | ||||||||||||||||||||
2.04% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/21/37 | (4,400 | ) | 357,731 | 93 | 357,638 | ||||||||||||||||||||
2.23% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/30/37 | (5,060 | ) | 290,879 | 107 | 290,772 | ||||||||||||||||||||
1.11% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/40 | (21,700 | ) | 5,837,830 | 1,211,323 | 4,626,507 | ||||||||||||||||||||
2.03% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/17/41 | (11,530 | ) | 1,597,780 | (524,200 | ) | 2,121,980 | |||||||||||||||||||
1.57% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/23/41 | (17,970 | ) | 3,726,901 | 37,523 | 3,689,378 | ||||||||||||||||||||
1.41% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/41 | (11,600 | ) | 2,206,969 | 320 | 2,206,649 | ||||||||||||||||||||
1.48% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/30/41 | (11,890 | ) | 2,132,847 | 328 | 2,132,519 | ||||||||||||||||||||
1.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/10/42 | (8,280 | ) | 1,243,312 | 229 | 1,243,083 | ||||||||||||||||||||
1.79% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/20/42 | (1,846 | ) | 244,179 | 51 | 244,128 | ||||||||||||||||||||
1.78% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/28/42 | (1,775 | ) | 238,694 | 49 | 238,645 | ||||||||||||||||||||
2.08% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/42 | (4,500 | ) | 395,472 | 125 | 395,347 | ||||||||||||||||||||
2.13% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/23/42 | (6,172 | ) | 494,475 | 172 | 494,303 | ||||||||||||||||||||
2.38% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/42 | (2,350 | ) | 100,149 | 66 | 100,083 | ||||||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 03/30/45 | (23,747 | ) | 8,233,612 | 1,151,610 | 7,082,002 | ||||||||||||||||||||
1.16% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/45 | (13,283 | ) | 3,978,341 | 1,948,140 | 2,030,201 | ||||||||||||||||||||
1.61% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/23/46 | (610 | ) | 137,396 | 4,255 | 133,141 | ||||||||||||||||||||
1.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/01/46 | (3,000 | ) | 533,558 | 81 | 533,477 | ||||||||||||||||||||
1.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/12/46 | (1,400 | ) | 227,549 | 38 | 227,511 | ||||||||||||||||||||
1.40% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/46 | (7,000 | ) | 1,476,473 | 224 | 1,476,249 | ||||||||||||||||||||
1.45% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/17/46 | (34,500 | ) | 7,017,940 | 1,107 | 7,016,833 | ||||||||||||||||||||
1.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/13/47 | (9,147 | ) | 1,497,797 | 294 | 1,497,503 | ||||||||||||||||||||
1.90% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/18/47 | (3,960 | ) | 479,111 | 128 | 478,983 | ||||||||||||||||||||
2.04% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/47 | (690 | ) | 65,889 | 22 | 65,867 | ||||||||||||||||||||
2.01% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/21/47 | (6,620 | ) | 670,120 | 214 | 669,906 | ||||||||||||||||||||
2.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/25/47 | (6,200 | ) | 481,203 | 201 | 481,002 | ||||||||||||||||||||
1.06% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/18/50 | (18,755 | ) | 6,485,059 | 448,241 | 6,036,818 | ||||||||||||||||||||
1.18% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/50 | (18,750 | ) | 6,023,715 | 2,423,956 | 3,599,759 | ||||||||||||||||||||
2.08% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/17/51 | (5,900 | ) | 840,712 | (25,502 | ) | 866,214 | |||||||||||||||||||
1.63% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/16/51 | (2,500 | ) | 585,985 | 76 | 585,909 | ||||||||||||||||||||
1.52% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 09/29/51 | (4,900 | ) | 965,166 | 149 | 965,017 | ||||||||||||||||||||
1.55% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/20/51 | (8,600 | ) | 1,642,282 | (2,621 | ) | 1,644,903 | |||||||||||||||||||
1.29% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/07/51 | (3,700 | ) | 910,520 | 131 | 910,389 | ||||||||||||||||||||
1.38% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/15/51 | (19,300 | ) | 4,369,752 | 683 | 4,369,069 | ||||||||||||||||||||
1.46% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/04/52 | (1,815 | ) | 379,955 | 64 | 379,891 | ||||||||||||||||||||
1.64% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/10/52 | (2,250 | ) | 390,312 | 80 | 390,232 | ||||||||||||||||||||
1.64% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/14/52 | (1,933 | ) | 334,335 | 69 | 334,266 | ||||||||||||||||||||
1.83% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/52 | (8,850 | ) | 1,184,678 | 315 | 1,184,363 | ||||||||||||||||||||
2.04% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/23/52 | (5,979 | ) | 538,011 | 213 | 537,798 | ||||||||||||||||||||
2.08% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/30/52 | (2,550 | ) | 206,606 | 91 | 206,515 | ||||||||||||||||||||
2.37% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/13/52 | (1,640 | ) | 33,392 | 59 | 33,333 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 157,669,512 | $ | 950,620 | $ | 156,718,892 | |||||||||||||||||||||||||
|
|
|
|
|
|
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
| ||||||||||||||||
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| ||||||||||||||||
Centrally Cleared Swaps(a) | $9,524,652 | $(8,574,032 | ) | $156,718,892 | $— | |||||||||||
|
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
SCHEDULE OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Corporate Bond ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||
Interest Rate Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 156,718,892 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Interest Rate Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | (2,900,719 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 137,225,131 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 1,261,314,183 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 1,198,012,542 | $ | — | $ | — | $ | 1,198,012,542 | ||||||||
Money Market Funds | 580,073,118 | — | — | 580,073,118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,778,085,660 | $ | — | $ | — | $ | 1,778,085,660 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 156,718,892 | $ | — | $ | 156,718,892 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2022 | iShares® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Investment Companies |
| |||||||
Exchange-Traded Funds — 95.7% | ||||||||
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b) | 2,064,525 | $ | 162,127,148 | |||||
|
| |||||||
Total Investment Companies — 95.7% |
| 162,127,148 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 48.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(a)(c)(d) | 80,376,326 | 80,376,326 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c) | 2,250,000 | 2,250,000 | ||||||
|
| |||||||
82,626,326 | ||||||||
|
| |||||||
Total Short-Term Investments — 48.8% |
| 82,626,326 | ||||||
|
| |||||||
Total Investments in Securities — 144.5% |
| 244,753,474 | ||||||
Other Assets, Less Liabilities — (44.5)% |
| (75,388,660 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 169,364,814 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized 7-day yield as of period end. |
(d) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 56,318,647 | $ | 24,090,766 | (a) | $ | — | $ | (34,935 | ) | $ | 1,848 | $ | 80,376,326 | 80,376,326 | $ | 657,381 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,310,000 | — | (60,000 | )(a) | — | — | 2,250,000 | 2,250,000 | 1,487 | — | ||||||||||||||||||||||||||
iShares iBoxx $High Yield Corporate Bond ETF | 131,164,765 | 98,983,218 | (52,054,725 | ) | (768,144 | ) | (15,197,966 | ) | 162,127,148 | 2,064,525 | 3,009,359 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (803,079 | ) | $ | (15,196,118 | ) | $ | 244,753,474 | $ | 3,668,227 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps
Paid by the Fund | Received by the Fund |
| Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | ||||||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||||
0.85% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 07/19/22 | $ | (41,200 | ) | $ | 15,638 | $ | 51 | $ | 15,587 | ||||||||||||||||||
0.22% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/18/22 | (11,150 | ) | 62,000 | 210 | 61,790 | ||||||||||||||||||||||
2.38% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 01/12/23 | (6,705 | ) | (9,003 | ) | (23,955 | ) | 14,952 | ||||||||||||||||||||
0.33% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/30/23 | (4,570 | ) | 124,005 | 12 | 123,993 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged High Yield Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
| ||||||||||||||||||||||||||||||||
Paid by the Fund | Received by the Fund |
| Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | ||||||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
0.53% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/30/23 | $ | (6,700 | ) | $ | 219,245 | $ | 25 | $ | 219,220 | ||||||||||||||||||
0.77% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/05/24 | (7,520 | ) | 234,835 | 30 | 234,805 | ||||||||||||||||||||||
1.44% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/22/24 | (4,600 | ) | 102,841 | 20 | 102,821 | ||||||||||||||||||||||
1.64% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/24 | (1,500 | ) | 29,456 | 7 | 29,449 | ||||||||||||||||||||||
0.44% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/17/24 | (6,120 | ) | 331,446 | 5,543 | 325,903 | ||||||||||||||||||||||
1.16% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/12/25 | (2,157 | ) | 91,826 | 16 | 91,810 | ||||||||||||||||||||||
1.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/11/25 | (4,777 | ) | 148,529 | 37 | 148,492 | ||||||||||||||||||||||
2.51% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/25 | (2,290 | ) | 18,430 | 18 | 18,412 | ||||||||||||||||||||||
2.53% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/20/25 | (530 | ) | 4,059 | 4 | 4,055 | ||||||||||||||||||||||
0.33% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/15/25 | (28,900 | ) | 2,544,434 | 108,975 | 2,435,459 | ||||||||||||||||||||||
0.87% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/17/26 | (1,250 | ) | 106,194 | (6,100 | ) | 112,294 | |||||||||||||||||||||
0.87% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 09/29/26 | (2,900 | ) | 229,025 | 23 | 229,002 | ||||||||||||||||||||||
1.13% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/18/26 | (7,600 | ) | 531,820 | 64 | 531,756 | ||||||||||||||||||||||
1.32% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 11/23/26 | (500 | ) | 36,741 | 5 | 36,736 | ||||||||||||||||||||||
1.32% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/10/27 | (3,776 | ) | 239,629 | 35 | 239,594 | ||||||||||||||||||||||
1.60% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/09/27 | (1,916 | ) | 99,112 | 18 | 99,094 | ||||||||||||||||||||||
1.70% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/28/27 | (2,172 | ) | 103,932 | 21 | �� | 103,911 | |||||||||||||||||||||
2.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/25/27 | (1,900 | ) | 53,525 | 18 | 53,507 | ||||||||||||||||||||||
2.31% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/30/27 | (400 | ) | 8,122 | 4 | 8,118 | ||||||||||||||||||||||
2.45% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/27 | (5,680 | ) | 78,152 | 55 | 78,097 | ||||||||||||||||||||||
2.54% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/20/27 | (868 | ) | 8,284 | 8 | 8,276 | ||||||||||||||||||||||
2.72% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/26/27 | (800 | ) | 1,233 | 8 | 1,225 | ||||||||||||||||||||||
1.42% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 04/07/28 | (9,450 | ) | 825,653 | (52,335 | ) | 877,988 | |||||||||||||||||||||
1.23% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/08/28 | (5,780 | ) | 576,439 | (24,519 | ) | 600,958 | |||||||||||||||||||||
1.12% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/03/28 | (1,960 | ) | 215,571 | 23 | 215,548 | ||||||||||||||||||||||
1.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/12/28 | (2,500 | ) | 233,905 | 30 | 233,875 | ||||||||||||||||||||||
1.21% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/22/28 | (2,100 | ) | 188,470 | 25 | 188,445 | ||||||||||||||||||||||
1.32% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/05/29 | (4,300 | ) | 368,197 | 56 | 368,141 | ||||||||||||||||||||||
1.45% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/27/29 | (4,450 | ) | 350,068 | 59 | 350,009 | ||||||||||||||||||||||
1.73% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/28/29 | (355 | ) | 21,836 | 5 | 21,831 | ||||||||||||||||||||||
1.70% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/11/29 | (842 | ) | 53,898 | 11 | 53,887 | ||||||||||||||||||||||
1.76% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/29 | (840 | ) | 50,275 | 11 | 50,264 | ||||||||||||||||||||||
1.87% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/16/29 | (754 | ) | 40,354 | 10 | 40,344 | ||||||||||||||||||||||
2.43% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/29 | (2,530 | ) | 46,448 | 34 | 46,414 | ||||||||||||||||||||||
2.39% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/19/29 | (2,520 | ) | 53,157 | 34 | 53,123 | ||||||||||||||||||||||
2.56% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/20/29 | (1,000 | ) | 10,070 | 14 | 10,056 | ||||||||||||||||||||||
2.69% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/26/29 | (1,000 | ) | 2,050 | 14 | 2,036 | ||||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/29 | (500 | ) | 4,227 | 7 | 4,220 | ||||||||||||||||||||||
0.77% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 04/01/30 | (10,500 | ) | 1,658,199 | 372,806 | 1,285,393 | ||||||||||||||||||||||
1.59% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/04/31 | (2,814 | ) | 317,567 | (60,435 | ) | 378,002 | |||||||||||||||||||||
1.36% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 10/20/31 | (830 | ) | 93,174 | 13 | 93,161 | ||||||||||||||||||||||
1.28% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/30/31 | (1,100 | ) | 131,780 | 18 | 131,762 | ||||||||||||||||||||||
1.52% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/10/32 | (328 | ) | 32,926 | 5 | 32,921 | ||||||||||||||||||||||
1.61% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/12/32 | (2,033 | ) | 188,713 | 34 | 188,679 | ||||||||||||||||||||||
1.84% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/18/32 | (393 | ) | 29,154 | 7 | 29,147 | ||||||||||||||||||||||
1.78% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/28/32 | (822 | ) | 65,224 | 14 | 65,210 | ||||||||||||||||||||||
2.42% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/19/32 | (1,130 | ) | 27,434 | 19 | 27,415 | ||||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/20/32 | (420 | ) | 4,322 | 7 | 4,315 | ||||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/32 | (500 | ) | 5,327 | 9 | 5,318 | ||||||||||||||||||||||
1.54% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/05/37 | (101 | ) | 14,193 | 2 | 14,191 | ||||||||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 03/30/45 | (80 | ) | 27,738 | 2,334 | 25,404 | ||||||||||||||||||||||
0.87% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 03/30/50 | (10 | ) | 3,798 | — | 3,798 | ||||||||||||||||||||||
1.06% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/18/50 | (15 | ) | 5,187 | 37 | 5,150 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 11,058,864 | $ | 323,501 | $ | 10,735,363 | |||||||||||||||||||||||||||
|
|
|
|
|
|
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged High Yield Bond ETF |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $ | 490,845 | $ | (167,344 | ) | $ | 10,735,363 | $— |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||
Interest Rate Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 10,735,363 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Interest Rate Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | (234,269 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 9,644,699 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 160,113,367 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 162,127,148 | $ | — | $ | — | $ | 162,127,148 | ||||||||
Money Market Funds | 82,626,326 | — | — | 82,626,326 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 244,753,474 | $ | — | $ | — | $ | 244,753,474 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 10,735,363 | $ | — | $ | 10,735,363 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 19 |
Statements of Assets and Liabilities (unaudited)
April 30, 2022
iShares Inflation Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||
| ||||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Affiliated(b) | $ | 159,524,964 | $ | 1,778,085,660 | $ | 244,753,474 | ||||||
Cash | 9,318 | 4,867,082 | 518,012 | |||||||||
Cash pledged: | ||||||||||||
Futures contracts | 164,000 | — | — | |||||||||
Centrally cleared swaps | 5,164,000 | 749,000 | 4,159,000 | |||||||||
Receivables: | ||||||||||||
Securities lending income — Affiliated | 33,138 | 368,146 | 164,038 | |||||||||
Variation margin on futures contracts | 33,560 | — | — | |||||||||
Variation margin on centrally cleared swaps | — | 4,277,664 | 359,645 | |||||||||
Capital shares sold | 480,230 | — | — | |||||||||
Dividends | 423 | 215,933 | 770 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 165,409,633 | 1,788,563,485 | 249,954,939 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Collateral on securities loaned, at value | 49,672,696 | 565,143,673 | 80,416,107 | |||||||||
Payables: | ||||||||||||
Variation margin on centrally cleared swaps | 544,588 | — | — | |||||||||
Capital shares redeemed | — | — | 167,120 | |||||||||
Investment advisory fees | 4,588 | 102,022 | 6,898 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 50,221,872 | 565,245,695 | 80,590,125 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 115,187,761 | $ | 1,223,317,790 | $ | 169,364,814 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 124,077,138 | $ | 1,281,814,806 | $ | 186,571,337 | ||||||
Accumulated loss | (8,889,377 | ) | (58,497,016 | ) | (17,206,523 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 115,187,761 | $ | 1,223,317,790 | $ | 169,364,814 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 4,200,000 | 13,400,000 | 2,000,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 27.43 | $ | 91.29 | $ | 84.68 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | None | None | None | |||||||||
|
|
|
|
|
| |||||||
(a) Securities loaned, at value | $ | 48,141,342 | $ | 547,613,098 | $ | 77,689,965 | ||||||
(b) Investments, at cost — Affiliated | $ | 177,699,028 | $ | 1,972,639,515 | $ | 261,107,943 |
See notes to financial statements.
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended April 30, 2022
iShares Inflation Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||
| ||||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — Affiliated | $ | 1,112,892 | $ | 12,257,580 | $ | 3,015,411 | ||||||
Interest — Unaffiliated | 25 | — | — | |||||||||
Securities lending income — Affiliated — net | 132,686 | 1,336,821 | 652,816 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 1,245,603 | 13,594,401 | 3,668,227 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees | 105,638 | 1,615,893 | 488,862 | |||||||||
Professional fees | — | 217 | 217 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 105,638 | 1,616,110 | 489,079 | |||||||||
Less: | ||||||||||||
Investment advisory fees waived | (79,228 | ) | (1,077,479 | ) | (451,474 | ) | ||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived | 26,410 | 538,631 | 37,605 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 1,219,193 | 13,055,770 | 3,630,622 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — Affiliated | (98,988 | ) | (3,403,809 | ) | (335,300 | ) | ||||||
In-kind redemptions — Affiliated | 253,962 | 399,718 | (467,779 | ) | ||||||||
Futures contracts | 71,200 | — | — | |||||||||
Swaps | 849,418 | (2,900,719 | ) | (234,269 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 1,075,592 | (5,904,810 | ) | (1,037,348 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — Affiliated | (18,359,086 | ) | (196,578,662 | ) | (15,196,118 | ) | ||||||
Futures contracts | 528,314 | — | — | |||||||||
Swaps | 4,900,268 | 137,225,131 | 9,644,699 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (12,930,504 | ) | (59,353,531 | ) | (5,551,419 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (11,854,912 | ) | (65,258,341 | ) | (6,588,767 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (10,635,719 | ) | $ | (52,202,571 | ) | $ | (2,958,145 | ) | |||
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 21 |
Statements of Changes in Net Assets
iShares Inflation Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | |||||||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 1,219,193 | $ | 738,055 | $ | 13,055,770 | $ | 12,745,848 | ||||||||||||||||||||
Net realized gain (loss) | 1,075,592 | 625,972 | (5,904,810 | ) | 7,063,097 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (12,930,504 | ) | 2,128,788 | (59,353,531 | ) | 11,417,491 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (10,635,719 | ) | 3,492,815 | (52,202,571 | ) | 31,226,436 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,380,396 | ) | (735,803 | ) | (8,336,597 | ) | (9,086,966 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 54,131,068 | 52,336,980 | 567,767,400 | 243,946,436 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase in net assets | 42,114,953 | 55,093,992 | 507,228,232 | 266,085,906 | ||||||||||||||||||||||||
Beginning of period | 73,072,808 | 17,978,816 | 716,089,558 | 450,003,652 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 115,187,761 | $ | 73,072,808 | $ | 1,223,317,790 | $ | 716,089,558 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
| iShares Interest Rate Hedged High Yield Bond ETF |
| ||||||||||||
|
| |||||||||||||
Six Months Ended 04/30/22 | Year Ended 10/31/21 | |||||||||||||
| ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||
OPERATIONS | ||||||||||||||
Net investment income | $ | 3,630,622 | $ | 4,050,298 | ||||||||||
Net realized loss | (1,037,348 | ) | (572,696 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (5,551,419 | ) | 3,482,303 | |||||||||||
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | (2,958,145 | ) | 6,959,905 | |||||||||||
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,000,123 | ) | (3,454,455 | ) | ||||||||||
|
|
|
| |||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||
Net increase in net assets derived from capital share transactions | 39,402,629 | 70,089,848 | ||||||||||||
|
|
|
| |||||||||||
NET ASSETS | ||||||||||||||
Total increase in net assets | 33,444,361 | 73,595,298 | ||||||||||||
Beginning of period | 135,920,453 | 62,325,155 | ||||||||||||
|
|
|
| |||||||||||
End of period | $ | 169,364,814 | $ | 135,920,453 | ||||||||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 23 |
(For a share outstanding throughout each period)
iShares Inflation Hedged Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | Period From | |||||||||||||||||||||||||||||||||||||||
04/30/22 | Year Ended | Year Ended | Year Ended | 05/08/18 | (a) | |||||||||||||||||||||||||||||||||||
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.45 | $ | 27.66 | $ | 26.33 | 2 | $ | 24.31 | $ | 25.00 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net investment income(b) | 0.34 | 0.63 | 0.71 | 0.91 | 0.37 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.94 | ) | 2.82 | 1.36 | 2.01 | (0.70 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (2.60 | ) | 3.45 | 2.07 | 2.92 | (0.33 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.35 | ) | (0.66 | ) | (0.74 | ) | (0.90 | ) | (0.36 | ) | ||||||||||||||||||||||||||||||
From net realized gain | (0.07 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.42 | ) | (0.66 | ) | (0.74 | ) | (0.90 | ) | (0.36 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 27.43 | $ | 30.45 | $ | 27.66 | $ | 26.33 | $ | 24.31 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (8.65 | )%(f) | 12.60 | % | 8.00 | %(g) | 12.26 | %(h) | (1.34 | )%(f) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets(i) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.20 | %(j) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | %(j) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.05 | %(j) | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | %(j) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net investment income | 2.31 | %(j) | 2.14 | % | 2.64 | % | 3.60 | % | 3.04 | %(j) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 115,188 | $ | 73,073 | $ | 17,979 | $ | 7,898 | $ | 9,725 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Portfolio turnover rate(k) | 2 | %(f) | 0 | % | 13 | % | 0 | % | 0 | %(f)(l) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Not annualized. |
(g) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(h) | Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 12.22%. |
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(j) | Annualized. |
(k) | Portfolio turnover rate excludes in-kind transactions. |
(l) | Rounds to less than 1%. |
See notes to financial statements.
24 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 96.12 | $ | 91.84 | $ | 93.50 | $ | 95.79 | $ | 96.62 | $ | 92.49 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 1.13 | 2.23 | 2.38 | 3.35 | 3.16 | 2.76 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (5.19 | ) | 3.68 | (1.69 | ) | (0.97 | ) | (1.16 | ) | 3.73 | ||||||||||||||||||||||||||||||||||||
|
|
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Net increase (decrease) from investment operations | (4.06) | 5.91 | 0.69 | 2.38 | 2.00 | 6.49 | ||||||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.77 | ) | (1.63 | ) | (2.35 | ) | (3.12 | ) | (2.83 | ) | (2.36 | ) | ||||||||||||||||||||||||||||||||||
From net realized gain |
| — | — | — | (1.55 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
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Total distributions | (0.77) | (1.63 | ) | (2.35 | ) | (4.67 | ) | (2.83 | ) | (2.36 | ) | |||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 91.29 | $ | 96.12 | $ | 91.84 | $ | 93.50 | $ | 95.79 | $ | 96.62 | ||||||||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (4.25 | )%(e) | 6.46 | % | 0.79 | % | 2.63 | % | 2.08 | % | 7.11 | % | ||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.10 | %(g) | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||||||||||||||||||||||||||||||||
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Net investment income | 2.42 | %(g) | 2.33 | % | 2.64 | % | 3.59 | % | 3.27 | % | 2.91 | % | ||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,223,318 | $ | 716,090 | $ | 450,004 | $ | 126,232 | $ | 215,530 | $ | 77,295 | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) | 4 | %(e) | 5 | % | 7 | % | 4 | % | 2 | % | 0 | %(i) | ||||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | Rounds to less than 1%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 25 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 87.69 | $ | 83.10 | $ | 87.86 | $ | 90.47 | $ | 91.78 | $ | 87.42 | ||||||||||||||||||||||||
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Net investment income(a) | 2.07 | 3.81 | 4.31 | 5.51 | 4.98 | 4.57 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.31 | ) | 4.15 | (5.53 | ) | (2.92 | ) | (1.46 | ) | 4.21 | ||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (1.24 | ) | 7.96 | (1.22 | ) | 2.59 | 3.52 | 8.78 | ||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||
From net investment income | (1.77 | ) | (3.37 | ) | (3.51 | ) | (5.18 | ) | (4.83 | ) | (4.42 | ) | ||||||||||||||||||||||||
Return of capital | — | — | (0.03 | ) | (0.02 | ) | — | — | ||||||||||||||||||||||||||||
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Total distributions | (1.77 | ) | (3.37 | ) | (3.54 | ) | (5.20 | ) | (4.83 | ) | (4.42 | ) | ||||||||||||||||||||||||
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Net asset value, end of period | $ | 84.68 | $ | 87.69 | $ | 83.10 | $ | 87.86 | $ | 90.47 | $ | 91.78 | ||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||
Based on net asset value | (1.46 | )%(e) | 9.70 | % | (1.32 | )% | 3.00 | % | 3.93 | % | 10.26 | % | ||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||
Total expenses | 0.65 | %(g) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Total expenses after fees waived | 0.05 | %(g) | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Net investment income | 4.83 | %(g) | 4.37 | % | 5.12 | % | 6.22 | % | 5.46 | % | 5.04 | % | ||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 169,365 | $ | 135,920 | $ | 62,325 | $ | 114,212 | $ | 416,178 | $ | 137,670 | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Portfolio turnover rate(h) | 2 | %(e) | 1 | % | 1 | % | 1 | % | 0 | %(i) | 0 | % | ||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | Rounds to less than 1%. |
See notes to financial statements.
26 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Inflation Hedged Corporate Bond | Diversified | |||
Interest Rate Hedged Corporate Bond | Diversified | |||
Interest Rate Hedged High Yield Bond | Diversified |
Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
NOTES TO FINANCIAL STATEMENTS | 27 |
Notes to Financial Statements (unaudited) (continued)
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
28 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
| ||||||||||||||||
Inflation Hedged Corporate Bond | ||||||||||||||||
Barclays Bank PLC | $ | 2,802,501 | $ | 2,802,501 | $ | — | $ | — | ||||||||
Citigroup Global Markets, Inc. | 42,133,006 | 42,133,006 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 2,953,048 | 2,953,048 | — | — | ||||||||||||
Jefferies LLC | 252,787 | 252,787 | — | — | ||||||||||||
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|
|
|
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|
| |||||||||
$ | 48,141,342 | $ | 48,141,342 | $ | — | $ | — | |||||||||
|
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|
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|
|
| |||||||||
Interest Rate Hedged Corporate Bond | ||||||||||||||||
Barclays Bank PLC | $ | 71,499,311 | $ | 71,499,311 | $ | — | $ | — | ||||||||
BNP Paribas SA | 85,193,160 | 85,193,160 | — | — | ||||||||||||
BofA Securities, Inc. | 64,745,000 | 64,745,000 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 260,024,253 | 260,024,253 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 87,152 | 87,152 | — | — | ||||||||||||
Jefferies LLC | 11,007,213 | 11,007,213 | — | — | ||||||||||||
SG Americas Securities LLC | 18,049,780 | 18,049,780 | — | — | ||||||||||||
Toronto-Dominion Bank | 37,007,229 | 37,007,229 | — | — | ||||||||||||
|
|
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|
|
|
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| |||||||||
$ | 547,613,098 | $ | 547,613,098 | $ | — | $ | — | |||||||||
|
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|
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| |||||||||
Interest Rate Hedged High Yield Bond | ||||||||||||||||
Barclays Bank PLC | $ | 2,198,840 | $ | 2,198,840 | $ | — | $ | — | ||||||||
Citigroup Global Markets, Inc. | 10,419,125 | 10,419,125 | — | — | ||||||||||||
ING Financial Markets LLC | 8,081,444 | 8,081,444 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 15,236,862 | 15,236,862 | — | — | ||||||||||||
Morgan Stanley | 32,616,100 | 32,616,100 | — | — | ||||||||||||
SG Americas Securities LLC | 1,834,304 | 1,834,304 | — | — | ||||||||||||
Toronto-Dominion Bank | 7,303,290 | 7,303,290 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 77,689,965 | $ | 77,689,965 | $ | — | $ | — | |||||||||
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|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
NOTES TO FINANCIAL STATEMENTS | 29 |
Notes to Financial Statements (unaudited) (continued)
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.
Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Inflation Hedged Corporate Bond | 0.20 | % | ||
Interest Rate Hedged Corporate Bond | 0.30 | |||
Interest Rate Hedged High Yield Bond | 0.65 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.05%.
For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.
For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.
30 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Inflation Hedged Corporate Bond | $ | 79,228 | ||
Interest Rate Hedged Corporate Bond | 1,077,479 | |||
Interest Rate Hedged High Yield Bond | 451,474 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Inflation Hedged Corporate Bond | $ | 38,045 | ||
Interest Rate Hedged Corporate Bond | 381,908 | |||
Interest Rate Hedged High Yield Bond | 156,510 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Inflation Hedged Corporate Bond | $ | 8,660,567 | $ | 2,199,551 | ||||
Interest Rate Hedged Corporate Bond | 170,605,366 | 39,665,008 | ||||||
Interest Rate Hedged High Yield Bond | 11,700,374 | 2,578,769 |
NOTES TO FINANCIAL STATEMENTS | 31 |
Notes to Financial Statements (unaudited) (continued)
For the six months ended April 30, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||||||
Inflation Hedged Corporate Bond | $ | 76,464,648 | $ | 25,654,600 | ||||||||
Interest Rate Hedged Corporate Bond | 608,019,254 | 50,571,712 | ||||||||||
Interest Rate Hedged High Yield Bond | 87,282,842 | 49,475,955 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Interest Rate Hedged Corporate Bond | $ | 19,476,468 | ||
Interest Rate Hedged High Yield Bond | 11,176,733 |
As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Inflation Hedged Corporate Bond | $ | 177,702,891 | $ | 8,178,001 | $ | (18,202,984 | ) | $ | (10,024,983 | ) | ||||||
Interest Rate Hedged Corporate Bond | 1,972,639,515 | 156,862,969 | (194,697,932 | ) | (37,834,963 | ) | ||||||||||
Interest Rate Hedged High Yield Bond | 261,111,778 | 10,737,211 | (16,360,152 | ) | (5,622,941 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience
32 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 04/30/22 | Year Ended 10/31/21 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
Inflation Hedged Corporate Bond | ||||||||||||||||
Shares sold | 2,750,000 | $ | 81,638,570 | 1,850,000 | $ | 55,174,954 | ||||||||||
Shares redeemed | (950,000 | ) | (27,507,502 | ) | (100,000 | ) | (2,837,974 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 1,800,000 | $ | 54,131,068 | 1,750,000 | $ | 52,336,980 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Interest Rate Hedged Corporate Bond | ||||||||||||||||
Shares sold | 6,500,000 | $ | 619,508,932 | 3,500,000 | $ | 335,029,941 | ||||||||||
Shares redeemed | (550,000 | ) | (51,741,532 | ) | (950,000 | ) | (91,083,505 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 5,950,000 | $ | 567,767,400 | 2,550,000 | $ | 243,946,436 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Interest Rate Hedged High Yield Bond | ||||||||||||||||
Shares sold | 1,050,000 | $ | 90,838,577 | 1,000,000 | $ | 87,477,811 | ||||||||||
Shares redeemed | (600,000 | ) | (51,435,948 | ) | (200,000 | ) | (17,387,963 | ) | ||||||||
|
|
|
|
|
|
|
| �� | ||||||||
Net increase | 450,000 | $ | 39,402,629 | 800,000 | $ | 70,089,848 | ||||||||||
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|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other
NOTES TO FINANCIAL STATEMENTS | 33 |
Notes to Financial Statements (unaudited) (continued)
transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
34 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 35 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
April 30, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||
Inflation Hedged Corporate Bond | $ | 0.347604 | $ | 0.069495 | $ | — | $ | 0.417099 | 83 | % | 17 | % | — | % | 100 | % | ||||||||||||||||||
Interest Rate Hedged Corporate Bond | 0.767830 | — | — | 0.767830 | 100 | — | — | 100 | ||||||||||||||||||||||||||
Interest Rate Hedged High Yield Bond | 1.769576 | — | — | 1.769576 | 100 | — | — | 100 |
36 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
GENERAL INFORMATION | 37 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income
CPI | Consumer Price Index | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate |
38 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Additional Financial Information
Schedules of Investments (Unaudited)
April 30, 2022
Statements of Assets and Liabilities (Unaudited)
April 30, 2022
iShares Trust
iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca
iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca
Schedule of Investments (unaudited) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.8% | ||||||||
Clear Channel Outdoor Holdings Inc. | ||||||||
5.13%, 08/15/27 (Call 08/15/22)(a)(b) | $ | 15,667 | $ | 14,638,200 | ||||
7.50%, 06/01/29 (Call 06/01/24)(a)(b) | 12,193 | 11,380,641 | ||||||
7.75%, 04/15/28 (Call 04/15/24)(a)(b) | 12,158 | 11,415,754 | ||||||
Lamar Media Corp. | ||||||||
3.63%, 01/15/31 (Call 01/15/26)(b) | 6,567 | 5,713,290 | ||||||
3.75%, 02/15/28 (Call 02/15/23)(b) | 6,575 | 6,065,438 | ||||||
4.00%, 02/15/30 (Call 02/15/25)(b) | 7,302 | 6,540,292 | ||||||
4.88%, 01/15/29 (Call 01/15/24)(b) | 4,569 | 4,323,949 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||
4.25%, 01/15/29 (Call 01/15/24)(a)(b) | 6,750 | 5,995,688 | ||||||
4.63%, 03/15/30 (Call 03/15/25)(a)(b) | 5,619 | 5,023,105 | ||||||
5.00%, 08/15/27 (Call 08/15/22)(a)(b) | 8,668 | 8,182,592 | ||||||
6.25%, 06/15/25 (Call 06/15/22)(a)(b) | 2,108 | 2,140,342 | ||||||
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)(b) | 13,713 | 12,061,475 | ||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)(b) | 11,798 | 11,547,292 | ||||||
|
| |||||||
105,028,058 | ||||||||
Aerospace & Defense — 2.4% | ||||||||
Bombardier Inc. | ||||||||
6.00%, 02/15/28 (Call 02/15/24)(a) | 9,274 | 8,004,621 | ||||||
7.13%, 06/15/26 (Call 06/15/23)(a) | 14,432 | 13,350,899 | ||||||
7.50%, 12/01/24 (Call 05/30/22)(a)(b) | 8,883 | 8,874,630 | ||||||
7.50%, 03/15/25 (Call 05/30/22)(a)(b) | 13,862 | 13,429,967 | ||||||
7.88%, 04/15/27 (Call 05/30/22)(a)(b) | 24,619 | 22,934,649 | ||||||
Howmet Aerospace Inc. | ||||||||
3.00%, 01/15/29 (Call 11/15/28)(b) | 7,629 | 6,661,109 | ||||||
5.13%, 10/01/24 (Call 07/01/24)(b) | 14,566 | 14,824,546 | ||||||
6.88%, 05/01/25 (Call 04/01/25) | 5,800 | 6,127,236 | ||||||
Rolls-Royce PLC | ||||||||
3.63%, 10/14/25 (Call 07/14/25)(a) | 11,504 | 10,785,000 | ||||||
5.75%, 10/15/27 (Call 07/15/27)(a) | 11,106 | 10,731,173 | ||||||
Spirit AeroSystems Inc. | ||||||||
4.60%, 06/15/28 (Call 03/15/28)(b) | 7,471 | 6,449,415 | ||||||
5.50%, 01/15/25 (Call 10/15/22)(a) | 4,390 | 4,377,840 | ||||||
7.50%, 04/15/25 (Call 05/31/22)(a)(b) | 15,292 | 15,528,691 | ||||||
TransDigm Inc. | ||||||||
4.63%, 01/15/29 (Call 01/15/24)(b) | 14,221 | 12,372,270 | ||||||
4.88%, 05/01/29 (Call 05/01/24)(b) | 8,359 | 7,285,147 | ||||||
5.50%, 11/15/27 (Call 11/15/22)(b) | 32,829 | 30,145,886 | ||||||
6.25%, 03/15/26 (Call 05/31/22)(a) | 54,197 | 54,063,768 | ||||||
6.38%, 06/15/26 (Call 05/31/22)(b) | 10,809 | 10,646,865 | ||||||
7.50%, 03/15/27 (Call 05/31/22) | 7,186 | 7,245,085 | ||||||
8.00%, 12/15/25 (Call 05/31/22)(a)(b) | 13,438 | 13,986,539 | ||||||
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/31/22)(b) | 5,053 | 5,013,523 | ||||||
Triumph Group Inc. | ||||||||
6.25%, 09/15/24 (Call 05/31/22)(a)(b) | 5,249 | 5,018,919 | ||||||
7.75%, 08/15/25 (Call 05/31/22)(b) | 5,654 | 5,473,072 | ||||||
8.88%, 06/01/24 (Call 02/01/23)(a)(b) | 6,232 | 6,441,208 | ||||||
|
| |||||||
299,772,058 | ||||||||
Agriculture — 0.1% | ||||||||
Vector Group Ltd. | ||||||||
5.75%, 02/01/29 (Call 02/01/24)(a) | 10,781 | 9,445,234 | ||||||
10.50%, 11/01/26 (Call 05/31/22)(a)(b) | 6,686 | 6,801,334 | ||||||
|
| |||||||
16,246,568 |
Security | Par (000) | Value | ||||||
Airlines — 1.8% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) | $ | 14,266 | $ | 13,124,720 | ||||
American Airlines Group Inc., | 5,498 | 4,923,184 | ||||||
American Airlines Inc., 11.75%, 07/15/25(a)(b) | 30,064 | 34,573,600 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.50%, 04/20/26(a) | 42,100 | 41,425,874 | ||||||
5.75%, 04/20/29(a) | 36,037 | 34,782,495 | ||||||
Delta Air Lines Inc. | ||||||||
2.90%, 10/28/24 (Call 09/28/24)(b) | 10,512 | 10,012,680 | ||||||
3.75%, 10/28/29 (Call 07/28/29)(b) | 6,365 | 5,617,113 | ||||||
3.80%, 04/19/23 (Call 03/19/23) | 1,288 | 1,285,959 | ||||||
4.38%, 04/19/28 (Call 01/19/28)(b) | 6,229 | 5,837,819 | ||||||
7.38%, 01/15/26 (Call 12/15/25)(b) | 12,450 | 13,201,046 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a) | 14,212 | 13,874,465 | ||||||
United Airlines Inc. | ||||||||
4.38%, 04/15/26 (Call 10/15/25)(a)(b) | 24,627 | 23,585,278 | ||||||
4.63%, 04/15/29 (Call 10/15/28)(a) | 23,655 | 21,703,462 | ||||||
|
| |||||||
223,947,695 | ||||||||
Apparel — 0.2% | ||||||||
Hanesbrands Inc. | ||||||||
4.63%, 05/15/24 (Call 02/15/24)(a)(b) | 11,905 | 11,798,947 | ||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(b) | 9,378 | 9,113,206 | ||||||
William Carter Co. (The), 5.63%, 03/15/27 (Call 05/31/22)(a) | 5,174 | 5,155,632 | ||||||
|
| |||||||
26,067,785 | ||||||||
Auto Manufacturers — 3.4% | ||||||||
Allison Transmission Inc. | ||||||||
3.75%, 01/30/31 (Call 01/30/26)(a)(b) | 12,423 | 10,745,895 | ||||||
4.75%, 10/01/27 (Call 10/01/22)(a)(b) | 5,020 | 4,802,467 | ||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) | 5,459 | 5,359,237 | ||||||
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a) | 14,041 | 14,146,308 | ||||||
Ford Motor Co. | ||||||||
3.25%, 02/12/32 (Call 11/12/31) | 29,733 | 24,089,677 | ||||||
4.35%, 12/08/26 (Call 09/08/26)(b) | 18,896 | 18,140,160 | ||||||
9.00%, 04/22/25 (Call 03/22/25)(b) | 2,887 | 3,206,374 | ||||||
9.63%, 04/22/30 (Call 01/22/30)(b) | 5,199 | 6,342,468 | ||||||
Ford Motor Credit Co. LLC | ||||||||
2.30%, 02/10/25 (Call 01/10/25) | 14,060 | 13,050,856 | ||||||
2.70%, 08/10/26 (Call 07/10/26)(b) | 17,677 | 15,743,972 | ||||||
2.90%, 02/16/28 (Call 12/16/27)(b) | 9,009 | 7,725,218 | ||||||
2.90%, 02/10/29 (Call 12/10/28) | 9,408 | 7,863,442 | ||||||
3.09%, 01/09/23 | 298 | 298,250 | ||||||
3.10%, 05/04/23 | 10,388 | 10,258,150 | ||||||
3.35%, 11/01/22 | 713 | 712,819 | ||||||
3.37%, 11/17/23(b) | 11,377 | 11,194,285 | ||||||
3.38%, 11/13/25 (Call 10/13/25)(b) | 24,692 | 23,256,777 | ||||||
3.63%, 06/17/31 (Call 03/17/31) | 11,407 | 9,482,069 | ||||||
3.66%, 09/08/24 | 8,456 | 8,215,004 | ||||||
3.81%, 01/09/24 (Call 11/09/23) | 7,545 | 7,438,946 | ||||||
3.82%, 11/02/27 (Call 08/02/27) | 8,937 | 8,156,502 | ||||||
4.00%, 11/13/30 (Call 08/13/30)(b) | 19,381 | 16,861,201 | ||||||
4.06%, 11/01/24 (Call 10/01/24)(b) | 17,619 | 17,255,828 | ||||||
4.13%, 08/04/25(b) | 15,618 | 15,064,167 | ||||||
4.13%, 08/17/27 (Call 06/17/27)(b) | 15,720 | 14,555,671 | ||||||
4.14%, 02/15/23 (Call 01/15/23) | 1,122 | 1,119,756 | ||||||
4.27%, 01/09/27 (Call 11/09/26)(b) | 11,095 | 10,490,877 | ||||||
4.38%, 08/06/23 | 10,796 | 10,802,478 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Auto Manufacturers (continued) | ||||||||
4.39%, 01/08/26 | $ | 13,984 | $ | 13,468,515 | ||||
4.54%, 08/01/26 (Call 06/01/26) | 8,994 | 8,600,513 | ||||||
4.69%, 06/09/25 (Call 04/09/25) | 7,042 | 6,902,592 | ||||||
4.95%, 05/28/27 (Call 04/28/27) | 19,030 | 18,415,675 | ||||||
5.11%, 05/03/29 (Call 02/03/29)(b) | 17,421 | 16,506,397 | ||||||
5.13%, 06/16/25 (Call 05/16/25)(b) | 21,053 | 20,852,996 | ||||||
5.58%, 03/18/24 (Call 02/18/24)(b) | 17,410 | 17,540,575 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
4.50%, 10/01/27 (Call 07/01/27)(a)(b) | 6,100 | 5,011,150 | ||||||
5.50%, 07/15/29 (Call 07/15/24)(a) | 5,886 | 4,885,380 | ||||||
5.88%, 01/15/28 (Call 01/15/24)(a) | 7,599 | 6,611,130 | ||||||
7.75%, 10/15/25 (Call 10/15/22)(a) | 5,960 | 5,950,345 | ||||||
|
| |||||||
421,124,122 | ||||||||
Auto Parts & Equipment — 1.3% | ||||||||
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 05/30/22)(a)(b) | 633 | 564,108 | ||||||
American Axle & Manufacturing Inc. | ||||||||
5.00%, 10/01/29 (Call 10/01/24)(b) | 5,996 | 5,156,560 | ||||||
6.25%, 03/15/26 (Call 05/10/22)(b) | 1,685 | 1,606,648 | ||||||
6.50%, 04/01/27 (Call 05/31/22)(b) | 6,265 | 5,806,532 | ||||||
6.88%, 07/01/28 (Call 07/01/23)(b) | 5,446 | 5,108,121 | ||||||
Clarios Global LP, 6.75%, 05/15/25 | 3,611 | 3,685,687 | ||||||
Clarios Global LP/Clarios US Finance Co. | ||||||||
6.25%, 05/15/26 (Call 05/31/22)(a)(b) | 9,222 | 9,315,012 | ||||||
8.50%, 05/15/27 (Call 05/31/22)(a)(b) | 24,179 | 24,152,906 | ||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/30/22)(a) | 4,443 | 4,390,697 | ||||||
Dana Inc. | ||||||||
4.25%, 09/01/30 (Call 05/01/26)(b) | 4,487 | 3,847,603 | ||||||
5.38%, 11/15/27 (Call 11/15/22)(b) | 4,394 | 4,152,330 | ||||||
5.63%, 06/15/28 (Call 06/15/23)(b) | 5,453 | 5,200,799 | ||||||
Goodyear Tire & Rubber Co. (The) | ||||||||
4.88%, 03/15/27 (Call 12/15/26)(b) | 8,906 | 8,291,860 | ||||||
5.00%, 05/31/26 (Call 05/31/22)(b) | 8,886 | 8,511,677 | ||||||
5.00%, 07/15/29(b) | 10,492 | 9,355,716 | ||||||
5.25%, 04/30/31 (Call 01/30/31)(b) | 6,497 | 5,656,613 | ||||||
5.25%, 07/15/31(b) | 8,016 | 6,913,800 | ||||||
5.63%, 04/30/33 (Call 01/30/33) | 5,097 | 4,349,015 | ||||||
9.50%, 05/31/25 (Call 05/31/22) | 8,437 | 8,847,123 | ||||||
Tenneco Inc. | ||||||||
5.00%, 07/15/26 (Call 05/31/22)(b) | 6,065 | 5,814,819 | ||||||
5.13%, 04/15/29 (Call 04/15/24)(a)(b) | 8,515 | 8,291,481 | ||||||
7.88%, 01/15/29 (Call 01/15/24)(a)(b) | 6,307 | 6,340,364 | ||||||
ZF North America Capital Inc., | 13,473 | 13,136,175 | ||||||
|
| |||||||
158,495,646 | ||||||||
Banks — 1.7% | ||||||||
Commerzbank AG, 8.13%, 09/19/23(a)(b) | 11,362 | 11,827,217 | ||||||
Deutsche Bank AG | ||||||||
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)(b)(c) | 16,835 | 16,509,310 | ||||||
4.50%, 04/01/25(b) | 18,173 | 17,832,620 | ||||||
Deutsche Bank AG/New York NY | ||||||||
3.73%, 01/14/32 (Call 10/14/30)(b)(c) | 15,443 | 12,740,124 | ||||||
3.74%, 01/07/33 (Call 10/07/31)(c) | 14,930 | 12,200,968 | ||||||
4.88%, 12/01/32 (Call 12/01/27)(c) | 11,463 | 10,485,635 | ||||||
5.88%, 07/08/31 (Call 04/08/30)(b)(c) | 6,084 | 5,871,524 | ||||||
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)(b)(c)(d) | 6,682 | 6,476,863 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Freedom Mortgage Corp. | ||||||||
6.63%, 01/15/27 (Call 01/15/24)(a)(b) | $ | 7,963 | $ | 6,887,995 | ||||
7.63%, 05/01/26 (Call 05/01/23)(a)(b) | 8,176 | 7,440,160 | ||||||
8.13%, 11/15/24 (Call 05/31/22)(a) | 3,935 | 3,812,523 | ||||||
8.25%, 04/15/25 (Call 05/31/22)(a) | 6,295 | 6,074,001 | ||||||
Intesa Sanpaolo SpA | ||||||||
4.20%, 06/01/32 (Call 06/01/31)(a)(b)(c) | 9,303 | 7,715,504 | ||||||
5.02%, 06/26/24(a)(b) | 25,328 | 24,713,147 | ||||||
5.71%, 01/15/26(a)(b) | 14,697 | 14,626,412 | ||||||
UniCredit SpA | ||||||||
5.46%, 06/30/35 (Call 06/30/30)(a)(b)(c) | 17,682 | 15,965,094 | ||||||
5.86%, 06/19/32 (Call 06/19/27)(a)(b)(c) | 11,877 | 11,287,498 | ||||||
7.30%, 04/02/34 (Call 04/02/29)(a)(c) | 14,934 | 15,095,435 | ||||||
|
| |||||||
207,562,030 | ||||||||
Building Materials — 0.9% | ||||||||
Builders FirstSource Inc. | ||||||||
4.25%, 02/01/32 (Call 08/01/26)(a)(b) | 15,730 | 13,429,488 | ||||||
5.00%, 03/01/30 (Call 03/01/25)(a)(b) | 6,310 | 5,840,725 | ||||||
6.75%, 06/01/27 (Call 06/01/22)(a) | 8,426 | 8,640,863 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)(b) | 11,828 | 10,556,490 | ||||||
Jeld-Wen Inc. | ||||||||
4.63%, 12/15/25 (Call 05/31/22)(a) | 4,201 | 3,959,705 | ||||||
4.88%, 12/15/27 (Call 12/15/22)(a)(b) | 5,251 | 4,762,499 | ||||||
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a) | 13,459 | 12,920,640 | ||||||
Standard Industries Inc./NJ | ||||||||
3.38%, 01/15/31 (Call 07/15/25)(a)(b) | 12,825 | 10,229,942 | ||||||
4.38%, 07/15/30 (Call 07/15/25)(a)(b) | 19,915 | 16,589,195 | ||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 12,527 | 11,420,240 | ||||||
5.00%, 02/15/27 (Call 05/31/22)(a)(b) | 8,938 | 8,424,065 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(b) | 8,923 | 8,371,906 | ||||||
|
| |||||||
115,145,758 | ||||||||
Chemicals — 1.5% | ||||||||
ASP Unifrax Holdings Inc. | ||||||||
5.25%, 09/30/28 (Call 09/30/24)(a)(b) | 8,740 | 7,675,818 | ||||||
7.50%, 09/30/29 (Call 09/30/24)(a)(b) | 5,803 | 4,768,325 | ||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b) | 8,009 | 6,908,812 | ||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b) | 5,943 | 5,645,850 | ||||||
Chemours Co. (The) | ||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) | 6,704 | 5,785,791 | ||||||
5.38%, 05/15/27 (Call 02/15/27)(b) | 6,934 | 6,696,728 | ||||||
5.75%, 11/15/28 (Call 11/15/23)(a)(b) | 10,030 | 9,409,411 | ||||||
Methanex Corp. | ||||||||
5.13%, 10/15/27 (Call 04/15/27)(b) | 9,030 | 8,671,208 | ||||||
5.25%, 12/15/29 (Call 09/15/29)(b) | 8,127 | 7,764,789 | ||||||
NOVA Chemicals Corp. | ||||||||
4.25%, 05/15/29 (Call 05/15/24)(a)(b) | 7,087 | 6,132,913 | ||||||
4.88%, 06/01/24 (Call 03/03/24)(a)(b) | 12,802 | 12,625,972 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a)(b) | 5,468 | 5,389,398 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a)(b) | 12,499 | 11,903,511 | ||||||
Olin Corp. | ||||||||
5.00%, 02/01/30 (Call 02/01/24)(b) | 4,602 | 4,345,700 | ||||||
5.13%, 09/15/27 (Call 05/31/22)(b) | 5,728 | 5,641,221 | ||||||
5.63%, 08/01/29 (Call 08/01/24)(b) | 8,489 | 8,361,665 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
Olympus Water U.S. Holding Corp. | ||||||||
4.25%, 10/01/28 (Call 10/01/24)(a)(b) | $ | 7,814 | $ | 6,881,399 | ||||
6.25%, 10/01/29 (Call 10/01/24)(a)(b) | 5,343 | 4,433,799 | ||||||
SCIH Salt Holdings Inc. | ||||||||
4.88%, 05/01/28 (Call 05/01/24)(a)(b) | 11,722 | 10,293,674 | ||||||
6.63%, 05/01/29 (Call 05/01/24)(a)(b) | 9,229 | 7,326,072 | ||||||
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)(b) | 12,897 | 11,510,573 | ||||||
Valvoline Inc. | ||||||||
3.63%, 06/15/31 (Call 06/15/26)(a) | 6,464 | 5,227,760 | ||||||
4.25%, 02/15/30 (Call 02/15/25)(a)(b) | 7,044 | 6,132,022 | ||||||
WR Grace Holdings LLC | ||||||||
4.88%, 06/15/27 (Call 06/15/23)(a)(b) | 7,505 | 7,056,201 | ||||||
5.63%, 08/15/29 (Call 08/15/24)(a)(b) | 14,609 | 12,481,930 | ||||||
|
| |||||||
189,070,542 | ||||||||
Commercial Services — 4.0% | ||||||||
ADT Security Corp. (The) | ||||||||
4.13%, 06/15/23 | 5,684 | 5,638,529 | ||||||
4.13%, 08/01/29 (Call 08/01/28)(a)(b) | 12,997 | 11,063,696 | ||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a) | 6,524 | 6,145,008 | ||||||
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)(a)(b) | 5,703 | 5,421,272 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | ||||||||
6.00%, 06/01/29 (Call 06/01/24)(a)(b) | 10,879 | 8,942,538 | ||||||
6.63%, 07/15/26 (Call 07/15/22)(a)(b) | 23,313 | 22,557,659 | ||||||
9.75%, 07/15/27 (Call 07/15/22)(a)(b) | 12,987 | 12,558,429 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a)(b) | 26,285 | 23,182,176 | ||||||
APX Group Inc. | ||||||||
5.75%, 07/15/29 (Call 07/15/24)(a)(b) | 9,930 | 8,111,817 | ||||||
6.75%, 02/15/27 (Call 02/15/23)(a)(b) | 6,888 | 6,809,219 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. | ||||||||
4.75%, 04/01/28 (Call 04/01/24)(a)(b) | 5,492 | 5,086,965 | ||||||
5.38%, 03/01/29 (Call 03/01/24)(a)(b) | 7,375 | 6,952,302 | ||||||
5.75%, 07/15/27 (Call 07/15/22)(a)(b) | 4,260 | 4,211,702 | ||||||
Block Inc. | ||||||||
2.75%, 06/01/26 (Call 05/01/26)(a)(b) | 12,070 | 10,999,705 | ||||||
3.50%, 06/01/31 (Call 03/01/31)(a)(b) | 12,083 | 10,119,512 | ||||||
Brink’s Co. (The) | ||||||||
4.63%, 10/15/27 (Call 10/15/22)(a)(b) | 8,360 | 7,921,100 | ||||||
5.50%, 07/15/25 (Call 07/15/22)(a) | 3,505 | 3,504,051 | ||||||
Garda World Security Corp. | ||||||||
4.63%, 02/15/27 (Call 02/15/23)(a)(b) | 6,523 | 5,921,253 | ||||||
6.00%, 06/01/29 (Call 06/01/24)(a)(b) | 6,503 | 5,430,005 | ||||||
9.50%, 11/01/27 (Call 11/01/22)(a)(b) | 6,152 | 6,023,577 | ||||||
Gartner Inc. | ||||||||
3.63%, 06/15/29 (Call 06/15/24)(a)(b) | 6,897 | 6,203,413 | ||||||
3.75%, 10/01/30 (Call 10/01/25)(a)(b) | 9,564 | 8,510,525 | ||||||
4.50%, 07/01/28 (Call 07/01/23)(a)(b) | 9,749 | 9,344,613 | ||||||
Grand Canyon University | ||||||||
4.13%, 10/01/24 | 6,385 | 6,196,643 | ||||||
5.13%, 10/01/28 (Call 08/01/28)(b) | 5,210 | 5,009,415 | ||||||
Herc Holdings Inc., 5.50%, 07/15/27 | ||||||||
(Call 07/15/22)(a)(b) | 13,564 | 13,288,651 | ||||||
Hertz Corp. (The) | ||||||||
4.63%, 12/01/26 (Call 12/01/23)(a) | 5,792 | 5,273,268 | ||||||
5.00%, 12/01/29 (Call 12/01/24)(a)(b) | 11,556 | 10,111,500 |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
MPH Acquisition Holdings LLC | ||||||||
5.50%, 09/01/28 (Call 09/01/24)(a)(b) | $ | 13,410 | $ | 12,409,279 | ||||
5.75%, 11/01/28 (Call 11/01/23)(a)(b) | 14,795 | 12,885,113 | ||||||
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 05/30/22)(a)(b) | 5,704 | 5,711,130 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||
4.50%, 07/15/29 (Call 07/15/24)(a)(b) | 8,134 | 7,687,037 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a)(b) | 7,629 | 7,205,591 | ||||||
5.63%, 10/01/28 (Call 10/01/23)(a)(b) | 11,387 | 11,034,345 | ||||||
5.88%, 10/01/30 (Call 10/01/25)(a)(b) | 8,998 | 8,626,832 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||
3.38%, 08/31/27 (Call 08/31/26)(a) | 11,848 | 10,100,420 | ||||||
5.25%, 04/15/24(a)(b) | 9,784 | 9,771,770 | ||||||
5.75%, 04/15/26(a)(b) | 16,170 | 15,491,830 | ||||||
6.25%, 01/15/28 (Call 01/15/23)(a)(b) | 15,945 | 14,250,844 | ||||||
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 05/31/22)(a) | 5,582 | 5,596,792 | ||||||
RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)(a) | 725 | 707,700 | ||||||
Sabre GLBL Inc. | ||||||||
7.38%, 09/01/25 (Call 09/01/22)(a)(b) | 10,090 | 10,200,284 | ||||||
9.25%, 04/15/25 (Call 03/16/25)(a)(b) | 9,519 | 10,170,219 | ||||||
Service Corp. International/U.S. | ||||||||
3.38%, 08/15/30 (Call 08/15/25) | 9,608 | 8,306,717 | ||||||
4.00%, 05/15/31 (Call 05/15/26)(b) | 9,300 | 8,338,225 | ||||||
4.63%, 12/15/27 (Call 12/15/22)(b) | 7,110 | 6,915,943 | ||||||
5.13%, 06/01/29 (Call 06/01/24)(b) | 9,151 | 8,981,066 | ||||||
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)(a)(b) | 8,573 | 8,446,120 | ||||||
United Rentals North America Inc. | ||||||||
3.75%, 01/15/32 (Call 07/15/26)(b) | 9,339 | 8,124,930 | ||||||
3.88%, 02/15/31 (Call 08/15/25)(b) | 13,293 | 11,664,607 | ||||||
4.00%, 07/15/30 (Call 07/15/25)(b) | 9,232 | 8,262,640 | ||||||
4.88%, 01/15/28 (Call 01/15/23)(b) | 18,356 | 17,824,502 | ||||||
5.25%, 01/15/30 (Call 01/15/25)(b) | 9,485 | 9,204,402 | ||||||
5.50%, 05/15/27 (Call 05/31/22)(b) | 12,430 | 12,685,981 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 05/31/22)(a) | 12,720 | 13,101,600 | ||||||
|
| |||||||
504,244,462 | ||||||||
Computers — 1.2% | ||||||||
Booz Allen Hamilton Inc. | ||||||||
3.88%, 09/01/28 (Call 09/01/23)(a)(b) | 7,970 | 7,332,400 | ||||||
4.00%, 07/01/29 (Call 07/01/24)(a)(b) | 6,895 | 6,343,400 | ||||||
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b) | 24,582 | 21,998,582 | ||||||
Diebold Nixdorf Inc. | ||||||||
8.50%, 04/15/24 (Call 05/31/22)(b) | 6,010 | 3,914,013 | ||||||
9.38%, 07/15/25 (Call 07/15/22)(a)(b) | 7,449 | 6,592,365 | ||||||
Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)(a)(b) | 9,721 | 3,594,243 | ||||||
NCR Corp. | ||||||||
5.00%, 10/01/28 (Call 10/01/23)(a)(b) | 8,017 | 7,656,235 | ||||||
5.13%, 04/15/29 (Call 04/15/24)(a)(b) | 14,975 | 14,263,688 | ||||||
5.25%, 10/01/30 (Call 10/01/25)(a)(b) | 5,505 | 5,202,225 | ||||||
5.75%, 09/01/27 (Call 09/01/22)(a)(b) | 5,483 | 5,408,980 | ||||||
6.13%, 09/01/29 (Call 09/01/24)(a)(b) | 5,783 | 5,619,630 | ||||||
Presidio Holdings Inc. | ||||||||
4.88%, 02/01/27 (Call 02/01/23)(a)(b) | 5,565 | 5,274,924 | ||||||
8.25%, 02/01/28 (Call 02/01/23)(a)(b) | 7,155 | 6,931,406 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Computers (continued) | ||||||||
Seagate HDD Cayman | ||||||||
3.13%, 07/15/29 (Call 01/15/24)(b) | $ | 6,235 | $ | 5,260,781 | ||||
3.38%, 07/15/31 (Call 01/15/26) | 7,313 | 5,929,810 | ||||||
4.09%, 06/01/29 (Call 03/01/29)(b) | 5,391 | 4,784,513 | ||||||
4.13%, 01/15/31 (Call 10/15/30)(b) | 6,873 | 5,974,163 | ||||||
4.75%, 06/01/23(b) | 2,178 | 2,187,831 | ||||||
4.75%, 01/01/25(b) | 4,052 | 4,037,255 | ||||||
4.88%, 03/01/24 (Call 01/01/24)(b) | 5,720 | 5,753,207 | ||||||
4.88%, 06/01/27 (Call 03/01/27)(b) | 5,975 | 5,817,036 | ||||||
Vericast Corp., 11.00%, 09/15/26 | 14,842 | 13,983,721 | ||||||
|
| |||||||
153,860,408 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Coty Inc. | ||||||||
5.00%, 04/15/26 (Call 04/15/23)(a)(b) | 10,732 | 10,208,815 | ||||||
6.50%, 04/15/26 (Call 05/31/22)(a)(b) | 6,442 | 6,264,845 | ||||||
Coty Inc/HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a) | 6,184 | 5,482,229 | ||||||
Edgewell Personal Care Co. | ||||||||
4.13%, 04/01/29 (Call 04/01/24)(a)(b) | 6,597 | 5,864,099 | ||||||
5.50%, 06/01/28 (Call 06/01/23)(a)(b) | 8,309 | 8,011,953 | ||||||
|
| |||||||
35,831,941 | ||||||||
Distribution & Wholesale — 0.4% | ||||||||
American Builders & Contractors Supply Co. Inc. | ||||||||
3.88%, 11/15/29 (Call 11/15/24)(a)(b) | 4,713 | 4,165,114 | ||||||
4.00%, 01/15/28 (Call 01/15/23)(a)(b) | 8,118 | 7,529,282 | ||||||
Avient Corp., 5.75%, 05/15/25 | 1,449 | 1,462,454 | ||||||
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)(b) | 15,271 | 13,295,314 | ||||||
Ritchie Bros Holdings Inc., 4.75%, 12/15/31 (Call 12/15/26)(a)(b) | 6,633 | 6,633,000 | ||||||
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26 (Call 11/15/22)(a)(b) | 13,712 | 8,501,440 | ||||||
Wolverine Escrow LLC | ||||||||
8.50%, 11/15/24 (Call 05/31/22)(a)(b) | 9,609 | 5,332,995 | ||||||
13.13%, 11/15/27 (Call 11/15/22)(a) | 7,555 | 2,804,794 | ||||||
|
| |||||||
49,724,393 | ||||||||
Diversified Financial Services — 3.4% | ||||||||
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(b)(c) | 9,378 | 8,815,320 | ||||||
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(b) | 11,095 | 11,401,777 | ||||||
Coinbase Global Inc. | ||||||||
3.38%, 10/01/28 (Call 10/01/24)(a)(b) | 11,959 | 9,359,911 | ||||||
3.63%, 10/01/31 (Call 10/01/26)(a) | 12,393 | 9,139,837 | ||||||
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)(b) | 12,010 | 9,984,453 | ||||||
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a)(b) | 9,150 | 9,110,381 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)(b) | 12,398 | 11,266,682 | ||||||
LD Holdings Group LLC | ||||||||
6.13%, 04/01/28 (Call 04/01/24)(a)(b) | 6,685 | 5,047,175 | ||||||
6.50%, 11/01/25 (Call 11/01/22)(a) | 6,452 | 5,335,610 | ||||||
LPL Holdings Inc. | ||||||||
4.00%, 03/15/29 (Call 03/15/24)(a)(b) | 10,883 | 9,903,530 | ||||||
4.38%, 05/15/31 (Call 05/15/26)(a)(b) | 5,283 | 4,814,134 | ||||||
4.63%, 11/15/27 (Call 11/15/22)(a)(b) | 4,436 | 4,201,169 |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
Midcap Financial Issuer Trust | ||||||||
5.63%, 01/15/30 (Call 01/15/25)(a)(b) | $ | 5,228 | $ | 4,187,171 | ||||
6.50%, 05/01/28 (Call 05/01/24)(a)(b) | 11,339 | 9,779,887 | ||||||
Nationstar Mortgage Holdings Inc. | ||||||||
5.13%, 12/15/30 (Call 12/15/25)(a)(b) | 7,624 | 6,613,820 | ||||||
5.50%, 08/15/28 (Call 08/15/23)(a)(b) | 10,161 | 9,291,690 | ||||||
5.75%, 11/15/31 (Call 11/15/26)(a)(b) | 7,235 | 6,421,063 | ||||||
6.00%, 01/15/27 (Call 01/15/23)(a) | 6,783 | 6,581,956 | ||||||
Navient Corp. | ||||||||
4.88%, 03/15/28 (Call 06/15/27)(b) | 7,018 | 6,167,243 | ||||||
5.00%, 03/15/27 (Call 09/15/26)(b) | 9,015 | 8,206,580 | ||||||
5.50%, 03/15/29 (Call 06/15/28)(b) | 8,764 | 7,723,275 | ||||||
5.88%, 10/25/24(b) | 4,529 | 4,512,016 | ||||||
6.13%, 03/25/24 | 9,280 | 9,314,800 | ||||||
6.75%, 06/25/25 | 4,999 | 5,010,278 | ||||||
6.75%, 06/15/26(b) | 6,387 | 6,267,244 | ||||||
7.25%, 09/25/23(b) | 586 | 602,082 | ||||||
NFP Corp. | ||||||||
4.88%, 08/15/28 (Call 08/15/23)(a)(b) | 7,386 | 6,717,567 | ||||||
6.88%, 08/15/28 (Call 08/15/23)(a)(b) | 24,552 | 21,794,810 | ||||||
OneMain Finance Corp. | ||||||||
3.50%, 01/15/27 (Call 01/15/24)(b) | 8,669 | 7,628,720 | ||||||
3.88%, 09/15/28 (Call 09/15/24)(b) | 7,713 | 6,538,696 | ||||||
4.00%, 09/15/30 (Call 09/15/25)(b) | 10,142 | 8,291,085 | ||||||
5.38%, 11/15/29 (Call 05/15/29)(b) | 9,262 | 8,248,911 | ||||||
5.63%, 03/15/23 | 1,219 | 1,231,190 | ||||||
6.13%, 03/15/24 (Call 09/15/23)(b) | 14,266 | 14,316,502 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) | 9,837 | 9,684,920 | ||||||
6.88%, 03/15/25(b) | 13,726 | 13,833,749 | ||||||
7.13%, 03/15/26 | 20,156 | 20,484,543 | ||||||
8.88%, 06/01/25 (Call 06/01/22) | 6,580 | 6,899,459 | ||||||
PennyMac Financial Services Inc. | ||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) | 8,113 | 6,530,965 | ||||||
5.38%, 10/15/25 (Call 10/15/22)(a)(b) | 8,719 | 8,301,508 | ||||||
5.75%, 09/15/31 (Call 09/15/26)(a) | 5,526 | 4,558,255 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. | ||||||||
2.88%, 10/15/26 (Call 10/15/23)(a)(b) | 13,829 | 12,235,162 | ||||||
3.63%, 03/01/29 (Call 03/01/24)(a)(b) | 9,444 | 8,050,336 | ||||||
3.88%, 03/01/31 (Call 03/01/26)(a)(b) | 15,428 | 12,941,546 | ||||||
4.00%, 10/15/33 (Call 10/15/27)(a)(b) | 10,705 | 8,590,763 | ||||||
SLM Corp. | ||||||||
3.13%, 11/02/26 (Call 10/02/26)(b) | 6,025 | 5,501,578 | ||||||
4.20%, 10/29/25 (Call 09/29/25)(b) | 5,859 | 5,704,440 | ||||||
United Wholesale Mortgage LLC | ||||||||
5.50%, 11/15/25 (Call 11/15/22)(a)(b) | 9,676 | 8,889,825 | ||||||
5.50%, 04/15/29 (Call 04/15/24)(a)(b) | 8,123 | 6,776,220 | ||||||
5.75%, 06/15/27 (Call 06/15/24)(a)(b) | 5,906 | 5,088,019 | ||||||
VistaJet Malta Finance PLC/XO Management Holding Inc. | ||||||||
6.38%, 02/01/30 (Call 02/01/25)(a)(b) | 11,691 | 10,215,011 | ||||||
7.88%, 05/01/27(a) | 6,750 | 6,331,500 | ||||||
|
| |||||||
424,444,364 | ||||||||
Electric — 2.5% | ||||||||
Calpine Corp. | ||||||||
3.75%, 03/01/31 (Call 03/01/26)(a)(b) | 10,623 | 8,956,429 | ||||||
4.50%, 02/15/28 (Call 02/15/23)(a)(b) | 14,262 | 13,223,726 | ||||||
4.63%, 02/01/29 (Call 02/01/24)(a)(b) | 8,260 | 7,199,416 | ||||||
5.00%, 02/01/31 (Call 02/01/26)(a)(b) | 10,115 | 8,626,072 | ||||||
5.13%, 03/15/28 (Call 03/15/23)(a)(b) | 17,765 | 16,114,809 | ||||||
5.25%, 06/01/26 (Call 05/31/22)(a)(b) | 3,777 | 3,750,561 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Clearway Energy Operating LLC | ||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) | $ | 10,020 | $ | 8,600,917 | ||||
4.75%, 03/15/28 (Call 03/15/23)(a)(b) | 12,482 | 11,859,001 | ||||||
DPL Inc. | ||||||||
4.13%, 07/01/25 (Call 04/01/25)(b) | 5,203 | 5,044,829 | ||||||
4.35%, 04/15/29 (Call 01/15/29)(b) | 5,243 | 4,830,114 | ||||||
Electricite de France SA | ||||||||
5.25%, (Call 01/29/23)(a)(c)(d) | 440 | 432,353 | ||||||
5.63%, (Call 01/22/24)(a)(b)(c)(d) | 17,790 | 17,418,589 | ||||||
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(b)(c) | 14,532 | 14,783,040 | ||||||
FirstEnergy Corp. | ||||||||
2.65%, 03/01/30 (Call 12/01/29) | 6,237 | 5,283,008 | ||||||
Series B, 2.25%, 09/01/30 (Call 06/01/30) | 5,023 | 4,182,847 | ||||||
Series B, 4.15%, 07/15/27 (Call 04/15/27)(b) | 20,021 | 19,445,396 | ||||||
NextEra Energy Operating Partners LP | ||||||||
3.88%, 10/15/26 (Call 07/15/26)(a)(b) | 5,650 | 5,311,000 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a)(b) | 7,313 | 7,250,474 | ||||||
4.25%, 09/15/24 (Call 07/15/24)(a) | 878 | 866,699 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) | 7,665 | 7,260,518 | ||||||
NRG Energy Inc. | ||||||||
3.38%, 02/15/29 (Call 02/15/24)(a)(b) | 6,625 | 5,631,728 | ||||||
3.63%, 02/15/31 (Call 02/15/26)(a)(b) | 12,683 | 10,561,918 | ||||||
3.88%, 02/15/32 (Call 02/15/27)(a)(b) | 12,768 | 10,629,360 | ||||||
5.25%, 06/15/29 (Call 06/15/24)(a)(b) | 8,916 | 8,371,010 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(b) | 9,994 | 9,747,734 | ||||||
PG&E Corp. | ||||||||
5.00%, 07/01/28 (Call 07/01/23)(b) | 11,897 | 10,941,373 | ||||||
5.25%, 07/01/30 (Call 07/01/25)(b) | 12,331 | 11,221,210 | ||||||
Talen Energy Supply LLC | ||||||||
6.50%, 06/01/25 (Call 05/31/22)(b) | 5,490 | 2,012,983 | ||||||
6.63%, 01/15/28 (Call 01/15/23)(a)(b) | 5,681 | 5,375,646 | ||||||
7.25%, 05/15/27 (Call 05/31/22)(a)(b) | 7,785 | 7,454,138 | ||||||
7.63%, 06/01/28 (Call 06/01/23)(a)(b) | 5,566 | 5,336,403 | ||||||
10.50%, 01/15/26 (Call 05/31/22)(a)(b) | 5,984 | 2,198,821 | ||||||
Vistra Operations Co. LLC | ||||||||
4.38%, 05/01/29 (Call 05/01/24)(a) | 15,951 | 14,435,655 | ||||||
5.00%, 07/31/27 (Call 07/31/22)(a)(b) | 15,956 | 15,250,695 | ||||||
5.50%, 09/01/26 (Call 05/10/22)(a)(b) | 11,976 | 11,938,575 | ||||||
5.63%, 02/15/27 (Call 05/10/22)(a)(b) | 14,681 | 14,440,232 | ||||||
|
| |||||||
315,987,279 | ||||||||
Electrical Components & Equipment — 0.4% | ||||||||
Energizer Holdings Inc. | ||||||||
4.38%, 03/31/29 (Call 09/30/23)(a)(b) | 8,781 | 7,300,874 | ||||||
4.75%, 06/15/28 (Call 06/15/23)(a)(b) | 7,579 | 6,604,151 | ||||||
WESCO Distribution Inc. | ||||||||
7.13%, 06/15/25 (Call 06/15/22)(a)(b) | 18,301 | 19,010,164 | ||||||
7.25%, 06/15/28 (Call 06/15/23)(a)(b) | 13,648 | 14,129,152 | ||||||
|
| |||||||
47,044,341 | ||||||||
Electronics — 0.5% | ||||||||
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(b) | 24,449 | 22,818,435 | ||||||
Sensata Technologies BV | ||||||||
4.00%, 04/15/29 (Call 04/15/24)(a)(b) | 11,158 | 9,947,915 | ||||||
4.88%, 10/15/23(a)(b) | 6,978 | 6,987,769 | ||||||
5.00%, 10/01/25(a)(b) | 8,597 | 8,531,813 | ||||||
5.63%, 11/01/24(a)(b) | 5,688 | 5,764,788 |
Security | Par (000) | Value | ||||||
Electronics (continued) | ||||||||
Sensata Technologies Inc. | ||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) | $ | 10,254 | $ | 8,677,448 | ||||
4.38%, 02/15/30 (Call 11/15/29)(a)(b) | 4,507 | 4,087,004 | ||||||
|
| |||||||
66,815,172 | ||||||||
Energy - Alternate Sources — 0.1% | ||||||||
TerraForm Power Operating LLC | ||||||||
4.75%, 01/15/30 (Call 01/15/25)(a)(b) | 8,288 | 7,483,045 | ||||||
5.00%, 01/31/28 (Call 07/31/27)(a) | 8,960 | 8,325,907 | ||||||
|
| |||||||
15,808,952 | ||||||||
Engineering & Construction — 0.1% | ||||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 05/31/22)(a)(b) | 12,057 | 10,881,442 | ||||||
|
| |||||||
Entertainment — 3.0% | ||||||||
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a) | 11,280 | 10,315,560 | ||||||
Caesars Entertainment Inc. | ||||||||
4.63%, 10/15/29 (Call 10/15/24)(a)(b) | 13,669 | 11,797,030 | ||||||
6.25%, 07/01/25 (Call 07/01/22)(a) | 41,939 | 42,422,137 | ||||||
8.13%, 07/01/27 (Call 07/01/23)(a)(b) | 21,601 | 22,539,970 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a)(b) | 9,794 | 10,002,123 | ||||||
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a) | 15,730 | 15,152,761 | ||||||
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b) | 6,056 | 5,722,578 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | ||||||||
5.38%, 04/15/27 (Call 05/31/22)(b) | 5,932 | 5,768,870 | ||||||
5.50%, 05/01/25 (Call 05/31/22)(a)(b) | 11,268 | 11,297,579 | ||||||
Churchill Downs Inc. | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a) | 8,903 | 8,303,357 | ||||||
5.50%, 04/01/27 (Call 05/31/22)(a) | 6,107 | 5,992,193 | ||||||
Cinemark USA Inc. | ||||||||
5.25%, 07/15/28 (Call 07/15/24)(a)(b) | 8,376 | 7,425,324 | ||||||
5.88%, 03/15/26 (Call 03/15/23)(a)(b) | 5,659 | 5,261,738 | ||||||
International Game Technology PLC | ||||||||
4.13%, 04/15/26 (Call 04/15/23)(a) | 7,724 | 7,265,117 | ||||||
5.25%, 01/15/29 (Call 01/15/24)(a)(b) | 9,447 | 8,939,224 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a)(b) | 8,285 | 8,411,098 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a) | 12,109 | 12,268,436 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a)(b) | 12,023 | 10,648,771 | ||||||
Live Nation Entertainment Inc. | ||||||||
3.75%, 01/15/28 (Call 01/15/24)(a)(b) | 8,114 | 7,363,455 | ||||||
4.75%, 10/15/27 (Call 10/15/22)(a)(b) | 10,137 | 9,447,684 | ||||||
4.88%, 11/01/24 (Call 05/31/22)(a)(b) | 7,936 | 7,807,516 | ||||||
6.50%, 05/15/27 (Call 05/15/23)(a) | 13,260 | 13,657,800 | ||||||
Mohegan Gaming & Entertainment | ||||||||
7.88%, 10/15/24 (Call 05/16/22)(a)(b) | 2,058 | 2,103,533 | ||||||
8.00%, 02/01/26 (Call 02/01/23)(a)(b) | 14,428 | 12,664,898 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
5.63%, 09/01/29 (Call 09/01/24)(a)(b) | 8,987 | 7,072,769 | ||||||
5.88%, 09/01/31 (Call 09/01/26)(a)(b) | 9,497 | 7,341,301 | ||||||
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a) | 11,647 | 10,212,596 | ||||||
Scientific Games International Inc. | ||||||||
7.00%, 05/15/28 (Call 05/15/23)(a)(b) | 11,662 | 11,958,652 | ||||||
7.25%, 11/15/29 (Call 11/15/24)(a)(b) | 8,348 | 8,754,965 | ||||||
8.63%, 07/01/25 (Call 07/01/22)(a) | 9,385 | 9,848,337 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Entertainment (continued) | ||||||||
Six Flags Entertainment Corp. | ||||||||
4.88%, 07/31/24 (Call 05/31/22)(a)(b) | $ | 10,392 | $ | 10,351,679 | ||||
5.50%, 04/15/27 (Call 05/31/22)(a)(b) | 6,519 | 6,372,323 | ||||||
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)(b) | 5,950 | 6,167,711 | ||||||
WMG Acquisition Corp. | ||||||||
3.00%, 02/15/31 (Call 02/15/26)(a)(b) | 9,401 | 7,826,333 | ||||||
3.75%, 12/01/29 (Call 12/01/24)(a)(b) | 6,007 | 5,383,774 | ||||||
3.88%, 07/15/30 (Call 07/15/25)(a)(b) | 7,093 | 6,357,101 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | ||||||||
5.13%, 10/01/29 (Call 07/01/29)(a)(b) | 8,970 | 7,826,325 | ||||||
7.75%, 04/15/25 (Call 05/31/22)(a)(b) | 6,303 | 6,490,829 | ||||||
|
| |||||||
374,543,447 | ||||||||
Environmental Control — 0.7% | ||||||||
Covanta Holding Corp, 4.88%, 12/01/29 (Call 12/01/24)(a)(b) | 9,061 | 8,178,685 | ||||||
Covanta Holding Corp., 5.00%, 09/01/30 (Call 09/01/25)(b) | 4,831 | 4,370,713 | ||||||
GFL Environmental Inc. | ||||||||
3.50%, 09/01/28 (Call 03/01/28)(a)(b) | 8,468 | 7,567,570 | ||||||
3.75%, 08/01/25 (Call 08/01/22)(a) | 10,860 | 10,312,520 | ||||||
4.00%, 08/01/28 (Call 08/01/23)(a)(b) | 9,413 | 8,279,742 | ||||||
4.25%, 06/01/25 (Call 06/01/22)(a)(b) | 5,719 | 5,539,023 | ||||||
4.38%, 08/15/29 (Call 08/15/24)(a)(b) | 6,616 | 5,836,470 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) | 8,466 | 7,682,895 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) | 3,532 | 3,475,947 | ||||||
Madison IAQ LLC | ||||||||
4.13%, 06/30/28 (Call 06/30/24)(a)(b) | 8,349 | 7,326,247 | ||||||
5.88%, 06/30/29 (Call 06/30/24)(a)(b) | 12,633 | 10,295,895 | ||||||
Stericycle Inc. | ||||||||
3.88%, 01/15/29 (Call 11/15/23)(a)(b) | 5,824 | 5,125,411 | ||||||
5.38%, 07/15/24 (Call 05/16/22)(a) | 5,914 | 5,893,656 | ||||||
|
| |||||||
89,884,774 | ||||||||
Food — 2.0% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC | ||||||||
3.25%, 03/15/26 (Call 09/15/22)(a)(b) | 10,258 | 9,340,763 | ||||||
3.50%, 02/15/23 (Call 12/15/22)(a)(b) | 617 | 616,229 | ||||||
3.50%, 03/15/29 (Call 09/15/23)(a)(b) | 17,491 | 14,728,821 | ||||||
4.63%, 01/15/27 (Call 01/15/23)(a)(b) | 15,847 | 14,840,399 | ||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) | 10,979 | 9,949,719 | ||||||
5.88%, 02/15/28 (Call 08/15/22)(a)(b) | 9,402 | 9,112,889 | ||||||
7.50%, 03/15/26 (Call 05/31/22)(a)(b) | 5,294 | 5,566,942 | ||||||
B&G Foods Inc. | ||||||||
5.25%, 04/01/25 (Call 05/31/22)(b) | 10,491 | 9,948,091 | ||||||
5.25%, 09/15/27 (Call 05/31/22)(b) | 6,764 | 6,175,747 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.75%, 04/01/30 (Call 01/01/30) | 233 | 221,513 | ||||||
3.88%, 05/15/27 (Call 02/15/27)(b) | 654 | 640,183 | ||||||
4.25%, 03/01/31 (Call 12/01/30) | 93 | 90,252 | ||||||
Lamb Weston Holdings Inc. | ||||||||
4.13%, 01/31/30 (Call 01/31/25)(a)(b) | 11,537 | 10,295,388 | ||||||
4.38%, 01/31/32 (Call 01/31/27)(a)(b) | 8,112 | 7,250,879 | ||||||
4.88%, 05/15/28 (Call 11/15/27)(a)(b) | 5,593 | 5,403,770 | ||||||
Performance Food Group Inc. | ||||||||
4.25%, 08/01/29 (Call 08/01/24)(a)(b) | 12,074 | 10,707,532 | ||||||
5.50%, 10/15/27 (Call 10/15/22)(a)(b) | 12,628 | 12,225,735 |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
Pilgrim’s Pride Corp. | ||||||||
3.50%, 03/01/32 (Call 09/01/26)(a)(b) | $ | 11,708 | $ | 9,934,155 | ||||
4.25%, 04/15/31 (Call 04/15/26)(a)(b) | 12,055 | 10,921,830 | ||||||
5.88%, 09/30/27 (Call 09/30/22)(a)(b) | 8,637 | 8,690,981 | ||||||
Post Holdings Inc. | ||||||||
4.50%, 09/15/31 (Call 09/15/26)(a)(b) | 21,450 | 17,806,003 | ||||||
4.63%, 04/15/30 (Call 04/15/25)(a)(b) | 19,564 | 16,727,220 | ||||||
5.50%, 12/15/29 (Call 12/15/24)(a) | 15,471 | 14,097,949 | ||||||
5.63%, 01/15/28 (Call 12/01/22)(a)(b) | 11,168 | 10,601,894 | ||||||
5.75%, 03/01/27 (Call 05/16/22)(a)(b) | 7,306 | 7,181,798 | ||||||
U.S. Foods Inc. | ||||||||
4.63%, 06/01/30 (Call 06/01/25)(a) | 5,907 | 5,291,807 | ||||||
4.75%, 02/15/29 (Call 02/15/24)(a)(b) | 10,442 | 9,632,223 | ||||||
6.25%, 04/15/25 (Call 05/31/22)(a)(b) | 13,414 | 13,799,653 | ||||||
|
| |||||||
251,800,365 | ||||||||
Food Service — 0.4% | ||||||||
Aramark Services Inc. | ||||||||
5.00%, 04/01/25 (Call 05/31/22)(a)(b) | 7,677 | 7,600,959 | ||||||
5.00%, 02/01/28 (Call 02/01/23)(a)(b) | 13,578 | 12,663,114 | ||||||
6.38%, 05/01/25 (Call 05/31/22)(a)(b) | 18,046 | 18,354,948 | ||||||
TKC Holdings Inc. | ||||||||
6.88%, 05/15/28 (Call 05/15/24)(a) | 4,860 | 4,639,478 | ||||||
10.50%, 05/15/29 (Call 05/15/24)(a)(b) | 7,917 | 7,634,462 | ||||||
|
| |||||||
50,892,961 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b) | 10,649 | 9,863,636 | ||||||
|
| |||||||
Gas — 0.2% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
5.50%, 05/20/25 (Call 02/20/25)(b) | 7,487 | 7,381,835 | ||||||
5.63%, 05/20/24 (Call 03/20/24) | 7,098 | 7,091,612 | ||||||
5.75%, 05/20/27 (Call 02/20/27)(b) | 6,347 | 6,177,218 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) | 8,799 | 8,667,015 | ||||||
|
| |||||||
29,317,680 | ||||||||
Health Care - Products — 1.0% | ||||||||
Avantor Funding Inc. | ||||||||
3.88%, 11/01/29 (Call 11/01/24)(a)(b) | 10,452 | 9,393,735 | ||||||
4.63%, 07/15/28 (Call 07/15/23)(a)(b) | 18,723 | 17,833,657 | ||||||
Hologic Inc. | ||||||||
3.25%, 02/15/29 (Call 09/28/23)(a)(b) | 12,520 | 11,107,819 | ||||||
4.63%, 02/01/28 (Call 02/01/23)(a)(b) | 2,517 | 2,466,660 | ||||||
Mozart Debt Merger Sub Inc. | ||||||||
3.88%, 04/01/29 (Call 10/01/24)(a)(b) | 56,500 | 49,310,375 | ||||||
5.25%, 10/01/29 (Call 10/01/24)(a)(b) | 29,697 | 25,702,964 | ||||||
Teleflex Inc. | ||||||||
4.25%, 06/01/28 (Call 06/01/23)(a)(b) | 6,535 | 6,127,107 | ||||||
4.63%, 11/15/27 (Call 11/15/22)(b) | 4,541 | 4,428,043 | ||||||
|
| |||||||
126,370,360 | ||||||||
Health Care - Services — 6.6% | ||||||||
Catalent Pharma Solutions Inc. | ||||||||
3.13%, 02/15/29 (Call 02/15/24)(a)(b) | 6,959 | 6,006,270 | ||||||
3.50%, 04/01/30 (Call 04/01/25)(a) | 7,881 | 6,836,768 | ||||||
5.00%, 07/15/27 (Call 07/15/22)(a)(b) | 5,308 | 5,147,765 | ||||||
Centene Corp. | ||||||||
2.45%, 07/15/28 (Call 05/15/28)(b) | 27,966 | 24,400,335 | ||||||
2.50%, 03/01/31 (Call 12/01/30)(b) | 25,770 | 21,350,875 | ||||||
2.63%, 08/01/31 (Call 05/01/31)(b) | 15,180 | 12,631,820 | ||||||
3.00%, 10/15/30 (Call 07/15/30) | 26,900 | 23,268,691 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
3.38%, 02/15/30 (Call 02/15/25)(b) | $ | 25,547 | $ | 22,693,612 | ||||
4.25%, 12/15/27 (Call 12/15/22)(b) | 29,463 | 28,370,415 | ||||||
4.63%, 12/15/29 (Call 12/15/24)(b) | 42,603 | 41,245,029 | ||||||
Charles River Laboratories International Inc. | ||||||||
3.75%, 03/15/29 (Call 03/15/24)(a)(b) | 5,048 | 4,559,396 | ||||||
4.00%, 03/15/31 (Call 03/15/26)(a)(b) | 7,074 | 6,291,117 | ||||||
4.25%, 05/01/28 (Call 05/01/23)(a)(b) | 6,409 | 6,104,573 | ||||||
CHS/Community Health Systems Inc. | ||||||||
4.75%, 02/15/31 (Call 02/15/26)(a)(b) | 11,624 | 9,784,017 | ||||||
5.25%, 05/15/30 (Call 05/15/25)(a)(b) | 19,883 | 17,447,333 | ||||||
5.63%, 03/15/27 (Call 12/15/23)(a)(b) | 24,424 | 23,312,158 | ||||||
6.00%, 01/15/29 (Call 01/15/24)(a)(b) | 9,465 | 8,944,425 | ||||||
6.13%, 04/01/30 (Call 04/01/25)(a)(b) | 17,960 | 14,691,280 | ||||||
6.88%, 04/01/28 (Call 04/01/23)(a)(b) | 9,068 | 7,073,040 | ||||||
6.88%, 04/15/29 (Call 04/15/24)(a)(b) | 22,510 | 19,752,525 | ||||||
8.00%, 03/15/26 (Call 05/31/22)(a)(b) | 22,825 | 23,623,875 | ||||||
8.00%, 12/15/27 (Call 12/15/22)(a)(b) | 6,241 | 6,475,038 | ||||||
DaVita Inc. | ||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) | 18,350 | 14,891,025 | ||||||
4.63%, 06/01/30 (Call 06/01/25)(a)(b) | 33,288 | 28,887,742 | ||||||
Encompass Health Corp. | ||||||||
4.50%, 02/01/28 (Call 02/01/23)(b) | 11,096 | 10,209,676 | ||||||
4.63%, 04/01/31 (Call 04/01/26) | 5,325 | 4,690,473 | ||||||
4.75%, 02/01/30 (Call 02/01/25)(b) | 10,694 | 9,629,947 | ||||||
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 05/31/22)(a)(b) | 9,785 | 4,088,075 | ||||||
HCA Inc. | ||||||||
3.50%, 09/01/30 (Call 03/01/30) | 32,340 | 28,902,258 | ||||||
5.38%, 02/01/25 | 31,012 | 31,903,595 | ||||||
5.38%, 09/01/26 (Call 03/01/26)(b) | 11,978 | 12,265,622 | ||||||
5.63%, 09/01/28 (Call 03/01/28)(b) | 17,002 | 17,575,817 | ||||||
5.88%, 05/01/23(b) | 12,754 | 13,142,359 | ||||||
5.88%, 02/15/26 (Call 08/15/25)(b) | 17,904 | 18,485,880 | ||||||
5.88%, 02/01/29 (Call 08/01/28)(b) | 10,768 | 11,205,025 | ||||||
IQVIA Inc. | ||||||||
5.00%, 10/15/26 (Call 05/31/22)(a)(b) | 11,375 | 11,299,593 | ||||||
5.00%, 05/15/27 (Call 05/31/22)(a)(b) | 11,799 | 11,703,428 | ||||||
Legacy LifePoint Health LLC | ||||||||
4.38%, 02/15/27 (Call 05/31/22)(a)(b) | 7,148 | 6,595,519 | ||||||
6.75%, 04/15/25 (Call 05/31/22)(a)(b) | 4,845 | 4,921,672 | ||||||
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b) | 7,281 | 6,283,503 | ||||||
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b) | 6,305 | 5,510,885 | ||||||
ModivCare Inc., 5.88%, 11/15/25 | 6,839 | 6,702,220 | ||||||
Molina Healthcare Inc. | ||||||||
3.88%, 11/15/30 (Call 08/17/30)(a)(b) | 6,934 | 6,257,935 | ||||||
3.88%, 05/15/32 (Call 02/15/32)(a)(b) | 10,011 | 8,806,977 | ||||||
4.38%, 06/15/28 (Call 06/15/23)(a)(b) | 8,920 | 8,340,111 | ||||||
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(a)(b) | 8,774 | 8,345,171 | ||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 05/31/22)(a)(b) | 14,103 | 14,491,820 | ||||||
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)(b) | 10,063 | 9,414,655 | ||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b) | 14,362 | 14,254,285 | ||||||
Tenet Healthcare Corp. | ||||||||
4.25%, 06/01/29 (Call 06/01/24)(a) | 15,905 | 14,334,381 | ||||||
4.38%, 01/15/30 (Call 12/01/24)(a)(b) | 17,754 | 16,109,536 |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
4.63%, 07/15/24 (Call 05/31/22)(b) | $ | 9,018 | $ | 8,993,561 | ||||
4.63%, 09/01/24 (Call 05/16/22)(a) | 8,277 | 8,245,961 | ||||||
4.63%, 06/15/28 (Call 06/15/23)(a)(b) | 8,476 | 7,950,488 | ||||||
4.88%, 01/01/26 (Call 05/31/22)(a) | 24,000 | 23,385,600 | ||||||
5.13%, 11/01/27 (Call 11/01/22)(a)(b) | 18,211 | 17,710,197 | ||||||
6.13%, 10/01/28 (Call 10/01/23)(a)(b) | 31,280 | 29,962,330 | ||||||
6.25%, 02/01/27 (Call 05/31/22)(a)(b) | 16,593 | 16,444,182 | ||||||
6.75%, 06/15/23 | 19,734 | 20,309,838 | ||||||
|
| |||||||
832,261,699 | ||||||||
Holding Companies - Diversified — 0.6% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(b) | 12,377 | 11,072,241 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.38%, 02/01/29 (Call 08/01/28)(b) | 9,470 | 8,156,985 | ||||||
4.75%, 09/15/24 (Call 06/15/24) | 10,944 | 10,670,400 | ||||||
5.25%, 05/15/27 (Call 11/15/26)(b) | 18,953 | 17,722,003 | ||||||
6.25%, 05/15/26 (Call 05/31/22)(b) | 13,436 | 13,301,640 | ||||||
6.38%, 12/15/25 (Call 05/31/22) | 8,027 | 7,993,903 | ||||||
|
| |||||||
68,917,172 | ||||||||
Home Builders — 0.6% | ||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)(b) | 4,922 | 4,017,829 | ||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC | ||||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) | 6,006 | 5,015,010 | ||||||
6.25%, 09/15/27 (Call 09/15/22)(a) | 7,948 | 7,450,654 | ||||||
Century Communities Inc. | ||||||||
3.88%, 08/15/29 (Call 02/15/29)(a) | 6,911 | 5,826,042 | ||||||
6.75%, 06/01/27 (Call 06/01/22)(b) | 4,099 | 4,138,381 | ||||||
Mattamy Group Corp. | ||||||||
4.63%, 03/01/30 (Call 03/01/25)(a)(b) | 7,900 | 6,693,769 | ||||||
5.25%, 12/15/27 (Call 12/15/22)(a)(b) | 5,563 | 5,191,670 | ||||||
Meritage Homes Corp. | ||||||||
3.88%, 04/15/29 (Call 10/15/28)(a)(b) | 5,225 | 4,663,313 | ||||||
6.00%, 06/01/25 (Call 03/01/25) | 5,372 | 5,472,725 | ||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)(b) | 5,731 | 5,833,537 | ||||||
Taylor Morrison Communities Inc. | ||||||||
5.13%, 08/01/30 (Call 02/01/30)(a)(b) | 6,069 | 5,519,755 | ||||||
5.75%, 01/15/28 (Call 10/15/27)(a)(b) | 5,521 | 5,404,292 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a)(b) | 5,945 | 5,892,981 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) | 4,096 | 4,156,042 | ||||||
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)(b) | 5,845 | 5,533,228 | ||||||
|
| |||||||
80,809,228 | ||||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International Inc. | ||||||||
3.88%, 10/15/31 (Call 10/15/26)(a)(b) | 10,136 | 8,412,880 | ||||||
4.00%, 04/15/29 (Call 04/15/24)(a)(b) | 9,813 | 8,520,755 | ||||||
|
| |||||||
16,933,635 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Central Garden & Pet Co. | ||||||||
4.13%, 10/15/30 (Call 10/15/25) | 6,082 | 5,253,753 | ||||||
4.13%, 04/30/31 (Call 04/30/26)(a)(b) | 5,140 | 4,417,830 | ||||||
Kronos Acquisition Holdings Inc./KIK Custom Products Inc. | ||||||||
5.00%, 12/31/26 (Call 06/30/23)(a)(b) | 5,202 | 4,610,706 | ||||||
7.00%, 12/31/27 (Call 12/31/23)(a)(b) | 6,384 | 5,065,932 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Household Products & Wares (continued) | ||||||||
Spectrum Brands Inc. | ||||||||
3.88%, 03/15/31 (Call 03/15/26)(a)(b) | $ | 6,035 | $ | 5,001,808 | ||||
5.75%, 07/15/25 (Call 05/31/22)(b) | 4,264 | 4,299,652 | ||||||
|
| |||||||
28,649,681 | ||||||||
Housewares — 0.4% | ||||||||
Newell Brands Inc. | ||||||||
4.10%, 04/01/23 (Call 02/01/23)(b) | 8,600 | 8,587,100 | ||||||
4.45%, 04/01/26 (Call 01/01/26) | 24,177 | 23,959,407 | ||||||
4.88%, 06/01/25 (Call 05/01/25)(b) | 3,712 | 3,756,565 | ||||||
Scotts Miracle-Gro Co. (The) | ||||||||
4.00%, 04/01/31 (Call 04/01/26)(b) | 6,421 | 5,281,272 | ||||||
4.38%, 02/01/32 (Call 08/01/26) | 5,453 | 4,566,069 | ||||||
4.50%, 10/15/29 (Call 10/15/24)(b) | 3,884 | 3,413,648 | ||||||
|
| |||||||
49,564,061 | ||||||||
Insurance — 1.1% | ||||||||
Acrisure LLC/Acrisure Finance Inc. | ||||||||
4.25%, 02/15/29 (Call 02/15/24)(a)(b) | 7,649 | 6,673,752 | ||||||
6.00%, 08/01/29 (Call 08/01/24)(a)(b) | 7,051 | 6,160,811 | ||||||
7.00%, 11/15/25 (Call 05/31/22)(a)(b) | 9,002 | 8,756,245 | ||||||
10.13%, 08/01/26 (Call 08/01/22)(a)(b) | 4,686 | 4,879,688 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
4.25%, 10/15/27 (Call 10/15/23)(a)(b) | 8,987 | 8,273,496 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(a)(b) | 6,043 | 5,588,827 | ||||||
6.75%, 10/15/27 (Call 10/15/22)(a)(b) | 15,620 | 14,739,991 | ||||||
AssuredPartners Inc. | ||||||||
5.63%, 01/15/29 (Call 12/15/23)(a)(b) | 6,806 | 5,985,605 | ||||||
7.00%, 08/15/25 (Call 05/31/22)(a)(b) | 5,901 | 5,819,330 | ||||||
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)(c) | 6,200 | 5,754,386 | ||||||
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(a)(b)(c) | 9,363 | 8,465,750 | ||||||
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/31/22)(a)(b) | 5,603 | 5,533,635 | ||||||
HUB International Ltd. | ||||||||
5.63%, 12/01/29 (Call 12/01/24)(a)(b) | 6,579 | 6,030,627 | ||||||
7.00%, 05/01/26 (Call 05/10/22)(a) | 21,044 | 20,830,824 | ||||||
Liberty Mutual Group Inc. | ||||||||
4.13%, 12/15/51 (Call 09/15/26)(a)(b)(c) | 4,816 | 4,353,905 | ||||||
4.30%, 02/01/61 (Call 02/01/26)(a)(b) | 10,010 | 7,532,425 | ||||||
Radian Group Inc. | ||||||||
4.50%, 10/01/24 (Call 07/01/24)(b) | 4,575 | 4,453,191 | ||||||
4.88%, 03/15/27 (Call 09/15/26)(b) | 5,827 | 5,575,954 | ||||||
6.63%, 03/15/25 (Call 09/15/24)(b) | 5,249 | 5,340,285 | ||||||
|
| |||||||
140,748,727 | ||||||||
Internet — 1.4% | ||||||||
Arches Buyer Inc. | ||||||||
4.25%, 06/01/28 (Call 12/01/23)(a)(b) | 10,329 | 9,184,994 | ||||||
6.13%, 12/01/28 (Call 12/01/23)(a)(b) | 6,624 | 5,725,344 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. | ||||||||
3.50%, 03/01/29 (Call 03/01/24)(a)(b) | 9,050 | 8,043,187 | ||||||
5.25%, 12/01/27 (Call 06/01/22)(a)(b) | 6,895 | 6,805,120 | ||||||
Match Group Holdings II LLC | ||||||||
3.63%, 10/01/31 (Call 10/01/26)(a)(b) | 6,040 | 5,028,300 | ||||||
4.13%, 08/01/30 (Call 05/01/25)(a)(b) | 5,612 | 4,994,213 | ||||||
4.63%, 06/01/28 (Call 06/01/23)(a)(b) | 6,900 | 6,443,220 | ||||||
5.00%, 12/15/27 (Call 12/15/22)(a)(b) | 5,150 | 4,998,504 | ||||||
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/10/22)(a)(b) | 12,381 | 12,369,213 |
Security | Par (000) | Value | ||||||
Internet (continued) | ||||||||
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b) | $ | 9,111 | $ | 8,502,385 | ||||
Rakuten Group Inc. | ||||||||
5.13%, (Call 04/22/26)(a)(b)(c)(d) | 6,957 | 6,397,024 | ||||||
6.25%, (Call 04/22/31)(a)(b)(c)(d) | 12,459 | 11,771,961 | ||||||
Twitter Inc. | ||||||||
3.88%, 12/15/27 (Call 09/15/27)(a)(b) | 9,302 | 9,121,774 | ||||||
5.00%, 03/01/30 (Call 12/01/29)(a) | 11,013 | 11,260,792 | ||||||
Uber Technologies Inc. | ||||||||
4.50%, 08/15/29 (Call 08/15/24)(a)(b) | 17,147 | 14,768,025 | ||||||
6.25%, 01/15/28 (Call 09/15/23)(a)(b) | 6,325 | 6,261,750 | ||||||
7.50%, 05/15/25 (Call 05/31/22)(a) | 10,874 | 11,227,514 | ||||||
7.50%, 09/15/27 (Call 09/15/22)(a)(b) | 14,472 | 14,891,254 | ||||||
8.00%, 11/01/26 (Call 05/31/22)(a)(b) | 17,740 | 18,582,650 | ||||||
|
| |||||||
176,377,224 | ||||||||
Iron & Steel — 0.4% | ||||||||
Cleveland-Cliffs Inc. | ||||||||
4.63%, 03/01/29 (Call 03/01/24)(a)(b) | 6,503 | 6,069,602 | ||||||
4.88%, 03/01/31 (Call 03/01/26)(a)(b) | 5,880 | 5,461,890 | ||||||
5.88%, 06/01/27 (Call 06/01/22)(b) | 6,279 | 6,264,401 | ||||||
6.75%, 03/15/26 (Call 05/31/22)(a)(b) | 9,589 | 10,044,478 | ||||||
Mineral Resources Ltd. | ||||||||
8.00%, 11/01/27(a) | 3,055 | 3,046,981 | ||||||
8.50%, 05/01/30(a) | 4,405 | 4,360,950 | ||||||
United States Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(b) | 9,627 | 9,793,836 | ||||||
|
| |||||||
45,042,138 | ||||||||
Leisure Time — 0.7% | ||||||||
Life Time Inc. | ||||||||
5.75%, 01/15/26 (Call 01/15/23)(a)(b) | 10,011 | 9,686,250 | ||||||
8.00%, 04/15/26 (Call 02/01/23)(a)(b) | 5,787 | 5,642,904 | ||||||
NCL Corp. Ltd. | ||||||||
3.63%, 12/15/24 (Call 05/10/22)(a)(b) | 6,197 | 5,763,210 | ||||||
5.88%, 03/15/26 (Call 12/15/25)(a)(b) | 18,490 | 17,081,986 | ||||||
5.88%, 02/15/27 (Call 02/15/24)(a) | 11,400 | 10,868,988 | ||||||
7.75%, 02/15/29 (Call 11/15/28)(a) | 7,665 | 7,453,683 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 | 6,303 | 5,643,286 | ||||||
Viking Cruises Ltd. | ||||||||
5.88%, 09/15/27 (Call 09/15/22)(a)(b) | 10,124 | 8,583,886 | ||||||
7.00%, 02/15/29 (Call 02/15/24)(a)(b) | 5,774 | 5,109,413 | ||||||
13.00%, 05/15/25 (Call 05/16/22)(a) | 8,300 | 9,083,520 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/28 | 8,029 | 7,246,975 | ||||||
|
| |||||||
92,164,101 | ||||||||
Lodging — 2.7% | ||||||||
Boyd Gaming Corp. | ||||||||
4.75%, 12/01/27 (Call 12/01/22)(b) | 12,542 | 11,789,480 | ||||||
4.75%, 06/15/31 (Call 06/15/26)(a)(b) | 10,024 | 9,071,720 | ||||||
8.63%, 06/01/25 (Call 06/01/22)(a) | 516 | 538,575 | ||||||
Hilton Domestic Operating Co. Inc. | ||||||||
3.63%, 02/15/32 (Call 08/15/26)(a) | 18,213 | 15,435,517 | ||||||
3.75%, 05/01/29 (Call 05/01/24)(a)(b) | 9,704 | 8,806,380 | ||||||
4.00%, 05/01/31 (Call 05/01/26)(a)(b) | 12,729 | 11,296,987 | ||||||
4.88%, 01/15/30 (Call 01/15/25)(b) | 12,048 | 11,641,380 | ||||||
5.38%, 05/01/25 (Call 05/10/22)(a)(b) | 6,071 | 6,170,328 | ||||||
5.75%, 05/01/28 (Call 05/01/23)(a)(b) | 6,213 | 6,306,195 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | ||||||||
4.88%, 07/01/31 (Call 07/01/26)(a)(b) | 6,063 | 5,296,091 | ||||||
5.00%, 06/01/29 (Call 06/01/24)(a)(b) | 9,865 | 8,833,491 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Lodging (continued) | ||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 05/16/22) | $ | 6,733 | $ | 6,698,250 | ||||
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)(a)(b) | 5,794 | 5,129,100 | ||||||
Melco Resorts Finance Ltd. | ||||||||
4.88%, 06/06/25 (Call 05/30/22)(a)(b) | 10,682 | 9,543,192 | ||||||
5.25%, 04/26/26 (Call 05/30/22)(a)(b) | 5,052 | 4,419,111 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(a)(b) | 15,005 | 12,056,183 | ||||||
5.63%, 07/17/27 (Call 07/17/22)(a)(b) | 6,793 | 5,785,154 | ||||||
5.75%, 07/21/28 (Call 07/21/23)(a)(b) | 10,117 | 8,436,111 | ||||||
MGM China Holdings Ltd. | ||||||||
4.75%, 02/01/27 (Call 02/01/24)(a)(b) | 7,601 | 6,384,840 | ||||||
5.25%, 06/18/25 (Call 06/18/22)(a)(b) | 6,055 | 5,447,800 | ||||||
5.38%, 05/15/24 (Call 05/10/22)(a)(b) | 8,403 | 7,853,749 | ||||||
5.88%, 05/15/26 (Call 05/15/22)(a)(b) | 8,252 | 7,303,745 | ||||||
MGM Resorts International | ||||||||
4.63%, 09/01/26 (Call 06/01/26) | 5,609 | 5,287,548 | ||||||
4.75%, 10/15/28 (Call 07/15/28)(b) | 8,491 | 7,779,879 | ||||||
5.50%, 04/15/27 (Call 01/15/27)(b) | 8,042 | 7,778,315 | ||||||
5.75%, 06/15/25 (Call 03/15/25)(b) | 6,062 | 5,989,408 | ||||||
6.00%, 03/15/23 | 4,255 | 4,305,571 | ||||||
6.75%, 05/01/25 (Call 05/31/22)(b) | 8,229 | 8,436,823 | ||||||
Station Casinos LLC | ||||||||
4.50%, 02/15/28 (Call 02/15/23)(a)(b) | 8,167 | 7,355,956 | ||||||
4.63%, 12/01/31 (Call 06/01/31)(a)(b) | 5,529 | 4,631,090 | ||||||
Studio City Finance Ltd. | ||||||||
5.00%, 01/15/29 (Call 01/15/24)(a) | 13,019 | 8,892,791 | ||||||
6.00%, 07/15/25 (Call 07/15/22)(a)(b) | 5,478 | 4,656,171 | ||||||
6.50%, 01/15/28 (Call 07/15/23)(a)(b) | 5,428 | 4,218,031 | ||||||
Travel + Leisure Co. | ||||||||
4.50%, 12/01/29 (Call 09/01/29)(a)(b) | 8,344 | 7,447,020 | ||||||
6.00%, 04/01/27 (Call 01/01/27) | 3,891 | 3,897,566 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a)(b) | 8,028 | 8,228,700 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||
4.25%, 05/30/23 (Call 02/28/23)(a) | 1,923 | 1,888,986 | ||||||
5.25%, 05/15/27 (Call 02/15/27)(a)(b) | 10,904 | 10,045,310 | ||||||
5.50%, 03/01/25 (Call 12/01/24)(a) | 21,906 | 21,168,644 | ||||||
Wynn Macau Ltd. | ||||||||
4.88%, 10/01/24 (Call 05/10/22)(a)(b) | 6,102 | 5,453,728 | ||||||
5.13%, 12/15/29 (Call 12/15/24)(a)(b) | 12,460 | 9,831,874 | ||||||
5.50%, 01/15/26 (Call 06/15/22)(a)(b) | 11,572 | 10,002,939 | ||||||
5.50%, 10/01/27 (Call 10/01/22)(a)(b) | 8,797 | 7,127,036 | ||||||
5.63%, 08/26/28 (Call 08/26/23)(a)(b) | 15,861 | 12,705,021 | ||||||
|
| |||||||
341,371,786 | ||||||||
Machinery — 0.2% | ||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/22)(a)(b) | 7,960 | 7,743,753 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)(a) | 4,655 | 4,443,198 | ||||||
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)(b) | 18,638 | 17,415,347 | ||||||
|
| |||||||
29,602,298 | ||||||||
Manufacturing — 0.2% | ||||||||
FXI Holdings Inc. | ||||||||
7.88%, 11/01/24 (Call 05/31/22)(a)(b) | 5,580 | 5,487,540 | ||||||
12.25%, 11/15/26 (Call 11/15/22)(a)(b) | 8,135 | 8,626,354 | ||||||
Hillenbrand Inc., 5.75%, 06/15/25 | 4,470 | 4,526,112 | ||||||
|
| |||||||
18,640,006 |
Security | Par (000) | Value | ||||||
Media — 9.6% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 01/15/23)(a)(b) | $ | 13,958 | $ | 11,651,161 | ||||
5.75%, 08/15/29 (Call 08/15/24)(a) | 24,322 | 20,450,910 | ||||||
AMC Networks Inc. | ||||||||
4.25%, 02/15/29 (Call 02/15/24) | 13,275 | 11,575,004 | ||||||
4.75%, 08/01/25 (Call 05/31/22)(b) | 7,923 | 7,650,647 | ||||||
5.00%, 04/01/24 (Call 05/31/22)(b) | 4,229 | 4,186,710 | ||||||
Audacy Capital Corp. | ||||||||
6.50%, 05/01/27 (Call 05/16/22)(a)(b) | 5,820 | 5,005,200 | ||||||
6.75%, 03/31/29 (Call 03/31/24)(a)(b) | 6,527 | 5,653,035 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.25%, 02/01/31 (Call 07/01/25)(a)(b) | 37,772 | 31,906,008 | ||||||
4.25%, 01/15/34 (Call 01/15/28)(a)(b) | 23,960 | 19,008,865 | ||||||
4.50%, 08/15/30 (Call 02/15/25)(a) | 32,524 | 28,377,190 | ||||||
4.50%, 05/01/32 (Call 05/01/26)(b) | 35,310 | 29,770,744 | ||||||
4.50%, 06/01/33 (Call 06/01/27)(a)(b) | 20,879 | 17,133,829 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a)(b) | 36,360 | 32,442,937 | ||||||
4.75%, 02/01/32 (Call 02/01/27)(a)(b) | 15,135 | 13,002,721 | ||||||
5.00%, 02/01/28 (Call 08/01/22)(a)(b) | 29,770 | 28,355,925 | ||||||
5.13%, 05/01/27 (Call 05/31/22)(a)(b) | 39,705 | 38,654,009 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a)(b) | 18,619 | 17,611,537 | ||||||
5.50%, 05/01/26 (Call 05/31/22)(a)(b) | 9,739 | 9,763,348 | ||||||
CSC Holdings LLC | ||||||||
3.38%, 02/15/31 (Call 02/15/26)(a)(b) | 11,872 | 9,260,160 | ||||||
4.13%, 12/01/30 (Call 12/01/25)(a)(b) | 13,088 | 10,813,960 | ||||||
4.50%, 11/15/31 (Call 11/15/26)(a)(b) | 18,889 | 15,559,814 | ||||||
4.63%, 12/01/30 (Call 12/01/25)(a)(b) | 27,411 | 20,969,415 | ||||||
5.00%, 11/15/31 (Call 11/15/26)(a)(b) | 5,377 | 4,137,638 | ||||||
5.25%, 06/01/24(b) | 7,434 | 7,276,028 | ||||||
5.38%, 02/01/28 (Call 02/01/23)(a)(b) | 12,225 | 11,247,000 | ||||||
5.50%, 04/15/27 (Call 05/31/22)(a)(b) | 16,143 | 15,584,936 | ||||||
5.75%, 01/15/30 (Call 01/15/25)(a)(b) | 26,882 | 22,063,401 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a)(b) | 21,373 | 20,307,342 | ||||||
7.50%, 04/01/28 (Call 04/01/23)(a)(b) | 11,877 | 10,956,533 | ||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. | ||||||||
5.38%, 08/15/26 (Call 08/15/22)(a)(b) | 41,025 | 14,981,510 | ||||||
6.63%, 08/15/27 (Call 08/15/22)(a)(b) | 20,264 | 4,284,620 | ||||||
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a) | 45,508 | 42,891,290 | ||||||
DISH DBS Corp. | ||||||||
5.00%, 03/15/23(b) | 744 | 736,441 | ||||||
5.25%, 12/01/26 (Call 06/01/26)(a) | 33,170 | 30,372,110 | ||||||
5.75%, 12/01/28 (Call 12/01/27)(a) | 30,654 | 27,496,025 | ||||||
5.88%, 11/15/24(b) | 22,656 | 21,933,575 | ||||||
7.38%, 07/01/28 (Call 07/01/23)(b) | 12,623 | 11,116,373 | ||||||
7.75%, 07/01/26(b) | 24,197 | 22,790,670 | ||||||
5.13%, 06/01/29(b) | 17,839 | 13,816,306 | ||||||
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(b) | 15,985 | 13,779,869 | ||||||
Gray Television Inc. | ||||||||
4.75%, 10/15/30 (Call 10/15/25)(a)(b) | 9,980 | 8,682,600 | ||||||
5.88%, 07/15/26 (Call 05/31/22)(a)(b) | 7,175 | 7,209,081 | ||||||
7.00%, 05/15/27 (Call 05/15/22)(a)(b) | 7,442 | 7,670,565 | ||||||
iHeartCommunications Inc. | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 6,622 | 5,985,736 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) | 9,192 | 8,625,926 | ||||||
6.38%, 05/01/26 (Call 05/16/22)(b) | 8,714 | 8,739,788 | ||||||
8.38%, 05/01/27 (Call 05/16/22)(b) | 16,782 | 16,614,606 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
LCPR Senior Secured Financing DAC | ||||||||
5.13%, 07/15/29 (Call 07/15/24)(a) | $ | 9,524 | $ | 8,643,220 | ||||
6.75%, 10/15/27 (Call 10/15/22)(a) | 14,098 | 14,035,828 | ||||||
McGraw-Hill Education Inc. | ||||||||
5.75%, 08/01/28 (Call 08/01/24)(a)(b) | 11,029 | 9,843,383 | ||||||
8.00%, 08/01/29 (Call 08/01/24)(a) | 8,982 | 8,038,890 | ||||||
News Corp. | ||||||||
3.88%, 05/15/29 (Call 05/15/24)(a)(b) | 11,665 | 10,498,500 | ||||||
5.13%, 02/15/32 (Call 02/15/27)(a) | 6,603 | 6,352,911 | ||||||
Nexstar Media Inc. | ||||||||
4.75%, 11/01/28 (Call 11/01/23)(a)(b) | 12,684 | 11,513,901 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a) | 21,791 | 21,197,631 | ||||||
Paramount Global | ||||||||
6.25%, 02/28/57 (Call 02/28/27)(b)(c) | 6,546 | 6,301,671 | ||||||
6.38%, 03/30/62 (Call 03/30/27)(c) | 12,495 | 12,120,150 | ||||||
Radiate Holdco LLC/Radiate Finance Inc. | ||||||||
4.50%, 09/15/26 (Call 09/15/23)(a)(b) | 11,457 | 10,540,440 | ||||||
6.50%, 09/15/28 (Call 09/15/23)(a)(b) | 12,032 | 10,536,422 | ||||||
Scripps Escrow II Inc. | ||||||||
3.88%, 01/15/29 (Call 01/15/24)(a)(b) | 6,141 | 5,454,927 | ||||||
5.38%, 01/15/31 (Call 01/15/26)(a)(b) | 6,374 | 5,656,925 | ||||||
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)(a)(b) | 6,237 | 5,956,335 | ||||||
Sinclair Television Group Inc. | ||||||||
4.13%, 12/01/30 (Call 12/01/25)(a)(b) | 9,372 | 7,758,891 | ||||||
5.13%, 02/15/27 (Call 05/16/22)(a) | 4,783 | 4,179,146 | ||||||
5.50%, 03/01/30 (Call 12/01/24)(a) | 5,846 | 4,781,085 | ||||||
Sirius XM Radio Inc. | ||||||||
3.13%, 09/01/26 (Call 09/01/23)(a)(b) | 10,756 | 9,866,094 | ||||||
3.88%, 09/01/31 (Call 09/01/26)(a)(b) | 18,424 | 15,568,280 | ||||||
4.00%, 07/15/28 (Call 07/15/24)(a) | 24,663 | 22,283,020 | ||||||
4.13%, 07/01/30 (Call 07/01/25)(a)(b) | 18,205 | 15,964,269 | ||||||
5.00%, 08/01/27 (Call 08/01/22)(a)(b) | 16,179 | 15,560,153 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a)(b) | 15,582 | 14,997,675 | ||||||
TEGNA Inc. | ||||||||
4.63%, 03/15/28 (Call 03/15/23)(b) | 12,106 | 11,665,327 | ||||||
4.75%, 03/15/26 (Call 03/15/23)(a)(b) | 6,793 | 6,736,097 | ||||||
5.00%, 09/15/29 (Call 09/15/24)(b) | 13,006 | 12,564,879 | ||||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a) | 12,200 | 11,580,850 | ||||||
Univision Communications Inc. | ||||||||
4.50%, 05/01/29 (Call 05/01/24)(a)(b) | 13,240 | 11,882,900 | ||||||
5.13%, 02/15/25 (Call 05/10/22)(a)(b) | 15,875 | 15,647,591 | ||||||
6.63%, 06/01/27 (Call 06/01/23)(a)(b) | 18,171 | 18,204,811 | ||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a) | 14,724 | 12,938,715 | ||||||
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a)(b) | 7,289 | 6,890,838 | ||||||
Videotron Ltd. | ||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) | 5,887 | 5,142,942 | ||||||
5.13%, 04/15/27 (Call 05/30/22)(a)(b) | 7,541 | 7,390,180 | ||||||
5.38%, 06/15/24 (Call 03/15/24)(a)(b) | 8,261 | 8,370,229 | ||||||
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b) | 11,355 | 9,920,800 | ||||||
Virgin Media Secured Finance PLC | ||||||||
4.50%, 08/15/30 (Call 08/15/25)(a)(b) | 11,360 | 9,815,040 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a)(b) | 16,508 | 15,402,978 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a) | 5,925 | 5,382,626 | ||||||
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a) | 18,356 | 15,839,576 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
Ziggo Bond Co. BV | ||||||||
5.13%, 02/28/30 (Call 02/15/25)(a)(b) | $ | 6,683 | $ | 5,797,503 | ||||
6.00%, 01/15/27 (Call 05/30/22)(a)(b) | 4,715 | 4,609,227 | ||||||
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)(b) | 11,457 | 10,153,766 | ||||||
|
| |||||||
1,211,689,720 | ||||||||
Mining — 1.2% | ||||||||
Alcoa Nederland Holding BV | ||||||||
4.13%, 03/31/29 (Call 03/31/24)(a)(b) | 6,168 | 5,772,323 | ||||||
5.50%, 12/15/27 (Call 06/15/23)(a)(b) | 10,729 | 10,675,355 | ||||||
6.13%, 05/15/28 (Call 05/15/23)(a)(b) | 5,066 | 5,125,652 | ||||||
Arconic Corp. | ||||||||
6.00%, 05/15/25 (Call 05/31/22)(a)(b) | 7,452 | 7,496,041 | ||||||
6.13%, 02/15/28 (Call 02/15/23)(a)(b) | 11,835 | 11,465,156 | ||||||
Constellium SE, 3.75%, 04/15/29 | 7,098 | 6,139,770 | ||||||
FMG Resources August 2006 Pty Ltd. | ||||||||
4.38%, 04/01/31 (Call 01/01/31)(a)(b) | 18,593 | 16,477,488 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) | 7,387 | 7,042,950 | ||||||
5.13%, 05/15/24 (Call 02/15/24)(a)(b) | 8,772 | 8,874,430 | ||||||
5.88%, 04/15/30 (Call 01/15/30)(a)(b) | 9,165 | 9,096,263 | ||||||
6.13%, 04/15/32 (Call 01/15/32)(a) | 10,475 | 10,390,991 | ||||||
Kaiser Aluminum Corp. | ||||||||
4.50%, 06/01/31 (Call 06/01/26)(a)(b) | 6,797 | 5,860,783 | ||||||
4.63%, 03/01/28 (Call 03/01/23)(a)(b) | 6,129 | 5,583,519 | ||||||
Novelis Corp. | ||||||||
3.25%, 11/15/26 (Call 11/15/23)(a) | 10,654 | 9,718,344 | ||||||
3.88%, 08/15/31 (Call 08/15/26)(a)(b) | 9,030 | 7,703,493 | ||||||
4.75%, 01/30/30 (Call 01/30/25)(a)(b) | 18,990 | 17,394,048 | ||||||
|
| |||||||
144,816,606 | ||||||||
Office & Business Equipment — 0.2% | ||||||||
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)(a)(b) | 5,147 | 4,757,115 | ||||||
Xerox Holdings Corp. | ||||||||
5.00%, 08/15/25 (Call 07/15/25)(a)(b) | 9,796 | 9,404,160 | ||||||
5.50%, 08/15/28 (Call 07/15/28)(a)(b) | 8,869 | 7,982,100 | ||||||
|
| |||||||
22,143,375 | ||||||||
Oil & Gas — 6.3% | ||||||||
Antero Resources Corp. | ||||||||
5.38%, 03/01/30 (Call 03/01/25)(a)(b) | 6,092 | 5,947,315 | ||||||
7.63%, 02/01/29 (Call 02/01/24)(a)(b) | 7,778 | 8,226,431 | ||||||
Apache Corp. | ||||||||
4.25%, 01/15/30 (Call 10/15/29)(b) | 6,033 | 5,607,070 | ||||||
4.38%, 10/15/28 (Call 07/15/28) | 1,300 | 1,217,017 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||
5.88%, 06/30/29 (Call 09/01/24)(a)(b) | 4,161 | 4,013,916 | ||||||
7.00%, 11/01/26 (Call 05/31/22)(a)(b) | 7,042 | 7,097,773 | ||||||
Callon Petroleum Co. | ||||||||
6.13%, 10/01/24 (Call 05/31/22) | 5,267 | 5,201,163 | ||||||
8.00%, 08/01/28 (Call 08/01/24)(a)(b) | 8,450 | 8,699,275 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 05/31/22)(a) | 6,804 | 6,867,958 | ||||||
Chesapeake Energy Corp. | ||||||||
5.50%, 02/01/26 (Call 02/05/23)(a)(b) | 6,184 | 6,127,262 | ||||||
5.88%, 02/01/29 (Call 02/05/24)(a)(b) | 5,739 | 5,667,263 | ||||||
6.75%, 04/15/29 (Call 04/15/24)(a)(b) | 10,802 | 10,869,512 | ||||||
Citgo Holding Inc., 9.25%, 08/01/24 (Call 05/31/22)(a)(b) | 15,912 | 15,812,550 | ||||||
CITGO Petroleum Corp. | ||||||||
6.38%, 06/15/26 (Call 06/15/23)(a)(b) | 7,506 | 7,449,705 | ||||||
7.00%, 06/15/25 (Call 06/15/22)(a)(b) | 13,086 | 12,997,512 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
CNX Resources Corp. | ||||||||
6.00%, 01/15/29 (Call 01/15/24)(a)(b) | $ | 6,699 | $ | 6,615,262 | ||||
7.25%, 03/14/27 (Call 05/31/22)(a) | 7,611 | 7,780,193 | ||||||
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a)(b) | 8,228 | 8,140,372 | ||||||
Comstock Resources Inc. | ||||||||
5.88%, 01/15/30 (Call 01/15/25)(a)(b) | 11,345 | 10,905,381 | ||||||
6.75%, 03/01/29 (Call 03/01/24)(a)(b) | 15,211 | 15,381,059 | ||||||
CrownRock LP/CrownRock Finance Inc. | ||||||||
5.00%, 05/01/29 (Call 05/01/24)(a)(b) | 4,946 | 4,843,843 | ||||||
5.63%, 10/15/25 (Call 05/31/22)(a)(b) | 12,699 | 12,699,000 | ||||||
CVR Energy Inc. | ||||||||
5.25%, 02/15/25 (Call 05/16/22)(a)(b) | 8,743 | 8,425,192 | ||||||
5.75%, 02/15/28 (Call 02/15/23)(a)(b) | 4,404 | 4,117,740 | ||||||
Endeavor Energy Resources LP/EER Finance Inc. | ||||||||
5.75%, 01/30/28 (Call 01/30/23)(a)(b) | 11,986 | 12,028,311 | ||||||
6.63%, 07/15/25 (Call 07/15/22)(a)(b) | 6,218 | 6,388,995 | ||||||
Energean Israel Finance Ltd. | ||||||||
4.50%, 03/30/24 (Call 12/30/23)(a)(e) | 8,831 | 8,583,732 | ||||||
4.88%, 03/30/26 (Call 12/30/25)(a)(e) | 6,393 | 5,940,695 | ||||||
5.38%, 03/30/28 (Call 09/30/27)(a)(e) | 6,735 | 6,170,944 | ||||||
5.88%, 03/30/31 (Call 09/30/30)(a)(e) | 7,511 | 6,749,760 | ||||||
EQT Corp. | ||||||||
3.13%, 05/15/26 (Call 05/15/23)(a) | 119 | 112,329 | ||||||
3.90%, 10/01/27 (Call 07/01/27)(b) | 3,718 | 3,560,691 | ||||||
6.63%, 02/01/25 (Call 01/01/25) | 3,407 | 3,546,108 | ||||||
7.50%, 02/01/30 (Call 11/01/29)(b) | 824 | 912,654 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
5.75%, 02/01/29 (Call 02/01/24)(a)(b) | 6,026 | 5,889,474 | ||||||
6.00%, 04/15/30(a) | 6,555 | 6,468,966 | ||||||
6.00%, 02/01/31 (Call 02/01/26)(a)(b) | 7,357 | 7,110,393 | ||||||
6.25%, 11/01/28 (Call 11/01/23)(a)(b) | 6,458 | 6,402,461 | ||||||
6.25%, 04/15/32(a) | 6,530 | 6,374,913 | ||||||
Laredo Petroleum Inc. | ||||||||
7.75%, 07/31/29 (Call 07/31/24)(a)(b) | 4,849 | 4,744,595 | ||||||
9.50%, 01/15/25 (Call 05/31/22)(b) | 7,377 | 7,579,867 | ||||||
Leviathan Bond Ltd. | ||||||||
5.75%, 06/30/23 (Call 03/30/23)(a)(e) | 5,539 | 5,515,219 | ||||||
6.13%, 06/30/25 (Call 03/30/25)(a)(e) | 7,940 | 7,873,568 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(a)(e) | 5,983 | 5,911,204 | ||||||
6.75%, 06/30/30 (Call 12/30/29)(a)(e) | 6,016 | 5,903,501 | ||||||
Matador Resources Co., 5.88%, 09/15/26 (Call 05/16/22)(b) | 11,735 | 11,478,708 | ||||||
MEG Energy Corp. | ||||||||
5.88%, 02/01/29 (Call 02/01/24)(a)(b) | 8,173 | 7,999,324 | ||||||
7.13%, 02/01/27 (Call 02/01/23)(a)(b) | 13,384 | 13,591,452 | ||||||
Moss Creek Resources Holdings Inc. | ||||||||
7.50%, 01/15/26 (Call 05/31/22)(a)(b) | 8,375 | 7,679,875 | ||||||
10.50%, 05/15/27 (Call 05/31/22)(a) | 5,721 | 5,591,801 | ||||||
Murphy Oil Corp. | ||||||||
5.75%,��08/15/25 (Call 05/31/22)(b) | 6,058 | 6,066,243 | ||||||
5.88%, 12/01/27 (Call 12/01/22)(b) | 7,213 | 7,120,661 | ||||||
6.38%, 07/15/28 (Call 07/15/24) | 5,259 | 5,352,032 | ||||||
6.88%, 08/15/24 (Call 05/31/22)(b) | 790 | 790,427 | ||||||
Nabors Industries Inc. | ||||||||
5.75%, 02/01/25 (Call 11/01/24)(b) | 7,363 | 7,037,924 | ||||||
7.38%, 05/15/27 (Call 05/15/24)(a) | 9,332 | 9,522,186 | ||||||
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)(a)(b) | 6,040 | 5,889,000 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Occidental Petroleum Corp. | ||||||||
3.00%, 02/15/27 (Call 11/15/26)(b) | $ | 8,131 | $ | 7,580,242 | ||||
3.20%, 08/15/26 (Call 06/15/26) | 8,922 | 8,405,538 | ||||||
3.40%, 04/15/26 (Call 01/15/26) | 10,252 | 9,765,030 | ||||||
3.50%, 08/15/29 (Call 05/15/29)(b) | 11,306 | 10,556,977 | ||||||
5.50%, 12/01/25 (Call 09/01/25) | 9,943 | 10,112,031 | ||||||
5.55%, 03/15/26 (Call 12/15/25) | 13,649 | 13,990,225 | ||||||
5.88%, 09/01/25 (Call 06/01/25)(b) | 10,920 | 11,228,708 | ||||||
6.13%, 01/01/31 (Call 07/01/30)(b) | 14,839 | 15,618,047 | ||||||
6.38%, 09/01/28 (Call 03/01/28) | 7,027 | 7,385,377 | ||||||
6.63%, 09/01/30 (Call 03/01/30)(b) | 17,720 | 19,204,050 | ||||||
6.95%, 07/01/24 | 7,720 | 8,096,672 | ||||||
7.50%, 05/01/31 | 10,140 | 11,583,936 | ||||||
7.88%, 09/15/31 | 6,062 | 7,080,937 | ||||||
8.00%, 07/15/25 (Call 04/15/25) | 6,445 | 6,969,462 | ||||||
8.50%, 07/15/27 (Call 01/15/27) | 7,731 | 8,734,956 | ||||||
8.88%, 07/15/30 (Call 01/15/30) | 10,609 | 12,730,800 | ||||||
Parkland Corp. | ||||||||
4.50%, 10/01/29 (Call 10/01/24)(a)(b) | 10,306 | 9,030,632 | ||||||
4.63%, 05/01/30 (Call 05/01/25)(a)(b) | 10,305 | 8,982,000 | ||||||
5.88%, 07/15/27 (Call 07/15/22)(a) | 5,539 | 5,350,476 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
6.00%, 02/15/28 (Call 02/15/23) | 9,688 | 8,525,440 | ||||||
7.25%, 06/15/25 (Call 05/31/22) | 8,121 | 7,820,929 | ||||||
9.25%, 05/15/25 (Call 05/31/22)(a) | 16,361 | 16,961,285 | ||||||
Puma International Financing SA | ||||||||
5.00%, 01/24/26 (Call 05/10/22)(a) | 9,030 | 8,435,926 | ||||||
5.13%, 10/06/24 (Call 05/10/22)(a) | 7,421 | 7,096,238 | ||||||
Range Resources Corp. | ||||||||
4.75%, 02/15/30 (Call 02/15/25)(a)(b) | 4,885 | 4,654,281 | ||||||
4.88%, 05/15/25 (Call 02/15/25)(b) | 8,668 | 8,590,776 | ||||||
5.00%, 08/15/22 (Call 05/15/22) | 3,123 | 3,127,947 | ||||||
5.00%, 03/15/23 (Call 12/15/22) | 412 | 413,030 | ||||||
8.25%, 01/15/29 (Call 01/15/24) | 6,705 | 7,150,212 | ||||||
SM Energy Co. | ||||||||
6.50%, 07/15/28 (Call 07/15/24)(b) | 5,243 | 5,168,462 | ||||||
6.63%, 01/15/27 (Call 05/31/22)(b) | 3,955 | 3,935,225 | ||||||
6.75%, 09/15/26 (Call 05/31/22) | 4,398 | 4,375,834 | ||||||
10.00%, 01/15/25 (Call 06/17/22)(a) | 5,614 | 6,080,243 | ||||||
Southwestern Energy Co. | ||||||||
4.75%, 02/01/32 (Call 02/01/27)(b) | 12,997 | 12,282,425 | ||||||
5.38%, 02/01/29 (Call 02/01/24)(b) | 8,538 | 8,387,162 | ||||||
5.38%, 03/15/30 (Call 03/15/25)(b) | 14,780 | 14,613,725 | ||||||
5.95%, 01/23/25 (Call 10/23/24)(b) | 1,799 | 1,823,736 | ||||||
7.75%, 10/01/27 (Call 10/01/22)(b) | 4,075 | 4,249,206 | ||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||
4.50%, 05/15/29 (Call 05/15/24)(b) | 10,884 | 9,776,009 | ||||||
4.50%, 04/30/30 (Call 04/30/25)(a)(b) | 9,437 | 8,481,504 | ||||||
5.88%, 03/15/28 (Call 03/15/23)(b) | 4,229 | 4,187,635 | ||||||
6.00%, 04/15/27 (Call 05/31/22)(b) | 6,121 | 6,151,605 | ||||||
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 05/30/22)(a) | 3,355 | 3,204,598 | ||||||
Transocean Inc. | ||||||||
7.25%, 11/01/25 (Call 05/10/22)(a) | 5,476 | 4,531,390 | ||||||
7.50%, 01/15/26 (Call 05/10/22)(a)(b) | 7,708 | 6,272,385 | ||||||
8.00%, 02/01/27 (Call 02/01/23)(a) | 7,071 | 5,545,785 | ||||||
11.50%, 01/30/27 (Call 07/30/23)(a)(b) | 7,788 | 7,749,060 | ||||||
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 05/30/22)(a) | 1,578 | 1,555,459 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 05/30/22)(a)(b) | $ | 4,937 | $ | 4,757,913 | ||||
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/30/22)(a) | 743 | 721,625 | ||||||
|
| |||||||
791,630,923 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. | ||||||||
6.25%, 04/01/28 (Call 04/01/23)(a)(b) | 9,866 | 9,555,221 | ||||||
6.88%, 04/01/27 (Call 05/31/22)(a)(b) | 4,985 | 4,949,274 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||
6.88%, 04/01/26 (Call 05/31/22) | 9,195 | 9,003,438 | ||||||
6.88%, 09/01/27 (Call 09/01/22)(b) | 8,151 | 7,961,475 | ||||||
Weatherford International Ltd. | ||||||||
6.50%, 09/15/28 (Call 09/15/24)(a)(b) | 2,978 | 3,007,780 | ||||||
8.63%, 04/30/30 (Call 10/30/24)(a)(b) | 20,045 | 19,848,559 | ||||||
11.00%, 12/01/24 (Call 05/31/22)(a)(b) | 675 | 697,950 | ||||||
|
| |||||||
55,023,697 | ||||||||
Packaging & Containers — 2.4% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | ||||||||
3.25%, 09/01/28 (Call 05/15/24)(a) | 6,358 | 5,558,935 | ||||||
4.00%, 09/01/29 (Call 05/15/24)(a)(b) | 12,737 | 10,827,940 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||
4.13%, 08/15/26 (Call 08/15/22)(a)(b) | 15,614 | 14,458,025 | ||||||
5.25%, 04/30/25 (Call 05/30/22)(a)(b) | 5,886 | 5,823,608 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) | 21,456 | 18,431,777 | ||||||
Ball Corp. | ||||||||
2.88%, 08/15/30 (Call 05/15/30)(b) | 14,012 | 11,718,987 | ||||||
3.13%, 09/15/31 (Call 06/15/31)(b) | 10,556 | 8,853,845 | ||||||
4.00%, 11/15/23(b) | 10,779 | 10,752,053 | ||||||
4.88%, 03/15/26 (Call 12/15/25)(b) | 10,717 | 10,742,566 | ||||||
5.25%, 07/01/25(b) | 11,628 | 11,923,351 | ||||||
Berry Global Inc. | ||||||||
4.50%, 02/15/26 (Call 05/31/22)(a)(b) | 811 | 793,226 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) | 5,440 | 5,405,891 | ||||||
Clydesdale Acquisition Holdings Inc. | ||||||||
6.63%, 04/15/29 (Call 04/15/25)(a)(b) | 5,045 | 5,032,514 | ||||||
8.75%, 04/15/30 (Call 04/15/25)(a) | 15,940 | 14,566,291 | ||||||
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(a)(b) | 7,675 | 7,607,844 | ||||||
Crown Americas LLC / Crown Americas Capital Corp VI, 4.25%, 09/30/26 (Call 03/31/26)(b) | 2,852 | 2,765,995 | ||||||
Duke Energy Carolinas LLC, 4.75%, 02/01/26 (Call 05/31/22)(b) | 7,254 | 7,193,502 | ||||||
Graphic Packaging International LLC | ||||||||
3.50%, 03/15/28(a)(b) | 6,072 | 5,501,422 | ||||||
3.75%, 02/01/30 (Call 08/01/29)(a)(b) | 4,047 | 3,556,301 | ||||||
LABL Inc. | ||||||||
5.88%, 11/01/28 (Call 11/01/24)(a)(b) | 5,746 | 5,250,048 | ||||||
6.75%, 07/15/26 (Call 07/15/22)(a)(b) | 7,913 | 7,596,480 | ||||||
8.25%, 11/01/29 (Call 11/01/24)(a)(b) | 5,564 | 4,566,852 | ||||||
10.50%, 07/15/27 (Call 07/15/22)(a)(b) | 8,124 | 7,835,852 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
5.50%, 04/15/24 (Call 05/31/22)(a)(b) | 17,817 | 17,393,846 | ||||||
7.25%, 04/15/25 (Call 05/31/22)(a)(b) | 16,872 | 15,986,220 | ||||||
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b) | 4,775 | 4,207,571 |
Security | Par (000) | Value | ||||||
Packaging & Containers (continued) | ||||||||
Owens-Brockway Glass Container Inc. | ||||||||
5.88%, 08/15/23(a)(b) | $ | 4,504 | $ | 4,561,561 | ||||
6.63%, 05/13/27 (Call 05/15/23)(a)(b) | 7,576 | 7,509,508 | ||||||
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b) | 12,003 | 10,532,633 | ||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a) | 6,323 | 5,502,956 | ||||||
Sealed Air Corp. | ||||||||
4.00%, 12/01/27 (Call 09/01/27)(a)(b) | 5,393 | 5,083,857 | ||||||
5.00%, 04/15/29(a) | 3,711 | 3,683,168 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a)(b) | 6,938 | 7,065,919 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a)(b) | 3,921 | 4,019,025 | ||||||
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/22)(b) | 6,591 | 6,180,710 | ||||||
Trivium Packaging Finance BV | ||||||||
5.50%, 08/15/26 (Call 08/15/22)(a) | 12,467 | 12,046,239 | ||||||
8.50%, 08/15/27 (Call 08/15/22)(a)(b) | 7,755 | 7,618,642 | ||||||
|
| |||||||
298,155,160 | ||||||||
Pharmaceuticals — 4.1% | ||||||||
AdaptHealth LLC | ||||||||
4.63%, 08/01/29 (Call 02/01/24)(a)(b) | 6,316 | 5,368,249 | ||||||
5.13%, 03/01/30 (Call 03/01/25)(a)(b) | 7,312 | 6,288,320 | ||||||
Bausch Health Americas Inc. | ||||||||
8.50%, 01/31/27 (Call 07/31/22)(a)(b) | 21,791 | 20,601,865 | ||||||
9.25%, 04/01/26 (Call 05/31/22)(a)(b) | 16,946 | 16,818,905 | ||||||
Bausch Health Companies Inc. | ||||||||
4.88%, 06/01/28 (Call 06/01/24)(a)(b) | 20,755 | 18,302,450 | ||||||
5.00%, 01/30/28 (Call 01/30/23)(a) | 14,566 | 10,736,162 | ||||||
5.00%, 02/15/29 (Call 02/15/24)(a)(b) | 12,034 | 8,421,995 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a) | 15,005 | 10,393,713 | ||||||
5.25%, 02/15/31 (Call 02/15/26)(a) | 12,668 | 8,804,260 | ||||||
5.50%, 11/01/25 (Call 05/30/22)(a) | 19,658 | 19,019,115 | ||||||
5.75%, 08/15/27 (Call 08/15/22)(a) | 4,438 | 4,149,530 | ||||||
6.13%, 04/15/25 (Call 05/16/22)(a) | 36,104 | 36,210,146 | ||||||
6.13%, 02/01/27 (Call 02/01/24)(a) | 11,936 | 11,473,480 | ||||||
6.25%, 02/15/29 (Call 02/15/24)(a) | 17,978 | 13,078,995 | ||||||
7.00%, 01/15/28 (Call 01/15/23)(a) | 7,583 | 6,238,989 | ||||||
7.25%, 05/30/29 (Call 05/30/24)(a)(b) | 8,295 | 6,264,467 | ||||||
9.00%, 12/15/25 (Call 05/30/22)(a)(b) | 22,809 | 22,866,022 | ||||||
Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)(b) | 7,572 | 7,818,090 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||
6.00%, 06/30/28 (Call 06/30/23)(a)(b) | 13,823 | 6,006,344 | ||||||
9.50%, 07/31/27 (Call 07/31/23)(a)(b) | 12,080 | 9,482,800 | ||||||
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)(a)(b) | 15,368 | 13,370,160 | ||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a)(b) | 7,328 | 7,208,920 | ||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b) | 7,097 | 5,695,343 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)(b) | 16,764 | 15,409,678 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
4.13%, 04/30/28 (Call 04/30/24)(a)(b) | 24,652 | 22,864,730 | ||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) | 23,859 | 21,465,544 | ||||||
Owens & Minor Inc. | ||||||||
4.50%, 03/31/29 (Call 03/31/24)(a)(b) | 3,522 | 3,149,549 | ||||||
6.63%, 04/01/30 (Call 04/01/25)(a) | 8,230 | 8,034,538 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 05/31/22)(a)(b) | $ | 24,636 | $ | 22,461,873 | ||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 (Call 09/15/24)(b) | 6,860 | 6,719,237 | ||||||
3.90%, 06/15/30 (Call 03/15/30)(b) | 8,474 | 7,608,844 | ||||||
4.38%, 03/15/26 (Call 12/15/25) | 8,131 | 7,842,327 | ||||||
Prestige Brands Inc. | ||||||||
3.75%, 04/01/31 (Call 04/01/26)(a)(b) | 6,984 | 5,932,698 | ||||||
5.13%, 01/15/28 (Call 01/15/23)(a)(b) | 5,442 | 5,198,865 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.80%, 07/21/23(b) | 15,749 | 15,293,066 | ||||||
3.15%, 10/01/26(b) | 42,460 | 36,430,680 | ||||||
4.75%, 05/09/27 (Call 02/09/27) | 11,782 | 10,780,530 | ||||||
5.13%, 05/09/29 (Call 02/09/29)(b) | 12,086 | 10,917,836 | ||||||
6.00%, 04/15/24 (Call 01/15/24)(b) | 14,052 | 14,040,879 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) | 14,543 | 14,754,782 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(b) | 12,843 | 13,040,929 | ||||||
|
| |||||||
516,564,905 | ||||||||
Pipelines — 4.7% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||
5.38%, 06/15/29 (Call 06/15/24)(a)(b) | 9,391 | 8,817,885 | ||||||
5.75%, 03/01/27 (Call 05/16/22)(a)(b) | 7,675 | 7,483,106 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(a)(b) | 8,535 | 8,248,544 | ||||||
7.88%, 05/15/26 (Call 05/15/23)(a) | 5,257 | 5,499,119 | ||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 (Call 09/01/26)(b) | 8,514 | 8,014,335 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a)(b) | 6,722 | 6,431,274 | ||||||
4.13%, 12/01/27 (Call 09/01/27)(b) | 4,297 | 3,925,310 | ||||||
4.15%, 07/01/23 (Call 04/01/23)(b) | 2,466 | 2,445,127 | ||||||
4.50%, 03/01/28 (Call 12/01/27)(a)(b) | 6,174 | 5,627,087 | ||||||
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)(b) | 24,232 | 23,431,132 | ||||||
Cheniere Energy Partners LP | ||||||||
3.25%, 01/31/32 (Call 01/31/27)(a) | 14,466 | 12,272,159 | ||||||
4.00%, 03/01/31 (Call 03/01/26)(b) | 16,845 | 15,277,825 | ||||||
4.50%, 10/01/29 (Call 10/01/24)(b) | 19,375 | 18,551,562 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)(b) | 16,968 | 15,546,930 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||
5.63%, 05/01/27 (Call 05/16/22)(a)(b) | 7,290 | 7,076,768 | ||||||
5.75%, 04/01/25 (Call 05/31/22)(b) | 5,695 | 5,627,059 | ||||||
6.00%, 02/01/29 (Call 02/01/24)(a)(b) | 8,659 | 8,416,288 | ||||||
DCP Midstream Operating LP | ||||||||
3.25%, 02/15/32 (Call 08/15/31)(b) | 4,862 | 4,123,381 | ||||||
5.13%, 05/15/29 (Call 02/15/29)(b) | 8,117 | 7,985,099 | ||||||
5.38%, 07/15/25 (Call 04/15/25)(b) | 11,019 | 11,019,826 | ||||||
5.63%, 07/15/27 (Call 04/15/27) | 6,631 | 6,710,307 | ||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(b)(c) | 5,845 | 5,304,338 | ||||||
DT Midstream Inc. | ||||||||
4.13%, 06/15/29 (Call 06/15/24)(a)(b) | 13,439 | 12,263,087 | ||||||
4.38%, 06/15/31 (Call 06/15/26)(a)(b) | 12,178 | 10,929,755 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 (Call 03/01/25)(b) | 8,663 | 8,390,837 | ||||||
4.40%, 04/01/24 (Call 01/01/24) | 5,563 | 5,500,416 | ||||||
4.85%, 07/15/26 (Call 04/15/26)(b) | 6,739 | 6,571,969 | ||||||
EQM Midstream Partners LP | ||||||||
4.00%, 08/01/24 (Call 05/01/24)(b) | 6,825 | 6,599,570 | ||||||
4.13%, 12/01/26 (Call 09/01/26) | 5,494 | 5,078,811 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
4.50%, 01/15/29 (Call 07/15/28)(a)(b) | $ | 10,165 | $ | 9,099,581 | ||||
4.75%, 07/15/23 (Call 06/15/23)(b) | 3,088 | 3,073,332 | ||||||
4.75%, 01/15/31 (Call 07/15/30)(a)(b) | 13,667 | 12,197,797 | ||||||
5.50%, 07/15/28 (Call 04/15/28) | 10,899 | 10,408,545 | ||||||
6.00%, 07/01/25 (Call 04/01/25)(a) | 8,292 | 8,214,967 | ||||||
6.50%, 07/01/27 (Call 01/01/27)(a)(b) | 11,063 | 11,118,661 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
6.50%, 10/01/25 (Call 05/31/22)(b) | 6,193 | 5,869,932 | ||||||
7.75%, 02/01/28 (Call 02/01/23)(b) | 8,639 | 8,315,038 | ||||||
8.00%, 01/15/27 (Call 01/15/24) | 12,381 | 12,145,141 | ||||||
Hess Midstream Operations LP | ||||||||
4.25%, 02/15/30 (Call 02/15/25)(a)(b) | 8,821 | 8,056,408 | ||||||
5.13%, 06/15/28 (Call 06/15/23)(a)(b) | 6,852 | 6,646,704 | ||||||
5.50%, 10/15/30 (Call 10/15/25)(a)(b) | 5,250 | 5,171,250 | ||||||
5.63%, 02/15/26 (Call 05/31/22)(a)(b) | 11,557 | 11,557,619 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 | 15,088 | 13,352,880 | ||||||
New Fortress Energy Inc. | ||||||||
6.50%, 09/30/26 (Call 03/31/23)(a)(b) | 17,646 | 17,094,562 | ||||||
6.75%, 09/15/25 (Call 09/15/22)(a) | 15,467 | 15,130,593 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a) | 24,433 | 23,027,858 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 05/31/22) | 5,842 | 5,430,556 | ||||||
NuStar Logistics LP | ||||||||
5.63%, 04/28/27 (Call 01/28/27) | 6,741 | 6,458,889 | ||||||
5.75%, 10/01/25 (Call 07/01/25)(b) | 7,023 | 6,966,275 | ||||||
6.00%, 06/01/26 (Call 03/01/26)(b) | 6,248 | 6,212,005 | ||||||
6.38%, 10/01/30 (Call 04/01/30)(b) | 7,370 | 7,259,450 | ||||||
Oasis Midstream Partners LP/OMP Finance Corp., 8.00%, 04/01/29 (Call 04/01/24)(a)(b) | 5,810 | 6,016,546 | ||||||
Rockies Express Pipeline LLC | ||||||||
3.60%, 05/15/25 (Call 04/15/25)(a)(b) | 5,376 | 5,106,017 | ||||||
4.95%, 07/15/29 (Call 04/15/29)(a)(b) | 6,788 | 6,352,932 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||
5.50%, 01/15/28 (Call 01/15/23)(a)(b) | 9,317 | 8,699,749 | ||||||
6.00%, 03/01/27 (Call 03/01/23)(a)(b) | 5,520 | 5,302,650 | ||||||
6.00%, 12/31/30 (Call 12/31/25)(a)(b) | 8,658 | 7,949,126 | ||||||
6.00%, 09/01/31 (Call 09/01/26)(a)(b) | 6,283 | 5,686,508 | ||||||
7.50%, 10/01/25 (Call 10/01/22)(a)(b) | 5,137 | 5,217,182 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
4.88%, 02/01/31 (Call 02/01/26) | 533 | 512,346 | ||||||
5.00%, 01/15/28 (Call 01/15/23) | 138 | 135,585 | ||||||
5.50%, 03/01/30 (Call 03/01/25) | 726 | 719,648 | ||||||
6.50%, 07/15/27 (Call 07/15/22) | 565 | 582,029 | ||||||
6.88%, 01/15/29 (Call 01/15/24) | 372 | 391,824 | ||||||
Venture Global Calcasieu Pass LLC | ||||||||
3.88%, 11/01/33 (Call 05/01/33)(a)(b) | 15,519 | 13,515,652 | ||||||
3.88%, 08/15/29 (Call 02/15/29)(a)(b) | 14,637 | 13,329,184 | ||||||
4.13%, 08/15/31 (Call 02/15/31)(a) | 15,099 | 13,701,760 | ||||||
Western Midstream Operating LP | ||||||||
3.60%, 02/01/25 (Call 01/01/25) | 7,766 | 7,421,850 | ||||||
3.95%, 06/01/25 (Call 03/01/25)(b) | 574 | 557,102 | ||||||
4.50%, 03/01/28 (Call 12/01/27) | 4,042 | 3,860,312 | ||||||
4.55%, 02/01/30 (Call 11/01/29)(b) | 14,175 | 13,071,051 | ||||||
4.65%, 07/01/26 (Call 04/01/26) | 7,783 | 7,621,016 | ||||||
4.75%, 08/15/28 (Call 05/15/28)(b) | 4,904 | 4,760,967 | ||||||
|
| |||||||
596,487,985 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Real Estate — 0.6% | ||||||||
Howard Hughes Corp. (The) | ||||||||
4.13%, 02/01/29 (Call 02/01/24)(a)(b) | $ | 7,901 | $ | 7,102,209 | ||||
4.38%, 02/01/31 (Call 02/01/26)(a)(b) | 7,727 | 6,862,890 | ||||||
5.38%, 08/01/28 (Call 08/01/23)(a)(b) | 9,217 | 8,939,531 | ||||||
Kennedy-Wilson Inc. | ||||||||
4.75%, 03/01/29 (Call 03/01/24)(b) | 6,351 | 5,858,289 | ||||||
4.75%, 02/01/30 (Call 09/01/24)(b) | 6,988 | 6,300,701 | ||||||
5.00%, 03/01/31 (Call 03/01/26)(b) | 7,836 | 7,095,192 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp. | ||||||||
4.88%, 06/01/23 (Call 03/01/23)(a)(b) | 2,521 | 2,508,549 | ||||||
5.25%, 04/15/30 (Call 04/15/25)(a) | 11,924 | 9,646,278 | ||||||
5.75%, 01/15/29 (Call 01/15/24)(a)(b) | 11,235 | 9,432,007 | ||||||
WeWork Companies Inc., 7.88%, 05/01/25(a)(b) | 8,160 | 6,902,136 | ||||||
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(a)(b) | 6,640 | 5,334,133 | ||||||
|
| |||||||
75,981,915 | ||||||||
Real Estate Investment Trusts — 4.1% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | ||||||||
4.50%, 04/01/27 (Call 10/01/23)(a)(b) | 8,781 | 7,951,822 | ||||||
5.75%, 05/15/26 (Call 05/15/22)(a)(b) | 11,339 | 10,998,830 | ||||||
Diversified Healthcare Trust | ||||||||
4.38%, 03/01/31 (Call 09/01/30)(b) | 5,798 | 4,482,821 | ||||||
4.75%, 02/15/28 (Call 08/15/27)(b) | 6,535 | 5,579,256 | ||||||
9.75%, 06/15/25 (Call 06/15/22) | 10,647 | 11,152,732 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
3.38%, 06/15/26 (Call 03/15/26)(a)(b) | 11,162 | 10,236,149 | ||||||
6.00%, 04/15/25 (Call 05/31/22)(a)(b) | 5,729 | 5,818,332 | ||||||
Iron Mountain Inc. | ||||||||
4.50%, 02/15/31 (Call 02/15/26)(a) | 13,822 | 11,878,627 | ||||||
4.88%, 09/15/27 (Call 09/15/22)(a)(b) | 12,435 | 11,847,807 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a)(b) | 11,598 | 10,630,727 | ||||||
5.00%, 07/15/28 (Call 07/15/23)(a)(b) | 5,683 | 5,369,469 | ||||||
5.25%, 03/15/28 (Call 12/27/22)(a)(b) | 9,762 | 9,312,983 | ||||||
5.25%, 07/15/30 (Call 07/15/25)(a)(b) | 16,389 | 14,995,935 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a)(b) | 7,011 | 6,349,068 | ||||||
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)(b) | 9,392 | 8,264,960 | ||||||
iStar Inc. | ||||||||
4.25%, 08/01/25 (Call 05/01/25)(b) | 5,630 | 5,376,650 | ||||||
4.75%, 10/01/24 (Call 07/01/24)(b) | 10,892 | 10,592,470 | ||||||
5.50%, 02/15/26 (Call 08/15/22)(b) | 4,535 | 4,408,277 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||
4.25%, 02/01/27 (Call 02/01/23)(a)(b) | 7,925 | 7,264,768 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) | 7,825 | 7,013,266 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||
3.50%, 03/15/31 (Call 03/15/26) | 15,790 | 13,441,237 | ||||||
4.63%, 08/01/29 (Call 08/01/24)(b) | 11,413 | 10,488,661 | ||||||
5.00%, 10/15/27 (Call 10/15/22)(b) | 16,198 | 15,549,432 | ||||||
5.25%, 08/01/26 (Call 05/31/22)(b) | 5,438 | 5,438,000 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | ||||||||
4.88%, 05/15/29 (Call 05/15/24)(a)(b) | 10,662 | 9,769,361 | ||||||
5.88%, 10/01/28 (Call 10/01/23)(a)(b) | 8,143 | 7,895,290 | ||||||
7.50%, 06/01/25 (Call 06/01/22)(a)(b) | 6,841 | 7,077,630 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. | ||||||||
4.50%, 02/15/29 (Call 02/15/24)(a)(b) | 6,776 | 6,114,324 | ||||||
4.75%, 10/15/27 (Call 10/15/22) | 8,691 | 8,093,059 |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
RLJ Lodging Trust LP | ||||||||
3.75%, 07/01/26 (Call 07/01/23)(a)(b) | $ | 5,166 | $ | 4,821,170 | ||||
4.00%, 09/15/29 (Call 09/15/24)(a)(b) | 6,536 | 5,829,736 | ||||||
SBA Communications Corp. | ||||||||
3.13%, 02/01/29 (Call 02/01/24) | 17,003 | 14,584,323 | ||||||
3.88%, 02/15/27 (Call 02/15/23)(b) | 18,233 | 17,306,764 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 (Call 07/15/27)(b) | 5,484 | 4,346,070 | ||||||
4.35%, 10/01/24 (Call 09/01/24) | 8,924 | 8,258,270 | ||||||
4.38%, 02/15/30 (Call 08/15/29)(b) | 5,173 | 3,957,345 | ||||||
4.50%, 06/15/23 (Call 12/15/22)(b) | 4,081 | 3,993,598 | ||||||
4.75%, 10/01/26 (Call 08/01/26) | 5,720 | 4,934,930 | ||||||
4.95%, 02/15/27 (Call 08/15/26)(b) | 5,651 | 4,864,098 | ||||||
4.95%, 10/01/29 (Call 07/01/29) | 5,362 | 4,282,696 | ||||||
5.50%, 12/15/27 (Call 09/15/27) | 4,762 | 4,333,420 | ||||||
7.50%, 09/15/25 (Call 06/15/25) | 9,226 | 9,220,280 | ||||||
Starwood Property Trust Inc. | ||||||||
3.63%, 07/15/26 (Call 01/15/26)(a) | 5,432 | 4,964,396 | ||||||
3.75%, 12/31/24 (Call 09/30/24)(a)(b) | 3,015 | 2,898,818 | ||||||
4.38%, 01/15/27 (Call 07/15/26)(a) | 6,030 | 5,630,512 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) | 5,832 | 5,741,101 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC | ||||||||
6.00%, 01/15/30 (Call 01/15/25)(a)(b) | 8,903 | 7,403,023 | ||||||
7.88%, 02/15/25 (Call 05/31/22)(a) | 25,549 | 26,044,651 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | ||||||||
4.75%, 04/15/28 (Call 04/15/24)(a)(b) | 5,715 | 5,079,921 | ||||||
6.50%, 02/15/29 (Call 02/15/24)(a)(b) | 14,228 | 12,271,650 | ||||||
VICI Properties LP/VICI Note Co. Inc. | ||||||||
3.50%, 02/15/25 (Call 05/31/22)(a)(b) | 5,707 | 5,478,720 | ||||||
3.75%, 02/15/27 (Call 02/15/23)(a)(b) | 6,506 | 5,999,833 | ||||||
3.88%, 02/15/29(a) | 12,120 | 11,508,582 | ||||||
4.13%, 08/15/30 (Call 02/15/25)(a) | 7,408 | 6,655,125 | ||||||
4.25%, 12/01/26 (Call 12/01/22)(a)(b) | 9,475 | 8,983,484 | ||||||
4.50%, 09/01/26(a) | 6,067 | 6,032,418 | ||||||
4.63%, 06/15/25(a) | 10,797 | 10,788,092 | ||||||
4.63%, 12/01/29 (Call 12/01/24)(a)(b) | 7,680 | 7,185,869 | ||||||
5.63%, 05/01/24(a) | 16,954 | 17,194,747 | ||||||
5.75%, 02/01/27(a) | 11,265 | 11,650,883 | ||||||
XHR LP | ||||||||
4.88%, 06/01/29 (Call 06/01/24)(a)(b) | 5,369 | 4,932,769 | ||||||
6.38%, 08/15/25 (Call 08/15/22)(a)(b) | 6,569 | 6,632,604 | ||||||
|
| |||||||
517,201,841 | ||||||||
Retail — 4.4% | ||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||
3.50%, 02/15/29 (Call 02/15/24)(a)(b) | 9,144 | 8,075,295 | ||||||
3.88%, 01/15/28 (Call 09/15/22)(a)(b) | 20,023 | 18,393,128 | ||||||
4.00%, 10/15/30 (Call 10/15/25)(a)(b) | 33,591 | 28,762,294 | ||||||
4.38%, 01/15/28 (Call 11/15/22)(a)(b) | 9,570 | 8,743,220 | ||||||
5.75%, 04/15/25 (Call 05/30/22)(a)(b) | 8,163 | 8,333,239 | ||||||
Asbury Automotive Group Inc. | ||||||||
4.50%, 03/01/28 (Call 03/01/23)(b) | 4,442 | 4,129,594 | ||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) | 8,885 | 7,989,281 | ||||||
4.75%, 03/01/30 (Call 03/01/25)(b) | 5,465 | 4,880,928 | ||||||
5.00%, 02/15/32 (Call 11/15/26)(a)(b) | 7,676 | 6,817,631 | ||||||
Bath & Body Works Inc. | ||||||||
5.25%, 02/01/28(b) | 5,407 | 5,219,332 | ||||||
6.63%, 10/01/30 (Call 10/01/25)(a)(b) | 12,806 | 12,765,008 | ||||||
7.50%, 06/15/29 (Call 06/15/24)(b) | 6,369 | 6,575,993 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
Carvana Co. | ||||||||
4.88%, 09/01/29 (Call 09/01/24)(a)(b) | $ | 8,080 | $ | 5,908,500 | ||||
5.50%, 04/15/27 (Call 04/15/24)(a)(b) | 7,855 | 6,342,491 | ||||||
5.63%, 10/01/25 (Call 10/01/22)(a)(b) | 5,760 | 4,996,800 | ||||||
5.88%, 10/01/28 (Call 10/01/23)(a)(b) | 7,361 | 5,830,376 | ||||||
10.25%, 05/01/30(a) | 12,600 | 12,190,500 | ||||||
eG Global Finance PLC | ||||||||
6.75%, 02/07/25 (Call 05/10/22)(a)(b) | 8,404 | 8,168,772 | ||||||
8.50%, 10/30/25 (Call 05/30/22)(a)(b) | 9,138 | 9,134,558 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||
5.38%, 04/01/26 (Call 04/01/23)(a)(b) | 8,900 | 8,092,820 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a) | 9,596 | 8,362,818 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. | ||||||||
4.63%, 01/15/29 (Call 01/15/25)(a) | 11,671 | 10,584,313 | ||||||
6.75%, 01/15/30 (Call 01/15/25)(a) | 15,325 | 13,266,853 | ||||||
FirstCash Inc. | ||||||||
4.63%, 09/01/28 (Call 09/01/23)(a)(b) | 7,152 | 6,508,320 | ||||||
5.63%, 01/01/30 (Call 01/01/25)(a)(b) | 5,596 | 5,204,280 | ||||||
Gap Inc. (The) | ||||||||
3.63%, 10/01/29 (Call 10/01/24)(a)(b) | 9,414 | 7,672,410 | ||||||
3.88%, 10/01/31 (Call 10/01/26)(a)(b) | 8,725 | 6,940,247 | ||||||
IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/22)(a)(b) | 4,386 | 4,501,472 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)(a)(b) | 7,021 | 7,003,448 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)(b) | 9,817 | 8,010,279 | ||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a) | 12,336 | 10,794,000 | ||||||
Lithia Motors Inc. | ||||||||
3.88%, 06/01/29 (Call 06/01/24)(a)(b) | 9,867 | 8,913,091 | ||||||
4.38%, 01/15/31 (Call 10/15/25)(a)(b) | 6,850 | 6,285,636 | ||||||
4.63%, 12/15/27 (Call 12/15/22)(a)(b) | 4,826 | 4,636,110 | ||||||
Macy’s Retail Holdings LLC | ||||||||
5.88%, 04/01/29 (Call 04/01/24)(a) | 4,001 | 3,798,549 | ||||||
5.88%, 03/15/30 (Call 03/15/25)(a)(b) | 6,065 | 5,685,938 | ||||||
6.13%, 03/15/32 (Call 03/15/27)(a)(b) | 4,985 | 4,591,808 | ||||||
Michaels Companies Inc (The) | ||||||||
5.25%, 05/01/28 (Call 11/01/23)(a)(b) | 9,151 | 7,858,421 | ||||||
7.88%, 05/01/29 (Call 05/01/24)(a)(b) | 15,457 | 12,200,762 | ||||||
Murphy Oil USA Inc. | ||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) | 5,089 | 4,469,283 | ||||||
4.75%, 09/15/29 (Call 09/15/24)(b) | 6,900 | 6,545,685 | ||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a)(b) | 13,056 | 13,023,360 | ||||||
Nordstrom Inc. | ||||||||
4.25%, 08/01/31 (Call 05/01/31)(b) | 5,361 | 4,583,655 | ||||||
4.38%, 04/01/30 (Call 01/01/30)(b) | 6,208 | 5,403,754 | ||||||
Penske Automotive Group Inc. | ||||||||
3.50%, 09/01/25 (Call 09/01/22)(b) | 7,865 | 7,611,213 | ||||||
3.75%, 06/15/29 (Call 06/15/24)(b) | 4,716 | 4,032,180 | ||||||
PetSmart Inc./PetSmart Finance Corp. | ||||||||
4.75%, 02/15/28 (Call 02/15/24)(a)(b) | 13,574 | 12,623,820 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(a)(b) | 14,369 | 14,297,155 | ||||||
QVC Inc. | ||||||||
4.38%, 09/01/28 (Call 06/01/28)(b) | 5,873 | 4,993,381 | ||||||
4.45%, 02/15/25 (Call 11/15/24) | 8,333 | 8,093,426 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) | 6,677 | 5,975,848 | ||||||
4.85%, 04/01/24(b) | 5,859 | 5,825,604 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
Rite Aid Corp. | ||||||||
7.50%, 07/01/25 (Call 07/01/22)(a)(b) | $ | 7,066 | $ | 6,059,095 | ||||
8.00%, 11/15/26 (Call 01/15/23)(a)(b) | 10,237 | 8,552,502 | ||||||
Sonic Automotive Inc. | ||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) | 7,880 | 6,737,400 | ||||||
4.88%, 11/15/31 (Call 11/15/26)(a)(b) | 6,389 | 5,446,623 | ||||||
SRS Distribution Inc. | ||||||||
4.63%, 07/01/28 (Call 07/01/24)(a)(b) | 7,521 | 6,865,846 | ||||||
6.00%, 12/01/29 (Call 12/01/24)(a)(b) | 10,507 | 9,162,104 | ||||||
6.13%, 07/01/29 (Call 07/01/24)(a)(b) | 5,113 | 4,499,440 | ||||||
Staples Inc. | ||||||||
7.50%, 04/15/26 (Call 05/31/22)(a)(b) | 24,237 | 23,059,082 | ||||||
10.75%, 04/15/27 (Call 05/31/22)(a)(b) | 12,312 | 10,899,198 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)(b) | 7,894 | 7,176,853 | ||||||
Yum! Brands Inc. | ||||||||
3.63%, 03/15/31 (Call 12/15/30)(b) | 10,354 | 8,890,550 | ||||||
4.63%, 01/31/32 (Call 10/01/26)(b) | 12,968 | 11,780,348 | ||||||
4.75%, 01/15/30 (Call 10/15/29)(a)(b) | 7,802 | 7,428,250 | ||||||
5.38%, 04/01/32 (Call 04/01/27)(b) | 13,775 | 13,137,906 | ||||||
|
| |||||||
551,342,076 | ||||||||
Software — 2.1% | ||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)(b) | 11,277 | 10,431,225 | ||||||
CDK Global Inc. | ||||||||
4.88%, 06/01/27 (Call 06/01/22)(b) | 5,537 | 5,573,914 | ||||||
5.00%, 10/15/24 (Call 07/15/24)(b) | 5,782 | 5,946,700 | ||||||
5.25%, 05/15/29 (Call 05/15/24)(a)(b) | 7,179 | 7,235,714 | ||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/10/22)(a)(b) | 13,951 | 13,912,809 | ||||||
Clarivate Science Holdings Corp. | ||||||||
3.88%, 07/01/28 (Call 06/30/24)(a)(b) | 9,660 | 8,592,570 | ||||||
4.88%, 07/01/29 (Call 06/30/24)(a)(b) | 12,255 | 10,743,039 | ||||||
Fair Isaac Corp. | ||||||||
4.00%, 06/15/28 (Call 12/15/22)(a)(b) | 10,804 | 9,821,781 | ||||||
5.25%, 05/15/26 (Call 02/15/26)(a)(b) | 5,438 | 5,465,190 | ||||||
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b) | 28,491 | 26,159,695 | ||||||
MSCI Inc. | ||||||||
3.25%, 08/15/33 (Call 08/15/27)(a)(b) | 8,899 | 7,513,259 | ||||||
3.63%, 09/01/30 (Call 03/01/25)(a)(b) | 11,071 | 9,742,480 | ||||||
3.63%, 11/01/31 (Call 11/01/26)(a)(b) | 7,054 | 6,175,777 | ||||||
3.88%, 02/15/31 (Call 06/01/25)(a)(b) | 11,839 | 10,690,735 | ||||||
4.00%, 11/15/29 (Call 11/15/24)(a)(b) | 11,544 | 10,606,050 | ||||||
Open Text Corp. | ||||||||
3.88%, 02/15/28 (Call 02/15/23)(a)(b) | 10,555 | 9,590,278 | ||||||
3.88%, 12/01/29 (Call 12/01/24)(a)(b) | 10,404 | 9,233,550 | ||||||
Open Text Holdings Inc. | ||||||||
4.13%, 02/15/30 (Call 02/15/25)(a)(b) | 11,009 | 9,801,909 | ||||||
4.13%, 12/01/31 (Call 12/01/26)(a)(b) | 8,082 | 7,021,238 | ||||||
PTC Inc. | ||||||||
3.63%, 02/15/25 (Call 05/31/22)(a)(b) | 5,319 | 5,167,575 | ||||||
4.00%, 02/15/28 (Call 02/15/23)(a)(b) | 6,266 | 5,796,050 | ||||||
Rackspace Technology Global Inc. | ||||||||
3.50%, 02/15/28 (Call 02/15/24)(a)(b) | 7,120 | 6,141,000 | ||||||
5.38%, 12/01/28 (Call 12/01/23)(a)(b) | 6,641 | 5,415,603 | ||||||
ROBLOX Corp., 3.88%, 05/01/30 | 11,950 | 10,244,795 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 05/31/22)(a)(b) | 23,775 | 23,329,219 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Software (continued) | ||||||||
Twilio Inc. | ||||||||
3.63%, 03/15/29 (Call 03/15/24)(b) | $ | 6,566 | $ | 5,786,288 | ||||
3.88%, 03/15/31 (Call 03/15/26)(b) | 6,063 | 5,184,168 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 05/31/22)(a)(b) | 20,902 | 18,419,888 | ||||||
|
| |||||||
269,742,499 | ||||||||
Telecommunications — 7.4% | ||||||||
Altice France Holding SA | ||||||||
6.00%, 02/15/28 (Call 02/15/23)(a)(b) | 14,543 | 12,010,046 | ||||||
10.50%, 05/15/27 (Call 05/15/22)(a) | 17,855 | 17,987,000 | ||||||
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a)(b) | 23,579 | 20,120,746 | ||||||
Altice France SA/France | ||||||||
5.13%, 01/15/29 (Call 09/15/23)(a) | 5,728 | 4,846,783 | ||||||
5.13%, 07/15/29 (Call 04/15/24)(a)(b) | 29,897 | 25,190,402 | ||||||
5.50%, 01/15/28 (Call 09/15/22)(a)(b) | 14,273 | 12,587,359 | ||||||
8.13%, 02/01/27 (Call 05/10/22)(a)(b) | 20,032 | 20,100,860 | ||||||
Avaya Inc., 6.13%, 09/15/28 | 12,413 | 11,473,817 | ||||||
British Telecommunications PLC | ||||||||
4.25%, 11/23/81 (Call 11/23/26)(a)(b)(c) | 6,227 | 5,812,525 | ||||||
4.88%, 11/23/81 (Call 08/23/31)(a)(b)(c) | 6,201 | 5,727,244 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(a) | 1,016 | 988,060 | ||||||
CommScope Inc. | ||||||||
4.75%, 09/01/29 (Call 09/01/24)(a)(b) | 16,077 | 13,474,938 | ||||||
6.00%, 03/01/26 (Call 05/31/22)(a)(b) | 17,369 | 16,370,698 | ||||||
7.13%, 07/01/28 (Call 07/01/23)(a)(b) | 8,272 | 6,595,896 | ||||||
8.25%, 03/01/27 (Call 05/31/22)(a) | 11,975 | 10,178,750 | ||||||
CommScope Technologies LLC | ||||||||
5.00%, 03/15/27 (Call 05/10/22)(a)(b) | 9,061 | 7,112,885 | ||||||
6.00%, 06/15/25 (Call 05/10/22)(a)(b) | 15,586 | 13,637,750 | ||||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a) | 24,333 | 23,729,237 | ||||||
Consolidated Communications Inc. | ||||||||
5.00%, 10/01/28 (Call 10/01/23)(a) | 4,707 | 3,834,793 | ||||||
6.50%, 10/01/28 (Call 10/01/23)(a)(b) | 8,444 | 7,236,508 | ||||||
Frontier Communications Holdings LLC | ||||||||
5.00%, 05/01/28 (Call 05/01/24)(a)(b) | 18,951 | 17,267,677 | ||||||
5.88%, 10/15/27 (Call 10/15/23)(a)(b) | 13,567 | 12,977,966 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(b) | 9,416 | 8,180,150 | ||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) | 11,604 | 10,109,985 | ||||||
6.75%, 05/01/29 (Call 05/01/24)(a)(b) | 12,269 | 11,052,017 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 08/01/26(b) | 9,023 | 8,842,540 | ||||||
6.63%, 08/01/26(b) | 8,855 | 8,847,667 | ||||||
Iliad Holding SAS | ||||||||
6.50%, 10/15/26 (Call 10/15/23)(a) | 13,859 | 13,279,873 | ||||||
7.00%, 10/15/28 (Call 10/15/24)(a) | 11,371 | 10,756,527 | ||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b) | 36,560 | 34,466,574 | ||||||
Level 3 Financing Inc. | ||||||||
3.63%, 01/15/29 (Call 01/15/24)(a)(b) | 11,096 | 9,029,370 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a)(b) | 10,391 | 8,389,434 | ||||||
4.25%, 07/01/28 (Call 07/01/23)(a)(b) | 14,706 | 12,384,903 | ||||||
4.63%, 09/15/27 (Call 09/15/22)(a)(b) | 12,523 | 11,223,739 | ||||||
5.25%, 03/15/26 (Call 05/31/22)(b) | 8,438 | 8,184,860 | ||||||
5.38%, 05/01/25 (Call 05/31/22)(b) | 8,674 | 8,577,962 | ||||||
Lumen Technologies Inc. | ||||||||
4.00%, 02/15/27 (Call 02/15/23)(a) | 15,455 | 13,716,312 | ||||||
4.50%, 01/15/29 (Call 01/15/24)(a) | 12,190 | 9,650,544 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) | 15,900 | 14,360,244 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) | $ | 11,553 | $ | 9,427,595 | ||||
5.63%, 04/01/25 (Call 01/01/25)(b) | 6,103 | 5,934,023 | ||||||
Series W, 6.75%, 12/01/23(b) | 7,972 | 8,104,784 | ||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24) | 10,682 | 10,970,414 | ||||||
Nokia OYJ, 4.38%, 06/12/27(b) | 6,097 | 5,924,455 | ||||||
Sprint Corp. | ||||||||
7.13%, 06/15/24 | 30,075 | 31,613,336 | ||||||
7.63%, 02/15/25 (Call 11/15/24)(b) | 17,004 | 18,088,005 | ||||||
7.63%, 03/01/26 (Call 11/01/25)(b) | 18,015 | 19,558,525 | ||||||
7.88%, 09/15/23(b) | 51,319 | 53,884,950 | ||||||
Switch Ltd. | ||||||||
3.75%, 09/15/28 (Call 09/15/23)(a)(b) | 6,923 | 6,490,312 | ||||||
4.13%, 06/15/29 (Call 06/15/24)(a)(b) | 5,833 | 5,580,723 | ||||||
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b) | 17,481 | 17,151,134 | ||||||
Telesat Canada/Telesat LLC | ||||||||
4.88%, 06/01/27 (Call 12/01/22)(a)(b) | 5,347 | 3,635,960 | ||||||
5.63%, 12/06/26 (Call 12/06/23)(a) | 5,528 | 3,940,137 | ||||||
6.50%, 10/15/27 (Call 10/15/22)(a)(b) | 6,770 | 2,894,175 | ||||||
T-Mobile USA Inc. | ||||||||
2.25%, 02/15/26 (Call 02/15/23)(b) | 12,285 | 11,300,952 | ||||||
2.25%, 02/15/26 (Call 02/15/23)(a) | 10,202 | 9,384,803 | ||||||
2.63%, 04/15/26 (Call 04/15/23)(b) | 13,729 | 12,760,615 | ||||||
2.63%, 02/15/29 (Call 02/15/24) | 11,372 | 9,844,968 | ||||||
2.88%, 02/15/31 (Call 02/15/26)(b) | 12,120 | 10,264,549 | ||||||
3.38%, 04/15/29 (Call 04/15/24)(b) | 14,747 | 13,357,833 | ||||||
3.38%, 04/15/29 (Call 04/15/24)(a) | 13,240 | 11,992,792 | ||||||
3.50%, 04/15/31 (Call 04/15/26)(b) | 16,518 | 14,742,315 | ||||||
3.50%, 04/15/31 (Call 04/15/26)(a) | 13,984 | 12,417,792 | ||||||
4.75%, 02/01/28 (Call 02/01/23)(b) | 18,417 | 18,198,298 | ||||||
5.38%, 04/15/27 (Call 05/10/22)(b) | 3,745 | 3,823,608 | ||||||
ViaSat Inc. | ||||||||
5.63%, 09/15/25 (Call 05/10/22)(a)(b) | 7,325 | 6,718,246 | ||||||
5.63%, 04/15/27 (Call 05/10/22)(a)(b) | 7,579 | 7,037,534 | ||||||
6.50%, 07/15/28 (Call 07/15/23)(a) | 5,722 | 4,914,969 | ||||||
Vmed O2 UK Financing I PLC | ||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) | 16,072 | 13,578,992 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) | 16,860 | 14,430,052 | ||||||
Vodafone Group PLC | ||||||||
3.25%, 06/04/81 (Call 06/04/26)(b)(c) | 6,643 | 5,988,185 | ||||||
4.13%, 06/04/81 (Call 03/04/31)(c) | 11,917 | 10,212,869 | ||||||
7.00%, 04/04/79 (Call 01/04/29)(b)(c) | 23,386 | 24,555,300 | ||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)(b) | 17,166 | 16,438,162 | ||||||
Zayo Group Holdings Inc. | ||||||||
4.00%, 03/01/27 (Call 05/31/22)(a)(b) | 19,148 | 16,658,760 | ||||||
6.13%, 03/01/28 (Call 03/01/23)(a)(b) | 13,132 | 10,965,220 | ||||||
|
| |||||||
933,099,983 | ||||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Mattel Inc. | ||||||||
3.38%, 04/01/26 (Call 04/01/23)(a)(b) | 7,827 | 7,613,211 | ||||||
3.75%, 04/01/29 (Call 04/01/24)(a)(b) | 7,228 | 6,884,670 | ||||||
5.88%, 12/15/27 (Call 12/15/22)(a)(b) | 6,117 | 6,251,880 | ||||||
|
| |||||||
20,749,761 | ||||||||
Trucking & Leasing — 0.2% | ||||||||
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(b)(c) | 5,736 | 5,604,072 | ||||||
Fortress Transportation and Infrastructure Investors LLC | ||||||||
5.50%, 05/01/28 (Call 05/01/24)(a)(b) | 12,391 | 10,656,260 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par/ Shares (000) | Value | ||||||
| ||||||||
Trucking & Leasing (continued) | ||||||||
6.50%, 10/01/25 (Call 05/31/22)(a) | $ | 9,735 | $ | 9,272,587 | ||||
9.75%, 08/01/27 (Call 08/01/23)(a) | 5,062 | 5,169,568 | ||||||
|
| |||||||
30,702,487 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.5% |
| 12,276,190,928 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 27.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(f)(g)(h) | 3,300,704 | 3,300,704,009 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(f)(g) | 149,790 | 149,790,000 | ||||||
|
| |||||||
3,450,494,009 | ||||||||
|
| |||||||
Total Short-Term Investments — 27.4% |
| 3,450,494,009 | ||||||
|
| |||||||
Total Investments in Securities — 124.9% |
| 15,726,684,937 | ||||||
Other Assets, Less Liabilities — (24.9)% |
| (3,133,334,892 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 12,593,350,045 | |||||
|
|
(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) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(d) | Perpetual security with no stated maturity date. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 12,276,190,928 | $ | — | $ | 12,276,190,928 | ||||||||
Money Market Funds | 3,450,494,009 | — | — | 3,450,494,009 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,450,494,009 | $ | 12,276,190,928 | $ | — | $ | 15,726,684,937 | |||||||||
|
|
|
|
|
|
|
|
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes |
| |||||||
Advertising — 0.1% | ||||||||
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)(a) | $ | 8,014 | $ | 6,929,190 | ||||
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26) | 18,845 | 18,636,424 | ||||||
|
| |||||||
25,565,614 | ||||||||
Aerospace & Defense — 2.4% | ||||||||
Boeing Co. (The) | ||||||||
2.20%, 02/04/26 (Call 02/04/23) | 36,125 | 32,977,826 | ||||||
2.70%, 02/01/27 (Call 12/01/26)(a) | 9,643 | 8,874,254 | ||||||
2.75%, 02/01/26 (Call 01/01/26)(a) | 8,468 | 8,001,967 | ||||||
2.95%, 02/01/30 (Call 11/01/29)(a) | 10,737 | 9,307,344 | ||||||
3.20%, 03/01/29 (Call 12/01/28) | 10,461 | 9,338,411 | ||||||
3.25%, 02/01/28 (Call 12/01/27)(a) | 8,833 | 8,156,988 | ||||||
3.25%, 02/01/35 (Call 11/01/34) | 9,584 | 7,686,404 | ||||||
3.60%, 05/01/34 (Call 02/01/34)(a) | 5,960 | 4,993,764 | ||||||
3.63%, 02/01/31 (Call 11/01/30)(a) | 11,416 | 10,305,084 | ||||||
3.75%, 02/01/50 (Call 08/01/49) | 10,182 | 7,790,773 | ||||||
3.90%, 05/01/49 (Call 11/01/48)(a) | 8,308 | 6,555,361 | ||||||
3.95%, 08/01/59 (Call 02/01/59) | 8,878 | 6,633,740 | ||||||
4.88%, 05/01/25 (Call 04/01/25) | 28,032 | 28,380,497 | ||||||
5.04%, 05/01/27 (Call 03/01/27)(a) | 18,036 | 18,244,166 | ||||||
5.15%, 05/01/30 (Call 02/01/30) | 49,426 | 49,163,617 | ||||||
5.71%, 05/01/40 (Call 11/01/39) | 29,600 | 29,634,567 | ||||||
5.81%, 05/01/50 (Call 11/01/49) | 55,665 | 55,755,216 | ||||||
5.93%, 05/01/60 (Call 11/01/59) | 31,155 | 30,940,429 | ||||||
General Dynamics Corp. | ||||||||
3.50%, 05/15/25 (Call 03/15/25) | 6,116 | 6,127,020 | ||||||
3.50%, 04/01/27 (Call 02/01/27) | 8,478 | 8,395,457 | ||||||
3.63%, 04/01/30 (Call 01/01/30)(a) | 10,489 | 10,308,958 | ||||||
3.75%, 05/15/28 (Call 02/15/28) | 9,805 | 9,774,827 | ||||||
4.25%, 04/01/40 (Call 10/01/39) | 6,930 | 6,853,938 | ||||||
4.25%, 04/01/50 (Call 10/01/49)(a) | 7,439 | 7,502,362 | ||||||
L3Harris Technologies Inc. | ||||||||
4.40%, 06/15/28 (Call 03/15/28)(a) | 8,045 | 8,060,060 | ||||||
4.40%, 06/15/28 (Call 03/15/28) | 10,223 | 10,242,136 | ||||||
Lockheed Martin Corp. | ||||||||
2.80%, 06/15/50 (Call 12/15/49)(a) | 7,838 | 6,048,646 | ||||||
3.55%, 01/15/26 (Call 10/15/25)(a) | 17,070 | 17,190,968 | ||||||
3.80%, 03/01/45 (Call 09/01/44)(a) | 10,657 | 9,830,866 | ||||||
3.90%, 06/15/32 | 7,640 | 7,588,009 | ||||||
4.07%, 12/15/42(a) | 11,987 | 11,545,720 | ||||||
4.09%, 09/15/52 (Call 03/15/52) | 15,419 | 14,878,197 | ||||||
4.15%, 06/15/53 | 19,080 | 18,484,544 | ||||||
4.70%, 05/15/46 (Call 11/15/45) | 11,975 | 12,598,747 | ||||||
Northrop Grumman Corp. | ||||||||
3.20%, 02/01/27 (Call 11/01/26)(a) | 7,725 | 7,533,755 | ||||||
3.25%, 01/15/28 (Call 10/15/27)(a) | 19,935 | 19,135,764 | ||||||
4.03%, 10/15/47 (Call 04/15/47) | 22,760 | 20,992,317 | ||||||
4.40%, 05/01/30 (Call 02/01/30)(a) | 9,225 | 9,268,130 | ||||||
4.75%, 06/01/43 | 7,896 | 7,895,713 | ||||||
5.25%, 05/01/50 (Call 11/01/49)(a) | 10,084 | 11,039,715 | ||||||
Raytheon Technologies Corp. | ||||||||
1.90%, 09/01/31 (Call 06/01/31) | 12,769 | 10,616,378 | ||||||
2.25%, 07/01/30 (Call 04/01/30)(a) | 11,128 | 9,661,521 | ||||||
2.38%, 03/15/32 (Call 12/15/31)(a) | 13,361 | 11,484,679 | ||||||
2.82%, 09/01/51 (Call 03/01/51) | 9,395 | 6,954,483 | ||||||
3.03%, 03/15/52 (Call 09/15/51)(a) | 10,874 | 8,433,547 | ||||||
3.13%, 05/04/27 (Call 02/04/27)(a) | 9,562 | 9,292,455 |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) | ||||||||
3.13%, 07/01/50 (Call 01/01/50)(a) | $ | 8,666 | $ | 6,896,697 | ||||
3.50%, 03/15/27 (Call 12/15/26)(a) | 11,565 | 11,423,613 | ||||||
3.75%, 11/01/46 (Call 05/01/46) | 11,849 | 10,496,550 | ||||||
3.95%, 08/16/25 (Call 06/16/25)(a) | 10,023 | 10,130,634 | ||||||
4.13%, 11/16/28 (Call 08/16/28) | 28,136 | 28,142,744 | ||||||
4.15%, 05/15/45 (Call 11/16/44) | 9,749 | 9,101,248 | ||||||
4.35%, 04/15/47 (Call 10/15/46) | 10,860 | 10,474,017 | ||||||
4.45%, 11/16/38 (Call 05/16/38) | 8,796 | 8,762,214 | ||||||
4.50%, 06/01/42(a) | 29,204 | 28,996,660 | ||||||
4.63%, 11/16/48 (Call 05/16/48) | 14,842 | 14,908,250 | ||||||
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31) | 12,302 | 10,655,599 | ||||||
|
| |||||||
780,467,546 | ||||||||
Agriculture — 1.6% | ||||||||
Altria Group Inc. | ||||||||
2.35%, 05/06/25 (Call 04/06/25)(a) | 5,432 | 5,203,745 | ||||||
2.45%, 02/04/32 (Call 11/04/31)(a) | 12,835 | 10,279,038 | ||||||
3.40%, 05/06/30 (Call 02/06/30) | 11,669 | 10,486,615 | ||||||
3.40%, 02/04/41 (Call 08/04/40)(a) | 15,540 | 11,348,696 | ||||||
3.70%, 02/04/51 (Call 08/04/50) | 10,413 | 7,456,693 | ||||||
3.88%, 09/16/46 (Call 03/16/46) | 16,177 | 12,285,670 | ||||||
4.00%, 02/04/61 (Call 08/04/60)(a) | 11,951 | 8,632,218 | ||||||
4.25%, 08/09/42 | 9,349 | 7,546,322 | ||||||
4.40%, 02/14/26 (Call 12/14/25)(a) | 12,235 | 12,390,578 | ||||||
4.80%, 02/14/29 (Call 11/14/28)(a) | 14,941 | 14,805,276 | ||||||
5.38%, 01/31/44(a) | 16,727 | 15,587,095 | ||||||
5.80%, 02/14/39 (Call 08/14/38)(a) | 18,374 | 18,257,257 | ||||||
5.95%, 02/14/49 (Call 08/14/48) | 23,107 | 22,613,324 | ||||||
Archer-Daniels-Midland Co. | ||||||||
2.50%, 08/11/26 (Call 05/11/26)(a) | 7,398 | 7,131,129 | ||||||
2.70%, 09/15/51 (Call 03/15/51) | 9,636 | 7,452,824 | ||||||
2.90%, 03/01/32 (Call 12/01/31) | 1,299 | 1,192,270 | ||||||
3.25%, 03/27/30 (Call 12/27/29)(a) | 9,804 | 9,332,594 | ||||||
BAT Capital Corp. | ||||||||
2.26%, 03/25/28 (Call 01/25/28)(a) | 14,168 | 12,144,642 | ||||||
2.73%, 03/25/31 (Call 12/25/30)(a) | 13,087 | 10,739,847 | ||||||
3.22%, 09/06/26 (Call 07/06/26)(a) | 9,513 | 8,991,193 | ||||||
3.56%, 08/15/27 (Call 05/15/27)(a) | 31,580 | 29,443,711 | ||||||
3.73%, 09/25/40 (Call 03/25/40)(a) | 8,450 | 6,307,941 | ||||||
3.98%, 09/25/50 (Call 03/25/50)(a) | 7,859 | 5,672,970 | ||||||
4.39%, 08/15/37 (Call 02/15/37) | 21,888 | 18,644,487 | ||||||
4.54%, 08/15/47 (Call 02/15/47) | 23,773 | 18,816,907 | ||||||
4.70%, 04/02/27 (Call 02/02/27)(a) | 10,482 | 10,375,665 | ||||||
4.74%, 03/16/32 (Call 12/16/31) | 10,286 | 9,656,588 | ||||||
4.76%, 09/06/49 (Call 03/06/49)(a) | 9,524 | 7,722,955 | ||||||
4.91%, 04/02/30 (Call 01/02/30)(a) | 10,666 | 10,305,956 | ||||||
BAT International Finance PLC | ||||||||
1.67%, 03/25/26 (Call 02/25/26)(a) | 15,407 | 13,834,471 | ||||||
4.45%, 03/16/28 (Call 02/16/28) | 11,440 | 11,010,393 | ||||||
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a) | 10,453 | 9,054,855 | ||||||
Philip Morris International Inc. | ||||||||
0.88%, 05/01/26 (Call 04/01/26) | 8,762 | 7,864,447 | ||||||
1.50%, 05/01/25 (Call 04/01/25)(a) | 4,681 | 4,417,017 | ||||||
1.75%, 11/01/30 (Call 08/01/30)(a) | 8,317 | 6,794,227 | ||||||
2.10%, 05/01/30 (Call 02/01/30)(a) | 6,370 | 5,438,963 | ||||||
2.75%, 02/25/26 (Call 11/25/25)(a) | 8,851 | 8,574,194 | ||||||
3.38%, 08/11/25 (Call 05/11/25) | 7,920 | 7,857,480 | ||||||
3.38%, 08/15/29 (Call 05/15/29)(a) | 9,014 | 8,468,137 | ||||||
3.88%, 08/21/42(a) | 7,446 | 6,233,376 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Agriculture (continued) | ||||||||
4.13%, 03/04/43 | $ | 7,919 | $ | 6,824,837 | ||||
4.25%, 11/10/44(a) | 12,058 | 10,598,489 | ||||||
4.38%, 11/15/41 | 8,052 | 7,221,481 | ||||||
4.88%, 11/15/43(a) | 8,621 | 8,157,114 | ||||||
6.38%, 05/16/38(a) | 13,065 | 14,813,684 | ||||||
Reynolds American Inc. | ||||||||
4.45%, 06/12/25 (Call 03/12/25) | 17,407 | 17,551,851 | ||||||
5.70%, 08/15/35 (Call 02/15/35) | 9,210 | 8,998,514 | ||||||
5.85%, 08/15/45 (Call 02/15/45) | 20,245 | 18,905,113 | ||||||
|
| |||||||
513,442,849 | ||||||||
Airlines — 0.1% | ||||||||
Southwest Airlines Co. | ||||||||
5.13%, 06/15/27 (Call 04/15/27)(a) | 19,402 | 20,150,213 | ||||||
5.25%, 05/04/25 (Call 04/04/25) | 9,365 | 9,670,886 | ||||||
|
| |||||||
29,821,099 | ||||||||
Apparel — 0.2% | ||||||||
NIKE Inc. | ||||||||
2.38%, 11/01/26 (Call 08/01/26)(a) | 10,052 | 9,589,538 | ||||||
2.75%, 03/27/27 (Call 01/27/27)(a) | 11,900 | 11,489,521 | ||||||
2.85%, 03/27/30 (Call 12/27/29)(a) | 14,472 | 13,481,266 | ||||||
3.25%, 03/27/40 (Call 09/27/39)(a) | 9,960 | 8,871,338 | ||||||
3.38%, 03/27/50 (Call 09/27/49) | 14,649 | 12,916,637 | ||||||
3.88%, 11/01/45 (Call 05/01/45) | 7,060 | 6,718,787 | ||||||
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a) | 7,465 | 6,752,804 | ||||||
|
| |||||||
69,819,891 | ||||||||
Auto Manufacturers — 1.4% | ||||||||
American Honda Finance Corp. | ||||||||
1.00%, 09/10/25 | 8,160 | 7,514,205 | ||||||
1.20%, 07/08/25 | 6,473 | 6,022,676 | ||||||
1.30%, 09/09/26(a) | 7,960 | 7,230,593 | ||||||
2.00%, 03/24/28 | 9,208 | 8,318,451 | ||||||
Cummins Inc., 1.50%, 09/01/30 | 6,184 | 5,052,035 | ||||||
Daimler Finance North America LLC, 8.50%, 01/18/31 | 13,705 | 17,660,475 | ||||||
General Motors Co. | ||||||||
4.20%, 10/01/27 (Call 07/01/27)(a) | 10,559 | 10,227,617 | ||||||
5.00%, 10/01/28 (Call 07/01/28)(a) | 8,090 | 8,019,556 | ||||||
5.00%, 04/01/35(a) | 10,010 | 9,461,613 | ||||||
5.15%, 04/01/38 (Call 10/01/37) | 6,967 | 6,531,793 | ||||||
5.20%, 04/01/45 | 12,513 | 11,379,173 | ||||||
5.40%, 04/01/48 (Call 10/01/47)(a) | 9,527 | 8,975,949 | ||||||
5.95%, 04/01/49 (Call 10/01/48) | 7,069 | 7,098,507 | ||||||
6.13%, 10/01/25 (Call 09/01/25) | 18,178 | 19,184,919 | ||||||
6.25%, 10/02/43(a) | 14,724 | 15,230,244 | ||||||
6.60%, 04/01/36 (Call 10/01/35) | 9,390 | 10,119,428 | ||||||
6.75%, 04/01/46 (Call 10/01/45) | 7,797 | 8,421,989 | ||||||
6.80%, 10/01/27 (Call 08/01/27)(a) | 11,212 | 12,077,921 | ||||||
General Motors Financial Co. Inc. | ||||||||
1.25%, 01/08/26 (Call 12/08/25)(a) | 19,664 | 17,577,897 | ||||||
1.50%, 06/10/26 (Call 05/10/26) | 14,332 | 12,705,933 | ||||||
2.35%, 02/26/27 (Call 01/26/27)(a) | 10,547 | 9,491,613 | ||||||
2.35%, 01/08/31 (Call 10/08/30)(a) | 10,876 | 8,800,992 | ||||||
2.40%, 04/10/28 (Call 02/10/28) | 10,791 | 9,402,018 | ||||||
2.40%, 10/15/28 (Call 08/15/28) | 9,233 | 7,912,430 | ||||||
2.70%, 08/20/27 (Call 06/20/27) | 6,931 | 6,248,978 | ||||||
2.70%, 06/10/31 (Call 03/10/31) | 12,109 | 9,984,541 | ||||||
2.75%, 06/20/25 (Call 05/20/25) | 7,655 | 7,331,944 | ||||||
3.10%, 01/12/32 (Call 10/12/31) | 9,598 | 8,096,091 | ||||||
3.60%, 06/21/30 (Call 03/21/30)(a) | 11,627 | 10,481,232 | ||||||
4.00%, 10/06/26 (Call 07/06/26)(a) | 12,399 | 12,115,141 |
Security | Par (000) | Value | ||||||
Auto Manufacturers (continued) | ||||||||
4.30%, 07/13/25 (Call 04/13/25) | $ | 4,642 | $ | 4,647,030 | ||||
4.30%, 04/06/29 (Call 02/06/29) | 1,725 | 1,645,023 | ||||||
4.35%, 01/17/27 (Call 10/17/26) | 10,842 | 10,692,663 | ||||||
5.25%, 03/01/26 (Call 12/01/25) | 14,295 | 14,694,440 | ||||||
Honda Motor Co. Ltd. | ||||||||
2.53%, 03/10/27 (Call 02/10/27) | 2,324 | 2,206,494 | ||||||
2.97%, 03/10/32 (Call 12/10/31)(a) | 11,550 | 10,513,436 | ||||||
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)(a) | 14,568 | 13,408,463 | ||||||
Toyota Motor Credit Corp. | ||||||||
0.80%, 10/16/25(a) | 13,846 | 12,665,100 | ||||||
1.13%, 06/18/26(a) | 9,764 | 8,860,703 | ||||||
1.90%, 01/13/27 | 16,432 | 15,253,372 | ||||||
1.90%, 04/06/28(a) | 5,990 | 5,407,150 | ||||||
2.15%, 02/13/30 | 5,703 | 5,050,138 | ||||||
3.05%, 03/22/27 | 21,217 | 20,615,237 | ||||||
3.20%, 01/11/27(a) | 10,598 | 10,419,746 | ||||||
3.38%, 04/01/30(a) | 7,848 | 7,534,459 | ||||||
|
| |||||||
442,289,408 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51) | 12,024 | 8,233,641 | ||||||
Aptiv PLC/Aptiv Corp. | ||||||||
3.25%, 03/01/32 (Call 12/01/31) | 13,403 | 11,830,581 | ||||||
4.15%, 05/01/52 (Call 11/01/51)(a) | 14,993 | 12,345,406 | ||||||
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27) | 10,990 | 10,202,873 | ||||||
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)(a) | 9,042 | 7,941,642 | ||||||
|
| |||||||
50,554,143 | ||||||||
Banks — 23.5% | ||||||||
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25(a) | 2,204 | 2,226,655 | ||||||
Banco Bilbao Vizcaya Argentaria SA, | 4,205 | 3,824,942 | ||||||
Banco Santander SA | ||||||||
1.72%, 09/14/27 (Call 09/14/26)(b) | 22,292 | 19,632,658 | ||||||
1.85%, 03/25/26(a) | 18,246 | 16,585,375 | ||||||
2.75%, 05/28/25 | 7,883 | 7,532,694 | ||||||
2.75%, 12/03/30(a) | 13,650 | 11,287,377 | ||||||
2.96%, 03/25/31 | 7,511 | 6,476,032 | ||||||
3.31%, 06/27/29 | 8,026 | 7,411,966 | ||||||
3.49%, 05/28/30(a) | 11,152 | 10,158,495 | ||||||
3.80%, 02/23/28 | 12,848 | 12,199,876 | ||||||
4.18%, 03/24/28 (Call 03/24/27)(b) | 15,048 | 14,598,816 | ||||||
4.25%, 04/11/27 | 11,945 | 11,723,486 | ||||||
4.38%, 04/12/28 | 16,395 | 16,014,490 | ||||||
Bank of America Corp. | ||||||||
1.20%, 10/24/26 (Call 10/24/25), | 18,326 | 16,526,894 | ||||||
1.32%, 06/19/26 (Call 06/19/25), | 20,932 | 19,178,104 | ||||||
1.73%, 07/22/27 (Call 07/22/26), | 43,599 | 39,154,400 | ||||||
1.90%, 07/23/31 (Call 07/23/30), | 21,213 | 17,305,288 | ||||||
1.92%, 10/24/31 (Call 10/24/30), | 17,983 | 14,632,271 | ||||||
2.09%, 06/14/29 (Call 06/14/28), | 21,640 | 18,821,143 | ||||||
2.30%, 07/21/32 (Call 07/21/31), | 28,747 | 23,795,947 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.50%, 02/13/31 (Call 02/13/30), | $ | 26,740 | $ | 23,083,912 | ||||
2.55%, 02/04/28 (Call 02/04/27), | 25,235 | 23,270,150 | ||||||
2.57%, 10/20/32 (Call 10/20/31), | 28,076 | 23,726,306 | ||||||
2.59%, 04/29/31 (Call 04/29/30), | 23,145 | 20,056,369 | ||||||
2.68%, 06/19/41 (Call 06/19/40), | 39,987 | 30,012,419 | ||||||
2.69%, 04/22/32 (Call 04/22/31), | 34,772 | 29,866,700 | ||||||
2.83%, 10/24/51 (Call 10/24/50), | 7,410 | 5,357,578 | ||||||
2.88%, 10/22/30 (Call 10/22/29), | 14,472 | 12,929,966 | ||||||
2.97%, 02/04/33 (Call 02/04/32), | 34,906 | 30,343,388 | ||||||
2.97%, 07/21/52 (Call 07/21/51), | 15,801 | 11,726,932 | ||||||
3.19%, 07/23/30 (Call 07/23/29), | 19,507 | 17,830,508 | ||||||
3.25%, 10/21/27 (Call 10/21/26)(a) | 16,866 | 16,029,941 | ||||||
3.31%, 04/22/42 (Call 04/22/41), | 28,053 | 22,944,885 | ||||||
3.42%, 12/20/28 (Call 12/20/27), | 43,102 | 40,775,953 | ||||||
3.50%, 04/19/26(a) | 17,873 | 17,554,321 | ||||||
3.56%, 04/23/27 (Call 04/23/26), | 21,711 | 21,084,355 | ||||||
3.59%, 07/21/28 (Call 07/21/27), | 11,968 | 11,467,320 | ||||||
3.71%, 04/24/28 (Call 04/24/27), | 14,537 | 14,016,958 | ||||||
3.82%, 01/20/28 (Call 01/20/27), | 18,652 | 18,128,088 | ||||||
3.88%, 08/01/25(a) | 12,430 | 12,482,594 | ||||||
3.95%, 01/23/49 (Call 01/23/48), | 8,809 | 7,841,304 | ||||||
3.97%, 03/05/29 (Call 03/05/28), | 16,478 | 15,947,178 | ||||||
3.97%, 02/07/30 (Call 02/07/29), | 21,759 | 20,987,028 | ||||||
4.08%, 04/23/40 (Call 04/23/39), | 12,350 | 11,321,992 | ||||||
4.08%, 03/20/51 (Call 03/20/50), | 43,343 | 39,085,929 | ||||||
4.24%, 04/24/38 (Call 04/24/37), | 16,508 | 15,634,983 | ||||||
4.25%, 10/22/26(a) | 15,131 | 15,110,199 | ||||||
4.27%, 07/23/29 (Call 07/23/28), | 21,483 | 21,106,871 | ||||||
4.33%, 03/15/50 (Call 03/15/49), | 21,952 | 20,674,923 | ||||||
4.38%, 04/27/28 (Call 04/27/27)(b) | 25,695 | 25,647,259 | ||||||
4.44%, 01/20/48 (Call 01/20/47), | 15,972 | 15,308,851 | ||||||
4.45%, 03/03/26(a) | 14,871 | 14,911,851 | ||||||
4.57%, 04/27/33 (Call 04/27/32)(b) | 29,004 | 28,873,224 | ||||||
5.00%, 01/21/44(a) | 16,025 | 16,379,555 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
5.88%, 02/07/42(a) | $ | 12,135 | $ | 13,741,430 | ||||
6.11%, 01/29/37 | 17,470 | 19,258,736 | ||||||
7.75%, 05/14/38(a) | 15,182 | 19,457,248 | ||||||
Series L, 3.95%, 04/21/25 | 6,500 | 6,473,072 | ||||||
Series L, 4.18%, 11/25/27 (Call 11/25/26) | 14,155 | 13,940,876 | ||||||
Series N, 1.66%, 03/11/27 (Call 03/11/26), | 19,888 | 18,026,817 | ||||||
Series N, 2.65%, 03/11/32 (Call 03/11/31), | 16,938 | 14,536,610 | ||||||
Series N, 3.48%, 03/13/52 (Call 03/13/51), | 8,054 | 6,605,410 | ||||||
Bank of America N.A., 6.00%, 10/15/36(a) | 10,602 | 11,937,339 | ||||||
Bank of Montreal | ||||||||
0.95%, 01/22/27 (Call 01/22/26), | 6,976 | 6,261,030 | ||||||
1.25%, 09/15/26 | 19,674 | 17,563,430 | ||||||
1.85%, 05/01/25(a) | 9,272 | 8,784,522 | ||||||
2.65%, 03/08/27 | 8,464 | 7,939,659 | ||||||
Bank of New York Mellon Corp. (The) | ||||||||
2.05%, 01/26/27 (Call 12/26/26)(a) | 12,963 | 12,110,656 | ||||||
2.45%, 08/17/26 (Call 05/17/26)(a) | 8,046 | 7,733,188 | ||||||
2.80%, 05/04/26 (Call 02/04/26)(a) | 6,133 | 5,990,093 | ||||||
3.25%, 05/16/27 (Call 02/16/27) | 6,246 | 6,135,416 | ||||||
3.30%, 08/23/29 (Call 05/23/29) | 9,959 | 9,439,686 | ||||||
3.40%, 01/29/28 (Call 10/29/27)(a) | 11,062 | 10,836,647 | ||||||
3.85%, 04/28/28(a) | 9,757 | 9,764,410 | ||||||
Bank of Nova Scotia (The) | ||||||||
1.05%, 03/02/26 | 13,635 | 12,241,619 | ||||||
1.30%, 06/11/25(a) | 6,593 | 6,111,780 | ||||||
1.30%, 09/15/26(a) | 11,478 | 10,263,896 | ||||||
1.35%, 06/24/26(a) | 11,903 | 10,725,045 | ||||||
1.95%, 02/02/27 | 13,037 | 11,878,923 | ||||||
2.45%, 02/02/32 | 9,892 | 8,390,319 | ||||||
2.70%, 08/03/26(a) | 14,226 | 13,544,822 | ||||||
4.50%, 12/16/25(a) | 12,563 | 12,675,860 | ||||||
Barclays PLC | ||||||||
2.28%, 11/24/27 (Call 11/24/26)(b) | 19,909 | 17,933,822 | ||||||
2.65%, 06/24/31 (Call 06/24/30), | 11,685 | 9,848,831 | ||||||
2.67%, 03/10/32 (Call 03/10/31)(b) | 8,619 | 7,190,133 | ||||||
2.85%, 05/07/26 (Call 05/07/25), | 21,309 | 20,376,966 | ||||||
2.89%, 11/24/32 (Call 11/24/31)(a)(b) | 15,799 | 13,214,201 | ||||||
3.33%, 11/24/42 (Call 11/24/41)(b) | 13,487 | 10,412,661 | ||||||
4.34%, 01/10/28 (Call 01/10/27)(a) | 14,567 | 14,209,610 | ||||||
4.38%, 01/12/26 | 25,198 | 25,134,662 | ||||||
4.84%, 05/09/28 (Call 05/07/27)(a) | 16,610 | 16,404,546 | ||||||
4.95%, 01/10/47(a) | 15,299 | 14,993,767 | ||||||
4.97%, 05/16/29 (Call 05/16/28), | 12,623 | 12,692,392 | ||||||
5.20%, 05/12/26 | 18,896 | 19,163,603 | ||||||
5.25%, 08/17/45(a) | 11,573 | 11,627,069 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
1.25%, 06/22/26 | 12,544 | 11,204,145 | ||||||
3.45%, 04/07/27 | 4,831 | 4,674,933 | ||||||
3.60%, 04/07/32 (Call 03/07/32) | 2,433 | 2,253,469 | ||||||
Citigroup Inc. | ||||||||
1.12%, 01/28/27 (Call 01/28/26), | 23,518 | 20,982,969 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
1.46%, 06/09/27 (Call 06/09/26), | $ | 25,739 | $ | 22,912,981 | ||||
2.52%, 11/03/32 (Call 11/03/31), | 14,916 | 12,476,242 | ||||||
2.56%, 05/01/32 (Call 05/01/31), | 30,065 | 25,396,188 | ||||||
2.57%, 06/03/31 (Call 06/03/30), | 29,912 | 25,656,174 | ||||||
2.67%, 01/29/31 (Call 01/29/30), | 22,170 | 19,308,381 | ||||||
2.90%, 11/03/42 (Call 11/03/41), | 8,567 | 6,535,524 | ||||||
2.98%, 11/05/30 (Call 11/05/29), | 21,982 | 19,625,738 | ||||||
3.06%, 01/25/33 (Call 01/25/32), | 27,558 | 24,011,600 | ||||||
3.07%, 02/24/28 (Call 02/24/27), | 12,089 | 11,372,290 | ||||||
3.20%, 10/21/26 (Call 07/21/26) | 28,679 | 27,559,937 | ||||||
3.40%, 05/01/26(a) | 20,001 | 19,493,133 | ||||||
3.52%, 10/27/28 (Call 10/27/27), | 21,191 | 20,140,513 | ||||||
3.67%, 07/24/28 (Call 07/24/27), | 23,132 | 22,260,567 | ||||||
3.70%, 01/12/26(a) | 19,326 | 19,101,221 | ||||||
3.79%, 03/17/33 (Call 03/17/32)(b) | 28,726 | 26,588,659 | ||||||
3.88%, 01/24/39 (Call 01/24/38), | 12,967 | 11,788,900 | ||||||
3.89%, 01/10/28 (Call 01/10/27), | 24,638 | 24,028,335 | ||||||
3.98%, 03/20/30 (Call 03/20/29), | 19,864 | 19,026,818 | ||||||
4.08%, 04/23/29 (Call 04/23/28), | 18,199 | 17,677,093 | ||||||
4.13%, 07/25/28(a) | 16,618 | 16,126,086 | ||||||
4.28%, 04/24/48 (Call 04/24/47), | 9,938 | 9,360,697 | ||||||
4.30%, 11/20/26(a) | 8,907 | 8,883,341 | ||||||
4.40%, 06/10/25 | 17,428 | 17,544,471 | ||||||
4.41%, 03/31/31 (Call 03/31/30), | 33,772 | 33,003,417 | ||||||
4.45%, 09/29/27 | 34,655 | 34,437,679 | ||||||
4.60%, 03/09/26(a) | 12,195 | 12,279,237 | ||||||
4.65%, 07/30/45 | 10,891 | 10,580,183 | ||||||
4.65%, 07/23/48 (Call 06/23/48)(a) | 23,891 | 23,639,480 | ||||||
4.75%, 05/18/46(a) | 20,271 | 19,304,193 | ||||||
5.30%, 05/06/44 | 7,441 | 7,542,268 | ||||||
5.32%, 03/26/41 (Call 03/26/40), | 12,516 | 13,225,572 | ||||||
5.50%, 09/13/25(a) | 11,308 | 11,781,345 | ||||||
5.88%, 01/30/42 | 9,924 | 11,121,071 | ||||||
6.63%, 06/15/32(a) | 12,169 | 13,704,353 | ||||||
6.68%, 09/13/43(a) | 7,921 | 9,393,405 | ||||||
8.13%, 07/15/39(a) | 19,621 | 27,123,835 | ||||||
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30) | 7,793 | 7,135,081 | ||||||
Cooperatieve Rabobank U.A. | ||||||||
3.75%, 07/21/26(a) | 20,598 | 20,010,562 | ||||||
4.38%, 08/04/25(a) | 8,822 | 8,842,043 | ||||||
5.25%, 08/04/45(a) | 10,976 | 11,403,202 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
5.75%, 12/01/43(a) | $ | 13,394 | $ | 14,801,033 | ||||
Cooperatieve Rabobank U.A./New York | ||||||||
3.38%, 05/21/25 | 5,442 | 5,408,062 | ||||||
5.25%, 05/24/41(a) | 13,292 | 15,115,265 | ||||||
Credit Suisse AG/New York NY, 1.25%, 08/07/26 | 25,243 | 22,336,465 | ||||||
Credit Suisse Group AG | ||||||||
4.55%, 04/17/26 | 28,763 | 28,671,959 | ||||||
4.88%, 05/15/45(a) | 15,550 | 14,545,999 | ||||||
Deutsche Bank AG/New York NY | ||||||||
1.69%, 03/19/26(a) | 10,718 | 9,768,055 | ||||||
2.13%, 11/24/26 (Call 11/24/25), | 17,496 | 15,849,990 | ||||||
2.31%, 11/16/27 (Call 11/16/26), | 21,597 | 19,098,951 | ||||||
2.55%, 01/07/28 (Call 01/07/27), | 21,661 | 19,318,579 | ||||||
3.04%, 05/28/32 (Call 05/28/31), | 11,260 | 9,416,171 | ||||||
3.55%, 09/18/31 (Call 09/18/30), | 17,661 | 15,575,236 | ||||||
Discover Bank | ||||||||
3.45%, 07/27/26 (Call 04/27/26) | 16,383 | 15,914,309 | ||||||
4.65%, 09/13/28 (Call 06/13/28)(a) | 13,688 | 13,697,417 | ||||||
Fifth Third Bancorp. | ||||||||
2.55%, 05/05/27 (Call 04/05/27) | 8,491 | 7,948,916 | ||||||
8.25%, 03/01/38(a) | 10,388 | 14,300,222 | ||||||
Fifth Third Bank NA | ||||||||
3.85%, 03/15/26 (Call 02/15/26) | 12,109 | 12,041,094 | ||||||
3.95%, 07/28/25 (Call 06/28/25)(a) | 5,405 | 5,466,814 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
1.09%, 12/09/26 (Call 12/09/25), | 18,279 | 16,480,301 | ||||||
1.43%, 03/09/27 (Call 03/09/26), | 26,017 | 23,250,662 | ||||||
1.54%, 09/10/27 (Call 09/10/26), | 24,600 | 21,767,716 | ||||||
1.95%, 10/21/27 (Call 10/21/26), | 38,758 | 34,708,936 | ||||||
1.99%, 01/27/32 (Call 01/27/31), | 22,094 | 17,879,346 | ||||||
2.38%, 07/21/32 (Call 07/21/31), | 38,719 | 32,015,583 | ||||||
2.60%, 02/07/30 (Call 11/07/29)(a) | 18,210 | 15,797,812 | ||||||
2.62%, 04/22/32 (Call 04/22/31), | 36,708 | 31,113,583 | ||||||
2.64%, 02/24/28 (Call 02/24/27), | 27,965 | 25,734,148 | ||||||
2.65%, 10/21/32 (Call 10/21/31), | 30,509 | 25,739,845 | ||||||
2.91%, 07/21/42 (Call 07/21/41), | 15,839 | 12,172,748 | ||||||
3.10%, 02/24/33 (Call 02/24/32), | 38,566 | 33,679,414 | ||||||
3.21%, 04/22/42 (Call 04/22/41), | 23,306 | 18,820,054 | ||||||
3.44%, 02/24/43 (Call 02/24/42), | 17,922 | 14,824,933 | ||||||
3.50%, 11/16/26 (Call 11/16/25)(a) | 24,931 | 24,358,664 | ||||||
3.62%, 03/15/28 (Call 03/15/27), | 13,873 | 13,329,719 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.69%, 06/05/28 (Call 06/05/27), | $ | 20,051 | $ | 19,222,076 | ||||
3.75%, 05/22/25 (Call 02/22/25)(a) | 15,729 | 15,645,680 | ||||||
3.75%, 02/25/26 (Call 11/25/25)(a) | 15,484 | 15,365,419 | ||||||
3.80%, 03/15/30 (Call 12/15/29)(a) | 25,040 | 23,673,294 | ||||||
3.81%, 04/23/29 (Call 04/23/28), | 21,561 | 20,688,353 | ||||||
3.85%, 01/26/27 (Call 01/26/26) | 26,840 | 26,236,639 | ||||||
4.02%, 10/31/38 (Call 10/31/37), | 23,242 | 21,321,025 | ||||||
4.22%, 05/01/29 (Call 05/01/28), | 31,318 | 30,645,624 | ||||||
4.25%, 10/21/25(a) | 16,230 | 16,242,012 | ||||||
4.41%, 04/23/39 (Call 04/23/38), | 14,529 | 13,863,411 | ||||||
4.75%, 10/21/45 (Call 04/21/45) | 15,141 | 15,021,073 | ||||||
4.80%, 07/08/44 (Call 01/08/44) | 17,493 | 17,441,814 | ||||||
5.15%, 05/22/45(a) | 19,910 | 19,957,438 | ||||||
5.95%, 01/15/27(a) | 9,338 | 9,926,179 | ||||||
6.13%, 02/15/33(a) | 12,923 | 14,405,861 | ||||||
6.25%, 02/01/41(a) | 25,265 | 29,384,708 | ||||||
6.75%, 10/01/37 | 53,165 | 61,349,443 | ||||||
HSBC Holdings PLC | ||||||||
1.00%, 08/17/29 (Call 08/17/28), | 16,442 | 14,111,749 | ||||||
1.59%, 05/24/27 (Call 05/24/26), | 24,002 | 21,331,033 | ||||||
2.01%, 09/22/28 (Call 09/22/27), | 14,345 | 12,512,593 | ||||||
2.10%, 06/04/26 (Call 06/04/25), | 16,849 | 15,752,737 | ||||||
2.25%, 11/22/27 (Call 11/22/26), | 19,322 | 17,445,055 | ||||||
2.36%, 08/18/31 (Call 08/18/30), | 12,754 | 10,547,901 | ||||||
2.80%, 05/24/32 (Call 05/24/31), | 28,348 | 23,632,543 | ||||||
2.85%, 06/04/31 (Call 06/04/30), | 11,366 | 9,829,936 | ||||||
2.87%, 11/22/32 (Call 11/22/31), | 19,280 | 16,076,695 | ||||||
3.90%, 05/25/26 | 20,553 | 20,255,580 | ||||||
3.97%, 05/22/30 (Call 05/22/29), | 26,456 | 24,946,146 | ||||||
4.04%, 03/13/28 (Call 03/13/27), | 21,531 | 20,821,095 | ||||||
4.25%, 08/18/25(a) | 10,618 | 10,588,085 | ||||||
4.29%, 09/12/26 (Call 09/12/25), | 23,938 | 23,747,999 | ||||||
4.30%, 03/08/26 | 25,933 | 25,982,340 | ||||||
4.38%, 11/23/26 | 14,046 | 13,926,388 | ||||||
4.58%, 06/19/29 (Call 06/19/28), | 26,107 | 25,666,293 | ||||||
4.76%, 03/29/33 (Call 03/29/32)(b) | 14,905 | 14,092,610 | ||||||
4.95%, 03/31/30(a) | 21,801 | 21,946,310 | ||||||
5.25%, 03/14/44(a) | 10,612 | 10,331,659 | ||||||
6.10%, 01/14/42(a) | 6,832 | 7,720,937 | ||||||
6.50%, 05/02/36(a) | 23,756 | 26,209,726 | ||||||
6.50%, 09/15/37(a) | 27,521 | 30,704,192 | ||||||
6.80%, 06/01/38(a) | 14,078 | 15,815,238 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29) | $ | 7,234 | $ | 6,438,695 | ||||
ING Groep NV | ||||||||
1.73%, 04/01/27 (Call 04/01/26), | 20,574 | 18,548,284 | ||||||
2.73%, 04/01/32 (Call 04/01/31), | 13,392 | 11,422,702 | ||||||
3.95%, 03/29/27(a) | 15,943 | 15,569,837 | ||||||
4.02%, 03/28/28 (Call 03/28/27)(a)(b) | 6,195 | 6,012,929 | ||||||
4.05%, 04/09/29(a) | 5,654 | 5,441,092 | ||||||
4.25%, 03/28/33 (Call 03/28/32)(b) | 12,817 | 12,219,600 | ||||||
4.55%, 10/02/28 | 11,992 | 11,914,002 | ||||||
JPMorgan Chase & Co. | ||||||||
1.04%, 02/04/27 (Call 02/04/26), | 17,158 | 15,284,820 | ||||||
1.05%, 11/19/26 (Call 11/19/25), | 22,839 | 20,494,405 | ||||||
1.47%, 09/22/27 (Call 09/22/26), | 22,415 | 19,898,038 | ||||||
1.58%, 04/22/27 (Call 04/22/26), | 29,497 | 26,645,817 | ||||||
1.76%, 11/19/31 (Call 11/19/30), | 11,267 | 9,106,210 | ||||||
1.95%, 02/04/32 (Call 02/04/31), | 27,328 | 22,280,089 | ||||||
2.07%, 06/01/29 (Call 06/01/28), | 15,288 | 13,368,667 | ||||||
2.18%, 06/01/28 (Call 06/01/27), | 12,105 | 10,895,514 | ||||||
2.52%, 04/22/31 (Call 04/22/30), | 25,553 | 22,181,077 | ||||||
2.53%, 11/19/41 (Call 11/19/40), | 14,069 | 10,332,441 | ||||||
2.55%, 11/08/32 (Call 11/08/31), | 31,469 | 26,747,136 | ||||||
2.58%, 04/22/32 (Call 04/22/31), | 33,696 | 28,904,874 | ||||||
2.74%, 10/15/30 (Call 10/15/29), | 31,527 | 28,026,406 | ||||||
2.95%, 10/01/26 (Call 07/01/26) | 26,714 | 25,610,338 | ||||||
2.95%, 02/24/28 (Call 02/24/27), | 17,571 | 16,536,263 | ||||||
2.96%, 01/25/33 (Call 01/25/32), | 36,818 | 32,455,741 | ||||||
3.11%, 04/22/41 (Call 04/22/40), | 13,148 | 10,582,938 | ||||||
3.11%, 04/22/51 (Call 04/22/50), | 20,457 | 15,703,532 | ||||||
3.16%, 04/22/42 (Call 04/22/41), | 21,549 | 17,459,534 | ||||||
3.20%, 06/15/26 (Call 03/15/26)(a) | 16,476 | 16,059,454 | ||||||
3.30%, 04/01/26 (Call 01/01/26)(a) | 21,281 | 20,756,260 | ||||||
3.33%, 04/22/52 (Call 04/22/51), | 31,064 | 24,810,248 | ||||||
3.51%, 01/23/29 (Call 01/23/28), | 18,849 | 17,935,206 | ||||||
3.54%, 05/01/28 (Call 05/01/27), | 19,723 | 18,945,784 | ||||||
3.63%, 12/01/27 (Call 12/01/26)(a) | 9,051 | 8,731,902 | ||||||
3.70%, 05/06/30 (Call 05/06/29), | 21,324 | 20,292,447 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.78%, 02/01/28 (Call 02/01/27), | $ | 23,404 | $ | 22,715,157 | ||||
3.88%, 07/24/38 (Call 07/24/37), | 22,442 | 20,547,866 | ||||||
3.90%, 07/15/25 (Call 04/15/25)(a) | 18,353 | 18,435,609 | ||||||
3.90%, 01/23/49 (Call 01/23/48), | 18,551 | 16,364,396 | ||||||
3.96%, 01/29/27 (Call 01/29/26), | 17,250 | 17,080,824 | ||||||
3.96%, 11/15/48 (Call 11/15/47), | 33,003 | 29,310,050 | ||||||
4.01%, 04/23/29 (Call 04/23/28), | 19,381 | 18,914,569 | ||||||
4.03%, 07/24/48 (Call 07/24/47), | 14,166 | 12,740,007 | ||||||
4.13%, 12/15/26 | 17,352 | 17,173,387 | ||||||
4.20%, 07/23/29 (Call 07/23/28), | 18,926 | 18,598,442 | ||||||
4.25%, 10/01/27(a) | 16,042 | 15,945,955 | ||||||
4.26%, 02/22/48 (Call 02/22/47), | 18,560 | 17,394,595 | ||||||
4.32%, 04/26/28 (Call 04/26/27), | 36,320 | 36,182,729 | ||||||
4.45%, 12/05/29 (Call 12/05/28), | 20,507 | 20,362,996 | ||||||
4.49%, 03/24/31 (Call 03/24/30), | 26,227 | 26,146,795 | ||||||
4.59%, 04/26/33 (Call 04/26/32)(b) | 17,026 | 17,101,970 | ||||||
4.85%, 02/01/44(a) | 8,381 | 8,498,150 | ||||||
4.95%, 06/01/45(a) | 15,453 | 15,478,698 | ||||||
5.40%, 01/06/42 | 10,612 | 11,423,028 | ||||||
5.50%, 10/15/40(a) | 13,828 | 15,005,196 | ||||||
5.60%, 07/15/41(a) | 14,687 | 16,068,308 | ||||||
5.63%, 08/16/43(a) | 10,658 | 11,589,442 | ||||||
6.40%, 05/15/38(a) | 23,127 | 27,387,074 | ||||||
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25(a) | 2,525 | 2,506,108 | ||||||
KeyCorp. | ||||||||
2.25%, 04/06/27(a) | 14,261 | 13,144,093 | ||||||
2.55%, 10/01/29(a) | 7,380 | 6,593,945 | ||||||
4.10%, 04/30/28 | 9,834 | 9,738,554 | ||||||
Lloyds Banking Group PLC | ||||||||
1.63%, 05/11/27 (Call 05/11/26)(b) | 13,593 | 12,172,972 | ||||||
3.57%, 11/07/28 (Call 11/07/27), | 14,773 | 14,039,837 | ||||||
3.75%, 01/11/27 | 13,332 | 12,971,949 | ||||||
3.75%, 03/18/28 (Call 03/18/27)(a)(b) | 13,777 | 13,281,962 | ||||||
4.34%, 01/09/48(a) | 15,161 | 13,089,089 | ||||||
4.38%, 03/22/28 | 15,257 | 15,053,675 | ||||||
4.45%, 05/08/25 | 9,998 | 10,130,258 | ||||||
4.55%, 08/16/28 | 11,036 | 11,005,738 | ||||||
4.58%, 12/10/25 | 20,452 | 20,453,704 | ||||||
4.65%, 03/24/26 | 18,280 | 18,239,184 | ||||||
5.30%, 12/01/45(a) | 6,856 | 6,751,977 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
1.41%, 07/17/25 | 12,546 | 11,574,945 | ||||||
1.54%, 07/20/27 (Call 07/20/26)(b) | 16,276 | 14,565,422 | ||||||
1.64%, 10/13/27 (Call 10/13/26)(b) | 16,230 | 14,464,905 | ||||||
2.05%, 07/17/30(a) | 15,957 | 13,295,979 | ||||||
2.31%, 07/20/32 (Call 07/20/31)(b) | 19,856 | 16,555,699 | ||||||
2.34%, 01/19/28 (Call 01/19/27)(b) | 9,803 | 8,976,279 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.49%, 10/13/32 (Call 10/13/31)(b) | $ | 10,860 | $ | 9,126,797 | ||||
2.56%, 02/25/30(a) | 14,906 | 13,023,068 | ||||||
2.76%, 09/13/26(a) | 10,165 | 9,616,097 | ||||||
2.85%, 01/19/33 (Call 01/19/32)(b) | 14,546 | 12,598,443 | ||||||
3.20%, 07/18/29 | 21,090 | 19,411,164 | ||||||
3.29%, 07/25/27(a) | 5,540 | 5,295,390 | ||||||
3.68%, 02/22/27(a) | 8,383 | 8,217,169 | ||||||
3.74%, 03/07/29 | 14,101 | 13,531,190 | ||||||
3.75%, 07/18/39(a) | 9,299 | 8,457,318 | ||||||
3.85%, 03/01/26(a) | 22,294 | 22,096,941 | ||||||
3.96%, 03/02/28(a) | 10,335 | 10,121,791 | ||||||
4.05%, 09/11/28(a) | 8,545 | 8,328,437 | ||||||
4.08%, 04/19/28 (Call 04/19/27)(b) | 7,075 | 6,979,878 | ||||||
Mizuho Financial Group Inc. | ||||||||
1.23%, 05/22/27 (Call 05/22/26)(b) | 16,085 | 14,219,000 | ||||||
1.55%, 07/09/27 (Call 07/09/26)(b) | 17,860 | 15,936,453 | ||||||
1.98%, 09/08/31 (Call 09/08/30), | 9,054 | 7,403,452 | ||||||
2.20%, 07/10/31 (Call 07/10/30), | 14,646 | 12,169,703 | ||||||
2.23%, 05/25/26 (Call 05/25/25), | 8,265 | 7,814,929 | ||||||
2.56%, 09/13/31(a) | 10,845 | 8,978,977 | ||||||
2.84%, 09/13/26(a) | 8,762 | 8,274,778 | ||||||
3.15%, 07/16/30 (Call 07/16/29), | 9,549 | 8,753,972 | ||||||
3.17%, 09/11/27(a) | 7,344 | 6,942,464 | ||||||
4.02%, 03/05/28 | 9,449 | 9,316,519 | ||||||
4.25%, 09/11/29 (Call 09/11/28), | 8,472 | 8,333,587 | ||||||
Morgan Stanley | ||||||||
0.99%, 12/10/26 (Call 12/10/25), | 24,695 | 22,043,357 | ||||||
1.51%, 07/20/27 (Call 07/20/26), | 29,727 | 26,505,357 | ||||||
1.59%, 05/04/27 (Call 05/04/26), | 33,018 | 29,695,412 | ||||||
1.79%, 02/13/32 (Call 02/13/31), | 23,853 | 19,097,940 | ||||||
1.93%, 04/28/32 (Call 04/28/31), | 24,955 | 20,117,431 | ||||||
2.24%, 07/21/32 (Call 07/21/31), | 34,367 | 28,387,981 | ||||||
2.48%, 01/21/28 (Call 01/21/27), | 19,019 | 17,502,210 | ||||||
2.51%, 10/20/32 (Call 10/20/31), | 25,349 | 21,327,708 | ||||||
2.70%, 01/22/31 (Call 01/22/30), | 32,422 | 28,539,404 | ||||||
2.80%, 01/25/52 (Call 01/25/51), | 20,349 | 14,833,798 | ||||||
2.94%, 01/21/33 (Call 01/21/32), | 28,905 | 25,175,449 | ||||||
3.13%, 07/27/26(a) | 29,547 | 28,292,659 | ||||||
3.22%, 04/22/42 (Call 04/22/41), | 20,857 | 16,961,081 | ||||||
3.59%, 07/22/28 (Call 07/22/27), | 26,133 | 25,072,884 | ||||||
3.62%, 04/01/31 (Call 04/01/30), | 26,766 | 25,120,927 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.63%, 01/20/27(a) | $ | 28,877 | $ | 28,129,366 | ||||
3.77%, 01/24/29 (Call 01/24/28), | 24,057 | 23,203,306 | ||||||
3.88%, 01/27/26(a) | 27,389 | 27,154,893 | ||||||
3.95%, 04/23/27 | 18,807 | 18,443,113 | ||||||
3.97%, 07/22/38 (Call 07/22/37), | 19,534 | 18,049,637 | ||||||
4.00%, 07/23/25 | 22,931 | 22,951,248 | ||||||
4.21%, 04/20/28 (Call 04/20/27), | 11,592 | 11,498,822 | ||||||
4.30%, 01/27/45(a) | 22,550 | 21,182,782 | ||||||
4.35%, 09/08/26 | 19,668 | 19,704,319 | ||||||
4.38%, 01/22/47 | 22,958 | 22,038,984 | ||||||
4.43%, 01/23/30 (Call 01/23/29), | 26,706 | 26,506,471 | ||||||
4.46%, 04/22/39 (Call 04/22/38), | 8,827 | 8,598,796 | ||||||
5.00%, 11/24/25(a) | 18,870 | 19,353,876 | ||||||
5.30%, 04/20/37 | 10,277 | 10,261,059 | ||||||
5.60%, 03/24/51 (Call 03/24/50), | 17,909 | 20,329,156 | ||||||
6.38%, 07/24/42 | 16,521 | 19,868,488 | ||||||
7.25%, 04/01/32 | 9,913 | 11,899,560 | ||||||
National Australia Bank Ltd./New York | ||||||||
2.50%, 07/12/26(a) | 9,527 | 9,086,987 | ||||||
3.38%, 01/14/26(a) | 2,473 | 2,453,876 | ||||||
Natwest Group PLC | ||||||||
1.64%, 06/14/27 (Call 06/14/26)(a)(b) | 16,775 | 14,906,636 | ||||||
3.07%, 05/22/28 (Call 05/22/27)(a)(b) | 8,369 | 7,757,934 | ||||||
4.45%, 05/08/30 (Call 05/08/29), | 13,861 | 13,471,036 | ||||||
4.80%, 04/05/26 | 17,566 | 17,737,593 | ||||||
4.89%, 05/18/29 (Call 05/18/28), | 17,148 | 17,012,605 | ||||||
5.08%, 01/27/30 (Call 01/27/29), | 20,053 | 20,335,471 | ||||||
Northern Trust Corp. | ||||||||
1.95%, 05/01/30 (Call 02/01/30)(a) | 7,432 | 6,478,565 | ||||||
3.95%, 10/30/25(a) | 5,803 | 5,882,677 | ||||||
PNC Bank N.A. | ||||||||
2.70%, 10/22/29(a) | 14,080 | 12,679,537 | ||||||
3.10%, 10/25/27 (Call 09/25/27)(a) | 9,116 | 8,842,060 | ||||||
3.25%, 06/01/25 (Call 05/02/25)(a) | 4,997 | 4,965,589 | ||||||
4.05%, 07/26/28 | 10,296 | 10,195,792 | ||||||
PNC Financial Services Group Inc. (The) | ||||||||
2.31%, 04/23/32 (Call 04/23/31), | 7,152 | 6,143,640 | ||||||
2.55%, 01/22/30 (Call 10/24/29)(a) | 20,482 | 18,280,603 | ||||||
2.60%, 07/23/26 (Call 05/23/26)(a) | 10,312 | 9,892,366 | ||||||
3.15%, 05/19/27 (Call 04/19/27)(a) | 10,821 | 10,532,007 | ||||||
3.45%, 04/23/29 (Call 01/23/29)(a) | 24,237 | 23,353,617 | ||||||
Royal Bank of Canada | ||||||||
0.88%, 01/20/26(a) | 21,927 | 19,677,193 | ||||||
1.15%, 06/10/25 | 9,212 | 8,509,918 | ||||||
1.15%, 07/14/26 | 15,731 | 14,092,940 | ||||||
1.20%, 04/27/26 | 24,685 | 22,240,138 | ||||||
1.40%, 11/02/26 | 14,826 | 13,313,002 | ||||||
2.30%, 11/03/31(a) | 14,109 | 12,019,824 | ||||||
3.63%, 05/04/27(a) | 5,213 | 5,117,535 | ||||||
3.88%, 05/04/32 | 4,381 | 4,212,917 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.65%, 01/27/26(a) | $ | 15,239 | $ | 15,547,280 | ||||
Santander Holdings USA Inc. | ||||||||
2.49%, 01/06/28 (Call 01/06/27), | 12,774 | 11,589,978 | ||||||
3.24%, 10/05/26 (Call 08/05/26)(a) | 11,202 | 10,663,483 | ||||||
3.45%, 06/02/25 (Call 05/02/25)(a) | 6,077 | 5,964,619 | ||||||
4.40%, 07/13/27 (Call 04/14/27) | 16,456 | 16,196,043 | ||||||
4.50%, 07/17/25 (Call 04/17/25) | 7,929 | 7,991,461 | ||||||
Santander UK Group Holdings PLC | ||||||||
1.53%, 08/21/26 (Call 08/21/25)(a)(b) | 11,466 | 10,424,224 | ||||||
1.67%, 06/14/27 (Call 06/14/26), | 13,252 | 11,773,008 | ||||||
2.47%, 01/11/28 (Call 01/11/27), | 12,647 | 11,422,265 | ||||||
3.82%, 11/03/28 (Call 11/03/27), | 5,849 | 5,561,654 | ||||||
State Street Corp. | ||||||||
2.20%, 03/03/31(a) | 9,311 | 7,902,123 | ||||||
2.40%, 01/24/30(a) | 6,243 | 5,610,174 | ||||||
2.65%, 05/19/26(a) | 8,892 | 8,619,660 | ||||||
3.55%, 08/18/25(a) | 9,670 | 9,684,454 | ||||||
Sumitomo Mitsui Financial Group Inc. | ||||||||
0.95%, 01/12/26(a) | 13,168 | 11,792,992 | ||||||
1.40%, 09/17/26 | 16,861 | 15,020,367 | ||||||
1.47%, 07/08/25 | 17,284 | 16,013,507 | ||||||
1.90%, 09/17/28 | 20,223 | 17,308,194 | ||||||
2.13%, 07/08/30 | 15,096 | 12,694,676 | ||||||
2.14%, 09/23/30 | 9,818 | 8,042,070 | ||||||
2.22%, 09/17/31 | 9,912 | 8,209,580 | ||||||
2.63%, 07/14/26 | 23,658 | 22,332,485 | ||||||
2.75%, 01/15/30(a) | 12,967 | 11,476,537 | ||||||
2.93%, 09/17/41(a) | 9,342 | 7,280,354 | ||||||
3.01%, 10/19/26(a) | 15,386 | 14,684,303 | ||||||
3.04%, 07/16/29 | 23,842 | 21,686,683 | ||||||
3.35%, 10/18/27(a) | 6,922 | 6,633,048 | ||||||
3.36%, 07/12/27(a) | 14,126 | 13,623,521 | ||||||
3.45%, 01/11/27 | 11,203 | 10,838,886 | ||||||
3.54%, 01/17/28 | 6,911 | 6,628,523 | ||||||
3.78%, 03/09/26(a) | 14,949 | 14,755,523 | ||||||
3.94%, 07/19/28(a) | 9,806 | 9,566,418 | ||||||
Toronto-Dominion Bank (The) | ||||||||
0.75%, 09/11/25(a) | 10,835 | 9,855,646 | ||||||
0.75%, 01/06/26(a) | 14,808 | 13,295,543 | ||||||
1.15%, 06/12/25 | 7,826 | 7,265,075 | ||||||
1.20%, 06/03/26 | 13,468 | 12,123,364 | ||||||
1.25%, 09/10/26 | 19,042 | 17,066,493 | ||||||
1.95%, 01/12/27(a) | 16,534 | 15,168,495 | ||||||
2.00%, 09/10/31 | 3,039 | 2,526,973 | ||||||
2.80%, 03/10/27(a) | 17,716 | 16,833,807 | ||||||
3.20%, 03/10/32 | 17,643 | 16,082,505 | ||||||
Truist Bank | ||||||||
2.25%, 03/11/30 (Call 12/11/29)(a) | 16,046 | 13,907,853 | ||||||
3.30%, 05/15/26 (Call 04/15/26)(a) | 17,618 | 17,283,443 | ||||||
3.63%, 09/16/25 (Call 08/16/25) | 10,528 | 10,504,759 | ||||||
3.80%, 10/30/26 (Call 09/30/26) | 12,338 | 12,238,896 | ||||||
Truist Financial Corp. | ||||||||
1.13%, 08/03/27 (Call 06/03/27)(a) | 11,105 | 9,649,608 | ||||||
1.20%, 08/05/25 (Call 07/03/25) | 11,282 | 10,453,447 | ||||||
1.27%, 03/02/27 (Call 03/02/26), | 16,795 | 15,262,957 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
1.89%, 06/07/29 (Call 06/07/28), | $ | 7,500 | $ | 6,584,186 | ||||
1.95%, 06/05/30 (Call 03/05/30)(a) | 7,356 | 6,313,367 | ||||||
3.70%, 06/05/25 (Call 05/05/25)(a) | 8,607 | 8,628,074 | ||||||
4.00%, 05/01/25 (Call 03/01/25) | 5,445 | 5,502,472 | ||||||
U.S. Bancorp. | ||||||||
1.38%, 07/22/30 (Call 04/22/30) | 14,367 | 11,720,808 | ||||||
1.45%, 05/12/25 (Call 04/11/25) | 7,747 | 7,303,619 | ||||||
2.22%, 01/27/28 (Call 01/27/27), | 18,759 | 17,408,204 | ||||||
2.68%, 01/27/33 (Call 01/27/32), | 20,018 | 17,722,870 | ||||||
3.00%, 07/30/29 (Call 04/30/29) | 7,472 | 6,959,400 | ||||||
3.10%, 04/27/26 (Call 03/27/26)(a) | 12,751 | 12,481,942 | ||||||
3.90%, 04/26/28 (Call 03/24/28) | 6,805 | 6,821,312 | ||||||
3.95%, 11/17/25 (Call 10/17/25) | 7,776 | 7,898,753 | ||||||
Series V, 2.38%, 07/22/26 (Call 06/22/26)(a) | 14,084 | 13,403,081 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a) | 13,286 | 12,941,802 | ||||||
Wachovia Corp., 5.50%, 08/01/35(a) | 11,490 | 11,997,833 | ||||||
Wells Fargo & Co. | ||||||||
2.19%, 04/30/26 (Call 04/30/25), | 24,504 | 23,127,890 | ||||||
2.39%, 06/02/28 (Call 06/02/27), | 27,860 | 25,302,873 | ||||||
2.57%, 02/11/31 (Call 02/11/30), | 23,638 | 20,684,938 | ||||||
2.88%, 10/30/30 (Call 10/30/29), | 30,137 | 27,046,514 | ||||||
3.00%, 04/22/26(a) | 30,017 | 28,883,747 | ||||||
3.00%, 10/23/26 | 30,663 | 29,283,003 | ||||||
3.07%, 04/30/41 (Call 04/30/40), | 31,276 | 25,204,700 | ||||||
3.20%, 06/17/27 (Call 06/17/26), | 25,341 | 24,269,281 | ||||||
3.35%, 03/02/33 (Call 03/02/32), | 36,244 | 32,965,085 | ||||||
3.53%, 03/24/28 (Call 03/24/27), | 36,885 | 35,459,590 | ||||||
3.55%, 09/29/25(a) | 20,240 | 20,078,920 | ||||||
3.58%, 05/22/28 (Call 05/22/27), | 26,269 | 25,190,463 | ||||||
3.90%, 05/01/45(a) | 18,537 | 16,745,710 | ||||||
4.10%, 06/03/26 | 21,548 | 21,420,875 | ||||||
4.15%, 01/24/29 (Call 10/24/28)(a) | 17,982 | 17,700,531 | ||||||
4.30%, 07/22/27(a) | 21,705 | 21,672,514 | ||||||
4.40%, 06/14/46(a) | 18,491 | 17,197,815 | ||||||
4.48%, 04/04/31 (Call 04/04/30), | 19,397 | 19,371,460 | ||||||
4.61%, 04/25/53 | 30,417 | 29,994,882 | ||||||
4.65%, 11/04/44 | 17,571 | 16,621,836 | ||||||
4.75%, 12/07/46(a) | 19,220 | 18,755,051 | ||||||
4.90%, 11/17/45 | 19,069 | 18,661,145 | ||||||
5.01%, 04/04/51 (Call 04/04/50), | 56,267 | 58,956,011 | ||||||
5.38%, 11/02/43(a) | 19,125 | 19,967,106 | ||||||
5.61%, 01/15/44 | 22,166 | 23,707,982 | ||||||
Wells Fargo Bank N.A. | ||||||||
5.85%, 02/01/37 | 9,312 | 10,337,572 | ||||||
6.60%, 01/15/38(a) | 16,582 | 20,117,447 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Westpac Banking Corp. | ||||||||
1.15%, 06/03/26 | $ | 11,717 | $ | 10,621,186 | ||||
1.95%, 11/20/28 | 13,055 | 11,517,823 | ||||||
2.15%, 06/03/31 | 8,115 | 6,929,449 | ||||||
2.65%, 01/16/30(a) | 7,054 | 6,416,422 | ||||||
2.70%, 08/19/26 | 8,049 | 7,733,137 | ||||||
2.85%, 05/13/26(a) | 19,255 | 18,685,119 | ||||||
2.96%, 11/16/40(a) | 11,402 | 8,750,248 | ||||||
3.13%, 11/18/41(a) | 10,934 | 8,486,895 | ||||||
3.35%, 03/08/27(a) | 12,862 | 12,590,326 | ||||||
3.40%, 01/25/28(a) | 7,913 | 7,672,773 | ||||||
4.42%, 07/24/39 | 9,335 | 8,760,919 | ||||||
|
| |||||||
7,638,332,488 | ||||||||
Beverages — 2.9% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.65%, 02/01/26 (Call 11/01/25)(a) | 30,748 | 30,506,890 | ||||||
4.70%, 02/01/36 (Call 08/01/35)(a) | 47,477 | 47,037,363 | ||||||
4.90%, 02/01/46 (Call 08/01/45) | 88,893 | 87,590,006 | ||||||
Anheuser-Busch InBev Finance Inc. | ||||||||
4.00%, 01/17/43 | 7,572 | 6,629,727 | ||||||
4.63%, 02/01/44(a) | 7,885 | 7,470,219 | ||||||
4.90%, 02/01/46 (Call 08/01/45)(a) | 15,031 | 14,831,364 | ||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.50%, 06/01/30 (Call 03/01/30)(a) | 15,232 | 14,475,597 | ||||||
3.75%, 07/15/42 | 8,734 | 7,384,748 | ||||||
4.00%, 04/13/28 (Call 01/13/28)(a) | 20,340 | 20,210,416 | ||||||
4.35%, 06/01/40 (Call 12/01/39)(a) | 9,173 | 8,623,214 | ||||||
4.38%, 04/15/38 (Call 10/15/37)(a) | 12,353 | 11,658,837 | ||||||
4.44%, 10/06/48 (Call 04/06/48)(a) | 16,602 | 15,244,813 | ||||||
4.50%, 06/01/50 (Call 12/01/49) | 21,999 | 20,656,542 | ||||||
4.60%, 04/15/48 (Call 10/15/47)(a) | 23,037 | 21,720,120 | ||||||
4.60%, 06/01/60 (Call 12/01/59) | 10,224 | 9,395,042 | ||||||
4.75%, 01/23/29 (Call 10/23/28) | 36,800 | 37,958,751 | ||||||
4.75%, 04/15/58 (Call 10/15/57)(a) | 15,679 | 14,798,422 | ||||||
4.90%, 01/23/31 (Call 10/23/30) | 8,147 | 8,454,479 | ||||||
4.95%, 01/15/42 | 15,843 | 15,779,763 | ||||||
5.45%, 01/23/39 (Call 07/23/38)(a) | 19,506 | 20,721,875 | ||||||
5.55%, 01/23/49 (Call 07/23/48) | 39,696 | 42,530,140 | ||||||
5.80%, 01/23/59 (Call 07/23/58) | 19,816 | 21,609,556 | ||||||
8.20%, 01/15/39(a) | 10,839 | 14,638,608 | ||||||
Coca-Cola Co. (The) | ||||||||
1.00%, 03/15/28(a) | 11,063 | 9,574,467 | ||||||
1.38%, 03/15/31(a) | 11,475 | 9,397,579 | ||||||
1.45%, 06/01/27(a) | 14,326 | 13,041,514 | ||||||
1.50%, 03/05/28 | 9,402 | 8,408,410 | ||||||
1.65%, 06/01/30(a) | 14,056 | 11,979,707 | ||||||
2.00%, 03/05/31(a) | 6,814 | 5,889,021 | ||||||
2.13%, 09/06/29(a) | 10,427 | 9,342,040 | ||||||
2.25%, 01/05/32(a) | 15,099 | 13,233,257 | ||||||
2.50%, 06/01/40(a) | 9,851 | 7,898,517 | ||||||
2.50%, 03/15/51(a) | 14,462 | 10,714,213 | ||||||
2.60%, 06/01/50(a) | 12,308 | 9,330,909 | ||||||
2.75%, 06/01/60(a) | 8,300 | 6,148,880 | ||||||
2.88%, 05/05/41 | 7,243 | 6,055,173 | ||||||
3.00%, 03/05/51(a) | 18,036 | 14,822,120 | ||||||
3.38%, 03/25/27(a) | 10,534 | 10,512,601 | ||||||
3.45%, 03/25/30(a) | 14,457 | 14,103,577 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Beverages (continued) | ||||||||
Constellation Brands Inc. | ||||||||
2.25%, 08/01/31 (Call 05/01/31)(a) | $ | 8,953 | $ | 7,427,822 | ||||
3.15%, 08/01/29 (Call 05/01/29)(a) | 10,687 | 9,822,612 | ||||||
Diageo Capital PLC | ||||||||
1.38%, 09/29/25 (Call 08/29/25) | 5,878 | 5,503,494 | ||||||
2.00%, 04/29/30 (Call 01/29/30)(a) | 9,475 | 8,246,465 | ||||||
2.13%, 04/29/32 (Call 01/29/32)(a) | 8,817 | 7,513,230 | ||||||
2.38%, 10/24/29 (Call 07/24/29) | 9,761 | 8,804,569 | ||||||
Keurig Dr Pepper Inc. | ||||||||
3.20%, 05/01/30 (Call 02/01/30)(a) | 11,092 | 10,156,741 | ||||||
3.80%, 05/01/50 (Call 11/01/49) | 8,129 | 6,882,413 | ||||||
3.95%, 04/15/29 (Call 02/15/29) | 8,391 | 8,189,256 | ||||||
4.05%, 04/15/32 (Call 01/15/32)(a) | 9,874 | 9,466,645 | ||||||
4.50%, 04/15/52 (Call 10/15/51) | 7,455 | 6,957,709 | ||||||
Molson Coors Beverage Co. | ||||||||
3.00%, 07/15/26 (Call 04/15/26)(a) | 23,727 | 22,590,733 | ||||||
4.20%, 07/15/46 (Call 01/15/46)(a) | 17,923 | 15,468,067 | ||||||
5.00%, 05/01/42 | 11,375 | 10,793,025 | ||||||
PepsiCo Inc. | ||||||||
1.40%, 02/25/31 (Call 11/25/30)(a) | 6,551 | 5,414,677 | ||||||
1.63%, 05/01/30 (Call 02/01/30) | 10,980 | 9,377,666 | ||||||
1.95%, 10/21/31 (Call 07/21/31)(a) | 11,448 | 9,832,685 | ||||||
2.38%, 10/06/26 (Call 07/06/26) | 10,868 | 10,376,931 | ||||||
2.63%, 07/29/29 (Call 04/29/29)(a) | 8,477 | 7,925,581 | ||||||
2.63%, 10/21/41 (Call 04/21/41) | 12,549 | 10,175,225 | ||||||
2.75%, 04/30/25 (Call 01/30/25)(a) | 7,283 | 7,213,541 | ||||||
2.75%, 03/19/30 (Call 12/19/29) | 14,204 | 13,122,174 | ||||||
2.75%, 10/21/51 (Call 04/21/51)(a) | 10,539 | 8,282,461 | ||||||
2.85%, 02/24/26 (Call 11/24/25)(a) | 7,752 | 7,606,211 | ||||||
2.88%, 10/15/49 (Call 04/15/49) | 10,483 | 8,529,957 | ||||||
3.00%, 10/15/27 (Call 07/15/27)(a) | 14,244 | 13,927,205 | ||||||
3.45%, 10/06/46 (Call 04/06/46)(a) | 8,560 | 7,662,577 | ||||||
3.63%, 03/19/50 (Call 09/19/49) | 9,356 | 8,688,254 | ||||||
4.45%, 04/14/46 (Call 10/14/45)(a) | 1,127 | 1,183,257 | ||||||
|
| |||||||
927,519,660 | ||||||||
Biotechnology — 1.6% | ||||||||
Amgen Inc. | ||||||||
1.65%, 08/15/28 (Call 06/15/28) | 13,578 | 11,841,974 | ||||||
2.00%, 01/15/32 (Call 10/15/31)(a) | 12,211 | 10,082,795 | ||||||
2.20%, 02/21/27 (Call 12/21/26) | 17,631 | 16,338,662 | ||||||
2.30%, 02/25/31 (Call 11/25/30)(a) | 11,519 | 9,908,610 | ||||||
2.45%, 02/21/30 (Call 11/21/29)(a) | 13,516 | 11,932,141 | ||||||
2.60%, 08/19/26 (Call 05/19/26)(a) | 10,223 | 9,750,778 | ||||||
2.77%, 09/01/53 (Call 03/01/53)(a) | 9,439 | 6,527,232 | ||||||
2.80%, 08/15/41 (Call 02/15/41) | 12,043 | 9,235,468 | ||||||
3.00%, 02/22/29 (Call 12/22/28) | 4,388 | 4,114,581 | ||||||
3.00%, 01/15/52 (Call 07/15/51)(a) | 13,019 | 9,449,171 | ||||||
3.13%, 05/01/25 (Call 02/01/25)(a) | 5,773 | 5,705,436 | ||||||
3.15%, 02/21/40 (Call 08/21/39) | 22,493 | 18,173,258 | ||||||
3.20%, 11/02/27 (Call 08/02/27)(a) | 8,898 | 8,582,076 | ||||||
3.35%, 02/22/32 (Call 11/22/31) | 10,934 | 10,089,438 | ||||||
3.38%, 02/21/50 (Call 08/21/49) | 20,768 | 16,228,325 | ||||||
4.20%, 02/22/52 (Call 08/22/51) | 12,887 | 11,609,146 | ||||||
4.40%, 05/01/45 (Call 11/01/44)(a) | 21,198 | 19,753,040 | ||||||
4.40%, 02/22/62 (Call 08/22/61) | 12,130 | 10,846,136 | ||||||
4.56%, 06/15/48 (Call 12/15/47)(a) | 12,586 | 12,076,426 | ||||||
4.66%, 06/15/51 (Call 12/15/50)(a) | 31,915 | 30,864,355 | ||||||
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)(a) | 1,063 | 1,066,811 | ||||||
Biogen Inc. | ||||||||
2.25%, 05/01/30 (Call 02/01/30)(a) | 16,618 | 13,858,456 |
Security | Par (000) | Value | ||||||
Biotechnology (continued) | ||||||||
3.15%, 05/01/50 (Call 11/01/49) | $ | 17,654 | $ | 12,316,329 | ||||
4.05%, 09/15/25 (Call 06/15/25)(a) | 12,707 | 12,663,789 | ||||||
5.20%, 09/15/45 (Call 03/15/45) | 10,941 | 10,908,808 | ||||||
Gilead Sciences Inc. | ||||||||
1.20%, 10/01/27 (Call 08/01/27) | 9,074 | 7,878,628 | ||||||
1.65%, 10/01/30 (Call 07/01/30)(a) | 13,101 | 10,879,573 | ||||||
2.60%, 10/01/40 (Call 04/01/40) | 8,998 | 6,750,604 | ||||||
2.80%, 10/01/50 (Call 04/01/50)(a) | 15,757 | 11,281,960 | ||||||
2.95%, 03/01/27 (Call 12/01/26)(a) | 13,574 | 13,024,651 | ||||||
3.65%, 03/01/26 (Call 12/01/25)(a) | 23,620 | 23,399,063 | ||||||
4.00%, 09/01/36 (Call 03/01/36)(a) | 6,970 | 6,577,997 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(a) | 20,369 | 18,602,639 | ||||||
4.50%, 02/01/45 (Call 08/01/44)(a) | 15,509 | 14,683,549 | ||||||
4.60%, 09/01/35 (Call 03/01/35)(a) | 7,974 | 8,063,886 | ||||||
4.75%, 03/01/46 (Call 09/01/45) | 21,181 | 20,993,800 | ||||||
4.80%, 04/01/44 (Call 10/01/43) | 16,561 | 16,254,643 | ||||||
5.65%, 12/01/41 (Call 06/01/41)(a) | 10,310 | 11,338,954 | ||||||
Regeneron Pharmaceuticals Inc. | ||||||||
1.75%, 09/15/30 (Call 06/15/30) | 16,242 | 13,205,914 | ||||||
2.80%, 09/15/50 (Call 03/15/50) | 7,570 | 5,373,055 | ||||||
Royalty Pharma PLC | ||||||||
1.20%, 09/02/25 (Call 08/02/25) | 5,410 | 4,924,178 | ||||||
1.75%, 09/02/27 (Call 07/02/27) | 11,814 | 10,384,169 | ||||||
2.20%, 09/02/30 (Call 06/02/30)(a) | 7,556 | 6,311,044 | ||||||
3.30%, 09/02/40 (Call 03/02/40)(a) | 7,174 | 5,606,200 | ||||||
3.55%, 09/02/50 (Call 03/02/50) | 13,420 | 9,869,616 | ||||||
|
| |||||||
519,327,364 | ||||||||
Building Materials — 0.2% | ||||||||
Carrier Global Corp. | ||||||||
2.49%, 02/15/27 (Call 12/15/26)(a) | 2,313 | 2,151,527 | ||||||
2.70%, 02/15/31 (Call 11/15/30)(a) | 7,641 | 6,657,446 | ||||||
2.72%, 02/15/30 (Call 11/15/29)(a) | 24,533 | 21,662,921 | ||||||
3.38%, 04/05/40 (Call 10/05/39)(a) | 14,566 | 11,997,269 | ||||||
3.58%, 04/05/50 (Call 10/05/49)(a) | 19,891 | 16,019,720 | ||||||
Martin Marietta Materials Inc. | ||||||||
2.40%, 07/15/31 (Call 04/15/31) | 7,765 | 6,559,919 | ||||||
3.20%, 07/15/51 (Call 01/15/51)(a) | 9,783 | 7,266,526 | ||||||
|
| |||||||
72,315,328 | ||||||||
Chemicals — 1.0% | ||||||||
Air Products and Chemicals Inc. | ||||||||
2.05%, 05/15/30 (Call 02/15/30) | 10,322 | 9,015,429 | ||||||
2.70%, 05/15/40 (Call 11/15/39) | 9,135 | 7,413,016 | ||||||
2.80%, 05/15/50 (Call 11/15/49) | 8,339 | 6,466,034 | ||||||
CF Industries Inc. | ||||||||
4.95%, 06/01/43 | 7,525 | 7,210,486 | ||||||
5.15%, 03/15/34(a) | 7,796 | 8,031,139 | ||||||
5.38%, 03/15/44 | 8,168 | 8,301,116 | ||||||
Dow Chemical Co. (The) | ||||||||
2.10%, 11/15/30 (Call 08/15/30)(a) | 4,627 | 3,925,907 | ||||||
3.60%, 11/15/50 (Call 05/15/50) | 11,336 | 9,297,924 | ||||||
3.63%, 05/15/26 (Call 03/15/26) | 7,109 | 7,051,416 | ||||||
4.38%, 11/15/42 (Call 05/15/42)(a) | 8,818 | 8,292,784 | ||||||
4.80%, 05/15/49 (Call 11/15/48) | 7,041 | 6,960,211 | ||||||
5.25%, 11/15/41 (Call 05/15/41)(a) | 8,474 | 8,770,918 | ||||||
5.55%, 11/30/48 (Call 05/30/48)(a) | 8,221 | 8,981,275 | ||||||
7.38%, 11/01/29(a) | 9,608 | 11,427,529 | ||||||
DuPont de Nemours Inc. | ||||||||
4.49%, 11/15/25 (Call 09/15/25) | 19,126 | 19,499,967 | ||||||
4.73%, 11/15/28 (Call 08/15/28)(a) | 19,312 | 19,939,497 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
5.32%, 11/15/38 (Call 05/15/38)(a) | $ | 15,947 | $ | 16,733,430 | ||||
5.42%, 11/15/48 (Call 05/15/48) | 21,979 | 23,446,536 | ||||||
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44) | 8,551 | 8,038,592 | ||||||
Ecolab Inc. | ||||||||
2.70%, 11/01/26 (Call 08/01/26)(a) | 7,876 | 7,612,654 | ||||||
2.70%, 12/15/51 (Call 06/15/51)(a) | 8,492 | 6,452,462 | ||||||
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)(a) | 4,934 | 4,821,593 | ||||||
LYB International Finance BV | ||||||||
4.88%, 03/15/44 (Call 09/15/43)(a) | 9,510 | 9,150,496 | ||||||
5.25%, 07/15/43(a) | 7,752 | 7,862,301 | ||||||
LYB International Finance III LLC | ||||||||
3.38%, 10/01/40 (Call 04/01/40)(a) | 9,682 | 7,791,379 | ||||||
3.63%, 04/01/51 (Call 10/01/50) | 9,486 | 7,559,711 | ||||||
4.20%, 10/15/49 (Call 04/15/49)(a) | 10,162 | 8,889,390 | ||||||
4.20%, 05/01/50 (Call 11/01/49)(a) | 9,767 | 8,526,917 | ||||||
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) | 8,298 | 7,559,114 | ||||||
Nutrien Ltd. | ||||||||
4.20%, 04/01/29 (Call 01/01/29)(a) | 9,367 | 9,374,992 | ||||||
5.00%, 04/01/49 (Call 10/01/48)(a) | 7,364 | 7,808,951 | ||||||
Sherwin-Williams Co. (The) | ||||||||
2.95%, 08/15/29 (Call 05/15/29)(a) | 8,626 | 7,946,876 | ||||||
3.45%, 06/01/27 (Call 03/01/27)(a) | 12,721 | 12,332,845 | ||||||
4.50%, 06/01/47 (Call 12/01/46)(a) | 14,980 | 14,349,120 | ||||||
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)(a) | 6,984 | 6,896,717 | ||||||
|
| |||||||
333,738,724 | ||||||||
Commercial Services — 0.7% | ||||||||
Automatic Data Processing Inc. | ||||||||
1.25%, 09/01/30 (Call 06/01/30) | 13,274 | 10,897,963 | ||||||
1.70%, 05/15/28 (Call 03/15/28) | 10,226 | 9,198,810 | ||||||
3.38%, 09/15/25 (Call 06/15/25)(a) | 6,722 | 6,755,814 | ||||||
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)(a) | 9,780 | 8,197,435 | ||||||
Global Payments Inc. | ||||||||
1.20%, 03/01/26 (Call 02/01/26) | 15,793 | 14,166,517 | ||||||
2.15%, 01/15/27 (Call 12/15/26) | 10,782 | 9,776,514 | ||||||
2.90%, 05/15/30 (Call 02/15/30) | 11,314 | 9,932,369 | ||||||
2.90%, 11/15/31 (Call 08/15/31)(a) | 9,656 | 8,261,932 | ||||||
3.20%, 08/15/29 (Call 05/15/29)(a) | 11,613 | 10,533,299 | ||||||
4.15%, 08/15/49 (Call 02/15/49)(a) | 7,626 | 6,612,330 | ||||||
4.80%, 04/01/26 (Call 01/01/26)(a) | 7,673 | 7,844,389 | ||||||
Massachusetts Institute of Technology, 5.60%, | 6,593 | 8,175,663 | ||||||
PayPal Holdings Inc. | ||||||||
1.65%, 06/01/25 (Call 05/01/25)(a) | 4,372 | 4,135,617 | ||||||
2.30%, 06/01/30 (Call 03/01/30)(a) | 12,210 | 10,683,816 | ||||||
2.65%, 10/01/26 (Call 08/01/26)(a) | 16,578 | 15,873,264 | ||||||
2.85%, 10/01/29 (Call 07/01/29)(a) | 14,924 | 13,693,424 | ||||||
3.25%, 06/01/50 (Call 12/01/49)(a) | 9,632 | 7,632,026 | ||||||
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)(a) | 14,125 | 12,263,843 | ||||||
S&P Global Inc. | ||||||||
2.45%, 03/01/27 (Call 02/01/27)(c) | 7,238 | 6,820,646 | ||||||
2.70%, 03/01/29 (Call 01/01/29)(c) | 14,300 | 13,127,529 | ||||||
2.90%, 03/01/32 (Call 12/01/31)(c) | 14,951 | 13,506,131 | ||||||
3.70%, 03/01/52 (Call 09/01/51)(c) | 11,744 | 10,288,937 | ||||||
4.25%, 05/01/29 (Call 02/01/29)(c) | 13,072 | 13,136,610 |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)(a) | $ | 2,573 | $ | 2,587,063 | ||||
|
| |||||||
234,101,941 | ||||||||
Computers — 3.2% | ||||||||
Apple Inc. | ||||||||
0.55%, 08/20/25 (Call 07/20/25) | 11,516 | 10,593,404 | ||||||
0.70%, 02/08/26 (Call 01/08/26) | 22,174 | 20,249,379 | ||||||
1.13%, 05/11/25 (Call 04/11/25)(a) | 14,729 | 13,892,030 | ||||||
1.25%, 08/20/30 (Call 05/20/30) | 11,917 | 9,846,543 | ||||||
1.40%, 08/05/28 (Call 06/05/28) | 16,022 | 14,064,097 | ||||||
1.65%, 05/11/30 (Call 02/11/30) | 18,424 | 15,804,349 | ||||||
1.65%, 02/08/31 (Call 11/08/30) | 26,830 | 22,709,105 | ||||||
1.70%, 08/05/31 (Call 05/05/31)(a) | 8,326 | 7,029,982 | ||||||
2.05%, 09/11/26 (Call 07/11/26) | 17,860 | 16,924,683 | ||||||
2.20%, 09/11/29 (Call 06/11/29) | 14,555 | 13,219,100 | ||||||
2.38%, 02/08/41 (Call 08/08/40)(a) | 13,866 | 10,877,749 | ||||||
2.40%, 08/20/50 (Call 02/20/50)(a) | 10,782 | 7,812,068 | ||||||
2.45%, 08/04/26 (Call 05/04/26)(a) | 19,329 | 18,657,520 | ||||||
2.55%, 08/20/60 (Call 02/20/60)(a) | 16,176 | 11,325,338 | ||||||
2.65%, 05/11/50 (Call 11/11/49) | 26,007 | 19,742,983 | ||||||
2.65%, 02/08/51 (Call 08/08/50)(a) | 28,189 | 21,317,018 | ||||||
2.70%, 08/05/51 (Call 02/05/51)(a) | 18,749 | 14,318,094 | ||||||
2.80%, 02/08/61 (Call 08/08/60) | 15,501 | 11,396,304 | ||||||
2.85%, 08/05/61 (Call 02/05/61) | 12,972 | 9,663,713 | ||||||
2.90%, 09/12/27 (Call 06/12/27)(a) | 20,623 | 19,927,479 | ||||||
2.95%, 09/11/49 (Call 03/11/49)(a) | 15,059 | 12,170,238 | ||||||
3.00%, 06/20/27 (Call 03/20/27)(a) | 8,698 | 8,462,665 | ||||||
3.00%, 11/13/27 (Call 08/13/27) | 13,026 | 12,689,683 | ||||||
3.20%, 05/13/25 | 12,087 | 12,130,727 | ||||||
3.20%, 05/11/27 (Call 02/11/27) | 19,607 | 19,341,300 | ||||||
3.25%, 02/23/26 (Call 11/23/25)(a) | 28,832 | 28,739,582 | ||||||
3.35%, 02/09/27 (Call 11/09/26) | 19,676 | 19,588,503 | ||||||
3.45%, 02/09/45 | 18,562 | 16,490,837 | ||||||
3.75%, 09/12/47 (Call 03/12/47) | 11,378 | 10,545,051 | ||||||
3.75%, 11/13/47 (Call 05/13/47) | 11,691 | 10,968,398 | ||||||
3.85%, 05/04/43 | 24,312 | 23,011,169 | ||||||
3.85%, 08/04/46 (Call 02/04/46) | 19,321 | 18,368,977 | ||||||
4.25%, 02/09/47 (Call 08/09/46)(a) | 10,255 | 10,223,724 | ||||||
4.38%, 05/13/45 | 16,960 | 17,163,160 | ||||||
4.45%, 05/06/44(a) | 9,893 | 10,133,796 | ||||||
4.50%, 02/23/36 (Call 08/23/35) | 8,870 | 9,375,138 | ||||||
4.65%, 02/23/46 (Call 08/23/45)(a) | 37,878 | 39,989,740 | ||||||
Dell International LLC/EMC Corp. | ||||||||
3.38%, 12/15/41 (Call 06/15/41)(c) | 11,273 | 8,499,310 | ||||||
3.45%, 12/15/51 (Call 06/15/51)(a)(c) | 11,962 | 8,470,564 | ||||||
4.90%, 10/01/26 (Call 08/01/26) | 17,463 | 17,819,987 | ||||||
5.30%, 10/01/29 (Call 07/01/29) | 17,234 | 17,660,197 | ||||||
5.85%, 07/15/25 (Call 06/15/25) | 4,597 | 4,827,614 | ||||||
6.02%, 06/15/26 (Call 03/15/26) | 43,706 | 46,223,020 | ||||||
6.20%, 07/15/30 (Call 04/15/30) | 12,234 | 13,219,893 | ||||||
8.10%, 07/15/36 (Call 01/15/36) | 7,877 | 9,666,333 | ||||||
8.35%, 07/15/46 (Call 01/15/46)(a) | 7,734 | 10,357,627 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
1.75%, 04/01/26 (Call 03/01/26)(a) | 9,127 | 8,412,001 | ||||||
4.90%, 10/15/25 (Call 07/15/25)(a) | 23,121 | 23,853,194 | ||||||
6.20%, 10/15/35 (Call 04/15/35)(a) | 9,471 | 10,305,308 | ||||||
6.35%, 10/15/45 (Call 04/15/45)(a) | 17,882 | 18,957,711 | ||||||
HP Inc. | ||||||||
1.45%, 06/17/26 (Call 05/17/26)(a) | 10,125 | 9,114,846 | ||||||
2.20%, 06/17/25 (Call 05/17/25) | 6,087 | 5,779,062 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Computers (continued) | ||||||||
2.65%, 06/17/31 (Call 03/17/31) | $ | 11,506 | $ | 9,514,041 | ||||
3.00%, 06/17/27 (Call 04/17/27)(a) | 10,466 | 9,823,251 | ||||||
3.40%, 06/17/30 (Call 03/17/30)(a) | 6,818 | 6,117,845 | ||||||
4.00%, 04/15/29 (Call 02/15/29) | 13,752 | 13,070,058 | ||||||
4.20%, 04/15/32 (Call 01/15/32) | 12,368 | 11,353,243 | ||||||
6.00%, 09/15/41 | 12,059 | 12,581,338 | ||||||
International Business Machines Corp. | ||||||||
1.70%, 05/15/27 (Call 03/15/27)(a) | 12,995 | 11,789,554 | ||||||
1.95%, 05/15/30 (Call 02/15/30)(a) | 14,193 | 12,151,504 | ||||||
2.95%, 05/15/50 (Call 11/15/49) | 8,705 | 6,627,359 | ||||||
3.30%, 05/15/26(a) | 25,194 | 24,866,188 | ||||||
3.45%, 02/19/26(a) | 12,611 | 12,521,555 | ||||||
3.50%, 05/15/29(a) | 29,293 | 28,314,930 | ||||||
4.00%, 06/20/42 | 9,750 | 8,939,782 | ||||||
4.15%, 05/15/39 | 17,295 | 16,430,253 | ||||||
4.25%, 05/15/49(a) | 29,124 | 27,437,155 | ||||||
Leidos Inc. | ||||||||
2.30%, 02/15/31 (Call 11/15/30)(a) | 11,960 | 9,859,919 | ||||||
4.38%, 05/15/30 (Call 02/15/30)(a) | 10,453 | 10,107,341 | ||||||
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25) | 5,803 | 5,471,841 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25) | 18,643 | 18,526,481 | ||||||
|
| |||||||
1,037,433,931 | ||||||||
Cosmetics & Personal Care — 0.5% | ||||||||
GlaxoSmithKline LLC | ||||||||
3.63%, 03/24/32 (Call 12/24/31)(c) | 20,398 | 19,146,842 | ||||||
4.00%, 03/24/52 (Call 09/24/51)(c) | 11,051 | 9,962,874 | ||||||
GSK Consumer Healthcare Capital US LLC. | ||||||||
3.38%, 03/24/27 (Call 02/24/27)(c) | 10,159 | 9,834,667 | ||||||
3.38%, 03/24/29 (Call 01/24/29)(c) | 11,278 | 10,659,487 | ||||||
Procter & Gamble Co. (The) | ||||||||
0.55%, 10/29/25(a) | 8,022 | 7,350,632 | ||||||
1.00%, 04/23/26(a) | 8,180 | 7,471,214 | ||||||
1.20%, 10/29/30 | 13,421 | 11,035,443 | ||||||
1.90%, 02/01/27(a) | 5,460 | 5,140,015 | ||||||
1.95%, 04/23/31(a) | 6,855 | 5,993,579 | ||||||
2.30%, 02/01/32 | 7,033 | 6,286,147 | ||||||
2.45%, 11/03/26 | 11,184 | 10,784,580 | ||||||
2.85%, 08/11/27(a) | 10,769 | 10,445,232 | ||||||
3.00%, 03/25/30(a) | 14,959 | 14,236,132 | ||||||
Unilever Capital Corp. | ||||||||
1.75%, 08/12/31 (Call 05/12/31) | 7,387 | 6,173,673 | ||||||
2.13%, 09/06/29 (Call 06/06/29)(a) | 7,602 | 6,776,791 | ||||||
2.90%, 05/05/27 (Call 02/05/27)(a) | 10,377 | 10,034,568 | ||||||
3.50%, 03/22/28 (Call 12/22/27)(a) | 13,284 | 13,097,319 | ||||||
5.90%, 11/15/32(a) | 10,087 | 11,719,779 | ||||||
|
| |||||||
176,148,974 | ||||||||
Diversified Financial Services — 3.2% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
1.75%, 01/30/26 (Call 12/30/25)(a) | 13,492 | 11,997,297 | ||||||
2.45%, 10/29/26 (Call 09/29/26) | 31,089 | 27,662,010 | ||||||
3.00%, 10/29/28 (Call 08/29/28) | 34,178 | 29,666,210 | ||||||
3.30%, 01/30/32 (Call 10/30/31) | 35,297 | 29,359,625 | ||||||
3.40%, 10/29/33 (Call 07/29/33)(a) | 16,499 | 13,477,776 | ||||||
3.65%, 07/21/27 (Call 04/21/27)(a) | 9,874 | 9,226,684 | ||||||
3.85%, 10/29/41 (Call 04/29/41)(a) | 15,388 | 11,883,212 | ||||||
6.50%, 07/15/25 (Call 06/15/25)(a) | 8,845 | 9,185,342 | ||||||
Air Lease Corp. | ||||||||
1.88%, 08/15/26 (Call 07/15/26)(a) | 19,153 | 17,069,816 |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
2.20%, 01/15/27 (Call 12/15/26) | $ | 7,961 | $ | 7,109,440 | ||||
2.88%, 01/15/26 (Call 12/15/25)(a) | 16,914 | 15,853,976 | ||||||
2.88%, 01/15/32 (Call 10/15/31)(a) | 5,229 | 4,316,338 | ||||||
3.13%, 12/01/30 (Call 09/01/30)(a) | 5,446 | 4,696,712 | ||||||
3.38%, 07/01/25 (Call 06/01/25)(a) | 5,244 | 5,067,231 | ||||||
3.75%, 06/01/26 (Call 04/01/26)(a) | 10,379 | 10,009,838 | ||||||
Ally Financial Inc. | ||||||||
2.20%, 11/02/28 (Call 09/02/28)(a) | 14,977 | 13,025,048 | ||||||
5.80%, 05/01/25 (Call 04/01/25)(a) | 879 | 918,854 | ||||||
8.00%, 11/01/31 | 19,485 | 23,301,089 | ||||||
American Express Co. | ||||||||
1.65%, 11/04/26 (Call 10/04/26) | 16,116 | 14,735,663 | ||||||
2.55%, 03/04/27 (Call 02/01/27)(a) | 11,938 | 11,244,516 | ||||||
3.13%, 05/20/26 (Call 04/20/26) | 16,786 | 16,465,048 | ||||||
4.05%, 05/03/29 | 6,295 | 6,247,478 | ||||||
4.05%, 12/03/42(a) | 9,515 | 9,000,566 | ||||||
4.20%, 11/06/25 (Call 10/06/25)(a) | 9,123 | 9,324,602 | ||||||
Brookfield Finance Inc. | ||||||||
3.50%, 03/30/51 (Call 09/30/50) | 8,519 | 6,749,485 | ||||||
3.90%, 01/25/28 (Call 10/25/27) | 12,353 | 12,015,147 | ||||||
4.35%, 04/15/30 (Call 01/15/30) | 9,717 | 9,602,799 | ||||||
4.70%, 09/20/47 (Call 03/20/47)(a) | 8,787 | 8,322,094 | ||||||
4.85%, 03/29/29 (Call 12/29/28)(a) | 10,490 | 10,727,099 | ||||||
Capital One Financial Corp. | ||||||||
3.65%, 05/11/27 (Call 04/11/27)(a) | 9,712 | 9,431,522 | ||||||
3.75%, 07/28/26 (Call 06/28/26)(a) | 17,404 | 17,023,133 | ||||||
3.75%, 03/09/27 (Call 02/09/27)(a) | 11,654 | 11,354,844 | ||||||
3.80%, 01/31/28 (Call 12/31/27)(a) | 16,406 | 15,792,519 | ||||||
4.20%, 10/29/25 (Call 09/29/25) | 14,649 | 14,617,105 | ||||||
4.25%, 04/30/25 (Call 03/31/25)(a) | 5,487 | 5,501,541 | ||||||
Charles Schwab Corp. (The) | ||||||||
0.90%, 03/11/26 (Call 02/11/26)(a) | 17,794 | 16,102,164 | ||||||
1.15%, 05/13/26 (Call 04/13/26) | 11,796 | 10,693,522 | ||||||
1.65%,��03/11/31 (Call 12/11/30) | 4,152 | 3,374,232 | ||||||
1.95%, 12/01/31 (Call 09/01/31)(a) | 10,414 | 8,574,359 | ||||||
2.00%, 03/20/28 (Call 01/20/28)(a) | 14,895 | 13,433,549 | ||||||
2.30%, 05/13/31 (Call 02/13/31)(a) | 9,453 | 8,119,856 | ||||||
2.45%, 03/03/27 (Call 02/03/27) | 4,200 | 3,957,518 | ||||||
2.90%, 03/03/32 (Call 12/03/31) | 18,336 | 16,412,189 | ||||||
3.85%, 05/21/25 (Call 03/21/25) | 6,682 | 6,761,543 | ||||||
CME Group Inc. | ||||||||
2.65%, 03/15/32 (Call 12/15/31) | 12,702 | 11,316,209 | ||||||
5.30%, 09/15/43 (Call 03/15/43)(a) | 8,105 | 9,047,475 | ||||||
Corebridge Financial Inc., 3.65%, 04/05/27 | 8,561 | 8,288,004 | ||||||
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)(a) | 11,801 | 11,676,753 | ||||||
Intercontinental Exchange Inc. | ||||||||
1.85%, 09/15/32 (Call 06/15/32)(a) | 15,721 | 12,707,929 | ||||||
2.10%, 06/15/30 (Call 03/15/30)(a) | 12,077 | 10,443,471 | ||||||
2.65%, 09/15/40 (Call 03/15/40)(a) | 14,376 | 11,056,777 | ||||||
3.00%, 06/15/50 (Call 12/15/49)(a) | 12,074 | 9,270,398 | ||||||
3.00%, 09/15/60 (Call 03/15/60) | 12,672 | 9,165,038 | ||||||
3.75%, 12/01/25 (Call 09/01/25)(a) | 16,775 | 16,825,709 | ||||||
4.25%, 09/21/48 (Call 03/21/48)(a) | 11,763 | 11,336,072 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance Inc. | ||||||||
2.63%, 10/15/31 (Call 07/15/31) | 13,375 | 11,006,947 | ||||||
4.15%, 01/23/30(a) | 10,855 | 10,316,412 | ||||||
4.85%, 01/15/27(a) | 7,372 | 7,563,095 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
Mastercard Inc. | ||||||||
2.00%, 11/18/31 (Call 08/18/31) | $ | 12,330 | $ | 10,605,215 | ||||
2.95%, 11/21/26 (Call 08/21/26)(a) | 9,555 | 9,368,849 | ||||||
2.95%, 06/01/29 (Call 03/01/29)(a) | 9,659 | 9,189,629 | ||||||
3.30%, 03/26/27 (Call 01/26/27)(a) | 11,922 | 11,822,991 | ||||||
3.35%, 03/26/30 (Call 12/26/29)(a) | 10,130 | 9,798,592 | ||||||
3.65%, 06/01/49 (Call 12/01/48) | 8,910 | 8,096,550 | ||||||
3.85%, 03/26/50 (Call 09/26/49)(a) | 19,143 | 18,164,940 | ||||||
Nomura Holdings Inc. | ||||||||
1.65%, 07/14/26 | 15,989 | 14,355,051 | ||||||
1.85%, 07/16/25 | 9,580 | 8,914,236 | ||||||
2.17%, 07/14/28 | 12,776 | 11,110,739 | ||||||
2.33%, 01/22/27(a) | 12,213 | 11,113,632 | ||||||
2.61%, 07/14/31(a) | 9,261 | 7,792,252 | ||||||
2.68%, 07/16/30(a) | 8,829 | 7,598,942 | ||||||
3.00%, 01/22/32(a) | 7,599 | 6,559,506 | ||||||
3.10%, 01/16/30(a) | 14,366 | 12,883,650 | ||||||
Raymond James Financial Inc. | ||||||||
3.75%, 04/01/51 (Call 10/01/50)(a) | 7,016 | 6,191,095 | ||||||
4.95%, 07/15/46(a) | 8,506 | 8,786,365 | ||||||
Synchrony Financial | ||||||||
2.88%, 10/28/31 (Call 07/28/31)(a) | 13,653 | 11,129,300 | ||||||
3.95%, 12/01/27 (Call 09/01/27)(a) | 11,071 | 10,572,868 | ||||||
4.50%, 07/23/25 (Call 04/23/25) | 4,413 | 4,431,995 | ||||||
Visa Inc. | ||||||||
1.10%, 02/15/31 (Call 11/15/30)(a) | 7,447 | 5,942,837 | ||||||
1.90%, 04/15/27 (Call 02/15/27)(a) | 15,863 | 14,753,267 | ||||||
2.00%, 08/15/50 (Call 02/15/50)(a) | 16,800 | 11,274,515 | ||||||
2.05%, 04/15/30 (Call 01/15/30)(a) | 16,237 | 14,384,191 | ||||||
2.70%, 04/15/40 (Call 10/15/39) | 11,684 | 9,550,221 | ||||||
2.75%, 09/15/27 (Call 06/15/27)(a) | 9,448 | 9,155,121 | ||||||
3.15%, 12/14/25 (Call 09/14/25)(a) | 38,989 | 38,732,807 | ||||||
3.65%, 09/15/47 (Call 03/15/47) | 8,935 | 8,136,574 | ||||||
4.15%, 12/14/35 (Call 06/14/35) | 13,371 | 13,456,326 | ||||||
4.30%, 12/14/45 (Call 06/14/45)(a) | 33,923 | 34,061,134 | ||||||
|
| |||||||
1,027,364,270 | ||||||||
Electric — 2.8% | ||||||||
AES Corp. (The) | ||||||||
1.38%, 01/15/26 (Call 12/15/25)(a) | 10,130 | 9,087,707 | ||||||
2.45%, 01/15/31 (Call 10/15/30)(a) | 7,727 | 6,402,830 | ||||||
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a) | 4,797 | 4,490,061 | ||||||
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)(a) | 6,624 | 6,435,078 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 (Call 11/15/50) | 15,165 | 11,025,496 | ||||||
3.70%, 07/15/30 (Call 04/15/30) | 9,651 | 9,331,476 | ||||||
3.80%, 07/15/48 (Call 01/15/48)(a) | 8,956 | 7,808,399 | ||||||
4.25%, 10/15/50 (Call 04/15/50)(a) | 8,709 | 8,126,971 | ||||||
4.45%, 01/15/49 (Call 07/15/48)(a) | 9,375 | 9,049,131 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 8,637 | 8,140,374 | ||||||
4.60%, 05/01/53(c) | 6,574 | 6,462,251 | ||||||
5.15%, 11/15/43 (Call 05/15/43) | 6,945 | 7,118,260 | ||||||
6.13%, 04/01/36 | 15,516 | 17,600,253 | ||||||
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)(a) | 5,117 | 4,735,454 | ||||||
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a) | 7,158 | 6,726,304 | ||||||
Consolidated Edison Co. of New York Inc. | ||||||||
2.40%, 06/15/31 (Call 03/15/31)(a) | 7,715 | 6,693,321 | ||||||
3.60%, 06/15/61 (Call 12/15/60)(a) | 6,463 | 5,228,038 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 8,416 | 7,999,699 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.63%, 12/01/54 (Call 06/01/54) | $ | 8,578 | $ | 8,254,104 | ||||
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a) | 7,797 | 7,052,144 | ||||||
Constellation Energy Generation LLC | ||||||||
3.25%, 06/01/25 (Call 05/01/25)(a) | 980 | 960,628 | ||||||
5.60%, 06/15/42 (Call 12/15/41)(a) | 4,869 | 4,773,352 | ||||||
Dominion Energy Inc. | ||||||||
3.90%, 10/01/25 (Call 07/01/25)(a) | 8,249 | 8,282,342 | ||||||
Series C, 2.25%, 08/15/31 (Call 05/15/31)(a) | 7,737 | 6,493,568 | ||||||
Series C, 3.38%, 04/01/30 (Call 01/01/30) | 8,484 | 7,873,620 | ||||||
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)(a) | 2,995 | 2,758,261 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.20%, 08/15/49 (Call 02/15/49)(a) | 8,676 | 7,098,538 | ||||||
5.30%, 02/15/40 | 8,235 | 8,901,311 | ||||||
Duke Energy Corp. | ||||||||
2.45%, 06/01/30 (Call 03/01/30)(a) | 6,965 | 6,059,951 | ||||||
2.55%, 06/15/31 (Call 03/15/31)(a) | 8,762 | 7,487,026 | ||||||
2.65%, 09/01/26 (Call 06/01/26)(a) | 13,837 | 13,081,766 | ||||||
3.15%, 08/15/27 (Call 05/15/27)(a) | 5,598 | 5,359,095 | ||||||
3.30%, 06/15/41 (Call 12/15/40)(a) | 7,875 | 6,373,974 | ||||||
3.50%, 06/15/51 (Call 12/15/50)(a) | 7,752 | 6,068,753 | ||||||
3.75%, 09/01/46 (Call 03/01/46) | 15,059 | 12,495,909 | ||||||
Duke Energy Florida LLC, 6.40%, 06/15/38(a) | 8,158 | 9,865,415 | ||||||
Emera U.S. Finance LP | ||||||||
3.55%, 06/15/26 (Call 03/15/26)(a) | 12,572 | 12,263,649 | ||||||
4.75%, 06/15/46 (Call 12/15/45)(a) | 14,140 | 13,155,438 | ||||||
Entergy Corp. | ||||||||
0.90%, 09/15/25 (Call 08/15/25) | 4,498 | 4,066,075 | ||||||
2.95%, 09/01/26 (Call 06/01/26) | 11,869 | 11,464,013 | ||||||
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48) | 9,874 | 9,427,291 | ||||||
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)(a) | 6,789 | 6,165,857 | ||||||
Exelon Corp. | ||||||||
3.40%, 04/15/26 (Call 01/15/26)(a) | 12,423 | 12,135,852 | ||||||
3.95%, 06/15/25 (Call 03/15/25)(a) | 4,377 | 4,402,832 | ||||||
4.05%, 04/15/30 (Call 01/15/30)(a) | 10,980 | 10,733,757 | ||||||
4.45%, 04/15/46 (Call 10/15/45)(a) | 8,138 | 7,684,744 | ||||||
4.70%, 04/15/50 (Call 10/15/49)(a) | 9,036 | 8,836,220 | ||||||
Exelon Generation Co. LLC, 6.25%, 10/01/39 | 11,779 | 12,351,657 | ||||||
Florida Power & Light Co. | ||||||||
2.45%, 02/03/32 (Call 11/03/31) | 5,730 | 5,026,712 | ||||||
2.88%, 12/04/51 (Call 06/04/51) | 9,846 | 7,728,585 | ||||||
3.15%, 10/01/49 (Call 04/01/49)(a) | 7,515 | 6,230,043 | ||||||
3.95%, 03/01/48 (Call 09/01/47)(a) | 10,491 | 9,984,827 | ||||||
Georgia Power Co. | ||||||||
4.30%, 03/15/42(a) | 10,038 | 9,107,134 | ||||||
Series A, 3.25%, 03/15/51 (Call 09/15/50)(a) | 8,474 | 6,504,823 | ||||||
MidAmerican Energy Co. | ||||||||
3.65%, 04/15/29 (Call 01/15/29)(a) | 5,739 | 5,651,809 | ||||||
4.25%, 07/15/49 (Call 01/15/49)(a) | 8,386 | 8,167,559 | ||||||
NextEra Energy Capital Holdings Inc. | ||||||||
1.88%, 01/15/27 (Call 12/15/26)(a) | 22,646 | 20,705,260 | ||||||
1.90%, 06/15/28 (Call 04/15/28) | 13,626 | 12,035,377 | ||||||
2.25%, 06/01/30 (Call 03/01/30)(a) | 15,906 | 13,593,002 | ||||||
2.44%, 01/15/32 (Call 10/15/31)(a) | 13,006 | 11,024,325 | ||||||
2.75%, 11/01/29 (Call 08/01/29)(a) | 8,635 | 7,722,989 | ||||||
3.55%, 05/01/27 (Call 02/01/27)(a) | 15,590 | 15,251,077 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.10%, 08/01/27 (Call 06/01/27)(a) | 6,941 | 5,996,618 | ||||||
2.50%, 02/01/31 (Call 11/01/30)(a) | 21,118 | 16,728,132 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
3.00%, 06/15/28 (Call 04/15/28)(a) | $ | 7,583 | $ | 6,786,104 | ||||
3.15%, 01/01/26 | 18,363 | 17,277,953 | ||||||
3.25%, 06/01/31 (Call 03/01/31) | 9,562 | 7,993,029 | ||||||
3.30%, 12/01/27 (Call 09/01/27)(a) | 9,107 | 8,279,160 | ||||||
3.30%, 08/01/40 (Call 02/01/40)(a) | 8,498 | 6,188,274 | ||||||
3.45%, 07/01/25 | 6,015 | 5,775,747 | ||||||
3.50%, 08/01/50 (Call 02/01/50)(a) | 18,322 | 12,765,260 | ||||||
3.75%, 07/01/28(a) | 7,652 | 7,028,775 | ||||||
3.95%, 12/01/47 (Call 06/01/47) | 8,398 | 6,166,280 | ||||||
4.50%, 07/01/40 (Call 01/01/40) | 18,968 | 15,593,438 | ||||||
4.55%, 07/01/30 (Call 01/01/30) | 30,153 | 27,897,443 | ||||||
4.95%, 07/01/50 (Call 01/01/50) | 30,378 | 25,381,822 | ||||||
PacifiCorp., 2.90%, 06/15/52 (Call 12/15/51)(a) | 8,403 | 6,447,895 | ||||||
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)(a) | 4,495 | 3,783,439 | ||||||
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)(a) | 6,835 | 5,767,571 | ||||||
San Diego Gas & Electric Co. | ||||||||
Series VVV, 1.70%, 10/01/30 | 4,293 | 3,556,861 | ||||||
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a) | 9,798 | 7,629,147 | ||||||
Sempra Energy | ||||||||
3.25%, 06/15/27 (Call 03/15/27) | 9,237 | 8,849,647 | ||||||
3.40%, 02/01/28 (Call 11/01/27)(a) | 10,293 | 9,878,779 | ||||||
3.80%, 02/01/38 (Call 08/01/37)(a) | 9,535 | 8,637,607 | ||||||
4.00%, 02/01/48 (Call 08/01/47) | 4,106 | 3,617,991 | ||||||
6.00%, 10/15/39 | 10,094 | 11,415,236 | ||||||
Southern California Edison Co. | ||||||||
3.65%, 02/01/50 (Call 08/01/49)(a) | 13,184 | 10,556,707 | ||||||
4.00%, 04/01/47 (Call 10/01/46)(a) | 14,370 | 12,305,232 | ||||||
4.65%, 10/01/43 (Call 04/01/43)(a) | 6,023 | 5,737,036 | ||||||
Series 20A, 2.95%, 02/01/51 | 8,356 | 6,017,362 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47)(a) | 11,932 | 10,310,619 | ||||||
Series E, 3.70%, 08/01/25 (Call 06/01/25)(a) | 4,767 | 4,761,775 | ||||||
Southern Co. (The) | ||||||||
3.25%, 07/01/26 (Call 04/01/26) | 20,369 | 19,765,809 | ||||||
4.40%, 07/01/46 (Call 01/01/46)(a) | 18,584 | 16,966,508 | ||||||
Series A, 3.70%, 04/30/30 (Call 01/30/30)(a) | 7,647 | 7,227,569 | ||||||
Series B, 4.00%, 01/15/51 | 10,846 | 10,265,110 | ||||||
Virginia Electric & Power Co. | ||||||||
2.45%, 12/15/50 (Call 06/15/50)(a) | 8,295 | 5,799,874 | ||||||
2.95%, 11/15/51 (Call 05/15/51)(a) | 8,631 | 6,699,048 | ||||||
Series A, 3.15%, 01/15/26 (Call 10/15/25)(a) | 9,934 | 9,734,019 | ||||||
Series A, 3.50%, 03/15/27 (Call 12/15/26)(a) | 7,254 | 7,144,248 | ||||||
|
| |||||||
895,854,891 | ||||||||
Electrical Components & Equipment — 0.1% | ||||||||
Emerson Electric Co. | ||||||||
0.88%, 10/15/26 (Call 09/15/26) | 10,040 | 8,952,082 | ||||||
2.00%, 12/21/28 (Call 10/21/28) | 9,265 | 8,292,317 | ||||||
2.20%, 12/21/31 (Call 09/21/31)(a) | 6,422 | 5,570,742 | ||||||
2.80%, 12/21/51 (Call 06/21/51)(a) | 10,464 | 8,016,771 | ||||||
|
| |||||||
30,831,912 | ||||||||
Electronics — 0.3% | ||||||||
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)(a) | 11,799 | 9,912,876 | ||||||
Amphenol Corp. | ||||||||
2.20%, 09/15/31 (Call 06/15/31)(a) | 8,313 | 6,905,007 | ||||||
2.80%, 02/15/30 (Call 11/15/29)(a) | 7,421 | 6,651,510 | ||||||
Honeywell International Inc. | ||||||||
1.10%, 03/01/27 (Call 02/01/27) | 9,820 | 8,785,153 |
Security | Par (000) | Value | ||||||
Electronics (continued) | ||||||||
1.35%, 06/01/25 (Call 05/01/25) | $ | 9,767 | $ | 9,248,039 | ||||
1.75%, 09/01/31 (Call 06/01/31)(a) | 13,051 | 10,984,172 | ||||||
1.95%, 06/01/30 (Call 03/01/30) | 7,084 | 6,191,706 | ||||||
2.50%, 11/01/26 (Call 08/01/26)(a) | 10,945 | 10,519,273 | ||||||
2.70%, 08/15/29 (Call 05/15/29)(a) | 7,220 | 6,741,495 | ||||||
2.80%, 06/01/50 (Call 12/01/49)(a) | 7,930 | 6,422,111 | ||||||
|
| |||||||
82,361,342 | ||||||||
Entertainment — 0.7% | ||||||||
Magallanes Inc. | ||||||||
3.76%, 03/15/27 (Call 02/15/27)(c) | 50,793 | 48,986,984 | ||||||
4.05%, 03/15/29 (Call 01/15/29)(c) | 17,637 | 16,803,733 | ||||||
4.28%, 03/15/32 (Call 12/15/31)(c) | 44,684 | 41,460,693 | ||||||
5.05%, 03/15/42 (Call 09/15/41)(c) | 48,086 | 43,853,735 | ||||||
5.14%, 03/15/52 (Call 09/15/51)(c) | 63,700 | 56,994,052 | ||||||
5.39%, 03/15/62 (Call 09/15/61)(c) | 24,854 | 22,124,879 | ||||||
|
| |||||||
230,224,076 | ||||||||
Environmental Control — 0.1% | ||||||||
Republic Services Inc. | ||||||||
1.75%, 02/15/32 (Call 11/15/31)(a) | 10,741 | 8,638,651 | ||||||
3.95%, 05/15/28 (Call 02/15/28)(a) | 8,366 | 8,344,519 | ||||||
Waste Connections Inc., 2.95%, 01/15/52 (Call 07/15/51)(a) | 9,153 | 6,830,562 | ||||||
Waste Management Inc. | ||||||||
1.50%, 03/15/31 (Call 12/15/30)(a) | 8,174 | 6,636,002 | ||||||
3.15%, 11/15/27 (Call 08/15/27)(a) | 9,292 | 9,006,774 | ||||||
|
| |||||||
39,456,508 | ||||||||
Food — 1.3% | ||||||||
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27) | 7,275 | 7,232,132 | ||||||
Conagra Brands Inc. | ||||||||
1.38%, 11/01/27 (Call 09/01/27) | 12,673 | 10,766,726 | ||||||
4.60%, 11/01/25 (Call 09/01/25) | 9,638 | 9,753,068 | ||||||
4.85%, 11/01/28 (Call 08/01/28)(a) | 13,606 | 13,683,722 | ||||||
5.30%, 11/01/38 (Call 05/01/38)(a) | 9,889 | 9,828,387 | ||||||
5.40%, 11/01/48 (Call 05/01/48) | 11,258 | 11,265,035 | ||||||
General Mills Inc. | ||||||||
2.88%, 04/15/30 (Call 01/15/30) | 9,940 | 9,043,577 | ||||||
3.20%, 02/10/27 (Call 11/10/26)(a) | 7,784 | 7,591,769 | ||||||
4.20%, 04/17/28 (Call 01/17/28) | 15,840 | 15,969,350 | ||||||
Hormel Foods Corp. | ||||||||
1.70%, 06/03/28 (Call 04/03/28)(a) | 7,627 | 6,768,533 | ||||||
1.80%, 06/11/30 (Call 03/11/30) | 7,759 | 6,578,055 | ||||||
Kellogg Co., 3.25%, 04/01/26(a) | 11,587 | 11,378,762 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.00%, 06/01/26 (Call 03/01/26) | 17,214 | 16,442,866 | ||||||
3.88%, 05/15/27 (Call 02/15/27)(a) | 13,263 | 12,982,803 | ||||||
4.38%, 06/01/46 (Call 12/01/45)(a) | 26,038 | 22,872,300 | ||||||
4.88%, 10/01/49 (Call 04/01/49) | 14,050 | 13,118,204 | ||||||
5.00%, 06/04/42(a) | 13,862 | 13,341,555 | ||||||
5.20%, 07/15/45 (Call 01/15/45)(a) | 16,364 | 15,935,271 | ||||||
5.50%, 06/01/50 (Call 12/01/49) | 7,623 | 7,714,476 | ||||||
6.88%, 01/26/39 | 7,338 | 8,407,041 | ||||||
Kroger Co. (The) | ||||||||
2.65%, 10/15/26 (Call 07/15/26)(a) | 10,656 | 10,109,278 | ||||||
3.95%, 01/15/50 (Call 07/15/49) | 7,989 | 7,069,942 | ||||||
4.45%, 02/01/47 (Call 08/01/46) | 9,903 | 9,342,466 | ||||||
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)(a) | 10,428 | 10,142,327 | ||||||
Mondelez International Inc. | ||||||||
1.50%, 05/04/25 (Call 04/04/25) | 5,333 | 5,042,573 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
2.63%, 03/17/27 (Call 02/17/27) | $ | 4,614 | $ | 4,353,137 | ||||
2.63%, 09/04/50 (Call 03/04/50) | 10,127 | 7,133,953 | ||||||
2.75%, 04/13/30 (Call 01/13/30) | 8,582 | 7,688,633 | ||||||
3.00%, 03/17/32 (Call 12/17/31) | 3,271 | 2,924,400 | ||||||
Sysco Corp. | ||||||||
3.15%, 12/14/51 (Call 06/14/51)(a) | 8,556 | 6,285,003 | ||||||
3.25%, 07/15/27 (Call 04/15/27)(a) | 6,017 | 5,784,510 | ||||||
3.30%, 07/15/26 (Call 04/15/26)(a) | 11,177 | 10,893,679 | ||||||
3.75%, 10/01/25 (Call 07/01/25)(a) | 7,817 | 7,832,640 | ||||||
5.95%, 04/01/30 (Call 01/01/30)(a) | 11,824 | 12,933,022 | ||||||
6.60%, 04/01/50 (Call 10/01/49)(a) | 11,457 | 13,645,883 | ||||||
Tyson Foods Inc. | ||||||||
3.55%, 06/02/27 (Call 03/02/27) | 11,508 | 11,285,312 | ||||||
4.00%, 03/01/26 (Call 01/01/26) | 9,987 | 10,030,222 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) | 9,832 | 9,931,649 | ||||||
4.55%, 06/02/47 (Call 12/02/46)(a) | 9,678 | 9,288,810 | ||||||
5.10%, 09/28/48 (Call 03/28/48)(a) | 15,075 | 15,642,972 | ||||||
|
| |||||||
408,034,043 | ||||||||
Gas — 0.2% | ||||||||
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44) | 7,602 | 7,044,494 | ||||||
NiSource Inc. | ||||||||
0.95%, 08/15/25 (Call 07/15/25) | 8,753 | 7,932,786 | ||||||
1.70%, 02/15/31 (Call 11/15/30) | 9,458 | 7,463,087 | ||||||
2.95%, 09/01/29 (Call 06/01/29) | 7,431 | 6,703,487 | ||||||
3.49%, 05/15/27 (Call 02/15/27)(a) | 9,775 | 9,491,448 | ||||||
3.60%, 05/01/30 (Call 02/01/30)(a) | 8,334 | 7,775,150 | ||||||
3.95%, 03/30/48 (Call 09/30/47)(a) | 8,099 | 6,844,748 | ||||||
4.38%, 05/15/47 (Call 11/15/46)(a) | 9,057 | 8,153,562 | ||||||
4.80%, 02/15/44 (Call 08/15/43)(a) | 9,198 | 8,579,404 | ||||||
|
| |||||||
69,988,166 | ||||||||
Hand & Machine Tools — 0.0% | ||||||||
Stanley Black & Decker Inc. | ||||||||
2.30%, 03/15/30 (Call 12/15/29)(a) | 10,279 | 9,054,425 | ||||||
2.75%, 11/15/50 (Call 05/15/50)(a) | 7,412 | 5,367,176 | ||||||
|
| |||||||
14,421,601 | ||||||||
Health Care - Products — 0.9% | ||||||||
Abbott Laboratories | ||||||||
3.75%, 11/30/26 (Call 08/30/26)(a) | 14,171 | 14,314,474 | ||||||
4.75%, 11/30/36 (Call 05/30/36)(a) | 16,457 | 17,683,703 | ||||||
4.90%, 11/30/46 (Call 05/30/46) | 30,936 | 33,730,150 | ||||||
Baxter International Inc. | ||||||||
1.92%, 02/01/27 (Call 01/01/27)(a)(c) | 21,568 | 19,617,852 | ||||||
2.27%, 12/01/28 (Call 10/01/28)(c) | 15,766 | 14,010,901 | ||||||
2.54%, 02/01/32 (Call 11/01/31)(a)(c) | 13,428 | 11,466,361 | ||||||
2.60%, 08/15/26 (Call 05/15/26)(a) | 2,373 | 2,246,770 | ||||||
3.13%, 12/01/51 (Call 06/01/51)(a)(c) | 9,443 | 7,039,672 | ||||||
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30) | 12,212 | 10,863,269 | ||||||
Danaher Corp. | ||||||||
2.60%, 10/01/50 (Call 04/01/50) | 10,724 | 7,613,083 | ||||||
2.80%, 12/10/51 (Call 06/10/51)(a) | 10,376 | 7,671,197 | ||||||
DH Europe Finance II Sarl | ||||||||
2.60%, 11/15/29 (Call 08/15/29) | 7,284 | 6,582,234 | ||||||
3.25%, 11/15/39 (Call 05/15/39)(a) | 9,398 | 8,131,727 | ||||||
3.40%, 11/15/49 (Call 05/15/49) | 8,891 | 7,382,116 | ||||||
Medtronic Inc. | ||||||||
4.38%, 03/15/35(a) | 19,383 | 20,017,880 | ||||||
4.63%, 03/15/45(a) | 17,053 | 17,993,950 | ||||||
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)(a) | 12,582 | 11,531,733 |
Security | Par (000) | Value | ||||||
Health Care - Products (continued) | ||||||||
Stryker Corp. | ||||||||
1.95%, 06/15/30 (Call 03/15/30)(a) | $ | 11,753 | $ | 9,969,481 | ||||
3.38%, 11/01/25 (Call 08/01/25)(a) | 6,656 | 6,604,110 | ||||||
3.50%, 03/15/26 (Call 12/15/25)(a) | 7,754 | 7,662,818 | ||||||
4.63%, 03/15/46 (Call 09/15/45)(a) | 9,882 | 9,828,523 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
2.00%, 10/15/31 (Call 07/15/31)(a) | 12,884 | 10,827,564 | ||||||
2.60%, 10/01/29 (Call 07/01/29) | 10,109 | 9,206,358 | ||||||
2.80%, 10/15/41 (Call 04/15/41) | 13,310 | 10,638,879 | ||||||
4.10%, 08/15/47 (Call 02/15/47)(a) | 9,363 | 9,035,329 | ||||||
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)(a) | 8,494 | 7,280,659 | ||||||
|
| |||||||
298,950,793 | ||||||||
Health Care - Services — 2.2% | ||||||||
Aetna Inc. | ||||||||
3.88%, 08/15/47 (Call 02/15/47)(a) | 9,705 | 8,359,363 | ||||||
6.63%, 06/15/36(a) | 10,858 | 12,758,523 | ||||||
Anthem Inc. | ||||||||
1.50%, 03/15/26 (Call 02/15/26)(a) | 9,128 | 8,400,698 | ||||||
2.25%, 05/15/30 (Call 02/15/30)(a) | 15,171 | 13,163,247 | ||||||
2.55%, 03/15/31 (Call 12/15/30) | 9,512 | 8,362,373 | ||||||
2.88%, 09/15/29 (Call 06/15/29) | 7,070 | 6,484,652 | ||||||
3.13%, 05/15/50 (Call 11/15/49)(a) | 9,094 | 7,099,181 | ||||||
3.60%, 03/15/51 (Call 09/15/50)(a) | 12,820 | 10,833,110 | ||||||
3.65%, 12/01/27 (Call 09/01/27) | 14,883 | 14,573,426 | ||||||
3.70%, 09/15/49 (Call 03/15/49) | 8,718 | 7,491,366 | ||||||
4.10%, 03/01/28 (Call 12/01/27) | 11,585 | 11,573,328 | ||||||
4.38%, 12/01/47 (Call 06/01/47) | 11,979 | 11,514,949 | ||||||
4.55%, 03/01/48 (Call 09/01/47)(a) | 7,961 | 7,779,135 | ||||||
4.63%, 05/15/42(a) | 7,637 | 7,543,614 | ||||||
4.65%, 01/15/43(a) | 11,071 | 10,864,063 | ||||||
4.65%, 08/15/44 (Call 02/15/44) | 7,710 | 7,579,605 | ||||||
Ascension Health | ||||||||
3.95%, 11/15/46(a) | 6,547 | 6,292,901 | ||||||
Series B, 2.53%, 11/15/29 (Call 08/15/29)(a) | 8,379 | 7,752,250 | ||||||
CommonSpirit Health | ||||||||
3.35%, 10/01/29 (Call 04/01/29) | 8,749 | 8,183,355 | ||||||
4.19%, 10/01/49 (Call 04/01/49) | 4,497 | 4,029,640 | ||||||
HCA Inc. | ||||||||
2.38%, 07/15/31 (Call 04/15/31)(a) | 9,657 | 7,948,563 | ||||||
3.13%, 03/15/27 (Call 02/15/27)(a)(c) | 7,972 | 7,497,641 | ||||||
3.50%, 07/15/51 (Call 01/15/51) | 13,718 | 10,211,792 | ||||||
3.63%, 03/15/32 (Call 12/15/31)(a)(c) | 22,011 | 19,743,469 | ||||||
4.13%, 06/15/29 (Call 03/15/29) | 14,567 | 13,964,120 | ||||||
4.50%, 02/15/27 (Call 08/15/26)(a) | 11,958 | 11,986,783 | ||||||
4.63%, 03/15/52 (Call 09/15/51)(a)(c) | 15,332 | 13,421,107 | ||||||
5.13%, 06/15/39 (Call 12/15/38) | 12,671 | 12,216,196 | ||||||
5.25%, 04/15/25 | 8,778 | 9,052,332 | ||||||
5.25%, 06/15/26 (Call 12/15/25) | 14,222 | 14,646,487 | ||||||
5.25%, 06/15/49 (Call 12/15/48) | 20,937 | 19,967,102 | ||||||
5.50%, 06/15/47 (Call 12/15/46) | 14,125 | 13,926,725 | ||||||
Humana Inc. | ||||||||
1.35%, 02/03/27 (Call 01/03/27) | 14,019 | 12,355,319 | ||||||
2.15%, 02/03/32 (Call 11/03/31)(a) | 7,578 | 6,244,094 | ||||||
3.70%, 03/23/29 (Call 02/23/29) | 9,166 | 8,812,039 | ||||||
4.95%, 10/01/44 (Call 04/01/44) | 7,834 | 8,061,577 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.15%, 05/01/47 (Call 11/01/46) | 12,017 | 11,727,639 | ||||||
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)(a) | 8,805 | 7,342,998 | ||||||
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)(a) | 10,289 | 8,213,550 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
Series 2021, 3.00%, 06/01/51 | $ | 11,370 | $ | 8,844,761 | ||||
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44) | 10,492 | 10,117,984 | ||||||
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30) | 11,397 | 10,200,779 | ||||||
UnitedHealth Group Inc. | ||||||||
1.15%, 05/15/26 (Call 04/15/26)(a) | 11,174 | 10,171,881 | ||||||
2.00%, 05/15/30(a) | 11,939 | 10,366,432 | ||||||
2.30%, 05/15/31 (Call 02/15/31)(a) | 11,971 | 10,468,367 | ||||||
2.75%, 05/15/40 (Call 11/15/39) | 10,358 | 8,257,691 | ||||||
2.88%, 08/15/29 | 10,318 | 9,651,719 | ||||||
2.90%, 05/15/50 (Call 11/15/49) | 12,036 | 9,330,166 | ||||||
2.95%, 10/15/27(a) | 10,063 | 9,698,641 | ||||||
3.05%, 05/15/41 (Call 11/15/40)(a) | 12,285 | 10,268,146 | ||||||
3.10%, 03/15/26(a) | 13,214 | 13,027,003 | ||||||
3.13%, 05/15/60 (Call 11/15/59)(a) | 8,785 | 6,736,048 | ||||||
3.25%, 05/15/51 (Call 11/15/50)(a) | 21,821 | 18,076,521 | ||||||
3.45%, 01/15/27(a) | 8,260 | 8,231,133 | ||||||
3.50%, 08/15/39 (Call 02/15/39)(a) | 11,898 | 10,715,797 | ||||||
3.70%, 08/15/49 (Call 02/15/49)(a) | 11,564 | 10,359,217 | ||||||
3.75%, 07/15/25 | 14,317 | 14,468,898 | ||||||
3.75%, 10/15/47 (Call 04/15/47) | 8,152 | 7,303,550 | ||||||
3.85%, 06/15/28 | 10,661 | 10,676,289 | ||||||
3.88%, 12/15/28(a) | 8,711 | 8,728,599 | ||||||
3.88%, 08/15/59 (Call 02/15/59)(a) | 11,269 | 10,091,462 | ||||||
4.20%, 01/15/47 (Call 07/15/46) | 8,085 | 7,825,785 | ||||||
4.25%, 03/15/43 (Call 09/15/42)(a) | 8,353 | 8,144,252 | ||||||
4.25%, 06/15/48 (Call 12/15/47)(a) | 15,141 | 14,661,560 | ||||||
4.45%, 12/15/48 (Call 06/15/48)(a) | 8,604 | 8,579,556 | ||||||
4.63%, 07/15/35 | 8,399 | 8,670,937 | ||||||
4.75%, 07/15/45 | 17,404 | 18,172,552 | ||||||
5.80%, 03/15/36(a) | 10,884 | 12,487,579 | ||||||
6.88%, 02/15/38 | 11,723 | 15,059,249 | ||||||
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)(a)(c) | 10,800 | 9,087,245 | ||||||
|
| |||||||
726,458,111 | ||||||||
Holding Companies - Diversified — 0.3% | ||||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 (Call 06/15/26)(a) | 12,978 | 11,478,033 | ||||||
2.88%, 06/15/28 (Call 04/15/28) | 15,649 | 13,537,845 | ||||||
3.25%, 07/15/25 (Call 06/15/25) | 11,181 | 10,646,377 | ||||||
3.88%, 01/15/26 (Call 12/15/25) | 14,270 | 13,707,151 | ||||||
Blackstone Private Credit Fund | ||||||||
2.63%, 12/15/26 (Call 11/15/26)(c) | 11,057 | 9,685,760 | ||||||
3.25%, 03/15/27 (Call 02/15/27)(c) | 13,436 | 12,052,675 | ||||||
Blackstone Secured Lending Fund, 3.63%, 01/15/26 (Call 12/15/25)(a) | 8,395 | 8,034,594 | ||||||
FS KKR Capital Corp. | ||||||||
3.13%, 10/12/28 (Call 08/12/28)(a) | 9,594 | 8,337,296 | ||||||
3.40%, 01/15/26 (Call 12/15/25)(a) | 10,310 | 9,688,650 | ||||||
Owl Rock Capital Corp. | ||||||||
2.88%, 06/11/28 (Call 04/11/28) | 8,836 | 7,514,695 | ||||||
3.40%, 07/15/26 (Call 06/15/26)(a) | 9,459 | 8,723,544 | ||||||
|
| |||||||
113,406,620 | ||||||||
Home Builders — 0.0% | ||||||||
Lennar Corp., 4.75%, 11/29/27 | 9,235 | 9,255,139 | ||||||
|
| |||||||
Household Products & Wares — 0.0% | ||||||||
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)(a) | 8,537 | 8,082,827 | ||||||
|
|
Security | Par (000) | Value | ||||||
Insurance — 1.8% | ||||||||
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)(a) | $ | 8,467 | $ | 8,250,009 | ||||
American International Group Inc. | ||||||||
2.50%, 06/30/25 (Call 05/30/25)(a) | 12,638 | 12,155,760 | ||||||
3.90%, 04/01/26 (Call 01/01/26) | 14,174 | 14,105,585 | ||||||
4.38%, 06/30/50 (Call 12/30/49)(a) | 7,954 | 7,657,911 | ||||||
4.75%, 04/01/48 (Call 10/01/47)(a) | 10,082 | 10,363,539 | ||||||
4.80%, 07/10/45 (Call 01/10/45)(a) | 8,298 | 8,291,523 | ||||||
Aon Corp. | ||||||||
2.80%, 05/15/30 (Call 02/15/30) | 10,570 | 9,389,940 | ||||||
3.75%, 05/02/29 (Call 02/02/29)(a) | 5,960 | 5,786,726 | ||||||
Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52 (Call 08/28/51) | 9,443 | 8,152,205 | ||||||
Aon Global Ltd., 3.88%, 12/15/25 | 7,327 | 7,363,850 | ||||||
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49) | 10,281 | 8,654,615 | ||||||
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a) | 12,141 | 11,675,535 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
1.45%, 10/15/30 (Call 07/15/30)(a) | 8,176 | 6,745,794 | ||||||
2.30%, 03/15/27 (Call 02/15/27)(a) | 12,236 | 11,682,845 | ||||||
2.50%, 01/15/51 (Call 07/15/50) | 8,959 | 6,325,787 | ||||||
2.85%, 10/15/50 (Call 04/15/50)(a) | 19,646 | 14,915,011 | ||||||
2.88%, 03/15/32 (Call 12/15/31)(a) | 6,441 | 5,831,781 | ||||||
3.85%, 03/15/52 (Call 09/15/51) | 21,633 | 19,283,983 | ||||||
4.20%, 08/15/48 (Call 02/15/48)(a) | 25,342 | 24,177,745 | ||||||
4.25%, 01/15/49 (Call 07/15/48)(a) | 16,559 | 16,076,868 | ||||||
5.75%, 01/15/40(a) | 9,609 | 11,075,672 | ||||||
Berkshire Hathaway Inc. | ||||||||
3.13%, 03/15/26 (Call 12/15/25)(a) | 21,522 | 21,364,915 | ||||||
4.50%, 02/11/43 | 10,932 | 10,920,246 | ||||||
Brighthouse Financial Inc. | ||||||||
3.70%, 06/22/27 (Call 03/22/27) | 1,425 | 1,384,864 | ||||||
4.70%, 06/22/47 (Call 12/22/46) | 10,795 | 9,351,898 | ||||||
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39(a) | 7,733 | 6,424,576 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37(a) | 8,169 | 9,496,992 | ||||||
Chubb INA Holdings Inc. | ||||||||
1.38%, 09/15/30 (Call 06/15/30)(a) | 2,450 | 2,006,500 | ||||||
3.05%, 12/15/61 (Call 06/15/61)(a) | 10,258 | 7,708,455 | ||||||
3.35%, 05/03/26 (Call 02/03/26) | 9,749 | 9,659,098 | ||||||
4.35%, 11/03/45 (Call 05/03/45) | 10,865 | 10,690,418 | ||||||
Corebridge Financial Inc. | ||||||||
3.85%, 04/05/29 (Call 02/05/29)(c) | 8,039 | 7,671,790 | ||||||
3.90%, 04/05/32 | 10,922 | 10,250,050 | ||||||
4.40%, 04/05/52(c) | 10,991 | 9,836,320 | ||||||
Equitable Holdings Inc. | ||||||||
4.35%, 04/20/28 (Call 01/20/28)(a) | 11,442 | 11,377,040 | ||||||
5.00%, 04/20/48 (Call 10/20/47)(a) | 14,930 | 14,556,526 | ||||||
Everest Reinsurance Holdings Inc. | ||||||||
3.13%, 10/15/52 (Call 04/15/52)(a) | 10,445 | 7,752,725 | ||||||
3.50%, 10/15/50 (Call 04/15/50)(a) | 9,519 | 7,676,766 | ||||||
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49) | 8,365 | 7,037,430 | ||||||
Manulife Financial Corp. | ||||||||
3.70%, 03/16/32 (Call 12/16/31) | 928 | 886,417 | ||||||
4.15%, 03/04/26 | 5,536 | 5,604,674 | ||||||
5.38%, 03/04/46(a) | 6,978 | 7,928,987 | ||||||
Marsh & McLennan Companies Inc. | ||||||||
2.25%, 11/15/30 (Call 08/15/30) | 10,118 | 8,761,986 | ||||||
4.38%, 03/15/29 (Call 12/15/28) | 11,632 | 11,765,518 | ||||||
4.90%, 03/15/49 (Call 09/15/48)(a) | 12,553 | �� | 13,064,468 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
MetLife Inc. | ||||||||
4.05%, 03/01/45(a) | $ | 9,823 | $ | 9,115,377 | ||||
4.13%, 08/13/42(a) | 8,692 | 8,100,433 | ||||||
4.55%, 03/23/30 (Call 12/23/29)(a) | 6,214 | 6,418,059 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(a) | 7,394 | 7,533,374 | ||||||
4.88%, 11/13/43 | 6,780 | 6,964,456 | ||||||
5.70%, 06/15/35 | 11,233 | 12,657,553 | ||||||
5.88%, 02/06/41 | 8,456 | 9,706,513 | ||||||
6.38%, 06/15/34(a) | 9,389 | 11,117,809 | ||||||
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)(a) | 8,342 | 7,941,085 | ||||||
Prudential Financial Inc. | ||||||||
3.70%, 03/13/51 (Call 09/13/50)(a) | 12,449 | 10,780,036 | ||||||
3.91%, 12/07/47 (Call 06/07/47)(a) | 5,992 | 5,385,430 | ||||||
3.94%, 12/07/49 (Call 06/07/49)(a) | 11,430 | 10,309,589 | ||||||
4.35%, 02/25/50 (Call 08/25/49)(a) | 9,105 | 8,869,690 | ||||||
4.60%, 05/15/44(a) | 9,376 | 9,280,538 | ||||||
5.70%, 12/14/36 | 9,113 | 10,205,975 | ||||||
Travelers Companies Inc. (The) | ||||||||
3.05%, 06/08/51 (Call 12/08/50) | 8,337 | 6,689,064 | ||||||
5.35%, 11/01/40(a) | 7,000 | 7,765,500 | ||||||
6.25%, 06/15/37(a) | 8,954 | 10,759,548 | ||||||
|
| |||||||
600,741,372 | ||||||||
Internet — 2.1% | ||||||||
Alphabet Inc. | ||||||||
0.45%, 08/15/25 (Call 07/15/25)(a) | 6,705 | 6,175,777 | ||||||
0.80%, 08/15/27 (Call 06/15/27)(a) | 14,613 | 12,819,064 | ||||||
1.10%, 08/15/30 (Call 05/15/30)(a) | 17,890 | 14,739,856 | ||||||
1.90%, 08/15/40 (Call 02/15/40)(a) | 11,893 | 8,714,527 | ||||||
2.00%, 08/15/26 (Call 05/15/26)(a) | 18,846 | 17,899,697 | ||||||
2.05%, 08/15/50 (Call 02/15/50) | 24,682 | 16,967,599 | ||||||
2.25%, 08/15/60 (Call 02/15/60) | 18,743 | 12,473,058 | ||||||
Amazon.com Inc. | ||||||||
0.80%, 06/03/25 (Call 05/03/25) | 8,495 | 7,912,415 | ||||||
1.00%, 05/12/26 (Call 04/12/26) | 22,592 | 20,600,271 | ||||||
1.20%, 06/03/27 (Call 04/03/27) | 13,254 | 11,814,307 | ||||||
1.50%, 06/03/30 (Call 03/03/30) | 19,012 | 16,013,720 | ||||||
1.65%, 05/12/28 (Call 03/12/28) | 17,661 | 15,727,615 | ||||||
2.10%, 05/12/31 (Call 02/12/31) | 27,949 | 24,315,837 | ||||||
2.50%, 06/03/50 (Call 12/03/49)(a) | 26,257 | 19,403,269 | ||||||
2.70%, 06/03/60 (Call 12/03/59) | 17,534 | 12,480,282 | ||||||
2.88%, 05/12/41 (Call 11/12/40)(a) | 20,699 | 17,126,551 | ||||||
3.10%, 05/12/51 (Call 11/12/50)(a) | 28,898 | 23,840,469 | ||||||
3.15%, 08/22/27 (Call 05/22/27)(a) | 29,785 | 29,154,830 | ||||||
3.25%, 05/12/61 (Call 11/12/60)(a) | 16,920 | 13,774,624 | ||||||
3.30%, 04/13/27 | 15,982 | 15,852,261 | ||||||
3.45%, 04/13/29 (Call 02/13/29) | 12,240 | 12,058,294 | ||||||
3.60%, 04/13/32 (Call 01/13/32) | 22,700 | 22,258,565 | ||||||
3.88%, 08/22/37 (Call 02/22/37)(a) | 25,544 | 24,880,188 | ||||||
3.95%, 04/13/52 (Call 10/13/51) | 22,749 | 21,838,000 | ||||||
4.05%, 08/22/47 (Call 02/22/47)(a) | 31,607 | 30,772,133 | ||||||
4.10%, 04/13/62 (Call 10/13/61) | 8,729 | 8,334,839 | ||||||
4.25%, 08/22/57 (Call 02/22/57) | 22,542 | 22,117,627 | ||||||
4.80%, 12/05/34 (Call 06/05/34)(a) | 11,760 | 12,719,535 | ||||||
4.95%, 12/05/44 (Call 06/05/44)(a) | 14,105 | 15,348,501 | ||||||
5.20%, 12/03/25 (Call 09/03/25)(a) | 8,058 | 8,530,260 | ||||||
Booking Holdings Inc. | ||||||||
3.60%, 06/01/26 (Call 03/01/26)(a) | 10,734 | 10,665,813 | ||||||
4.63%, 04/13/30 (Call 01/13/30)(a) | 11,857 | 12,139,108 |
Security | Par (000) | Value | ||||||
Internet (continued) | ||||||||
eBay Inc. | ||||||||
1.40%, 05/10/26 (Call 04/10/26)(a) | $ | 11,732 | $ | 10,655,540 | ||||
2.60%, 05/10/31 (Call 02/10/31) | 8,176 | 7,085,168 | ||||||
2.70%, 03/11/30 (Call 12/11/29) | 7,469 | 6,601,101 | ||||||
3.60%, 06/05/27 (Call 03/05/27)(a) | 10,629 | 10,445,315 | ||||||
3.65%, 05/10/51 (Call 11/10/50) | 9,820 | 7,964,316 | ||||||
4.00%, 07/15/42 (Call 01/15/42)(a) | 8,312 | 7,395,963 | ||||||
Expedia Group Inc. | ||||||||
2.95%, 03/15/31 (Call 12/15/30) | 14,576 | 12,526,278 | ||||||
3.25%, 02/15/30 (Call 11/15/29) | 15,675 | 13,965,674 | ||||||
3.80%, 02/15/28 (Call 11/15/27) | 8,681 | 8,266,128 | ||||||
4.63%, 08/01/27 (Call 05/01/27) | 13,460 | 13,537,146 | ||||||
5.00%, 02/15/26 (Call 11/15/25)(a) | 12,367 | 12,696,281 | ||||||
Netflix Inc. | ||||||||
4.38%, 11/15/26(a) | 8,690 | 8,593,193 | ||||||
4.88%, 04/15/28 | 13,381 | 13,038,446 | ||||||
5.88%, 11/15/28 | 20,206 | 20,772,778 | ||||||
6.38%, 05/15/29(a) | 10,808 | 11,456,480 | ||||||
|
| |||||||
684,468,699 | ||||||||
Lodging — 0.2% | ||||||||
Las Vegas Sands Corp. | ||||||||
3.50%, 08/18/26 (Call 06/18/26)(a) | 6,093 | 5,545,015 | ||||||
3.90%, 08/08/29 (Call 05/08/29)(a) | 2,694 | 2,315,621 | ||||||
Marriott International Inc./MD | ||||||||
Series FF, 4.63%, 06/15/30 (Call 03/15/30)(a) | 10,611 | 10,484,713 | ||||||
Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 8,764 | 7,811,408 | ||||||
Series HH, 2.85%, 04/15/31 (Call 01/15/31) | 12,686 | 10,922,301 | ||||||
Series R, 3.13%, 06/15/26 (Call 03/15/26) | 9,928 | 9,578,530 | ||||||
Sands China Ltd. | ||||||||
3.80%, 01/08/26 (Call 12/08/25) | 1,500 | 1,385,233 | ||||||
5.13%, 08/08/25 (Call 06/08/25) | 11,560 | 11,204,233 | ||||||
5.40%, 08/08/28 (Call 05/08/28)(a) | 13,100 | 12,310,375 | ||||||
|
| |||||||
71,557,429 | ||||||||
Machinery — 0.4% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
0.80%, 11/13/25 | 6,826 | 6,238,260 | ||||||
0.90%, 03/02/26(a) | 6,361 | 5,796,999 | ||||||
1.10%, 09/14/27(a) | 8,158 | 7,189,127 | ||||||
Caterpillar Inc. | ||||||||
2.60%, 04/09/30 (Call 01/09/30)(a) | 10,914 | 10,032,742 | ||||||
3.25%, 09/19/49 (Call 03/19/49) | 7,761 | 6,681,800 | ||||||
3.25%, 04/09/50 (Call 10/09/49) | 10,423 | 8,925,218 | ||||||
3.80%, 08/15/42(a) | 14,329 | 13,685,394 | ||||||
5.20%, 05/27/41(a) | 8,536 | 9,502,698 | ||||||
Deere & Co. | ||||||||
3.75%, 04/15/50 (Call 10/15/49)(a) | 8,362 | 7,886,832 | ||||||
3.90%, 06/09/42 (Call 12/09/41)(a) | 11,209 | 10,797,023 | ||||||
John Deere Capital Corp., 0.70%, 01/15/26 | 9,174 | 8,337,865 | ||||||
Otis Worldwide Corp. | ||||||||
2.57%, 02/15/30 (Call 11/15/29) | 17,584 | 15,425,510 | ||||||
3.11%, 02/15/40 (Call 08/15/39)(a) | 8,217 | 6,612,127 | ||||||
Westinghouse Air Brake Technologies Corp. | ||||||||
3.45%, 11/15/26 (Call 08/15/26) | 5,560 | 5,334,617 | ||||||
4.95%, 09/15/28 (Call 06/15/28) | 12,710 | 12,781,437 | ||||||
|
| |||||||
135,227,649 | ||||||||
Manufacturing — 0.6% | ||||||||
3M Co. | ||||||||
2.38%, 08/26/29 (Call 05/26/29)(a) | 6,909 | 6,254,857 | ||||||
2.88%, 10/15/27 (Call 07/15/27)(a) | 6,698 | 6,467,499 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Manufacturing (continued) | ||||||||
3.25%, 08/26/49 (Call 02/26/49)(a) | $ | 9,517 | $ | 8,045,896 | ||||
3.38%, 03/01/29 (Call 12/01/28)(a) | 10,186 | 9,889,993 | ||||||
4.00%, 09/14/48 (Call 03/14/48) | 10,459 | 10,056,503 | ||||||
Eaton Corp., 4.15%, 11/02/42 | 10,492 | 9,971,480 | ||||||
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)(a) | 10,402 | 10,405,846 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 64,564 | 63,078,286 | ||||||
General Electric Co. | ||||||||
5.88%, 01/14/38(a) | 7,790 | 8,582,317 | ||||||
6.75%, 03/15/32(a) | 24,860 | 28,863,636 | ||||||
Illinois Tool Works Inc. | ||||||||
2.65%, 11/15/26 (Call 08/15/26)(a) | 8,973 | 8,679,665 | ||||||
3.90%, 09/01/42 (Call 03/01/42)(a) | 10,827 | 10,150,510 | ||||||
Parker-Hannifin Corp. | ||||||||
3.25%, 06/14/29 (Call 03/14/29) | 9,006 | 8,403,557 | ||||||
4.00%, 06/14/49 (Call 12/14/48) | 7,104 | 6,346,423 | ||||||
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a) | 10,207 | 9,827,822 | ||||||
|
| |||||||
205,024,290 | ||||||||
Media — 4.5% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
2.25%, 01/15/29 (Call 11/15/28) | 11,330 | 9,653,451 | ||||||
2.30%, 02/01/32 (Call 11/01/31) | 7,613 | 5,956,755 | ||||||
2.80%, 04/01/31 (Call 01/01/31)(a) | 13,840 | 11,504,943 | ||||||
3.50%, 06/01/41 (Call 12/01/40)(a) | 13,075 | 9,558,224 | ||||||
3.50%, 03/01/42 (Call 09/01/41) | 11,518 | 8,318,020 | ||||||
3.70%, 04/01/51 (Call 10/01/50) | 17,999 | 12,683,368 | ||||||
3.75%, 02/15/28 (Call 11/15/27) | 8,281 | 7,838,647 | ||||||
3.85%, 04/01/61 (Call 10/01/60) | 15,859 | 10,840,911 | ||||||
3.90%, 06/01/52 (Call 12/01/51) | 20,727 | 15,011,136 | ||||||
3.95%, 06/30/62 (Call 12/30/61) | 11,458 | 7,914,554 | ||||||
4.20%, 03/15/28 (Call 12/15/27)(a) | 10,805 | 10,437,559 | ||||||
4.40%, 04/01/33 (Call 01/01/33) | 11,156 | 10,171,965 | ||||||
4.40%, 12/01/61 (Call 06/01/61) | 11,668 | 8,748,945 | ||||||
4.80%, 03/01/50 (Call 09/01/49) | 24,478 | 20,121,768 | ||||||
4.91%, 07/23/25 (Call 04/23/25) | 36,072 | 36,713,685 | ||||||
5.05%, 03/30/29 (Call 12/30/28)(a) | 11,146 | 11,121,708 | ||||||
5.13%, 07/01/49 (Call 01/01/49) | 10,509 | 9,027,984 | ||||||
5.25%, 04/01/53 (Call 10/01/52) | 23,128 | 20,250,632 | ||||||
5.38%, 04/01/38 (Call 10/01/37)(a) | 7,466 | 6,971,407 | ||||||
5.38%, 05/01/47 (Call 11/01/46) | 22,100 | 19,850,750 | ||||||
5.50%, 04/01/63 (Call 10/01/62) | 15,049 | 13,132,859 | ||||||
5.75%, 04/01/48 (Call 10/01/47) | 30,158 | 28,295,327 | ||||||
6.38%, 10/23/35 (Call 04/23/35)(a) | 16,110 | 16,991,423 | ||||||
6.48%, 10/23/45 (Call 04/23/45)(a) | 31,095 | 31,290,146 | ||||||
Comcast Corp. | ||||||||
1.50%, 02/15/31 (Call 11/15/30)(a) | 14,970 | 12,161,170 | ||||||
1.95%, 01/15/31 (Call 10/15/30) | 14,496 | 12,148,679 | ||||||
2.35%, 01/15/27 (Call 10/15/26) | 12,706 | 11,920,139 | ||||||
2.45%, 08/15/52 (Call 02/15/52)(a) | 13,852 | 9,452,128 | ||||||
2.65%, 02/01/30 (Call 11/01/29) | 17,433 | 15,781,303 | ||||||
2.65%, 08/15/62 (Call 02/15/62) | 10,808 | 7,158,919 | ||||||
2.80%, 01/15/51 (Call 07/15/50)(a) | 15,597 | 11,445,241 | ||||||
2.89%, 11/01/51 (Call 05/01/51)(a)(c) | 44,962 | 33,268,733 | ||||||
2.94%, 11/01/56 (Call 05/01/56)(c) | 56,435 | 40,657,902 | ||||||
2.99%, 11/01/63 (Call 05/01/63)(c) | 37,425 | 26,372,634 | ||||||
3.15%, 03/01/26 (Call 12/01/25)(a) | 19,043 | 18,684,630 | ||||||
3.15%, 02/15/28 (Call 11/15/27)(a) | 13,718 | 13,155,392 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
3.20%, 07/15/36 (Call 01/15/36)(a) | $ | 10,278 | $ | 8,956,210 | ||||
3.25%, 11/01/39 (Call 05/01/39) | 14,025 | 11,934,937 | ||||||
3.30%, 02/01/27 (Call 11/01/26) | 11,390 | 11,164,619 | ||||||
3.30%, 04/01/27 (Call 02/01/27) | 6,347 | 6,224,527 | ||||||
3.38%, 08/15/25 (Call 05/15/25) | 10,957 | 10,914,910 | ||||||
3.40%, 04/01/30 (Call 01/01/30)(a) | 16,378 | 15,570,216 | ||||||
3.40%, 07/15/46 (Call 01/15/46)(a) | 13,023 | 10,857,911 | ||||||
3.45%, 02/01/50 (Call 08/01/49)(a) | 16,051 | 13,251,974 | ||||||
3.55%, 05/01/28 (Call 02/01/28) | 8,070 | 7,903,795 | ||||||
3.75%, 04/01/40 (Call 10/01/39)(a) | 15,677 | 14,115,699 | ||||||
3.90%, 03/01/38 (Call 09/01/37) | 10,395 | 9,694,662 | ||||||
3.95%, 10/15/25 (Call 08/15/25)(a) | 24,314 | 24,610,830 | ||||||
3.97%, 11/01/47 (Call 05/01/47)(a) | 19,054 | 17,112,386 | ||||||
4.00%, 08/15/47 (Call 02/15/47)(a) | 9,113 | 8,234,935 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 9,962 | 9,074,070 | ||||||
4.00%, 11/01/49 (Call 05/01/49) | 19,325 | 17,410,366 | ||||||
4.05%, 11/01/52 (Call 05/01/52)(a) | 10,025 | 9,123,202 | ||||||
4.15%, 10/15/28 (Call 07/15/28) | 33,821 | 34,018,745 | ||||||
4.20%, 08/15/34 (Call 02/15/34)(a) | 8,087 | 7,926,621 | ||||||
4.25%, 10/15/30 (Call 07/15/30)(a) | 17,338 | 17,418,195 | ||||||
4.25%, 01/15/33(a) | 15,798 | 15,767,613 | ||||||
4.40%, 08/15/35 (Call 02/15/35) | 7,987 | 7,907,407 | ||||||
4.60%, 10/15/38 (Call 04/15/38)(a) | 9,336 | 9,348,206 | ||||||
4.60%, 08/15/45 (Call 02/15/45) | 7,424 | 7,307,576 | ||||||
4.70%, 10/15/48 (Call 04/15/48) | 19,279 | 19,441,044 | ||||||
4.95%, 10/15/58 (Call 04/15/58)(a) | 11,130 | 11,714,060 | ||||||
5.65%, 06/15/35(a) | 8,541 | 9,500,943 | ||||||
7.05%, 03/15/33 | 8,813 | 10,768,252 | ||||||
Discovery Communications LLC | ||||||||
3.63%, 05/15/30 (Call 02/15/30)(a) | 8,673 | 7,941,582 | ||||||
3.95%, 03/20/28 (Call 12/20/27)(a) | 17,235 | 16,573,648 | ||||||
4.00%, 09/15/55 (Call 03/15/55)(a) | 15,320 | 11,447,193 | ||||||
4.13%, 05/15/29 (Call 02/15/29)(a) | 6,232 | 5,957,399 | ||||||
4.65%, 05/15/50 (Call 11/15/49)(a) | 8,834 | 7,543,987 | ||||||
5.20%, 09/20/47 (Call 03/20/47)(a) | 10,732 | 9,887,161 | ||||||
5.30%, 05/15/49 (Call 11/15/48)(a) | 8,431 | 7,840,935 | ||||||
Fox Corp. | ||||||||
4.71%, 01/25/29 (Call 10/25/28) | 20,157 | 20,290,335 | ||||||
5.48%, 01/25/39 (Call 07/25/38)(a) | 15,206 | 15,644,904 | ||||||
5.58%, 01/25/49 (Call 07/25/48)(a) | 14,043 | 14,586,495 | ||||||
Paramount Global | ||||||||
4.00%, 01/15/26 (Call 10/15/25)(a) | 8,996 | 8,982,250 | ||||||
4.38%, 03/15/43 | 14,499 | 11,995,671 | ||||||
4.95%, 01/15/31 (Call 10/15/30)(a) | 11,218 | 11,129,738 | ||||||
4.95%, 05/19/50 (Call 11/19/49)(a) | 11,171 | 10,117,410 | ||||||
5.85%, 09/01/43 (Call 03/01/43) | 12,168 | 12,323,217 | ||||||
6.88%, 04/30/36(a) | 12,078 | 13,494,306 | ||||||
7.88%, 07/30/30(a) | 9,553 | 11,238,188 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (Call 03/15/42)(a) | 8,895 | 7,307,202 | ||||||
5.50%, 09/01/41 (Call 03/01/41)(a) | 13,557 | 12,824,106 | ||||||
5.88%, 11/15/40 (Call 05/15/40)(a) | 11,990 | 11,737,127 | ||||||
6.55%, 05/01/37(a) | 16,791 | 17,581,586 | ||||||
6.75%, 06/15/39(a) | 13,757 | 14,689,734 | ||||||
7.30%, 07/01/38 | 14,017 | 15,700,349 | ||||||
Time Warner Entertainment Co. LP, 8.38%, 07/15/33 | 13,160 | 15,963,945 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
1.85%, 07/30/26 | 10,979 | 10,226,835 | ||||||
2.95%, 06/15/27(a) | 5,425 | 5,225,897 | ||||||
3.00%, 02/13/26(a) | 8,088 | 7,914,201 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
3.15%, 09/17/25 | $ | 4,907 | $ | 4,853,502 | ||||
4.13%, 06/01/44(a) | 10,246 | 9,638,408 | ||||||
ViacomCBS Inc., 4.20%, 05/19/32 (Call 02/19/32) | 5,992 | 5,526,153 | ||||||
Walt Disney Co. (The) | ||||||||
1.75%, 01/13/26(a) | 16,926 | 15,870,036 | ||||||
2.00%, 09/01/29 (Call 06/01/29) | 18,333 | 16,035,477 | ||||||
2.20%, 01/13/28(a) | 11,219 | 10,309,249 | ||||||
2.65%, 01/13/31(a) | 23,879 | 21,318,128 | ||||||
2.75%, 09/01/49 (Call 03/01/49)(a) | 20,070 | 15,008,123 | ||||||
3.50%, 05/13/40 (Call 11/13/39) | 19,530 | 17,197,827 | ||||||
3.60%, 01/13/51 (Call 07/13/50)(a) | 26,441 | 22,816,563 | ||||||
3.80%, 03/22/30 | 11,175 | 10,988,138 | ||||||
3.80%, 05/13/60 (Call 11/13/59)(a) | 12,596 | 10,912,304 | ||||||
4.63%, 03/23/40 (Call 09/23/39)(a) | 12,094 | 12,244,973 | ||||||
4.70%, 03/23/50 (Call 09/23/49)(a) | 16,812 | 17,218,681 | ||||||
6.20%, 12/15/34 | 9,289 | 10,922,875 | ||||||
6.40%, 12/15/35 | 6,394 | 7,629,817 | ||||||
6.65%, 11/15/37 | 13,034 | 15,968,008 | ||||||
|
| |||||||
1,452,510,611 | ||||||||
Mining — 0.6% | ||||||||
Barrick Gold Corp., 5.25%, 04/01/42 | 9,018 | 9,438,563 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41(a) | 7,550 | 8,272,333 | ||||||
5.75%, 05/01/43(a) | 7,364 | 8,080,102 | ||||||
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 7,882 | 8,846,203 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.13%, 02/24/42(a) | 9,118 | 8,821,549 | ||||||
5.00%, 09/30/43(a) | 24,371 | 26,278,521 | ||||||
Freeport-McMoRan Inc. | ||||||||
4.63%, 08/01/30 (Call 08/01/25)(a) | 5,978 | 5,783,714 | ||||||
5.40%, 11/14/34 (Call 05/14/34) | 7,589 | 7,799,413 | ||||||
5.45%, 03/15/43 (Call 09/15/42)(a) | 18,317 | 18,292,822 | ||||||
Newmont Corp. | ||||||||
2.25%, 10/01/30 (Call 07/01/30)(a) | 5,473 | 4,677,247 | ||||||
2.60%, 07/15/32 (Call 04/15/32) | 10,972 | 9,340,627 | ||||||
4.88%, 03/15/42 (Call 09/15/41)(a) | 7,964 | 8,037,160 | ||||||
6.25%, 10/01/39(a) | 8,210 | 9,465,857 | ||||||
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a) | 7,025 | 8,263,078 | ||||||
Rio Tinto Finance USA Ltd. | ||||||||
2.75%, 11/02/51 (Call 05/02/51)(a) | 11,765 | 8,971,711 | ||||||
5.20%, 11/02/40(a) | 10,339 | 11,258,645 | ||||||
7.13%, 07/15/28(a) | 9,002 | 10,544,476 | ||||||
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)(a) | 7,123 | 6,887,960 | ||||||
|
| |||||||
179,059,981 | ||||||||
Office & Business Equipment — 0.0% | ||||||||
CDW LLC/CDW Finance Corp. | ||||||||
2.67%, 12/01/26 (Call 11/01/26)(a) | 5,920 | 5,417,463 | ||||||
3.57%, 12/01/31 (Call 09/01/31)(a) | 4,798 | 4,160,240 | ||||||
|
| |||||||
9,577,703 | ||||||||
Oil & Gas — 4.4% | ||||||||
BP Capital Markets America Inc. | ||||||||
1.75%, 08/10/30 (Call 05/10/30)(a) | 10,249 | 8,546,528 | ||||||
2.72%, 01/12/32 (Call 10/12/31)(a) | 16,245 | 14,327,648 | ||||||
2.77%, 11/10/50 (Call 05/10/50) | 15,799 | 11,406,747 | ||||||
2.94%, 06/04/51 (Call 12/04/50)(a) | 19,723 | 14,682,263 | ||||||
3.00%, 02/24/50 (Call 08/24/49) | 21,528 | 16,357,803 | ||||||
3.00%, 03/17/52 (Call 09/17/51)(a) | 14,122 | 10,628,322 | ||||||
3.02%, 01/16/27 (Call 10/16/26)(a) | 7,075 | 6,812,343 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
3.06%, 06/17/41 (Call 12/17/40)(a) | $ | 13,608 | $ | 11,085,241 | ||||
3.12%, 05/04/26 (Call 02/04/26) | 12,141 | 11,852,453 | ||||||
3.38%, 02/08/61 (Call 08/08/60) | 16,949 | 13,184,127 | ||||||
3.41%, 02/11/26 (Call 12/11/25)(a) | 9,305 | 9,204,737 | ||||||
3.63%, 04/06/30 (Call 01/06/30)(a) | 11,981 | 11,560,575 | ||||||
3.80%, 09/21/25 (Call 07/21/25)(a) | 9,063 | 9,129,220 | ||||||
3.94%, 09/21/28 (Call 06/21/28)(a) | 11,497 | 11,397,134 | ||||||
4.23%, 11/06/28 (Call 08/06/28)(a) | 16,788 | 16,833,356 | ||||||
BP Capital Markets PLC | ||||||||
3.28%, 09/19/27 (Call 06/19/27)(a) | 12,846 | 12,435,460 | ||||||
3.72%, 11/28/28 (Call 08/28/28)(a) | 7,612 | 7,434,417 | ||||||
Canadian Natural Resources Ltd. | ||||||||
3.85%, 06/01/27 (Call 03/01/27) | 10,686 | 10,460,312 | ||||||
4.95%, 06/01/47 (Call 12/01/46)(a) | 3,916 | 3,893,609 | ||||||
6.25%, 03/15/38(a) | 13,873 | 15,205,740 | ||||||
Cenovus Energy Inc. | ||||||||
3.75%, 02/15/52 (Call 08/15/51) | 9,208 | 7,390,617 | ||||||
4.25%, 04/15/27 (Call 01/15/27)(a) | 9,157 | 9,156,542 | ||||||
4.40%, 04/15/29 (Call 01/15/29)(a) | 11,049 | 10,954,200 | ||||||
5.40%, 06/15/47 (Call 12/15/46)(a) | 8,076 | 8,193,623 | ||||||
6.75%, 11/15/39(a) | 13,263 | 15,101,384 | ||||||
Chevron Corp. | ||||||||
1.55%, 05/11/25 (Call 04/11/25) | 16,925 | 16,051,496 | ||||||
2.00%, 05/11/27 (Call 03/11/27)(a) | 9,773 | 9,049,581 | ||||||
2.24%, 05/11/30 (Call 02/11/30)(a) | 14,290 | 12,742,200 | ||||||
2.95%, 05/16/26 (Call 02/16/26) | 20,981 | 20,531,513 | ||||||
3.08%, 05/11/50 (Call 11/11/49)(a) | 9,138 | 7,590,148 | ||||||
3.33%, 11/17/25 (Call 08/17/25)(a) | 5,149 | 5,129,259 | ||||||
Chevron USA Inc. | ||||||||
0.69%, 08/12/25 (Call 07/12/25) | 7,208 | 6,624,615 | ||||||
1.02%, 08/12/27 (Call 06/12/27) | 13,511 | 11,816,041 | ||||||
2.34%, 08/12/50 (Call 02/12/50)(a) | 11,430 | 8,210,586 | ||||||
ConocoPhillips, 6.50%, 02/01/39 | 1,812 | 2,241,841 | ||||||
ConocoPhillips Co. | ||||||||
3.76%, 03/15/42 (Call 09/15/41)(c) | 11,058 | 10,204,201 | ||||||
3.80%, 03/15/52 (Call 09/15/51) | 9,346 | 8,421,918 | ||||||
4.03%, 03/15/62 (Call 09/15/61)(a)(c) | 25,387 | 22,736,389 | ||||||
4.30%, 11/15/44 (Call 05/15/44) | 5,997 | 5,843,885 | ||||||
4.95%, 03/15/26 (Call 05/11/22)(a) | 13,114 | 13,762,148 | ||||||
6.95%, 04/15/29 | 700 | 825,933 | ||||||
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)(a) | 9,729 | 9,500,271 | ||||||
Devon Energy Corp. | ||||||||
4.75%, 05/15/42 (Call 11/15/41) | 8,880 | 8,440,827 | ||||||
5.00%, 06/15/45 (Call 12/15/44)(a) | 6,080 | 5,933,895 | ||||||
5.60%, 07/15/41 (Call 01/15/41)(a) | 13,501 | 14,088,987 | ||||||
Diamondback Energy Inc. | ||||||||
3.13%, 03/24/31 (Call 12/24/30)(a) | 8,667 | 7,742,491 | ||||||
3.25%, 12/01/26 (Call 10/01/26)(a) | 7,455 | 7,254,684 | ||||||
3.50%, 12/01/29 (Call 09/01/29)(a) | 9,956 | 9,327,156 | ||||||
4.25%, 03/15/52 (Call 09/15/51) | 9,322 | 8,177,818 | ||||||
EOG Resources Inc. | ||||||||
4.15%, 01/15/26 (Call 10/15/25) | 8,150 | 8,277,926 | ||||||
4.38%, 04/15/30 (Call 01/15/30)(a) | 8,221 | 8,441,008 | ||||||
4.95%, 04/15/50 (Call 10/15/49)(a) | 7,350 | 8,001,983 | ||||||
EQT Corp. | ||||||||
3.90%, 10/01/27 (Call 07/01/27)(a) | 10,670 | 10,218,552 | ||||||
7.50%, 02/01/30 (Call 11/01/29)(a) | 7,400 | 8,196,166 | ||||||
Equinor ASA | ||||||||
1.75%, 01/22/26 (Call 12/22/25)(a) | 9,012 | 8,454,418 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
2.38%, 05/22/30 (Call 02/22/30) | $ | 8,173 | $ | 7,346,171 | ||||
3.13%, 04/06/30 (Call 01/06/30)(a) | 8,966 | 8,504,731 | ||||||
3.25%, 11/18/49 (Call 05/18/49) | 8,452 | 7,048,350 | ||||||
3.63%, 09/10/28 (Call 06/10/28)(a) | 6,599 | 6,491,521 | ||||||
3.70%, 04/06/50 (Call 10/06/49)(a) | 10,682 | 9,641,769 | ||||||
3.95%, 05/15/43 | 8,006 | 7,468,841 | ||||||
4.80%, 11/08/43(a) | 4,722 | 4,975,627 | ||||||
5.10%, 08/17/40 | 7,528 | 8,178,223 | ||||||
Exxon Mobil Corp. | ||||||||
2.28%, 08/16/26 (Call 06/16/26)(a) | 11,106 | 10,589,792 | ||||||
2.44%, 08/16/29 (Call 05/16/29)(a) | 14,265 | 13,059,629 | ||||||
2.61%, 10/15/30 (Call 07/15/30)(a) | 18,797 | 17,141,385 | ||||||
3.00%, 08/16/39 (Call 02/16/39)(a) | 9,114 | 7,687,982 | ||||||
3.04%, 03/01/26 (Call 12/01/25)(a) | 24,513 | 24,137,328 | ||||||
3.10%, 08/16/49 (Call 02/16/49) | 14,162 | 11,464,826 | ||||||
3.29%, 03/19/27 (Call 01/19/27)(a) | 8,238 | 8,134,359 | ||||||
3.45%, 04/15/51 (Call 10/15/50)(a) | 25,973 | 22,366,420 | ||||||
3.48%, 03/19/30 (Call 12/19/29) | 20,642 | 20,097,020 | ||||||
3.57%, 03/06/45 (Call 09/06/44)(a) | 8,493 | 7,486,389 | ||||||
4.11%, 03/01/46 (Call 09/01/45)(a) | 23,368 | 22,367,990 | ||||||
4.23%, 03/19/40 (Call 09/19/39)(a) | 20,733 | 20,328,860 | ||||||
4.33%, 03/19/50 (Call 09/19/49)(a) | 28,141 | 27,798,254 | ||||||
Hess Corp. | ||||||||
4.30%, 04/01/27 (Call 01/01/27) | 8,653 | 8,585,661 | ||||||
5.60%, 02/15/41(a) | 13,595 | 13,846,831 | ||||||
6.00%, 01/15/40 | 6,087 | 6,455,125 | ||||||
Marathon Oil Corp. | ||||||||
4.40%, 07/15/27 (Call 04/15/27) | 12,375 | 12,349,167 | ||||||
6.60%, 10/01/37(a) | 8,151 | 9,125,860 | ||||||
Marathon Petroleum Corp. | ||||||||
4.70%, 05/01/25 (Call 04/01/25)(a) | 7,382 | 7,492,526 | ||||||
4.75%, 09/15/44 (Call 03/15/44) | 7,873 | 7,248,103 | ||||||
6.50%, 03/01/41 (Call 09/01/40)(a) | 13,164 | 14,828,913 | ||||||
Ovintiv Inc., 6.50%, 08/15/34(a) | 8,362 | 9,238,616 | ||||||
Phillips 66 | ||||||||
2.15%, 12/15/30 (Call 09/15/30)(a) | 7,199 | 6,045,237 | ||||||
3.30%, 03/15/52 (Call 09/15/51)(a) | 12,855 | 9,926,888 | ||||||
3.90%, 03/15/28 (Call 12/15/27) | 7,564 | 7,444,390 | ||||||
4.65%, 11/15/34 (Call 05/15/34)(a) | 7,250 | 7,246,679 | ||||||
4.88%, 11/15/44 (Call 05/15/44)(a) | 14,177 | 14,322,938 | ||||||
5.88%, 05/01/42(a) | 14,645 | 16,388,407 | ||||||
Pioneer Natural Resources Co. | ||||||||
1.13%, 01/15/26 (Call 12/15/25)(a) | 4,837 | 4,378,451 | ||||||
1.90%, 08/15/30 (Call 05/15/30)(a) | 7,104 | 5,888,160 | ||||||
2.15%, 01/15/31 (Call 10/15/30)(a) | 6,436 | 5,415,227 | ||||||
Shell International Finance BV | ||||||||
2.38%, 11/07/29 (Call 08/07/29)(a) | 16,504 | 14,794,818 | ||||||
2.50%, 09/12/26(a) | 9,711 | 9,272,182 | ||||||
2.75%, 04/06/30 (Call 01/06/30)(a) | 16,589 | 15,202,463 | ||||||
2.88%, 05/10/26(a) | 17,629 | 17,162,949 | ||||||
3.00%, 11/26/51 (Call 05/26/51)(a) | 12,075 | 9,447,167 | ||||||
3.13%, 11/07/49 (Call 05/07/49)(a) | 12,984 | 10,470,968 | ||||||
3.25%, 05/11/25(a) | 18,974 | 18,904,523 | ||||||
3.25%, 04/06/50 (Call 10/06/49)(a) | 16,432 | 13,626,113 | ||||||
3.75%, 09/12/46(a) | 11,994 | 10,824,525 | ||||||
3.88%, 11/13/28 (Call 08/13/28)(a) | 13,263 | 13,260,345 | ||||||
4.00%, 05/10/46(a) | 23,340 | 21,743,005 | ||||||
4.13%, 05/11/35(a) | 14,833 | 14,751,329 | ||||||
4.38%, 05/11/45(a) | 24,721 | 24,066,838 | ||||||
4.55%, 08/12/43 | 13,161 | 13,193,552 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
5.50%, 03/25/40 | $ | 10,258 | $ | 11,537,022 | ||||
6.38%, 12/15/38(a) | 25,739 | 31,512,561 | ||||||
Suncor Energy Inc. | ||||||||
3.75%, 03/04/51 (Call 09/04/50)(a) | 7,541 | 6,345,600 | ||||||
4.00%, 11/15/47 (Call 05/15/47)(a) | 7,019 | 6,202,989 | ||||||
6.50%, 06/15/38(a) | 10,744 | 12,347,727 | ||||||
6.80%, 05/15/38 | 9,084 | 10,645,818 | ||||||
6.85%, 06/01/39(a) | 7,753 | 9,143,125 | ||||||
TotalEnergies Capital International SA | ||||||||
2.83%, 01/10/30 (Call 10/10/29) | 12,088 | 11,173,046 | ||||||
2.99%, 06/29/41 (Call 12/29/40) | 7,596 | 6,250,466 | ||||||
3.13%, 05/29/50 (Call 11/29/49)(a) | 24,877 | 19,765,448 | ||||||
3.39%, 06/29/60 (Call 12/29/59)(a) | 7,519 | 5,977,674 | ||||||
3.45%, 02/19/29 (Call 11/19/28)(a) | 12,738 | 12,354,175 | ||||||
3.46%, 07/12/49 (Call 01/12/49) | 8,812 | 7,464,776 | ||||||
TotalEnergies Capital SA, 3.88%, 10/11/28(a) | 8,277 | 8,231,620 | ||||||
Valero Energy Corp. | ||||||||
3.65%, 12/01/51 (Call 06/01/51)(a) | 9,454 | 7,392,024 | ||||||
4.00%, 04/01/29 (Call 01/01/29)(a) | 14,210 | 13,807,729 | ||||||
4.35%, 06/01/28 (Call 03/01/28) | 12,009 | 11,947,381 | ||||||
6.63%, 06/15/37(a) | 14,273 | 16,276,027 | ||||||
7.50%, 04/15/32 | 7,578 | 9,047,952 | ||||||
|
| |||||||
1,423,758,920 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 10,302 | 10,579,662 | ||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. | ||||||||
3.34%, 12/15/27 (Call 09/15/27) | 11,477 | 10,979,897 | ||||||
4.08%, 12/15/47 (Call 06/15/47)(a) | 14,668 | 12,995,176 | ||||||
Halliburton Co. | ||||||||
2.92%, 03/01/30 (Call 12/01/29) | 12,830 | 11,689,200 | ||||||
4.75%, 08/01/43 (Call 02/01/43) | 10,706 | 10,037,777 | ||||||
4.85%, 11/15/35 (Call 05/15/35)(a) | 10,383 | 10,355,972 | ||||||
5.00%, 11/15/45 (Call 05/15/45)(a) | 19,543 | 18,794,482 | ||||||
6.70%, 09/15/38 | 7,329 | 8,412,035 | ||||||
7.45%, 09/15/39 | 9,249 | 11,287,634 | ||||||
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a) | 10,947 | 9,792,621 | ||||||
|
| |||||||
114,924,456 | ||||||||
Packaging & Containers — 0.1% | ||||||||
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25) | 14,869 | 13,521,530 | ||||||
WRKCo Inc. | ||||||||
4.65%, 03/15/26 (Call 01/15/26) | 6,679 | 6,830,066 | ||||||
4.90%, 03/15/29 (Call 12/15/28)(a) | 9,700 | 9,949,755 | ||||||
|
| |||||||
30,301,351 | ||||||||
Pharmaceuticals — 7.6% | ||||||||
AbbVie Inc. | ||||||||
2.95%, 11/21/26 (Call 09/21/26)(a) | 36,201 | 34,656,893 | ||||||
3.20%, 05/14/26 (Call 02/14/26)(a) | 19,682 | 19,157,918 | ||||||
3.20%, 11/21/29 (Call 08/21/29) | 49,112 | 45,812,901 | ||||||
3.60%, 05/14/25 (Call 02/14/25)(a) | 28,865 | 28,722,834 | ||||||
4.05%, 11/21/39 (Call 05/21/39)(a) | 38,855 | 35,665,094 | ||||||
4.25%, 11/14/28 (Call 08/14/28)(a) | 17,275 | 17,217,210 | ||||||
4.25%, 11/21/49 (Call 05/21/49) | 51,038 | 46,879,551 | ||||||
4.30%, 05/14/36 (Call 11/14/35) | 10,659 | 10,299,858 | ||||||
4.40%, 11/06/42(a) | 25,430 | 24,164,545 | ||||||
4.45%, 05/14/46 (Call 11/14/45) | 19,090 | 18,029,969 | ||||||
4.50%, 05/14/35 (Call 11/14/34) | 25,215 | 24,940,333 | ||||||
4.55%, 03/15/35 (Call 09/15/34) | 17,219 | 17,142,219 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
4.70%, 05/14/45 (Call 11/14/44) | $ | 23,437 | $ | 22,715,304 | ||||
4.75%, 03/15/45 (Call 09/15/44) | 8,371 | 8,168,685 | ||||||
4.85%, 06/15/44 (Call 12/15/43) | 9,858 | 9,819,509 | ||||||
4.88%, 11/14/48 (Call 05/14/48) | 16,551 | 16,575,399 | ||||||
AmerisourceBergen Corp. | ||||||||
2.70%, 03/15/31 (Call 12/15/30)(a) | 10,319 | 9,013,339 | ||||||
3.45%, 12/15/27 (Call 09/15/27)(a) | 12,112 | 11,733,122 | ||||||
Astrazeneca Finance LLC | ||||||||
1.20%, 05/28/26 (Call 04/28/26) | 14,134 | 12,849,593 | ||||||
1.75%, 05/28/28 (Call 03/28/28) | 11,183 | 9,973,193 | ||||||
2.25%, 05/28/31 (Call 02/28/31) | 7,647 | 6,698,176 | ||||||
AstraZeneca PLC | ||||||||
0.70%, 04/08/26 (Call 03/08/26)(a) | 16,538 | 14,796,537 | ||||||
1.38%, 08/06/30 (Call 05/06/30)(a) | 14,600 | 11,998,947 | ||||||
3.00%, 05/28/51 (Call 11/28/50)(a) | 9,226 | 7,593,530 | ||||||
3.13%, 06/12/27 (Call 03/12/27)(a) | 5,806 | 5,668,917 | ||||||
3.38%, 11/16/25(a) | 18,843 | 18,773,439 | ||||||
4.00%, 01/17/29 (Call 10/17/28) | 9,812 | 9,869,682 | ||||||
4.00%, 09/18/42(a) | 8,512 | 8,162,010 | ||||||
4.38%, 11/16/45 | 7,164 | 7,202,226 | ||||||
4.38%, 08/17/48 (Call 02/17/48)(a) | 8,674 | 8,805,294 | ||||||
6.45%, 09/15/37(a) | 27,927 | 34,600,263 | ||||||
Becton Dickinson and Co. | ||||||||
1.96%, 02/11/31 (Call 11/11/30) | 6,410 | 5,286,967 | ||||||
2.82%, 05/20/30 (Call 02/20/30)(a) | 11,929 | 10,670,978 | ||||||
3.70%, 06/06/27 (Call 03/06/27)(a) | 16,868 | 16,587,381 | ||||||
3.79%, 05/20/50 (Call 11/20/49)(a) | 9,215 | 7,894,467 | ||||||
4.67%, 06/06/47 (Call 12/06/46)(a) | 14,204 | 13,834,622 | ||||||
4.69%, 12/15/44 (Call 06/15/44)(a) | 11,206 | 10,849,063 | ||||||
Bristol-Myers Squibb Co. | ||||||||
0.75%, 11/13/25 (Call 10/13/25)(a) | 8,724 | 7,951,612 | ||||||
1.13%, 11/13/27 (Call 09/13/27)(a) | 8,785 | 7,677,817 | ||||||
1.45%, 11/13/30 (Call 08/13/30) | 15,308 | 12,577,778 | ||||||
2.35%, 11/13/40 (Call 05/13/40)(a) | 9,268 | 7,017,747 | ||||||
2.55%, 11/13/50 (Call 05/13/50) | 18,114 | 13,082,567 | ||||||
2.95%, 03/15/32 (Call 12/15/31)(a) | 8,264 | 7,586,840 | ||||||
3.20%, 06/15/26 (Call 04/15/26) | 14,616 | 14,511,227 | ||||||
3.40%, 07/26/29 (Call 04/26/29) | 13,799 | 13,365,360 | ||||||
3.55%, 03/15/42 (Call 09/15/41) | 8,237 | 7,366,220 | ||||||
3.70%, 03/15/52 (Call 09/15/51) | 12,633 | 11,167,744 | ||||||
3.90%, 02/20/28 (Call 11/20/27) | 16,352 | 16,437,178 | ||||||
3.90%, 03/15/62 (Call 09/15/61) | 7,410 | 6,518,222 | ||||||
4.13%, 06/15/39 (Call 12/15/38)(a) | 19,536 | 19,022,842 | ||||||
4.25%, 10/26/49 (Call 04/26/49) | 37,127 | 35,748,385 | ||||||
4.35%, 11/15/47 (Call 05/15/47) | 14,406 | 14,089,804 | ||||||
4.55%, 02/20/48 (Call 08/20/47)(a) | 13,613 | 13,734,310 | ||||||
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a) | 12,015 | 11,701,354 | ||||||
Cigna Corp. | ||||||||
1.25%, 03/15/26 (Call 02/15/26)(a) | 10,435 | 9,496,478 | ||||||
2.38%, 03/15/31 (Call 12/15/30) | 14,928 | 12,793,429 | ||||||
2.40%, 03/15/30 (Call 12/15/29)(a) | 13,827 | 12,139,823 | ||||||
3.20%, 03/15/40 (Call 09/15/39)(a) | 8,724 | 7,156,122 | ||||||
3.40%, 03/01/27 (Call 12/01/26)(a) | 13,284 | 12,907,970 | ||||||
3.40%, 03/15/50 (Call 09/15/49)(a) | 13,727 | 10,779,241 | ||||||
3.40%, 03/15/51 (Call 09/15/50)(a) | 13,335 | 10,481,995 | ||||||
3.88%, 10/15/47 (Call 04/15/47) | 11,458 | 9,854,454 | ||||||
4.13%, 11/15/25 (Call 09/15/25)(a) | 19,831 | 20,041,203 | ||||||
4.38%, 10/15/28 (Call 07/15/28) | 32,429 | 32,602,411 | ||||||
4.50%, 02/25/26 (Call 11/27/25)(a) | 14,376 | 14,696,261 | ||||||
4.80%, 08/15/38 (Call 02/15/38)(a) | 22,423 | 22,444,376 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
4.80%, 07/15/46 (Call 01/16/46) | $ | 15,859 | $ | 15,613,641 | ||||
4.90%, 12/15/48 (Call 06/15/48)(a) | 26,221 | 26,108,402 | ||||||
CVS Health Corp. | ||||||||
1.30%, 08/21/27 (Call 06/21/27)(a) | 20,838 | 18,237,101 | ||||||
1.75%, 08/21/30 (Call 05/21/30) | 14,839 | 12,167,651 | ||||||
1.88%, 02/28/31 (Call 11/28/30)(a) | 14,073 | 11,564,400 | ||||||
2.13%, 09/15/31 (Call 06/15/31)(a) | 9,994 | 8,305,551 | ||||||
2.70%, 08/21/40 (Call 02/21/40) | 12,322 | 9,298,583 | ||||||
2.88%, 06/01/26 (Call 03/01/26)(a) | 16,297 | 15,714,674 | ||||||
3.00%, 08/15/26 (Call 06/15/26)(a) | 9,126 | 8,841,390 | ||||||
3.25%, 08/15/29 (Call 05/15/29) | 19,336 | 18,019,292 | ||||||
3.63%, 04/01/27 (Call 02/01/27)(a) | 10,518 | 10,356,269 | ||||||
3.75%, 04/01/30 (Call 01/01/30) | 15,334 | 14,661,678 | ||||||
3.88%, 07/20/25 (Call 04/20/25)(a) | 22,663 | 22,761,015 | ||||||
4.13%, 04/01/40 (Call 10/01/39)(a) | 11,597 | 10,555,376 | ||||||
4.25%, 04/01/50 (Call 10/01/49) | 11,229 | 10,179,202 | ||||||
4.30%, 03/25/28 (Call 12/25/27) | 43,900 | 44,012,819 | ||||||
4.78%, 03/25/38 (Call 09/25/37) | 43,377 | 42,968,341 | ||||||
5.05%, 03/25/48 (Call 09/25/47) | 72,955 | 73,192,892 | ||||||
5.13%, 07/20/45 (Call 01/20/45) | 31,421 | 31,531,941 | ||||||
5.30%, 12/05/43 (Call 06/05/43) | 9,820 | 10,118,875 | ||||||
Eli Lilly & Co. | ||||||||
2.25%, 05/15/50 (Call 11/15/49)(a) | 10,923 | 7,808,591 | ||||||
2.50%, 09/15/60 (Call 03/15/60) | 9,649 | 6,717,393 | ||||||
3.38%, 03/15/29 (Call 12/15/28)(a) | 8,481 | 8,310,613 | ||||||
3.95%, 03/15/49 (Call 09/15/48) | 8,446 | 8,331,587 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
3.63%, 05/15/25 | 6,420 | 6,471,680 | ||||||
3.88%, 05/15/28 | 17,841 | 17,943,541 | ||||||
6.38%, 05/15/38 | 27,500 | 33,681,893 | ||||||
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a) | 6,490 | 6,323,014 | ||||||
Johnson & Johnson | ||||||||
0.55%, 09/01/25 (Call 08/01/25)(a) | 8,647 | 7,961,377 | ||||||
0.95%, 09/01/27 (Call 07/01/27)(a) | 13,138 | 11,623,396 | ||||||
1.30%, 09/01/30 (Call 06/01/30)(a) | 14,657 | 12,323,128 | ||||||
2.10%, 09/01/40 (Call 03/01/40) | 14,674 | 11,102,906 | ||||||
2.25%, 09/01/50 (Call 03/01/50) | 9,390 | 6,699,428 | ||||||
2.45%, 03/01/26 (Call 12/01/25) | 19,596 | 19,059,028 | ||||||
2.45%, 09/01/60 (Call 03/01/60) | 13,124 | 9,192,691 | ||||||
2.90%, 01/15/28 (Call 10/15/27)(a) | 10,843 | 10,521,533 | ||||||
2.95%, 03/03/27 (Call 12/03/26)(a) | 9,410 | 9,300,183 | ||||||
3.40%, 01/15/38 (Call 07/15/37)(a) | 11,236 | 10,397,840 | ||||||
3.50%, 01/15/48 (Call 07/15/47)(a) | 7,148 | 6,541,505 | ||||||
3.55%, 03/01/36 (Call 09/01/35)(a) | 8,879 | 8,522,153 | ||||||
3.63%, 03/03/37 (Call 09/03/36)(a) | 14,409 | 13,900,372 | ||||||
3.70%, 03/01/46 (Call 09/01/45) | 14,470 | 13,803,984 | ||||||
3.75%, 03/03/47 (Call 09/03/46) | 12,098 | 11,524,926 | ||||||
4.38%, 12/05/33 (Call 06/05/33) | 7,996 | 8,405,710 | ||||||
5.95%, 08/15/37(a) | 10,326 | 12,526,223 | ||||||
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) | 4,967 | 5,050,427 | ||||||
Merck & Co. Inc. | ||||||||
0.75%, 02/24/26 (Call 01/24/26)(a) | 8,922 | 8,103,048 | ||||||
1.45%, 06/24/30 (Call 03/24/30) | 13,820 | 11,530,481 | ||||||
1.70%, 06/10/27 (Call 05/10/27) | 15,031 | 13,719,287 | ||||||
1.90%, 12/10/28 (Call 10/10/28)(a) | 8,131 | 7,337,140 | ||||||
2.15%, 12/10/31 (Call 09/10/31)(a) | 16,416 | 14,261,994 | ||||||
2.35%, 06/24/40 (Call 12/24/39)(a) | 11,021 | 8,541,085 | ||||||
2.45%, 06/24/50 (Call 12/24/49)(a) | 14,988 | 10,914,375 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
2.75%, 12/10/51 (Call 06/10/51) | $ | 20,887 | $ | 15,951,070 | ||||
2.90%, 12/10/61 (Call 06/10/61) | 15,214 | 11,152,165 | ||||||
3.40%, 03/07/29 (Call 12/07/28) | 16,392 | 16,064,993 | ||||||
3.70%, 02/10/45 (Call 08/10/44)(a) | 17,869 | 16,335,450 | ||||||
3.90%, 03/07/39 (Call 09/07/38)(a) | 11,727 | 11,402,282 | ||||||
4.00%, 03/07/49 (Call 09/07/48) | 13,914 | 13,379,321 | ||||||
4.15%, 05/18/43(a) | 11,124 | 10,955,692 | ||||||
Mylan Inc. | ||||||||
4.55%, 04/15/28 (Call 01/15/28) | 8,126 | 7,882,056 | ||||||
5.20%, 04/15/48 (Call 10/15/47)(a) | 7,125 | 6,316,232 | ||||||
Novartis Capital Corp. | ||||||||
2.00%, 02/14/27 (Call 12/14/26)(a) | 10,724 | 10,066,448 | ||||||
2.20%, 08/14/30 (Call 05/14/30)(a) | 13,125 | 11,668,069 | ||||||
2.75%, 08/14/50 (Call 02/14/50)(a) | 11,947 | 9,437,297 | ||||||
3.00%, 11/20/25 (Call 08/20/25)(a) | 14,946 | 14,821,776 | ||||||
3.10%, 05/17/27 (Call 02/17/27) | 7,502 | 7,326,742 | ||||||
4.00%, 11/20/45 (Call 05/20/45)(a) | 9,950 | 9,582,718 | ||||||
4.40%, 05/06/44 | 18,532 | 18,930,825 | ||||||
Pfizer Inc. | ||||||||
0.80%, 05/28/25 (Call 04/28/25) | 4,897 | 4,557,553 | ||||||
1.70%, 05/28/30 (Call 02/28/30) | 12,149 | 10,426,159 | ||||||
1.75%, 08/18/31 (Call 05/18/31)(a) | 9,985 | 8,462,862 | ||||||
2.55%, 05/28/40 (Call 11/28/39)(a) | 10,657 | 8,565,307 | ||||||
2.63%, 04/01/30 (Call 01/01/30)(a) | 13,397 | 12,295,248 | ||||||
2.70%, 05/28/50 (Call 11/28/49)(a) | 11,108 | 8,700,493 | ||||||
2.75%, 06/03/26(a) | 12,976 | 12,657,369 | ||||||
3.00%, 12/15/26 | 16,866 | 16,510,084 | ||||||
3.45%, 03/15/29 (Call 12/15/28) | 15,585 | 15,210,006 | ||||||
3.60%, 09/15/28 (Call 06/15/28)(a) | 8,988 | 8,998,760 | ||||||
3.90%, 03/15/39 (Call 09/15/38)(a) | 9,595 | 9,265,184 | ||||||
4.00%, 12/15/36 | 9,102 | 8,927,403 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(a) | 12,034 | 11,658,836 | ||||||
4.13%, 12/15/46 | 11,575 | 11,475,811 | ||||||
4.20%, 09/15/48 (Call 03/15/48)(a) | 10,001 | 9,983,838 | ||||||
4.30%, 06/15/43 | 8,812 | 8,773,037 | ||||||
4.40%, 05/15/44(a) | 9,611 | 9,695,562 | ||||||
7.20%, 03/15/39(a) | 22,589 | 30,368,500 | ||||||
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)(a) | 8,466 | 8,551,849 | ||||||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)(a) | 31,885 | 30,765,903 | ||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||
2.05%, 03/31/30 (Call 12/31/29) | 26,734 | 22,590,842 | ||||||
3.03%, 07/09/40 (Call 01/09/40)(a) | 14,855 | 11,841,888 | ||||||
3.18%, 07/09/50 (Call 01/09/50)(a) | 19,617 | 15,059,737 | ||||||
3.38%, 07/09/60 (Call 01/09/60) | 8,933 | 6,754,761 | ||||||
5.00%, 11/26/28 (Call 08/26/28)(a) | 18,157 | 18,941,083 | ||||||
Utah Acquisition Sub Inc. | ||||||||
3.95%, 06/15/26 (Call 03/15/26)(a) | 20,964 | 20,328,323 | ||||||
5.25%, 06/15/46 (Call 12/15/45) | 10,205 | 9,131,371 | ||||||
Viatris Inc. | ||||||||
1.65%, 06/22/25 (Call 05/22/25) | 5,214 | 4,783,631 | ||||||
2.30%, 06/22/27 (Call 04/22/27)(a) | 10,246 | 9,064,752 | ||||||
2.70%, 06/22/30 (Call 03/22/30) | 15,436 | 12,818,010 | ||||||
3.85%, 06/22/40 (Call 12/22/39) | 16,801 | 13,128,970 | ||||||
4.00%, 06/22/50 (Call 12/22/49) | 20,659 | 15,277,659 | ||||||
Wyeth LLC | ||||||||
5.95%, 04/01/37 | 20,048 | 23,391,690 | ||||||
6.50%, 02/01/34(a) | 8,377 | 10,234,638 | ||||||
Zoetis Inc. | ||||||||
2.00%, 05/15/30 (Call 02/15/30)(a) | 11,009 | 9,484,448 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
3.00%, 09/12/27 (Call 06/12/27)(a) | $ | 8,737 | $ | 8,381,094 | ||||
4.50%, 11/13/25 (Call 08/13/25)(a) | 7,211 | 7,420,259 | ||||||
4.70%, 02/01/43 (Call 08/01/42)(a) | 12,907 | 12,948,750 | ||||||
|
| |||||||
2,459,147,169 | ||||||||
Pipelines — 3.0% | ||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 (Call 05/18/29) | 18,239 | 17,175,971 | ||||||
5.13%, 06/30/27 (Call 01/01/27)(a) | 10,739 | 11,046,997 | ||||||
5.88%, 03/31/25 (Call 10/02/24) | 8,936 | 9,290,670 | ||||||
Enbridge Inc. | ||||||||
2.50%, 08/01/33 (Call 05/01/33)(a) | 10,657 | 8,815,515 | ||||||
3.13%, 11/15/29 (Call 08/15/29)(a) | 8,929 | 8,236,855 | ||||||
3.40%, 08/01/51 (Call 02/01/51)(a) | 8,052 | 6,304,460 | ||||||
4.25%, 12/01/26 (Call 09/01/26)(a) | 9,199 | 9,265,864 | ||||||
5.50%, 12/01/46 (Call 06/01/46)(a) | 5,912 | 6,419,739 | ||||||
Energy Transfer LP | ||||||||
2.90%, 05/15/25 (Call 04/15/25) | 3,077 | 2,970,020 | ||||||
3.75%, 05/15/30 (Call 02/15/30)(a) | 10,604 | 9,774,143 | ||||||
4.00%, 10/01/27 (Call 07/01/27)(a) | 5,900 | 5,701,513 | ||||||
4.75%, 01/15/26 (Call 10/15/25) | 14,185 | 14,358,078 | ||||||
4.95%, 05/15/28 (Call 02/15/28)(a) | 7,407 | 7,395,663 | ||||||
4.95%, 06/15/28 (Call 03/15/28)(a) | 7,367 | 7,422,390 | ||||||
5.00%, 05/15/50 (Call 11/15/49)(a) | 19,009 | 16,971,351 | ||||||
5.15%, 03/15/45 (Call 09/15/44) | 9,266 | 8,404,193 | ||||||
5.25%, 04/15/29 (Call 01/15/29) | 12,678 | 12,903,471 | ||||||
5.30%, 04/15/47 (Call 10/15/46)(a) | 8,835 | 8,021,281 | ||||||
5.35%, 05/15/45 (Call 11/15/44)(a) | 6,641 | 6,077,813 | ||||||
5.40%, 10/01/47 (Call 04/01/47)(a) | 14,469 | 13,321,362 | ||||||
5.50%, 06/01/27 (Call 03/01/27) | 8,936 | 9,251,387 | ||||||
6.00%, 06/15/48 (Call 12/15/47)(a) | 9,854 | 9,692,046 | ||||||
6.13%, 12/15/45 (Call 06/15/45) | 7,110 | 7,009,789 | ||||||
6.25%, 04/15/49 (Call 10/15/48) | 17,671 | 17,806,157 | ||||||
6.50%, 02/01/42 (Call 08/01/41)(a) | 9,742 | 10,188,759 | ||||||
Enterprise Products Operating LLC | ||||||||
2.80%, 01/31/30 (Call 10/31/29) | 12,289 | 11,141,522 | ||||||
3.13%, 07/31/29 (Call 04/30/29)(a) | 10,616 | 9,857,410 | ||||||
3.20%, 02/15/52 (Call 08/15/51) | 9,500 | 6,987,136 | ||||||
3.30%, 02/15/53 (Call 08/15/52)(a) | 14,506 | 10,960,148 | ||||||
3.70%, 02/15/26 (Call 11/15/25)(a) | 6,508 | 6,453,883 | ||||||
3.70%, 01/31/51 (Call 07/31/50) | 9,074 | 7,357,098 | ||||||
3.95%, 01/31/60 (Call 07/31/59)(a) | 10,878 | 8,854,516 | ||||||
4.15%, 10/16/28 (Call 07/16/28) | 8,287 | 8,246,797 | ||||||
4.20%, 01/31/50 (Call 07/31/49) | 12,359 | 10,844,246 | ||||||
4.25%, 02/15/48 (Call 08/15/47)(a) | 10,478 | 9,261,503 | ||||||
4.45%, 02/15/43 (Call 08/15/42)(a) | 9,543 | 8,671,708 | ||||||
4.80%, 02/01/49 (Call 08/01/48) | 12,157 | 11,617,111 | ||||||
4.85%, 08/15/42 (Call 02/15/42) | 8,436 | 8,070,400 | ||||||
4.85%, 03/15/44 (Call 09/15/43) | 12,167 | 11,634,514 | ||||||
4.90%, 05/15/46 (Call 11/15/45)(a) | 9,929 | 9,605,104 | ||||||
5.10%, 02/15/45 (Call 08/15/44) | 10,066 | 9,868,926 | ||||||
5.95%, 02/01/41 | 7,029 | 7,618,353 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
5.50%, 03/01/44 (Call 09/01/43) | 9,019 | 8,913,820 | ||||||
6.95%, 01/15/38 | 11,125 | 12,710,472 | ||||||
Kinder Morgan Inc. | ||||||||
2.00%, 02/15/31 (Call 11/15/30)(a) | 7,286 | 6,017,598 | ||||||
3.60%, 02/15/51 (Call 08/15/50)(a) | 11,470 | 8,800,175 | ||||||
4.30%, 06/01/25 (Call 03/01/25)(a) | 9,072 | 9,145,760 | ||||||
4.30%, 03/01/28 (Call 12/01/27)(a) | 11,928 | 11,875,112 | ||||||
5.05%, 02/15/46 (Call 08/15/45) | 7,577 | 7,182,005 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
5.20%, 03/01/48 (Call 09/01/47) | $ | 7,378 | $ | 7,140,647 | ||||
5.30%, 12/01/34 (Call 06/01/34) | 8,308 | 8,497,326 | ||||||
5.55%, 06/01/45 (Call 12/01/44)(a) | 15,450 | 15,544,437 | ||||||
7.75%, 01/15/32(a) | 9,808 | 11,951,299 | ||||||
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)(a) | 7,803 | 6,539,541 | ||||||
MPLX LP | ||||||||
1.75%, 03/01/26 (Call 02/01/26) | 10,309 | 9,416,275 | ||||||
2.65%, 08/15/30 (Call 05/15/30)(a) | 11,306 | 9,718,243 | ||||||
4.00%, 03/15/28 (Call 12/15/27) | 10,439 | 10,116,162 | ||||||
4.13%, 03/01/27 (Call 12/01/26) | 12,759 | 12,633,010 | ||||||
4.50%, 04/15/38 (Call 10/15/37)(a) | 17,647 | 16,266,562 | ||||||
4.70%, 04/15/48 (Call 10/15/47)(a) | 14,497 | 12,808,088 | ||||||
4.80%, 02/15/29 (Call 11/15/28)(a) | 7,700 | 7,797,333 | ||||||
4.88%, 06/01/25 (Call 03/01/25) | 8,965 | 9,147,070 | ||||||
4.95%, 03/14/52 (Call 09/14/51) | 15,115 | 13,856,344 | ||||||
5.20%, 03/01/47 (Call 09/01/46)(a) | 9,964 | 9,461,233 | ||||||
5.50%, 02/15/49 (Call 08/15/48) | 12,455 | 12,214,905 | ||||||
ONEOK Inc. | ||||||||
3.10%, 03/15/30 (Call 12/15/29)(a) | 8,320 | 7,375,297 | ||||||
3.40%, 09/01/29 (Call 06/01/29)(a) | 9,958 | �� | 9,082,230 | |||||
4.55%, 07/15/28 (Call 04/15/28) | 7,465 | 7,420,915 | ||||||
5.20%, 07/15/48 (Call 01/15/48)(a) | 6,769 | 6,448,956 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
3.55%, 12/15/29 (Call 09/15/29)(a) | 11,444 | 10,499,519 | ||||||
3.80%, 09/15/30 (Call 06/15/30)(a) | 7,003 | 6,460,607 | ||||||
4.50%, 12/15/26 (Call 09/15/26)(a) | 8,220 | 8,214,082 | ||||||
4.65%, 10/15/25 (Call 07/15/25)(a) | 8,965 | 9,077,152 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.20%, 03/15/28 (Call 09/15/27)(a) | 11,139 | 10,926,866 | ||||||
4.50%, 05/15/30 (Call 11/15/29)(a) | 19,833 | 19,665,861 | ||||||
5.00%, 03/15/27 (Call 09/15/26)(a) | 11,836 | 12,114,391 | ||||||
5.88%, 06/30/26 (Call 12/31/25) | 15,328 | 16,103,568 | ||||||
Targa Resources Corp. | ||||||||
4.20%, 02/01/33 (Call 11/01/32) | 6,845 | 6,475,280 | ||||||
4.95%, 04/15/52 (Call 10/15/51) | 3,535 | 3,242,019 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
4.00%, 01/15/32 (Call 07/15/26) | 13,357 | 12,121,477 | ||||||
4.88%, 02/01/31 (Call 02/01/26) | 8,056 | 7,743,830 | ||||||
5.50%, 03/01/30 (Call 03/01/25) | 11,450 | 11,349,812 | ||||||
6.50%, 07/15/27 (Call 07/15/22)(a) | 8,580 | 8,838,601 | ||||||
TransCanada PipeLines Ltd. | ||||||||
2.50%, 10/12/31 (Call 07/12/31) | 9,708 | 8,303,359 | ||||||
4.10%, 04/15/30 (Call 01/15/30)(a) | 9,781 | 9,590,494 | ||||||
4.25%, 05/15/28 (Call 02/15/28)(a) | 14,582 | 14,549,406 | ||||||
4.63%, 03/01/34 (Call 12/01/33) | 10,103 | 9,992,192 | ||||||
4.88%, 01/15/26 (Call 10/15/25)(a) | 7,135 | 7,331,765 | ||||||
4.88%, 05/15/48 (Call 11/15/47)(a) | 8,121 | 8,174,203 | ||||||
5.10%, 03/15/49 (Call 09/15/48)(a) | 8,216 | 8,583,061 | ||||||
6.10%, 06/01/40 | 9,051 | 10,189,890 | ||||||
6.20%, 10/15/37(a) | 10,502 | 11,816,752 | ||||||
7.63%, 01/15/39(a) | 12,977 | 16,538,430 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25) | 7,955 | 8,918,660 | ||||||
Williams Companies Inc. (The) | ||||||||
2.60%, 03/15/31 (Call 12/15/30) | 14,347 | 12,403,497 | ||||||
3.50%, 11/15/30 (Call 08/15/30) | 8,255 | 7,670,876 | ||||||
3.75%, 06/15/27 (Call 03/15/27)(a) | 11,426 | 11,150,077 | ||||||
4.00%, 09/15/25 (Call 06/15/25) | 4,647 | 4,627,428 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
4.85%, 03/01/48 (Call 09/01/47)(a) | $ | 6,715 | $ | 6,401,362 | ||||
5.10%, 09/15/45 (Call 03/15/45)(a) | 10,686 | 10,394,162 | ||||||
6.30%, 04/15/40 | 11,250 | 12,538,239 | ||||||
|
| |||||||
990,963,595 | ||||||||
Real Estate Investment Trusts — 1.8% | ||||||||
Alexandria Real Estate Equities Inc. | ||||||||
1.88%, 02/01/33 (Call 11/01/32) | 7,365 | 5,793,690 | ||||||
2.00%, 05/18/32 (Call 02/18/32)(a) | 6,241 | 5,124,999 | ||||||
2.95%, 03/15/34 (Call 12/15/33) | 8,248 | 7,166,959 | ||||||
3.00%, 05/18/51 (Call 11/18/50) | 7,945 | 5,861,878 | ||||||
3.38%, 08/15/31 (Call 05/15/31) | 5,059 | 4,683,364 | ||||||
3.55%, 03/15/52 (Call 09/15/51) | 11,387 | 9,290,776 | ||||||
American Tower Corp. | ||||||||
1.88%, 10/15/30 (Call 07/15/30)(a) | 10,372 | 8,282,159 | ||||||
2.10%, 06/15/30 (Call 03/15/30)(a) | 11,065 | 9,064,712 | ||||||
2.75%, 01/15/27 (Call 11/15/26) | 13,411 | 12,467,892 | ||||||
2.90%, 01/15/30 (Call 10/15/29)(a) | 9,145 | 8,031,000 | ||||||
2.95%, 01/15/51 (Call 07/15/50) | 10,703 | 7,331,126 | ||||||
3.10%, 06/15/50 (Call 12/15/49)(a) | 11,787 | 8,294,158 | ||||||
3.38%, 10/15/26 (Call 07/15/26)(a) | 12,300 | 11,809,660 | ||||||
3.55%, 07/15/27 (Call 04/15/27)(a) | 6,541 | 6,252,249 | ||||||
3.80%, 08/15/29 (Call 05/15/29) | 17,563 | 16,373,089 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 6,622 | 6,620,769 | ||||||
Boston Properties LP | ||||||||
2.45%, 10/01/33 (Call 07/01/33)(a) | 11,890 | 9,628,063 | ||||||
2.55%, 04/01/32 (Call 01/01/32)(a) | 5,476 | 4,589,573 | ||||||
2.75%, 10/01/26 (Call 07/01/26) | 10,801 | 10,221,977 | ||||||
3.25%, 01/30/31 (Call 10/30/30) | 9,528 | 8,643,392 | ||||||
3.40%, 06/21/29 (Call 03/21/29)(a) | 6,114 | 5,715,402 | ||||||
3.65%, 02/01/26 (Call 11/03/25)(a) | 11,081 | 10,945,303 | ||||||
4.50%, 12/01/28 (Call 09/01/28)(a) | 7,950 | 8,014,771 | ||||||
Brixmor Operating Partnership LP | ||||||||
4.05%, 07/01/30 (Call 04/01/30)(a) | 7,076 | 6,700,557 | ||||||
4.13%, 05/15/29 (Call 02/15/29) | 11,208 | 10,863,456 | ||||||
Crown Castle International Corp. | ||||||||
1.05%, 07/15/26 (Call 06/15/26) | 8,805 | 7,773,043 | ||||||
2.10%, 04/01/31 (Call 01/01/31)(a) | 9,426 | 7,626,358 | ||||||
2.25%, 01/15/31 (Call 10/15/30)(a) | 14,100 | 11,607,176 | ||||||
2.50%, 07/15/31 (Call 04/15/31)(a) | 10,222 | 8,517,169 | ||||||
2.90%, 03/15/27 (Call 02/15/27) | 5,280 | 4,942,835 | ||||||
2.90%, 04/01/41 (Call 10/01/40)(a) | 13,558 | 10,141,596 | ||||||
3.25%, 01/15/51 (Call 07/15/50)(a) | 7,701 | 5,733,505 | ||||||
3.30%, 07/01/30 (Call 04/01/30) | 10,831 | 9,770,897 | ||||||
3.65%, 09/01/27 (Call 06/01/27) | 10,693 | 10,249,988 | ||||||
3.70%, 06/15/26 (Call 03/15/26) | 11,137 | 10,949,231 | ||||||
3.80%, 02/15/28 (Call 11/15/27) | 10,472 | 10,076,763 | ||||||
4.45%, 02/15/26 (Call 11/15/25) | 9,772 | 9,859,495 | ||||||
Digital Realty Trust LP | ||||||||
3.60%, 07/01/29 (Call 04/01/29)(a) | 7,676 | 7,238,049 | ||||||
3.70%, 08/15/27 (Call 05/15/27)(a) | 12,249 | 11,865,966 | ||||||
Equinix Inc. | ||||||||
2.15%, 07/15/30 (Call 04/15/30)(a) | 10,821 | 8,995,162 | ||||||
2.50%, 05/15/31 (Call 02/15/31)(a) | 11,268 | 9,461,571 | ||||||
3.20%, 11/18/29 (Call 08/18/29)(a) | 11,085 | 10,082,705 | ||||||
3.90%, 04/15/32 (Call 01/15/32) | 579 | 543,275 | ||||||
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)(a) | 7,423 | 7,329,325 | ||||||
GLP Capital LP/GLP Financing II Inc. | ||||||||
3.25%, 01/15/32 (Call 10/15/31)(a) | 7,987 | 6,731,609 | ||||||
5.25%, 06/01/25 (Call 03/01/25) | 3,926 | 3,985,062 | ||||||
5.30%, 01/15/29 (Call 10/15/28)(a) | 10,875 | 10,900,590 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
5.38%, 04/15/26 (Call 01/15/26) | $ | 7,178 | $ | 7,302,523 | ||||
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)(a) | 7,992 | 6,507,606 | ||||||
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29) | 6,701 | 6,108,308 | ||||||
Prologis LP | ||||||||
1.25%, 10/15/30 (Call 07/15/30)(a) | 7,285 | 5,900,376 | ||||||
2.25%, 04/15/30 (Call 01/15/30)(a) | 6,383 | 5,620,515 | ||||||
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30) | 7,045 | 6,563,261 | ||||||
Simon Property Group LP | ||||||||
1.75%, 02/01/28 (Call 11/01/27)(a) | 7,878 | 6,916,624 | ||||||
2.45%, 09/13/29 (Call 06/13/29)(a) | 11,306 | 9,920,769 | ||||||
2.65%, 07/15/30 (Call 04/15/30) | 5,749 | 5,063,378 | ||||||
3.25%, 11/30/26 (Call 08/30/26)(a) | 9,867 | 9,571,570 | ||||||
3.25%, 09/13/49 (Call 03/13/49)(a) | 12,258 | 9,632,803 | ||||||
3.30%, 01/15/26 (Call 10/15/25) | 13,277 | 13,064,960 | ||||||
3.38%, 06/15/27 (Call 03/15/27)(a) | 7,604 | 7,395,993 | ||||||
3.38%, 12/01/27 (Call 09/01/27)(a) | 6,551 | 6,305,205 | ||||||
3.50%, 09/01/25 (Call 06/01/25) | 9,430 | 9,367,468 | ||||||
3.80%, 07/15/50 (Call 01/15/50) | 8,026 | 7,067,352 | ||||||
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28) | 7,544 | 7,479,581 | ||||||
VICI Properties LP | ||||||||
4.75%, 02/15/28 (Call 01/15/28) | 9,330 | 9,290,534 | ||||||
4.95%, 02/15/30 (Call 12/15/29) | 8,100 | 8,043,462 | ||||||
5.13%, 05/15/32 (Call 02/15/32) | 9,810 | 9,732,109 | ||||||
VICI Properties LP/VICI Note Co. Inc., | 4,737 | 4,718,384 | ||||||
Welltower Inc. | ||||||||
2.80%, 06/01/31 (Call 03/01/31)(a) | 4,584 | 4,032,925 | ||||||
3.10%, 01/15/30 (Call 10/15/29) | 9,147 | 8,403,172 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 9,463 | 9,487,104 | ||||||
4.25%, 04/15/28 (Call 01/15/28) | 9,301 | 9,330,087 | ||||||
Weyerhaeuser Co. | ||||||||
4.00%, 11/15/29 (Call 08/15/29) | 7,957 | 7,691,465 | ||||||
4.00%, 04/15/30 (Call 01/15/30)(a) | 8,774 | 8,433,874 | ||||||
|
| |||||||
601,103,752 | ||||||||
Retail — 3.0% | ||||||||
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)(a) | 9,651 | 9,370,167 | ||||||
Costco Wholesale Corp. | ||||||||
1.38%, 06/20/27 (Call 04/20/27) | 21,388 | 19,312,744 | ||||||
1.60%, 04/20/30 (Call 01/20/30)(a) | 15,589 | 13,243,652 | ||||||
1.75%, 04/20/32 (Call 01/20/32)(a) | 8,953 | 7,433,277 | ||||||
3.00%, 05/18/27 (Call 02/18/27)(a) | 5,444 | 5,348,223 | ||||||
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30) | 8,374 | 7,863,060 | ||||||
Dollar Tree Inc. | ||||||||
2.65%, 12/01/31 (Call 09/01/31)(a) | 9,462 | 8,084,809 | ||||||
4.00%, 05/15/25 (Call 03/15/25)(a) | 5,175 | 5,201,493 | ||||||
4.20%, 05/15/28 (Call 02/15/28)(a) | 14,354 | 14,275,340 | ||||||
Home Depot Inc. (The) | ||||||||
1.38%, 03/15/31 (Call 12/15/30)(a) | 10,154 | 8,228,194 | ||||||
1.50%, 09/15/28 (Call 07/15/28)(a) | 8,530 | 7,476,490 | ||||||
1.88%, 09/15/31 (Call 06/15/31) | 6,118 | 5,129,182 | ||||||
2.13%, 09/15/26 (Call 06/15/26)(a) | 11,508 | 10,925,197 | ||||||
2.38%, 03/15/51 (Call 09/15/50) | 11,453 | 7,984,677 | ||||||
2.50%, 04/15/27 (Call 02/15/27)(a) | 13,296 | 12,656,240 | ||||||
2.70%, 04/15/30 (Call 01/15/30) | 14,562 | 13,325,661 | ||||||
2.75%, 09/15/51 (Call 03/15/51)(a) | 10,347 | 7,771,997 | ||||||
2.80%, 09/14/27 (Call 06/14/27)(a) | 9,019 | 8,673,303 | ||||||
2.88%, 04/15/27 (Call 03/15/27) | 9,768 | 9,461,987 | ||||||
2.95%, 06/15/29 (Call 03/15/29)(a) | 14,694 | 13,778,900 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
3.00%, 04/01/26 (Call 01/01/26)(a) | $ | 11,221 | $ | 11,049,590 | ||||
3.13%, 12/15/49 (Call 06/15/49) | 11,870 | 9,536,261 | ||||||
3.25%, 04/15/32 (Call 01/15/32)(a) | 18,576 | 17,391,834 | ||||||
3.30%, 04/15/40 (Call 10/15/39)(a) | 13,311 | 11,619,511 | ||||||
3.35%, 09/15/25 (Call 06/15/25)(a) | 7,500 | 7,504,698 | ||||||
3.35%, 04/15/50 (Call 10/15/49)(a) | 14,911 | 12,544,451 | ||||||
3.50%, 09/15/56 (Call 03/15/56) | 6,659 | 5,591,960 | ||||||
3.63%, 04/15/52 (Call 10/15/51) | 15,122 | 13,278,087 | ||||||
3.90%, 12/06/28 (Call 09/06/28)(a) | 9,723 | 9,711,883 | ||||||
3.90%, 06/15/47 (Call 12/15/46)(a) | 10,803 | 9,992,073 | ||||||
4.20%, 04/01/43 (Call 10/01/42)(a) | 9,840 | 9,497,715 | ||||||
4.25%, 04/01/46 (Call 10/01/45)(a) | 15,234 | 14,812,230 | ||||||
4.40%, 03/15/45 (Call 09/15/44)(a) | 9,570 | 9,453,468 | ||||||
4.50%, 12/06/48 (Call 06/06/48)(a) | 13,722 | 13,800,026 | ||||||
4.88%, 02/15/44 (Call 08/15/43)(a) | 9,086 | 9,547,133 | ||||||
5.88%, 12/16/36(a) | 30,899 | 36,236,002 | ||||||
5.95%, 04/01/41 (Call 10/01/40) | 7,014 | 8,227,559 | ||||||
Lowe’s Companies Inc. | ||||||||
1.30%, 04/15/28 (Call 02/15/28)(a) | 10,532 | 8,980,891 | ||||||
1.70%, 09/15/28 (Call 07/15/28)(a) | 9,439 | 8,237,383 | ||||||
1.70%, 10/15/30 (Call 07/15/30) | 10,638 | 8,705,122 | ||||||
2.50%, 04/15/26 (Call 01/15/26)(a) | 13,224 | 12,611,591 | ||||||
2.63%, 04/01/31 (Call 01/01/31) | 12,740 | 11,136,540 | ||||||
2.80%, 09/15/41 (Call 03/15/41)(a) | 10,371 | 7,928,130 | ||||||
3.00%, 10/15/50 (Call 04/15/50)(a) | 17,746 | 13,024,208 | ||||||
3.10%, 05/03/27 (Call 02/03/27)(a) | 14,588 | 14,128,250 | ||||||
3.35%, 04/01/27 (Call 03/01/27) | 7,957 | 7,762,821 | ||||||
3.38%, 09/15/25 (Call 06/15/25) | 13,021 | 12,915,535 | ||||||
3.65%, 04/05/29 (Call 01/05/29) | 16,086 | 15,527,127 | ||||||
3.70%, 04/15/46 (Call 10/15/45)(a) | 13,272 | 11,104,274 | ||||||
3.75%, 04/01/32 (Call 01/01/32) | 21,185 | 19,981,853 | ||||||
4.00%, 04/15/25 (Call 03/15/25) | 2,109 | 2,138,260 | ||||||
4.05%, 05/03/47 (Call 11/03/46)(a) | 13,686 | 12,016,660 | ||||||
4.25%, 04/01/52 (Call 10/01/51) | 14,955 | 13,440,962 | ||||||
4.45%, 04/01/62 (Call 10/01/61) | 11,365 | 10,179,452 | ||||||
4.50%, 04/15/30 (Call 01/15/30)(a) | 13,294 | 13,375,064 | ||||||
McDonald’s Corp. | ||||||||
2.13%, 03/01/30 (Call 12/01/29) | 8,700 | 7,504,040 | ||||||
2.63%, 09/01/29 (Call 06/01/29)(a) | 9,599 | 8,693,830 | ||||||
3.30%, 07/01/25 (Call 06/01/25)(a) | 6,731 | 6,707,892 | ||||||
3.50%, 03/01/27 (Call 12/01/26)(a) | 8,135 | 8,054,001 | ||||||
3.50%, 07/01/27 (Call 05/01/27)(a) | 9,497 | 9,357,158 | ||||||
3.60%, 07/01/30 (Call 04/01/30) | 8,567 | 8,215,738 | ||||||
3.63%, 09/01/49 (Call 03/01/49) | 16,007 | 13,420,069 | ||||||
3.70%, 01/30/26 (Call 10/30/25)(a) | 15,014 | 15,054,137 | ||||||
3.80%, 04/01/28 (Call 01/01/28) | 10,932 | 10,844,206 | ||||||
4.20%, 04/01/50 (Call 10/01/49)(a) | 8,434 | 7,776,626 | ||||||
4.45%, 03/01/47 (Call 09/01/46)(a) | 9,475 | 9,084,101 | ||||||
4.45%, 09/01/48 (Call 03/01/48)(a) | 7,103 | 6,788,466 | ||||||
4.70%, 12/09/35 (Call 06/09/35) | 7,189 | 7,301,146 | ||||||
4.88%, 12/09/45 (Call 06/09/45) | 15,701 | 15,865,507 | ||||||
6.30%, 10/15/37(a) | 8,598 | 10,089,180 | ||||||
6.30%, 03/01/38 | 10,156 | 11,920,099 | ||||||
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a) | 10,480 | 10,288,877 | ||||||
Starbucks Corp. | ||||||||
2.25%, 03/12/30 (Call 12/12/29)(a) | 6,862 | 5,881,569 | ||||||
2.55%, 11/15/30 (Call 08/15/30)(a) | 10,078 | 8,697,497 | ||||||
3.00%, 02/14/32 (Call 11/14/31) | 9,437 | 8,324,901 | ||||||
3.50%, 11/15/50 (Call 05/15/50)(a) | 13,488 | 10,775,562 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
3.55%, 08/15/29 (Call 05/15/29) | $ | 10,412 | $ | 9,934,037 | ||||
3.80%, 08/15/25 (Call 06/15/25)(a) | 6,947 | 7,000,064 | ||||||
4.00%, 11/15/28 (Call 08/15/28)(a) | 8,556 | 8,501,355 | ||||||
4.45%, 08/15/49 (Call 02/15/49)(a) | 9,993 | 9,279,863 | ||||||
4.50%, 11/15/48 (Call 05/15/48)(a) | 10,119 | 9,530,597 | ||||||
Target Corp. | ||||||||
1.95%, 01/15/27 (Call 12/15/26)(a) | 8,510 | 7,977,122 | ||||||
2.35%, 02/15/30 (Call 11/15/29) | 6,030 | 5,449,359 | ||||||
2.50%, 04/15/26(a) | 9,525 | 9,239,204 | ||||||
2.95%, 01/15/52 (Call 07/15/51) | 17,929 | 14,218,787 | ||||||
3.38%, 04/15/29 (Call 01/15/29)(a) | 12,534 | 12,290,463 | ||||||
4.00%, 07/01/42(a) | 5,105 | 4,953,012 | ||||||
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a) | 10,376 | 9,835,357 | ||||||
Walgreens Boots Alliance Inc. | ||||||||
3.45%, 06/01/26 (Call 03/01/26)(a) | 5,954 | 5,824,885 | ||||||
4.10%, 04/15/50 (Call 10/15/49) | 7,091 | 6,051,730 | ||||||
4.80%, 11/18/44 (Call 05/18/44)(a) | 1,200 | 1,127,427 | ||||||
Walmart Inc. | ||||||||
3.05%, 07/08/26 (Call 05/08/26) | 8,857 | 8,798,010 | ||||||
3.55%, 06/26/25 (Call 04/26/25)(a) | 3,333 | 3,372,510 | ||||||
3.70%, 06/26/28 (Call 03/26/28)(a) | 15,677 | 15,699,612 | ||||||
4.05%, 06/29/48 (Call 12/29/47)(a) | 15,129 | 15,222,829 | ||||||
5.25%, 09/01/35(a) | 8,326 | 9,416,475 | ||||||
6.20%, 04/15/38(a) | 817 | 1,015,039 | ||||||
6.50%, 08/15/37(a) | 1,370 | 1,757,405 | ||||||
|
| |||||||
985,672,941 | ||||||||
Semiconductors — 3.2% | ||||||||
Analog Devices Inc. | ||||||||
1.70%, 10/01/28 (Call 08/01/28) | 10,572 | 9,278,638 | ||||||
2.10%, 10/01/31 (Call 07/01/31)(a) | 6,786 | 5,836,480 | ||||||
2.80%, 10/01/41 (Call 04/01/41)(a) | 7,514 | 6,091,450 | ||||||
2.95%, 10/01/51 (Call 04/01/51)(a) | 9,404 | 7,376,619 | ||||||
3.50%, 12/05/26 (Call 09/05/26)(a) | 10,965 | 10,938,225 | ||||||
Applied Materials Inc. | ||||||||
1.75%, 06/01/30 (Call 03/01/30)(a) | 12,289 | 10,523,883 | ||||||
2.75%, 06/01/50 (Call 12/01/49)(a) | 7,686 | 5,962,962 | ||||||
3.30%, 04/01/27 (Call 01/01/27)(a) | 14,535 | 14,336,026 | ||||||
4.35%, 04/01/47 (Call 10/01/46) | 9,228 | 9,286,013 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. | ||||||||
3.50%, 01/15/28 (Call 10/15/27) | 8,856 | 8,356,492 | ||||||
3.88%, 01/15/27 (Call 10/15/26) | 29,032 | 28,319,198 | ||||||
Broadcom Inc. | ||||||||
1.95%, 02/15/28 (Call 12/15/27)(a)(c) | 10,530 | 9,110,751 | ||||||
2.45%, 02/15/31 (Call 11/15/30)(a)(c) | 26,175 | 21,601,442 | ||||||
2.60%, 02/15/33 (Call 11/15/32)(c) | 16,621 | 13,285,277 | ||||||
3.14%, 11/15/35 (Call 08/15/35)(a)(c) | 29,088 | 23,344,836 | ||||||
3.15%, 11/15/25 (Call 10/15/25)(a) | 13,026 | 12,687,299 | ||||||
3.19%, 11/15/36 (Call 08/15/36)(a)(c) | 23,055 | 18,122,397 | ||||||
3.42%, 04/15/33 (Call 01/15/33)(c) | 20,251 | 17,365,008 | ||||||
3.46%, 09/15/26 (Call 07/15/26)(a) | 12,535 | 12,210,945 | ||||||
3.47%, 04/15/34 (Call 01/15/34)(c) | 27,355 | 23,189,474 | ||||||
3.50%, 02/15/41 (Call 08/15/40)(a)(c) | 25,592 | 19,908,160 | ||||||
3.75%, 02/15/51 (Call 08/15/50)(a)(c) | 17,397 | 13,381,885 | ||||||
4.00%, 04/15/29 (Call 02/15/29)(c) | 9,141 | 8,720,092 | ||||||
4.11%, 09/15/28 (Call 06/15/28) | 25 | 24,347 | ||||||
4.15%, 11/15/30 (Call 08/15/30) | 10,220 | 9,673,469 | ||||||
4.15%, 04/15/32 (Call 01/15/32)(c) | 7,695 | 7,148,159 | ||||||
4.30%, 11/15/32 (Call 08/15/32)(a) | 16,372 | 15,352,809 | ||||||
4.93%, 05/15/37 (Call 02/15/37)(a)(c) | 63,866 | 59,561,955 |
Security | Par (000) | Value | ||||||
Semiconductors (continued) | ||||||||
5.00%, 04/15/30 (Call 01/15/30)(a) | $ | 30 | $ | 30,303 | ||||
Intel Corp. | ||||||||
1.60%, 08/12/28 (Call 06/12/28) | 8,943 | 7,872,848 | ||||||
2.00%, 08/12/31 (Call 05/12/31)(a) | 9,471 | 8,048,073 | ||||||
2.45%, 11/15/29 (Call 08/15/29) | 19,226 | 17,408,603 | ||||||
2.60%, 05/19/26 (Call 02/19/26) | 8,682 | 8,407,583 | ||||||
2.80%, 08/12/41 (Call 02/12/41) | 8,288 | 6,546,081 | ||||||
3.05%, 08/12/51 (Call 02/12/51)(a) | 11,036 | 8,608,406 | ||||||
3.10%, 02/15/60 (Call 08/15/59) | 10,650 | 7,893,029 | ||||||
3.15%, 05/11/27 (Call 02/11/27)(a) | 10,966 | 10,765,055 | ||||||
3.20%, 08/12/61 (Call 02/12/61)(a) | 7,552 | 5,679,837 | ||||||
3.25%, 11/15/49 (Call 05/15/49) | 18,788 | 15,150,423 | ||||||
3.70%, 07/29/25 (Call 04/29/25)(a) | 16,664 | 16,811,370 | ||||||
3.73%, 12/08/47 (Call 06/08/47)(a) | 20,677 | 18,277,751 | ||||||
3.75%, 03/25/27 (Call 01/25/27)(a) | 8,051 | 8,091,038 | ||||||
3.90%, 03/25/30 (Call 12/25/29)(a) | 13,481 | 13,386,032 | ||||||
4.00%, 12/15/32(a) | 8,047 | 7,967,387 | ||||||
4.10%, 05/19/46 (Call 11/19/45)(a) | 10,028 | 9,439,700 | ||||||
4.10%, 05/11/47 (Call 11/11/46)(a) | 10,132 | 9,480,649 | ||||||
4.60%, 03/25/40 (Call 09/25/39)(a) | 8,213 | 8,263,439 | ||||||
4.75%, 03/25/50 (Call 09/25/49)(a) | 21,221 | 21,960,348 | ||||||
4.80%, 10/01/41(a) | 6,881 | 7,108,784 | ||||||
4.90%, 07/29/45 (Call 01/29/45) | 7,825 | 8,162,375 | ||||||
4.95%, 03/25/60 (Call 09/25/59)(a) | 8,428 | 8,877,073 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (Call 08/28/49)(a) | 7,464 | 6,229,292 | ||||||
4.10%, 03/15/29 (Call 12/15/28) | 8,789 | 8,823,276 | ||||||
Lam Research Corp. | ||||||||
1.90%, 06/15/30 (Call 03/15/30) | 14,038 | 12,007,281 | ||||||
2.88%, 06/15/50 (Call 12/15/49)(a) | 6,786 | 5,230,611 | ||||||
3.75%, 03/15/26 (Call 01/15/26) | 13,236 | 13,277,188 | ||||||
4.00%, 03/15/29 (Call 12/15/28)(a) | 7,917 | 7,886,770 | ||||||
4.88%, 03/15/49 (Call 09/15/48) | 8,850 | 9,487,023 | ||||||
Marvell Technology Inc. | ||||||||
2.45%, 04/15/28 (Call 02/15/28) | 9,914 | 8,854,454 | ||||||
2.95%, 04/15/31 (Call 01/15/31)(a) | 12,631 | 10,979,114 | ||||||
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(a) | 5,992 | 5,953,172 | ||||||
Micron Technology Inc. | ||||||||
2.70%, 04/15/32 (Call 01/15/32) | 12,906 | 10,745,395 | ||||||
4.19%, 02/15/27 (Call 12/15/26)(a) | 11,147 | 11,093,740 | ||||||
4.66%, 02/15/30 (Call 11/15/29) | 10,168 | 10,063,064 | ||||||
NVIDIA Corp. | ||||||||
1.55%, 06/15/28 (Call 04/15/28) | 13,366 | 11,762,303 | ||||||
2.00%, 06/15/31 (Call 03/15/31)(a) | 12,979 | 11,148,817 | ||||||
2.85%, 04/01/30 (Call 01/01/30) | 14,489 | 13,486,186 | ||||||
3.20%, 09/16/26 (Call 06/16/26)(a) | 7,443 | 7,400,675 | ||||||
3.50%, 04/01/40 (Call 10/01/39)(a) | 12,156 | 10,999,050 | ||||||
3.50%, 04/01/50 (Call 10/01/49)(a) | 18,323 | 16,234,334 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. | ||||||||
2.50%, 05/11/31 (Call 02/11/31)(a)(c) | 8,583 | 7,225,918 | ||||||
2.65%, 02/15/32 (Call 11/15/31)(a)(c) | 7,711 | 6,431,407 | ||||||
3.25%, 05/11/41 (Call 11/11/40)(a)(c) | 10,067 | 7,875,616 | ||||||
3.40%, 05/01/30 (Call 02/01/30)(c) | 8,346 | 7,586,708 | ||||||
3.88%, 06/18/26 (Call 04/18/26)(c) | 9,126 | 8,970,286 | ||||||
4.30%, 06/18/29 (Call 03/18/29)(a)(c) | 11,413 | 11,106,982 | ||||||
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24) | 9,081 | 8,384,033 | ||||||
QUALCOMM Inc. | ||||||||
1.30%, 05/20/28 (Call 02/20/28) | 10,960 | 9,509,837 | ||||||
1.65%, 05/20/32 (Call 02/20/32)(a) | 6,980 | 5,659,434 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Semiconductors (continued) | ||||||||
2.15%, 05/20/30 (Call 02/20/30)(a) | $ | 13,011 | $ | 11,416,528 | ||||
3.25%, 05/20/27 (Call 02/20/27) | 17,685 | 17,314,763 | ||||||
3.25%, 05/20/50 (Call 11/20/49)(a) | 8,786 | 7,461,955 | ||||||
3.45%, 05/20/25 (Call 02/20/25)(a) | 8,593 | 8,614,465 | ||||||
4.30%, 05/20/47 (Call 11/20/46)(a) | 15,470 | 15,291,287 | ||||||
4.65%, 05/20/35 (Call 11/20/34) | 11,199 | 11,615,381 | ||||||
4.80%, 05/20/45 (Call 11/20/44) | 14,553 | 15,237,476 | ||||||
Texas Instruments Inc. | ||||||||
1.75%, 05/04/30 (Call 02/04/30) | 10,687 | 9,231,852 | ||||||
2.25%, 09/04/29 (Call 06/04/29) | 11,657 | 10,555,509 | ||||||
3.88%, 03/15/39 (Call 09/15/38) | 9,148 | 8,868,793 | ||||||
4.15%, 05/15/48 (Call 11/15/47)(a) | 13,477 | 13,460,433 | ||||||
|
| |||||||
1,028,710,886 | ||||||||
Software — 3.6% | ||||||||
Activision Blizzard Inc. | ||||||||
2.50%, 09/15/50 (Call 03/15/50) | 16,312 | 11,768,516 | ||||||
3.40%, 09/15/26 (Call 06/15/26)(a) | 11,178 | 11,082,091 | ||||||
Adobe Inc. | ||||||||
2.15%, 02/01/27 (Call 12/01/26) | 8,297 | 7,826,484 | ||||||
2.30%, 02/01/30 (Call 11/01/29)(a) | 13,301 | 11,915,722 | ||||||
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)(a) | 13,415 | 11,240,017 | ||||||
Broadridge Financial Solutions Inc. | ||||||||
2.60%, 05/01/31 (Call 02/01/31) | 11,721 | 10,052,640 | ||||||
2.90%, 12/01/29 (Call 09/01/29)(a) | 8,855 | 7,967,044 | ||||||
Citrix Systems Inc. | ||||||||
1.25%, 03/01/26 (Call 02/01/26) | 9,241 | 9,063,879 | ||||||
3.30%, 03/01/30 (Call 12/01/29)(a) | 8,481 | 8,352,833 | ||||||
4.50%, 12/01/27 (Call 09/01/27) | 9,700 | 9,828,029 | ||||||
Fidelity National Information Services Inc. | ||||||||
1.15%, 03/01/26 (Call 02/01/26)(a) | 12,589 | 11,344,313 | ||||||
1.65%, 03/01/28 (Call 01/01/28)(a) | 8,474 | 7,348,303 | ||||||
2.25%, 03/01/31 (Call 12/01/30)(a) | 11,816 | 9,907,026 | ||||||
3.10%, 03/01/41 (Call 09/01/40) | 13,195 | 10,329,162 | ||||||
Fiserv Inc. | ||||||||
2.25%, 06/01/27 (Call 04/01/27)(a) | 11,665 | 10,687,576 | ||||||
2.65%, 06/01/30 (Call 03/01/30)(a) | 10,652 | 9,258,795 | ||||||
3.20%, 07/01/26 (Call 05/01/26)(a) | 18,519 | 17,918,447 | ||||||
3.50%, 07/01/29 (Call 04/01/29) | 28,702 | 26,798,727 | ||||||
3.85%, 06/01/25 (Call 03/01/25)(a) | 5,955 | 5,965,134 | ||||||
4.20%, 10/01/28 (Call 07/01/28)(a) | 8,391 | 8,251,610 | ||||||
4.40%, 07/01/49 (Call 01/01/49) | 22,727 | 20,536,740 | ||||||
Microsoft Corp. | ||||||||
2.40%, 08/08/26 (Call 05/08/26)(a) | 34,876 | 33,684,015 | ||||||
2.53%, 06/01/50 (Call 12/01/49)(a) | 57,951 | 43,938,703 | ||||||
2.68%, 06/01/60 (Call 12/01/59) | 33,609 | 24,631,367 | ||||||
2.92%, 03/17/52 (Call 09/17/51) | 58,392 | 47,448,644 | ||||||
3.04%, 03/17/62 (Call 09/17/61) | 14,266 | 11,317,457 | ||||||
3.13%, 11/03/25 (Call 08/03/25)(a) | 24,384 | 24,426,948 | ||||||
3.30%, 02/06/27 (Call 11/06/26)(a) | 34,841 | 34,876,454 | ||||||
3.45%, 08/08/36 (Call 02/08/36)(a) | 13,626 | 13,026,863 | ||||||
3.50%, 02/12/35 (Call 08/12/34)(a) | 14,829 | 14,309,178 | ||||||
3.70%, 08/08/46 (Call 02/08/46)(a) | 22,866 | 21,686,382 | ||||||
4.10%, 02/06/37 (Call 08/06/36)(a) | 9,308 | 9,526,595 | ||||||
4.25%, 02/06/47 (Call 08/06/46)(a) | 14,984 | 15,598,825 | ||||||
4.45%, 11/03/45 (Call 05/03/45)(a) | 5,490 | 5,727,451 | ||||||
4.50%, 02/06/57 (Call 08/06/56)(a) | 5,005 | 5,417,428 | ||||||
Oracle Corp. | ||||||||
1.65%, 03/25/26 (Call 02/25/26) | 26,311 | 23,776,898 | ||||||
2.30%, 03/25/28 (Call 01/25/28) | 21,193 | 18,472,654 | ||||||
2.65%, 07/15/26 (Call 04/15/26)(a) | 30,075 | 28,081,966 |
Security | Par (000) | Value | ||||||
Software (continued) | ||||||||
2.80%, 04/01/27 (Call 02/01/27)(a) | $ | 19,419 | $ | 17,929,683 | ||||
2.88%, 03/25/31 (Call 12/25/30) | 33,963 | 28,829,099 | ||||||
2.95%, 05/15/25 (Call 02/15/25)(a) | 17,170 | 16,613,776 | ||||||
2.95%, 04/01/30 (Call 01/01/30)(a) | 27,878 | 24,067,470 | ||||||
3.25%, 11/15/27 (Call 08/15/27)(a) | 27,634 | 25,731,142 | ||||||
3.60%, 04/01/40 (Call 10/01/39) | 26,734 | 20,636,999 | ||||||
3.60%, 04/01/50 (Call 10/01/49) | 46,078 | 33,134,326 | ||||||
3.65%, 03/25/41 (Call 09/25/40) | 20,275 | 15,724,128 | ||||||
3.80%, 11/15/37 (Call 05/15/37)(a) | 14,744 | 12,086,036 | ||||||
3.85%, 07/15/36 (Call 01/15/36)(a) | 11,483 | 9,618,481 | ||||||
3.85%, 04/01/60 (Call 10/01/59) | 29,893 | 21,128,193 | ||||||
3.90%, 05/15/35 (Call 11/15/34) | 14,810 | 12,813,169 | ||||||
3.95%, 03/25/51 (Call 09/25/50) | 29,667 | 22,527,693 | ||||||
4.00%, 07/15/46 (Call 01/15/46)(a) | 31,641 | 24,669,273 | ||||||
4.00%, 11/15/47 (Call 05/15/47) | 20,814 | 16,149,797 | ||||||
4.10%, 03/25/61 (Call 09/25/60) | 14,045 | 10,399,946 | ||||||
4.13%, 05/15/45 (Call 11/15/44)(a) | 18,414 | 14,532,487 | ||||||
4.30%, 07/08/34 (Call 01/08/34)(a) | 15,085 | 13,633,637 | ||||||
4.38%, 05/15/55 (Call 11/15/54) | 12,244 | 9,638,730 | ||||||
4.50%, 07/08/44 (Call 01/08/44) | 8,540 | 7,206,424 | ||||||
5.38%, 07/15/40(a) | 24,372 | 23,127,712 | ||||||
6.13%, 07/08/39 | 11,288 | 11,779,603 | ||||||
6.50%, 04/15/38(a) | 12,122 | 13,084,949 | ||||||
Roper Technologies Inc. | ||||||||
1.75%, 02/15/31 (Call 11/15/30)(a) | 5,222 | 4,218,945 | ||||||
4.20%, 09/15/28 (Call 06/15/28) | 6,916 | 6,935,650 | ||||||
salesforce.com Inc. | ||||||||
1.50%, 07/15/28 (Call 05/15/28)(a) | 9,321 | 8,226,981 | ||||||
1.95%, 07/15/31 (Call 04/15/31)(a) | 14,075 | 12,079,684 | ||||||
2.70%, 07/15/41 (Call 01/15/41)(a) | 16,476 | 13,102,348 | ||||||
2.90%, 07/15/51 (Call 01/15/51)(a) | 20,168 | 15,702,601 | ||||||
3.05%, 07/15/61 (Call 01/15/61)(a) | 8,436 | 6,427,530 | ||||||
3.70%, 04/11/28 (Call 01/11/28)(a) | 15,505 | 15,475,162 | ||||||
VMware Inc. | ||||||||
1.40%, 08/15/26 (Call 07/15/26)(a) | 21,419 | 19,187,316 | ||||||
1.80%, 08/15/28 (Call 06/15/28) | 10,086 | 8,574,133 | ||||||
2.20%, 08/15/31 (Call 05/15/31)(a) | 13,796 | 11,223,790 | ||||||
3.90%, 08/21/27 (Call 05/21/27) | 9,766 | 9,539,339 | ||||||
4.50%, 05/15/25 (Call 04/15/25)(a) | 1,222 | 1,238,330 | ||||||
4.70%, 05/15/30 (Call 02/15/30) | 14,872 | 14,792,387 | ||||||
Workday Inc. | ||||||||
3.50%, 04/01/27 (Call 03/01/27) | 5,442 | 5,305,303 | ||||||
3.70%, 04/01/29 (Call 02/01/29) | 5,632 | 5,388,994 | ||||||
3.80%, 04/01/32 (Call 01/01/32) | 7,138 | 6,756,306 | ||||||
|
| |||||||
1,182,628,468 | ||||||||
Telecommunications — 7.1% | ||||||||
AT&T Inc. | ||||||||
1.65%, 02/01/28 (Call 12/01/27) | 19,842 | 17,307,373 | ||||||
1.70%, 03/25/26 (Call 03/25/23)(a) | 23,867 | 22,036,014 | ||||||
2.25%, 02/01/32 (Call 11/01/31)(a) | 24,594 | 20,468,989 | ||||||
2.30%, 06/01/27 (Call 04/01/27) | 26,959 | 24,796,028 | ||||||
2.55%, 12/01/33 (Call 09/01/33)(a) | 35,326 | 29,211,267 | ||||||
2.75%, 06/01/31 (Call 03/01/31)(a) | 30,078 | 26,548,127 | ||||||
3.10%, 02/01/43 (Call 08/01/42) | 22,314 | 17,287,524 | ||||||
3.30%, 02/01/52 (Call 08/01/51)(a) | 21,233 | 16,112,063 | ||||||
3.40%, 05/15/25 (Call 05/11/22)(a) | 16,695 | 16,790,073 | ||||||
3.50%, 06/01/41 (Call 12/01/40) | 23,983 | 19,960,518 | ||||||
3.50%, 09/15/53 (Call 03/15/53) | 67,845 | 53,255,177 | ||||||
3.50%, 02/01/61 (Call 08/01/60) | 13,670 | 10,138,390 | ||||||
3.55%, 09/15/55 (Call 03/15/55) | 72,143 | 56,036,289 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
3.65%, 06/01/51 (Call 12/01/50)(a) | $ | 29,105 | $ | 23,634,791 | ||||
3.65%, 09/15/59 (Call 03/15/59) | 66,737 | 51,533,517 | ||||||
3.80%, 02/15/27 (Call 11/15/26)(a) | 10,845 | 10,834,450 | ||||||
3.80%, 12/01/57 (Call 06/01/57)(a) | 53,451 | 42,801,011 | ||||||
3.85%, 06/01/60 (Call 12/01/59)(a) | 14,841 | 11,808,069 | ||||||
4.10%, 02/15/28 (Call 11/15/27)(a) | 17,871 | 18,050,366 | ||||||
4.13%, 02/17/26 (Call 05/11/22)(a) | 12,444 | 12,756,998 | ||||||
4.25%, 03/01/27 (Call 12/01/26)(a) | 13,181 | 13,461,459 | ||||||
4.30%, 02/15/30 (Call 11/15/29) | 28,991 | 29,141,197 | ||||||
4.30%, 12/15/42 (Call 06/15/42)(a) | 13,013 | 11,937,152 | ||||||
4.35%, 03/01/29 (Call 12/01/28) | 30,273 | 30,575,682 | ||||||
4.35%, 06/15/45 (Call 12/15/44) | 11,343 | 10,261,299 | ||||||
4.50%, 05/15/35 (Call 11/15/34)(a) | 24,271 | 23,831,192 | ||||||
4.50%, 03/09/48 (Call 09/09/47)(a) | 16,197 | 15,188,035 | ||||||
4.55%, 03/09/49 (Call 09/09/48)(a) | 11,235 | 10,683,440 | ||||||
4.75%, 05/15/46 (Call 11/15/45) | 17,602 | 17,369,284 | ||||||
4.85%, 03/01/39 (Call 09/01/38)(a) | 9,811 | 9,773,268 | ||||||
5.15%, 02/15/50 (Call 08/14/49) | 10,631 | 11,067,540 | ||||||
5.25%, 03/01/37 (Call 09/01/36)(a) | 15,495 | 16,446,675 | ||||||
5.35%, 09/01/40(a) | 9,582 | 10,098,313 | ||||||
5.65%, 02/15/47 (Call 08/15/46)(a) | 8,678 | 9,640,795 | ||||||
Bell Telephone Co. of Canada or Bell Canada (The) | ||||||||
3.65%, 08/15/52 (Call 02/15/52)(a) | 14,407 | 12,069,025 | ||||||
4.46%, 04/01/48 (Call 10/01/47)(a) | 9,383 | 8,985,621 | ||||||
British Telecommunications PLC, 9.63%, 12/15/30 | 26,767 | 34,258,419 | ||||||
Cisco Systems Inc. | ||||||||
2.50%, 09/20/26 (Call 06/20/26) | 12,290 | 11,871,678 | ||||||
2.95%, 02/28/26(a) | 12,088 | 11,941,248 | ||||||
5.50%, 01/15/40(a) | 19,684 | 22,594,901 | ||||||
5.90%, 02/15/39 | 18,836 | 22,447,892 | ||||||
Corning Inc. | ||||||||
4.38%, 11/15/57 (Call 05/15/57) | 7,031 | 6,337,959 | ||||||
5.45%, 11/15/79 (Call 05/19/79)(a) | 11,034 | 10,805,019 | ||||||
Deutsche Telekom International Finance BV, 8.75%, 06/15/30 | 37,860 | 48,024,865 | ||||||
Motorola Solutions Inc. | ||||||||
2.30%, 11/15/30 (Call 08/15/30) | 11,959 | 9,780,458 | ||||||
2.75%, 05/24/31 (Call 02/24/31) | 9,823 | 8,206,185 | ||||||
4.60%, 05/23/29 (Call 02/23/29) | 10,994 | 10,821,970 | ||||||
Orange SA | ||||||||
5.38%, 01/13/42(a) | 11,577 | 12,399,535 | ||||||
5.50%, 02/06/44 (Call 08/06/43)(a) | 7,342 | 8,055,659 | ||||||
9.00%, 03/01/31 | 26,915 | 35,504,171 | ||||||
Rogers Communications Inc. | ||||||||
3.20%, 03/15/27 (Call 02/15/27)(c) | 13,725 | 13,076,517 | ||||||
3.70%, 11/15/49 (Call 05/15/49)(a) | 9,584 | 7,622,882 | ||||||
3.80%, 03/15/32 (Call 12/15/31)(c) | 20,262 | 18,664,732 | ||||||
4.30%, 02/15/48 (Call 08/15/47)(a) | 7,154 | 6,255,873 | ||||||
4.35%, 05/01/49 (Call 11/01/48)(a) | 11,766 | 10,390,115 | ||||||
4.50%, 03/15/42 (Call 09/15/41)(c) | 12,402 | 11,295,527 | ||||||
4.55%, 03/15/52 (Call 09/15/51)(c) | 18,844 | 16,744,511 | ||||||
5.00%, 03/15/44 (Call 09/15/43)(a) | 9,895 | 9,532,631 | ||||||
Telefonica Emisiones SA | ||||||||
4.10%, 03/08/27 | 16,021 | 15,848,098 | ||||||
4.67%, 03/06/38 | 7,732 | 7,177,258 | ||||||
4.90%, 03/06/48 | 13,849 | 12,605,613 | ||||||
5.21%, 03/08/47 | 25,467 | 23,920,626 | ||||||
5.52%, 03/01/49 (Call 09/01/48) | 12,086 | 11,943,931 | ||||||
7.05%, 06/20/36(a) | 19,586 | 22,604,745 | ||||||
Telefonica Europe BV, 8.25%, 09/15/30(a) | 11,393 | 14,074,511 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
TELUS Corp. | ||||||||
3.40%, 05/13/32 (Call 02/13/32) | $ | 17,869 | $ | 16,382,355 | ||||
4.60%, 11/16/48 (Call 05/16/48)(a) | 7,001 | 6,937,177 | ||||||
T-Mobile USA Inc. | ||||||||
1.50%, 02/15/26 (Call 01/15/26) | 16,347 | 14,914,362 | ||||||
2.05%, 02/15/28 (Call 12/15/27) | 24,934 | 22,001,360 | ||||||
2.25%, 11/15/31 (Call 08/15/31) | 9,195 | 7,536,004 | ||||||
2.55%, 02/15/31 (Call 11/15/30) | 27,622 | 23,510,109 | ||||||
2.70%, 03/15/32 (Call 12/15/31)(c) | 7,813 | 6,633,308 | ||||||
3.00%, 02/15/41 (Call 08/15/40)(a) | 25,852 | 19,755,206 | ||||||
3.30%, 02/15/51 (Call 08/15/50)(a) | 30,683 | 22,962,633 | ||||||
3.40%, 10/15/52 (Call 04/15/52)(a)(c) | 26,236 | 19,867,712 | ||||||
3.50%, 04/15/25 (Call 03/15/25) | 14,043 | 13,866,342 | ||||||
3.60%, 11/15/60 (Call 05/15/60) | 5,524 | 4,131,050 | ||||||
3.75%, 04/15/27 (Call 02/15/27) | 38,888 | 37,852,646 | ||||||
3.88%, 04/15/30 (Call 01/15/30)(a) | 67,018 | 63,453,279 | ||||||
4.38%, 04/15/40 (Call 10/15/39)(a) | 20,304 | 18,701,586 | ||||||
4.50%, 04/15/50 (Call 10/15/49) | 29,794 | 27,183,289 | ||||||
Verizon Communications Inc. | ||||||||
0.85%, 11/20/25 (Call 10/20/25) | 14,313 | 13,066,771 | ||||||
1.45%, 03/20/26 (Call 02/20/26)(a) | 18,852 | 17,281,498 | ||||||
1.50%, 09/18/30 (Call 06/18/30)(a) | 10,680 | 8,681,895 | ||||||
1.68%, 10/30/30 (Call 07/30/30)(a) | 12,103 | 9,875,138 | ||||||
1.75%, 01/20/31 (Call 10/20/30) | 21,854 | 17,787,209 | ||||||
2.10%, 03/22/28 (Call 01/22/28) | 27,873 | 24,980,020 | ||||||
2.36%, 03/15/32 | 39,490 | 33,184,146 | ||||||
2.55%, 03/21/31 (Call 12/21/30)(a) | 39,171 | 34,060,128 | ||||||
2.63%, 08/15/26(a) | 18,431 | 17,508,825 | ||||||
2.65%, 11/20/40 (Call 05/20/40)(a) | 30,803 | 23,304,690 | ||||||
2.85%, 09/03/41 (Call 03/03/41)(a) | 14,557 | 11,369,499 | ||||||
2.88%, 11/20/50 (Call 05/20/50)(a) | 27,485 | 20,086,604 | ||||||
2.99%, 10/30/56 (Call 04/30/56) | 37,794 | 26,793,093 | ||||||
3.00%, 03/22/27 (Call 01/22/27)(a) | 10,867 | 10,398,577 | ||||||
3.00%, 11/20/60 (Call 05/20/60)(a) | 18,467 | 12,914,564 | ||||||
3.15%, 03/22/30 (Call 12/22/29) | 12,252 | 11,254,465 | ||||||
3.40%, 03/22/41 (Call 09/22/40)(a) | 35,509 | 29,682,836 | ||||||
3.55%, 03/22/51 (Call 09/22/50)(a) | 46,836 | 38,595,899 | ||||||
3.70%, 03/22/61 (Call 09/22/60)(a) | 33,399 | 26,953,574 | ||||||
3.88%, 02/08/29 (Call 11/08/28)(a) | 9,682 | 9,545,925 | ||||||
3.88%, 03/01/52 (Call 09/01/51) | 8,465 | 7,394,763 | ||||||
4.00%, 03/22/50 (Call 09/22/49)(a) | 12,556 | 11,194,819 | ||||||
4.02%, 12/03/29 (Call 09/03/29) | 36,176 | 35,418,355 | ||||||
4.13%, 03/16/27(a) | 30,464 | 30,625,825 | ||||||
4.13%, 08/15/46 | 13,015 | 11,841,270 | ||||||
4.27%, 01/15/36(a) | 18,556 | 17,951,316 | ||||||
4.33%, 09/21/28(a) | 37,737 | 37,987,532 | ||||||
4.40%, 11/01/34 (Call 05/01/34)(a) | 17,472 | 17,208,568 | ||||||
4.50%, 08/10/33(a) | 23,450 | 23,477,383 | ||||||
4.52%, 09/15/48 | 5,218 | 5,075,614 | ||||||
4.81%, 03/15/39 | 10,558 | 10,803,664 | ||||||
4.86%, 08/21/46 | 21,762 | 21,944,864 | ||||||
5.01%, 08/21/54 | 8,564 | 9,070,012 | ||||||
5.25%, 03/16/37(a) | 10,012 | 10,645,284 | ||||||
6.55%, 09/15/43(a) | 4,553 | 5,685,131 | ||||||
Vodafone Group PLC | ||||||||
4.13%, 05/30/25(a) | 9,101 | 9,211,755 | ||||||
4.25%, 09/17/50 | 12,890 | 11,143,784 | ||||||
4.38%, 05/30/28(a) | 25,342 | 25,686,849 | ||||||
4.38%, 02/19/43(a) | 16,026 | 14,526,280 | ||||||
4.88%, 06/19/49 | 19,441 | 18,569,489 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
| ||||||||
Telecommunications (continued) | ||||||||
5.00%, 05/30/38 | $ | 11,313 | $ | 11,217,122 | ||||
5.25%, 05/30/48(a) | 28,830 | 28,614,130 | ||||||
6.15%, 02/27/37(a) | 15,171 | 16,847,000 | ||||||
|
| |||||||
2,311,859,123 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) | 11,373 | 10,817,374 | ||||||
|
| |||||||
Transportation — 1.8% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.30%, 09/15/51 (Call 03/15/51)(a) | 10,455 | 8,698,876 | ||||||
3.55%, 02/15/50 (Call 08/15/49) | 6,678 | 5,826,349 | ||||||
3.90%, 08/01/46 (Call 02/01/46)(a) | 7,713 | 7,136,784 | ||||||
4.05%, 06/15/48 (Call 12/15/47)(a) | 8,345 | 7,895,308 | ||||||
4.13%, 06/15/47 (Call 12/15/46)(a) | 7,462 | 7,148,969 | ||||||
4.15%, 04/01/45 (Call 10/01/44)(a) | 8,463 | 7,984,276 | ||||||
4.15%, 12/15/48 (Call 06/15/48)(a) | 7,217 | 6,918,063 | ||||||
4.45%, 03/15/43 (Call 09/15/42) | 7,190 | 7,097,304 | ||||||
4.55%, 09/01/44 (Call 03/01/44) | 7,489 | 7,466,068 | ||||||
4.90%, 04/01/44 (Call 10/01/43)(a) | 9,263 | 9,603,062 | ||||||
5.75%, 05/01/40 (Call 11/01/39) | 6,988 | 7,942,879 | ||||||
Canadian Pacific Railway Co. | ||||||||
1.75%, 12/02/26 (Call 11/02/26) | 9,392 | 8,618,768 | ||||||
2.45%, 12/02/31 (Call 09/02/31)(a) | 9,576 | 8,315,443 | ||||||
3.00%, 12/02/41 (Call 06/02/41)(a) | 10,796 | 8,793,059 | ||||||
3.10%, 12/02/51 (Call 06/02/51)(a) | 16,806 | 12,936,148 | ||||||
6.13%, 09/15/2115 (Call 03/15/2115) | 7,970 | 8,832,545 | ||||||
CSX Corp. | ||||||||
3.25%, 06/01/27 (Call 03/01/27)(a) | 8,337 | 8,051,206 | ||||||
3.80%, 03/01/28 (Call 12/01/27)(a) | 7,937 | 7,876,039 | ||||||
3.80%, 11/01/46 (Call 05/01/46)(a) | 9,271 | 8,161,150 | ||||||
4.10%, 03/15/44 (Call 09/15/43) | 6,808 | 6,226,078 | ||||||
4.25%, 03/15/29 (Call 12/15/28)(a) | 11,188 | 11,257,900 | ||||||
4.30%, 03/01/48 (Call 09/01/47)(a) | 7,338 | 6,979,876 | ||||||
FedEx Corp. | ||||||||
2.40%, 05/15/31 (Call 02/15/31)(a) | 9,572 | 8,219,055 | ||||||
3.10%, 08/05/29 (Call 05/05/29)(a) | 8,263 | 7,649,966 | ||||||
3.25%, 04/01/26 (Call 01/01/26)(a) | 5,496 | 5,418,371 | ||||||
3.25%, 05/15/41 (Call 11/15/40) | 7,482 | 6,002,024 | ||||||
4.05%, 02/15/48 (Call 08/15/47)(a) | 10,688 | 9,222,875 | ||||||
4.25%, 05/15/30 (Call 02/15/30)(a) | 6,458 | 6,396,457 | ||||||
4.40%, 01/15/47 (Call 07/15/46)(a) | 9,163 | 8,317,233 | ||||||
4.55%, 04/01/46 (Call 10/01/45)(a) | 12,288 | 11,384,819 | ||||||
4.75%, 11/15/45 (Call 05/15/45) | 10,201 | 9,626,482 | ||||||
4.95%, 10/17/48 (Call 04/17/48)(a) | 8,434 | 8,301,316 | ||||||
5.10%, 01/15/44(a) | 7,292 | 7,253,986 | ||||||
5.25%, 05/15/50 (Call 11/15/49)(a) | 12,205 | 12,534,141 | ||||||
Norfolk Southern Corp. | ||||||||
3.05%, 05/15/50 (Call 11/15/49) | 10,326 | 8,022,323 | ||||||
3.16%, 05/15/55 (Call 11/15/54) | 7,692 | 5,860,417 | ||||||
Union Pacific Corp. | ||||||||
2.38%, 05/20/31 (Call 02/20/31)(a) | 8,318 | 7,294,890 | ||||||
2.40%, 02/05/30 (Call 11/05/29) | 9,083 | 8,135,331 | ||||||
2.80%, 02/14/32 (Call 12/15/31) | 6,829 | 6,134,976 | ||||||
2.95%, 03/10/52 (Call 09/10/51)(a) | 9,098 | 6,966,542 | ||||||
2.97%, 09/16/62 (Call 03/16/62)(a) | 7,802 | 5,670,526 | ||||||
3.20%, 05/20/41 (Call 11/20/40)(a) | 10,140 | 8,591,291 | ||||||
3.25%, 02/05/50 (Call 08/05/49) | 15,465 | 12,620,323 | ||||||
3.50%, 02/14/53 (Call 08/14/52) | 13,541 | 11,530,422 |
Security | Par/ Shares (000) | Value | ||||||
| ||||||||
Transportation (continued) | ||||||||
3.70%, 03/01/29 (Call 12/01/28)(a) | $ | 8,324 | $ | 8,200,588 | ||||
3.75%, 02/05/70 (Call 08/05/69)(a) | 7,611 | 6,356,540 | ||||||
3.80%, 10/01/51 (Call 04/01/51)(a) | 8,935 | 8,013,723 | ||||||
3.80%, 04/06/71 (Call 10/06/70)(a) | 11,402 | 9,585,249 | ||||||
3.84%, 03/20/60 (Call 09/20/59)(a) | 16,546 | 14,602,101 | ||||||
3.95%, 09/10/28 (Call 06/10/28)(a) | 11,224 | 11,214,502 | ||||||
United Parcel Service Inc. | ||||||||
3.05%, 11/15/27 (Call 08/15/27)(a) | 8,667 | 8,420,605 | ||||||
3.40%, 03/15/29 (Call 12/15/28)(a) | 8,887 | 8,686,262 | ||||||
3.75%, 11/15/47 (Call 05/15/47)(a) | 10,497 | 9,621,320 | ||||||
3.90%, 04/01/25 (Call 03/01/25) | 3,000 | 3,034,757 | ||||||
4.25%, 03/15/49 (Call 09/15/48)(a) | 7,493 | 7,434,582 | ||||||
4.45%, 04/01/30 (Call 01/01/30)(a) | 6,140 | 6,387,117 | ||||||
5.30%, 04/01/50 (Call 10/01/49)(a) | 13,514 | 15,349,339 | ||||||
6.20%, 01/15/38 | 13,878 | 16,701,428 | ||||||
Walmart Inc. | ||||||||
1.05%, 09/17/26 (Call 08/17/26)(a) | 16,726 | 15,223,632 | ||||||
1.50%, 09/22/28 (Call 07/22/28)(a) | 17,999 | 15,922,268 | ||||||
1.80%, 09/22/31 (Call 06/22/31)(a) | 19,260 | 16,445,636 | ||||||
2.50%, 09/22/41 (Call 03/22/41)(a) | 19,044 | 15,324,941 | ||||||
2.65%, 09/22/51 (Call 03/22/51)(a) | 20,715 | 16,221,430 | ||||||
|
| |||||||
573,665,936 | ||||||||
Water — 0.1% | ||||||||
American Water Capital Corp. | ||||||||
3.75%, 09/01/47 (Call 03/01/47) | 9,619 | 8,457,451 | ||||||
6.59%, 10/15/37 | 7,545 | 9,189,505 | ||||||
|
| |||||||
17,646,956 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 98.0% |
| 31,874,937,920 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 7.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(d)(e)(f) | 2,217,147 | 2,217,147,404 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(d)(e) | 166,614 | 166,614,000 | ||||||
|
| |||||||
2,383,761,404 | ||||||||
|
| |||||||
Total Short-Term Investments — 7.3% |
| 2,383,761,404 | ||||||
|
| |||||||
Total Investments in Securities — 105.3% |
| 34,258,699,324 | ||||||
Other Assets, Less Liabilities — (5.3)% | (1,711,184,559 | ) | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 32,547,514,765 | |||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® iBoxx $ Investment Grade Corporate Bond ETF |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 31,874,937,920 | $ | — | $ | 31,874,937,920 | ||||||||
Money Market Funds | 2,383,761,404 | — | — | 2,383,761,404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,383,761,404 | $ | 31,874,937,920 | $ | — | $ | 34,258,699,324 | |||||||||
|
|
|
|
|
|
|
|
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2022
iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF | |||||||
| ||||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | 12,276,190,928 | $ | 31,874,937,920 | ||||
Affiliated(c) | 3,450,494,009 | 2,383,761,404 | ||||||
Cash | 117,809 | — | ||||||
Receivables: | ||||||||
Investments sold | 90,607,323 | 379,127,989 | ||||||
Securities lending income — Affiliated | 892,996 | 408,142 | ||||||
Capital shares sold | 458,745 | 5,038,694 | ||||||
Dividends | 25,771 | 70,247 | ||||||
Interest | 185,904,157 | 311,117,292 | ||||||
|
|
|
| |||||
Total assets | 16,004,691,738 | 34,954,461,688 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Bank overdraft | — | 159,056 | ||||||
Collateral on securities loaned, at value | 3,301,045,257 | 2,217,141,514 | ||||||
Payables: | ||||||||
Investments purchased | 104,122,310 | 176,955,825 | ||||||
Interest on short sales | — | 15,900 | ||||||
Capital shares redeemed | 637,025 | 8,930,049 | ||||||
Investment advisory fees | 5,537,101 | 3,744,579 | ||||||
|
|
|
| |||||
Total liabilities | 3,411,341,693 | 2,406,946,923 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 12,593,350,045 | $ | 32,547,514,765 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 15,875,002,451 | $ | 38,553,081,070 | ||||
Accumulated loss | (3,281,652,406 | ) | (6,005,566,305 | ) | ||||
|
|
|
| |||||
NET ASSETS | $ | 12,593,350,045 | $ | 32,547,514,765 | ||||
|
|
|
| |||||
Shares outstanding | 159,900,000 | 288,400,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 78.76 | $ | 112.86 | ||||
|
|
|
| |||||
Shares authorized | Unlimited | Unlimited | ||||||
|
|
|
| |||||
Par value | None | None | ||||||
|
|
|
| |||||
(a) Securities loaned, at value | $ | 3,156,266,020 | $ | 1,960,543,501 | ||||
(b) Investments, at cost — Unaffiliated | $ | 13,713,437,359 | $ | 37,465,103,002 | ||||
(c) Investments, at cost — Affiliated | $ | 3,450,360,447 | $ | 2,383,472,570 |
FINANCIAL STATEMENTS |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
LIBOR | London Interbank Offered Rate | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1010-0422
APRIL 30, 2022 |
2022 Semi-Annual Report (Unaudited)
|
iShares U.S. ETF Trust
· iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH | NYSE Arca
Dear Shareholder,
The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.
In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of April 30, 2022 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities | (9.65 | )% | 0.21 | % | ||||
U.S. small cap equities | (18.38 | ) | (16.87 | ) | ||||
International equities | (11.80 | ) | (8.15 | ) | ||||
Emerging market equities | (14.15 | ) | (18.33 | ) | ||||
3-month Treasury bills | 0.07 | 0.08 | ||||||
U.S. Treasury securities | (10.29 | ) | (8.86 | ) | ||||
U.S. investment grade bonds | (9.47 | ) | (8.51 | ) | ||||
Tax-exempt municipal bonds | (7.90 | ) | (7.88 | ) | ||||
U.S. high yield bonds | (7.40 | ) | (5.22 | ) | ||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
|
2 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
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Fund Summary as of April 30, 2022 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
Investment Objective
The iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares 10+ Year Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (5.93 | )% | (4.95 | )% | 2.25 | % | 2.29% | (4.95 | )% | 11.78 | % | 16.55 | % | |||||||||||||||||||
Fund Market | (5.76 | ) | (5.53 | ) | 2.17 | 2.27 | (5.53 | ) | 11.31 | 16.44 | ||||||||||||||||||||||
Index(a) | (6.37 | ) | (5.09 | ) | 1.84 | 2.20 | (5.09 | ) | 9.56 | 15.91 | ||||||||||||||||||||||
ICE Q70A Custom Index (b) | (6.02 | ) | (4.72 | ) | N/A | N/A | (4.72 | ) | N/A | N/A | ||||||||||||||||||||||
BlackRock Interest Rate Hedged Long-Term Corporate Bond Index (c) | (6.49 | ) | N/A | N/A | N/A | N/A | N/A | N/A |
The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.
(a) | Index performance through November 30, 2021 reflects the performance of the ICE Q70A Custom Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index, which, effective as of December 1, 2021, replaced the ICE Q70A Custom Index as the underlying index of the fund. |
(b) | The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofA 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofA 10+ Year US Corporate Index. The inception date of the ICE Q70A Custom Index (4pm pricing variant) was January 31, 2021. The cumulative total return for this index for the period January 31, 2021 through April 30, 2022 was -2.99%. |
(c) | The inception date of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (6.49)%. |
On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE Q70A Custom Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE Q70A Custom Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE Q70A Custom Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays Swaps-Hedged U.S. Long Credit Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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| | Beginning Account Value (11/01/21) |
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| | Ending Account Value (04/30/22) |
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| | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
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| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | |
| | Annualized Expense Ratio |
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$ 1,000.00 | $ 940.70 | $ 0.48 | $ 1,000.00 | $ 1,024.30 | $ 0.50 | 0.10 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of April 30, 2022 (continued) | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
| ||||
Investment Type | Percent of Net Assets | |||
Investment Companies | 90.5 | % | ||
Short-term Investments | 1.3 | |||
Swaps, net cumulative appreciation | 17.8 | |||
Other assets less liabilities | (9.6 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
| ||||||
Credit Rating(a) | Percent of Total Investment(b) | |||||
Aaa | 3.3 | % | ||||
Aa | 8.5 | |||||
A | 36.3 | |||||
Baa | 48.4 | |||||
Ba | 1.7 | |||||
Not Rated | 1.8 |
(a) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | Excludes money market funds. |
FUND SUMMARY | 5 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.
The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2022 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies |
| |||||||
Exchange-Traded Funds — 90.5% | ||||||||
iShares 10+ Year Investment Grade Corporate Bond ETF(a) | 3,222,767 | $ | 178,154,560 | |||||
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Total Investment Companies — 90.5% |
| 178,154,560 | ||||||
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Short-Term Investments |
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Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b) | 2,450,000 | 2,450,000 | ||||||
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| |||||||
Total Short-Term Investments — 1.3% |
| 2,450,000 | ||||||
|
| |||||||
Total Investments in Securities — 91.8% |
| 180,604,560 | ||||||
Other Assets, Less Liabilities — 8.2% |
| 16,222,251 | ||||||
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| |||||||
Net Assets — 100.0% |
| $ | 196,826,811 | |||||
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(a) | Affiliate of the Fund. |
(b) | 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 April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
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Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | 2,562 | (b) | $ | — | $ | (2,562 | ) | $ | — | $ | — | — | $ | 9,319 | (c) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 6,120,000 | — | (3,670,000 | )(b) | — | — | 2,450,000 | 2,450,000 | 2,786 | — | ||||||||||||||||||||||||||||||
iShares 10+ Year Investment Grade Corporate Bond ETF | 760,352,723 | 197,739,865 | (666,410,780 | ) | (58,505,427 | ) | (55,021,821 | ) | 178,154,560 | 3,222,767 | 9,958,993 | — | ||||||||||||||||||||||||||||
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$ | (58,507,989 | ) | $ | (55,021,821 | ) | $ | 180,604,560 | $ | 9,971,098 | $ | — | |||||||||||||||||||||||||||||
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(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. |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps
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Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
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Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
0.89% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 07/21/22 | $ | (30,000 | ) | $ | 9,644 | $ | 38 | $ | 9,606 | ||||||||||||||||
0.23% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/22 | (30,000 | ) | 222,566 | 333 | 222,233 | ||||||||||||||||||||
1.10% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/25/23 | (4,200 | ) | 33,095 | 5 | 33,090 | ||||||||||||||||||||
0.32% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/14/23 | (1,000 | ) | 33,953 | 3 | 33,950 | ||||||||||||||||||||
1.49% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/18/24 | (4,800 | ) | 102,667 | 21 | 102,646 | ||||||||||||||||||||
2.48% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/13/24 | (1,890 | ) | 8,638 | 9 | 8,629 | ||||||||||||||||||||
2.60% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/24 | (500 | ) | 1,226 | 2 | 1,224 |
SCHEDULE OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
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Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
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Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
0.40% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/25 | $ | (7,850 | ) | $ | 690,968 | $ | 85 | $ | 690,883 | ||||||||||||||||
1.96% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/21/27 | (2,320 | ) | 84,380 | 22 | 84,358 | ||||||||||||||||||||
2.65% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/21/27 | (1,500 | ) | 7,192 | 15 | 7,177 | ||||||||||||||||||||
0.48% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/15/27 | (5,635 | ) | 715,186 | 202,265 | 512,921 | ||||||||||||||||||||
2.66% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/21/29 | (500 | ) | 1,968 | 7 | 1,961 | ||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/29 | (200 | ) | 1,691 | 3 | 1,688 | ||||||||||||||||||||
0.78% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 10/19/30 | (16,990 | ) | 2,842,664 | 266 | 2,842,398 | ||||||||||||||||||||
2.10% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/04/32 | (8,760 | ) | 459,387 | 150 | 459,237 | ||||||||||||||||||||
2.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/21/32 | (1,500 | ) | 3,431 | 26 | 3,405 | ||||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/32 | (800 | ) | 8,593 | 14 | 8,579 | ||||||||||||||||||||
1.75% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/17/36 | (29,535 | ) | 4,305,757 | (912,191 | ) | 5,217,948 | |||||||||||||||||||
1.41% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/01/36 | (2,380 | ) | 372,425 | 49 | 372,376 | ||||||||||||||||||||
1.41% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/24/36 | (1,860 | ) | 292,121 | 39 | 292,082 | ||||||||||||||||||||
2.16% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/37 | (1,860 | ) | 124,653 | 39 | 124,614 | ||||||||||||||||||||
2.59% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/37 | (100 | ) | 1,400 | 2 | 1,398 | ||||||||||||||||||||
1.95% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/10/41 | (40,327 | ) | 6,062,090 | (2,424,423 | ) | 8,486,513 | |||||||||||||||||||
2.32% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/08/42 | (980 | ) | 51,076 | 27 | 51,049 | ||||||||||||||||||||
2.38% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/42 | (1,351 | ) | 57,888 | 38 | 57,850 | ||||||||||||||||||||
1.81% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 07/01/46 | (1,325 | ) | 250,352 | (51,185 | ) | 301,537 | |||||||||||||||||||
1.61% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/24/46 | (6,400 | ) | 1,441,046 | 62,703 | 1,378,343 | ||||||||||||||||||||
1.71% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/14/46 | (7,600 | ) | 1,580,085 | 205 | 1,579,880 | ||||||||||||||||||||
1.53% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 09/29/46 | (2,860 | ) | 537,903 | 77 | 537,826 | ||||||||||||||||||||
1.52% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/01/46 | (290 | ) | 55,103 | 8 | 55,095 | ||||||||||||||||||||
1.40% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 11/12/46 | (2,700 | ) | 572,644 | 74 | 572,570 | ||||||||||||||||||||
1.44% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/10/46 | (8,100 | ) | 1,651,659 | 260 | 1,651,399 | ||||||||||||||||||||
1.44% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/13/46 | (3,300 | ) | 673,869 | 106 | 673,763 | ||||||||||||||||||||
1.46% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/24/46 | (80 | ) | 16,110 | 2 | 16,108 | ||||||||||||||||||||
2.04% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 05/07/51 | (33,965 | ) | 5,107,308 | (3,320,516 | ) | 8,427,824 | |||||||||||||||||||
1.70% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 08/10/51 | (1,000 | ) | 221,311 | 1,434 | 219,877 | ||||||||||||||||||||
2.44% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/26/52 | (100 | ) | 641 | 4 | 637 | ||||||||||||||||||||
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$ | 28,602,690 | $ | (6,439,984 | ) | $ | 35,042,674 | ||||||||||||||||||||||||
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Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps
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Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
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Centrally Cleared Swaps(a) | $268,331 | $(6,708,315 | ) | $35,042,674 | $— | |||||||||||
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(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
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Interest Rate Contracts | ||||
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Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 35,042,674 | ||
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(a) | Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:
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Interest Rate Contracts | ||||
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Net Realized Gain (Loss) from: | ||||
Swaps | $ | 55,017,321 | ||
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Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 14,355,248 | ||
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Average Quarterly Balances of Outstanding Derivative Financial Instruments
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Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 625,953,319 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 178,154,560 | $ | — | $ | — | $ | 178,154,560 | ||||||||
Money Market Funds | 2,450,000 | — | — | 2,450,000 | ||||||||||||
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$ | 180,604,560 | $ | — | $ | — | $ | 180,604,560 | |||||||||
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Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 35,042,674 | $ | — | $ | 35,042,674 | ||||||||
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(a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 9 |
Statement of Assets and Liabilities (unaudited)
April 30, 2022
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Affiliated(a) | $ | 180,604,560 | ||
Cash | 915,215 | |||
Cash pledged: | ||||
Centrally cleared swaps | 14,454,000 | |||
Receivables: | ||||
Variation margin on centrally cleared swaps | 869,274 | |||
Dividends | 785 | |||
|
| |||
Total assets | 196,843,834 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investment advisory fees | 17,023 | |||
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| |||
Total liabilities | 17,023 | |||
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| |||
NET ASSETS | $ | 196,826,811 | ||
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NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 211,592,712 | ||
Accumulated loss | (14,765,901 | ) | ||
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NET ASSETS | $ | 196,826,811 | ||
|
| |||
Shares outstanding | 8,400,000 | |||
|
| |||
Net asset value | $ | 23.43 | ||
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Shares authorized | Unlimited | |||
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Par value | None | |||
|
| |||
(a) Investments, at cost — Affiliated | $ | 230,027,723 |
See notes to financial statements.
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statement of Operations (unaudited)
Six Months Ended April 30, 2022
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 9,963,885 | ||
Securities lending income — Affiliated — net | 7,213 | |||
|
| |||
Total investment income | 9,971,098 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 1,120,764 | |||
Professional fees | 217 | |||
|
| |||
Total expenses | 1,120,981 | |||
Less: | ||||
Investment advisory fees waived | (800,762 | ) | ||
|
| |||
Total expenses after fees waived | 320,219 | |||
|
| |||
Net investment income | 9,650,879 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Affiliated | (3,620,380 | ) | ||
In-kind redemptions — Affiliated | (54,887,609 | ) | ||
Swaps | 55,017,321 | |||
|
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Net realized loss | (3,490,668 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Affiliated | (55,021,821 | ) | ||
Swaps | 14,355,248 | |||
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| |||
Net change in unrealized appreciation (depreciation) | (40,666,573 | ) | ||
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| |||
Net realized and unrealized loss | (44,157,241 | ) | ||
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NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (34,506,362 | ) | |
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See notes to financial statements.
FINANCIAL STATEMENTS | 11 |
Statements of Changes in Net Assets
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||||||
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Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||
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INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 9,650,879 | $ | 19,035,692 | ||||
Net realized gain (loss) | (3,490,668 | ) | 16,806,163 | |||||
Net change in unrealized appreciation (depreciation) | (40,666,573 | ) | 23,847,527 | |||||
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Net increase (decrease) in net assets resulting from operations | (34,506,362 | ) | 59,689,382 | |||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (12,868,130 | ) | (13,486,868 | ) | ||||
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CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | (586,591,572 | ) | 226,875,347 | |||||
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NET ASSETS | ||||||||
Total increase (decrease) in net assets | (633,966,064 | ) | 273,077,861 | |||||
Beginning of period | 830,792,875 | 557,715,014 | ||||||
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End of period | $ | 196,826,811 | $ | 830,792,875 | ||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||
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Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 25.33 | $ | 23.48 | $ | 24.31 | $ | 25.76 | $ | 25.98 | $ | 24.07 | ||||||||||||||||||||||||||||
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Net investment income(a) | 0.37 | 0.68 | 0.52 | 0.98 | 1.01 | 0.91 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.85 | ) | 1.66 | (0.70 | ) | (1.01 | ) | (0.32 | ) | 1.78 | ||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (1.48 | ) | 2.34 | (0.18 | ) | (0.03 | ) | 0.69 | 2.69 | |||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.22 | ) | (0.46 | ) | (0.65 | ) | (0.96 | ) | (0.91 | ) | (0.76 | ) | ||||||||||||||||||||||||||||
From net realized gain | (0.20 | ) | (0.03 | ) | — | (0.45 | ) | — | — | |||||||||||||||||||||||||||||||
Return of capital | — | — | — | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||||||||||||||||||
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Total distributions | (0.42 | ) | (0.49 | ) | (0.65 | ) | (1.42 | ) | (0.91 | ) | (0.78 | ) | ||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 23.43 | $ | 25.33 | $ | 23.48 | $ | 24.31 | $ | 25.76 | $ | 25.98 | ||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (5.93 | )%(e) | 10.01 | % | (0.69 | )% | (0.03 | )% | 2.66 | % | 11.36 | % | ||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.35 | %(g) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.10 | %(g) | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||||||||||||||||||||||||||
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Net investment income | 3.01 | %(g) | 2.69 | % | 2.22 | % | 3.98 | % | 3.86 | % | 3.62 | % | ||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 196,827 | $ | 830,793 | $ | 557,715 | $ | 59,558 | $ | 57,954 | $ | 15,586 | ||||||||||||||||||||||||||||
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Portfolio turnover rate(h) | 13 | %(e) | 14 | % | 18 | % | 13 | % | 5 | % | 6 | % | ||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 13 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |||
Interest Rate Hedged Long-Term Corporate Bond | Diversified |
Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.
Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
NOTES TO FINANCIAL STATEMENTS | 15 |
Notes to Financial Statements (unaudited) (continued)
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares 10+ Year Investment Grade Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.
This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Interest Rate Hedged Long-Term Corporate Bond | $ | 800,762 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended April 30, 2022, the Fund paid BTC $2,533 for securities lending agent services.
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Interest Rate Hedged Long-Term Corporate Bond | $132,942,090 | $69,559,740 |
For the six months ended April 30, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Interest Rate Hedged Long-Term Corporate Bond | $64,797,775 | $596,851,040 |
8. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Interest Rate Hedged Long-Term Corporate Bond | $ | 230,343,264 | $ | 35,042,674 | $ | (49,738,704 | ) | $ | (14,696,030) |
9. | PRINCIPAL RISKS |
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
NOTES TO FINANCIAL STATEMENTS | 17 |
Notes to Financial Statements (unaudited) (continued)
BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 04/30/22 | Year Ended 10/31/21 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
Interest Rate Hedged Long-Term Corporate Bond | ||||||||||||||||
Shares sold | 2,850,000 | $ | 71,156,252 | 9,050,000 | $ | 226,875,347 | ||||||||||
Shares redeemed | (27,250,000 | ) | (657,747,824 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (24,400,000 | ) | $ | (586,591,572 | ) | 9,050,000 | $ | 226,875,347 | ||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.
11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTES TO FINANCIAL STATEMENTS | 19 |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
April 30, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||||||
Interest Rate Hedged Long-Term Corporate Bond | $ | 0.217255 | $ | 0.197856 | $ | — | $ | 0.415111 | 52 | % | 48 | % | — | % | 100 | % |
SUPPLEMENTAL INFORMATION | 21 |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
SOFR | Secured Overnight Financing Rate | |
LIBOR | London Interbank Offered Rate |
GLOSSARY OF TERMS USED IN THIS REPORT | 23 |
Additional Financial Information
Schedule of Investments (Unaudited)
April 30, 2022
Statement of Assets and Liabilities (Unaudited)
April 30, 2022
iShares Trust
iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca
Schedule of Investments (unaudited) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.0% | ||||||||
Interpublic Group of Companies Inc. (The) | ||||||||
3.38%, 03/01/41 (Call 09/01/40) | $ | 189 | $ | 153,070 | ||||
5.40%, 10/01/48 (Call 04/01/48)(a) | 304 | 326,961 | ||||||
|
| |||||||
480,031 | ||||||||
Aerospace & Defense — 2.2% | ||||||||
Airbus SE, 3.95%, 04/10/47 (Call 10/10/46)(b) | 150 | 134,304 | ||||||
BAE Systems Holdings Inc., 4.75%, 10/07/44(b) | 189 | 181,845 | ||||||
BAE Systems PLC | ||||||||
3.00%, 09/15/50 (Call 03/15/50)(a)(b) | 279 | 209,783 | ||||||
5.80%, 10/11/41(b) | 580 | 637,433 | ||||||
Boeing Co. (The) | ||||||||
3.25%, 02/01/35 (Call 11/01/34) | 299 | 239,466 | ||||||
3.30%, 03/01/35 (Call 09/01/34) | 199 | 160,863 | ||||||
3.38%, 06/15/46 (Call 12/15/45) | 285 | 207,019 | ||||||
3.50%, 03/01/39 (Call 09/01/38) | 277 | 213,267 | ||||||
3.50%, 03/01/45 (Call 09/01/44) | 291 | 212,089 | ||||||
3.55%, 03/01/38 (Call 09/01/37) | 237 | 189,045 | ||||||
3.60%, 05/01/34 (Call 02/01/34) | 269 | 226,199 | ||||||
3.63%, 03/01/48 (Call 09/01/47) | 240 | 176,478 | ||||||
3.65%, 03/01/47 (Call 09/01/46) | 284 | 212,572 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(a) | 720 | 551,060 | ||||||
3.83%, 03/01/59 (Call 09/01/58) | 182 | 130,633 | ||||||
3.85%, 11/01/48 (Call 05/01/48) | 237 | 182,008 | ||||||
3.90%, 05/01/49 (Call 11/01/48) | 489 | 386,710 | ||||||
3.95%, 08/01/59 (Call 02/01/59) | 411 | 305,874 | ||||||
5.71%, 05/01/40 (Call 11/01/39) | 1,623 | 1,621,547 | ||||||
5.81%, 05/01/50 (Call 11/01/49) | 2,990 | 2,990,172 | ||||||
5.88%, 02/15/40 | 260 | 261,312 | ||||||
5.93%, 05/01/60 (Call 11/01/59) | 2,003 | 1,983,254 | ||||||
6.13%, 02/15/33 | 288 | 303,122 | ||||||
6.63%, 02/15/38 | 216 | 234,305 | ||||||
6.88%, 03/15/39 | 285 | 314,901 | ||||||
General Dynamics Corp. | ||||||||
2.85%, 06/01/41 (Call 12/01/40) | 301 | 245,033 | ||||||
3.60%, 11/15/42 (Call 05/15/42)(a) | 285 | 258,182 | ||||||
4.25%, 04/01/40 (Call 10/01/39) | 435 | 429,544 | ||||||
4.25%, 04/01/50 (Call 10/01/49)(a) | 441 | 440,094 | ||||||
L3Harris Technologies Inc. | ||||||||
4.85%, 04/27/35 (Call 10/27/34) | 261 | 265,878 | ||||||
5.05%, 04/27/45 (Call 10/27/44) | 199 | 204,295 | ||||||
6.15%, 12/15/40 | 281 | 322,193 | ||||||
Lockheed Martin Corp. | ||||||||
2.80%, 06/15/50 (Call 12/15/49) | 461 | 356,234 | ||||||
3.60%, 03/01/35 (Call 09/01/34) | 360 | 341,046 | ||||||
3.80%, 03/01/45 (Call 09/01/44) | 580 | 537,508 | ||||||
4.07%, 12/15/42 | 780 | 749,471 | ||||||
4.09%, 09/15/52 (Call 03/15/52) | 769 | 739,748 | ||||||
4.15%, 06/15/53 | 700 | 678,653 | ||||||
4.30%, 06/15/62 | 910 | 887,354 | ||||||
4.50%, 05/15/36 (Call 11/15/35) | 136 | 140,303 | ||||||
4.70%, 05/15/46 (Call 11/15/45) | 772 | 815,717 | ||||||
5.72%, 06/01/40(a) | 49 | 55,494 | ||||||
Series B, 6.15%, 09/01/36 | 360 | 421,290 | ||||||
Northrop Grumman Corp. | ||||||||
3.85%, 04/15/45 (Call 10/15/44) | 493 | 441,227 | ||||||
4.03%, 10/15/47 (Call 04/15/47) | 1,081 | 995,904 | ||||||
4.75%, 06/01/43 | 451 | 458,007 | ||||||
5.05%, 11/15/40 | 254 | 265,326 |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) | ||||||||
5.15%, 05/01/40 (Call 11/01/39) | $ | 317 | $ | 334,532 | ||||
5.25%, 05/01/50 (Call 11/01/49) | 599 | 653,045 | ||||||
Raytheon Technologies Corp. | ||||||||
2.82%, 09/01/51 (Call 03/01/51) | 655 | 484,700 | ||||||
3.03%, 03/15/52 (Call 09/15/51) | 679 | 523,773 | ||||||
3.13%, 07/01/50 (Call 01/01/50) | 605 | 481,878 | ||||||
3.75%, 11/01/46 (Call 05/01/46) | 665 | 588,136 | ||||||
4.05%, 05/04/47 (Call 11/04/46) | 264 | 244,126 | ||||||
4.15%, 05/15/45 (Call 11/16/44) | 573 | 535,082 | ||||||
4.20%, 12/15/44 (Call 06/15/44) | 225 | 211,151 | ||||||
4.35%, 04/15/47 (Call 10/15/46) | 570 | 549,609 | ||||||
4.45%, 11/16/38 (Call 05/16/38) | 423 | 422,093 | ||||||
4.50%, 06/01/42 | 1,941 | 1,923,192 | ||||||
4.63%, 11/16/48 (Call 05/16/48) | 976 | 994,347 | ||||||
4.70%, 12/15/41 | 235 | 235,266 | ||||||
4.80%, 12/15/43 (Call 06/15/43) | 287 | 291,109 | ||||||
4.88%, 10/15/40 | 477 | 488,604 | ||||||
5.40%, 05/01/35(a) | 100 | 109,590 | ||||||
5.70%, 04/15/40 | 85 | 95,446 | ||||||
6.05%, 06/01/36(a) | 325 | 373,348 | ||||||
6.13%, 07/15/38 | 190 | 222,103 | ||||||
|
| |||||||
32,074,892 | ||||||||
Agriculture — 1.4% | ||||||||
Altria Group Inc. | ||||||||
3.40%, 02/04/41 (Call 08/04/40) | 699 | 511,423 | ||||||
3.70%, 02/04/51 (Call 08/04/50) | 766 | 546,038 | ||||||
3.88%, 09/16/46 (Call 03/16/46) | 896 | 674,457 | ||||||
4.00%, 02/04/61 (Call 08/04/60)(a) | 554 | 399,957 | ||||||
4.25%, 08/09/42 | 557 | 447,403 | ||||||
4.45%, 05/06/50 (Call 11/06/49) | 324 | 258,979 | ||||||
4.50%, 05/02/43 | 451 | 375,422 | ||||||
5.38%, 01/31/44(a) | 974 | 912,796 | ||||||
5.80%, 02/14/39 (Call 08/14/38) | 1,143 | 1,132,057 | ||||||
5.95%, 02/14/49 (Call 08/14/48) | 1,365 | 1,332,925 | ||||||
6.20%, 02/14/59 (Call 08/14/58) | 162 | 161,808 | ||||||
Archer-Daniels-Midland Co. | ||||||||
2.70%, 09/15/51 (Call 03/15/51) | 30 | 23,383 | ||||||
3.75%, 09/15/47 (Call 03/15/47) | 140 | 130,964 | ||||||
4.02%, 04/16/43 | 159 | 151,467 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 198 | 206,744 | ||||||
4.54%, 03/26/42 | 861 | 888,792 | ||||||
5.38%, 09/15/35 | 370 | 415,163 | ||||||
5.77%, 03/01/41(c) | 60 | 71,159 | ||||||
5.94%, 10/01/32 | 220 | 251,580 | ||||||
BAT Capital Corp. | ||||||||
3.73%, 09/25/40 (Call 03/25/40) | 449 | 335,517 | ||||||
3.98%, 09/25/50 (Call 03/25/50)(a) | 600 | 432,597 | ||||||
4.39%, 08/15/37 (Call 02/15/37) | 1,297 | 1,104,219 | ||||||
4.54%, 08/15/47 (Call 02/15/47) | 1,380 | 1,094,031 | ||||||
4.76%, 09/06/49 (Call 03/06/49) | 530 | 432,360 | ||||||
5.28%, 04/02/50 (Call 10/02/49) | 295 | 262,064 | ||||||
5.65%, 03/16/52 (Call 09/16/51) | 390 | 353,268 | ||||||
Cargill Inc. | ||||||||
3.13%, 05/25/51 (Call 11/25/50)(b) | 480 | 387,825 | ||||||
3.88%, 05/23/49 (Call 11/23/48)(a)(b) | 237 | 219,285 | ||||||
4.38%, 04/22/52 (Call 10/22/51)(a)(b) | 40 | 39,928 | ||||||
4.76%, 11/23/45(b) | 375 | 388,092 | ||||||
Philip Morris International Inc. | ||||||||
3.88%, 08/21/42 | 331 | 275,790 | ||||||
4.13%, 03/04/43 | 369 | 317,507 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Agriculture (continued) | ||||||||
4.25%, 11/10/44(a) | $ | 560 | $ | 489,432 | ||||
4.38%, 11/15/41 | 559 | 499,674 | ||||||
4.50%, 03/20/42 | 525 | 482,193 | ||||||
4.88%, 11/15/43 | 170 | 160,876 | ||||||
6.38%, 05/16/38 | 1,148 | 1,298,474 | ||||||
Reynolds American Inc. | ||||||||
5.70%, 08/15/35 (Call 02/15/35) | 372 | 367,012 | ||||||
5.85%, 08/15/45 (Call 02/15/45) | 1,224 | 1,141,620 | ||||||
6.15%, 09/15/43 | 436 | 418,806 | ||||||
7.25%, 06/15/37 | 281 | 308,578 | ||||||
|
| |||||||
19,701,665 | ||||||||
Apparel — 0.2% | ||||||||
NIKE Inc. | ||||||||
3.25%, 03/27/40 (Call 09/27/39) | 522 | 462,470 | ||||||
3.38%, 11/01/46 (Call 05/01/46) | 314 | 280,321 | ||||||
3.38%, 03/27/50 (Call 09/27/49) | 797 | 700,684 | ||||||
3.63%, 05/01/43 (Call 11/01/42) | 334 | 307,026 | ||||||
3.88%, 11/01/45 (Call 05/01/45) | 583 | 557,825 | ||||||
VF Corp. | ||||||||
6.00%, 10/15/33 | 326 | 354,134 | ||||||
6.45%, 11/01/37 | 10 | 11,318 | ||||||
|
| |||||||
2,673,778 | ||||||||
Auto Manufacturers — 0.3% | ||||||||
Cummins Inc. | ||||||||
2.60%, 09/01/50 (Call 03/01/50) | 514 | 364,408 | ||||||
4.88%, 10/01/43 (Call 04/01/43) | 172 | 174,096 | ||||||
General Motors Co. | ||||||||
5.00%, 04/01/35(a) | 69 | 65,300 | ||||||
5.15%, 04/01/38 (Call 10/01/37) | 612 | 576,454 | ||||||
5.20%, 04/01/45 | 751 | 683,713 | ||||||
5.40%, 04/01/48 (Call 10/01/47) | 417 | 391,571 | ||||||
5.95%, 04/01/49 (Call 10/01/48) | 591 | 591,213 | ||||||
6.25%, 10/02/43 | 911 | 941,547 | ||||||
6.60%, 04/01/36 (Call 10/01/35) | 698 | 752,171 | ||||||
6.75%, 04/01/46 (Call 10/01/45) | 397 | 429,071 | ||||||
|
| |||||||
4,969,544 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
Aptiv PLC | ||||||||
3.10%, 12/01/51 (Call 06/01/51) | 956 | 656,524 | ||||||
4.40%, 10/01/46 (Call 04/01/46) | 225 | 195,294 | ||||||
5.40%, 03/15/49 (Call 09/15/48)(a) | 140 | 137,913 | ||||||
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (Call 11/01/51) | 615 | 506,576 | ||||||
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44) | 295 | 262,575 | ||||||
Lear Corp. | ||||||||
3.55%, 01/15/52 (Call 07/15/51)(a) | 205 | 147,360 | ||||||
5.25%, 05/15/49 (Call 11/15/48)(a) | 484 | 453,375 | ||||||
|
| |||||||
2,359,617 | ||||||||
Banks — 8.0% | ||||||||
Bank of America Corp. | ||||||||
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)(a)(d) | 2,822 | 2,110,985 | ||||||
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)(d) | 597 | 430,686 | ||||||
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)(d) | 1,029 | 761,136 | ||||||
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)(d) | 1,967 | 1,607,470 | ||||||
3.95%, 01/23/49 (Call 01/23/48), | 734 | 651,375 | ||||||
4.08%, 04/23/40 (Call 04/23/39), | 889 | 812,775 | ||||||
4.08%, 03/20/51 (Call 03/20/50), | 3,019 | 2,711,437 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)(d) | $ | 1,162 | $ | 1,101,962 | ||||
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.15%)(d) | 1,606 | 1,510,580 | ||||||
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)(d) | 1,114 | 1,060,301 | ||||||
4.88%, 04/01/44 | 266 | 267,143 | ||||||
5.00%, 01/21/44 | 1,076 | 1,097,864 | ||||||
5.88%, 02/07/42(a) | 866 | 983,031 | ||||||
6.11%, 01/29/37(a) | 1,144 | 1,260,948 | ||||||
7.75%, 05/14/38 | 960 | 1,231,230 | ||||||
Series L, 4.75%, 04/21/45 | 353 | 337,127 | ||||||
Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)(d) | 585 | 479,136 | ||||||
Bank of America N.A., 6.00%, 10/15/36(a) | 836 | 942,976 | ||||||
Bank of Nova Scotia (The), 4.59%, 05/04/37(d) | 150 | 142,250 | ||||||
Barclays PLC | ||||||||
3.33%, 11/24/42 (Call 11/24/41)(d) | 584 | 455,675 | ||||||
3.81%, 03/10/42 (Call 03/10/41)(a)(d) | 532 | 419,603 | ||||||
4.95%, 01/10/47 | 843 | 825,266 | ||||||
5.25%, 08/17/45(a) | 787 | 797,939 | ||||||
BNP Paribas SA, 2.82%, 01/26/41(a)(b) | 685 | 493,774 | ||||||
BPCE SA | ||||||||
3.58%, 10/19/42 (Call 10/19/41), (SOFR + 1.952%)(a)(b)(d) | 260 | 200,792 | ||||||
3.65%, 01/14/37 (Call 01/14/32)(a)(b)(d) | 470 | 408,601 | ||||||
Citigroup Inc. | ||||||||
2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)(d) | 747 | 567,368 | ||||||
3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)(d) | 503 | 453,142 | ||||||
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)(d) | 560 | 526,594 | ||||||
4.65%, 07/30/45 | 477 | 462,178 | ||||||
4.65%, 07/23/48 (Call 06/23/48) | 1,375 | 1,355,009 | ||||||
4.75%, 05/18/46 | 1,099 | 1,049,073 | ||||||
5.30%, 05/06/44 | 494 | 501,206 | ||||||
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(d) | 751 | 791,037 | ||||||
5.88%, 02/22/33 | 465 | 493,335 | ||||||
5.88%, 01/30/42 | 506 | 565,420 | ||||||
6.00%, 10/31/33 | 434 | 468,069 | ||||||
6.13%, 08/25/36(a) | 573 | 625,123 | ||||||
6.63%, 06/15/32 | 606 | 680,575 | ||||||
6.68%, 09/13/43 | 521 | 616,847 | ||||||
6.88%, 03/05/38 | 110 | 129,976 | ||||||
6.88%, 02/15/98 | 102 | 126,649 | ||||||
8.13%, 07/15/39 | 1,111 | 1,529,717 | ||||||
Citizens Financial Group Inc., 2.64%, 09/30/32 (Call 07/02/32) | 100 | 82,398 | ||||||
Commonwealth Bank of Australia | ||||||||
3.31%, 03/11/41(a)(b) | 705 | 560,361 | ||||||
3.74%, 09/12/39(a)(b) | 720 | 618,127 | ||||||
3.90%, 07/12/47(a)(b) | 824 | 768,981 | ||||||
4.32%, 01/10/48(b) | 892 | 805,025 | ||||||
Cooperatieve Rabobank U.A. | ||||||||
5.25%, 08/04/45 | 541 | 565,550 | ||||||
5.75%, 12/01/43(a) | 592 | 650,899 | ||||||
5.80%, (a)(b) | 165 | 195,850 | ||||||
Cooperatieve Rabobank U.A./New York, 5.25%, 05/24/41 | 1,230 | 1,403,637 | ||||||
Credit Agricole SA, 2.81%, 01/11/41(b) | 357 | 260,212 | ||||||
Credit Suisse Group AG, 4.88%, 05/15/45 | 806 | 751,723 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Fifth Third Bancorp., 8.25%, 03/01/38 | $ | 746 | $ | 1,023,944 | ||||
First Republic Bank/CA | ||||||||
4.38%, 08/01/46 (Call 02/01/46) | 255 | 244,053 | ||||||
4.63%, 02/13/47 (Call 08/13/46) | 265 | 260,763 | ||||||
Goldman Sachs Capital I, 6.35%, 02/15/34 | 100 | 111,107 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.430%)(d) | 870 | 663,553 | ||||||
3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)(a)(d) | 1,287 | 1,035,820 | ||||||
3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.513%)(d) | 1,155 | 957,152 | ||||||
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)(d) | 1,392 | 1,271,950 | ||||||
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)(d) | 838 | 799,203 | ||||||
4.75%, 10/21/45 (Call 04/21/45) | 1,022 | 1,011,274 | ||||||
4.80%, 07/08/44 (Call 01/08/44)(a) | 912 | 905,785 | ||||||
5.15%, 05/22/45 | 1,072 | 1,072,788 | ||||||
6.13%, 02/15/33(a) | 725 | 807,813 | ||||||
6.25%, 02/01/41 | 1,438 | 1,679,470 | ||||||
6.45%, 05/01/36 | 466 | 522,285 | ||||||
6.75%, 10/01/37(a) | 3,531 | 4,074,915 | ||||||
HBOS PLC, 6.00%, 11/01/33(a)(b) | 65 | 71,044 | ||||||
HSBC Bank USA N.A., 7.00%, 01/15/39 | 460 | 571,280 | ||||||
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35(a) | 245 | 255,397 | ||||||
HSBC Holdings PLC | ||||||||
5.25%, 03/14/44(a) | 455 | 441,028 | ||||||
6.10%, 01/14/42 | 397 | 450,239 | ||||||
6.50%, 05/02/36(a) | 1,307 | 1,449,575 | ||||||
6.50%, 09/15/37(a) | 1,655 | 1,844,809 | ||||||
6.80%, 06/01/38 | 913 | 1,028,128 | ||||||
7.63%, 05/17/32 | 243 | 287,941 | ||||||
HSBC USA Inc., 7.20%, 07/15/97 | 205 | 265,354 | ||||||
JPMorgan Chase & Co. | ||||||||
2.53%, 11/19/41 (Call 11/19/40), (SOFR + 2.460%)(d) | 918 | 680,613 | ||||||
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 1.38%)(d) | 886 | 710,139 | ||||||
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 1.220%)(d) | 1,254 | 965,272 | ||||||
3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.440%)(d) | 1,000 | 807,960 | ||||||
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.510%)(d) | 1,795 | 1,431,712 | ||||||
3.88%, 07/24/38 (Call 07/24/37), | 1,408 | 1,294,007 | ||||||
3.90%, 01/23/49 (Call 01/23/48), | 1,007 | 887,840 | ||||||
3.96%, 11/15/48 (Call 11/15/47), | 1,916 | 1,694,839 | ||||||
4.03%, 07/24/48 (Call 07/24/47), | 922 | 826,352 | ||||||
4.26%, 02/22/48 (Call 02/22/47), | 1,107 | 1,028,126 | ||||||
4.85%, 02/01/44 | 570 | 577,528 | ||||||
4.95%, 06/01/45 | 1,003 | 1,004,059 | ||||||
5.40%, 01/06/42 | 745 | 795,295 | ||||||
5.50%, 10/15/40(a) | 738 | 799,054 | ||||||
5.60%, 07/15/41 | 1,060 | 1,157,969 | ||||||
5.63%, 08/16/43 | 703 | 763,994 | ||||||
6.40%, 05/15/38 | 1,420 | 1,680,407 | ||||||
Lloyds Banking Group PLC | ||||||||
3.37%, 12/14/46 (Call 09/14/41)(d) | 600 | 448,290 | ||||||
4.34%, 01/09/48 | 769 | 665,425 | ||||||
5.30%, 12/01/45 | 458 | 450,639 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
3.75%, 07/18/39 | 759 | 692,967 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.15%, 03/07/39 | $ | 295 | $ | 282,232 | ||||
4.29%, 07/26/38 | 326 | 317,701 | ||||||
Morgan Stanley | ||||||||
2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)(d) | 988 | 718,797 | ||||||
3.22%, 04/22/42 (Call 04/22/41), | 1,174 | 964,550 | ||||||
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)(d) | 1,254 | 1,157,709 | ||||||
4.30%, 01/27/45 | 1,302 | 1,228,602 | ||||||
4.38%, 01/22/47 | 1,255 | 1,203,680 | ||||||
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)(d) | 644 | 624,821 | ||||||
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(d) | 1,110 | 1,259,096 | ||||||
6.38%, 07/24/42 | 1,131 | 1,358,357 | ||||||
National Australia Bank Ltd., 2.65%, 01/14/41(b) | 263 | 189,485 | ||||||
Regions Bank/Birmingham AL, 6.45%, 06/26/37 | 315 | 365,247 | ||||||
Regions Financial Corp., 7.38%, 12/10/37 | 215 | 270,093 | ||||||
Royal Bank of Canada, 3.88%, 05/04/32 | 125 | 120,093 | ||||||
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a)(b) | 219 | 213,139 | ||||||
Societe Generale SA | ||||||||
3.63%, 03/01/41(b) | 448 | 329,549 | ||||||
4.03%, 01/21/43 (Call 01/21/42)(b)(d) | 425 | 327,286 | ||||||
5.63%, 11/24/45(b) | 297 | 285,254 | ||||||
Standard Chartered PLC | ||||||||
5.30%, 01/09/43(b) | 387 | 358,160 | ||||||
5.70%, 03/26/44(a)(b) | 1,203 | 1,168,951 | ||||||
Sumitomo Mitsui Financial Group Inc. | ||||||||
2.30%, 01/12/41 | 200 | 145,405 | ||||||
2.93%, 09/17/41 | 393 | 305,612 | ||||||
3.05%, 01/14/42(a) | 270 | 220,120 | ||||||
UBS AG/London, 4.50%, 06/26/48(a)(b) | 355 | 348,416 | ||||||
UBS Group AG, 3.18%, 02/11/43 | 850 | 667,897 | ||||||
Wachovia Corp. | ||||||||
5.50%, 08/01/35 | 500 | 523,044 | ||||||
7.50%, 04/15/35 | 370 | 456,390 | ||||||
Wells Fargo & Co. | ||||||||
3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)(d) | 1,986 | 1,596,365 | ||||||
3.90%, 05/01/45 | 1,127 | 1,011,768 | ||||||
4.40%, 06/14/46 | 1,137 | 1,054,316 | ||||||
4.61%, 04/25/53(d) | 1,360 | 1,339,019 | ||||||
4.65%, 11/04/44 | 1,027 | 980,829 | ||||||
4.75%, 12/07/46 | 1,100 | 1,077,289 | ||||||
4.90%, 11/17/45 | 1,101 | 1,074,981 | ||||||
5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)(d) | 2,878 | 2,993,195 | ||||||
5.38%, 02/07/35(a) | 340 | 365,389 | ||||||
5.38%, 11/02/43(a) | 1,142 | 1,195,910 | ||||||
5.61%, 01/15/44 | 1,358 | 1,449,965 | ||||||
5.95%, 12/15/36 | 150 | 162,933 | ||||||
Wells Fargo Bank N.A. | ||||||||
5.85%, 02/01/37 | 500 | 554,208 | ||||||
5.95%, 08/26/36 | 390 | 432,666 | ||||||
6.60%, 01/15/38 | 830 | 1,008,269 | ||||||
Westpac Banking Corp. | ||||||||
2.96%, 11/16/40 | 507 | 388,993 | ||||||
3.13%, 11/18/41 | 591 | 458,370 | ||||||
4.42%, 07/24/39 | 551 | 518,320 | ||||||
|
| |||||||
116,247,771 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Beverages — 3.0% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
4.70%, 02/01/36 (Call 08/01/35) | $ | 2,874 | $ | 2,844,298 | ||||
4.90%, 02/01/46 (Call 08/01/45) | 5,320 | 5,243,565 | ||||||
Anheuser-Busch InBev Finance Inc. | ||||||||
4.00%, 01/17/43 | 345 | 301,629 | ||||||
4.63%, 02/01/44 | 517 | 492,234 | ||||||
4.70%, 02/01/36 (Call 08/01/35) | 525 | 519,574 | ||||||
4.90%, 02/01/46 (Call 08/01/45) | 1,193 | 1,175,860 | ||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.75%, 07/15/42 | 606 | 512,861 | ||||||
4.35%, 06/01/40 (Call 12/01/39)(a) | 575 | 540,854 | ||||||
4.38%, 04/15/38 (Call 10/15/37)(a) | 851 | 812,873 | ||||||
4.44%, 10/06/48 (Call 04/06/48) | 1,001 | 919,042 | ||||||
4.50%, 06/01/50 (Call 12/01/49) | 1,252 | 1,171,428 | ||||||
4.60%, 04/15/48 (Call 10/15/47) | 1,437 | 1,353,155 | ||||||
4.60%, 06/01/60 (Call 12/01/59) | 494 | 457,081 | ||||||
4.75%, 04/15/58 (Call 10/15/57) | 752 | 706,915 | ||||||
4.95%, 01/15/42 | 840 | 835,702 | ||||||
5.45%, 01/23/39 (Call 07/23/38) | 1,137 | 1,208,276 | ||||||
5.55%, 01/23/49 (Call 07/23/48) | 2,147 | 2,291,079 | ||||||
5.80%, 01/23/59 (Call 07/23/58) | 1,090 | 1,188,084 | ||||||
5.88%, 06/15/35(a) | 240 | 261,499 | ||||||
6.63%, 08/15/33 | 100 | 117,598 | ||||||
8.00%, 11/15/39 | 244 | 325,093 | ||||||
8.20%, 01/15/39 | 729 | 987,556 | ||||||
Bacardi Ltd. | ||||||||
5.15%, 05/15/38 (Call 11/15/37)(b) | 257 | 256,684 | ||||||
5.30%, 05/15/48 (Call 11/15/47)(a)(b) | 483 | 484,306 | ||||||
Brown-Forman Corp. | ||||||||
3.75%, 01/15/43 (Call 07/15/42)(a) | 185 | 166,632 | ||||||
4.00%, 04/15/38 (Call 10/15/37) | 215 | 203,245 | ||||||
4.50%, 07/15/45 (Call 01/15/45) | 195 | 192,325 | ||||||
Coca-Cola Co. (The) | ||||||||
2.50%, 06/01/40(a) | 674 | 539,802 | ||||||
2.50%, 03/15/51 | 830 | 612,560 | ||||||
2.60%, 06/01/50(a) | 897 | 678,344 | ||||||
2.75%, 06/01/60(a) | 511 | 377,468 | ||||||
2.88%, 05/05/41 | 509 | 424,531 | ||||||
3.00%, 03/05/51 | 849 | 694,603 | ||||||
4.20%, 03/25/50 | 357 | 361,596 | ||||||
Coca-Cola Femsa SAB de CV | ||||||||
1.85%, 09/01/32 (Call 06/01/32) | 185 | 147,556 | ||||||
5.25%, 11/26/43 | 466 | 489,468 | ||||||
Constellation Brands Inc. | ||||||||
3.75%, 05/01/50 (Call 11/01/49)(a) | 315 | 263,028 | ||||||
4.10%, 02/15/48 (Call 08/15/47) | 325 | 285,092 | ||||||
4.50%, 05/09/47 (Call 11/09/46) | 287 | 267,618 | ||||||
5.25%, 11/15/48 (Call 05/15/48)(a) | 280 | 289,007 | ||||||
Diageo Capital PLC | ||||||||
2.13%, 04/29/32 (Call 01/29/32) | 201 | 171,407 | ||||||
3.88%, 04/29/43 (Call 10/29/42)(a) | 222 | 208,350 | ||||||
5.88%, 09/30/36 | 447 | 524,636 | ||||||
Diageo Investment Corp. | ||||||||
4.25%, 05/11/42(a) | 335 | 326,496 | ||||||
7.45%, 04/15/35(a) | 170 | 221,656 | ||||||
Fomento Economico Mexicano SAB de CV | ||||||||
3.50%, 01/16/50 (Call 07/16/49) | 1,330 | 1,067,325 | ||||||
4.38%, 05/10/43 | 365 | 346,604 |
Security | Par (000) | Value | ||||||
Beverages (continued) | ||||||||
Heineken NV | ||||||||
4.00%, 10/01/42(b) | $ | 316 | $ | 290,339 | ||||
4.35%, 03/29/47 (Call 09/29/46)(a)(b) | 340 | 325,611 | ||||||
Keurig Dr Pepper Inc. | ||||||||
3.35%, 03/15/51 (Call 09/15/50) | 470 | 364,308 | ||||||
3.80%, 05/01/50 (Call 11/01/49) | 449 | 379,547 | ||||||
4.42%, 12/15/46 (Call 06/15/46) | 222 | 211,473 | ||||||
4.50%, 11/15/45 (Call 05/15/45) | 384 | 362,303 | ||||||
4.50%, 04/15/52 (Call 10/15/51) | 315 | 292,481 | ||||||
Molson Coors Beverage Co. | ||||||||
4.20%, 07/15/46 (Call 01/15/46)(a) | 968 | 829,881 | ||||||
5.00%, 05/01/42 | 713 | 673,209 | ||||||
PepsiCo Inc. | ||||||||
2.63%, 10/21/41 (Call 04/21/41) | 866 | 703,680 | ||||||
2.75%, 10/21/51 (Call 04/21/51) | 809 | 634,923 | ||||||
2.88%, 10/15/49 (Call 04/15/49) | 987 | 801,433 | ||||||
3.38%, 07/29/49 (Call 01/29/49) | 605 | 533,318 | ||||||
3.45%, 10/06/46 (Call 04/06/46) | 779 | 696,553 | ||||||
3.60%, 08/13/42 | 100 | 91,673 | ||||||
3.63%, 03/19/50 (Call 09/19/49) | 763 | 705,979 | ||||||
3.88%, 03/19/60 (Call 09/19/59) | 123 | 118,281 | ||||||
4.00%, 03/05/42(a) | 187 | 181,624 | ||||||
4.00%, 05/02/47 (Call 11/02/46)(a) | 25 | 24,590 | ||||||
4.45%, 04/14/46 (Call 10/14/45) | 100 | 104,559 | ||||||
4.88%, 11/01/40 | 115 | 125,292 | ||||||
5.50%, 01/15/40 | 90 | 106,495 | ||||||
Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)(b) | 257 | 188,636 | ||||||
Pernod Ricard SA, 5.50%, 01/15/42(a)(b) | 646 | 712,753 | ||||||
|
| |||||||
43,325,536 | ||||||||
Biotechnology — 1.4% | ||||||||
Amgen Inc. | ||||||||
2.77%, 09/01/53 (Call 03/01/53)(a) | 723 | 498,386 | ||||||
2.80%, 08/15/41 (Call 02/15/41) | 797 | 611,256 | ||||||
3.00%, 01/15/52 (Call 07/15/51) | 900 | 650,677 | ||||||
3.15%, 02/21/40 (Call 08/21/39) | 1,289 | 1,039,352 | ||||||
3.38%, 02/21/50 (Call 08/21/49) | 1,317 | 1,029,224 | ||||||
4.20%, 02/22/52 (Call 08/22/51) | 455 | 409,618 | ||||||
4.40%, 05/01/45 (Call 11/01/44) | 1,299 | 1,207,335 | ||||||
4.40%, 02/22/62 (Call 08/22/61) | 340 | 305,021 | ||||||
4.56%, 06/15/48 (Call 12/15/47) | 824 | 791,014 | ||||||
4.66%, 06/15/51 (Call 12/15/50) | 1,894 | 1,821,680 | ||||||
4.95%, 10/01/41 | 347 | 345,731 | ||||||
5.15%, 11/15/41 (Call 05/15/41)(a) | 803 | 828,933 | ||||||
5.65%, 06/15/42 (Call 12/15/41) | 340 | 369,779 | ||||||
5.75%, 03/15/40(a) | 280 | 308,142 | ||||||
6.38%, 06/01/37 | 100 | 116,095 | ||||||
6.40%, 02/01/39 | 125 | 144,270 | ||||||
6.90%, 06/01/38 | 50 | 59,919 | ||||||
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44) | 350 | 364,913 | ||||||
Biogen Inc. | ||||||||
3.15%, 05/01/50 (Call 11/01/49) | 855 | 594,928 | ||||||
3.25%, 02/15/51 (Call 08/15/50)(a)(b) | 597 | 426,128 | ||||||
5.20%, 09/15/45 (Call 03/15/45) | 550 | 546,159 | ||||||
Gilead Sciences Inc. | ||||||||
2.60%, 10/01/40 (Call 04/01/40)(a) | 581 | 436,290 | ||||||
2.80%, 10/01/50 (Call 04/01/50) | 874 | 626,509 | ||||||
4.00%, 09/01/36 (Call 03/01/36)(a) | 285 | 268,474 | ||||||
4.15%, 03/01/47 (Call 09/01/46) | 1,010 | 922,979 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 1,029 | 972,119 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Biotechnology (continued) | ||||||||
4.60%, 09/01/35 (Call 03/01/35) | $ | 682 | $ | 687,680 | ||||
4.75%, 03/01/46 (Call 09/01/45) | 1,251 | 1,238,669 | ||||||
4.80%, 04/01/44 (Call 10/01/43) | 980 | 962,643 | ||||||
5.65%, 12/01/41 (Call 06/01/41) | 598 | 661,132 | ||||||
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50) | 433 | 306,687 | ||||||
Royalty Pharma PLC | ||||||||
3.30%, 09/02/40 (Call 03/02/40) | 594 | 463,627 | ||||||
3.35%, 09/02/51 (Call 03/02/51) | 232 | 165,184 | ||||||
3.55%, 09/02/50 (Call 03/02/50) | 606 | 445,845 | ||||||
|
| |||||||
20,626,398 | ||||||||
Building Materials — 0.6% | ||||||||
Carrier Global Corp. | ||||||||
3.38%, 04/05/40 (Call 10/05/39) | 906 | 743,934 | ||||||
3.58%, 04/05/50 (Call 10/05/49)(a) | 1,107 | 887,974 | ||||||
CRH America Finance Inc. | ||||||||
4.40%, 05/09/47 (Call 11/09/46)(b) | 200 | 192,337 | ||||||
4.50%, 04/04/48 (Call 10/04/47)(a)(b) | 679 | 666,803 | ||||||
Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51) | 350 | 297,724 | ||||||
Holcim Capital Corp. Ltd. | ||||||||
6.50%, 09/12/43(a)(b) | 215 | 250,485 | ||||||
6.88%, 09/29/39(b) | 145 | 173,117 | ||||||
Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)(b) | 325 | 326,353 | ||||||
Johnson Controls International PLC | ||||||||
4.50%, 02/15/47 (Call 08/15/46) | 288 | 270,743 | ||||||
4.63%, 07/02/44 (Call 01/02/44)(a) | 225 | 218,304 | ||||||
4.95%, 07/02/64 (Call 01/02/64)(c) | 222 | 210,383 | ||||||
5.13%, 09/14/45 (Call 03/14/45)(a) | 241 | 248,113 | ||||||
6.00%, 01/15/36 | 257 | 295,166 | ||||||
Lafarge SA, 7.13%, 07/15/36 | 335 | 411,731 | ||||||
Martin Marietta Materials Inc. | ||||||||
3.20%, 07/15/51 (Call 01/15/51) | 538 | 399,277 | ||||||
4.25%, 12/15/47 (Call 06/15/47) | 394 | 349,471 | ||||||
Masco Corp. | ||||||||
3.13%, 02/15/51 (Call 08/15/50) | 194 | 142,393 | ||||||
4.50%, 05/15/47 (Call 11/15/46) | 272 | 249,788 | ||||||
Owens Corning | ||||||||
4.30%, 07/15/47 (Call 01/15/47) | 212 | 188,424 | ||||||
4.40%, 01/30/48 (Call 07/30/47) | 389 | 351,302 | ||||||
7.00%, 12/01/36 | 229 | 263,124 | ||||||
Votorantim Cimentos International SA, 7.25%, 04/05/41(b) | 335 | 379,391 | ||||||
Vulcan Materials Co. | ||||||||
4.50%, 06/15/47 (Call 12/15/46) | 425 | 405,251 | ||||||
4.70%, 03/01/48 (Call 09/01/47) | 279 | 274,580 | ||||||
|
| |||||||
8,196,168 | ||||||||
Chemicals — 1.7% | ||||||||
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(a)(b) | 480 | 425,963 | ||||||
Air Products and Chemicals Inc. | ||||||||
2.70%, 05/15/40 (Call 11/15/39) | 457 | 369,812 | ||||||
2.80%, 05/15/50 (Call 11/15/49)(a) | 697 | 546,041 | ||||||
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44) | 238 | 243,314 | ||||||
Braskem Netherlands Finance BV, 5.88%, 01/31/50(b) | 50 | 44,700 | ||||||
CF Industries Inc. | ||||||||
4.95%, 06/01/43 | 515 | 498,896 | ||||||
5.15%, 03/15/34 | 150 | 154,872 | ||||||
5.38%, 03/15/44(a) | 450 | 456,486 |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
Dow Chemical Co. (The) | ||||||||
3.60%, 11/15/50 (Call 05/15/50) | $ | 561 | $ | 460,810 | ||||
4.25%, 10/01/34 (Call 04/01/34) | 191 | 187,774 | ||||||
4.38%, 11/15/42 (Call 05/15/42)(a) | 618 | 580,860 | ||||||
4.63%, 10/01/44 (Call 04/01/44)(a) | 222 | 215,061 | ||||||
4.80%, 05/15/49 (Call 11/15/48) | 404 | 399,328 | ||||||
5.25%, 11/15/41 (Call 05/15/41) | 591 | 607,824 | ||||||
5.55%, 11/30/48 (Call 05/30/48) | 459 | 501,435 | ||||||
9.40%, 05/15/39 | 351 | 522,058 | ||||||
DuPont de Nemours Inc. | ||||||||
5.32%, 11/15/38 (Call 05/15/38) | 922 | 966,212 | ||||||
5.42%, 11/15/48 (Call 05/15/48) | 1,167 | 1,241,016 | ||||||
Eastman Chemical Co. | ||||||||
4.65%, 10/15/44 (Call 04/15/44) | 526 | 497,792 | ||||||
4.80%, 09/01/42 (Call 03/01/42) | 295 | 286,073 | ||||||
Ecolab Inc. | ||||||||
2.13%, 08/15/50 (Call 02/15/50)(a) | 353 | 240,120 | ||||||
2.70%, 12/15/51 (Call 06/15/51) | 625 | 472,725 | ||||||
2.75%, 08/18/55 (Call 02/18/55) | 427 | 312,556 | ||||||
3.95%, 12/01/47 (Call 06/01/47) | 310 | 294,630 | ||||||
5.50%, 12/08/41(a) | 50 | 57,624 | ||||||
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49) | 320 | 299,790 | ||||||
GC Treasury Center Co. Ltd., 4.30%, 03/18/51 (Call 09/18/50)(a)(b) | 360 | 310,796 | ||||||
International Flavors & Fragrances Inc. | ||||||||
3.27%, 11/15/40 (Call 05/15/40)(a)(b) | 648 | 522,698 | ||||||
3.47%, 12/01/50 (Call 06/01/50)(a)(b) | 150 | 116,022 | ||||||
4.38%, 06/01/47 (Call 12/01/46) | 445 | 396,580 | ||||||
5.00%, 09/26/48 (Call 03/26/48) | 615 | 603,261 | ||||||
Linde Inc./CT | ||||||||
2.00%, 08/10/50 (Call 02/10/50) | 177 | 120,043 | ||||||
3.55%, 11/07/42 (Call 05/07/42)(a) | 520 | 480,674 | ||||||
Lubrizol Corp. (The), 6.50%, 10/01/34 | 330 | 402,797 | ||||||
LYB International Finance BV | ||||||||
4.88%, 03/15/44 (Call 09/15/43) | 549 | 528,291 | ||||||
5.25%, 07/15/43 | 415 | 418,656 | ||||||
LYB International Finance III LLC | ||||||||
3.38%, 10/01/40 (Call 04/01/40) | 467 | 378,396 | ||||||
3.63%, 04/01/51 (Call 10/01/50) | 557 | 447,380 | ||||||
3.80%, 10/01/60 (Call 04/01/60) | 303 | 234,123 | ||||||
4.20%, 10/15/49 (Call 04/15/49) | 662 | 577,894 | ||||||
4.20%, 05/01/50 (Call 11/01/49) | 573 | 499,281 | ||||||
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) | 575 | 523,299 | ||||||
Mosaic Co. (The) | ||||||||
4.88%, 11/15/41 (Call 05/15/41) | 330 | 320,518 | ||||||
5.45%, 11/15/33 (Call 05/15/33) | 188 | 199,896 | ||||||
5.63%, 11/15/43 (Call 05/15/43)(a) | 145 | 157,172 | ||||||
Nutrien Ltd. | ||||||||
3.95%, 05/13/50 (Call 11/13/49)(a) | 316 | 287,287 | ||||||
4.13%, 03/15/35 (Call 09/15/34) | 33 | 31,293 | ||||||
4.90%, 06/01/43 (Call 12/01/42) | 275 | 283,445 | ||||||
5.00%, 04/01/49 (Call 10/01/48) | 421 | 444,960 | ||||||
5.25%, 01/15/45 (Call 07/15/44) | 293 | 309,214 | ||||||
5.63%, 12/01/40(a) | 330 | 360,261 | ||||||
5.88%, 12/01/36 | 296 | 328,022 | ||||||
6.13%, 01/15/41 (Call 07/15/40) | 140 | 162,225 | ||||||
Orbia Advance Corp. SAB de CV | ||||||||
5.50%, 01/15/48 (Call 07/15/47)(b) | 225 | 199,465 | ||||||
5.88%, 09/17/44(b) | 741 | 700,382 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
RPM International Inc. | ||||||||
4.25%, 01/15/48 (Call 07/15/47) | $ | 210 | $ | 192,434 | ||||
5.25%, 06/01/45 (Call 12/01/44) | 139 | 142,352 | ||||||
Sherwin-Williams Co. (The) | ||||||||
2.90%, 03/15/52 (Call 09/15/51) | 315 | 228,621 | ||||||
3.30%, 05/15/50 (Call 11/15/49)(a) | 231 | 179,939 | ||||||
3.80%, 08/15/49 (Call 02/15/49) | 312 | 266,895 | ||||||
4.00%, 12/15/42 (Call 06/15/42) | 220 | 192,109 | ||||||
4.50%, 06/01/47 (Call 12/01/46) | 649 | 619,324 | ||||||
4.55%, 08/01/45 (Call 02/01/45) | 264 | 247,905 | ||||||
Sociedad Quimica y Minera de Chile SA | ||||||||
3.50%, 09/10/51 (Call 03/10/51)(a)(b) | 295 | 226,044 | ||||||
4.25%, 01/22/50 (Call 07/22/49)(a)(b) | 345 | 303,600 | ||||||
Washington University (The), 3.52%, 04/15/54 | 105 | 93,748 | ||||||
Westlake Chemical Corp. | ||||||||
2.88%, 08/15/41 (Call 02/15/41) | 282 | 210,170 | ||||||
3.13%, 08/15/51 (Call 02/15/51)(a) | 368 | 269,386 | ||||||
3.38%, 08/15/61 (Call 02/15/61) | 277 | 198,628 | ||||||
Westlake Corp. | ||||||||
4.38%, 11/15/47 (Call 05/15/47) | 295 | 267,800 | ||||||
5.00%, 08/15/46 (Call 02/15/46)(a) | 305 | 301,951 | ||||||
|
| |||||||
25,169,009 | ||||||||
Commercial Services — 1.7% | ||||||||
Adani Ports & Special Economic Zone Ltd., 5.00%, 08/02/41 (Call 02/02/41)(a)(b) | 120 | 106,339 | ||||||
American University (The), Series 2019, 3.67%, 04/01/49(a) | 305 | 270,187 | ||||||
Brown University in Providence in the State of Rhode Island and Providence Plant, | 135 | 111,696 | ||||||
California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50) | 55 | 40,912 | ||||||
California Institute of Technology | ||||||||
3.65%, 09/01/2119 (Call 03/01/2119) | 233 | 179,586 | ||||||
4.32%, 08/01/45 | 143 | 144,387 | ||||||
4.70%, 11/01/2111 | 265 | 263,025 | ||||||
Cintas Corp. No. 2, 6.15%, 08/15/36 | 100 | 117,234 | ||||||
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(a) | 250 | 251,208 | ||||||
DP World Ltd./United Arab Emirates | ||||||||
5.63%, 09/25/48(b) | 839 | 840,258 | ||||||
6.85%, 07/02/37(a)(b) | 780 | 885,300 | ||||||
DP World PLC, 4.70%, 09/30/49 | 370 | 329,284 | ||||||
Duke University | ||||||||
3.20%, 10/01/38 | 100 | 90,211 | ||||||
3.30%, 10/01/46 | 80 | 72,016 | ||||||
Series 2020, 2.68%, 10/01/44 | 372 | 303,785 | ||||||
Series 2020, 2.76%, 10/01/50 | 190 | 152,959 | ||||||
Series 2020, 2.83%, 10/01/55(a) | 390 | 306,770 | ||||||
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50) | 125 | 100,271 | ||||||
Equifax Inc., 7.00%, 07/01/37 | 100 | 115,276 | ||||||
ERAC USA Finance LLC | ||||||||
4.20%, 11/01/46 (Call 05/01/46)(a)(b) | 195 | 176,610 | ||||||
4.50%, 02/15/45 (Call 08/15/44)(a)(b) | 199 | 184,491 | ||||||
5.63%, 03/15/42(b) | 417 | 445,297 | ||||||
6.70%, 06/01/34(b) | 145 | 170,575 | ||||||
7.00%, 10/15/37(b) | 925 | 1,124,374 | ||||||
Ford Foundation (The) | ||||||||
Series 2017, 3.86%, 06/01/47 (Call 12/01/46) | 165 | 160,536 | ||||||
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(a) | 115 | 83,232 |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
Series 2020, 2.82%, 06/01/70 (Call 12/01/69) | $ | 430 | $ | 306,217 | ||||
George Washington University (The) | ||||||||
4.87%, 09/15/45 | 125 | 133,710 | ||||||
Series 2014, 4.30%, 09/15/44 | 157 | 158,301 | ||||||
Series 2016, 3.55%, 09/15/46 | 235 | 205,513 | ||||||
Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 577 | 563,227 | ||||||
Georgetown University (The) | ||||||||
Series 20A, 2.94%, 04/01/50 | 18 | 13,464 | ||||||
Series A, 5.22%, (Call 04/01/2118) | 200 | 198,363 | ||||||
Series B, 4.32%, 04/01/49 (Call 10/01/48) | 335 | 317,184 | ||||||
Global Payments Inc., 4.15%, 08/15/49 | 364 | 315,131 | ||||||
ITR Concession Co. LLC, 5.18%, 07/15/35 (Call 01/15/35)(b) | 100 | 106,714 | ||||||
Johns Hopkins University | ||||||||
Series 2013, 4.08%, 07/01/53 | 118 | 119,585 | ||||||
Series A, 2.81%, 01/01/60 (Call 07/01/59)(a) | 265 | 201,666 | ||||||
Leland Stanford Junior University (The) | ||||||||
2.41%, 06/01/50 (Call 12/01/49) | 303 | 227,608 | ||||||
3.46%, 05/01/47(a) | 100 | 90,147 | ||||||
3.65%, 05/01/48 (Call 11/01/47) | 392 | 373,766 | ||||||
Massachusetts Institute of Technology | ||||||||
3.89%, 07/01/2116 | 179 | 155,340 | ||||||
3.96%, 07/01/38(a) | 59 | 60,277 | ||||||
4.68%, | 334 | 343,820 | ||||||
5.60%, | 417 | 520,108 | ||||||
Series F, 2.99%, 07/01/50 (Call 01/01/50) | 454 | 384,893 | ||||||
Series G, 2.29%, 07/01/51 (Call 01/01/51) | 335 | 244,943 | ||||||
Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45 | 186 | 171,137 | ||||||
Moody’s Corp. | ||||||||
2.55%, 08/18/60 (Call 02/18/60) | 351 | 221,370 | ||||||
2.75%, 08/19/41 (Call 02/19/41) | 430 | 329,024 | ||||||
3.10%, 11/29/61 (Call 05/29/61) | 375 | 265,825 | ||||||
3.25%, 05/20/50 (Call 11/20/49) | 234 | 182,977 | ||||||
3.75%, 02/25/52 (Call 08/25/51) | 380 | 323,324 | ||||||
4.88%, 12/17/48 (Call 06/17/48)(a) | 254 | 254,843 | ||||||
5.25%, 07/15/44 | 200 | 209,001 | ||||||
Northeastern University, Series 2020, 2.89%, 10/01/50 | 190 | 145,193 | ||||||
Northwestern University | ||||||||
3.69%, 12/01/38 | 505 | 472,482 | ||||||
3.87%, 12/01/48(a) | 135 | 132,444 | ||||||
4.64%, 12/01/44 | 400 | 418,490 | ||||||
Series 2017, 3.66%, 12/01/57 (Call 06/01/57) | 205 | 192,545 | ||||||
Series 2020, 2.64%, 12/01/50 (Call 06/01/50) | 50 | 39,035 | ||||||
PayPal Holdings Inc., 3.25%, 06/01/50 | 530 | 419,161 | ||||||
President and Fellows of Harvard College | ||||||||
2.52%, 10/15/50 (Call 04/15/50) | 197 | 150,922 | ||||||
3.15%, 07/15/46 (Call 01/15/46) | 190 | 169,911 | ||||||
3.30%, 07/15/56 (Call 01/15/56) | 340 | 301,117 | ||||||
3.62%, 10/01/37 | 197 | 191,258 | ||||||
4.88%, 10/15/40 | 275 | 307,280 | ||||||
6.50%, 01/15/39(a)(b) | 340 | 445,669 | ||||||
Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41) | 365 | 274,050 | ||||||
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50) | 387 | 291,622 | ||||||
S&P Global Inc. | ||||||||
2.30%, 08/15/60 (Call 02/15/60) | 235 | 149,724 | ||||||
3.25%, 12/01/49 (Call 06/01/49) | 498 | 404,877 | ||||||
3.70%, 03/01/52 (Call 09/01/51)(b) | 150 | 130,799 | ||||||
3.90%, 03/01/62 (Call 09/01/61)(b) | 60 | 52,406 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Commercial Services (continued) | ||||||||
4.50%, 05/15/48 (Call 11/15/47)(a) | $ | 135 | $ | 135,047 | ||||
Trustees of Boston College, 3.13%, 07/01/52(a) | 347 | 292,139 | ||||||
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48) | 240 | 235,451 | ||||||
Trustees of Dartmouth College, 3.47%, 06/01/46(a) | 185 | 174,928 | ||||||
Trustees of Princeton University (The) 5.70%, 03/01/39 | 526 | 636,624 | ||||||
Series 2020, 2.52%, 07/01/50 (Call 01/01/50) | 135 | 104,339 | ||||||
Trustees of the University of Pennsylvania (The) | ||||||||
3.61%, 02/15/2119 (Call 08/15/2118) | 140 | 111,728 | ||||||
4.67%, 09/01/2112 | 210 | 214,357 | ||||||
Series 2020, 2.40%, 10/01/50 (Call 04/01/50) | 205 | 151,827 | ||||||
Trustees of Tufts College, Series 2012, 5.02%, 04/15/2112 | 185 | 201,650 | ||||||
United Communities LLC, 5.61%, 09/15/51(b) | 46 | 45,462 | ||||||
University of Chicago (The) | ||||||||
3.00%, 10/01/52 (Call 04/01/52)(a) | 260 | 218,607 | ||||||
4.00%, 10/01/53 (Call 04/01/53)(a) | 275 | 268,414 | ||||||
Series 20B, 2.76%, 04/01/45 (Call 10/01/44) | 130 | 107,392 | ||||||
Series C, 2.55%, 04/01/50 (Call 10/01/49) | 160 | 123,018 | ||||||
University of Notre Dame du Lac | ||||||||
Series 2015, 3.44%, 02/15/45(a) | 199 | 185,173 | ||||||
Series 2017, 3.39%, 02/15/48 (Call 08/15/47) | 188 | 172,644 | ||||||
University of Southern California | ||||||||
2.81%, 10/01/50 (Call 04/01/50) | 175 | 139,638 | ||||||
3.03%, 10/01/39 | 500 | 426,235 | ||||||
5.25%, 10/01/2111 | 120 | 135,829 | ||||||
Series 2017, 3.84%, 10/01/47 (Call 04/01/47) | 220 | 209,961 | ||||||
Series 21A, 2.95%, 10/01/51 (Call 04/01/51) | 140 | 113,667 | ||||||
Series A, 3.23%, (Call 04/01/2120) | 70 | 48,410 | ||||||
Verisk Analytics Inc. | ||||||||
3.63%, 05/15/50 (Call 11/15/49)(a) | 264 | 220,842 | ||||||
5.50%, 06/15/45 (Call 12/15/44) | 128 | 137,341 | ||||||
Wesleyan University, 4.78%, 07/01/2116 | 156 | 150,079 | ||||||
William Marsh Rice University | ||||||||
3.57%, 05/15/45 | 258 | 238,190 | ||||||
3.77%, 05/15/55 | 160 | 153,489 | ||||||
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49) | 333 | 248,662 | ||||||
|
| |||||||
24,313,425 | ||||||||
Computers — 2.0% | ||||||||
Apple Inc. | ||||||||
2.38%, 02/08/41 (Call 08/08/40)(a) | 845 | 658,503 | ||||||
2.40%, 08/20/50 (Call 02/20/50) | 775 | 560,030 | ||||||
2.55%, 08/20/60 (Call 02/20/60) | 941 | 660,472 | ||||||
2.65%, 05/11/50 (Call 11/11/49) | 1,490 | 1,135,891 | ||||||
2.65%, 02/08/51 (Call 08/08/50) | 1,696 | 1,284,062 | ||||||
2.70%, 08/05/51 (Call 02/05/51) | 1,050 | 804,907 | ||||||
2.80%, 02/08/61 (Call 08/08/60) | 967 | 706,996 | ||||||
2.85%, 08/05/61 (Call 02/05/61) | 760 | 571,175 | ||||||
2.95%, 09/11/49 (Call 03/11/49) | 836 | 675,342 | ||||||
3.45%, 02/09/45 | 1,194 | 1,066,105 | ||||||
3.75%, 09/12/47 (Call 03/12/47) | 615 | 567,284 | ||||||
3.75%, 11/13/47 (Call 05/13/47) | 777 | 729,387 | ||||||
3.85%, 05/04/43 | 1,844 | 1,750,370 | ||||||
3.85%, 08/04/46 (Call 02/04/46) | 1,116 | 1,057,678 | ||||||
4.25%, 02/09/47 (Call 08/09/46) | 595 | 591,643 | ||||||
4.38%, 05/13/45 | 1,217 | 1,234,237 | ||||||
4.45%, 05/06/44 | 632 | 649,049 | ||||||
4.50%, 02/23/36 (Call 08/23/35) | 423 | 449,265 |
Security | Par (000) | Value | ||||||
| ||||||||
Computers (continued) |
| |||||||
4.65%, 02/23/46 (Call 08/23/45) | $ | 2,033 | $ | 2,150,344 | ||||
Dell Inc. | ||||||||
5.40%, 09/10/40(a) | 290 | 267,162 | ||||||
6.50%, 04/15/38 | 290 | 297,250 | ||||||
Dell International LLC/EMC Corp. | ||||||||
3.38%, 12/15/41 (Call 06/15/41)(b) | 495 | 371,587 | ||||||
3.45%, 12/15/51 (Call 06/15/51)(a)(b) | 750 | 528,858 | ||||||
8.10%, 07/15/36 (Call 01/15/36) | 422 | 516,250 | ||||||
8.35%, 07/15/46 (Call 01/15/46) | 399 | 532,439 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
6.20%, 10/15/35 (Call 04/15/35)(a) | 414 | 450,242 | ||||||
6.35%, 10/15/45 (Call 04/15/45) | 980 | 1,037,198 | ||||||
HP Inc., 6.00%, 09/15/41 | 857 | 891,473 | ||||||
IBM Corp., 3.43%, 02/09/52 (Call 08/09/51) | 445 | 365,961 | ||||||
International Business Machines Corp. | ||||||||
2.85%, 05/15/40 (Call 11/15/39) | 330 | 263,014 | ||||||
2.95%, 05/15/50 (Call 11/15/49) | 450 | 342,585 | ||||||
4.00%, 06/20/42 | 664 | 608,305 | ||||||
4.15%, 05/15/39 | 1,117 | 1,058,116 | ||||||
4.25%, 05/15/49 | 1,588 | 1,494,341 | ||||||
4.70%, 02/19/46 | 387 | 387,884 | ||||||
5.60%, 11/30/39 | 455 | 509,051 | ||||||
5.88%, 11/29/32 | 556 | 630,272 | ||||||
7.13%, 12/01/96(a) | 132 | 179,682 | ||||||
Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)(b) | 357 | 253,242 | ||||||
|
| |||||||
28,287,652 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Colgate-Palmolive Co. | ||||||||
3.70%, 08/01/47 (Call 02/01/47)(a) | 280 | 264,765 | ||||||
4.00%, 08/15/45 | 345 | 338,406 | ||||||
Estee Lauder Companies Inc. (The) | ||||||||
3.13%, 12/01/49 (Call 06/01/49) | 183 | 151,143 | ||||||
3.70%, 08/15/42 | 206 | 183,585 | ||||||
4.15%, 03/15/47 (Call 09/15/46) | 292 | 282,372 | ||||||
4.38%, 06/15/45 (Call 12/15/44) | 240 | 237,253 | ||||||
6.00%, 05/15/37 | 215 | 251,411 | ||||||
GlaxoSmithKline LLC, 4.00%, 03/24/52 (Call 09/24/51)(b) | 70 | 62,838 | ||||||
Procter & Gamble Co. (The) | ||||||||
3.50%, 10/25/47 | 40 | 37,448 | ||||||
3.55%, 03/25/40 | 376 | 355,955 | ||||||
3.60%, 03/25/50 | 366 | 349,836 | ||||||
5.50%, 02/01/34(a) | 115 | 130,854 | ||||||
5.55%, 03/05/37 | 430 | 505,377 | ||||||
Unilever Capital Corp. | ||||||||
5.90%, 11/15/32 | 656 | 756,435 | ||||||
Series 30Y, 2.63%, 08/12/51 (Call 02/12/51) | 372 | 278,430 | ||||||
|
| |||||||
4,186,108 | ||||||||
Distribution & Wholesale — 0.1% | ||||||||
WW Grainger Inc. | ||||||||
3.75%, 05/15/46 (Call 11/15/45) | 275 | 245,768 | ||||||
4.20%, 05/15/47 (Call 11/15/46) | 235 | 224,272 | ||||||
4.60%, 06/15/45 (Call 12/15/44) | 561 | 568,729 | ||||||
|
| |||||||
1,038,769 | ||||||||
Diversified Financial Services — 1.4% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
3.40%, 10/29/33 (Call 07/29/33) | 1,032 | 847,045 | ||||||
3.85%, 10/29/41 (Call 04/29/41) | 897 | 693,243 | ||||||
American Express Co., 4.05%, 12/03/42 | 198 | 187,716 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Diversified Financial Services (continued) | ||||||||
Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)(b) | $ | 325 | $ | 246,649 | ||||
Blackstone Holdings Finance Co. LLC | ||||||||
2.80%, 09/30/50 (Call 03/30/50)(b) | 218 | 154,630 | ||||||
2.85%, 08/05/51 (Call 02/05/51)(b) | 360 | 257,038 | ||||||
3.20%, 01/30/52 (Call 07/30/51)(b) | 360 | 274,116 | ||||||
3.50%, 09/10/49 (Call 03/10/49)(b) | 265 | 220,333 | ||||||
4.00%, 10/02/47 (Call 04/02/47)(a)(b) | 285 | 257,058 | ||||||
4.45%, 07/15/45(b) | 250 | 235,495 | ||||||
5.00%, 06/15/44(b) | 311 | 316,365 | ||||||
6.25%, 08/15/42(b) | 175 | 202,145 | ||||||
Blue Owl Finance LLC, 4.13%, 10/07/51 (Call 04/07/51)(b) | 105 | 73,755 | ||||||
Brookfield Finance Inc. | ||||||||
3.50%, 03/30/51 (Call 09/30/50) | 417 | 328,209 | ||||||
3.63%, 02/15/52 (Call 08/15/51) | 275 | 219,773 | ||||||
4.70%, 09/20/47 (Call 03/20/47) | 529 | 499,806 | ||||||
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) | 361 | 285,373 | ||||||
CI Financial Corp., 4.10%, 06/15/51 | 533 | 397,465 | ||||||
CME Group Inc. | ||||||||
4.15%, 06/15/48 (Call 12/15/47)(a) | 441 | 435,301 | ||||||
5.30%, 09/15/43 (Call 03/15/43)(a) | 439 | 488,278 | ||||||
Credit Suisse USA Inc., 7.13%, 07/15/32(a) | 609 | 738,121 | ||||||
FMR LLC | ||||||||
4.95%, 02/01/33(b) | 20 | 20,773 | ||||||
5.15%, 02/01/43(b) | 250 | 259,050 | ||||||
6.45%, 11/15/39(a)(b) | 380 | 451,147 | ||||||
6.50%, 12/14/40(b) | 352 | 421,136 | ||||||
Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51) | 235 | 174,524 | ||||||
Invesco Finance PLC, 5.38%, 11/30/43 | 286 | 298,048 | ||||||
Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43) | 178 | 190,780 | ||||||
Jefferies Group LLC | ||||||||
2.75%, 10/15/32 (Call 07/15/32) | 110 | 89,648 | ||||||
6.25%, 01/15/36 | 400 | 428,597 | ||||||
6.50%, 01/20/43 | 269 | 293,523 | ||||||
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(b) | 241 | 252,887 | ||||||
Legg Mason Inc., 5.63%, 01/15/44 | 305 | 335,405 | ||||||
LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)(b) | 441 | 366,270 | ||||||
Mastercard Inc. | ||||||||
2.95%, 03/15/51 (Call 09/15/50) | 366 | 296,981 | ||||||
3.65%, 06/01/49 (Call 12/01/48) | 548 | 497,281 | ||||||
3.80%, 11/21/46 (Call 05/21/46) | 400 | 376,149 | ||||||
3.85%, 03/26/50 (Call 09/26/49) | 819 | 773,140 | ||||||
3.95%, 02/26/48 (Call 08/26/47) | 257 | 247,463 | ||||||
Nasdaq Inc. | ||||||||
2.50%, 12/21/40 (Call 06/21/40) | 493 | 356,881 | ||||||
3.25%, 04/28/50 (Call 10/28/49) | 513 | 395,471 | ||||||
3.95%, 03/07/52 (Call 09/07/51) | 200 | 173,470 | ||||||
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(b) | 120 | 117,080 | ||||||
Pine Street Trust II, 5.57%, 02/15/49 | 236 | 249,131 | ||||||
Raymond James Financial Inc. | ||||||||
3.75%, 04/01/51 (Call 10/01/50) | 429 | 376,252 | ||||||
4.95%, 07/15/46 | 506 | 524,629 | ||||||
Visa Inc. | ||||||||
2.00%, 08/15/50 (Call 02/15/50) | 918 | 619,596 | ||||||
2.70%, 04/15/40 (Call 10/15/39) | 596 | 486,364 | ||||||
3.65%, 09/15/47 (Call 03/15/47) | 459 | 416,721 | ||||||
4.15%, 12/14/35 (Call 06/14/35) | 577 | 583,140 |
Security | Par (000) | Value | ||||||
| ||||||||
Diversified Financial Services (continued) | ||||||||
4.30%, 12/14/45 (Call 06/14/45) | $ | 2,030 | $ | 2,038,217 | ||||
Western Union Co. (The) | ||||||||
6.20%, 11/17/36 | 352 | 366,867 | ||||||
6.20%, 06/21/40(a) | 165 | 164,986 | ||||||
|
| |||||||
19,999,521 | ||||||||
Electric — 12.0% | ||||||||
Abu Dhabi National Energy Co. PJSC | ||||||||
3.40%, 04/29/51 (Call 10/29/50)(b) | 377 | 326,520 | ||||||
4.00%, 10/03/49(b) | 268 | 258,559 | ||||||
6.50%, 10/27/36(a)(b) | 635 | 785,321 | ||||||
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)(b) | 319 | 331,114 | ||||||
Adani Transmission Ltd., 4.25%, 05/21/36(b) | 14 | 12,005 | ||||||
AEP Texas Inc. | ||||||||
3.45%, 05/15/51 (Call 11/15/50) | 276 | 217,533 | ||||||
3.80%, 10/01/47 (Call 04/01/47) | 158 | 132,303 | ||||||
Series E, 6.65%, 02/15/33 | 234 | 270,495 | ||||||
Series G, 4.15%, 05/01/49 (Call 11/01/48) | 209 | 184,754 | ||||||
Series H, 3.45%, 01/15/50 (Call 07/15/49) | 270 | 215,223 | ||||||
AEP Transmission Co. LLC | ||||||||
3.15%, 09/15/49 (Call 03/15/49) | 135 | 105,470 | ||||||
3.75%, 12/01/47 (Call 06/01/47) | 265 | 234,050 | ||||||
3.80%, 06/15/49 (Call 12/15/48) | 207 | 182,792 | ||||||
4.00%, 12/01/46 (Call 06/01/46)(a) | 235 | 215,700 | ||||||
4.25%, 09/15/48 (Call 03/15/48) | 169 | 160,864 | ||||||
Series M, 3.65%, 04/01/50 (Call 10/01/49) | 302 | 259,058 | ||||||
Series N, 2.75%, 08/15/51 (Call 02/15/51) | 252 | 184,855 | ||||||
Alabama Power Co. | ||||||||
3.00%, 03/15/52 (Call 09/15/51) | 300 | 230,653 | ||||||
3.13%, 07/15/51 (Call 01/15/51)(a) | 335 | 262,487 | ||||||
3.45%, 10/01/49 (Call 04/01/49) | 317 | 260,095 | ||||||
3.75%, 03/01/45 (Call 09/01/44) | 425 | 365,181 | ||||||
3.85%, 12/01/42 | 210 | 187,663 | ||||||
4.10%, 01/15/42(a) | 90 | 81,205 | ||||||
4.15%, 08/15/44 (Call 02/15/44)(a) | 257 | 238,729 | ||||||
4.30%, 01/02/46 (Call 07/02/45) | 230 | 219,213 | ||||||
5.50%, 03/15/41 | 238 | 252,104 | ||||||
5.70%, 02/15/33 | 50 | 55,510 | ||||||
6.00%, 03/01/39 | 232 | 264,222 | ||||||
6.13%, 05/15/38(a) | 40 | 45,696 | ||||||
Series 11-C, 5.20%, 06/01/41 | 220 | 226,912 | ||||||
Series A, 4.30%, 07/15/48 (Call 01/15/48) | 282 | 266,240 | ||||||
Series B, 3.70%, 12/01/47 (Call 06/01/47) | 330 | 287,714 | ||||||
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(b) | 578 | 453,523 | ||||||
Ameren Illinois Co. | ||||||||
2.90%, 06/15/51 (Call 12/15/50) | 217 | 166,811 | ||||||
3.25%, 03/15/50 (Call 09/15/49) | 217 | 176,437 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 307 | 272,302 | ||||||
4.15%, 03/15/46 (Call 09/15/45) | 305 | 291,380 | ||||||
4.30%, 07/01/44 (Call 01/01/44) | 190 | 177,402 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 290 | 292,220 | ||||||
4.80%, 12/15/43 (Call 06/15/43) | 180 | 180,161 | ||||||
American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)(a) | 127 | 97,383 | ||||||
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(b) | 191 | 194,796 | ||||||
Appalachian Power Co. | ||||||||
4.40%, 05/15/44 (Call 11/15/43) | 136 | 125,122 | ||||||
4.45%, 06/01/45 (Call 12/01/44) | 126 | 116,213 | ||||||
7.00%, 04/01/38 | 310 | 371,072 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Electric (continued) | ||||||||
Series L, 5.80%, 10/01/35 | $ | 195 | $ | 208,945 | ||||
Series P, 6.70%, 08/15/37 | 170 | 196,648 | ||||||
Series Y, 4.50%, 03/01/49 (Call 09/01/48) | 211 | 199,282 | ||||||
Series Z, 3.70%, 05/01/50 (Call 11/01/49)(a) | 295 | 246,344 | ||||||
Arizona Public Service Co. | ||||||||
2.65%, 09/15/50 (Call 03/15/50) | 410 | 279,426 | ||||||
3.35%, 05/15/50 (Call 11/15/49) | 338 | 263,034 | ||||||
3.50%, 12/01/49 (Call 06/01/49) | 187 | 149,735 | ||||||
3.75%, 05/15/46 (Call 11/15/45) | 221 | 188,746 | ||||||
4.20%, 08/15/48 (Call 02/15/48) | 243 | 220,301 | ||||||
4.25%, 03/01/49 (Call 09/01/48) | 186 | 169,796 | ||||||
4.35%, 11/15/45 (Call 05/15/45) | 32 | 29,449 | ||||||
4.50%, 04/01/42 (Call 10/01/41) | 296 | 282,997 | ||||||
4.70%, 01/15/44 (Call 07/15/43) | 110 | 105,495 | ||||||
5.05%, 09/01/41 (Call 03/01/41) | 270 | 266,125 | ||||||
5.50%, 09/01/35(a) | 245 | 254,363 | ||||||
Avista Corp. | ||||||||
4.00%, 04/01/52 (Call 10/01/51) | 100 | 93,046 | ||||||
4.35%, 06/01/48 (Call 12/01/47)(a) | 231 | 223,627 | ||||||
Baltimore Gas & Electric Co. | ||||||||
2.90%, 06/15/50 (Call 12/15/49)(a) | 298 | 226,728 | ||||||
3.20%, 09/15/49 (Call 03/15/49) | 267 | 212,903 | ||||||
3.50%, 08/15/46 (Call 02/15/46) | 340 | 288,051 | ||||||
3.75%, 08/15/47 (Call 02/15/47) | 70 | 61,714 | ||||||
4.25%, 09/15/48 (Call 03/15/48) | 235 | 223,264 | ||||||
6.35%, 10/01/36 | 100 | 118,279 | ||||||
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(b) | 189 | 165,260 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 (Call 11/15/50) | 581 | 422,824 | ||||||
3.80%, 07/15/48 (Call 01/15/48) | 392 | 340,672 | ||||||
4.25%, 10/15/50 (Call 04/15/50) | 468 | 438,541 | ||||||
4.45%, 01/15/49 (Call 07/15/48) | 503 | 483,480 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 343 | 328,243 | ||||||
4.60%, 05/01/53(b) | 300 | 293,846 | ||||||
5.15%, 11/15/43 (Call 05/15/43) | 228 | 234,212 | ||||||
5.95%, 05/15/37 | 385 | 430,278 | ||||||
6.13%, 04/01/36 | 932 | 1,058,036 | ||||||
Black Hills Corp. | ||||||||
3.88%, 10/15/49 (Call 04/15/49) | 189 | 160,741 | ||||||
4.20%, 09/15/46 (Call 03/15/46) | 175 | 158,325 | ||||||
4.35%, 05/01/33 (Call 02/01/33) | 121 | 116,786 | ||||||
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(b) | 193 | 184,774 | ||||||
CenterPoint Energy Houston Electric LLC | ||||||||
3.55%, 08/01/42 (Call 02/01/42) | 225 | 201,592 | ||||||
3.60%, 03/01/52 (Call 09/01/51) | 130 | 115,092 | ||||||
3.95%, 03/01/48 (Call 09/01/47) | 285 | 271,094 | ||||||
4.50%, 04/01/44 (Call 10/01/43)(a) | 392 | 392,703 | ||||||
Series AC, 4.25%, 02/01/49 (Call 08/01/48) | 415 | 410,448 | ||||||
Series AD, 2.90%, 07/01/50 (Call 01/01/50) | 100 | 78,728 | ||||||
Series AF, 3.35%, 04/01/51 (Call 10/01/50)(a) | 215 | 183,817 | ||||||
Series K2, 6.95%, 03/15/33 | 15 | 18,166 | ||||||
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49) | 187 | 158,685 | ||||||
CEZ AS, 5.63%, 04/03/42(a)(b) | 248 | 260,852 | ||||||
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45) | 115 | 111,446 | ||||||
Cleco Power LLC | ||||||||
6.00%, 12/01/40(a) | 253 | 284,243 | ||||||
6.50%, 12/01/35 | 425 | 506,293 | ||||||
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36 | 287 | 308,537 |
Security | Par (000) | Value | ||||||
| ||||||||
Electric (continued) | ||||||||
CMS Energy Corp. | ||||||||
4.70%, 03/31/43 (Call 09/30/42) | $ | 160 | $ | 153,185 | ||||
4.88%, 03/01/44 (Call 09/01/43) | 181 | 181,217 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b) | 268 | 268,193 | ||||||
Comision Federal de Electricidad | ||||||||
3.88%, 07/26/33 (Call 04/26/33)(b) | 419 | 336,379 | ||||||
4.68%, 02/09/51 (Call 08/09/50)(b) | 587 | 416,770 | ||||||
5.75%, 02/14/42(b) | 611 | 530,049 | ||||||
6.13%, 06/16/45(b) | 380 | 350,554 | ||||||
6.26%, 02/15/52 (Call 08/15/51)(b) | 230 | 200,388 | ||||||
Commonwealth Edison Co. | ||||||||
3.00%, 03/01/50 (Call 09/01/49) | 298 | 234,811 | ||||||
3.65%, 06/15/46 (Call 12/15/45) | 325 | 285,949 | ||||||
3.70%, 03/01/45 (Call 09/01/44) | 158 | 139,067 | ||||||
3.80%, 10/01/42 (Call 04/01/42) | 235 | 211,658 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 291 | 269,684 | ||||||
4.00%, 03/01/49 (Call 09/01/48) | 133 | 123,043 | ||||||
4.35%, 11/15/45 (Call 05/15/45) | 298 | 286,763 | ||||||
4.60%, 08/15/43 (Call 02/15/43) | 190 | 191,030 | ||||||
4.70%, 01/15/44 (Call 07/15/43) | 215 | 218,856 | ||||||
6.45%, 01/15/38 | 269 | 326,384 | ||||||
Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 292 | 256,872 | ||||||
Series 127, 3.20%, 11/15/49 (Call 05/15/49) | 225 | 181,994 | ||||||
Series 130, 3.13%, 03/15/51 (Call 09/15/50) | 384 | 308,541 | ||||||
Series 131, 2.75%, 09/01/51 (Call 03/01/51) | 315 | 233,567 | ||||||
Series 133, 3.85%, 03/15/52 (Call 09/15/51) | 245 | 224,573 | ||||||
Connecticut Light & Power Co. (The) | ||||||||
4.00%, 04/01/48 (Call 10/01/47) | 187 | 175,415 | ||||||
4.30%, 04/15/44 (Call 10/15/43) | 199 | 191,525 | ||||||
6.35%, 06/01/36 | 200 | 233,910 | ||||||
Series A, 4.15%, 06/01/45 (Call 12/01/44)(a) | 175 | 165,235 | ||||||
Consolidated Edison Co. of New York Inc. | ||||||||
3.20%, 12/01/51 (Call 06/01/51) | 190 | 149,647 | ||||||
3.60%, 06/15/61 (Call 12/15/60) | 510 | 410,323 | ||||||
3.70%, 11/15/59 (Call 05/15/59) | 318 | 259,011 | ||||||
3.85%, 06/15/46 (Call 12/15/45) | 162 | 139,803 | ||||||
3.95%, 03/01/43 (Call 09/01/42) | 215 | 191,932 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 295 | 280,361 | ||||||
4.50%, 12/01/45 (Call 06/01/45) | 193 | 182,000 | ||||||
4.50%, 05/15/58 (Call 11/15/57) | 231 | 216,419 | ||||||
4.63%, 12/01/54 (Call 06/01/54) | 299 | 286,943 | ||||||
5.70%, 06/15/40 | 280 | 305,769 | ||||||
Series 05-A, 5.30%, 03/01/35 | 195 | 204,021 | ||||||
Series 06-A, 5.85%, 03/15/36 | 437 | 483,607 | ||||||
Series 06-B, 6.20%, 06/15/36(a) | 360 | 413,495 | ||||||
Series 06-E, 5.70%, 12/01/36 | 265 | 285,159 | ||||||
Series 07-A, 6.30%, 08/15/37 | 430 | 490,845 | ||||||
Series 08-B, 6.75%, 04/01/38 | 410 | 497,648 | ||||||
Series 09-C, 5.50%, 12/01/39 | 560 | 603,302 | ||||||
Series 12-A, 4.20%, 03/15/42 | 230 | 208,409 | ||||||
Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 76 | 66,044 | ||||||
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a) | 661 | 597,445 | ||||||
Series A, 4.13%, 05/15/49 (Call 11/15/48) | 293 | 264,297 | ||||||
Series C, 3.00%, 12/01/60 (Call 06/01/60) | 330 | 238,287 | ||||||
Series C, 4.00%, 11/15/57 (Call 05/15/57) | 224 | 193,420 | ||||||
Series C, 4.30%, 12/01/56 (Call 06/01/56) | 246 | 222,276 | ||||||
Series E, 4.65%, 12/01/48 (Call 06/01/48) | 264 | 254,130 | ||||||
Constellation Energy Generation LLC, 5.60%, 06/15/42 (Call 12/15/41) | 193 | 189,358 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Electric (continued) | ||||||||
Consumers Energy Co. | ||||||||
2.50%, 05/01/60 (Call 11/01/59) | $ | 203 | $ | 136,944 | ||||
2.65%, 08/15/52 (Call 02/15/52) | 190 | 139,059 | ||||||
3.10%, 08/15/50 (Call 02/15/50) | 331 | 265,239 | ||||||
3.25%, 08/15/46 (Call 02/15/46) | 285 | 241,088 | ||||||
3.50%, 08/01/51 (Call 02/01/51) | 341 | 296,087 | ||||||
3.75%, 02/15/50 (Call 08/15/49) | 198 | 180,638 | ||||||
3.95%, 05/15/43 (Call 11/15/42) | 250 | 232,654 | ||||||
3.95%, 07/15/47 (Call 01/15/47) | 210 | 197,804 | ||||||
4.05%, 05/15/48 (Call 11/15/47) | 310 | 295,117 | ||||||
4.35%, 04/15/49 (Call 10/15/48) | 310 | 309,602 | ||||||
4.35%, 08/31/64 (Call 02/28/64) | 159 | 150,386 | ||||||
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48) | 166 | 150,178 | ||||||
Delmarva Power & Light Co. | ||||||||
4.00%, 06/01/42 (Call 12/01/41)(a) | 200 | 176,339 | ||||||
4.15%, 05/15/45 (Call 11/15/44) | 250 | 229,151 | ||||||
Dominion Energy Inc. | ||||||||
4.70%, 12/01/44 (Call 06/01/44) | 257 | 248,406 | ||||||
7.00%, 06/15/38 | 319 | 386,170 | ||||||
Series A, 4.60%, 03/15/49 (Call 09/15/48) | 205 | 201,338 | ||||||
Series B, 3.30%, 04/15/41 (Call 10/15/40)(a) | 269 | 222,673 | ||||||
Series B, 5.95%, 06/15/35 | 289 | 315,331 | ||||||
Series C, 4.05%, 09/15/42 (Call 03/15/42)(a) | 245 | 218,358 | ||||||
Series C, 4.90%, 08/01/41 (Call 02/01/41) | 284 | 283,824 | ||||||
Series E, 6.30%, 03/15/33 | 251 | 282,589 | ||||||
Series F, 5.25%, 08/01/33 | 380 | 401,451 | ||||||
Dominion Energy South Carolina Inc. | ||||||||
4.60%, 06/15/43 (Call 12/15/42) | 388 | 374,700 | ||||||
5.10%, 06/01/65 (Call 12/01/64) | 271 | 280,936 | ||||||
5.30%, 05/15/33(a) | 185 | 200,658 | ||||||
5.45%, 02/01/41 (Call 08/01/40)(a) | 240 | 257,088 | ||||||
6.05%, 01/15/38 | 228 | 259,513 | ||||||
DTE Electric Co. | ||||||||
2.95%, 03/01/50 (Call 09/01/49) | 50 | 39,319 | ||||||
3.70%, 03/15/45 (Call 09/15/44) | 216 | 189,017 | ||||||
3.70%, 06/01/46 (Call 12/01/45) | 220 | 197,898 | ||||||
3.75%, 08/15/47 (Call 02/15/47) | 200 | 179,992 | ||||||
3.95%, 06/15/42 (Call 12/15/41) | 173 | 160,197 | ||||||
3.95%, 03/01/49 (Call 09/01/48) | 438 | 404,449 | ||||||
4.30%, 07/01/44 (Call 01/01/44) | 191 | 182,701 | ||||||
5.70%, 10/01/37 | 298 | 338,188 | ||||||
Series A, 4.00%, 04/01/43 (Call 10/01/42) | 66 | 60,771 | ||||||
Series A, 4.05%, 05/15/48 (Call 11/15/47) | 405 | 383,531 | ||||||
Series A, 6.63%, 06/01/36(a) | 235 | 283,186 | ||||||
Series B, 3.25%, 04/01/51 (Call 10/01/50) | 292 | 240,882 | ||||||
Series B, 3.65%, 03/01/52 (Call 09/01/51) | 255 | 226,192 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.20%, 08/15/49 (Call 02/15/49) | 426 | 347,996 | ||||||
3.45%, 04/15/51 (Call 10/15/50) | 284 | 241,611 | ||||||
3.55%, 03/15/52 (Call 09/15/51) | 125 | 107,707 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 277 | 241,030 | ||||||
3.75%, 06/01/45 (Call 12/01/44) | 317 | 277,759 | ||||||
3.88%, 03/15/46 (Call 09/15/45) | 298 | 270,049 | ||||||
3.95%, 03/15/48 (Call 09/15/47) | 273 | 248,672 | ||||||
4.00%, 09/30/42 (Call 03/30/42) | 363 | 331,387 | ||||||
4.25%, 12/15/41 (Call 06/15/41) | 354 | 337,874 | ||||||
5.30%, 02/15/40 | 347 | 371,597 | ||||||
6.00%, 01/15/38 | 324 | 375,417 | ||||||
6.05%, 04/15/38 | 314 | 358,879 |
Security | Par (000) | Value | ||||||
| ||||||||
Electric (continued) | ||||||||
6.10%, 06/01/37 | $ | 333 | $ | 373,338 | ||||
6.45%, 10/15/32 | 241 | 276,377 | ||||||
Duke Energy Corp. | ||||||||
3.30%, 06/15/41 (Call 12/15/40)(a) | 397 | 321,209 | ||||||
3.50%, 06/15/51 (Call 12/15/50) | 392 | 307,201 | ||||||
3.75%, 09/01/46 (Call 03/01/46) | 698 | 578,277 | ||||||
3.95%, 08/15/47 (Call 02/15/47) | 301 | 258,622 | ||||||
4.20%, 06/15/49 (Call 12/15/48) | 273 | 241,162 | ||||||
4.80%, 12/15/45 (Call 06/15/45) | 347 | 331,120 | ||||||
Duke Energy Florida LLC | ||||||||
3.00%, 12/15/51 (Call 06/15/51) | 230 | 181,144 | ||||||
3.40%, 10/01/46 (Call 04/01/46) | 358 | 298,949 | ||||||
3.85%, 11/15/42 (Call 05/15/42) | 250 | 222,487 | ||||||
4.20%, 07/15/48 (Call 01/15/48) | 252 | 236,987 | ||||||
5.65%, 04/01/40 | 196 | 216,327 | ||||||
6.35%, 09/15/37 | 321 | 375,506 | ||||||
6.40%, 06/15/38(a) | 440 | 527,561 | ||||||
Duke Energy Indiana LLC | ||||||||
2.75%, 04/01/50 (Call 10/01/49) | 350 | 257,980 | ||||||
3.75%, 05/15/46 (Call 11/15/45) | 286 | 251,616 | ||||||
6.12%, 10/15/35 | 250 | 274,312 | ||||||
6.35%, 08/15/38 | 320 | 375,657 | ||||||
6.45%, 04/01/39 | 285 | 335,634 | ||||||
Series UUU, 4.20%, 03/15/42 (Call 09/15/41) | 199 | 179,606 | ||||||
Series WWW, 4.90%, 07/15/43 (Call 01/15/43) | 196 | 197,228 | ||||||
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)(a) | 296 | 242,261 | ||||||
Duke Energy Ohio Inc. | ||||||||
3.70%, 06/15/46 (Call 12/15/45) | 205 | 177,400 | ||||||
4.30%, 02/01/49 (Call 08/01/48) | 222 | 214,397 | ||||||
Duke Energy Progress LLC | ||||||||
2.50%, 08/15/50 (Call 02/15/50) | 350 | 250,150 | ||||||
2.90%, 08/15/51 (Call 02/15/51) | 267 | 205,592 | ||||||
3.60%, 09/15/47 (Call 03/15/47) | 300 | 255,568 | ||||||
3.70%, 10/15/46 (Call 04/15/46) | 181 | 161,629 | ||||||
4.00%, 04/01/52 (Call 10/01/51)(a) | 410 | 381,752 | ||||||
4.10%, 05/15/42 (Call 11/15/41) | 262 | 245,141 | ||||||
4.10%, 03/15/43 (Call 09/15/42) | 301 | 283,972 | ||||||
4.15%, 12/01/44 (Call 06/01/44) | 299 | 278,994 | ||||||
4.20%, 08/15/45 (Call 02/15/45) | 367 | 342,262 | ||||||
4.38%, 03/30/44 (Call 09/30/43) | 275 | 262,571 | ||||||
6.30%, 04/01/38 | 235 | 275,250 | ||||||
E.ON International Finance BV, 6.65%, 04/30/38(b) | 634 | 735,155 | ||||||
El Paso Electric Co. | ||||||||
5.00%, 12/01/44 (Call 06/01/44) | 115 | 116,221 | ||||||
6.00%, 05/15/35 | 361 | 399,775 | ||||||
Electricite de France SA | ||||||||
4.75%, 10/13/35 (Call 04/13/35)(a)(b) | 223 | 217,789 | ||||||
4.88%, 09/21/38 (Call 03/21/38)(a)(b) | 341 | 329,946 | ||||||
4.88%, 01/22/44(b) | 613 | 566,724 | ||||||
4.95%, 10/13/45 (Call 04/13/45)(b) | 593 | 545,912 | ||||||
5.00%, 09/21/48 (Call 03/21/48)(a)(b) | 769 | 727,261 | ||||||
5.25%, 10/13/55 (Call 04/13/55)(b) | 231 | 218,490 | ||||||
5.60%, 01/27/40(b) | 520 | 532,383 | ||||||
6.00%, 01/22/2114(a)(b) | 289 | 292,716 | ||||||
6.95%, 01/26/39(b) | 1,100 | 1,294,078 | ||||||
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45) | 486 | 454,855 | ||||||
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a)(b) | 250 | 249,870 | ||||||
Empresa de Transmision Electrica SA, 5.13%, 05/02/49(b) | 365 | 340,366 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Electric (continued) | ||||||||
Enel Finance International NV | ||||||||
2.88%, 07/12/41 (Call 01/12/41)(a)(b) | $ | 204 | $ | 152,301 | ||||
4.75%, 05/25/47(a)(b) | 582 | 560,219 | ||||||
6.00%, 10/07/39(b) | 1,212 | 1,338,328 | ||||||
6.80%, 09/15/37(a)(b) | 590 | 709,586 | ||||||
Entergy Arkansas LLC | ||||||||
2.65%, 06/15/51 (Call 12/15/50) | 392 | 283,076 | ||||||
3.35%, 06/15/52 (Call 12/15/51) | 230 | 190,016 | ||||||
4.20%, 04/01/49 (Call 10/01/48) | 218 | 207,080 | ||||||
4.95%, 12/15/44 (Call 12/15/24) | 620 | 629,460 | ||||||
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49) | 355 | 294,323 | ||||||
Entergy Louisiana LLC | ||||||||
2.90%, 03/15/51 (Call 09/15/50)(a) | 391 | 300,081 | ||||||
3.10%, 06/15/41 (Call 12/15/40) | 294 | 244,841 | ||||||
4.00%, 03/15/33 (Call 12/15/32)(a) | 556 | 548,422 | ||||||
4.20%, 09/01/48 (Call 03/01/48) | 499 | 476,935 | ||||||
4.20%, 04/01/50 (Call 10/01/49) | 396 | 377,045 | ||||||
4.95%, 01/15/45 (Call 01/15/25) | 230 | 230,810 | ||||||
Entergy Mississippi LLC | ||||||||
3.50%, 06/01/51 (Call 03/01/51)(a) | 240 | 202,441 | ||||||
3.85%, 06/01/49 (Call 12/01/48) | 261 | 235,882 | ||||||
Entergy Texas Inc. | ||||||||
3.55%, 09/30/49 (Call 03/30/49)(a) | 270 | 225,148 | ||||||
4.50%, 03/30/39 (Call 09/30/38) | 253 | 245,679 | ||||||
5.15%, 06/01/45 (Call 06/01/25) | 40 | 40,530 | ||||||
Evergy Kansas Central Inc. | ||||||||
3.25%, 09/01/49 (Call 03/01/49) | 181 | 144,753 | ||||||
3.45%, 04/15/50 (Call 10/15/49) | 240 | 199,445 | ||||||
4.10%, 04/01/43 (Call 10/01/42) | 242 | 222,170 | ||||||
4.13%, 03/01/42 (Call 09/01/41) | 476 | 441,293 | ||||||
4.25%, 12/01/45 (Call 06/01/45) | 187 | 173,934 | ||||||
4.63%, 09/01/43 (Call 03/01/43) | 199 | 187,740 | ||||||
Evergy Kansas South Inc., 4.30%, 07/15/44 (Call 01/15/44)(b) | 70 | 65,661 | ||||||
Evergy Metro Inc. | ||||||||
4.20%, 06/15/47 (Call 12/15/46) | 205 | 192,575 | ||||||
4.20%, 03/15/48 (Call 09/15/47) | 175 | 165,558 | ||||||
5.30%, 10/01/41 (Call 04/01/41) | 269 | 286,922 | ||||||
Series 2019, 4.13%, 04/01/49 (Call 10/01/48) | 190 | 178,722 | ||||||
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49) | 290 | 230,817 | ||||||
Exelon Corp. | ||||||||
4.10%, 03/15/52 (Call 09/15/51)(b) | 215 | 190,900 | ||||||
4.45%, 04/15/46 (Call 10/15/45) | 398 | 372,326 | ||||||
4.70%, 04/15/50 (Call 10/15/49) | 318 | 309,028 | ||||||
4.95%, 06/15/35 (Call 12/15/34) | 20 | 19,994 | ||||||
5.10%, 06/15/45 (Call 12/15/44)(a) | 401 | 405,294 | ||||||
5.63%, 06/15/35 | 437 | 464,810 | ||||||
7.60%, 04/01/32(a) | 160 | 198,095 | ||||||
Exelon Generation Co. LLC | ||||||||
5.75%, 10/01/41 (Call 04/01/41) | 343 | 337,714 | ||||||
6.25%, 10/01/39 | 598 | 625,843 | ||||||
FirstEnergy Transmission LLC | ||||||||
4.55%, 04/01/49 (Call 10/01/48)(b) | 208 | 179,250 | ||||||
5.45%, 07/15/44 (Call 01/15/44)(b) | 245 | 240,629 | ||||||
Florida Power & Light Co. | ||||||||
2.88%, 12/04/51 (Call 06/04/51) | 600 | 469,685 | ||||||
3.15%, 10/01/49 (Call 04/01/49) | 415 | 343,369 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 393 | 359,240 | ||||||
3.80%, 12/15/42 (Call 06/15/42) | 267 | 248,199 | ||||||
3.95%, 03/01/48 (Call 09/01/47) | 516 | 487,629 |
Security | Par (000) | Value | ||||||
| ||||||||
Electric (continued) | ||||||||
3.99%, 03/01/49 (Call 09/01/48) | $ | 320 | $ | 304,092 | ||||
4.05%, 06/01/42 (Call 12/01/41) | 359 | 341,912 | ||||||
4.05%, 10/01/44 (Call 04/01/44) | 279 | 267,006 | ||||||
4.13%, 02/01/42 (Call 08/01/41) | 360 | 348,115 | ||||||
4.13%, 06/01/48 (Call 12/01/47) | 407 | 393,339 | ||||||
4.95%, 06/01/35 | 220 | 235,465 | ||||||
5.13%, 06/01/41 (Call 12/01/40) | 170 | 180,082 | ||||||
5.25%, 02/01/41 (Call 08/01/40) | 255 | 277,597 | ||||||
5.63%, 04/01/34 | 205 | 231,133 | ||||||
5.65%, 02/01/37 | 266 | 299,239 | ||||||
5.69%, 03/01/40 | 321 | 366,999 | ||||||
5.95%, 10/01/33 | 205 | 234,199 | ||||||
5.95%, 02/01/38 | 280 | 327,857 | ||||||
5.96%, 04/01/39 | 260 | 306,000 | ||||||
Georgia Power Co. | ||||||||
4.30%, 03/15/42 | 659 | 597,741 | ||||||
4.30%, 03/15/43(a) | 226 | 205,037 | ||||||
5.40%, 06/01/40 | 100 | 102,759 | ||||||
Series 10-C, 4.75%, 09/01/40 | 385 | 371,409 | ||||||
Series A, 3.25%, 03/15/51 (Call 09/15/50) | 395 | 302,543 | ||||||
Series B, 3.70%, 01/30/50 (Call 07/30/49) | 309 | 253,264 | ||||||
Great River Energy, 6.25%, 07/01/38(a)(b) | 388 | 423,695 | ||||||
Iberdrola International BV, 6.75%, 07/15/36(a) | 370 | 449,394 | ||||||
Idaho Power Co. | ||||||||
3.65%, 03/01/45 (Call 09/01/44) | 159 | 136,394 | ||||||
Series K, 4.20%, 03/01/48 (Call 09/01/47)(a) | 140 | 133,633 | ||||||
Indiana Michigan Power Co. | ||||||||
3.25%, 05/01/51 (Call 11/01/50) | 285 | 224,130 | ||||||
4.25%, 08/15/48 (Call 02/15/48) | 285 | 265,257 | ||||||
6.05%, 03/15/37 | 239 | 269,457 | ||||||
Series K, 4.55%, 03/15/46 (Call 09/15/45) | 235 | 227,458 | ||||||
Series L, 3.75%, 07/01/47 (Call 01/01/47) | 215 | 187,442 | ||||||
Indianapolis Power & Light Co. | ||||||||
4.05%, 05/01/46 (Call 11/01/45)(a)(b) | 213 | 198,323 | ||||||
4.70%, 09/01/45 (Call 03/01/45)(b) | 192 | 187,830 | ||||||
Infraestructura Energetica Nova SAB de CV | ||||||||
4.75%, 01/15/51 (Call 07/15/50)(b) | 375 | 307,972 | ||||||
4.88%, 01/14/48(a)(b) | 342 | 286,856 | ||||||
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(b) | 825 | 715,687 | ||||||
Interconexion Electrica SA ESP, 3.83%, 11/26/33 (Call 08/26/33)(b) | 186 | 166,470 | ||||||
International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43) | 150 | 151,668 | ||||||
Interstate Power & Light Co. | ||||||||
3.10%, 11/30/51 (Call 05/30/51) | 160 | 122,257 | ||||||
3.50%, 09/30/49 (Call 03/30/49)(a) | 263 | 220,503 | ||||||
3.70%, 09/15/46 (Call 03/15/46)(a) | 180 | 156,668 | ||||||
4.70%, 10/15/43 (Call 04/15/43)(a) | 188 | 183,537 | ||||||
6.25%, 07/15/39 | 225 | 266,127 | ||||||
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43) | 197 | 206,783 | ||||||
Jersey Central Power & Light Co., 6.15%, 06/01/37 | 236 | 264,413 | ||||||
Kentucky Utilities Co. | ||||||||
3.30%, 06/01/50 (Call 12/01/49) | 245 | 198,200 | ||||||
4.38%, 10/01/45 (Call 04/01/45) | 265 | 248,442 | ||||||
5.13%, 11/01/40 (Call 05/01/40) | 807 | 840,546 | ||||||
Series 1, 4.65%, 11/15/43 (Call 05/15/43) | 305 | 298,887 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)(b) | 198 | 192,333 | ||||||
Louisville Gas & Electric Co. | ||||||||
4.25%, 04/01/49 (Call 10/01/48) | 54 | 51,091 | ||||||
4.38%, 10/01/45 (Call 04/01/45) | 195 | 182,713 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.65%, 11/15/43 (Call 05/15/43) | $ | 167 | $ | 160,588 | ||||
Louisville Gas and Electric Co., 5.13%, 11/15/40 (Call 05/15/40) | 75 | 76,552 | ||||||
Massachusetts Electric Co. | ||||||||
4.00%, 08/15/46 (Call 02/15/46)(b) | 395 | 345,702 | ||||||
5.90%, 11/15/39(b) | 265 | 292,585 | ||||||
Mexico Generadora de Energia S de rl, 5.50%, 12/06/32(b) | 29 | 28,800 | ||||||
MidAmerican Energy Co. | ||||||||
2.70%, 08/01/52 (Call 02/01/52) | 360 | 269,230 | ||||||
3.15%, 04/15/50 (Call 10/15/49) | 385 | 312,094 | ||||||
3.65%, 08/01/48 (Call 02/01/48) | 445 | 399,441 | ||||||
3.95%, 08/01/47 (Call 02/01/47) | 355 | 328,441 | ||||||
4.25%, 05/01/46 (Call 11/01/45) | 266 | 256,847 | ||||||
4.25%, 07/15/49 (Call 01/15/49) | 564 | 547,242 | ||||||
4.40%, 10/15/44 (Call 04/15/44)(a) | 245 | 238,454 | ||||||
4.80%, 09/15/43 (Call 03/15/43) | 216 | 221,926 | ||||||
5.75%, 11/01/35(a) | 221 | 250,864 | ||||||
5.80%, 10/15/36 | 210 | 239,241 | ||||||
Minejesa Capital BV, 5.63%, 08/10/37(a)(b) | 455 | 383,460 | ||||||
Mississippi Power Co. | ||||||||
Series 12-A, 4.25%, 03/15/42 | 350 | 315,716 | ||||||
Series B, 3.10%, 07/30/51 (Call 01/30/51) | 225 | 166,655 | ||||||
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)(b) | 197 | 207,391 | ||||||
Narragansett Electric Co. (The) | ||||||||
4.17%, 12/10/42(b) | 237 | 207,489 | ||||||
5.64%, 03/15/40(b) | 110 | 115,592 | ||||||
National Grid USA, 5.80%, 04/01/35 | 280 | 303,952 | ||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||
4.02%, 11/01/32 (Call 05/01/32) | 280 | 273,771 | ||||||
4.30%, 03/15/49 (Call 09/15/48) | 251 | 242,788 | ||||||
4.40%, 11/01/48 (Call 05/01/48) | 184 | 182,336 | ||||||
Nevada Power Co. | ||||||||
5.38%, 09/15/40 (Call 03/15/40) | 200 | 212,398 | ||||||
5.45%, 05/15/41 (Call 11/15/40) | 130 | 134,524 | ||||||
Series EE, 3.13%, 08/01/50 (Call 02/01/50) | 171 | 132,455 | ||||||
Series N, 6.65%, 04/01/36 | 250 | 299,033 | ||||||
Series R, 6.75%, 07/01/37 | 270 | 324,214 | ||||||
New England Power Co. | ||||||||
2.81%, 10/06/50 (Call 04/06/50)(b) | 329 | 236,618 | ||||||
3.80%, 12/05/47 (Call 06/05/47)(b) | 140 | 121,423 | ||||||
New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)(b) | 180 | 144,838 | ||||||
NextEra Energy Capital Holdings Inc., 3.00%, 01/15/52 (Call 07/15/51)(a) | 295 | 220,212 | ||||||
Niagara Mohawk Power Corp. | ||||||||
3.03%, 06/27/50 (Call 12/27/49)(b) | 467 | 345,189 | ||||||
4.12%, 11/28/42(b) | 35 | 30,383 | ||||||
4.28%, 10/01/34 (Call 04/01/34)(b) | 222 | 219,167 | ||||||
Northern States Power Co./MN | ||||||||
2.60%, 06/01/51 (Call 12/01/50)(a) | 434 | 323,481 | ||||||
2.90%, 03/01/50 (Call 09/01/49) | 380 | 297,222 | ||||||
3.20%, 04/01/52 (Call 10/01/51) | 266 | 221,320 | ||||||
3.40%, 08/15/42 (Call 02/15/42) | 183 | 159,352 | ||||||
3.60%, 05/15/46 (Call 11/15/45) | 117 | 105,035 | ||||||
3.60%, 09/15/47 (Call 03/15/47) | 218 | 195,787 | ||||||
4.00%, 08/15/45 (Call 02/15/45) | 170 | 158,705 | ||||||
4.13%, 05/15/44 (Call 11/15/43) | 188 | 179,053 | ||||||
4.85%, 08/15/40 (Call 02/15/40) | 200 | 208,684 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
5.25%, 07/15/35 | $ | 212 | $ | 227,111 | ||||
5.35%, 11/01/39 | 190 | 212,698 | ||||||
6.20%, 07/01/37 | 225 | 270,206 | ||||||
6.25%, 06/01/36 | 216 | 255,697 | ||||||
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44) | 53 | 50,495 | ||||||
NSTAR Electric Co. | ||||||||
3.10%, 06/01/51 (Call 12/01/50) | 350 | 276,943 | ||||||
4.40%, 03/01/44 (Call 09/01/43) | 161 | 155,271 | ||||||
5.50%, 03/15/40 | 547 | 611,861 | ||||||
Oglethorpe Power Corp. | ||||||||
3.75%, 08/01/50 (Call 02/01/50) | 164 | 136,537 | ||||||
4.20%, 12/01/42(a) | 190 | 167,581 | ||||||
4.25%, 04/01/46 (Call 10/01/45) | 195 | 167,242 | ||||||
4.50%, 04/01/47(b) | 200 | 183,331 | ||||||
4.55%, 06/01/44(a) | 110 | 99,832 | ||||||
5.05%, 10/01/48 (Call 04/01/48) | 185 | 185,323 | ||||||
5.25%, 09/01/50 | 185 | 189,193 | ||||||
5.38%, 11/01/40(a) | 225 | 231,836 | ||||||
5.95%, 11/01/39 | 278 | 306,001 | ||||||
Ohio Edison Co. | ||||||||
6.88%, 07/15/36 | 200 | 239,265 | ||||||
8.25%, 10/15/38 | 180 | 243,016 | ||||||
Ohio Power Co. | ||||||||
4.00%, 06/01/49 (Call 12/01/48) | 230 | 203,934 | ||||||
4.15%, 04/01/48 (Call 10/01/47) | 235 | 214,741 | ||||||
Series D, 6.60%, 03/01/33(a) | 130 | 154,675 | ||||||
Series F, 5.85%, 10/01/35 | 365 | 406,242 | ||||||
Series G, 6.60%, 02/15/33 | 210 | 248,156 | ||||||
Series R, 2.90%, 10/01/51 (Call 04/01/51) | 355 | 261,190 | ||||||
Oklahoma Gas & Electric Co. | ||||||||
3.85%, 08/15/47 (Call 02/15/47) | 140 | 124,524 | ||||||
3.90%, 05/01/43 (Call 11/01/42) | 50 | 43,146 | ||||||
4.00%, 12/15/44 (Call 06/15/44) | 30 | 26,261 | ||||||
4.15%, 04/01/47 (Call 10/01/46) | 156 | 144,685 | ||||||
4.55%, 03/15/44 (Call 09/15/43)(a) | 65 | 62,095 | ||||||
5.25%, 05/15/41 (Call 11/15/40) | 240 | 247,462 | ||||||
5.85%, 06/01/40 | 405 | 453,304 | ||||||
Oncor Electric Delivery Co. LLC | ||||||||
2.70%, 11/15/51 (Call 05/15/51)(a)(b) | 270 | 202,595 | ||||||
3.10%, 09/15/49 (Call 03/15/49) | 245 | 197,839 | ||||||
3.70%, 05/15/50 (Call 11/15/49) | 160 | 142,944 | ||||||
3.75%, 04/01/45 (Call 10/01/44) | 242 | 217,102 | ||||||
3.80%, 09/30/47 (Call 03/30/47) | 196 | 180,850 | ||||||
3.80%, 06/01/49 (Call 12/01/48) | 195 | 179,441 | ||||||
4.10%, 11/15/48 (Call 05/15/48) | 167 | 160,663 | ||||||
4.55%, 12/01/41 (Call 06/01/41)(a) | 195 | 197,578 | ||||||
5.25%, 09/30/40 | 490 | 532,015 | ||||||
5.30%, 06/01/42 (Call 12/01/41) | 105 | 113,885 | ||||||
5.35%, 10/01/52 (Call 04/01/52) | 120 | 135,165 | ||||||
7.25%, 01/15/33 | 396 | 494,365 | ||||||
7.50%, 09/01/38 | 380 | 508,170 | ||||||
Pacific Gas and Electric Co. | ||||||||
3.30%, 08/01/40 (Call 02/01/40) | 585 | 426,357 | ||||||
3.50%, 08/01/50 (Call 02/01/50) | 1,077 | 750,800 | ||||||
3.75%, 08/15/42 (Call 02/15/42) | 199 | 146,080 | ||||||
3.95%, 12/01/47 (Call 06/01/47) | 569 | 415,965 | ||||||
4.00%, 12/01/46 (Call 06/01/46) | 390 | 289,987 | ||||||
4.20%, 06/01/41 (Call 12/01/40) | 172 | 135,789 | ||||||
4.25%, 03/15/46 (Call 09/15/45) | 305 | 233,257 | ||||||
4.30%, 03/15/45 (Call 09/15/44) | 385 | 298,327 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.45%, 04/15/42 (Call 10/15/41) | $ | 220 | $ | 177,632 | ||||
4.50%, 07/01/40 (Call 01/01/40) | 1,106 | 906,830 | ||||||
4.50%, 12/15/41 (Call 06/15/41) | 185 | 149,348 | ||||||
4.60%, 06/15/43 (Call 12/15/42) | 246 | 198,877 | ||||||
4.75%, 02/15/44 (Call 08/15/43) | 426 | 350,091 | ||||||
4.95%, 07/01/50 (Call 01/01/50) | 1,567 | 1,306,604 | ||||||
5.25%, 03/01/52 (Call 09/01/51) | 390 | 351,215 | ||||||
PacifiCorp. | ||||||||
2.90%, 06/15/52 (Call 12/15/51) | 594 | 455,182 | ||||||
3.30%, 03/15/51 (Call 09/15/50)(a) | 320 | 261,143 | ||||||
4.10%, 02/01/42 (Call 08/01/41) | 87 | 80,838 | ||||||
4.13%, 01/15/49 (Call 07/15/48) | 330 | 303,776 | ||||||
4.15%, 02/15/50 (Call 08/15/49) | 267 | 247,679 | ||||||
5.25%, 06/15/35(a) | 240 | 252,961 | ||||||
5.75%, 04/01/37 | 365 | 404,084 | ||||||
6.00%, 01/15/39(a) | 369 | 423,534 | ||||||
6.10%, 08/01/36 | 260 | 292,991 | ||||||
6.25%, 10/15/37 | 375 | 430,169 | ||||||
6.35%, 07/15/38 | 195 | 229,649 | ||||||
PECO Energy Co. | ||||||||
2.80%, 06/15/50 (Call 12/15/49) | 252 | 191,256 | ||||||
2.85%, 09/15/51 (Call 03/15/51) | 205 | 157,366 | ||||||
3.00%, 09/15/49 (Call 03/15/49) | 231 | 181,462 | ||||||
3.05%, 03/15/51 (Call 09/15/50) | 210 | 167,303 | ||||||
3.70%, 09/15/47 (Call 03/15/47) | 94 | 84,667 | ||||||
3.90%, 03/01/48 (Call 09/01/47) | 409 | 377,126 | ||||||
4.15%, 10/01/44 (Call 04/01/44) | 119 | 113,049 | ||||||
4.80%, 10/15/43 (Call 04/15/43) | 185 | 187,123 | ||||||
5.95%, 10/01/36 | 131 | 149,309 | ||||||
Pennsylvania Electric Co., 6.15%, 10/01/38(a) | 185 | 208,120 | ||||||
Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)(a)(b) | 718 | 552,128 | ||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | ||||||||
4.38%, 02/05/50(b) | 290 | 232,725 | ||||||
4.88%, 07/17/49(b) | 441 | 374,850 | ||||||
5.25%, 10/24/42(b) | 702 | 634,131 | ||||||
5.25%, 05/15/47(b) | 30 | 27,044 | ||||||
6.15%, 05/21/48(b) | 640 | 643,053 | ||||||
6.25%, 01/25/49(b) | 370 | 369,445 | ||||||
Potomac Electric Power Co. | ||||||||
4.15%, 03/15/43 (Call 09/15/42)(a) | 401 | 380,606 | ||||||
6.50%, 11/15/37 | 400 | 481,839 | ||||||
7.90%, 12/15/38(a) | 220 | 291,878 | ||||||
PPL Electric Utilities Corp. | ||||||||
3.00%, 10/01/49 (Call 04/01/49) | 210 | 167,026 | ||||||
3.95%, 06/01/47 (Call 12/01/46) | 225 | 207,142 | ||||||
4.13%, 06/15/44 (Call 12/15/43) | 162 | 150,557 | ||||||
4.15%, 10/01/45 (Call 04/01/45) | 196 | 183,309 | ||||||
4.15%, 06/15/48 (Call 12/15/47) | 58 | 55,294 | ||||||
4.75%, 07/15/43 (Call 01/15/43) | 195 | 197,176 | ||||||
5.20%, 07/15/41 (Call 01/15/41) | 185 | 193,372 | ||||||
6.25%, 05/15/39 | 230 | 272,556 | ||||||
Progress Energy Inc., 6.00%, 12/01/39(a) | 355 | 387,198 | ||||||
Public Service Co. of Colorado | ||||||||
3.55%, 06/15/46 (Call 12/15/45) | 195 | 167,883 | ||||||
3.60%, 09/15/42 (Call 03/15/42) | 232 | 204,052 | ||||||
3.80%, 06/15/47 (Call 12/15/46) | 167 | 151,346 | ||||||
3.95%, 03/15/43 (Call 09/15/42) | 190 | 172,574 | ||||||
4.05%, 09/15/49 (Call 03/15/49) | 155 | 147,296 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.10%, 06/15/48 (Call 12/15/47) | $ | 225 | $ | 216,182 | ||||
4.30%, 03/15/44 (Call 09/15/43) | 130 | 124,543 | ||||||
4.75%, 08/15/41 (Call 02/15/41) | 154 | 151,081 | ||||||
6.50%, 08/01/38 | 175 | 211,572 | ||||||
Series 17, 6.25%, 09/01/37(a) | 235 | 281,606 | ||||||
Series 34, 3.20%, 03/01/50 (Call 09/01/49)(a) | 305 | 252,508 | ||||||
Series 36, 2.70%, 01/15/51 (Call 07/15/50) | 245 | 183,009 | ||||||
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49)(a) | 74 | 63,940 | ||||||
Public Service Co. of Oklahoma | ||||||||
Series G, 6.63%, 11/15/37 | 95 | 109,872 | ||||||
Series K, 3.15%, 08/15/51 (Call 02/15/51) | 237 | 182,650 | ||||||
Public Service Electric & Gas Co. | ||||||||
2.05%, 08/01/50 (Call 02/01/50) | 196 | 130,753 | ||||||
2.70%, 05/01/50 (Call 11/01/49) | 251 | 188,760 | ||||||
3.00%, 03/01/51 (Call 09/01/50) | 272 | 215,259 | ||||||
3.15%, 01/01/50 (Call 07/01/49) | 190 | 156,072 | ||||||
3.20%, 08/01/49 (Call 02/01/49) | 110 | 91,282 | ||||||
3.60%, 12/01/47 (Call 06/01/47) | 228 | 202,360 | ||||||
3.65%, 09/01/42 (Call 03/01/42) | 102 | 91,980 | ||||||
3.80%, 01/01/43 (Call 07/01/42) | 150 | 135,603 | ||||||
3.80%, 03/01/46 (Call 09/01/45) | 329 | 302,780 | ||||||
3.85%, 05/01/49 (Call 11/01/48) | 239 | 218,979 | ||||||
3.95%, 05/01/42 (Call 11/01/41) | 288 | 269,848 | ||||||
4.05%, 05/01/48 (Call 11/01/47) | 285 | 275,419 | ||||||
4.15%, 11/01/45 (Call 05/01/45) | 166 | 156,190 | ||||||
5.38%, 11/01/39 | 135 | 145,861 | ||||||
5.50%, 03/01/40 | 260 | 290,214 | ||||||
5.70%, 12/01/36 | 190 | 211,438 | ||||||
5.80%, 05/01/37(a) | 349 | 398,696 | ||||||
Series I, 4.00%, 06/01/44 (Call 12/01/43) | 55 | 51,312 | ||||||
Series K, 4.05%, 05/01/45 (Call 11/01/44) | 165 | 151,805 | ||||||
Puget Sound Energy Inc. | ||||||||
2.89%, 09/15/51 (Call 03/15/51)(a) | 170 | 130,036 | ||||||
3.25%, 09/15/49 (Call 03/15/49) | 176 | 143,330 | ||||||
4.22%, 06/15/48 (Call 12/15/47) | 195 | 184,618 | ||||||
4.30%, 05/20/45 (Call 11/20/44) | 186 | 176,406 | ||||||
4.43%, 11/15/41 (Call 05/15/41) | 205 | 195,452 | ||||||
5.48%, 06/01/35 | 361 | 390,470 | ||||||
5.64%, 04/15/41 (Call 10/15/40) | 205 | 225,074 | ||||||
5.76%, 10/01/39(a) | 270 | 303,044 | ||||||
5.76%, 07/15/40 | 160 | 177,695 | ||||||
5.80%, 03/15/40 | 226 | 253,301 | ||||||
6.27%, 03/15/37 | 255 | 292,793 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)(b) | 450 | 525,960 | ||||||
San Diego Gas & Electric Co. | ||||||||
3.70%, 03/15/52 (Call 09/15/51) | 50 | 43,786 | ||||||
3.95%, 11/15/41(a) | 320 | 286,106 | ||||||
4.15%, 05/15/48 (Call 11/15/47) | 193 | 184,102 | ||||||
4.30%, 04/01/42 (Call 10/01/41) | 150 | 138,988 | ||||||
4.50%, 08/15/40 | 449 | 442,505 | ||||||
5.35%, 05/15/35 | 65 | 68,404 | ||||||
5.35%, 05/15/40(a) | 325 | 344,661 | ||||||
6.00%, 06/01/39 | 263 | 300,256 | ||||||
Series FFF, 6.13%, 09/15/37 | 25 | 27,957 | ||||||
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)(a) | 225 | 200,464 | ||||||
Series TTT, 4.10%, 06/15/49 (Call 12/15/48) | 191 | 177,946 | ||||||
Series UUU, 3.32%, 04/15/50 (Call 10/15/49) | 94 | 76,689 | ||||||
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a) | 485 | 376,555 | ||||||
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)(b) | 505 | 504,845 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)(b) | $ | 622 | $ | 651,737 | ||||
Sempra Energy | ||||||||
3.80%, 02/01/38 (Call 08/01/37) | 475 | 433,056 | ||||||
4.00%, 02/01/48 (Call 08/01/47)(a) | 398 | 350,239 | ||||||
6.00%, 10/15/39 | 609 | 690,887 | ||||||
Sierra Pacific Power Co., Series P, 6.75%, 07/01/37 | 150 | 180,719 | ||||||
Solar Star Funding LLC, 3.95%, 06/30/35(b) | 16 | 15,641 | ||||||
Southern California Edison Co. | ||||||||
3.45%, 02/01/52 (Call 08/01/51) | 360 | 283,983 | ||||||
3.65%, 02/01/50 (Call 08/01/49) | 612 | 490,817 | ||||||
3.90%, 12/01/41 (Call 06/01/41) | 202 | 174,565 | ||||||
4.00%, 04/01/47 (Call 10/01/46) | 836 | 714,985 | ||||||
4.05%, 03/15/42 (Call 09/15/41) | 122 | 106,477 | ||||||
4.50%, 09/01/40 (Call 03/01/40) | 324 | 298,887 | ||||||
4.65%, 10/01/43 (Call 04/01/43)(a) | 291 | 278,196 | ||||||
5.50%, 03/15/40 | 365 | 377,162 | ||||||
5.63%, 02/01/36 | 299 | 311,174 | ||||||
6.00%, 01/15/34 | 307 | 334,772 | ||||||
6.05%, 03/15/39 | 312 | 339,297 | ||||||
Series 04-G, 5.75%, 04/01/35 | 255 | 271,017 | ||||||
Series 05-B, 5.55%, 01/15/36 | 235 | 247,357 | ||||||
Series 05-E, 5.35%, 07/15/35 | 260 | 267,486 | ||||||
Series 06-E, 5.55%, 01/15/37 | 275 | 285,825 | ||||||
Series 08-A, 5.95%, 02/01/38(a) | 372 | 399,610 | ||||||
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) | 159 | 133,079 | ||||||
Series 20A, 2.95%, 02/01/51 (Call 08/01/50) | 388 | 279,115 | ||||||
Series B, 4.88%, 03/01/49 (Call 09/01/48) | 329 | 318,562 | ||||||
Series C, 3.60%, 02/01/45 (Call 08/01/44) | 192 | 154,713 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) | 682 | 589,845 | ||||||
Series H, 3.65%, 06/01/51 (Call 12/01/50) | 290 | 238,517 | ||||||
Southern Co. (The) | ||||||||
4.25%, 07/01/36 (Call 01/01/36) | 181 | 170,666 | ||||||
4.40%, 07/01/46 (Call 01/01/46)(a) | 960 | 874,591 | ||||||
Southern Power Co. | ||||||||
5.15%, 09/15/41 | 395 | 384,618 | ||||||
5.25%, 07/15/43 | 170 | 167,302 | ||||||
Series F, 4.95%, 12/15/46 (Call 06/15/46) | 181 | 176,084 | ||||||
Southwestern Electric Power Co. | ||||||||
3.25%, 11/01/51 (Call 05/01/51) | 210 | 160,267 | ||||||
6.20%, 03/15/40 | 239 | 271,183 | ||||||
Series J, 3.90%, 04/01/45 (Call 10/01/44) | 236 | 199,458 | ||||||
Series L, 3.85%, 02/01/48 (Call 08/01/47) | 278 | 237,324 | ||||||
Southwestern Public Service Co. | ||||||||
3.40%, 08/15/46 (Call 02/15/46) | 187 | 156,330 | ||||||
3.70%, 08/15/47 (Call 02/15/47) | 108 | 93,485 | ||||||
3.75%, 06/15/49 (Call 12/15/48) | 201 | 178,432 | ||||||
4.50%, 08/15/41 (Call 02/15/41) | 202 | 197,669 | ||||||
6.00%, 10/01/36 | 198 | 221,270 | ||||||
Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 195 | 188,330 | ||||||
Series 8, 3.15%, 05/01/50 (Call 11/01/49) | 248 | 198,664 | ||||||
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(b) | 675 | 726,354 | ||||||
State Grid Overseas Investment 2016 Ltd., | 260 | 249,900 | ||||||
Tampa Electric Co. | ||||||||
3.45%, 03/15/51 (Call 09/15/50) | 70 | 57,611 | ||||||
3.63%, 06/15/50 (Call 12/15/49) | 195 | 165,070 | ||||||
4.10%, 06/15/42 (Call 12/15/41) | 191 | 176,859 | ||||||
4.20%, 05/15/45 (Call 11/15/44) | 197 | 183,430 | ||||||
4.30%, 06/15/48 (Call 12/15/47) | 126 | 120,588 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.35%, 05/15/44 (Call 11/15/43) | $ | 165 | $ | 156,829 | ||||
4.45%, 06/15/49 (Call 12/15/48) | 186 | 180,762 | ||||||
6.15%, 05/15/37 | 240 | 276,226 | ||||||
6.55%, 05/15/36 | 235 | 283,874 | ||||||
Toledo Edison Co. (The), 6.15%, 05/15/37 | 305 | 356,436 | ||||||
Tri-State Generation & Transmission Association Inc. | ||||||||
4.70%, 11/01/44 (Call 05/01/44) | 50 | 48,249 | ||||||
6.00%, 06/15/40(a)(b) | 404 | 438,772 | ||||||
Tucson Electric Power Co. | ||||||||
3.25%, 05/01/51 (Call 11/01/50)(a) | 185 | 146,323 | ||||||
4.00%, 06/15/50 (Call 12/15/49) | 189 | 169,558 | ||||||
4.85%, 12/01/48 (Call 06/01/48) | 171 | 173,741 | ||||||
Union Electric Co. | ||||||||
2.63%, 03/15/51 (Call 09/15/50) | 475 | 347,446 | ||||||
3.25%, 10/01/49 (Call 04/01/49) | 225 | 184,088 | ||||||
3.65%, 04/15/45 (Call 10/15/44) | 255 | 218,002 | ||||||
3.90%, 09/15/42 (Call 03/15/42) | 431 | 391,215 | ||||||
4.00%, 04/01/48 (Call 10/01/47) | 259 | 240,425 | ||||||
5.30%, 08/01/37 | 45 | 47,004 | ||||||
8.45%, 03/15/39 | 215 | 296,395 | ||||||
Virginia Electric & Power Co. | ||||||||
2.45%, 12/15/50 (Call 06/15/50)(a) | 513 | 358,379 | ||||||
2.95%, 11/15/51 (Call 05/15/51) | 360 | 279,346 | ||||||
3.30%, 12/01/49 (Call 06/01/49)(a) | 312 | 257,513 | ||||||
4.00%, 01/15/43 (Call 07/15/42) | 321 | 294,189 | ||||||
4.45%, 02/15/44 (Call 08/15/43) | 335 | 328,660 | ||||||
4.60%, 12/01/48 (Call 06/01/48) | 342 | 343,022 | ||||||
6.35%, 11/30/37 | 125 | 148,351 | ||||||
8.88%, 11/15/38 | 392 | 573,652 | ||||||
Series A, 6.00%, 05/15/37 | 138 | 157,375 | ||||||
Series B, 3.80%, 09/15/47 (Call 03/15/47) | 345 | 311,916 | ||||||
Series B, 4.20%, 05/15/45 (Call 11/15/44) | 197 | 183,540 | ||||||
Series B, 6.00%, 01/15/36 | 368 | 416,256 | ||||||
Series C, 4.00%, 11/15/46 (Call 05/15/46) | 399 | 370,573 | ||||||
Series D, 4.65%, 08/15/43 (Call 02/15/43) | 343 | 341,917 | ||||||
Wisconsin Electric Power Co. | ||||||||
3.65%, 12/15/42 (Call 06/15/42)(a) | 185 | 158,243 | ||||||
4.25%, 06/01/44 (Call 12/01/43)(a) | 32 | 29,754 | ||||||
4.30%, 12/15/45 (Call 06/15/45) | 180 | 166,935 | ||||||
4.30%, 10/15/48 (Call 04/15/48) | 326 | 315,359 | ||||||
5.63%, 05/15/33 | 470 | 517,417 | ||||||
5.70%, 12/01/36 | 220 | 245,477 | ||||||
Wisconsin Power and Light Co. | ||||||||
3.65%, 04/01/50 (Call 10/01/49) | 214 | 184,403 | ||||||
4.10%, 10/15/44 (Call 04/15/44) | 83 | 74,090 | ||||||
6.38%, 08/15/37 | 225 | 264,213 | ||||||
7.60%, 10/01/38 | 25 | 31,882 | ||||||
Wisconsin Public Service Corp. | ||||||||
2.85%, 12/01/51 (Call 06/01/51) | 265 | 201,036 | ||||||
3.30%, 09/01/49 (Call 03/01/49) | 160 | 133,010 | ||||||
3.67%, 12/01/42(a) | 170 | 149,072 | ||||||
4.75%, 11/01/44 (Call 05/01/44) | 220 | 222,561 | ||||||
Xcel Energy Inc. | ||||||||
3.50%, 12/01/49 (Call 06/01/49) | 186 | 153,751 | ||||||
4.80%, 09/15/41 (Call 03/15/41) | 204 | 202,038 | ||||||
6.50%, 07/01/36 | 350 | 408,756 | ||||||
|
| |||||||
173,544,186 | ||||||||
Electrical Components & Equipment — 0.1% | ||||||||
Emerson Electric Co. | ||||||||
2.75%, 10/15/50 (Call 04/15/50) | 278 | 209,371 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electrical Components & Equipment (continued) | ||||||||
2.80%, 12/21/51 (Call 06/21/51) | $ | 585 | $ | 445,272 | ||||
5.25%, 11/15/39 | 170 | 184,015 | ||||||
6.00%, 08/15/32(a) | 125 | 144,869 | ||||||
6.13%, 04/15/39 | 160 | 189,734 | ||||||
|
| |||||||
1,173,261 | ||||||||
Electronics — 0.1% | ||||||||
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45) | 334 | 312,678 | ||||||
Honeywell International Inc. | ||||||||
2.80%, 06/01/50 (Call 12/01/49)(a) | 449 | 362,840 | ||||||
3.81%, 11/21/47 (Call 05/21/47) | 379 | 357,355 | ||||||
5.38%, 03/01/41(a) | 430 | 485,035 | ||||||
5.70%, 03/15/37 | 200 | 229,365 | ||||||
Tyco Electronics Group SA, 7.13%, 10/01/37 | 328 | 414,441 | ||||||
|
| |||||||
2,161,714 | ||||||||
Engineering & Construction — 0.2% | ||||||||
Aeropuerto Internacional de Tocumen SA | ||||||||
4.00%, 08/11/41 (Call 08/11/40)(b) | 300 | 261,187 | ||||||
5.13%, 08/11/61 (Call 08/11/60)(b) | 790 | 677,030 | ||||||
LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)(b) | 375 | 277,437 | ||||||
Mexico City Airport Trust | ||||||||
5.50%, 10/31/46 (Call 04/30/46)(b) | 361 | 287,901 | ||||||
5.50%, 07/31/47 (Call 01/31/47)(a)(b) | 1,271 | 1,013,635 | ||||||
|
| |||||||
2,517,190 | ||||||||
Entertainment — 0.5% | ||||||||
Magallanes Inc. | ||||||||
5.05%, 03/15/42 (Call 09/15/41)(b) | 2,500 | 2,277,570 | ||||||
5.14%, 03/15/52 (Call 09/15/51)(b) | 4,510 | 4,020,806 | ||||||
5.39%, 03/15/62 (Call 09/15/61)(b) | 1,220 | 1,082,970 | ||||||
|
| |||||||
7,381,346 | ||||||||
Environmental Control — 0.2% | ||||||||
Republic Services Inc. | ||||||||
2.38%, 03/15/33 (Call 12/15/32)(a) | 110 | 91,937 | ||||||
3.05%, 03/01/50 (Call 09/01/49)(a) | 292 | 225,994 | ||||||
5.70%, 05/15/41 (Call 11/15/40) | 315 | 349,474 | ||||||
6.20%, 03/01/40 | 207 | 237,796 | ||||||
Waste Connections Inc. | ||||||||
2.95%, 01/15/52 (Call 07/15/51) | 466 | 346,845 | ||||||
3.05%, 04/01/50 (Call 10/01/49)(a) | 374 | 292,373 | ||||||
Waste Management Inc. | ||||||||
2.50%, 11/15/50 (Call 05/15/50) | 362 | 258,442 | ||||||
2.95%, 06/01/41 (Call 12/01/40) | 350 | 286,424 | ||||||
3.90%, 03/01/35 (Call 09/01/34)(a) | 152 | 142,605 | ||||||
4.10%, 03/01/45 (Call 09/01/44) | 160 | 148,723 | ||||||
4.15%, 07/15/49 (Call 01/15/49) | 381 | 365,175 | ||||||
|
| |||||||
2,745,788 | ||||||||
Food — 2.0% | ||||||||
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(b) | 330 | 281,730 | ||||||
Campbell Soup Co. | ||||||||
3.13%, 04/24/50 (Call 10/24/49) | 247 | 183,210 | ||||||
4.80%, 03/15/48 (Call 09/15/47) | 428 | 416,811 | ||||||
Cencosud SA, 6.63%, 02/12/45 | 220 | 248,875 | ||||||
Conagra Brands Inc. | ||||||||
5.30%, 11/01/38 (Call 05/01/38) | 525 | 522,234 | ||||||
5.40%, 11/01/48 (Call 05/01/48) | 554 | 552,871 | ||||||
General Mills Inc. | ||||||||
3.00%, 02/01/51 (Call 08/01/50)(a) | 248 | 189,069 | ||||||
4.15%, 02/15/43 (Call 08/15/42) | 110 | 101,887 |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
4.55%, 04/17/38 (Call 10/17/37)(a) | $ | 194 | $ | 190,693 | ||||
4.70%, 04/17/48 (Call 10/17/47)(a) | 147 | 149,781 | ||||||
5.40%, 06/15/40 | 505 | 542,087 | ||||||
Grupo Bimbo SAB de CV | ||||||||
4.00%, 09/06/49(a)(b) | 365 | 313,541 | ||||||
4.70%, 11/10/47 (Call 05/10/47)(b) | 359 | 346,841 | ||||||
4.88%, 06/27/44(a)(b) | 355 | 340,800 | ||||||
Hershey Co. (The) | ||||||||
2.65%, 06/01/50 (Call 12/01/49) | 29 | 21,795 | ||||||
3.13%, 11/15/49 (Call 05/15/49) | 310 | 255,660 | ||||||
3.38%, 08/15/46 (Call 02/15/46) | 221 | 192,438 | ||||||
Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50) | 367 | 295,069 | ||||||
Ingredion Inc. | ||||||||
3.90%, 06/01/50 (Call 12/01/49)(a) | 231 | 200,798 | ||||||
6.63%, 04/15/37(a) | 169 | 199,664 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. | ||||||||
3.00%, 05/15/32 (Call 02/15/32)(a)(b) | 780 | 650,029 | ||||||
4.38%, 02/02/52 (Call 08/02/51)(a)(b) | 505 | 409,900 | ||||||
JM Smucker Co. (The) | ||||||||
2.75%, 09/15/41 (Call 03/15/41) | 285 | 214,335 | ||||||
3.55%, 03/15/50 (Call 09/15/49)(a) | 235 | 189,799 | ||||||
4.25%, 03/15/35 | 315 | 301,352 | ||||||
4.38%, 03/15/45(a) | 339 | 311,361 | ||||||
Kellogg Co., 4.50%, 04/01/46 | 413 | 401,521 | ||||||
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40(a) | 265 | 292,565 | ||||||
Kraft Heinz Foods Co. | ||||||||
4.38%, 06/01/46 (Call 12/01/45) | 1,890 | 1,655,899 | ||||||
4.63%, 10/01/39 (Call 04/01/39)(a) | 275 | 253,815 | ||||||
4.88%, 10/01/49 (Call 04/01/49) | 963 | 896,587 | ||||||
5.00%, 07/15/35 (Call 01/15/35)(a) | 330 | 328,198 | ||||||
5.00%, 06/04/42 | 925 | 889,770 | ||||||
5.20%, 07/15/45 (Call 01/15/45)(a) | 1,100 | 1,075,952 | ||||||
5.50%, 06/01/50 (Call 12/01/49) | 475 | 478,311 | ||||||
6.50%, 02/09/40 | 400 | 439,302 | ||||||
7.13%, 08/01/39(a)(b) | 550 | 642,983 | ||||||
Kroger Co. (The) | ||||||||
3.88%, 10/15/46 (Call 04/15/46) | 420 | 364,720 | ||||||
3.95%, 01/15/50 (Call 07/15/49) | 235 | 207,245 | ||||||
4.45%, 02/01/47 (Call 08/01/46) | 464 | 437,030 | ||||||
4.65%, 01/15/48 (Call 07/15/47) | 360 | 348,791 | ||||||
5.00%, 04/15/42 (Call 10/15/41) | 204 | 207,522 | ||||||
5.15%, 08/01/43 (Call 02/01/43) | 260 | 266,441 | ||||||
5.40%, 07/15/40 (Call 01/15/40) | 265 | 278,868 | ||||||
5.40%, 01/15/49 (Call 07/15/48)(a) | 340 | 366,466 | ||||||
6.90%, 04/15/38 | 285 | 345,968 | ||||||
Mars Inc. | ||||||||
1.63%, 07/16/32 (Call 04/16/32)(a)(b) | 190 | 152,547 | ||||||
2.38%, 07/16/40 (Call 01/16/40)(b) | 455 | 341,788 | ||||||
2.45%, 07/16/50 (Call 01/16/50)(a)(b) | 247 | 176,702 | ||||||
3.60%, 04/01/34 (Call 01/01/34)(b) | 295 | 277,269 | ||||||
3.88%, 04/01/39 (Call 10/01/38)(b) | 424 | 392,398 | ||||||
3.95%, 04/01/44 (Call 10/01/43)(b) | 123 | 113,625 | ||||||
3.95%, 04/01/49 (Call 10/01/48)(a)(b) | 520 | 486,188 | ||||||
4.13%, 04/01/54 (Call 10/01/53)(a)(b) | 310 | 291,277 | ||||||
4.20%, 04/01/59 (Call 10/01/58)(a)(b) | 417 | 399,082 | ||||||
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47) | 220 | 206,638 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
Mondelez International Inc. | ||||||||
1.88%, 10/15/32 (Call 07/15/32) | $ | 172 | $ | 138,335 | ||||
2.63%, 09/04/50 (Call 03/04/50) | 593 | 416,730 | ||||||
Nestle Holdings Inc. | ||||||||
2.50%, 09/14/41 (Call 03/14/41)(a)(b) | 367 | 290,923 | ||||||
2.63%, 09/14/51 (Call 03/14/51)(a)(b) | 345 | 263,667 | ||||||
3.90%, 09/24/38 (Call 03/24/38)(b) | 576 | 553,694 | ||||||
4.00%, 09/24/48 (Call 03/24/48)(b) | 1,108 | 1,074,839 | ||||||
Sysco Corp. | ||||||||
3.15%, 12/14/51 (Call 06/14/51) | 355 | 260,034 | ||||||
3.30%, 02/15/50 (Call 08/15/49) | 364 | 279,729 | ||||||
4.45%, 03/15/48 (Call 09/15/47)(a) | 314 | 290,555 | ||||||
4.50%, 04/01/46 (Call 10/01/45) | 286 | 264,910 | ||||||
4.85%, 10/01/45 (Call 04/01/45) | 299 | 285,449 | ||||||
5.38%, 09/21/35 | 305 | 323,049 | ||||||
6.60%, 04/01/40 (Call 10/01/39) | 290 | 345,598 | ||||||
6.60%, 04/01/50 (Call 10/01/49) | 628 | 746,563 | ||||||
Tesco PLC, 6.15%, 11/15/37(b) | 290 | 318,608 | ||||||
Tyson Foods Inc. | ||||||||
4.55%, 06/02/47 (Call 12/02/46) | 417 | 400,146 | ||||||
4.88%, 08/15/34 (Call 02/15/34) | 235 | 240,435 | ||||||
5.10%, 09/28/48 (Call 03/28/48) | 875 | 907,479 | ||||||
5.15%, 08/15/44 (Call 02/15/44)(a) | 228 | 233,173 | ||||||
|
| |||||||
28,272,014 | ||||||||
Forest Products & Paper — 0.3% | ||||||||
Celulosa Arauco y Constitucion SA | ||||||||
5.15%, 01/29/50 (Call 07/29/49)(a)(b) | 80 | 71,601 | ||||||
5.50%, 11/02/47 (Call 05/02/47) | 280 | 256,553 | ||||||
5.50%, 04/30/49 (Call 10/30/48)(a)(b) | 405 | 371,085 | ||||||
International Paper Co. | ||||||||
4.35%, 08/15/48 (Call 02/15/48)(a) | 289 | 267,667 | ||||||
4.40%, 08/15/47 (Call 02/15/47) | 426 | 398,782 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 421 | 414,427 | ||||||
6.00%, 11/15/41 (Call 05/15/41) | 438 | 485,020 | ||||||
7.30%, 11/15/39 | 494 | 609,899 | ||||||
8.70%, 06/15/38 | 270 | 363,888 | ||||||
Stora Enso OYJ, 7.25%, 04/15/36(a)(b) | 320 | 374,211 | ||||||
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(b) | 748 | 748,568 | ||||||
|
| |||||||
4,361,701 | ||||||||
Gas — 1.0% | ||||||||
APT Pipelines Ltd., 5.00%, 03/23/35 (Call 12/23/34)(b) | 294 | 296,792 | ||||||
Atmos Energy Corp. | ||||||||
2.85%, 02/15/52 (Call 08/15/51)(a) | 357 | 271,641 | ||||||
3.38%, 09/15/49 (Call 03/15/49)(a) | 145 | 122,722 | ||||||
4.13%, 10/15/44 (Call 04/15/44) | 510 | 474,882 | ||||||
4.13%, 03/15/49 (Call 09/15/48) | 247 | 233,115 | ||||||
4.15%, 01/15/43 (Call 07/15/42) | 317 | 294,569 | ||||||
4.30%, 10/01/48 (Call 04/01/48) | 331 | 315,720 | ||||||
5.50%, 06/15/41 (Call 12/15/40) | 335 | 364,738 | ||||||
Boston Gas Co., 4.49%, 02/15/42(b) | 335 | 311,607 | ||||||
Brooklyn Union Gas Co. (The) | ||||||||
4.27%, 03/15/48 (Call 09/15/47)(a)(b) | 349 | 305,485 | ||||||
4.49%, 03/04/49 (Call 09/04/48)(b) | 222 | 200,425 | ||||||
4.50%, 03/10/46 (Call 09/10/45)(b) | 337 | 306,434 | ||||||
CenterPoint Energy Resources Corp. | ||||||||
4.10%, 09/01/47 (Call 03/01/47)(a) | 191 | 176,155 | ||||||
5.85%, 01/15/41 (Call 07/15/40) | 358 | 399,175 | ||||||
6.63%, 11/01/37 | 180 | 207,230 |
Security | Par (000) | Value | ||||||
Gas (continued) | ||||||||
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(a)(b) | $ | 492 | $ | 375,836 | ||||
KeySpan Gas East Corp. | ||||||||
3.59%, 01/18/52 (Call 07/18/51)(b) | 315 | 253,384 | ||||||
5.82%, 04/01/41(b) | 235 | 251,078 | ||||||
Korea Gas Corp., 6.25%, 01/20/42(a)(b) | 410 | 528,925 | ||||||
Mega Advance Investments Ltd., 6.38%, 05/12/41(a)(b) | 200 | 234,010 | ||||||
Nakilat Inc., 6.07%, 12/31/33(a)(b) | 332 | 359,422 | ||||||
NiSource Inc. | ||||||||
3.95%, 03/30/48 (Call 09/30/47)(a) | 406 | 344,704 | ||||||
4.38%, 05/15/47 (Call 11/15/46) | 560 | 503,377 | ||||||
4.80%, 02/15/44 (Call 08/15/43) | 400 | 370,058 | ||||||
5.25%, 02/15/43 (Call 08/15/42) | 254 | 251,748 | ||||||
5.65%, 02/01/45 (Call 08/01/44) | 276 | 282,120 | ||||||
5.80%, 02/01/42 (Call 08/01/41) | 185 | 193,137 | ||||||
5.95%, 06/15/41 (Call 12/15/40) | 226 | 242,066 | ||||||
ONE Gas Inc. | ||||||||
4.50%, 11/01/48 (Call 05/01/48) | 139 | 134,590 | ||||||
4.66%, 02/01/44 (Call 08/01/43) | 461 | 444,577 | ||||||
Piedmont Natural Gas Co. Inc. | ||||||||
3.35%, 06/01/50 (Call 12/01/49) | 246 | 195,562 | ||||||
3.64%, 11/01/46 (Call 05/01/46) | 170 | 141,112 | ||||||
4.10%, 09/18/34 (Call 03/18/34) | 195 | 184,752 | ||||||
4.65%, 08/01/43 (Call 02/01/43) | 185 | 178,191 | ||||||
Southern California Gas Co. | ||||||||
3.75%, 09/15/42 (Call 03/15/42) | 160 | 143,136 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 190 | 175,216 | ||||||
5.13%, 11/15/40 | 220 | 229,387 | ||||||
Series KK, 5.75%, 11/15/35(a) | 200 | 218,154 | ||||||
Series UU, 4.13%, 06/01/48 (Call 12/01/47) | 100 | 92,647 | ||||||
Series VV, 4.30%, 01/15/49 (Call 07/15/48) | 284 | 274,131 | ||||||
Series WW, 3.95%, 02/15/50 (Call 08/15/49) | 145 | 130,610 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.95%, 10/01/46 (Call 04/01/46) | 241 | 206,050 | ||||||
4.40%, 06/01/43 (Call 12/01/42) | 310 | 282,231 | ||||||
4.40%, 05/30/47 (Call 11/30/46) | 301 | 275,655 | ||||||
5.88%, 03/15/41 (Call 09/15/40) | 391 | 425,834 | ||||||
6.00%, 10/01/34 | 165 | 179,683 | ||||||
Series 21A, 3.15%, 09/30/51 (Call 03/30/51) | 250 | 186,359 | ||||||
Southwest Gas Corp. | ||||||||
3.18%, 08/15/51 (Call 02/15/51) | 281 | 202,804 | ||||||
3.80%, 09/29/46 (Call 03/29/46)(a) | 180 | 152,112 | ||||||
4.15%, 06/01/49 (Call 12/01/48)(a) | 223 | 196,614 | ||||||
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44) | 120 | 114,887 | ||||||
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50) | 250 | 205,789 | ||||||
Washington Gas Light Co. | ||||||||
3.65%, 09/15/49 (Call 03/15/49) | 188 | 161,891 | ||||||
Series K, 3.80%, 09/15/46 (Call 03/15/46)(a) | 307 | 277,067 | ||||||
|
| |||||||
13,879,596 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Snap-on Inc. | ||||||||
3.10%, 05/01/50 (Call 11/01/49) | 342 | 276,823 | ||||||
4.10%, 03/01/48 (Call 09/01/47) | 263 | 251,785 | ||||||
Stanley Black & Decker Inc. | ||||||||
2.75%, 11/15/50 (Call 05/15/50)(a) | 189 | 137,025 | ||||||
3.00%, 05/15/32 (Call 02/15/32) | 200 | 180,026 | ||||||
4.85%, 11/15/48 (Call 05/15/48) | 187 | 193,623 | ||||||
5.20%, 09/01/40 | 545 | 579,490 | ||||||
|
| |||||||
1,618,772 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care - Products — 1.1% | ||||||||
Abbott Laboratories | ||||||||
4.75%, 11/30/36 (Call 05/30/36) | $ | 859 | $ | 929,137 | ||||
4.75%, 04/15/43 (Call 10/15/42)(a) | 473 | 501,117 | ||||||
4.90%, 11/30/46 (Call 05/30/46) | 1,554 | 1,698,127 | ||||||
5.30%, 05/27/40 | 473 | 532,293 | ||||||
6.00%, 04/01/39 | 495 | 593,996 | ||||||
6.15%, 11/30/37(a) | 429 | 518,274 | ||||||
Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)(a)(b) | 426 | 348,545 | ||||||
Baxter International Inc. | ||||||||
3.13%, 12/01/51 (Call 06/01/51)(b) | 355 | 264,013 | ||||||
3.50%, 08/15/46 (Call 02/15/46) | 534 | 433,969 | ||||||
4.50%, 06/15/43 (Call 12/15/42)(a) | 75 | 72,307 | ||||||
Boston Scientific Corp. | ||||||||
4.55%, 03/01/39 (Call 09/01/38) | 220 | 215,314 | ||||||
4.70%, 03/01/49 (Call 09/01/48)(a) | 304 | 303,507 | ||||||
6.75%, 11/15/35 | 290 | 343,881 | ||||||
7.38%, 01/15/40 | 305 | 387,010 | ||||||
Covidien International Finance SA, 6.55%, 10/15/37 | 295 | 354,376 | ||||||
Danaher Corp. | ||||||||
2.60%, 10/01/50 (Call 04/01/50) | 599 | 426,454 | ||||||
2.80%, 12/10/51 (Call 06/10/51) | 610 | 451,047 | ||||||
4.38%, 09/15/45 (Call 03/15/45) | 345 | 330,938 | ||||||
DH Europe Finance II Sarl | ||||||||
3.25%, 11/15/39 (Call 05/15/39)(a) | 438 | 378,994 | ||||||
3.40%, 11/15/49 (Call 05/15/49) | 528 | 445,602 | ||||||
Koninklijke Philips NV | ||||||||
5.00%, 03/15/42 | 324 | 327,799 | ||||||
6.88%, 03/11/38 | 516 | 624,418 | ||||||
Medtronic Inc. | ||||||||
4.00%, 04/01/43 (Call 10/01/42) | 50 | 47,886 | ||||||
4.38%, 03/15/35 | 1,154 | 1,188,319 | ||||||
4.63%, 03/15/45 | 945 | 989,825 | ||||||
PerkinElmer Inc., 3.63%, 03/15/51 (Call 09/15/50) | 293 | 236,883 | ||||||
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50) | 466 | 379,562 | ||||||
Stryker Corp. | ||||||||
2.90%, 06/15/50 (Call 12/15/49) | 230 | 172,952 | ||||||
4.10%, 04/01/43 (Call 10/01/42) | 192 | 174,438 | ||||||
4.38%, 05/15/44 (Call 11/15/43) | 295 | 276,769 | ||||||
4.63%, 03/15/46 (Call 09/15/45)(a) | 555 | 547,658 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
2.80%, 10/15/41 (Call 04/15/41)(a) | 550 | 439,922 | ||||||
4.10%, 08/15/47 (Call 02/15/47) | 477 | 458,471 | ||||||
5.30%, 02/01/44 (Call 08/01/43) | 313 | 347,082 | ||||||
Zimmer Biomet Holdings Inc. | ||||||||
4.25%, 08/15/35 (Call 02/15/35) | 199 | 186,088 | ||||||
4.45%, 08/15/45 (Call 02/15/45) | 189 | 170,184 | ||||||
5.75%, 11/30/39 | 259 | 279,275 | ||||||
|
| |||||||
16,376,432 | ||||||||
Health Care - Services — 4.0% | ||||||||
AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51) | 175 | 131,478 | ||||||
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48) | 215 | 186,345 | ||||||
Advocate Health & Hospitals Corp. | ||||||||
3.39%, 10/15/49 (Call 04/15/49) | 293 | 245,534 | ||||||
4.27%, 08/15/48 (Call 02/15/48) | 208 | 201,310 | ||||||
Series 2020, 3.01%, 06/15/50 (Call 12/15/49) | 210 | 163,985 | ||||||
Aetna Inc. | ||||||||
3.88%, 08/15/47 (Call 02/15/47)(a) | 508 | 438,228 |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
4.13%, 11/15/42 (Call 05/15/42) | $ | 279 | $ | 248,824 | ||||
4.50%, 05/15/42 (Call 11/15/41) | 279 | 262,434 | ||||||
4.75%, 03/15/44 (Call 09/15/43) | 162 | 157,303 | ||||||
6.63%, 06/15/36 | 606 | 708,879 | ||||||
6.75%, 12/15/37 | 284 | 335,860 | ||||||
AHS Hospital Corp. | ||||||||
5.02%, 07/01/45 | 100 | 108,273 | ||||||
Series 2021, 2.78%, 07/01/51 (Call 01/01/51) | 470 | 349,601 | ||||||
Allina Health System | ||||||||
2.90%, 11/15/51 (Call 05/15/51) | 50 | 38,541 | ||||||
4.81%, 11/15/45 (Call 05/15/45) | 50 | 51,647 | ||||||
Series 2019, 3.89%, 04/15/49 | 351 | 321,217 | ||||||
Anthem Inc. | ||||||||
3.13%, 05/15/50 (Call 11/15/49)(a) | 573 | 444,745 | ||||||
3.60%, 03/15/51 (Call 09/15/50) | 674 | 567,762 | ||||||
3.70%, 09/15/49 (Call 03/15/49) | 502 | 429,431 | ||||||
4.38%, 12/01/47 (Call 06/01/47) | 669 | 637,202 | ||||||
4.55%, 03/01/48 (Call 09/01/47) | 496 | 481,679 | ||||||
4.55%, 05/15/52 | 350 | 341,324 | ||||||
4.63%, 05/15/42 | 481 | 472,298 | ||||||
4.65%, 01/15/43 | 557 | 543,268 | ||||||
4.65%, 08/15/44 (Call 02/15/44) | 467 | 458,728 | ||||||
4.85%, 08/15/54 (Call 02/15/54) | 170 | 167,247 | ||||||
5.10%, 01/15/44 | 262 | 271,972 | ||||||
5.85%, 01/15/36 | 145 | 165,504 | ||||||
5.95%, 12/15/34 | 190 | 217,764 | ||||||
6.38%, 06/15/37(a) | 110 | 132,018 | ||||||
Ascension Health | ||||||||
3.95%, 11/15/46 | 624 | 600,628 | ||||||
4.85%, 11/15/53 | 290 | 316,698 | ||||||
Series B, 3.11%, 11/15/39 (Call 05/15/39) | 154 | 133,155 | ||||||
Banner Health | ||||||||
2.91%, 01/01/42 (Call 07/01/41) | 50 | 39,999 | ||||||
2.91%, 01/01/51 (Call 07/01/50) | 230 | 179,335 | ||||||
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)(a) | 239 | 196,421 | ||||||
Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41(a) | 181 | 174,282 | ||||||
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50) | 295 | 251,115 | ||||||
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50) | 301 | 275,785 | ||||||
Baylor Scott & White Holdings | ||||||||
3.97%, 11/15/46 (Call 05/15/46) | 145 | 136,163 | ||||||
4.19%, 11/15/45 (Call 05/15/45) | 278 | 268,464 | ||||||
Series 2021, 2.84%, 11/15/50 (Call 11/15/49) | 668 | 506,292 | ||||||
Beth Israel Lahey Health Inc., | 200 | 154,661 | ||||||
BHSH System Obligated Group, | 234 | 202,907 | ||||||
Bon Secours Mercy Health Inc., | 166 | 131,614 | ||||||
Catholic Health Services of Long Island Obligated Group,Series 2020, 3.37%, 07/01/50 (Call 01/01/50) | 240 | 187,391 | ||||||
Children’s Health System of Texas, | 340 | 237,603 | ||||||
Children’s Hospital Corp. (The) | ||||||||
Series 2017, 4.12%, 01/01/47 (Call 07/01/46) | 257 | 253,747 | ||||||
Series 2020, 2.59%, 02/01/50 (Call 08/01/49) | 140 | 101,353 | ||||||
Children’s Hospital Medical Center/Cincinnati OH, | 21 | 20,700 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50) | $ | 310 | $ | 226,402 | ||||
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50) | 209 | 151,897 | ||||||
City of Hope | ||||||||
Series 2013, 5.62%, 11/15/43 | 245 | 270,167 | ||||||
Series 2018, 4.38%, 08/15/48 (Call 02/15/48) | 184 | 178,748 | ||||||
CommonSpirit Health | ||||||||
3.82%, 10/01/49 (Call 04/01/49)(a) | 418 | 361,783 | ||||||
3.91%, 10/01/50 (Call 04/01/50) | 362 | 315,597 | ||||||
4.19%, 10/01/49 (Call 04/01/49) | 487 | 436,352 | ||||||
4.35%, 11/01/42 | 244 | 227,187 | ||||||
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49) | 203 | 157,535 | ||||||
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49) | 294 | 246,567 | ||||||
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48) | 194 | 186,243 | ||||||
Dignity Health | ||||||||
4.50%, 11/01/42 | 201 | 193,023 | ||||||
5.27%, 11/01/64 | 240 | 244,999 | ||||||
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46) | 333 | 312,101 | ||||||
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49) | 205 | 184,468 | ||||||
Hackensack Meridian Health Inc. | ||||||||
4.21%, 07/01/48 (Call 01/01/48) | 219 | 217,372 | ||||||
4.50%, 07/01/57 (Call 01/01/57) | 200 | 198,964 | ||||||
Series 2020, 2.68%, 09/01/41 (Call 03/01/41) | 105 | 82,536 | ||||||
Series 2020, 2.88%, 09/01/50 (Call 03/01/50) | 334 | 257,480 | ||||||
Hartford HealthCare Corp., 3.45%, 07/01/54(a) | 254 | 216,666 | ||||||
HCA Inc. | ||||||||
3.50%, 07/15/51 (Call 01/15/51) | 951 | 705,278 | ||||||
4.38%, 03/15/42 (Call 09/15/41)(b) | 265 | 230,338 | ||||||
4.63%, 03/15/52 (Call 09/15/51)(b) | 630 | 549,898 | ||||||
5.13%, 06/15/39 (Call 12/15/38) | 763 | 734,706 | ||||||
5.25%, 06/15/49 (Call 12/15/48) | 1,240 | 1,181,862 | ||||||
5.50%, 06/15/47 (Call 12/15/46) | 995 | 976,524 | ||||||
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 | 455 | 359,528 | ||||||
Humana Inc. | ||||||||
3.95%, 08/15/49 (Call 02/15/49) | 224 | 197,587 | ||||||
4.63%, 12/01/42 (Call 06/01/42) | 227 | 222,833 | ||||||
4.80%, 03/15/47 (Call 09/15/46) | 303 | 307,508 | ||||||
4.95%, 10/01/44 (Call 04/01/44) | 350 | 356,340 | ||||||
8.15%, 06/15/38(a) | 244 | 323,731 | ||||||
Indiana University Health Inc. Obligated Group | ||||||||
3.97%, 11/01/48 (Call 05/01/48) | 294 | 274,090 | ||||||
Series 2021, 2.85%, 11/01/51 (Call 05/01/51) | 80 | 60,660 | ||||||
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50) | 300 | 275,152 | ||||||
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49) | 199 | 181,413 | ||||||
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 | 381 | 355,877 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.15%, 05/01/47 (Call 11/01/46) | 889 | 860,598 | ||||||
4.88%, 04/01/42 | 619 | 662,801 | ||||||
Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 632 | 522,177 | ||||||
Series 2021, 2.81%, 06/01/41 (Call 12/01/40) | 205 | 162,225 |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
Series 2021, 3.00%, 06/01/51 (Call 12/01/50) | $ | 850 | $ | 658,982 | ||||
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44) | 513 | 490,717 | ||||||
Mass General Brigham Inc. | ||||||||
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)(a) | 142 | 130,438 | ||||||
Series 2020, 3.19%, 07/01/49 (Call 01/01/49) | 39 | 31,830 | ||||||
Series 2020, 3.34%, 07/01/60 (Call 01/01/60) | 594 | 470,020 | ||||||
Mayo Clinic | ||||||||
3.77%, 11/15/43 | 15 | 13,881 | ||||||
Series 2013, 4.00%, 11/15/47(a) | 100 | 94,865 | ||||||
Series 2016, 4.13%, 11/15/52(a) | 370 | 360,214 | ||||||
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)(a) | 341 | 271,755 | ||||||
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47) | 256 | 257,845 | ||||||
MedStar Health Inc., Series 20A, 3.63%, 08/15/49(a) | 195 | 173,677 | ||||||
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49) | 47 | 40,353 | ||||||
Memorial Sloan-Kettering Cancer Center | ||||||||
4.13%, 07/01/52 | 230 | 224,042 | ||||||
5.00%, 07/01/42 | 411 | 444,213 | ||||||
Series 2015, 4.20%, 07/01/55 | 375 | 365,413 | ||||||
Series 2020, 2.96%, 01/01/50 (Call 07/01/49) | 50 | 39,475 | ||||||
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50) | 230 | 169,741 | ||||||
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49) | 150 | 117,292 | ||||||
Montefiore Obligated Group | ||||||||
4.29%, 09/01/50 | 260 | 200,728 | ||||||
Series 18-C, 5.25%, 11/01/48 | 243 | 225,008 | ||||||
Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52 | 85 | 74,789 | ||||||
Mount Sinai Hospitals Group Inc. | ||||||||
Series 2017, 3.98%, 07/01/48 | 70 | 63,699 | ||||||
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)(a) | 344 | 299,202 | ||||||
Series 2020, 3.39%, 07/01/50 (Call 07/01/49) | 280 | 229,234 | ||||||
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50) | 141 | 106,839 | ||||||
New York and Presbyterian Hospital (The) | ||||||||
2.26%, 08/01/40 (Call 02/01/40) | 185 | 139,496 | ||||||
2.61%, 08/01/60 (Call 02/01/60) | 260 | 177,238 | ||||||
3.56%, 08/01/36 | 175 | 162,007 | ||||||
4.02%, 08/01/45(a) | 355 | 335,853 | ||||||
4.06%, 08/01/56 | 198 | 189,278 | ||||||
4.76%, 08/01/2116 | 180 | 177,651 | ||||||
Series 2019, 3.95%, (Call 02/01/2119) | 215 | 177,255 | ||||||
Northwell Healthcare Inc. | ||||||||
3.81%, 11/01/49 (Call 11/01/48) | 227 | 195,362 | ||||||
3.98%, 11/01/46 (Call 11/01/45) | 245 | 219,493 | ||||||
4.26%, 11/01/47 (Call 11/01/46)(a) | 459 | 413,492 | ||||||
6.15%, 11/01/43(a) | 190 | 225,661 | ||||||
Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51) | 125 | 92,641 | ||||||
Novant Health Inc. | ||||||||
2.64%, 11/01/36 (Call 08/01/36) | 160 | 131,114 | ||||||
3.17%, 11/01/51 (Call 05/01/51) | 402 | 323,591 | ||||||
3.32%, 11/01/61 (Call 05/01/61) | 331 | 264,844 | ||||||
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, | 214 | 157,940 | ||||||
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44) | 170 | 198,239 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
OhioHealth Corp. | ||||||||
2.83%, 11/15/41 (Call 05/15/41) | $ | 190 | $ | 150,035 | ||||
Series 2020, 3.04%, 11/15/50 (Call 05/15/50)(a) | 255 | 205,853 | ||||||
Orlando Health Obligated Group | ||||||||
3.33%, 10/01/50 (Call 04/01/50)(a) | 170 | 136,588 | ||||||
4.09%, 10/01/48 (Call 04/01/48) | 195 | 186,178 | ||||||
PeaceHealth Obligated Group | ||||||||
Series 2018, 4.79%, 11/15/48 (Call 05/15/48) | 200 | 215,695 | ||||||
Series 2020, 3.22%, 11/15/50 (Call 05/15/50) | 265 | 216,195 | ||||||
Piedmont Healthcare Inc. | ||||||||
2.86%, 01/01/52 (Call 07/01/51) | 299 | 219,873 | ||||||
Series 2042, 2.72%, 01/01/42 (Call 07/01/41) | 145 | 111,265 | ||||||
Providence St Joseph Health Obligated Group | ||||||||
Series 21A, 2.70%, 10/01/51 (Call 04/01/51) | 390 | 278,180 | ||||||
Series A, 3.93%, 10/01/48 (Call 04/01/48)(a) | 330 | 301,568 | ||||||
Series I, 3.74%, 10/01/47(a) | 120 | 106,729 | ||||||
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44) | 108 | 104,667 | ||||||
Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50) | 195 | 157,085 | ||||||
Roche Holdings Inc. | ||||||||
2.61%, 12/13/51 (Call 06/13/51)(b) | 1,075 | 809,042 | ||||||
4.00%, 11/28/44 (Call 05/28/44)(b) | 586 | 554,766 | ||||||
7.00%, 03/01/39(a)(b) | 275 | 369,325 | ||||||
RWJ Barnabas Health Inc. | ||||||||
3.48%, 07/01/49 (Call 01/01/49) | 34 | 28,886 | ||||||
3.95%, 07/01/46 (Call 07/01/45) | 220 | 207,527 | ||||||
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(a) | 280 | 202,140 | ||||||
Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51) | 125 | 94,818 | ||||||
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)(a) | 85 | 61,856 | ||||||
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45) | 205 | 213,206 | ||||||
Stanford Health Care | ||||||||
3.03%, 08/15/51 (Call 02/15/51) | 320 | 256,104 | ||||||
Series 2018, 3.80%, 11/15/48 (Call 05/15/48) | 188 | 174,064 | ||||||
Summa Health, 3.51%, 11/15/51 (Call 05/15/51) | 195 | 167,429 | ||||||
Sutter Health | ||||||||
Series 2018, 4.09%, 08/15/48 (Call 02/15/48) | 213 | 191,759 | ||||||
Series 20A, 3.16%, 08/15/40 (Call 02/15/40) | 145 | 117,757 | ||||||
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)(a) | 361 | 283,883 | ||||||
Texas Health Resources | ||||||||
2.33%, 11/15/50 (Call 05/15/50) | 25 | 16,764 | ||||||
4.33%, 11/15/55 | 260 | 265,222 | ||||||
Toledo Hospital (The) | ||||||||
4.98%, 11/15/45 (Call 05/15/45) | 210 | 181,264 | ||||||
5.75%, 11/15/38 (Call 11/15/28) | 260 | 275,189 | ||||||
6.02%, 11/15/48(a) | 125 | 131,367 | ||||||
Trinity Health Corp. | ||||||||
4.13%, 12/01/45 | 135 | 130,159 | ||||||
Series 2019, 3.43%, 12/01/48(a) | 220 | 188,132 | ||||||
Series 2021, 2.63%, 12/01/40 (Call 06/01/40) | 276 | 214,768 | ||||||
UnitedHealth Group Inc. | ||||||||
2.75%, 05/15/40 (Call 11/15/39) | 615 | 493,932 | ||||||
2.90%, 05/15/50 (Call 11/15/49) | 726 | 561,725 | ||||||
3.05%, 05/15/41 (Call 11/15/40) | 837 | 697,367 | ||||||
3.13%, 05/15/60 (Call 11/15/59) | 485 | 372,179 | ||||||
3.25%, 05/15/51 (Call 11/15/50) | 957 | 790,499 | ||||||
3.50%, 08/15/39 (Call 02/15/39) | 683 | 614,997 | ||||||
3.70%, 08/15/49 (Call 02/15/49) | 725 | 646,738 |
Security | Par (000) | Value | ||||||
Health Care - Services (continued) | ||||||||
3.75%, 10/15/47 (Call 04/15/47) | $ | 545 | $ | 488,203 | ||||
3.88%, 08/15/59 (Call 02/15/59) | 736 | 658,099 | ||||||
3.95%, 10/15/42 (Call 04/15/42) | 407 | 381,053 | ||||||
4.20%, 01/15/47 (Call 07/15/46) | 445 | 429,990 | ||||||
4.25%, 03/15/43 (Call 09/15/42) | 427 | 415,502 | ||||||
4.25%, 04/15/47 (Call 10/15/46) | 446 | 432,891 | ||||||
4.25%, 06/15/48 (Call 12/15/47) | 768 | 744,866 | ||||||
4.38%, 03/15/42 (Call 09/15/41) | 390 | 383,953 | ||||||
4.45%, 12/15/48 (Call 06/15/48) | 555 | 554,899 | ||||||
4.63%, 07/15/35 | 172 | 176,163 | ||||||
4.63%, 11/15/41 (Call 05/15/41) | 444 | 455,103 | ||||||
4.75%, 07/15/45(a) | 1,060 | 1,106,421 | ||||||
5.70%, 10/15/40 (Call 04/15/40) | 209 | 237,973 | ||||||
5.80%, 03/15/36(a) | 438 | 501,350 | ||||||
5.95%, 02/15/41 (Call 08/15/40) | 302 | 353,422 | ||||||
6.50%, 06/15/37 | 376 | 458,999 | ||||||
6.63%, 11/15/37 | 461 | 569,774 | ||||||
6.88%, 02/15/38 | 260 | 331,616 | ||||||
WakeMed, 3.29%, 10/01/52 (Call 04/01/52) | 50 | 40,173 | ||||||
West Virginia United Health System Obligated Group, | 240 | 184,604 | ||||||
Willis-Knighton Medical Center | ||||||||
Series 2018, 4.81%, 09/01/48 (Call 03/01/48) | 195 | 197,656 | ||||||
Series 2021, 3.07%, 03/01/51 (Call 09/01/50) | 318 | 244,344 | ||||||
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49) | 200 | 143,237 | ||||||
|
| |||||||
58,144,400 | ||||||||
Holding Companies - Diversified — 0.1% | ||||||||
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(b) | 50 | 52,250 | ||||||
CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)(b) | 780 | 667,136 | ||||||
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33(b) | 425 | 551,136 | ||||||
JAB Holdings BV, 3.75%, 05/28/51 (Call 11/28/50)(b) | 484 | 368,902 | ||||||
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b) | 530 | 395,742 | ||||||
|
| |||||||
2,035,166 | ||||||||
Home Builders — 0.1% | ||||||||
MDC Holdings Inc. | ||||||||
3.97%, 08/06/61 (Call 02/06/61) | 225 | 148,984 | ||||||
6.00%, 01/15/43 (Call 10/15/42) | 291 | 273,324 | ||||||
PulteGroup Inc. | ||||||||
6.00%, 02/15/35 | 185 | 193,589 | ||||||
6.38%, 05/15/33 | 258 | 278,831 | ||||||
7.88%, 06/15/32 | 392 | 473,480 | ||||||
|
| |||||||
1,368,208 | ||||||||
Home Furnishings — 0.1% | ||||||||
Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51) | 348 | 274,832 | ||||||
Whirlpool Corp. | ||||||||
4.50%, 06/01/46 (Call 12/01/45)(a) | 231 | 210,812 | ||||||
4.60%, 05/15/50 (Call 11/15/49)(a) | 301 | 277,667 | ||||||
5.15%, 03/01/43 | 191 | 187,998 | ||||||
|
| |||||||
951,309 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Church & Dwight Co. Inc., 3.95%, 08/01/47 (Call 02/01/47) | 239 | 221,500 | ||||||
Kimberly-Clark Corp. | ||||||||
2.88%, 02/07/50 (Call 08/07/49)(a) | 186 | 147,396 | ||||||
3.20%, 07/30/46 (Call 01/30/46) | 180 | 152,253 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Household Products & Wares (continued) | ||||||||
3.70%, 06/01/43 | $ | 140 | $ | 122,265 | ||||
3.90%, 05/04/47 (Call 11/04/46)(a) | 195 | 183,177 | ||||||
5.30%, 03/01/41 | 220 | 242,723 | ||||||
6.63%, 08/01/37 | 540 | 679,700 | ||||||
SC Johnson & Son Inc. | ||||||||
4.00%, 05/15/43 (Call 02/15/43)(a)(b) | 305 | 280,118 | ||||||
4.35%, 09/30/44 (Call 03/30/44)(b) | 75 | 73,502 | ||||||
4.75%, 10/15/46 (Call 04/16/46)(a)(b) | 735 | 772,334 | ||||||
4.80%, 09/01/40(a)(b) | 200 | 202,538 | ||||||
|
| |||||||
3,077,506 | ||||||||
Insurance — 5.3% | ||||||||
Aflac Inc. | ||||||||
4.00%, 10/15/46 (Call 04/15/46) | 191 | 176,754 | ||||||
4.75%, 01/15/49 (Call 07/15/48) | 183 | 188,962 | ||||||
6.45%, 08/15/40 | 301 | 353,186 | ||||||
AIA Group Ltd. | ||||||||
3.20%, 09/16/40 (Call 03/16/40)(b) | 1,020 | 842,897 | ||||||
4.50%, 03/16/46 (Call 09/16/45)(b) | 365 | 355,528 | ||||||
4.88%, 03/11/44(a)(b) | 197 | 202,175 | ||||||
Alleghany Corp. | ||||||||
3.25%, 08/15/51 (Call 02/15/51) | 210 | 165,033 | ||||||
4.90%, 09/15/44 (Call 03/15/44) | 64 | 65,340 | ||||||
Allstate Corp. (The) | ||||||||
3.85%, 08/10/49 (Call 02/10/49) | 287 | 257,923 | ||||||
4.20%, 12/15/46 (Call 06/15/46)(a) | 393 | 374,940 | ||||||
4.50%, 06/15/43 | 292 | 286,262 | ||||||
5.35%, 06/01/33 | 148 | 161,040 | ||||||
5.55%, 05/09/35 | 357 | 399,628 | ||||||
5.95%, 04/01/36 | 325 | 369,838 | ||||||
6.50%, 05/15/57 (Call 05/15/37), | 345 | 396,533 | ||||||
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)(a) | 400 | 367,239 | ||||||
American International Group Inc. | ||||||||
4.38%, 06/30/50 (Call 12/30/49)(a) | 665 | 642,460 | ||||||
4.75%, 04/01/48 (Call 10/01/47) | 649 | 665,204 | ||||||
4.80%, 07/10/45 (Call 01/10/45) | 540 | 538,793 | ||||||
6.25%, 05/01/36 | 415 | 483,880 | ||||||
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(a)(b) | 307 | 255,579 | ||||||
Aon Corp., 6.25%, 09/30/40 | 195 | 225,522 | ||||||
Aon Corp./Aon Global Holdings PLC | ||||||||
2.90%, 08/23/51 (Call 02/23/51)(a) | 359 | 261,875 | ||||||
3.90%, 02/28/52 (Call 08/28/51) | 330 | 284,527 | ||||||
Aon PLC | ||||||||
4.25%, 12/12/42 | 185 | 165,447 | ||||||
4.45%, 05/24/43 (Call 02/24/43) | 190 | 178,339 | ||||||
4.60%, 06/14/44 (Call 03/14/44) | 319 | 303,765 | ||||||
4.75%, 05/15/45 (Call 11/15/44) | 314 | 307,863 | ||||||
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46) | 280 | 280,004 | ||||||
Arch Capital Group Ltd. | ||||||||
3.64%, 06/30/50 (Call 12/30/49) | 518 | 433,949 | ||||||
7.35%, 05/01/34 | 300 | 366,202 | ||||||
Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 240 | 244,257 | ||||||
Arthur J Gallagher & Co. | ||||||||
3.05%, 03/09/52 (Call 09/09/51) | 215 | 159,776 | ||||||
3.50%, 05/20/51 (Call 11/20/50) | 497 | 401,925 | ||||||
Assurant Inc., 6.75%, 02/15/34 | 283 | 320,151 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51) | $ | 230 | $ | 183,546 | ||||
Athene Holding Ltd. | ||||||||
3.45%, 05/15/52 (Call 11/15/51) | 315 | 231,875 | ||||||
3.95%, 05/25/51 (Call 11/25/50) | 306 | 247,976 | ||||||
AXA SA, 6.38%, (Call 12/14/36), (3 mo. LIBOR US + 2.256%)(a)(b)(d)(e) | 100 | 123,934 | ||||||
AXIS Specialty Finance PLC, 5.15%, 04/01/45 | 188 | 187,958 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
2.50%, 01/15/51 (Call 07/15/50) | 561 | 393,670 | ||||||
2.85%, 10/15/50 (Call 04/15/50) | 1,121 | 850,222 | ||||||
3.85%, 03/15/52 (Call 09/15/51) | 650 | 578,249 | ||||||
4.20%, 08/15/48 (Call 02/15/48) | 1,351 | 1,290,833 | ||||||
4.25%, 01/15/49 (Call 07/15/48)(a) | 1,155 | 1,117,708 | ||||||
4.30%, 05/15/43 | 486 | 474,050 | ||||||
4.40%, 05/15/42 | 542 | 524,588 | ||||||
5.75%, 01/15/40(a) | 644 | 737,718 | ||||||
Berkshire Hathaway Inc., 4.50%, 02/11/43 | 701 | 699,922 | ||||||
Brighthouse Financial Inc. | ||||||||
3.85%, 12/22/51 (Call 06/22/51) | 185 | 136,512 | ||||||
4.70%, 06/22/47 (Call 12/22/46) | 596 | 512,522 | ||||||
Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51) | 390 | 374,255 | ||||||
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39(a) | 137 | 111,501 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37 | 210 | 244,601 | ||||||
Chubb INA Holdings Inc. | ||||||||
2.85%, 12/15/51 (Call 06/15/51) | 500 | 381,067 | ||||||
3.05%, 12/15/61 (Call 06/15/61) | 670 | 500,769 | ||||||
4.15%, 03/13/43(a) | 250 | 239,678 | ||||||
4.35%, 11/03/45 (Call 05/03/45) | 860 | 844,471 | ||||||
Cincinnati Financial Corp., 6.13%, 11/01/34(a) | 345 | 398,458 | ||||||
Corebridge Financial Inc. | ||||||||
4.35%, 04/05/42(b) | 600 | 542,592 | ||||||
4.40%, 04/05/52(b) | 400 | 356,707 | ||||||
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(b) | 387 | 296,183 | ||||||
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47) | 810 | 786,190 | ||||||
Everest Reinsurance Holdings Inc. | ||||||||
3.13%, 10/15/52 (Call 04/15/52)(a) | 600 | 443,792 | ||||||
3.50%, 10/15/50 (Call 04/15/50) | 415 | 334,377 | ||||||
4.87%, 06/01/44 | 335 | 335,121 | ||||||
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3 mo. LIBOR US + | 135 | 148,300 | ||||||
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3 mo. LIBOR US + | 160 | 168,375 | ||||||
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3 mo. LIBOR US + | 195 | 190,954 | ||||||
Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51) | 275 | 193,175 | ||||||
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)(b) | 276 | 274,051 | ||||||
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(b) | 358 | 333,836 | ||||||
Guardian Life Insurance Co. of America (The) | ||||||||
3.70%, 01/22/70 (Call 07/22/69)(b) | 189 | 149,810 | ||||||
4.85%, 01/24/77(b) | 310 | 304,116 | ||||||
4.88%, 06/19/64(b) | 261 | 261,418 | ||||||
Hartford Financial Services Group Inc. (The) | ||||||||
2.90%, 09/15/51 (Call 03/15/51) | 235 | 173,608 | ||||||
3.60%, 08/19/49 (Call 02/19/49) | 347 | 293,280 | ||||||
4.30%, 04/15/43 | 194 | 179,424 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
4.40%, 03/15/48 (Call 09/15/47) | $ | 204 | $ | 194,325 | ||||
5.95%, 10/15/36 | 315 | 352,577 | ||||||
6.10%, 10/01/41 | 290 | 332,410 | ||||||
6.63%, 03/30/40 | 260 | 313,968 | ||||||
Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(b) | 200 | 156,312 | ||||||
Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)(a)(b) | 370 | 289,491 | ||||||
Liberty Mutual Group Inc. | ||||||||
3.95%, 10/15/50 (Call 04/15/50)(b) | 726 | 611,849 | ||||||
3.95%, 05/15/60 (Call 11/15/59)(b) | 344 | 278,613 | ||||||
6.50%, 03/15/35(b) | 225 | 262,357 | ||||||
6.50%, 05/01/42(a)(b) | 145 | 174,032 | ||||||
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)(b) | 255 | 324,396 | ||||||
Lincoln National Corp. | ||||||||
4.35%, 03/01/48 (Call 09/01/47) | 196 | 177,086 | ||||||
4.38%, 06/15/50 (Call 12/15/49) | 171 | 158,970 | ||||||
6.30%, 10/09/37 | 266 | 303,095 | ||||||
7.00%, 06/15/40 | 333 | 411,218 | ||||||
Loews Corp. | ||||||||
4.13%, 05/15/43 (Call 11/15/42) | 260 | 236,450 | ||||||
6.00%, 02/01/35 | 311 | 349,962 | ||||||
Manulife Financial Corp., 5.38%, 03/04/46 | 410 | 465,211 | ||||||
Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)(b) | 350 | 288,628 | ||||||
Markel Corp. | ||||||||
3.45%, 05/07/52 (Call 11/07/51)(a) | 330 | 261,619 | ||||||
4.15%, 09/17/50 (Call 03/17/50) | 220 | 197,469 | ||||||
4.30%, 11/01/47 (Call 05/01/47) | 290 | 266,576 | ||||||
5.00%, 03/30/43 | 185 | 182,262 | ||||||
5.00%, 04/05/46 | 240 | 239,999 | ||||||
5.00%, 05/20/49 (Call 11/20/48) | 363 | 369,520 | ||||||
Marsh & McLennan Companies Inc. | ||||||||
2.90%, 12/15/51 (Call 06/15/51) | 200 | 148,798 | ||||||
4.20%, 03/01/48 (Call 09/01/47) | 315 | 299,784 | ||||||
4.35%, 01/30/47 (Call 07/30/46) | 291 | 280,778 | ||||||
4.75%, 03/15/39 (Call 09/15/38) | 395 | 398,911 | ||||||
4.90%, 03/15/49 (Call 09/15/48) | 646 | 673,241 | ||||||
5.88%, 08/01/33 | 380 | 425,544 | ||||||
Massachusetts Mutual Life Insurance Co. | ||||||||
3.20%, 12/01/61(a)(b) | 280 | 204,699 | ||||||
3.38%, 04/15/50(a)(b) | 194 | 155,497 | ||||||
3.73%, 10/15/70(a)(b) | 471 | 366,141 | ||||||
4.50%, 04/15/65(b) | 175 | 158,101 | ||||||
4.90%, 04/01/77(b) | 254 | 244,872 | ||||||
5.08%, 02/15/69 (Call 02/15/49), | 470 | 468,280 | ||||||
5.38%, 12/01/41(a)(b) | 346 | 368,075 | ||||||
MetLife Capital Trust IV, 7.88%, 12/15/37 (Call 12/15/32)(b) | 380 | 431,300 | ||||||
MetLife Inc. | ||||||||
4.05%, 03/01/45 | 503 | 465,765 | ||||||
4.13%, 08/13/42 | 323 | 300,739 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(a) | 387 | 396,712 | ||||||
4.72%, 12/15/44 | 247 | 249,833 | ||||||
4.88%, 11/13/43 | 512 | 524,914 | ||||||
5.70%, 06/15/35 | 534 | 597,771 | ||||||
5.88%, 02/06/41 | 530 | 609,510 | ||||||
6.38%, 06/15/34 | 562 | 659,339 | ||||||
6.40%, 12/15/36 (Call 12/15/31) | 998 | 1,035,136 | ||||||
6.50%, 12/15/32 | 495 | 588,169 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
9.25%, 04/08/38 (Call 04/08/33)(b) | $ | 125 | $ | 154,453 | ||||
10.75%, 08/01/39 (Call 08/01/34) | 381 | 532,448 | ||||||
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(b) | 65 | 73,508 | ||||||
National Life Insurance Co., 5.25%, 07/19/68 (Call 07/19/48), (3 mo. LIBOR US + 3.314%)(a)(b)(d) | 50 | 48,079 | ||||||
Nationwide Financial Services Inc. | ||||||||
3.90%, 11/30/49 (Call 05/30/49)(b) | 574 | 511,751 | ||||||
5.30%, 11/18/44(b) | 244 | 246,393 | ||||||
6.75%, 05/15/37 | 25 | 26,844 | ||||||
Nationwide Mutual Insurance Co. | ||||||||
4.35%, 04/30/50 (Call 10/30/49)(b) | 799 | 708,310 | ||||||
4.95%, 04/22/44(b) | 197 | 192,058 | ||||||
7.88%, 04/01/33(b) | 150 | 180,573 | ||||||
9.38%, 08/15/39(b) | 526 | 752,886 | ||||||
New York Life Insurance Co. | ||||||||
3.75%, 05/15/50 (Call 11/15/49)(b) | 468 | 407,864 | ||||||
4.45%, 05/15/69 (Call 11/15/68)(b) | 625 | 567,481 | ||||||
5.88%, 05/15/33(b) | 600 | 671,008 | ||||||
6.75%, 11/15/39(b) | 700 | 869,400 | ||||||
Northwestern Mutual Life Insurance Co. (The) | ||||||||
3.45%, 03/30/51 (Call 09/30/50)(b) | 425 | 347,638 | ||||||
3.63%, 09/30/59 (Call 03/30/59)(b) | 795 | 640,104 | ||||||
3.85%, 09/30/47 (Call 03/30/47)(b) | 560 | 493,026 | ||||||
6.06%, 03/30/40(a)(b) | 787 | 895,793 | ||||||
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a)(b) | 190 | 204,923 | ||||||
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50) | 410 | 334,316 | ||||||
OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(b) | 85 | 75,129 | ||||||
Pacific Life Insurance Co. | ||||||||
4.30%, 10/24/67 (Call 10/24/47), | 465 | 405,903 | ||||||
9.25%, 06/15/39(b) | 185 | 267,138 | ||||||
Pacific LifeCorp. | ||||||||
3.35%, 09/15/50 (Call 03/15/50)(a)(b) | 485 | 390,492 | ||||||
5.13%, 01/30/43(b) | 120 | 124,023 | ||||||
6.60%, 09/15/33(a)(b) | 475 | 569,867 | ||||||
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(b) | 330 | 258,368 | ||||||
Principal Financial Group Inc. | ||||||||
4.30%, 11/15/46 (Call 05/15/46)(a) | 170 | 166,168 | ||||||
4.35%, 05/15/43 | 193 | 181,575 | ||||||
4.63%, 09/15/42 | 177 | 173,534 | ||||||
6.05%, 10/15/36 | 346 | 401,567 | ||||||
Progressive Corp. (The) | ||||||||
3.70%, 01/26/45 | 275 | 238,208 | ||||||
3.70%, 03/15/52 (Call 09/15/51) | 375 | 328,588 | ||||||
3.95%, 03/26/50 (Call 09/26/49)(a) | 243 | 223,507 | ||||||
4.13%, 04/15/47 (Call 10/15/46) | 428 | 407,266 | ||||||
4.20%, 03/15/48 (Call 09/15/47) | 341 | 329,110 | ||||||
4.35%, 04/25/44(a) | 193 | 187,212 | ||||||
6.25%, 12/01/32 | 422 | 496,011 | ||||||
Prudential Financial Inc. | ||||||||
3.00%, 03/10/40 (Call 09/10/39) | 210 | 173,533 | ||||||
3.70%, 03/13/51 (Call 09/13/50) | 809 | 700,623 | ||||||
3.91%, 12/07/47 (Call 06/07/47)(a) | 561 | 503,299 | ||||||
3.94%, 12/07/49 (Call 06/07/49) | 594 | 530,235 | ||||||
4.35%, 02/25/50 (Call 08/25/49)(a) | 559 | 545,077 | ||||||
4.42%, 03/27/48 (Call 09/27/47) | 335 | 326,864 | ||||||
4.60%, 05/15/44(a) | 338 | 334,160 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
5.70%, 12/14/36 | $ | 401 | $ | 450,326 | ||||
5.75%, 07/15/33(a) | 252 | 278,509 | ||||||
6.63%, 12/01/37 | 260 | 315,023 | ||||||
6.63%, 06/21/40(a) | 159 | 189,949 | ||||||
Securian Financial Group Inc., 4.80%, 04/15/48(b) | 210 | 202,153 | ||||||
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48) | 267 | 270,220 | ||||||
Sompo International Holdings Ltd., 7.00%, 07/15/34(a) | 365 | 428,136 | ||||||
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42(b) | 285 | 284,355 | ||||||
Teachers Insurance & Annuity Association of America | ||||||||
3.30%, 05/15/50 (Call 11/15/49)(a)(b) | 700 | 560,742 | ||||||
4.27%, 05/15/47 (Call 11/15/46)(b) | 1,155 | 1,089,578 | ||||||
4.90%, 09/15/44(b) | 862 | 869,842 | ||||||
6.85%, 12/16/39(b) | 696 | 846,227 | ||||||
Transatlantic Holdings Inc., 8.00%, 11/30/39(a) | 389 | 532,404 | ||||||
Travelers Companies Inc. (The) | ||||||||
2.55%, 04/27/50 (Call 10/27/49)(a) | 469 | 342,670 | ||||||
3.05%, 06/08/51 (Call 12/08/50) | 315 | 253,067 | ||||||
3.75%, 05/15/46 (Call 11/15/45) | 322 | 290,231 | ||||||
4.00%, 05/30/47 (Call 11/30/46) | 329 | 307,103 | ||||||
4.05%, 03/07/48 (Call 09/07/47) | 281 | 266,062 | ||||||
4.10%, 03/04/49 (Call 09/04/48) | 281 | 266,108 | ||||||
4.30%, 08/25/45 (Call 02/25/45) | 215 | 210,108 | ||||||
4.60%, 08/01/43 | 304 | 309,382 | ||||||
5.35%, 11/01/40 | 405 | 448,521 | ||||||
6.25%, 06/15/37 | 492 | 589,575 | ||||||
6.75%, 06/20/36 | 267 | 329,783 | ||||||
Travelers Property Casualty Corp., 6.38%, 03/15/33 | 365 | 436,199 | ||||||
Trinity Acquisition PLC, 6.13%, 08/15/43 | 99 | 105,938 | ||||||
Unum Group | ||||||||
4.13%, 06/15/51 (Call 12/15/50) | 125 | 98,015 | ||||||
4.50%, 12/15/49 (Call 06/15/49)(a) | 295 | 247,398 | ||||||
5.75%, 08/15/42 | 405 | 404,018 | ||||||
Voya Financial Inc. | ||||||||
4.80%, 06/15/46 | 293 | 297,003 | ||||||
5.70%, 07/15/43 | 165 | 179,102 | ||||||
W R Berkley Corp. | ||||||||
3.15%, 09/30/61 (Call 03/30/61) | 255 | 179,093 | ||||||
3.55%, 03/30/52 (Call 09/30/51) | 293 | 237,246 | ||||||
4.00%, 05/12/50 (Call 11/12/49) | 282 | 248,089 | ||||||
4.75%, 08/01/44(a) | 165 | 164,428 | ||||||
Western & Southern Life Insurance Co. (The) | ||||||||
3.75%, 04/28/61 (Call 10/28/60)(b) | 270 | 218,648 | ||||||
5.15%, 01/15/49 (Call 07/15/48)(a)(b) | 235 | 246,703 | ||||||
Willis North America Inc. | ||||||||
3.88%, 09/15/49 (Call 03/15/49)(a) | 346 | 287,634 | ||||||
5.05%, 09/15/48 (Call 03/15/48)(a) | 263 | 262,513 | ||||||
WR Berkley Corp., 6.25%, 02/15/37 | 50 | 56,190 | ||||||
XLIT Ltd. | ||||||||
5.25%, 12/15/43 | 165 | 184,257 | ||||||
5.50%, 03/31/45(a) | 256 | 278,002 | ||||||
|
| |||||||
77,141,355 | ||||||||
Internet — 1.7% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
2.70%, 02/09/41 (Call 08/09/40) | 663 | 469,346 | ||||||
3.15%, 02/09/51 (Call 08/09/50) | 500 | 349,838 | ||||||
3.25%, 02/09/61 (Call 08/09/60) | 700 | 473,906 | ||||||
4.00%, 12/06/37 (Call 06/06/37)(a) | 522 | 451,660 | ||||||
4.20%, 12/06/47 (Call 06/06/47) | 1,162 | 970,023 | ||||||
4.40%, 12/06/57 (Call 06/06/57)(a) | 585 | 501,270 |
Security | Par (000) | Value | ||||||
Internet (continued) | ||||||||
4.50%, 11/28/34 (Call 05/28/34) | $ | 367 | $ | 346,785 | ||||
Alphabet Inc. | ||||||||
1.90%, 08/15/40 (Call 02/15/40) | 664 | 486,406 | ||||||
2.05%, 08/15/50 (Call 02/15/50) | 1,278 | 879,389 | ||||||
2.25%, 08/15/60 (Call 02/15/60) | 1,094 | 727,378 | ||||||
Amazon.com Inc. | ||||||||
2.50%, 06/03/50 (Call 12/03/49) | 1,471 | 1,087,091 | ||||||
2.70%, 06/03/60 (Call 12/03/59) | 1,133 | 805,442 | ||||||
2.88%, 05/12/41 (Call 11/12/40) | 1,192 | 987,187 | ||||||
3.10%, 05/12/51 (Call 11/12/50) | 1,831 | 1,507,305 | ||||||
3.25%, 05/12/61 (Call 11/12/60) | 1,002 | 812,208 | ||||||
3.88%, 08/22/37 (Call 02/22/37) | 1,463 | 1,424,199 | ||||||
3.95%, 04/13/52 (Call 10/13/51) | 1,410 | 1,351,258 | ||||||
4.05%, 08/22/47 (Call 02/22/47) | 1,909 | 1,859,747 | ||||||
4.10%, 04/13/62 (Call 10/13/61) | 900 | 859,036 | ||||||
4.25%, 08/22/57 (Call 02/22/57) | 1,220 | 1,212,969 | ||||||
4.80%, 12/05/34 (Call 06/05/34) | 639 | 687,388 | ||||||
4.95%, 12/05/44 (Call 06/05/44) | 851 | 924,976 | ||||||
eBay Inc. | ||||||||
3.65%, 05/10/51 (Call 11/10/50) | 555 | 450,570 | ||||||
4.00%, 07/15/42 (Call 01/15/42) | 386 | 342,874 | ||||||
JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)(a) | 208 | 166,906 | ||||||
Prosus NV | ||||||||
3.83%, 02/08/51 (Call 08/08/50)(b) | 255 | 168,701 | ||||||
4.03%, 08/03/50 (Call 02/03/50)(b) | 1,002 | 696,708 | ||||||
4.99%, 01/19/52 (Call 07/19/51)(b) | 730 | 572,157 | ||||||
Tencent Holdings Ltd. | ||||||||
3.24%, 06/03/50 (Call 12/03/49)(b) | 1,187 | 851,376 | ||||||
3.29%, 06/03/60 (Call 12/03/59)(a)(b) | 418 | 285,474 | ||||||
3.68%, 04/22/41 (Call 10/22/40)(b) | 452 | 368,394 | ||||||
3.84%, 04/22/51 (Call 10/22/50)(b) | 915 | 735,269 | ||||||
3.93%, 01/19/38 (Call 07/19/37)(b) | 360 | 310,745 | ||||||
3.94%, 04/22/61 (Call 10/22/60)(b) | 650 | 507,611 | ||||||
4.53%, 04/11/49 (Call 10/11/48)(a)(b) | 471 | 420,838 | ||||||
|
| |||||||
25,052,430 | ||||||||
Iron & Steel — 0.4% | ||||||||
ArcelorMittal SA | ||||||||
6.75%, 03/01/41 | 400 | 429,097 | ||||||
7.00%, 10/15/39 | 400 | 439,662 | ||||||
Nucor Corp. | ||||||||
2.98%, 12/15/55 (Call 06/15/55) | 568 | 413,283 | ||||||
3.85%, 04/01/52 (Call 09/01/51) | 150 | 131,176 | ||||||
4.40%, 05/01/48 (Call 11/01/47) | 325 | 318,586 | ||||||
5.20%, 08/01/43 (Call 02/01/43)(a) | 272 | 291,379 | ||||||
Reliance Steel & Aluminum Co., 6.85%, 11/15/36 | 175 | 204,092 | ||||||
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)(a) | 282 | 221,283 | ||||||
Vale Overseas Ltd. | ||||||||
6.88%, 11/21/36 | 1,295 | 1,426,313 | ||||||
6.88%, 11/10/39 | 915 | 1,005,311 | ||||||
8.25%, 01/17/34(a) | 210 | 253,050 | ||||||
Vale SA, 5.63%, 09/11/42 | 166 | 161,229 | ||||||
|
| |||||||
5,294,461 | ||||||||
Leisure Time — 0.0% | ||||||||
Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51) | 200 | 168,397 | ||||||
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45) | 139 | 121,147 | ||||||
|
| |||||||
289,544 | ||||||||
Lodging — 0.0% | ||||||||
Marriott International Inc./MD | ||||||||
4.50%, 10/01/34 (Call 04/01/34) | 80 | 77,157 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Lodging (continued) | ||||||||
Series GG, 3.50%, 10/15/32 (Call 07/15/32) | $ | 467 | $ | 417,066 | ||||
Series II, 2.75%, 10/15/33 (Call 07/15/33)(a) | 312 | 256,344 | ||||||
|
| |||||||
750,567 | ||||||||
Machinery — 0.5% | ||||||||
ABB Finance USA Inc., 4.38%, 05/08/42(a) | 390 | 377,542 | ||||||
Caterpillar Inc. | ||||||||
3.25%, 09/19/49 (Call 03/19/49) | 483 | 415,223 | ||||||
3.25%, 04/09/50 (Call 10/09/49) | 618 | 529,746 | ||||||
3.80%, 08/15/42(a) | 823 | 784,332 | ||||||
4.30%, 05/15/44 (Call 11/15/43) | 256 | 257,573 | ||||||
4.75%, 05/15/64 (Call 11/15/63) | 265 | 281,032 | ||||||
5.20%, 05/27/41 | 642 | 710,685 | ||||||
5.30%, 09/15/35 | 177 | 195,013 | ||||||
6.05%, 08/15/36 | 314 | 369,050 | ||||||
Deere & Co. | ||||||||
2.88%, 09/07/49 (Call 03/07/49) | 308 | 251,878 | ||||||
3.75%, 04/15/50 (Call 10/15/49)(a) | 530 | 501,830 | ||||||
3.90%, 06/09/42 (Call 12/09/41) | 645 | 625,921 | ||||||
Dover Corp. | ||||||||
5.38%, 10/15/35 | 350 | 366,788 | ||||||
5.38%, 03/01/41 (Call 12/01/40) | 245 | 259,248 | ||||||
6.60%, 03/15/38 | 25 | 29,174 | ||||||
Otis Worldwide Corp. | ||||||||
3.11%, 02/15/40 (Call 08/15/39) | 347 | 280,624 | ||||||
3.36%, 02/15/50 (Call 08/15/49) | 460 | 359,529 | ||||||
Rockwell Automation Inc. | ||||||||
2.80%, 08/15/61 (Call 02/15/61) | 345 | 238,118 | ||||||
4.20%, 03/01/49 (Call 09/01/48)(a) | 449 | 431,187 | ||||||
6.25%, 12/01/37 | 25 | 28,454 | ||||||
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46) | 260 | 242,526 | ||||||
|
| |||||||
7,535,473 | ||||||||
Manufacturing — 1.1% | ||||||||
3M Co. | ||||||||
3.13%, 09/19/46 (Call 03/19/46) | 354 | 289,380 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(a) | 569 | 478,621 | ||||||
3.63%, 10/15/47 (Call 04/15/47) | 326 | 292,625 | ||||||
3.70%, 04/15/50 (Call 10/15/49)(a) | 403 | 366,403 | ||||||
3.88%, 06/15/44 | 150 | 137,359 | ||||||
4.00%, 09/14/48 (Call 03/14/48) | 689 | 661,299 | ||||||
5.70%, 03/15/37 | 65 | 75,123 | ||||||
Eaton Corp. | ||||||||
3.92%, 09/15/47 (Call 03/15/47) | 150 | 134,145 | ||||||
4.00%, 11/02/32 | 422 | 418,055 | ||||||
4.15%, 11/02/42 | 620 | 591,315 | ||||||
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32) | 277 | 277,571 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 4,469 | 4,367,863 | ||||||
General Electric Co. | ||||||||
4.35%, 05/01/50 (Call 11/01/49) | 720 | 699,822 | ||||||
4.50%, 03/11/44(a) | 155 | 150,346 | ||||||
5.88%, 01/14/38(a) | 80 | 88,196 | ||||||
6.15%, 08/07/37 | 200 | 227,242 | ||||||
6.88%, 01/10/39 | 125 | 153,048 | ||||||
Illinois Tool Works Inc. | ||||||||
3.90%, 09/01/42 (Call 03/01/42)(a) | 624 | 591,597 | ||||||
4.88%, 09/15/41 (Call 03/15/41) | 395 | 427,125 | ||||||
Parker-Hannifin Corp. | ||||||||
4.00%, 06/14/49 (Call 12/14/48) | 414 | 368,521 | ||||||
4.10%, 03/01/47 (Call 09/01/46) | 290 | 265,139 |
Security | Par (000) | Value | ||||||
Manufacturing (continued) | ||||||||
4.20%, 11/21/34 (Call 05/21/34) | $ | 287 | $ | 273,940 | ||||
4.45%, 11/21/44 (Call 05/21/44) | 182 | 171,049 | ||||||
6.25%, 05/15/38 | 365 | 411,901 | ||||||
Siemens Financieringsmaatschappij NV | ||||||||
2.88%, 03/11/41(b) | 700 | 568,717 | ||||||
3.30%, 09/15/46(b) | 644 | 547,978 | ||||||
4.20%, 03/16/47(b) | 870 | 859,314 | ||||||
4.40%, 05/27/45(b) | 973 | 981,104 | ||||||
Trane Technologies Global Holding Co. Ltd. | ||||||||
4.30%, 02/21/48 (Call 08/21/47) | 205 | 188,857 | ||||||
5.75%, 06/15/43 | 298 | 328,186 | ||||||
Trane Technologies Luxembourg Finance SA | ||||||||
4.50%, 03/21/49 (Call 09/21/48) | 198 | 190,836 | ||||||
4.65%, 11/01/44 (Call 05/01/44) | 168 | 161,878 | ||||||
|
| |||||||
15,744,555 | ||||||||
Media — 4.9% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
3.50%, 06/01/41 (Call 12/01/40) | 1,072 | 783,360 | ||||||
3.50%, 03/01/42 (Call 09/01/41) | 880 | 634,332 | ||||||
3.70%, 04/01/51 (Call 10/01/50) | 1,309 | 923,246 | ||||||
3.85%, 04/01/61 (Call 10/01/60) | 890 | 606,465 | ||||||
3.90%, 06/01/52 (Call 12/01/51) | 1,408 | 1,015,870 | ||||||
3.95%, 06/30/62 (Call 12/30/61) | 580 | 398,498 | ||||||
4.40%, 04/01/33 (Call 01/01/33) | 100 | 91,157 | ||||||
4.40%, 12/01/61 (Call 06/01/61) | 693 | 518,047 | ||||||
4.80%, 03/01/50 (Call 09/01/49) | 1,677 | 1,373,911 | ||||||
5.13%, 07/01/49 (Call 01/01/49) | 782 | 671,531 | ||||||
5.25%, 04/01/53 (Call 10/01/52) | 945 | 824,104 | ||||||
5.38%, 04/01/38 (Call 10/01/37) | 529 | 489,720 | ||||||
5.38%, 05/01/47 (Call 11/01/46) | 1,560 | 1,395,551 | ||||||
5.50%, 04/01/63 (Call 10/01/62) | 695 | 607,729 | ||||||
5.75%, 04/01/48 (Call 10/01/47) | 1,486 | 1,395,207 | ||||||
6.38%, 10/23/35 (Call 04/23/35) | 738 | 777,508 | ||||||
6.48%, 10/23/45 (Call 04/23/45) | 2,005 | 2,020,845 | ||||||
6.83%, 10/23/55 (Call 04/23/55) | 155 | 162,814 | ||||||
Comcast Corp. | ||||||||
2.45%, 08/15/52 (Call 02/15/52)(a) | 781 | 535,554 | ||||||
2.65%, 08/15/62 (Call 02/15/62) | 643 | 424,951 | ||||||
2.80%, 01/15/51 (Call 07/15/50)(a) | 991 | 730,611 | ||||||
2.89%, 11/01/51 (Call 05/01/51)(b) | 2,747 | 2,025,583 | ||||||
2.94%, 11/01/56 (Call 05/01/56)(b) | 3,363 | 2,405,634 | ||||||
2.99%, 11/01/63 (Call 05/01/63)(b) | 2,112 | 1,490,580 | ||||||
3.20%, 07/15/36 (Call 01/15/36) | 500 | 433,470 | ||||||
3.25%, 11/01/39 (Call 05/01/39) | 775 | 656,567 | ||||||
3.40%, 07/15/46 (Call 01/15/46) | 892 | 738,643 | ||||||
3.45%, 02/01/50 (Call 08/01/49) | 1,050 | 865,352 | ||||||
3.75%, 04/01/40 (Call 10/01/39) | 979 | 879,491 | ||||||
3.90%, 03/01/38 (Call 09/01/37) | 830 | 769,839 | ||||||
3.97%, 11/01/47 (Call 05/01/47) | 1,094 | 980,626 | ||||||
4.00%, 08/15/47 (Call 02/15/47)(a) | 492 | 444,110 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 592 | 533,935 | ||||||
4.00%, 11/01/49 (Call 05/01/49) | 1,203 | 1,084,301 | ||||||
4.05%, 11/01/52 (Call 05/01/52) | 443 | 402,068 | ||||||
4.20%, 08/15/34 (Call 02/15/34)(a) | 486 | 475,796 | ||||||
4.25%, 01/15/33 | 904 | 902,081 | ||||||
4.40%, 08/15/35 (Call 02/15/35) | 482 | 478,624 | ||||||
4.60%, 10/15/38 (Call 04/15/38) | 568 | 566,398 | ||||||
4.60%, 08/15/45 (Call 02/15/45) | 480 | 474,644 | ||||||
4.65%, 07/15/42 | 521 | 515,048 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
4.70%, 10/15/48 (Call 04/15/48) | $ | 1,105 | $ | 1,114,880 | ||||
4.75%, 03/01/44 | 370 | 366,739 | ||||||
4.95%, 10/15/58 (Call 04/15/58)(a) | 532 | 559,685 | ||||||
5.65%, 06/15/35 | 505 | 556,189 | ||||||
6.45%, 03/15/37 | 335 | 399,317 | ||||||
6.50%, 11/15/35(a) | 517 | 620,739 | ||||||
6.55%, 07/01/39 | 50 | 61,799 | ||||||
6.95%, 08/15/37(a) | 225 | 279,409 | ||||||
7.05%, 03/15/33 | 497 | 606,414 | ||||||
Cox Communications Inc. | ||||||||
2.95%, 10/01/50 (Call 04/01/50)(a)(b) | 445 | 312,501 | ||||||
3.60%, 06/15/51 (Call 12/15/50)(a)(b) | 402 | 317,262 | ||||||
4.50%, 06/30/43 (Call 12/30/42)(b) | 456 | 413,484 | ||||||
4.60%, 08/15/47 (Call 02/15/47)(a)(b) | 325 | 304,190 | ||||||
4.70%, 12/15/42(a)(b) | 251 | 235,242 | ||||||
4.80%, 02/01/35 (Call 08/01/34)(b) | 249 | 243,570 | ||||||
8.38%, 03/01/39(b) | 50 | 67,660 | ||||||
Discovery Communications LLC | ||||||||
4.00%, 09/15/55 (Call 03/15/55) | 694 | 520,450 | ||||||
4.65%, 05/15/50 (Call 11/15/49) | 762 | 655,433 | ||||||
4.88%, 04/01/43(a) | 275 | 246,855 | ||||||
4.95%, 05/15/42(a) | 111 | 100,499 | ||||||
5.00%, 09/20/37 (Call 03/20/37) | 370 | 348,872 | ||||||
5.20%, 09/20/47 (Call 03/20/47) | 660 | 606,213 | ||||||
5.30%, 05/15/49 (Call 11/15/48) | 333 | 312,784 | ||||||
6.35%, 06/01/40 | 619 | 655,546 | ||||||
Fox Corp. | ||||||||
5.48%, 01/25/39 (Call 07/25/38)(a) | 638 | 660,441 | ||||||
5.58%, 01/25/49 (Call 07/25/48) | 882 | 913,921 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44) | 397 | 375,667 | ||||||
5.25%, 05/24/49 (Call 11/24/48) | 285 | 288,163 | ||||||
6.13%, 01/31/46 (Call 07/31/45)(a) | 280 | 316,605 | ||||||
6.63%, 01/15/40 | 871 | 975,572 | ||||||
NBCUniversal Media LLC | ||||||||
4.45%, 01/15/43(a) | 474 | 453,533 | ||||||
5.95%, 04/01/41 | 361 | 417,661 | ||||||
6.40%, 04/30/40(a) | 90 | 108,382 | ||||||
Paramount Global | ||||||||
4.38%, 03/15/43 | 798 | 659,573 | ||||||
4.60%, 01/15/45 (Call 07/15/44) | 235 | 196,225 | ||||||
4.85%, 07/01/42 (Call 01/01/42)(a) | 347 | 307,597 | ||||||
4.90%, 08/15/44 (Call 02/15/44) | 275 | 239,255 | ||||||
4.95%, 05/19/50 (Call 11/19/49) | 668 | 604,894 | ||||||
5.25%, 04/01/44 (Call 10/01/43) | 220 | 202,916 | ||||||
5.50%, 05/15/33 | 446 | 453,192 | ||||||
5.85%, 09/01/43 (Call 03/01/43) | 681 | 688,197 | ||||||
5.90%, 10/15/40 (Call 04/15/40) | 255 | 261,293 | ||||||
6.88%, 04/30/36 | 738 | 826,985 | ||||||
Sky Group Finance Ltd., 6.50%, 10/15/35(b) | 305 | 365,723 | ||||||
Thomson Reuters Corp. | ||||||||
5.50%, 08/15/35 | 300 | 318,456 | ||||||
5.65%, 11/23/43 (Call 05/23/43) | 175 | 186,939 | ||||||
5.85%, 04/15/40 | 480 | 534,766 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (Call 03/15/42)(a) | 368 | 304,230 | ||||||
5.50%, 09/01/41 (Call 03/01/41) | 892 | 840,594 | ||||||
5.88%, 11/15/40 (Call 05/15/40) | 745 | 728,792 | ||||||
6.55%, 05/01/37 | 909 | 951,875 | ||||||
6.75%, 06/15/39(a) | 824 | 878,981 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
7.30%, 07/01/38 | $ | 915 | $ | 1,026,265 | ||||
Time Warner Entertainment Co. LP, 8.38%, 07/15/33 | 710 | 860,476 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
3.00%, 07/30/46(a) | 390 | 312,948 | ||||||
3.70%, 12/01/42 | 467 | 414,201 | ||||||
4.13%, 06/01/44 | 622 | 583,439 | ||||||
4.38%, 08/16/41 | 325 | 314,349 | ||||||
Series E, 4.13%, 12/01/41 | 370 | 346,963 | ||||||
Walt Disney Co. (The) | ||||||||
2.75%, 09/01/49 (Call 03/01/49) | 1,129 | 845,125 | ||||||
3.50%, 05/13/40 (Call 11/13/39) | 1,070 | 942,334 | ||||||
3.60%, 01/13/51 (Call 07/13/50)(a) | 1,545 | 1,333,604 | ||||||
3.80%, 05/13/60 (Call 11/13/59) | 543 | 472,696 | ||||||
4.63%, 03/23/40 (Call 09/23/39) | 535 | 541,413 | ||||||
4.70%, 03/23/50 (Call 09/23/49)(a) | 990 | 1,008,750 | ||||||
4.75%, 09/15/44 (Call 03/15/44)(a) | 344 | 346,180 | ||||||
4.75%, 11/15/46 (Call 05/15/46) | 339 | 347,515 | ||||||
4.95%, 10/15/45 (Call 04/15/45) | 367 | 378,712 | ||||||
5.40%, 10/01/43 | 445 | 485,653 | ||||||
6.15%, 03/01/37 | 195 | 226,324 | ||||||
6.15%, 02/15/41 | 225 | 266,745 | ||||||
6.20%, 12/15/34 | 271 | 317,348 | ||||||
6.40%, 12/15/35 | 289 | 347,133 | ||||||
6.55%, 03/15/33 | 176 | 207,146 | ||||||
6.65%, 11/15/37 | 791 | 971,046 | ||||||
7.75%, 12/01/45 | 25 | 35,560 | ||||||
|
| |||||||
70,401,886 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Crane Co., 4.20%, 03/15/48 (Call 09/15/47) | 210 | 184,246 | ||||||
Precision Castparts Corp. | ||||||||
3.90%, 01/15/43 (Call 07/15/42) | 321 | 294,549 | ||||||
4.20%, 06/15/35 (Call 12/15/34) | 96 | 95,077 | ||||||
4.38%, 06/15/45 (Call 12/15/44) | 231 | 225,356 | ||||||
Valmont Industries Inc. | ||||||||
5.00%, 10/01/44 (Call 04/01/44) | 320 | 311,445 | ||||||
5.25%, 10/01/54 (Call 04/01/54) | 188 | 190,696 | ||||||
|
| |||||||
1,301,369 | ||||||||
Mining — 1.8% | ||||||||
Anglo American Capital PLC | ||||||||
3.95%, 09/10/50 (Call 03/10/50)(a)(b) | 444 | 361,702 | ||||||
4.75%, 03/16/52 (Call 09/16/51)(b) | 200 | 182,698 | ||||||
Barrick Gold Corp. | ||||||||
5.25%, 04/01/42(a) | 322 | 336,282 | ||||||
6.45%, 10/15/35 | 220 | 253,871 | ||||||
Barrick International Barbados Corp., 6.35%, 10/15/36(b) | 595 | 667,098 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41 | 525 | 575,105 | ||||||
5.75%, 05/01/43 | 375 | 413,211 | ||||||
7.50%, 09/15/38 | 75 | 93,046 | ||||||
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 518 | 579,745 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.13%, 02/24/42 | 636 | 610,927 | ||||||
5.00%, 09/30/43(a) | 1,378 | 1,488,824 | ||||||
Corp. Nacional del Cobre de Chile | ||||||||
3.15%, 01/15/51 (Call 07/15/50)(b) | 345 | 252,982 | ||||||
3.70%, 01/30/50 (Call 07/30/49)(b) | 1,530 | 1,215,202 | ||||||
4.25%, 07/17/42(b) | 510 | 445,755 | ||||||
4.38%, 02/05/49 (Call 08/05/48)(b) | 738 | 656,318 | ||||||
4.50%, 08/01/47 (Call 02/01/47)(b) | 697 | 630,046 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mining (continued) | ||||||||
4.88%, 11/04/44(b) | $ | 630 | $ | 594,222 | ||||
5.63%, 09/21/35(b) | 125 | 131,633 | ||||||
5.63%, 10/18/43(b) | 545 | 567,618 | ||||||
6.15%, 10/24/36(a)(b) | 205 | 222,185 | ||||||
Freeport-McMoRan Inc. | ||||||||
5.40%, 11/14/34 (Call 05/14/34) | 317 | 324,519 | ||||||
5.45%, 03/15/43 (Call 09/15/42) | 1,099 | 1,098,516 | ||||||
Fresnillo PLC, 4.25%, 10/02/50 | 405 | 333,619 | ||||||
Glencore Canada Corp., 6.20%, 06/15/35 | 275 | 294,275 | ||||||
Glencore Finance Canada Ltd. | ||||||||
5.55%, 10/25/42(a)(b) | 200 | 198,651 | ||||||
6.00%, 11/15/41(a)(b) | 313 | 325,692 | ||||||
6.90%, 11/15/37(b) | 410 | 470,454 | ||||||
Glencore Funding LLC | ||||||||
3.38%, 09/23/51 (Call 03/23/51)(b) | 190 | 140,505 | ||||||
3.88%, 04/27/51 (Call 10/27/50)(b) | 160 | 131,257 | ||||||
Indonesia Asahan Aluminium Persero PT | ||||||||
5.80%, 05/15/50 (Call 11/15/49)(a)(b) | 370 | 335,775 | ||||||
6.76%, 11/15/48(a)(b) | 339 | 354,255 | ||||||
Industrias Penoles SAB de CV | ||||||||
4.75%, 08/06/50 (Call 02/06/50)(a)(b) | 238 | 200,515 | ||||||
5.65%, 09/12/49 (Call 03/12/49)(b) | 305 | 293,108 | ||||||
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)(a) | 197 | 206,586 | ||||||
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(b) | 585 | 507,488 | ||||||
Newcrest Finance Pty Ltd. | ||||||||
4.20%, 05/13/50 (Call 11/13/49)(a)(b) | 193 | 168,039 | ||||||
5.75%, 11/15/41(b) | 415 | 431,383 | ||||||
Newmont Corp. | ||||||||
4.88%, 03/15/42 (Call 09/15/41) | 523 | 536,440 | ||||||
5.45%, 06/09/44 (Call 12/09/43) | 245 | 266,109 | ||||||
5.88%, 04/01/35 | 444 | 490,343 | ||||||
6.25%, 10/01/39 | 534 | 618,267 | ||||||
Rio Tinto Alcan Inc. | ||||||||
5.75%, 06/01/35(a) | 306 | 353,092 | ||||||
6.13%, 12/15/33 | 566 | 666,491 | ||||||
Rio Tinto Finance USA Ltd. | ||||||||
2.75%, 11/02/51 (Call 05/02/51) | 720 | 547,958 | ||||||
5.20%, 11/02/40 | 718 | 781,357 | ||||||
Rio Tinto Finance USA PLC | ||||||||
4.13%, 08/21/42 (Call 02/21/42) | 464 | 446,221 | ||||||
4.75%, 03/22/42 (Call 09/22/41)(a) | 63 | 65,704 | ||||||
Southern Copper Corp. | ||||||||
5.25%, 11/08/42 | 530 | 542,694 | ||||||
5.88%, 04/23/45 | 745 | 819,925 | ||||||
6.75%, 04/16/40 | 644 | 754,768 | ||||||
7.50%, 07/27/35 | 802 | 968,824 | ||||||
Teck Resources Ltd. | ||||||||
5.20%, 03/01/42 (Call 09/01/41) | 245 | 237,551 | ||||||
5.40%, 02/01/43 (Call 08/01/42) | 185 | 183,701 | ||||||
6.00%, 08/15/40 (Call 02/15/40) | 415 | 442,078 | ||||||
6.13%, 10/01/35(a) | 125 | 138,225 | ||||||
6.25%, 07/15/41 (Call 01/15/41) | 492 | 533,499 | ||||||
|
| |||||||
25,486,354 | ||||||||
Oil & Gas — 5.9% | ||||||||
BG Energy Capital PLC, 5.13%, 10/15/41(b) | 665 | 703,993 | ||||||
BP Capital Markets America Inc. | ||||||||
2.77%, 11/10/50 (Call 05/10/50) | 871 | 628,491 | ||||||
2.94%, 06/04/51 (Call 12/04/50)(a) | 1,187 | 879,078 | ||||||
3.00%, 02/24/50 (Call 08/24/49) | 1,101 | 831,250 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
3.00%, 03/17/52 (Call 09/17/51) | $ | 729 | $ | 545,878 | ||||
3.06%, 06/17/41 (Call 12/17/40) | 875 | 712,786 | ||||||
3.07%, 03/30/50 (Call 09/30/49) | 410 | 370,927 | ||||||
3.38%, 02/08/61 (Call 08/08/60) | 1,170 | 908,171 | ||||||
Canadian Natural Resources Ltd. | ||||||||
4.95%, 06/01/47 (Call 12/01/46)(a) | 190 | 189,743 | ||||||
5.85%, 02/01/35 | 301 | 310,465 | ||||||
6.25%, 03/15/38(a) | 656 | 722,161 | ||||||
6.45%, 06/30/33 | 252 | 278,950 | ||||||
6.50%, 02/15/37 | 377 | 414,312 | ||||||
6.75%, 02/01/39 | 282 | 321,325 | ||||||
Cenovus Energy Inc. | ||||||||
3.75%, 02/15/52 (Call 08/15/51) | 210 | 167,459 | ||||||
5.25%, 06/15/37 (Call 12/15/36) | 187 | 186,754 | ||||||
5.40%, 06/15/47 (Call 12/15/46)(a) | 446 | 452,270 | ||||||
6.75%, 11/15/39 | 1,037 | 1,176,686 | ||||||
6.80%, 09/15/37 | 338 | 383,225 | ||||||
Chevron Corp. | ||||||||
2.98%, 05/11/40 (Call 11/11/39) | 120 | 103,012 | ||||||
3.08%, 05/11/50 (Call 11/11/49) | 680 | 565,217 | ||||||
Chevron USA Inc. | ||||||||
2.34%, 08/12/50 (Call 02/12/50) | 623 | 442,026 | ||||||
5.25%, 11/15/43 (Call 05/15/43) | 185 | 203,021 | ||||||
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(b) | 250 | 246,820 | ||||||
CNOOC Finance 2013 Ltd. | ||||||||
3.30%, 09/30/49 (Call 03/30/49) | 470 | 344,844 | ||||||
4.25%, 05/09/43 | 220 | 196,521 | ||||||
CNOOC Finance 2014 ULC, 4.88%, 04/30/44 | 405 | 391,909 | ||||||
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45(a) | 365 | 319,977 | ||||||
CNOOC Petroleum North America ULC | ||||||||
5.88%, 03/10/35(a) | 562 | 587,121 | ||||||
6.40%, 05/15/37 | 645 | 708,122 | ||||||
7.50%, 07/30/39 | 410 | 507,359 | ||||||
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(b) | 355 | 394,583 | ||||||
ConocoPhillips | ||||||||
5.90%, 10/15/32 | 490 | 560,755 | ||||||
6.50%, 02/01/39 | 100 | 123,531 | ||||||
ConocoPhillips Co. | ||||||||
3.80%, 03/15/52 (Call 09/15/51) | 290 | 260,821 | ||||||
4.03%, 03/15/62 (Call 09/15/61)(b) | 2,129 | 1,901,686 | ||||||
4.30%, 11/15/44 (Call 05/15/44) | 328 | 319,021 | ||||||
5.95%, 03/15/46 (Call 09/15/45) | 50 | 60,073 | ||||||
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43) | 465 | 405,666 | ||||||
Devon Energy Corp. | ||||||||
4.75%, 05/15/42 (Call 11/15/41) | 154 | 146,482 | ||||||
5.00%, 06/15/45 (Call 12/15/44)(a) | 191 | 185,934 | ||||||
5.60%, 07/15/41 (Call 01/15/41)(a) | 1,256 | 1,306,169 | ||||||
Diamondback Energy Inc. | ||||||||
4.25%, 03/15/52 (Call 09/15/51) | 50 | 43,760 | ||||||
4.40%, 03/24/51 (Call 09/24/50) | 612 | 549,485 | ||||||
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(b) | 431 | 325,409 | ||||||
Eni SpA, 5.70%, 10/01/40(b) | 290 | 301,733 | ||||||
EOG Resources Inc. | ||||||||
3.90%, 04/01/35 (Call 10/01/34) | 193 | 183,170 | ||||||
4.95%, 04/15/50 (Call 10/15/49)(a) | 423 | 459,746 | ||||||
5.10%, 01/15/36 (Call 07/15/35)(a) | 70 | 71,104 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Equinor ASA | ||||||||
3.25%, 11/18/49 (Call 05/18/49) | $ | 646 | $ | 536,567 | ||||
3.63%, 04/06/40 (Call 10/06/39) | 378 | 345,549 | ||||||
3.70%, 04/06/50 (Call 10/06/49) | 709 | 638,346 | ||||||
3.95%, 05/15/43 | 479 | 449,956 | ||||||
4.25%, 11/23/41 | 420 | 411,506 | ||||||
4.80%, 11/08/43 | 436 | 455,424 | ||||||
5.10%, 08/17/40 | 448 | 484,113 | ||||||
Exxon Mobil Corp. | ||||||||
3.00%, 08/16/39 (Call 02/16/39) | 483 | 406,711 | ||||||
3.10%, 08/16/49 (Call 02/16/49)(a) | 853 | 688,323 | ||||||
3.45%, 04/15/51 (Call 10/15/50)(a) | 1,555 | 1,334,265 | ||||||
3.57%, 03/06/45 (Call 09/06/44) | 583 | 511,656 | ||||||
4.11%, 03/01/46 (Call 09/01/45) | 1,464 | 1,394,089 | ||||||
4.23%, 03/19/40 (Call 09/19/39) | 1,203 | 1,177,271 | ||||||
4.33%, 03/19/50 (Call 09/19/49) | 1,574 | 1,550,170 | ||||||
Hess Corp. | ||||||||
5.60%, 02/15/41(a) | 783 | 797,430 | ||||||
5.80%, 04/01/47 (Call 10/01/46)(a) | 243 | 256,471 | ||||||
6.00%, 01/15/40 | 475 | 503,863 | ||||||
7.13%, 03/15/33 | 405 | 468,704 | ||||||
KazMunayGas National Co. JSC | ||||||||
3.50%, 04/14/33 (Call 10/14/32)(b) | 80 | 66,200 | ||||||
6.38%, 10/24/48(b) | 1,340 | 1,279,045 | ||||||
Marathon Oil Corp. | ||||||||
5.20%, 06/01/45 (Call 12/01/44)(a) | 188 | 183,292 | ||||||
6.60%, 10/01/37 | 552 | 618,139 | ||||||
Marathon Petroleum Corp. | ||||||||
4.50%, 04/01/48 (Call 10/01/47) | 290 | 255,068 | ||||||
4.75%, 09/15/44 (Call 03/15/44) | 276 | 253,713 | ||||||
5.00%, 09/15/54 (Call 03/15/54) | 193 | 175,902 | ||||||
5.85%, 12/15/45 (Call 06/15/45) | 109 | 109,603 | ||||||
6.50%, 03/01/41 (Call 09/01/40) | 918 | 1,034,436 | ||||||
Motiva Enterprises LLC, 6.85%, 01/15/40(a)(b) | 645 | 654,393 | ||||||
Ovintiv Inc. | ||||||||
6.50%, 08/15/34 | 515 | 567,112 | ||||||
6.50%, 02/01/38 | 365 | 400,300 | ||||||
6.63%, 08/15/37 | 330 | 365,406 | ||||||
Pertamina Persero PT | ||||||||
4.15%, 02/25/60 (Call 08/25/59)(a)(b) | 485 | 383,361 | ||||||
4.18%, 01/21/50 (Call 07/21/49)(a)(b) | 555 | 460,355 | ||||||
4.70%, 07/30/49(a)(b) | 466 | 416,254 | ||||||
5.63%, 05/20/43(b) | 805 | 780,462 | ||||||
6.00%, 05/03/42(a)(b) | 744 | 755,480 | ||||||
6.45%, 05/30/44(b) | 843 | 899,339 | ||||||
6.50%, 05/27/41(b) | 315 | 336,111 | ||||||
6.50%, 11/07/48(b) | 354 | 382,214 | ||||||
Petronas Capital Ltd. | ||||||||
3.40%, 04/28/61 (Call 10/28/60)(b) | 470 | 370,538 | ||||||
4.50%, 03/18/45(b) | 1,062 | 1,067,764 | ||||||
4.55%, 04/21/50 (Call 10/21/49)(b) | 1,564 | 1,585,822 | ||||||
4.80%, 04/21/60 (Call 10/21/59)(a)(b) | 845 | 881,494 | ||||||
Phillips 66 | ||||||||
3.30%, 03/15/52 (Call 09/15/51) | 620 | 476,634 | ||||||
4.65%, 11/15/34 (Call 05/15/34) | 323 | 322,608 | ||||||
4.88%, 11/15/44 (Call 05/15/44) | 990 | 990,414 | ||||||
5.88%, 05/01/42 | 899 | 1,004,514 | ||||||
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a)(b) | 485 | 411,726 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Qatar Energy | ||||||||
3.13%, 07/12/41 (Call 01/12/41)(b) | $ | 2,205 | $ | 1,841,704 | ||||
3.30%, 07/12/51 (Call 01/12/51)(b) | 2,240 | 1,858,662 | ||||||
Reliance Industries Ltd. | ||||||||
3.63%, 01/12/52(b) | 1,965 | 1,561,870 | ||||||
3.75%, 01/12/62(b) | 65 | 51,481 | ||||||
Saudi Arabian Oil Co. | ||||||||
3.25%, 11/24/50 (Call 05/24/50)(b) | 1,278 | 1,004,357 | ||||||
3.50%, 11/24/70 (Call 05/24/70)(b) | 1,355 | 1,036,055 | ||||||
4.25%, 04/16/39(b) | 1,708 | 1,631,499 | ||||||
4.38%, 04/16/49(b) | 1,653 | 1,562,409 | ||||||
Shell International Finance BV | ||||||||
2.88%, 11/26/41 (Call 05/26/41) | 315 | 260,192 | ||||||
3.00%, 11/26/51 (Call 05/26/51) | 580 | 452,707 | ||||||
3.13%, 11/07/49 (Call 05/07/49) | 723 | 581,702 | ||||||
3.25%, 04/06/50 (Call 10/06/49) | 1,120 | 924,020 | ||||||
3.63%, 08/21/42 | 343 | 306,088 | ||||||
3.75%, 09/12/46 | 739 | 666,302 | ||||||
4.00%, 05/10/46 | 1,318 | 1,224,152 | ||||||
4.13%, 05/11/35 | 568 | 565,849 | ||||||
4.38%, 05/11/45 | 1,626 | 1,575,454 | ||||||
4.55%, 08/12/43 | 707 | 707,635 | ||||||
5.50%, 03/25/40 | 686 | 766,798 | ||||||
6.38%, 12/15/38(a) | 1,623 | 1,984,793 | ||||||
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(b) | 340 | 320,620 | ||||||
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)(b) | 605 | 606,004 | ||||||
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(b) | 250 | 266,685 | ||||||
Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45(a)(b) | 550 | 495,201 | ||||||
Sinopec Group Overseas Development 2017 Ltd. 4.00%, 09/13/47(b) | 425 | 373,240 | ||||||
4.25%, 04/12/47(a)(b) | 375 | 341,705 | ||||||
Sinopec Group Overseas Development 2018 Ltd. | ||||||||
3.35%, 05/13/50 (Call 11/13/49)(b) | 475 | 365,264 | ||||||
3.68%, 08/08/49 (Call 02/08/49)(b) | 438 | 362,686 | ||||||
4.60%, 09/12/48(b) | 323 | 310,130 | ||||||
Suncor Energy Inc. | ||||||||
3.75%, 03/04/51 (Call 09/04/50) | 187 | 157,498 | ||||||
4.00%, 11/15/47 (Call 05/15/47) | 179 | 157,257 | ||||||
5.35%, 07/15/33 | 310 | 317,440 | ||||||
5.95%, 12/01/34 | 385 | 419,502 | ||||||
5.95%, 05/15/35 | 481 | 518,294 | ||||||
6.50%, 06/15/38 | 653 | 746,243 | ||||||
6.80%, 05/15/38 | 645 | 751,567 | ||||||
6.85%, 06/01/39 | 505 | 601,842 | ||||||
Thaioil Treasury Center Co. Ltd. | ||||||||
3.50%, 10/17/49(a)(b) | 336 | 227,731 | ||||||
3.75%, 06/18/50(a)(b) | 410 | 290,634 | ||||||
5.38%, 11/20/48(a)(b) | 345 | 315,320 | ||||||
TotalEnergies Capital International SA | ||||||||
2.99%, 06/29/41 (Call 12/29/40) | 580 | 476,490 | ||||||
3.13%, 05/29/50 (Call 11/29/49) | 1,324 | 1,048,154 | ||||||
3.39%, 06/29/60 (Call 12/29/59) | 497 | 396,032 | ||||||
3.46%, 07/12/49 (Call 01/12/49) | 646 | 544,157 | ||||||
Valero Energy Corp. | ||||||||
3.65%, 12/01/51 (Call 06/01/51) | 101 | 78,762 | ||||||
4.00%, 06/01/52 (Call 12/01/51) | 350 | 290,896 | ||||||
4.90%, 03/15/45 | 226 | 214,546 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
6.63%, 06/15/37 | $ | 1,504 | $ | 1,712,440 | ||||
XTO Energy Inc., 6.75%, 08/01/37 | 80 | 97,073 | ||||||
|
| |||||||
85,664,256 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Baker Hughes Holdings LLC, 5.13%, 09/15/40(a) | 769 | 793,991 | ||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47) | 479 | 427,033 | ||||||
Halliburton Co. | ||||||||
4.50%, 11/15/41 (Call 05/15/41) | 492 | 448,349 | ||||||
4.75%, 08/01/43 (Call 02/01/43) | 359 | 335,952 | ||||||
4.85%, 11/15/35 (Call 05/15/35)(a) | 309 | 312,026 | ||||||
5.00%, 11/15/45 (Call 05/15/45) | 876 | 841,845 | ||||||
6.70%, 09/15/38 | 645 | 739,003 | ||||||
7.45%, 09/15/39 | 680 | 828,539 | ||||||
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42) | 527 | 408,612 | ||||||
|
| |||||||
5,135,350 | ||||||||
Packaging & Containers — 0.1% | ||||||||
Packaging Corp. of America | ||||||||
3.05%, 10/01/51 (Call 04/01/51) | 415 | 313,194 | ||||||
4.05%, 12/15/49 (Call 06/15/49)(a) | 255 | 232,098 | ||||||
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)(a) | 365 | 395,180 | ||||||
WRKCo Inc. | ||||||||
3.00%, 06/15/33 (Call 03/15/33)(a) | 215 | 187,305 | ||||||
4.20%, 06/01/32 (Call 03/01/32)(a) | 193 | 188,535 | ||||||
|
| |||||||
1,316,312 | ||||||||
Pharmaceuticals — 6.2% | ||||||||
AbbVie Inc. | ||||||||
4.05%, 11/21/39 (Call 05/21/39) | 2,225 | 2,036,153 | ||||||
4.25%, 11/21/49 (Call 05/21/49) | 3,132 | 2,868,468 | ||||||
4.30%, 05/14/36 (Call 11/14/35) | 535 | 517,249 | ||||||
4.40%, 11/06/42 | 1,435 | 1,361,729 | ||||||
4.45%, 05/14/46 (Call 11/14/45) | 1,314 | 1,236,700 | ||||||
4.50%, 05/14/35 (Call 11/14/34) | 1,328 | 1,312,019 | ||||||
4.55%, 03/15/35 (Call 09/15/34) | 947 | 940,926 | ||||||
4.63%, 10/01/42 (Call 04/01/42) | 226 | 216,884 | ||||||
4.70%, 05/14/45 (Call 11/14/44) | 1,596 | 1,556,505 | ||||||
4.75%, 03/15/45 (Call 09/15/44) | 424 | 412,610 | ||||||
4.85%, 06/15/44 (Call 12/15/43) | 575 | 574,080 | ||||||
4.88%, 11/14/48 (Call 05/14/48) | 972 | 973,611 | ||||||
AmerisourceBergen Corp. | ||||||||
4.25%, 03/01/45 (Call 09/01/44) | 226 | 202,493 | ||||||
4.30%, 12/15/47 (Call 06/15/47) | 349 | 322,836 | ||||||
AstraZeneca PLC | ||||||||
2.13%, 08/06/50 (Call 02/06/50)(a) | 315 | 215,435 | ||||||
3.00%, 05/28/51 (Call 11/28/50)(a) | 426 | 349,681 | ||||||
4.00%, 09/18/42 | 603 | 577,075 | ||||||
4.38%, 11/16/45 | 572 | 574,712 | ||||||
4.38%, 08/17/48 (Call 02/17/48) | 186 | 189,176 | ||||||
6.45%, 09/15/37 | 1,658 | 2,044,696 | ||||||
Bayer U.S. Finance II LLC | ||||||||
3.95%, 04/15/45 (Call 10/15/44)(a)(b) | 305 | 252,812 | ||||||
4.20%, 07/15/34 (Call 01/15/34)(a)(b) | 153 | 145,802 | ||||||
4.40%, 07/15/44 (Call 01/15/44)(a)(b) | 524 | 463,923 | ||||||
4.63%, 06/25/38 (Call 12/25/37)(a)(b) | 626 | 599,290 | ||||||
4.65%, 11/15/43 (Call 05/15/43)(b) | 125 | 117,740 | ||||||
4.70%, 07/15/64 (Call 01/15/64)(a)(b) | 410 | 360,698 | ||||||
4.88%, 06/25/48 (Call 12/25/47)(a)(b) | 1,215 | 1,182,872 | ||||||
5.50%, 07/30/35(a)(b) | 75 | 77,094 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Becton Dickinson and Co. | ||||||||
3.79%, 05/20/50 (Call 11/20/49) | $ | 438 | $ | 377,984 | ||||
4.67%, 06/06/47 (Call 12/06/46) | 822 | 798,202 | ||||||
4.69%, 12/15/44 (Call 06/15/44) | 613 | 590,275 | ||||||
6.00%, 05/15/39(a) | 50 | 54,925 | ||||||
Bristol-Myers Squibb Co. | ||||||||
2.35%, 11/13/40 (Call 05/13/40) | 567 | 429,491 | ||||||
2.55%, 11/13/50 (Call 05/13/50) | 875 | 629,583 | ||||||
3.25%, 08/01/42 | 315 | 266,355 | ||||||
3.55%, 03/15/42 (Call 09/15/41) | 790 | 705,632 | ||||||
3.70%, 03/15/52 (Call 09/15/51) | 1,270 | 1,125,444 | ||||||
3.90%, 03/15/62 (Call 09/15/61) | 685 | 600,556 | ||||||
4.13%, 06/15/39 (Call 12/15/38) | 1,188 | 1,155,970 | ||||||
4.25%, 10/26/49 (Call 04/26/49) | 2,121 | 2,036,689 | ||||||
4.35%, 11/15/47 (Call 05/15/47)(a) | 785 | 766,929 | ||||||
4.50%, 03/01/44 (Call 09/01/43) | 55 | 54,207 | ||||||
4.55%, 02/20/48 (Call 08/20/47) | 748 | 751,707 | ||||||
4.63%, 05/15/44 (Call 11/15/43) | 179 | 183,023 | ||||||
Cardinal Health Inc. | ||||||||
4.37%, 06/15/47 (Call 12/15/46) | 351 | 315,304 | ||||||
4.50%, 11/15/44 (Call 05/15/44) | 128 | 115,001 | ||||||
4.60%, 03/15/43 | 243 | 221,459 | ||||||
4.90%, 09/15/45 (Call 03/15/45) | 339 | 319,790 | ||||||
Cigna Corp. | ||||||||
3.20%, 03/15/40 (Call 09/15/39) | 472 | 387,228 | ||||||
3.40%, 03/15/50 (Call 09/15/49) | 756 | 593,414 | ||||||
3.40%, 03/15/51 (Call 09/15/50) | 875 | 685,194 | ||||||
3.88%, 10/15/47 (Call 04/15/47) | 604 | 518,081 | ||||||
4.80%, 08/15/38 (Call 02/15/38) | 1,258 | 1,254,463 | ||||||
4.80%, 07/15/46 (Call 01/16/46) | 795 | 783,465 | ||||||
4.90%, 12/15/48 (Call 06/15/48) | 1,514 | 1,505,546 | ||||||
5.38%, 02/15/42 (Call 08/15/41) | 211 | 215,718 | ||||||
6.13%, 11/15/41 | 294 | 330,165 | ||||||
CVS Health Corp. | ||||||||
2.70%, 08/21/40 (Call 02/21/40) | 854 | 644,189 | ||||||
4.13%, 04/01/40 (Call 10/01/39) | 595 | 540,674 | ||||||
4.25%, 04/01/50 (Call 10/01/49) | 473 | 428,364 | ||||||
4.78%, 03/25/38 (Call 09/25/37) | 2,893 | 2,860,989 | ||||||
4.88%, 07/20/35 (Call 01/20/35) | 339 | 345,133 | ||||||
5.05%, 03/25/48 (Call 09/25/47) | 4,571 | 4,598,535 | ||||||
5.13%, 07/20/45 (Call 01/20/45) | 1,967 | 1,968,700 | ||||||
5.30%, 12/05/43 (Call 06/05/43) | 438 | 454,387 | ||||||
6.13%, 09/15/39(a) | 238 | 266,826 | ||||||
Eli Lilly & Co. | ||||||||
2.25%, 05/15/50 (Call 11/15/49)(a) | 1,112 | 796,232 | ||||||
2.50%, 09/15/60 (Call 03/15/60) | 526 | 365,354 | ||||||
3.70%, 03/01/45 (Call 09/01/44)(a) | 206 | 191,467 | ||||||
3.95%, 05/15/47 (Call 11/15/46) | 85 | 83,977 | ||||||
3.95%, 03/15/49 (Call 09/15/48) | 95 | 93,437 | ||||||
4.15%, 03/15/59 (Call 09/15/58) | 349 | 345,009 | ||||||
5.55%, 03/15/37 | 50 | 56,870 | ||||||
5.95%, 11/15/37(a) | 160 | 188,456 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
4.20%, 03/18/43 | 250 | 242,987 | ||||||
5.38%, 04/15/34(a) | 696 | 781,149 | ||||||
6.38%, 05/15/38 | 1,373 | 1,683,673 | ||||||
Johnson & Johnson | ||||||||
2.10%, 09/01/40 (Call 03/01/40) | 639 | 482,600 | ||||||
2.25%, 09/01/50 (Call 03/01/50) | 409 | 291,385 | ||||||
2.45%, 09/01/60 (Call 03/01/60) | 727 | 508,323 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
3.40%, 01/15/38 (Call 07/15/37) | $ | 492 | $ | 455,176 | ||||
3.50%, 01/15/48 (Call 07/15/47) | 453 | 412,731 | ||||||
3.55%, 03/01/36 (Call 09/01/35) | 479 | 459,932 | ||||||
3.63%, 03/03/37 (Call 09/03/36) | 717 | 690,553 | ||||||
3.70%, 03/01/46 (Call 09/01/45) | 1,048 | 995,223 | ||||||
3.75%, 03/03/47 (Call 09/03/46) | 585 | 557,076 | ||||||
4.38%, 12/05/33 (Call 06/05/33) | 483 | 509,925 | ||||||
4.50%, 09/01/40 | 357 | 369,276 | ||||||
4.50%, 12/05/43 (Call 06/05/43) | 324 | 335,838 | ||||||
4.85%, 05/15/41 | 221 | 234,600 | ||||||
4.95%, 05/15/33 | 471 | 517,743 | ||||||
5.85%, 07/15/38 | 442 | 530,448 | ||||||
5.95%, 08/15/37 | 580 | 703,290 | ||||||
McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43)(a) | 190 | 193,692 | ||||||
Mead Johnson Nutrition Co. | ||||||||
4.60%, 06/01/44 (Call 12/01/43) | 176 | 180,736 | ||||||
5.90%, 11/01/39 | 290 | 335,300 | ||||||
Merck & Co. Inc. | ||||||||
2.35%, 06/24/40 (Call 12/24/39) | 654 | 504,992 | ||||||
2.45%, 06/24/50 (Call 12/24/49) | 758 | 550,013 | ||||||
2.75%, 12/10/51 (Call 06/10/51) | 750 | 572,351 | ||||||
2.90%, 12/10/61 (Call 06/10/61) | 880 | 644,009 | ||||||
3.60%, 09/15/42 (Call 03/15/42) | 323 | 291,779 | ||||||
3.70%, 02/10/45 (Call 08/10/44) | 1,136 | 1,035,157 | ||||||
3.90%, 03/07/39 (Call 09/07/38) | 617 | 598,866 | ||||||
4.00%, 03/07/49 (Call 09/07/48) | 863 | 828,697 | ||||||
4.15%, 05/18/43 | 695 | 683,720 | ||||||
6.50%, 12/01/33 | 340 | 419,725 | ||||||
6.55%, 09/15/37(a) | 345 | 429,914 | ||||||
Merck Sharp & Dohme Corp. | ||||||||
5.75%, 11/15/36(a) | 100 | 114,464 | ||||||
5.85%, 06/30/39 | 165 | 197,856 | ||||||
Mylan Inc. | ||||||||
5.20%, 04/15/48 (Call 10/15/47) | 444 | 392,109 | ||||||
5.40%, 11/29/43 (Call 05/29/43) | 315 | 284,918 | ||||||
Novartis Capital Corp. | ||||||||
2.75%, 08/14/50 (Call 02/14/50)(a) | 731 | 575,368 | ||||||
3.70%, 09/21/42 | 287 | 267,589 | ||||||
4.00%, 11/20/45 (Call 05/20/45) | 653 | 627,191 | ||||||
4.40%, 05/06/44 | 970 | 988,181 | ||||||
Pfizer Inc. | ||||||||
2.55%, 05/28/40 (Call 11/28/39)(a) | 615 | 495,779 | ||||||
2.70%, 05/28/50 (Call 11/28/49)(a) | 728 | 569,195 | ||||||
3.90%, 03/15/39 (Call 09/15/38)(a) | 470 | 454,457 | ||||||
4.00%, 12/15/36 | 38 | 37,267 | ||||||
4.00%, 03/15/49 (Call 09/15/48) | 689 | 668,386 | ||||||
4.10%, 09/15/38 (Call 03/15/38) | 371 | 368,466 | ||||||
4.13%, 12/15/46 | 601 | 596,746 | ||||||
4.20%, 09/15/48 (Call 03/15/48) | 579 | 578,298 | ||||||
4.30%, 06/15/43 | 479 | 475,512 | ||||||
4.40%, 05/15/44 | 540 | 543,293 | ||||||
5.60%, 09/15/40 | 233 | 266,135 | ||||||
7.20%, 03/15/39(a) | 1,421 | 1,912,579 | ||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||
3.03%, 07/09/40 (Call 01/09/40) | 591 | 471,456 | ||||||
3.18%, 07/09/50 (Call 01/09/50) | 1,190 | 911,259 | ||||||
3.38%, 07/09/60 (Call 01/09/60) | 654 | 493,894 | ||||||
Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45) | 564 | 502,154 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Viatris Inc. | ||||||||
3.85%, 06/22/40 (Call 12/22/39) | $ | 890 | $ | 692,937 | ||||
4.00%, 06/22/50 (Call 12/22/49) | 1,120 | 828,225 | ||||||
Wyeth LLC | ||||||||
5.95%, 04/01/37 | 1,128 | 1,314,257 | ||||||
6.00%, 02/15/36 | 503 | 590,125 | ||||||
6.50%, 02/01/34 | 590 | 718,150 | ||||||
Zoetis Inc. | ||||||||
3.00%, 05/15/50 (Call 11/15/49) | 530 | 417,763 | ||||||
3.95%, 09/12/47 (Call 03/12/47)(a) | 431 | 390,241 | ||||||
4.45%, 08/20/48 (Call 02/20/48) | 247 | 243,507 | ||||||
4.70%, 02/01/43 (Call 08/01/42) | 560 | 559,306 | ||||||
|
| |||||||
90,261,610 | ||||||||
Pipelines — 4.3% | ||||||||
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(b) | 1,281 | 1,267,011 | ||||||
Boardwalk Pipelines LP, 3.60%, 09/01/32 (Call 06/01/32) | 265 | 234,232 | ||||||
Cameron LNG LLC | ||||||||
3.30%, 01/15/35 (Call 09/15/34)(b) | 341 | 301,694 | ||||||
3.40%, 01/15/38 (Call 07/15/37)(b) | 240 | 207,771 | ||||||
3.70%, 01/15/39 (Call 07/15/38)(a)(b) | 479 | 422,186 | ||||||
Colonial Pipeline Co. | ||||||||
4.25%, 04/15/48 (Call 10/15/47)(a)(b) | 525 | 476,895 | ||||||
6.38%, 08/01/37(b) | 50 | 56,596 | ||||||
7.63%, 04/15/32(a)(b) | 85 | 104,240 | ||||||
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44) | 245 | 263,246 | ||||||
Eastern Gas Transmission & Storage Inc. | ||||||||
3.90%, 11/15/49 (Call 05/15/49)(b) | 188 | 156,874 | ||||||
4.60%, 12/15/44 (Call 06/15/44)(b) | 256 | 235,909 | ||||||
4.80%, 11/01/43 (Call 05/01/43)(b) | 188 | 178,935 | ||||||
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(b) | 835 | 705,942 | ||||||
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32(a) | 260 | 317,414 | ||||||
Enbridge Energy Partners LP | ||||||||
5.50%, 09/15/40 (Call 03/15/40) | 483 | 505,593 | ||||||
7.38%, 10/15/45 (Call 04/15/45) | 242 | 302,880 | ||||||
Series B, 7.50%, 04/15/38 | 280 | 344,788 | ||||||
Enbridge Inc. | ||||||||
2.50%, 08/01/33 (Call 05/01/33) | 342 | 282,765 | ||||||
3.40%, 08/01/51 (Call 02/01/51)(a) | 510 | 400,498 | ||||||
4.00%, 11/15/49 (Call 05/15/49) | 292 | 254,689 | ||||||
4.50%, 06/10/44 (Call 12/10/43) | 279 | 259,528 | ||||||
5.50%, 12/01/46 (Call 06/01/46) | 435 | 469,213 | ||||||
Energy Transfer LP | ||||||||
4.90%, 03/15/35 (Call 09/15/34) | 157 | 148,647 | ||||||
4.95%, 01/15/43 (Call 07/15/42) | 200 | 174,914 | ||||||
5.00%, 05/15/44 (Call 11/15/43)(a) | 319 | 280,900 | ||||||
5.00%, 05/15/50 (Call 11/15/49) | 1,087 | 966,670 | ||||||
5.15%, 02/01/43 (Call 08/01/42) | 290 | 264,059 | ||||||
5.15%, 03/15/45 (Call 09/15/44) | 602 | 542,641 | ||||||
5.30%, 04/01/44 (Call 10/01/43)(a) | 441 | 406,802 | ||||||
5.30%, 04/15/47 (Call 10/15/46)(a) | 535 | 484,276 | ||||||
5.35%, 05/15/45 (Call 11/15/44) | 474 | 434,112 | ||||||
5.40%, 10/01/47 (Call 04/01/47) | 844 | 775,490 | ||||||
5.95%, 10/01/43 (Call 04/01/43) | 270 | 261,661 | ||||||
6.00%, 06/15/48 (Call 12/15/47) | 644 | 630,365 | ||||||
6.05%, 06/01/41 (Call 12/01/40)(a) | 405 | 411,830 | ||||||
6.10%, 02/15/42 | 140 | 137,421 | ||||||
6.13%, 12/15/45 (Call 06/15/45) | 596 | 586,915 | ||||||
6.25%, 04/15/49 (Call 10/15/48) | 884 | 892,093 | ||||||
6.50%, 02/01/42 (Call 08/01/41) | 596 | 622,596 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
6.63%, 10/15/36 | $ | 261 | $ | 272,819 | ||||
6.85%, 02/15/40(a) | 150 | 157,210 | ||||||
7.50%, 07/01/38 | 346 | 390,670 | ||||||
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) | 295 | 293,494 | ||||||
Enterprise Products Operating LLC | ||||||||
3.20%, 02/15/52 (Call 08/15/51) | 587 | 430,441 | ||||||
3.30%, 02/15/53 (Call 08/15/52) | 547 | 411,022 | ||||||
3.70%, 01/31/51 (Call 07/31/50) | 584 | 473,236 | ||||||
3.95%, 01/31/60 (Call 07/31/59) | 541 | 438,388 | ||||||
4.20%, 01/31/50 (Call 07/31/49)(a) | 714 | 625,827 | ||||||
4.25%, 02/15/48 (Call 08/15/47)(a) | 705 | 619,747 | ||||||
4.45%, 02/15/43 (Call 08/15/42) | 616 | 557,336 | ||||||
4.80%, 02/01/49 (Call 08/01/48) | 671 | 639,344 | ||||||
4.85%, 08/15/42 (Call 02/15/42) | 465 | 444,983 | ||||||
4.85%, 03/15/44 (Call 09/15/43) | 775 | 743,767 | ||||||
4.90%, 05/15/46 (Call 11/15/45) | 638 | 614,005 | ||||||
4.95%, 10/15/54 (Call 04/15/54) | 201 | 193,997 | ||||||
5.10%, 02/15/45 (Call 08/15/44) | 659 | 644,663 | ||||||
5.70%, 02/15/42 | 361 | 377,601 | ||||||
5.95%, 02/01/41 | 420 | 454,051 | ||||||
6.13%, 10/15/39(a) | 385 | 423,874 | ||||||
6.45%, 09/01/40 | 200 | 225,626 | ||||||
7.55%, 04/15/38 | 237 | 291,888 | ||||||
Series D, 6.88%, 03/01/33 | 302 | 353,890 | ||||||
Series H, 6.65%, 10/15/34 | 216 | 249,505 | ||||||
Series J, 5.75%, 03/01/35 | 75 | 78,820 | ||||||
Flex Intermediate Holdco LLC, 4.32%, 12/30/39 (Call 06/30/39)(a)(b) | 177 | 147,700 | ||||||
FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(b) | 23 | 21,542 | ||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
2.16%, 03/31/34(b) | 192 | 168,972 | ||||||
2.63%, 03/31/36(a)(b) | 957 | 800,097 | ||||||
2.94%, 09/30/40(a)(b) | 1,626 | 1,357,992 | ||||||
3.25%, 09/30/40(a)(b) | 730 | 602,665 | ||||||
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)(a)(b) | 175 | 183,411 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
4.70%, 11/01/42 (Call 05/01/42) | 331 | 296,022 | ||||||
5.00%, 08/15/42 (Call 02/15/42) | 360 | 333,588 | ||||||
5.00%, 03/01/43 (Call 09/01/42)(a) | 407 | 378,258 | ||||||
5.40%, 09/01/44 (Call 03/01/44) | 285 | 276,081 | ||||||
5.50%, 03/01/44 (Call 09/01/43) | 464 | 458,095 | ||||||
5.63%, 09/01/41 | 249 | 245,057 | ||||||
5.80%, 03/15/35 | 345 | 363,161 | ||||||
6.38%, 03/01/41 | 349 | 372,278 | ||||||
6.50%, 02/01/37 | 265 | 290,096 | ||||||
6.50%, 09/01/39 | 388 | 422,950 | ||||||
6.55%, 09/15/40 | 284 | 310,789 | ||||||
6.95%, 01/15/38 | 495 | 563,595 | ||||||
7.30%, 08/15/33 | 233 | 271,058 | ||||||
7.50%, 11/15/40 | 255 | 304,609 | ||||||
Kinder Morgan Inc. | ||||||||
3.25%, 08/01/50 (Call 02/01/50)(a) | 437 | 314,810 | ||||||
3.60%, 02/15/51 (Call 08/15/50) | 609 | 467,062 | ||||||
5.05%, 02/15/46 (Call 08/15/45) | 502 | 476,149 | ||||||
5.20%, 03/01/48 (Call 09/01/47) | 418 | 403,474 | ||||||
5.30%, 12/01/34 (Call 06/01/34) | 174 | 178,083 | ||||||
5.55%, 06/01/45 (Call 12/01/44) | 978 | 983,424 | ||||||
Magellan Midstream Partners LP | ||||||||
3.95%, 03/01/50 (Call 09/01/49) | 435 | 362,997 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
4.20%, 12/01/42 (Call 06/01/42)(a) | $ | 175 | $ | 149,674 | ||||
4.20%, 03/15/45 (Call 09/15/44) | 170 | 144,007 | ||||||
4.20%, 10/03/47 (Call 04/03/47) | 298 | 259,655 | ||||||
4.25%, 09/15/46 (Call 03/15/46) | 330 | 289,198 | ||||||
4.85%, 02/01/49 (Call 08/01/48) | 183 | 174,036 | ||||||
5.15%, 10/15/43 (Call 04/15/43) | 324 | 315,210 | ||||||
6.40%, 05/01/37(a) | 125 | 141,857 | ||||||
MPLX LP | ||||||||
4.50%, 04/15/38 (Call 10/15/37)(a) | 1,022 | 938,730 | ||||||
4.70%, 04/15/48 (Call 10/15/47) | 830 | 731,959 | ||||||
4.90%, 04/15/58 (Call 10/15/57) | 268 | 235,181 | ||||||
4.95%, 03/14/52 (Call 09/14/51) | 800 | 733,288 | ||||||
5.20%, 03/01/47 (Call 09/01/46) | 605 | 573,795 | ||||||
5.20%, 12/01/47 (Call 06/01/47) | 326 | 306,773 | ||||||
5.50%, 02/15/49 (Call 08/15/48) | 806 | 787,818 | ||||||
NGPL PipeCo LLC, 7.77%, 12/15/37(b) | 368 | 427,692 | ||||||
Northern Natural Gas Co. | ||||||||
3.40%, 10/16/51 (Call 04/16/51)(a)(b) | 311 | 243,599 | ||||||
4.10%, 09/15/42 (Call 03/15/42)(b) | 180 | 163,945 | ||||||
4.30%, 01/15/49 (Call 07/15/48)(b) | 342 | 315,727 | ||||||
ONEOK Inc. | ||||||||
4.45%, 09/01/49 (Call 03/01/49)(a) | 216 | 185,194 | ||||||
4.50%, 03/15/50 (Call 09/15/49)(a) | 188 | 161,855 | ||||||
4.95%, 07/13/47 (Call 01/06/47) | 289 | 263,372 | ||||||
5.20%, 07/15/48 (Call 01/15/48)(a) | 354 | 336,470 | ||||||
6.00%, 06/15/35 | 414 | 421,639 | ||||||
7.15%, 01/15/51 (Call 07/15/50) | 184 | 209,872 | ||||||
ONEOK Partners LP | ||||||||
6.13%, 02/01/41 (Call 08/01/40) | 498 | 505,962 | ||||||
6.20%, 09/15/43 (Call 03/15/43) | 259 | 260,154 | ||||||
6.65%, 10/01/36 | 475 | 506,719 | ||||||
6.85%, 10/15/37 | 453 | 484,951 | ||||||
Phillips 66 Partners LP | ||||||||
4.68%, 02/15/45 (Call 08/15/44) | 220 | 209,354 | ||||||
4.90%, 10/01/46 (Call 04/01/46)(a) | 366 | 360,374 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
4.30%, 01/31/43 (Call 07/31/42) | 182 | 146,145 | ||||||
4.70%, 06/15/44 (Call 12/15/43) | 261 | 217,616 | ||||||
4.90%, 02/15/45 (Call 08/15/44) | 288 | 247,579 | ||||||
5.15%, 06/01/42 (Call 12/01/41) | 338 | 296,212 | ||||||
6.65%, 01/15/37 | 489 | 519,408 | ||||||
Sabal Trail Transmission LLC | ||||||||
4.68%, 05/01/38 (Call 11/01/37)(a)(b) | 315 | 310,159 | ||||||
4.83%, 05/01/48 (Call 11/01/47)(a)(b) | 149 | 147,057 | ||||||
Southern Natural Gas Co. LLC, 4.80%, 03/15/47 (Call 09/15/46)(a)(b) | 267 | 253,470 | ||||||
Spectra Energy Partners LP | ||||||||
4.50%, 03/15/45 (Call 09/15/44) | 381 | 349,539 | ||||||
5.95%, 09/25/43 (Call 03/25/43) | 270 | 295,513 | ||||||
Targa Resources Corp. | ||||||||
4.20%, 02/01/33 (Call 11/01/32) | 200 | 189,553 | ||||||
4.95%, 04/15/52 (Call 10/15/51) | �� | 430 | 392,730 | |||||
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37 | 100 | 117,726 | ||||||
Texas Eastern Transmission LP | ||||||||
4.15%, 01/15/48 (Call 07/15/47)(b) | 194 | 173,371 | ||||||
7.00%, 07/15/32 | 429 | 498,163 | ||||||
TransCanada PipeLines Ltd. | ||||||||
4.63%, 03/01/34 (Call 12/01/33) | 249 | 246,122 | ||||||
4.75%, 05/15/38 (Call 11/15/37) | 179 | 175,914 | ||||||
4.88%, 05/15/48 (Call 11/15/47) | 534 | 534,443 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
5.00%, 10/16/43 (Call 04/16/43) | $ | 410 | $ | 404,860 | ||||
5.10%, 03/15/49 (Call 09/15/48) | 563 | 586,407 | ||||||
5.60%, 03/31/34 | 340 | 358,865 | ||||||
5.85%, 03/15/36 | 435 | 472,080 | ||||||
6.10%, 06/01/40 | 615 | 691,394 | ||||||
6.20%, 10/15/37(a) | 566 | 635,743 | ||||||
7.25%, 08/15/38 | 420 | 518,910 | ||||||
7.63%, 01/15/39(a) | 700 | 897,263 | ||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||
3.95%, 05/15/50 (Call 11/15/49) | 315 | 270,942 | ||||||
4.45%, 08/01/42 (Call 02/01/42) | 280 | 260,079 | ||||||
4.60%, 03/15/48 (Call 09/15/47) | 385 | 363,191 | ||||||
5.40%, 08/15/41 (Call 02/15/41) | 226 | 232,325 | ||||||
Williams Companies Inc. (The) | ||||||||
3.50%, 10/15/51 (Call 04/15/51)(a) | 280 | 214,641 | ||||||
4.85%, 03/01/48 (Call 09/01/47)(a) | 456 | 434,579 | ||||||
4.90%, 01/15/45 (Call 07/15/44) | 271 | 254,271 | ||||||
5.10%, 09/15/45 (Call 03/15/45) | 570 | 556,209 | ||||||
5.40%, 03/04/44 (Call 09/04/43) | 305 | 305,042 | ||||||
5.75%, 06/24/44 (Call 12/24/43) | 388 | 403,573 | ||||||
5.80%, 11/15/43 (Call 05/15/43) | 262 | 273,010 | ||||||
6.30%, 04/15/40 | 720 | 802,393 | ||||||
|
| |||||||
62,415,067 | ||||||||
Private Equity — 0.2% | ||||||||
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b) | 215 | 223,244 | ||||||
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b) | 225 | 236,081 | ||||||
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b) | 354 | 360,934 | ||||||
KKR Group Finance Co X LLC., 3.25%, 12/15/51 (Call 06/15/51)(a)(b) | 140 | 105,304 | ||||||
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(b) | 585 | 588,029 | ||||||
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(b) | 393 | 319,605 | ||||||
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(a)(b) | 521 | 412,610 | ||||||
|
| |||||||
2,245,807 | ||||||||
Real Estate — 0.0% | ||||||||
Brookfield Asset Management Inc., 7.38%, 03/01/33(a) | 209 | 246,028 | ||||||
|
| |||||||
Real Estate Investment Trusts — 1.5% | ||||||||
Agree LP, 2.60%, 06/15/33 (Call 03/15/33) | 236 | 194,356 | ||||||
Alexandria Real Estate Equities Inc. | ||||||||
1.88%, 02/01/33 (Call 11/01/32) | 394 | 309,496 | ||||||
2.00%, 05/18/32 (Call 02/18/32)(a) | 545 | 447,355 | ||||||
2.95%, 03/15/34 (Call 12/15/33) | 300 | 260,343 | ||||||
3.00%, 05/18/51 (Call 11/18/50) | 394 | 289,325 | ||||||
3.55%, 03/15/52 (Call 09/15/51) | 700 | 569,805 | ||||||
4.00%, 02/01/50 (Call 08/01/49) | 487 | 429,776 | ||||||
4.85%, 04/15/49 (Call 10/15/48) | 132 | 132,631 | ||||||
American Homes 4 Rent LP | ||||||||
3.38%, 07/15/51 (Call 01/15/51)(a) | 185 | 138,387 | ||||||
4.30%, 04/15/52 | 100 | 86,318 | ||||||
American Tower Corp. | ||||||||
2.95%, 01/15/51 (Call 07/15/50) | 735 | 503,027 | ||||||
3.10%, 06/15/50 (Call 12/15/49)(a) | 586 | 409,535 | ||||||
3.70%, 10/15/49 (Call 04/15/49) | 354 | 278,444 | ||||||
AvalonBay Communities Inc. | ||||||||
3.90%, 10/15/46 (Call 04/15/46) | 326 | 301,411 | ||||||
4.15%, 07/01/47 (Call 01/01/47) | 160 | 156,123 |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
4.35%, 04/15/48 (Call 10/18/47) | $ | 198 | $ | 198,895 | ||||
Boston Properties LP, 2.45%, 10/01/33 | 535 | 434,315 | ||||||
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49) | 170 | 142,948 | ||||||
Corporate Office Properties LP, 2.90%, 12/01/33 (Call 09/01/33) | 288 | 235,145 | ||||||
Crown Castle International Corp. | ||||||||
2.90%, 04/01/41 (Call 10/01/40)(a) | 691 | 515,234 | ||||||
3.25%, 01/15/51 (Call 07/15/50) | 475 | 355,499 | ||||||
4.00%, 11/15/49 (Call 05/15/49) | 223 | 187,459 | ||||||
4.15%, 07/01/50 (Call 01/01/50)(a) | 306 | 266,522 | ||||||
4.75%, 05/15/47 (Call 11/15/46) | 389 | 367,446 | ||||||
5.20%, 02/15/49 (Call 08/15/48) | 259 | 257,622 | ||||||
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49) | 390 | 303,304 | ||||||
Equinix Inc. | ||||||||
2.95%, 09/15/51 (Call 03/15/51) | 265 | 186,230 | ||||||
3.00%, 07/15/50 (Call 01/15/50)(a) | 316 | 227,458 | ||||||
3.40%, 02/15/52 (Call 08/15/51) | 312 | 241,610 | ||||||
ERP Operating LP | ||||||||
4.00%, 08/01/47 (Call 02/01/47)(a) | 290 | 272,213 | ||||||
4.50%, 07/01/44 (Call 01/01/44) | 384 | 381,872 | ||||||
4.50%, 06/01/45 (Call 12/01/44) | 257 | 253,259 | ||||||
Essex Portfolio LP | ||||||||
2.65%, 09/01/50 (Call 03/01/50)(a) | 216 | 146,595 | ||||||
4.50%, 03/15/48 (Call 09/15/47) | 190 | 181,766 | ||||||
Federal Realty Investment Trust | ||||||||
3.63%, 08/01/46 (Call 02/01/46)(a) | 309 | 252,843 | ||||||
4.50%, 12/01/44 (Call 06/01/44) | 247 | 226,798 | ||||||
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(b) | 159 | 151,261 | ||||||
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40) | 170 | 208,093 | ||||||
Invitation Homes Operating Partnership LP, 2.70%, 01/15/34 (Call 10/15/33) | 275 | 223,518 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 (Call 08/15/32) | 387 | 312,812 | ||||||
2.65%, 11/15/33 (Call 08/15/33) | 285 | 227,134 | ||||||
Kimco Realty Corp. | ||||||||
3.70%, 10/01/49 (Call 04/01/49) | 199 | 165,612 | ||||||
4.13%, 12/01/46 (Call 06/01/46) | 201 | 179,653 | ||||||
4.25%, 04/01/45 (Call 10/01/44) | 265 | 238,972 | ||||||
4.45%, 09/01/47 (Call 03/01/47) | 217 | 205,313 | ||||||
Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51) | 170 | 127,419 | ||||||
National Retail Properties Inc. | ||||||||
3.00%, 04/15/52 (Call 10/15/51) | 120 | 85,913 | ||||||
3.10%, 04/15/50 (Call 10/15/49) | 199 | 147,049 | ||||||
3.50%, 04/15/51 (Call 10/15/50) | 303 | 240,629 | ||||||
4.80%, 10/15/48 (Call 04/15/48) | 186 | 183,609 | ||||||
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)(a) | 403 | 321,294 | ||||||
Prologis LP | ||||||||
2.13%, 10/15/50 (Call 04/15/50) | 314 | 206,994 | ||||||
3.00%, 04/15/50 (Call 10/15/49)(a) | 392 | 310,989 | ||||||
4.38%, 09/15/48 (Call 03/15/48)(a) | 275 | 273,523 | ||||||
Realty Income Corp. | ||||||||
1.80%, 03/15/33 (Call 12/15/32) | 345 | 271,032 | ||||||
2.85%, 12/15/32 (Call 09/15/32)(a) | 370 | 327,669 | ||||||
4.65%, 03/15/47 (Call 09/15/46) | 387 | 396,009 | ||||||
5.88%, 03/15/35 | 50 | 55,350 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Regency Centers LP | ||||||||
4.40%, 02/01/47 (Call 08/01/46) | $ | 242 | $ | 226,672 | ||||
4.65%, 03/15/49 (Call 09/15/48) | 154 | 150,999 | ||||||
Simon Property Group LP | ||||||||
3.25%, 09/13/49 (Call 03/13/49) | 708 | 553,640 | ||||||
3.80%, 07/15/50 (Call 01/15/50) | 419 | 364,581 | ||||||
4.25%, 10/01/44 (Call 04/01/44) | 151 | 138,952 | ||||||
4.25%, 11/30/46 (Call 05/30/46) | 340 | 317,443 | ||||||
4.75%, 03/15/42 (Call 09/15/41) | 55 | 54,386 | ||||||
6.75%, 02/01/40 (Call 11/01/39) | 533 | 643,760 | ||||||
Trust Fibra Uno | ||||||||
6.39%, 01/15/50 (Call 07/15/49)(b) | 430 | 400,979 | ||||||
6.95%, 01/30/44 (Call 07/30/43)(a)(b) | 445 | 442,779 | ||||||
UDR Inc. | ||||||||
1.90%, 03/15/33 (Call 12/15/32) | 275 | 216,542 | ||||||
2.10%, 08/01/32 (Call 05/01/32) | 95 | 76,750 | ||||||
2.10%, 06/15/33 (Call 03/15/33) | 188 | 149,431 | ||||||
3.10%, 11/01/34 (Call 08/01/34)(a) | 260 | 222,790 | ||||||
Ventas Realty LP | ||||||||
4.38%, 02/01/45 (Call 08/01/44)(a) | 105 | 95,387 | ||||||
4.88%, 04/15/49 (Call 10/15/48) | 139 | 136,933 | ||||||
5.70%, 09/30/43 (Call 03/30/43) | 224 | 240,305 | ||||||
VICI Properties LP/VICI Note Co. Inc., 5.63%, 05/15/52 | 435 | 433,290 | ||||||
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(b) | 305 | 259,929 | ||||||
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 | 277 | 240,075 | ||||||
Welltower Inc. | ||||||||
4.95%, 09/01/48 (Call 03/01/48) | 164 | 167,565 | ||||||
5.13%, 03/15/43 (Call 09/15/42) | 115 | 114,748 | ||||||
6.50%, 03/15/41 (Call 09/15/40) | 395 | 463,996 | ||||||
Weyerhaeuser Co. | ||||||||
4.00%, 03/09/52 (Call 09/09/51) | 225 | 194,527 | ||||||
6.88%, 12/15/33 | 137 | 158,652 | ||||||
WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33) | 309 | 244,864 | ||||||
|
| |||||||
21,711,187 | ||||||||
Retail — 2.4% | ||||||||
7-Eleven Inc. | ||||||||
2.50%, 02/10/41 (Call 08/10/40)(a)(b) | 418 | 300,599 | ||||||
2.80%, 02/10/51 (Call 08/02/50)(b) | 649 | 448,680 | ||||||
Alimentation Couche-Tard Inc. | ||||||||
3.44%, 05/13/41 (Call 11/13/40)(a)(b) | 351 | 283,757 | ||||||
3.63%, 05/13/51 (Call 11/13/50)(b) | 185 | 146,169 | ||||||
3.80%, 01/25/50 (Call 07/25/49)(a)(b) | 513 | 417,766 | ||||||
4.50%, 07/26/47 (Call 01/26/47)(b) | 365 | 331,951 | ||||||
CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b) | 320 | 270,833 | ||||||
CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)(b) | 80 | 68,074 | ||||||
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47) | 194 | 172,155 | ||||||
Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51) | 515 | 376,598 | ||||||
Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49) | 344 | 301,783 | ||||||
Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51) | 238 | 181,389 | ||||||
Home Depot Inc. (The) | ||||||||
2.38%, 03/15/51 (Call 09/15/50) | 772 | 537,797 | ||||||
2.75%, 09/15/51 (Call 03/15/51)(a) | 645 | 485,872 | ||||||
3.13%, 12/15/49 (Call 06/15/49) | 739 | 592,668 | ||||||
3.30%, 04/15/40 (Call 10/15/39)(a) | 706 | 617,619 | ||||||
3.35%, 04/15/50 (Call 10/15/49) | 790 | 663,518 | ||||||
3.50%, 09/15/56 (Call 03/15/56) | 595 | 498,779 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
3.63%, 04/15/52 (Call 10/15/51) | $ | 1,035 | $ | 910,186 | ||||
3.90%, 06/15/47 (Call 12/15/46)(a) | 652 | 601,718 | ||||||
4.20%, 04/01/43 (Call 10/01/42) | 659 | 637,167 | ||||||
4.25%, 04/01/46 (Call 10/01/45) | 789 | 763,671 | ||||||
4.40%, 03/15/45 (Call 09/15/44) | 537 | 529,341 | ||||||
4.50%, 12/06/48 (Call 06/06/48) | 836 | 839,433 | ||||||
4.88%, 02/15/44 (Call 08/15/43) | 670 | 703,575 | ||||||
5.40%, 09/15/40 (Call 03/15/40) | 362 | 402,954 | ||||||
5.88%, 12/16/36(a) | 1,317 | 1,553,330 | ||||||
5.95%, 04/01/41 (Call 10/01/40) | 537 | 631,441 | ||||||
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45) | 205 | 198,314 | ||||||
Lowe’s Companies Inc. | ||||||||
2.80%, 09/15/41 (Call 03/15/41) | 690 | 525,769 | ||||||
3.00%, 10/15/50 (Call 04/15/50) | 1,064 | 787,693 | ||||||
3.50%, 04/01/51 (Call 10/01/50) | 371 | 297,206 | ||||||
3.70%, 04/15/46 (Call 10/15/45) | 899 | 751,978 | ||||||
4.05%, 05/03/47 (Call 11/03/46)(a) | 842 | 738,191 | ||||||
4.25%, 04/01/52 (Call 10/01/51) | 280 | 251,609 | ||||||
4.38%, 09/15/45 (Call 03/15/45) | 389 | 356,557 | ||||||
4.45%, 04/01/62 (Call 10/01/61) | 495 | 441,944 | ||||||
4.55%, 04/05/49 (Call 10/05/48) | 407 | 384,503 | ||||||
4.65%, 04/15/42 (Call 10/15/41)(a) | 444 | 430,444 | ||||||
5.00%, 04/15/40 (Call 10/15/39) | 315 | 319,543 | ||||||
5.00%, 09/15/43 (Call 03/15/43) | 30 | 29,426 | ||||||
5.13%, 04/15/50 (Call 10/15/49) | 325 | 333,265 | ||||||
5.50%, 10/15/35 | 345 | 370,944 | ||||||
5.80%, 10/15/36 | 100 | 106,354 | ||||||
McDonald’s Corp. | ||||||||
3.63%, 05/01/43 | 306 | 261,729 | ||||||
3.63%, 09/01/49 (Call 03/01/49) | 938 | 784,356 | ||||||
3.70%, 02/15/42 | 333 | 292,709 | ||||||
4.20%, 04/01/50 (Call 10/01/49) | 434 | 399,992 | ||||||
4.45%, 03/01/47 (Call 09/01/46) | 570 | 548,198 | ||||||
4.45%, 09/01/48 (Call 03/01/48) | 431 | 409,825 | ||||||
4.60%, 05/26/45 (Call 11/26/44) | 338 | 330,966 | ||||||
4.70%, 12/09/35 (Call 06/09/35) | 81 | 81,953 | ||||||
4.88%, 07/15/40 | 259 | 261,569 | ||||||
4.88%, 12/09/45 (Call 06/09/45) | 926 | 937,159 | ||||||
5.70%, 02/01/39 | 351 | 389,990 | ||||||
6.30%, 10/15/37 | 413 | 483,425 | ||||||
6.30%, 03/01/38 | 452 | 529,761 | ||||||
Starbucks Corp. | ||||||||
3.35%, 03/12/50 (Call 09/12/49) | 296 | 230,597 | ||||||
3.50%, 11/15/50 (Call 05/15/50) | 696 | 555,486 | ||||||
3.75%, 12/01/47 (Call 06/01/47)(a) | 265 | 223,852 | ||||||
4.30%, 06/15/45 (Call 12/15/44) | 227 | 205,766 | ||||||
4.45%, 08/15/49 (Call 02/15/49)(a) | 568 | 524,603 | ||||||
4.50%, 11/15/48 (Call 05/15/48) | 615 | 584,319 | ||||||
Target Corp. | ||||||||
2.95%, 01/15/52 (Call 07/15/51) | 575 | 456,386 | ||||||
3.63%, 04/15/46 | 262 | 240,084 | ||||||
3.90%, 11/15/47 (Call 05/15/47) | 203 | 193,910 | ||||||
4.00%, 07/01/42 | 200 | 194,060 | ||||||
6.35%, 11/01/32 | 90 | 106,638 | ||||||
6.50%, 10/15/37 | 490 | 600,454 | ||||||
7.00%, 01/15/38 | 545 | 704,158 | ||||||
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44) | 218 | 229,904 | ||||||
TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49) | 239 | 252,545 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Retail (continued) | ||||||||
Walmart Inc. | ||||||||
2.95%, 09/24/49 (Call 03/24/49) | $ | 300 | $ | 250,235 | ||||
3.63%, 12/15/47 (Call 06/15/47) | 60 | 56,166 | ||||||
3.95%, 06/28/38 (Call 12/28/37) | 210 | 208,797 | ||||||
4.00%, 04/11/43 (Call 10/11/42) | 130 | 127,231 | ||||||
4.05%, 06/29/48 (Call 12/29/47) | 585 | 587,853 | ||||||
4.30%, 04/22/44 (Call 10/22/43) | 245 | 246,912 | ||||||
4.88%, 07/08/40 | 80 | 87,646 | ||||||
5.00%, 10/25/40 | 270 | 297,466 | ||||||
5.25%, 09/01/35(a) | 1,215 | 1,378,780 | ||||||
5.63%, 04/01/40 | 355 | 419,388 | ||||||
6.50%, 08/15/37(a) | 185 | 236,649 | ||||||
|
| |||||||
35,504,080 | ||||||||
Semiconductors — 2.2% | ||||||||
Analog Devices Inc. | ||||||||
2.80%, 10/01/41 (Call 04/01/41)(a) | 435 | 351,633 | ||||||
2.95%, 10/01/51 (Call 04/01/51) | 538 | 421,615 | ||||||
5.30%, 12/15/45 (Call 06/15/45) | 100 | 111,813 | ||||||
Applied Materials Inc. | ||||||||
2.75%, 06/01/50 (Call 12/01/49) | 216 | 167,571 | ||||||
4.35%, 04/01/47 (Call 10/01/46) | 377 | 379,047 | ||||||
5.10%, 10/01/35 (Call 04/01/35) | 139 | 149,845 | ||||||
5.85%, 06/15/41 | 688 | 812,508 | ||||||
Broadcom Inc. | ||||||||
2.60%, 02/15/33 (Call 11/15/32)(b) | 1,282 | 1,029,916 | ||||||
3.14%, 11/15/35 (Call 08/15/35)(b) | 1,868 | 1,508,826 | ||||||
3.19%, 11/15/36 (Call 08/15/36)(b) | 1,775 | 1,401,415 | ||||||
3.42%, 04/15/33 (Call 01/15/33)(b) | 1,630 | 1,398,443 | ||||||
3.47%, 04/15/34 (Call 01/15/34)(b) | 2,057 | 1,745,965 | ||||||
3.50%, 02/15/41 (Call 08/15/40)(b) | 1,564 | 1,216,260 | ||||||
3.75%, 02/15/51 (Call 08/15/50)(b) | 938 | 718,451 | ||||||
4.30%, 11/15/32 (Call 08/15/32)(a) | 785 | 736,066 | ||||||
4.93%, 05/15/37 (Call 02/15/37)(b) | 100 | 93,485 | ||||||
Intel Corp. | ||||||||
2.80%, 08/12/41 (Call 02/12/41) | 485 | 381,416 | ||||||
3.05%, 08/12/51 (Call 02/12/51)(a) | 720 | 558,968 | ||||||
3.10%, 02/15/60 (Call 08/15/59) | 598 | 443,466 | ||||||
3.20%, 08/12/61 (Call 02/12/61) | 145 | 109,545 | ||||||
3.25%, 11/15/49 (Call 05/15/49) | 1,231 | 990,803 | ||||||
3.73%, 12/08/47 (Call 06/08/47) | 1,125 | 999,110 | ||||||
4.00%, 12/15/32(a) | 169 | 167,106 | ||||||
4.10%, 05/19/46 (Call 11/19/45) | 745 | 707,493 | ||||||
4.10%, 05/11/47 (Call 11/11/46) | 589 | 552,111 | ||||||
4.25%, 12/15/42 | 350 | 335,271 | ||||||
4.60%, 03/25/40 (Call 09/25/39)(a) | 539 | 551,417 | ||||||
4.75%, 03/25/50 (Call 09/25/49) | 1,268 | 1,307,168 | ||||||
4.80%, 10/01/41 | 523 | 540,534 | ||||||
4.90%, 07/29/45 (Call 01/29/45) | 516 | 542,783 | ||||||
4.95%, 03/25/60 (Call 09/25/59)(a) | 573 | 608,014 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (Call 08/28/49)(a) | 514 | 427,072 | ||||||
5.00%, 03/15/49 (Call 09/15/48) | 181 | 196,422 | ||||||
5.65%, 11/01/34 (Call 07/01/34) | 189 | 204,624 | ||||||
Lam Research Corp. | ||||||||
2.88%, 06/15/50 (Call 12/15/49)(a) | 373 | 286,949 | ||||||
3.13%, 06/15/60 (Call 12/15/59) | 348 | 267,970 | ||||||
4.88%, 03/15/49 (Call 09/15/48) | 409 | 437,772 | ||||||
Micron Technology Inc. | ||||||||
3.37%, 11/01/41 (Call 05/01/41)(a) | 380 | 302,033 | ||||||
3.48%, 11/01/51 (Call 05/01/51) | 260 | 198,439 |
Security | Par (000) | Value | ||||||
| ||||||||
Semiconductors (continued) | ||||||||
NVIDIA Corp. | ||||||||
3.50%, 04/01/40 (Call 10/01/39) | $ | 460 | $ | 415,563 | ||||
3.50%, 04/01/50 (Call 10/01/49)(a) | 1,156 | 1,020,606 | ||||||
3.70%, 04/01/60 (Call 10/01/59) | 343 | 298,881 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. | ||||||||
3.13%, 02/15/42 (Call 08/15/41)(b) | 440 | 340,353 | ||||||
3.25%, 05/11/41 (Call 11/11/40)(b) | 142 | 111,021 | ||||||
3.25%, 11/30/51 (Call 05/30/51)(b) | 460 | 336,005 | ||||||
QUALCOMM Inc. | ||||||||
1.65%, 05/20/32 (Call 02/20/32)(a) | 397 | 321,736 | ||||||
3.25%, 05/20/50 (Call 11/20/49) | 492 | 417,576 | ||||||
4.30%, 05/20/47 (Call 11/20/46)(a) | 848 | 840,634 | ||||||
4.65%, 05/20/35 (Call 11/20/34) | 471 | 489,642 | ||||||
4.80%, 05/20/45 (Call 11/20/44) | 899 | 939,151 | ||||||
Texas Instruments Inc. | ||||||||
2.70%, 09/15/51 (Call 03/15/51)(a) | 305 | 240,181 | ||||||
3.88%, 03/15/39 (Call 09/15/38) | 379 | 367,378 | ||||||
4.15%, 05/15/48 (Call 11/15/47) | 896 | 891,637 | ||||||
TSMC Arizona Corp. | ||||||||
3.13%, 10/25/41 (Call 04/25/41)(a) | 205 | 172,433 | ||||||
3.25%, 10/25/51 (Call 04/25/51)(a) | 750 | 624,069 | ||||||
|
| |||||||
31,186,211 | ||||||||
Software — 2.6% | ||||||||
Activision Blizzard Inc. | ||||||||
2.50%, 09/15/50 (Call 03/15/50) | 671 | 484,265 | ||||||
4.50%, 06/15/47 (Call 12/15/46) | 219 | 221,597 | ||||||
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50) | 218 | 162,607 | ||||||
Fidelity National Information Services Inc. | ||||||||
3.10%, 03/01/41 (Call 09/01/40) | 328 | 256,533 | ||||||
4.50%, 08/15/46 (Call 02/15/46) | 190 | 179,260 | ||||||
Series 30Y, 4.75%, 05/15/48 (Call 11/15/47) | 142 | 139,342 | ||||||
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49) | 1,053 | 948,803 | ||||||
Microsoft Corp. | ||||||||
2.53%, 06/01/50 (Call 12/01/49) | 3,637 | 2,726,981 | ||||||
2.68%, 06/01/60 (Call 12/01/59) | 2,251 | 1,649,021 | ||||||
2.92%, 03/17/52 (Call 09/17/51) | 3,633 | 2,945,103 | ||||||
3.04%, 03/17/62 (Call 09/17/61) | 1,211 | 962,066 | ||||||
3.45%, 08/08/36 (Call 02/08/36) | 1,010 | 964,138 | ||||||
3.50%, 02/12/35 (Call 08/12/34) | 837 | 809,628 | ||||||
3.50%, 11/15/42 | 412 | 380,575 | ||||||
3.70%, 08/08/46 (Call 02/08/46) | 1,179 | 1,117,755 | ||||||
3.75%, 02/12/45 (Call 08/12/44) | 357 | 336,626 | ||||||
3.95%, 08/08/56 (Call 02/08/56) | 121 | 116,899 | ||||||
4.00%, 02/12/55 (Call 08/12/54) | 50 | 48,420 | ||||||
4.10%, 02/06/37 (Call 08/06/36) | 406 | 418,142 | ||||||
4.20%, 11/03/35 (Call 05/03/35) | 430 | 447,759 | ||||||
4.25%, 02/06/47 (Call 08/06/46)(a) | 694 | 720,016 | ||||||
4.45%, 11/03/45 (Call 05/03/45)(a) | 65 | 67,399 | ||||||
4.50%, 10/01/40 | 575 | 607,463 | ||||||
4.50%, 02/06/57 (Call 08/06/56) | 455 | 491,777 | ||||||
4.75%, 11/03/55 (Call 05/03/55) | 100 | 110,147 | ||||||
5.30%, 02/08/41(a) | 410 | 471,207 | ||||||
Oracle Corp. | ||||||||
3.60%, 04/01/40 (Call 10/01/39) | 1,701 | 1,317,946 | ||||||
3.60%, 04/01/50 (Call 10/01/49) | 2,572 | 1,850,236 | ||||||
3.65%, 03/25/41 (Call 09/25/40)(a) | 1,294 | 1,002,166 | ||||||
3.80%, 11/15/37 (Call 05/15/37) | 1,024 | 839,036 | ||||||
3.85%, 07/15/36 (Call 01/15/36) | 693 | 582,890 | ||||||
3.85%, 04/01/60 (Call 10/01/59) | 1,938 | 1,369,892 | ||||||
3.90%, 05/15/35 (Call 11/15/34) | 788 | 680,909 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Software (continued) | ||||||||
3.95%, 03/25/51 (Call 09/25/50) | $ | 1,860 | $ | 1,412,820 | ||||
4.00%, 07/15/46 (Call 01/15/46) | 1,783 | 1,397,168 | ||||||
4.00%, 11/15/47 (Call 05/15/47) | 1,298 | 1,008,795 | ||||||
4.10%, 03/25/61 (Call 09/25/60) | 854 | 633,208 | ||||||
4.13%, 05/15/45 (Call 11/15/44) | 1,141 | 904,801 | ||||||
4.30%, 07/08/34 (Call 01/08/34) | 878 | 792,800 | ||||||
4.38%, 05/15/55 (Call 11/15/54) | 694 | 544,106 | ||||||
4.50%, 07/08/44 (Call 01/08/44) | 533 | 455,189 | ||||||
5.38%, 07/15/40 | 1,290 | 1,235,147 | ||||||
6.13%, 07/08/39 | 737 | 764,190 | ||||||
6.50%, 04/15/38(a) | 746 | 811,496 | ||||||
salesforce.com Inc. | ||||||||
2.70%, 07/15/41 (Call 01/15/41) | 689 | 547,150 | ||||||
2.90%, 07/15/51 (Call 01/15/51)(a) | 1,089 | 852,288 | ||||||
3.05%, 07/15/61 (Call 01/15/61) | 790 | 603,071 | ||||||
|
| |||||||
37,388,833 | ||||||||
Telecommunications — 6.6% | ||||||||
America Movil SAB de CV | ||||||||
4.38%, 07/16/42 | 262 | 245,670 | ||||||
4.38%, 04/22/49 (Call 10/22/48) | 284 | 271,044 | ||||||
6.13%, 11/15/37 | 176 | 197,182 | ||||||
6.13%, 03/30/40 | 1,376 | 1,559,531 | ||||||
6.38%, 03/01/35 | 671 | 776,696 | ||||||
AT&T Inc. | ||||||||
2.55%, 12/01/33 (Call 09/01/33) | 1,806 | 1,498,617 | ||||||
3.10%, 02/01/43 (Call 08/01/42) | 1,277 | 988,103 | ||||||
3.30%, 02/01/52 (Call 08/01/51)(a) | 1,500 | 1,136,255 | ||||||
3.50%, 06/01/41 (Call 12/01/40) | 1,412 | 1,173,395 | ||||||
3.50%, 09/15/53 (Call 03/15/53) | 4,163 | 3,259,229 | ||||||
3.50%, 02/01/61 (Call 08/01/60) | 850 | 629,484 | ||||||
3.55%, 09/15/55 (Call 03/15/55) | 4,096 | 3,169,378 | ||||||
3.65%, 06/01/51 (Call 12/01/50)(a) | 1,635 | 1,325,074 | ||||||
3.65%, 09/15/59 (Call 03/15/59) | 3,575 | 2,757,370 | ||||||
3.80%, 12/01/57 (Call 06/01/57) | 3,306 | 2,633,882 | ||||||
3.85%, 06/01/60 (Call 12/01/59) | 868 | 685,857 | ||||||
4.30%, 12/15/42 (Call 06/15/42) | 748 | 682,919 | ||||||
4.35%, 06/15/45 (Call 12/15/44) | 685 | 621,348 | ||||||
4.50%, 05/15/35 (Call 11/15/34)(a) | 1,144 | 1,127,379 | ||||||
4.50%, 03/09/48 (Call 09/09/47) | 1,075 | 1,007,461 | ||||||
4.55%, 03/09/49 (Call 09/09/48) | 654 | 625,238 | ||||||
4.65%, 06/01/44 (Call 12/01/43) | 300 | 284,981 | ||||||
4.75%, 05/15/46 (Call 11/15/45) | 1,059 | 1,049,309 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 405 | 388,822 | ||||||
4.85%, 03/01/39 (Call 09/01/38) | 536 | 533,371 | ||||||
4.85%, 07/15/45 (Call 01/15/45) | 267 | 257,463 | ||||||
4.90%, 08/15/37 (Call 02/14/37) | 314 | 317,174 | ||||||
4.90%, 06/15/42 | 275 | 273,189 | ||||||
5.15%, 03/15/42(a) | 583 | 596,007 | ||||||
5.15%, 11/15/46 (Call 05/15/46)(a) | 465 | 486,827 | ||||||
5.15%, 02/15/50 (Call 08/14/49) | 545 | 567,482 | ||||||
5.25%, 03/01/37 (Call 09/01/36)(a) | 972 | 1,030,804 | ||||||
5.35%, 09/01/40 | 722 | 761,686 | ||||||
5.45%, 03/01/47 (Call 09/01/46) | 461 | 503,107 | ||||||
5.55%, 08/15/41(a) | 95 | 102,067 | ||||||
5.65%, 02/15/47 (Call 08/15/46) | 660 | 733,159 | ||||||
5.70%, 03/01/57 (Call 09/01/56) | 410 | 450,725 | ||||||
6.00%, 08/15/40 (Call 05/15/40) | 305 | 343,083 | ||||||
6.15%, 09/15/34 | 310 | 345,620 | ||||||
6.20%, 03/15/40 | 100 | 112,713 | ||||||
6.25%, 03/29/41 | 123 | 141,544 |
Security | Par (000) | Value | ||||||
| ||||||||
Telecommunications (continued) | ||||||||
6.30%, 01/15/38 | $ | 388 | $ | 446,993 | ||||
6.38%, 03/01/41 | 365 | 438,266 | ||||||
6.45%, 06/15/34 | 275 | 321,183 | ||||||
6.55%, 02/15/39 | 205 | 241,972 | ||||||
Bell Canada, Series US-6, 3.20%, 02/15/52 (Call 08/15/51) | 256 | 198,524 | ||||||
Bell Telephone Co. of Canada or Bell Canada (The) | ||||||||
3.65%, 08/15/52 (Call 02/15/52) | 730 | 606,387 | ||||||
4.30%, 07/29/49 (Call 01/29/49) | 272 | 255,720 | ||||||
4.46%, 04/01/48 (Call 10/01/47) | 600 | 572,465 | ||||||
Series US-4, 3.65%, 03/17/51 (Call 09/17/50) | 339 | 285,188 | ||||||
British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)(b) | 246 | 209,712 | ||||||
Cisco Systems Inc. | ||||||||
5.50%, 01/15/40(a) | 1,149 | 1,317,834 | ||||||
5.90%, 02/15/39 | 1,251 | 1,489,346 | ||||||
Corning Inc. | ||||||||
3.90%, 11/15/49 (Call 05/15/49)(a) | 196 | 171,510 | ||||||
4.38%, 11/15/57 (Call 05/15/57) | 428 | 386,455 | ||||||
4.70%, 03/15/37 | 175 | 171,481 | ||||||
4.75%, 03/15/42(a) | 226 | 224,843 | ||||||
5.35%, 11/15/48 (Call 05/15/48) | 197 | 211,595 | ||||||
5.45%, 11/15/79 (Call 05/19/79) | 699 | 684,308 | ||||||
5.75%, 08/15/40 | 290 | 322,883 | ||||||
5.85%, 11/15/68 (Call 05/15/68) | 134 | 145,923 | ||||||
7.25%, 08/15/36 (Call 08/15/26) | 150 | 167,202 | ||||||
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)(b) | 706 | 576,173 | ||||||
Deutsche Telekom International Finance BV | ||||||||
4.75%, 06/21/38 (Call 12/21/37)(b) | 219 | 217,353 | ||||||
4.88%, 03/06/42(a)(b) | 647 | 639,369 | ||||||
9.25%, 06/01/32 | 467 | 645,265 | ||||||
Juniper Networks Inc., 5.95%, 03/15/41 | 371 | 387,396 | ||||||
Motorola Solutions Inc., 5.50%, 09/01/44 | 147 | 146,241 | ||||||
Ooredoo International Finance Ltd., 4.50%, 01/31/43(b) | 393 | 407,071 | ||||||
Orange SA | ||||||||
5.38%, 01/13/42 | 715 | 764,814 | ||||||
5.50%, 02/06/44 (Call 08/06/43) | 324 | 356,927 | ||||||
Rogers Communications Inc. | ||||||||
3.70%, 11/15/49 (Call 05/15/49)(a) | 691 | 547,390 | ||||||
4.30%, 02/15/48 (Call 08/15/47) | 486 | 423,637 | ||||||
4.35%, 05/01/49 (Call 11/01/48) | 861 | 760,311 | ||||||
4.50%, 03/15/42 (Call 09/15/41)(b) | 765 | 696,450 | ||||||
4.50%, 03/15/43 (Call 09/15/42) | 349 | �� | 318,559 | |||||
4.55%, 03/15/52 (Call 09/15/51)(b) | 550 | 487,977 | ||||||
5.00%, 03/15/44 (Call 09/15/43) | 638 | 618,412 | ||||||
5.45%, 10/01/43 (Call 04/01/43)(a) | 411 | 418,284 | ||||||
7.50%, 08/15/38 | 340 | 435,165 | ||||||
SES Global Americas Holdings GP, 5.30%, 03/25/44(b) | 269 | 239,899 | ||||||
SES SA, 5.30%, 04/04/43(b) | 190 | 167,100 | ||||||
Telefonica Emisiones SA | ||||||||
4.67%, 03/06/38 | 204 | 189,599 | ||||||
4.90%, 03/06/48 | 625 | 574,053 | ||||||
5.21%, 03/08/47(a) | 1,329 | 1,250,098 | ||||||
5.52%, 03/01/49 (Call 09/01/48)(a) | 635 | 636,251 | ||||||
7.05%, 06/20/36 | 1,678 | 1,933,291 | ||||||
TELUS Corp. | ||||||||
3.40%, 05/13/32 (Call 02/13/32) | 100 | 91,624 | ||||||
4.30%, 06/15/49 (Call 12/15/48) | 385 | 366,041 | ||||||
4.60%, 11/16/48 (Call 05/16/48) | 458 | 453,998 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Telecommunications (continued) | ||||||||
T-Mobile USA Inc. | ||||||||
3.00%, 02/15/41 (Call 08/15/40)(a) | $ | 1,616 | $ | 1,231,568 | ||||
3.30%, 02/15/51 (Call 08/15/50)(a) | 1,800 | 1,346,476 | ||||||
3.40%, 10/15/52 (Call 04/15/52)(a)(b) | 1,435 | 1,087,277 | ||||||
3.60%, 11/15/60 (Call 05/15/60) | 425 | 315,324 | ||||||
3.60%, 11/15/60 (Call 05/15/60)(b) | 225 | 166,936 | ||||||
4.38%, 04/15/40 (Call 10/15/39) | 1,292 | 1,189,941 | ||||||
4.50%, 04/15/50 (Call 10/15/49) | 1,732 | 1,578,487 | ||||||
Verizon Communications Inc. | ||||||||
2.65%, 11/20/40 (Call 05/20/40) | 1,846 | 1,396,702 | ||||||
2.85%, 09/03/41 (Call 03/03/41) | 730 | 569,658 | ||||||
2.88%, 11/20/50 (Call 05/20/50) | 1,679 | 1,225,613 | ||||||
2.99%, 10/30/56 (Call 04/30/56) | 1,899 | 1,344,608 | ||||||
3.00%, 11/20/60 (Call 05/20/60) | 1,008 | 703,058 | ||||||
3.40%, 03/22/41 (Call 09/22/40) | 2,109 | 1,772,969 | ||||||
3.55%, 03/22/51 (Call 09/22/50) | 2,421 | 1,988,155 | ||||||
3.70%, 03/22/61 (Call 09/22/60) | 1,753 | 1,409,295 | ||||||
3.85%, 11/01/42 (Call 05/01/42)(a) | 702 | 621,750 | ||||||
3.88%, 03/01/52 (Call 09/01/51) | 700 | 609,656 | ||||||
4.00%, 03/22/50 (Call 09/22/49) | 747 | 667,065 | ||||||
4.13%, 08/15/46 | 580 | 526,286 | ||||||
4.27%, 01/15/36 | 1,297 | 1,255,213 | ||||||
4.40%, 11/01/34 (Call 05/01/34) | 1,637 | 1,612,575 | ||||||
4.50%, 08/10/33 | 1,722 | 1,721,556 | ||||||
4.52%, 09/15/48 | 172 | 166,984 | ||||||
4.67%, 03/15/55 | 222 | 226,665 | ||||||
4.75%, 11/01/41 | 415 | 410,264 | ||||||
4.81%, 03/15/39 | 865 | 887,545 | ||||||
4.86%, 08/21/46 | 1,358 | 1,366,823 | ||||||
5.01%, 04/15/49 | 50 | 53,314 | ||||||
5.01%, 08/21/54 | 120 | 127,241 | ||||||
5.25%, 03/16/37 | 867 | 926,538 | ||||||
5.50%, 03/16/47(a) | 345 | 379,737 | ||||||
5.85%, 09/15/35 | 415 | 461,921 | ||||||
6.40%, 09/15/33(a) | 60 | 68,953 | ||||||
6.55%, 09/15/43 | 112 | 139,456 | ||||||
Vodafone Group PLC | ||||||||
4.25%, 09/17/50 | 860 | 747,763 | ||||||
4.38%, 02/19/43(a) | 795 | 719,427 | ||||||
4.88%, 06/19/49 | 986 | 942,718 | ||||||
5.00%, 05/30/38 | 662 | 657,907 | ||||||
5.13%, 06/19/59 | 177 | 173,098 | ||||||
5.25%, 05/30/48 | 1,603 | 1,594,977 | ||||||
6.15%, 02/27/37 | 1,141 | 1,260,457 | ||||||
6.25%, 11/30/32(a) | 405 | 454,334 | ||||||
|
| |||||||
95,375,073 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Hasbro Inc. | ||||||||
5.10%, 05/15/44 (Call 11/15/43) | 17 | 16,294 | ||||||
6.35%, 03/15/40 | 347 | 380,299 | ||||||
|
| |||||||
396,593 | ||||||||
Transportation — 3.5% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
2.88%, 06/15/52 (Call 12/15/51) | 160 | 122,845 | ||||||
3.05%, 02/15/51 (Call 08/15/50) | 347 | 275,258 | ||||||
3.30%, 09/15/51 (Call 03/15/51) | 536 | 444,729 | ||||||
3.55%, 02/15/50 (Call 08/15/49) | 495 | 431,009 | ||||||
3.90%, 08/01/46 (Call 02/01/46) | 472 | 435,693 | ||||||
4.05%, 06/15/48 (Call 12/15/47) | 443 | 415,755 |
Security | Par (000) | Value | ||||||
| ||||||||
Transportation (continued) | ||||||||
4.13%, 06/15/47 (Call 12/15/46) | $ | 450 | $ | 428,799 | ||||
4.15%, 04/01/45 (Call 10/01/44) | 593 | 558,117 | ||||||
4.15%, 12/15/48 (Call 06/15/48) | 462 | 440,579 | ||||||
4.38%, 09/01/42 (Call 03/01/42) | 420 | 409,404 | ||||||
4.40%, 03/15/42 (Call 09/15/41) | 293 | 286,876 | ||||||
4.45%, 03/15/43 (Call 09/15/42) | 458 | 452,291 | ||||||
4.55%, 09/01/44 (Call 03/01/44) | 398 | 396,794 | ||||||
4.70%, 09/01/45 (Call 03/01/45) | 390 | 395,010 | ||||||
4.90%, 04/01/44 (Call 10/01/43) | 490 | 507,708 | ||||||
4.95%, 09/15/41 (Call 03/15/41) | 188 | 196,280 | ||||||
5.05%, 03/01/41 (Call 09/01/40) | 388 | 409,551 | ||||||
5.15%, 09/01/43 (Call 03/01/43) | 396 | 420,684 | ||||||
5.40%, 06/01/41 (Call 12/01/40) | 307 | 336,249 | ||||||
5.75%, 05/01/40 (Call 11/01/39) | 489 | 554,356 | ||||||
6.15%, 05/01/37 | 380 | 448,025 | ||||||
6.20%, 08/15/36 | 220 | 259,728 | ||||||
Canadian National Railway Co. | ||||||||
2.45%, 05/01/50 (Call 11/01/49)(a) | 265 | 189,505 | ||||||
3.20%, 08/02/46 (Call 02/02/46)(a) | 257 | 217,570 | ||||||
3.50%, 11/15/42 (Call 05/15/42) | 195 | 165,659 | ||||||
3.65%, 02/03/48 (Call 08/03/47) | 248 | 220,523 | ||||||
4.45%, 01/20/49 (Call 07/20/48) | 296 | 298,951 | ||||||
4.50%, 11/07/43 (Call 05/07/43) | 100 | 96,842 | ||||||
6.20%, 06/01/36 | 385 | 447,662 | ||||||
6.25%, 08/01/34 | 265 | 311,101 | ||||||
6.38%, 11/15/37 | 326 | 381,505 | ||||||
6.71%, 07/15/36(a) | 287 | 344,009 | ||||||
Canadian Pacific Railway Co. | ||||||||
3.00%, 12/02/41 (Call 06/02/41) | 366 | 297,629 | ||||||
3.10%, 12/02/51 (Call 06/02/51)(a) | 880 | 681,314 | ||||||
4.80%, 09/15/35 (Call 03/15/35) | 191 | 196,975 | ||||||
4.80%, 08/01/45 (Call 02/01/45)(a) | 191 | 193,595 | ||||||
5.75%, 03/15/33 | 200 | 222,189 | ||||||
5.75%, 01/15/42 | 470 | 515,842 | ||||||
5.95%, 05/15/37 | 541 | 613,592 | ||||||
6.13%, 09/15/2115 (Call 03/15/2115) | 349 | 384,623 | ||||||
CSX Corp. | ||||||||
2.50%, 05/15/51 (Call 11/15/50) | 368 | 256,986 | ||||||
3.35%, 09/15/49 (Call 03/15/49) | 455 | 373,469 | ||||||
3.80%, 11/01/46 (Call 05/01/46) | 483 | 424,276 | ||||||
3.80%, 04/15/50 (Call 10/15/49) | 357 | 315,522 | ||||||
3.95%, 05/01/50 (Call 11/01/49) | 357 | 326,400 | ||||||
4.10%, 03/15/44 (Call 09/15/43) | 497 | 453,163 | ||||||
4.25%, 11/01/66 (Call 05/01/66) | 263 | 237,392 | ||||||
4.30%, 03/01/48 (Call 09/01/47) | 437 | 414,266 | ||||||
4.40%, 03/01/43 (Call 09/01/42) | 77 | 72,883 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 223 | 220,182 | ||||||
4.50%, 08/01/54 (Call 02/01/54) | 156 | 151,148 | ||||||
4.65%, 03/01/68 (Call 09/01/67) | 160 | 151,710 | ||||||
4.75%, 05/30/42 (Call 11/30/41) | 451 | 446,492 | ||||||
4.75%, 11/15/48 (Call 05/15/48) | 349 | 351,945 | ||||||
5.50%, 04/15/41 (Call 10/15/40) | 297 | 323,584 | ||||||
6.00%, 10/01/36 | 284 | 323,894 | ||||||
6.15%, 05/01/37 | 411 | 475,391 | ||||||
6.22%, 04/30/40(a) | 404 | 475,338 | ||||||
Empresa de los Ferrocarriles del Estado | ||||||||
3.07%, 08/18/50 (Call 02/18/50)(b) | 295 | 204,288 | ||||||
3.83%, 09/14/61 (Call 03/14/61)(b) | 360 | 274,950 | ||||||
Empresa de Transporte de Pasajeros Metro SA | ||||||||
3.69%, 09/13/61 (Call 03/13/61)(b) | 475 | 343,781 |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
| ||||||||
Transportation (continued) | ||||||||
4.70%, 05/07/50 (Call 11/07/49)(b) | $ | 553 | $ | 503,927 | ||||
5.00%, 01/25/47 (Call 07/25/46)(b) | 282 | 262,288 | ||||||
FedEx Corp. | ||||||||
3.25%, 05/15/41 (Call 11/15/40) | 437 | 349,743 | ||||||
3.88%, 08/01/42 | 377 | 326,087 | ||||||
3.90%, 02/01/35 | 279 | 257,244 | ||||||
4.05%, 02/15/48 (Call 08/15/47) | 549 | 472,872 | ||||||
4.10%, 04/15/43 | 297 | 260,474 | ||||||
4.10%, 02/01/45(a) | 396 | 341,630 | ||||||
4.40%, 01/15/47 (Call 07/15/46) | 430 | 392,040 | ||||||
4.50%, 02/01/65(a) | 164 | 148,310 | ||||||
4.55%, 04/01/46 (Call 10/01/45) | 758 | 700,503 | ||||||
4.75%, 11/15/45 (Call 05/15/45) | 687 | 653,553 | ||||||
4.90%, 01/15/34 | 5 | 5,095 | ||||||
4.95%, 10/17/48 (Call 04/17/48)(a) | 511 | 505,232 | ||||||
5.10%, 01/15/44 | 460 | 457,703 | ||||||
5.25%, 05/15/50 (Call 11/15/49)(a) | 722 | 739,663 | ||||||
Kansas City Southern | ||||||||
3.50%, 05/01/50 (Call 11/01/49) | 495 | 400,209 | ||||||
4.20%, 11/15/69 (Call 05/15/69) | 196 | 170,313 | ||||||
4.30%, 05/15/43 (Call 11/15/42) | 256 | 239,063 | ||||||
4.70%, 05/01/48 (Call 11/01/47) | 337 | 333,679 | ||||||
4.95%, 08/15/45 (Call 02/15/45) | 332 | 337,311 | ||||||
Norfolk Southern Corp. | ||||||||
2.90%, 08/25/51 (Call 02/25/51) | 431 | 322,842 | ||||||
3.05%, 05/15/50 (Call 11/15/49) | 453 | 348,290 | ||||||
3.16%, 05/15/55 (Call 11/15/54) | 315 | 240,212 | ||||||
3.40%, 11/01/49 (Call 05/01/49) | 302 | 246,492 | ||||||
3.70%, 03/15/53 (Call 09/15/52) | 300 | 257,801 | ||||||
3.94%, 11/01/47 (Call 05/01/47) | 476 | 429,349 | ||||||
3.95%, 10/01/42 (Call 04/01/42) | 385 | 349,862 | ||||||
4.05%, 08/15/52 (Call 02/15/52) | 424 | 386,722 | ||||||
4.10%, 05/15/49 (Call 11/15/48) | 309 | 286,244 | ||||||
4.10%, 05/15/2121 (Call 11/15/2120) | 370 | 302,041 | ||||||
4.15%, 02/28/48 (Call 08/28/47) | 480 | 444,923 | ||||||
4.45%, 06/15/45 (Call 12/15/44) | 325 | 312,223 | ||||||
4.65%, 01/15/46 (Call 07/15/45) | 426 | 424,278 | ||||||
4.80%, 08/15/43 (Call 02/15/43) | 25 | 23,544 | ||||||
4.84%, 10/01/41 | 370 | 376,106 | ||||||
5.10%, 08/01/2118 (Call 02/01/2118) | 5 | 4,736 | ||||||
Pelabuhan Indonesia II PT, | 340 | 348,500 | ||||||
Polar Tankers Inc., 5.95%, 05/10/37(a)(b) | 320 | 347,414 | ||||||
TTX Co. | ||||||||
3.90%, 02/01/45 (Call 08/01/44)(a)(b) | 270 | 246,662 | ||||||
4.20%, 07/01/46 (Call 01/01/46)(b) | 255 | 243,066 | ||||||
4.60%, 02/01/49 (Call 08/01/48)(a)(b) | 250 | 255,430 | ||||||
Union Pacific Corp. | ||||||||
2.89%, 04/06/36 (Call 01/06/36)(a) | 355 | 303,142 | ||||||
2.95%, 03/10/52 (Call 09/10/51) | 255 | 195,504 | ||||||
2.97%, 09/16/62 (Call 03/16/62)(a) | 605 | 437,400 | ||||||
3.20%, 05/20/41 (Call 11/20/40) | 580 | 491,358 | ||||||
3.25%, 02/05/50 (Call 08/05/49) | 947 | 772,302 | ||||||
3.35%, 08/15/46 (Call 02/15/46) | 154 | 129,657 | ||||||
3.38%, 02/01/35 (Call 08/01/34) | 261 | 237,883 | ||||||
3.38%, 02/14/42 (Call 08/14/41) | 365 | 314,932 | ||||||
3.50%, 02/14/53 (Call 08/14/52) | 610 | 516,444 | ||||||
3.55%, 08/15/39 (Call 02/15/39) | 312 | 280,348 | ||||||
3.55%, 05/20/61 (Call 11/20/60) | 380 | 312,476 | ||||||
3.60%, 09/15/37 (Call 03/15/37) | 342 | 312,255 | ||||||
3.75%, 02/05/70 (Call 08/05/69) | 435 | 360,965 |
Security | Par/ Shares (000) | Value | ||||||
| ||||||||
Transportation (continued) | ||||||||
3.80%, 10/01/51 (Call 04/01/51) | $ | 593 | $ | 531,323 | ||||
3.80%, 04/06/71 (Call 10/06/70) | 576 | 485,085 | ||||||
3.84%, 03/20/60 (Call 09/20/59) | 968 | 847,437 | ||||||
3.85%, 02/14/72 (Call 08/14/71)(a) | 230 | 195,470 | ||||||
3.88%, 02/01/55 (Call 08/01/54) | 255 | 227,287 | ||||||
3.95%, 08/15/59 (Call 02/15/59) | 325 | 289,527 | ||||||
4.00%, 04/15/47 (Call 10/15/46) | 305 | 281,975 | ||||||
4.05%, 11/15/45 (Call 05/15/45) | 266 | 244,389 | ||||||
4.05%, 03/01/46 (Call 09/01/45) | 340 | 316,459 | ||||||
4.10%, 09/15/67 (Call 03/15/67) | 154 | 137,704 | ||||||
4.30%, 03/01/49 (Call 09/01/48)(a) | 363 | 351,364 | ||||||
4.50%, 09/10/48 (Call 03/10/48) | 245 | 243,731 | ||||||
United Parcel Service Inc. | ||||||||
3.40%, 11/15/46 (Call 05/15/46) | 300 | 260,338 | ||||||
3.40%, 09/01/49 (Call 03/01/49)(a) | 387 | 339,918 | ||||||
3.63%, 10/01/42 | 245 | 219,948 | ||||||
3.75%, 11/15/47 (Call 05/15/47) | 619 | 566,107 | ||||||
4.25%, 03/15/49 (Call 09/15/48) | 383 | 380,522 | ||||||
4.88%, 11/15/40 (Call 05/15/40)(a) | 500 | 520,872 | ||||||
5.20%, 04/01/40 (Call 10/01/39) | 446 | 489,033 | ||||||
5.30%, 04/01/50 (Call 10/01/49)(a) | 587 | 664,892 | ||||||
6.20%, 01/15/38 | 906 | 1,090,377 | ||||||
Walmart Inc. | ||||||||
2.50%, 09/22/41 (Call 03/22/41)(a) | 880 | 706,065 | ||||||
2.65%, 09/22/51 (Call 03/22/51) | 2,055 | 1,604,433 | ||||||
|
| |||||||
50,734,484 | ||||||||
Trucking & Leasing — 0.0% | ||||||||
GATX Corp. | ||||||||
3.10%, 06/01/51 (Call 12/01/50) | 309 | 224,863 | ||||||
4.50%, 03/30/45 (Call 09/30/44) | 205 | 187,382 | ||||||
5.20%, 03/15/44 (Call 09/15/43) | 189 | 189,901 | ||||||
|
| |||||||
602,146 | ||||||||
Water — 0.2% | ||||||||
American Water Capital Corp. | ||||||||
3.25%, 06/01/51 (Call 12/01/50)(a) | 310 | 251,586 | ||||||
3.45%, 05/01/50 (Call 11/01/49) | 270 | 227,123 | ||||||
3.75%, 09/01/47 (Call 03/01/47) | 404 | 353,666 | ||||||
4.00%, 12/01/46 (Call 06/01/46) | 170 | 155,611 | ||||||
4.15%, 06/01/49 (Call 12/01/48) | 290 | 269,602 | ||||||
4.20%, 09/01/48 (Call 03/01/48) | 384 | 358,436 | ||||||
4.30%, 12/01/42 (Call 06/01/42) | 261 | 252,189 | ||||||
4.30%, 09/01/45 (Call 03/01/45) | 181 | 168,469 | ||||||
6.59%, 10/15/37 | 577 | 703,710 | ||||||
Essential Utilities Inc. | ||||||||
3.35%, 04/15/50 (Call 10/15/49) | 421 | 335,538 | ||||||
4.28%, 05/01/49 (Call 11/01/48) | 260 | 240,929 | ||||||
Veolia Environnement SA, 6.75%, 06/01/38 | 53 | 65,185 | ||||||
|
| |||||||
3,382,044 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 98.5% |
| 1,425,821,548 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 8.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(f)(g)(h) | 124,483 | 124,482,983 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||
| ||||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(f)(g) | 1,587 | $ | 1,587,000 | |||||
|
| |||||||
126,069,983 | ||||||||
|
| |||||||
Total Short-Term Investments — 8.7% |
| 126,069,983 | ||||||
|
| |||||||
Total Investments in Securities — 107.2% |
| 1,551,891,531 | ||||||
Other Assets, Less Liabilities — (7.2)% |
| (104,013,340 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,447,878,191 | |||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(e) | Perpetual security with no stated maturity date. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 1,425,821,548 | $ | — | $ | 1,425,821,548 | ||||||||
Money Market Funds | 126,069,983 | — | — | 126,069,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 126,069,983 | $ | 1,425,821,548 | $ | — | $ | 1,551,891,531 | |||||||||
|
|
|
|
|
|
|
|
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
April 30, 2022
iShares 10+ Year Investment Grade Corporate Bond ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 1,425,821,548 | ||
Affiliated(c) | 126,069,983 | |||
Receivables: | ||||
Investments sold | 4,952,241 | |||
Securities lending income — Affiliated | 32,084 | |||
Dividends | 406 | |||
Interest | 17,460,567 | |||
|
| |||
Total assets | 1,574,336,829 | |||
|
| |||
LIABILITIES | ||||
Bank overdraft | 12,522 | |||
Collateral on securities loaned, at value | 124,503,912 | |||
Payables: | ||||
Investments purchased | 1,598,332 | |||
Capital shares redeemed | 274,086 | |||
Investment advisory fees | 69,786 | |||
|
| |||
Total liabilities | 126,458,638 | |||
|
| |||
NET ASSETS | $ | 1,447,878,191 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 1,877,646,450 | ||
Accumulated loss | (429,768,259 | ) | ||
|
| |||
NET ASSETS | $ | 1,447,878,191 | ||
|
| |||
Shares outstanding | 26,100,000 | |||
|
| |||
Net asset value | $ | 55.47 | ||
|
| |||
Shares authorized | Unlimited | |||
|
| |||
Par value | None | |||
|
| |||
(a) Securities loaned, at value | $ | 119,297,497 | ||
(b) Investments, at cost — Unaffiliated | $ | 1,794,098,902 | ||
(c) Investments, at cost — Affiliated | $ | 126,042,227 |
FINANCIAL STATEMENTS |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
JSC | Joint Stock Company | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate |
2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1018-0422
APRIL 30, 2022 |
| 2022 Semi-Annual Report (Unaudited) |
iShares U.S. ETF Trust
· | iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.
In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of April 30, 2022 | ||||||||||
6-Month | 12-Month | |||||||||
U.S. large cap equities | (9.65 | )% | 0.21 | % | ||||||
U.S. small cap equities | (18.38 | ) | (16.87 | ) | ||||||
International equities | (11.80 | ) | (8.15 | ) | ||||||
Emerging market equities | (14.15 | ) | (18.33 | ) | ||||||
3-month Treasury bills | 0.07 | 0.08 | ||||||||
U.S. Treasury securities | (10.29 | ) | (8.86 | ) | ||||||
U.S. investment grade bonds | (9.47 | ) | (8.51 | ) | ||||||
Tax-exempt municipal bonds | (7.90 | ) | (7.88 | ) | ||||||
U.S. high yield bonds | (7.40 | ) | (5.22 | ) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only You cannot invest directly in an index. |
|
2 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
Page | ||||
2 | ||||
4 | ||||
6 | ||||
6 | ||||
7 | ||||
Financial Statements | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
19 | ||||
20 | ||||
21 | ||||
22 |
Fund Summary as of April 30, 2022 | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Investment Objective
The iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds, as represented by the BlackRock Interest Rate Hedged Emerging Markets Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares J.P. Morgan USD Emerging Markets Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | �� | 5 Years | Since Inception | |||||||||||||||||||||||||
Fund NAV | (6.33 | )% | (7.08 | )% | 0.06 | % | 1.61 | % | (7.08 | )% | 0.32 | % | 11.45 | % | ||||||||||||||||||
Fund Market | (6.23 | ) | (7.06 | ) | 0.12 | 1.63 | (7.06 | ) | 0.59 | 11.58 | ||||||||||||||||||||||
Index(a) | (6.64 | ) | (6.71 | ) | 0.31 | 1.84 | (6.71 | ) | 1.58 | 13.13 | ||||||||||||||||||||||
J.P. Morgan EMBI Global Core Swap Hedged Index(b) | (6.03 | ) | (6.11 | ) | 0.44 | 1.93 | (6.11 | ) | 2.24 | 13.86 | ||||||||||||||||||||||
BlackRock Interest Rate Hedged Emerging Markets Bond Index (c) | (6.62 | ) | N/A | N/A | N/A | N/A | N/A | N/A |
The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15. |
(a) | Index performance through November 30, 2021 reflects the performance of the J.P. Morgan EMBI Global Core Swap Hedged Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Emerging Markets Bond Index, which, effective as of December 1, 2021, replaced the J.P. Morgan EMBI Global Core Swap Hedged Index as the underlying index of the fund. |
(b) | The J.P. Morgan EMBI Global Core Swap Hedged Index is an unmanaged index that consists of the J.P. Morgan EMBI® Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI® Global Core Index. |
(c) | The inception date of the BlackRock Interest Rate Hedged Emerging Markets Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was -6.62%. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
| Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/21) | | | Ending Account Value (04/30/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||
$ | 1,000.00 | $ | 936.70 | $ | 0.48 | $ | 1,000.00 | $ | 1,024.30 | $ | 0.50 | 0.10 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of April 30, 2022 (continued) | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE |
| |||
Investment Type | Percent of Net Assets | |||
Investment Companies | 93.7 | % | ||
Short-term Investments | 1.3 | |||
Swaps, net cumulative appreciation | 8.1 | |||
Other assets less liabilities | (3.1 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND) |
| |||
Credit Rating(a) | Percent of Total Investment(b) | |||
Aa | 6.2 | % | ||
A | 12.4 | |||
Baa | 35.1 | |||
Ba | 18.1 | |||
B | 16.8 | |||
Caa | 4.5 | |||
Ca | 2.5 | |||
Not Rated | 4.4 |
(a) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | Excludes money market funds. |
FUND SUMMARY | 5 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.
The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2022 | iShares® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 93.7% | ||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)(b) | 89,872 | $ | 8,167,567 | |||||
|
| |||||||
Total Investment Companies — 93.7% | 8,167,567 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | 110,000 | 110,000 | ||||||
|
| |||||||
Total Short-Term Investments — 1.3% |
| 110,000 | ||||||
|
| |||||||
Total Investments in Securities — 95.0% |
| 8,277,567 | ||||||
Other Assets, Less Liabilities — 5.0% |
| 436,896 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 8,714,463 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps. |
(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 April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | | Value at 10/31/21 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 04/30/22 | | | Shares Held at 04/30/22 | | Income | | Capital Gain | | |||||||||||
BlackRock Cash Funds: Treasury, | $ | 70,000 | $ | 40,000 | (a) | $ | — | $ | — | $ | — | $ | 110,000 | 110,000 | $ | 62 | $ | — | ||||||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 6,703,291 | 3,903,228 | (1,219,839 | ) | (27,926 | ) | (1,191,187 | ) | 8,167,567 | 89,872 | 121,882 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (27,926 | ) | $ | (1,191,187 | ) | $ | 8,277,567 | $ | 121,944 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps
Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional (000) |
| Upfront (Received) | Unrealized (Depreciation) | |||||||||||||||||||
Rate | Frequency | Rate | Frequency | Value | ||||||||||||||||||||||
0.85% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 07/19/22 | $(2,377) | $ | 902 | $ | 3 | $ | 899 | ||||||||||||||
1.82% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/23 | (119) | 406 | — | 406 | |||||||||||||||||
0.69% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/11/23 | (700) | 21,575 | 3 | 21,572 | |||||||||||||||||
2.48% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/15/24 | (57) | 263 | — | 263 | |||||||||||||||||
2.46% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 01/13/25 | (381) | 6,081 | (18,870 | ) | 24,951 | ||||||||||||||||
1.25% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/21/25 | (39) | 1,574 | — | 1,574 | |||||||||||||||||
1.47% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/10/25 | (50) | 1,790 | — | 1,790 | |||||||||||||||||
1.64% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/18/25 | (24) | 767 | 1 | 766 | |||||||||||||||||
1.68% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/25/25 | (38) | 1,150 | — | 1,150 | |||||||||||||||||
1.74% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/25 | (131) | 3,833 | 1 | 3,832 | |||||||||||||||||
2.35% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/25 | (429) | 5,426 | 3 | 5,423 | |||||||||||||||||
2.51% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/25 | (103) | 823 | 1 | 822 |
SCHEDULE OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||
0.88% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 07/14/26 | $ (86 | ) | $ | 7,379 | $ | (39 | ) | $ | 7,418 | ||||||||||||||
0.92% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/09/26 | (180 | ) | 15,642 | 1 | 15,641 | ||||||||||||||||||
1.32% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 11/23/26 | (25 | ) | 1,837 | — | 1,837 | ||||||||||||||||||
1.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/10/26 | (432 | ) | 30,481 | 4 | 30,477 | ||||||||||||||||||
1.32% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/11/27 | (199 | ) | 12,687 | 2 | 12,685 | ||||||||||||||||||
1.76% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/16/27 | (55 | ) | 2,483 | 1 | 2,482 | ||||||||||||||||||
2.33% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/30/27 | (49 | ) | 945 | — | 945 | ||||||||||||||||||
2.45% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/12/27 | (569 | ) | 7,798 | (58 | ) | 7,856 | |||||||||||||||||
0.49% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/27/27 | (72 | ) | 9,142 | 338 | 8,804 | ||||||||||||||||||
1.88% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/19/29 | (20 | ) | 1,051 | — | 1,051 | ||||||||||||||||||
1.96% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/21/29 | (93 | ) | 4,453 | 1 | 4,452 | ||||||||||||||||||
2.17% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/02/29 | (267 | ) | 9,234 | 4 | 9,230 | ||||||||||||||||||
2.43% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/29 | (185 | ) | 3,391 | 3 | 3,388 | ||||||||||||||||||
2.57% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/13/29 | (30 | ) | 289 | — | 289 | ||||||||||||||||||
2.58% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/29 | (40 | ) | 338 | — | 338 | ||||||||||||||||||
0.77% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 04/01/30 | (1,051 | ) | 165,946 | 18,273 | 147,673 | ||||||||||||||||||
1.31% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/05/32 | (73 | ) | 8,678 | 1 | 8,677 | ||||||||||||||||||
1.53% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/12/32 | (244 | ) | 24,378 | 4 | 24,374 | ||||||||||||||||||
1.62% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/21/32 | (13 | ) | 1,168 | — | 1,168 | ||||||||||||||||||
1.73% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/09/32 | (36 | ) | 3,043 | 1 | 3,042 | ||||||||||||||||||
1.84% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/18/32 | (33 | ) | 2,422 | 1 | 2,421 | ||||||||||||||||||
2.00% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/32 | (108 | ) | 6,549 | 2 | 6,547 | ||||||||||||||||||
2.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/32 | (61 | ) | 2,973 | 1 | 2,972 | ||||||||||||||||||
2.41% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/12/32 | (417 | ) | 10,729 | 8 | 10,721 | ||||||||||||||||||
2.34% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 12/08/36 | (274 | ) | 21,775 | (35,898 | ) | 57,673 | |||||||||||||||||
1.89% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/16/37 | (74 | ) | 7,345 | 2 | 7,343 | ||||||||||||||||||
2.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/37 | (118 | ) | 8,104 | 3 | 8,101 | ||||||||||||||||||
2.39% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/13/37 | (58 | ) | 2,244 | 1 | 2,243 | ||||||||||||||||||
2.57% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/13/37 | (17 | ) | 276 | — | 276 | ||||||||||||||||||
2.59% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/27/37 | (10 | ) | 140 | — | 140 | ||||||||||||||||||
1.94% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 06/10/41 | (63 | ) | 9,548 | (3,110 | ) | 12,658 | |||||||||||||||||
1.40% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/02/41 | (35 | ) | 6,795 | 1 | 6,794 | ||||||||||||||||||
1.39% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 12/09/41 | (41 | ) | 7,960 | 1 | 7,959 | ||||||||||||||||||
1.91% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/42 | (45 | ) | 5,102 | 1 | 5,101 | ||||||||||||||||||
2.21% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/31/42 | (16 | ) | 1,094 | — | 1,094 | ||||||||||||||||||
2.13% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/42 | (105 | ) | 8,511 | 3 | 8,508 | ||||||||||||||||||
2.35% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/42 | (78 | ) | 3,625 | 2 | 3,623 | ||||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 03/30/45 | (324 | ) | 112,303 | 29,021 | 83,282 | ||||||||||||||||||
1.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/10/47 | (9 | ) | 1,506 | — | 1,506 | ||||||||||||||||||
1.98% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/47 | (22 | ) | 2,351 | — | 2,351 | ||||||||||||||||||
2.01% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/21/47 | (23 | ) | 2,282 | 1 | 2,281 | ||||||||||||||||||
2.14% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/25/47 | (22 | ) | 1,717 | — | 1,717 | ||||||||||||||||||
2.30% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/47 | (233 | ) | 11,311 | (1,290 | ) | 12,601 | |||||||||||||||||
0.87% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 03/30/50 | (38 | ) | 14,472 | 1,164 | 13,308 | ||||||||||||||||||
1.06% | Semi-annual | 3-Month LIBOR, 1.33% | Quarterly | N/A | 09/19/50 | (366 | ) | 126,693 | 56,991 | 69,702 | ||||||||||||||||||
1.67% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 01/22/52 | (1 | ) | 142 | — | 142 | ||||||||||||||||||
1.87% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 02/20/52 | (7 | ) | 843 | — | 843 | ||||||||||||||||||
1.82% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/14/52 | (21 | ) | 2,824 | 1 | 2,823 | ||||||||||||||||||
1.99% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/18/52 | (18 | ) | 1,762 | 1 | 1,761 | ||||||||||||||||||
2.08% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 03/29/52 | (26 | ) | 2,136 | 1 | 2,135 | ||||||||||||||||||
2.01% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/01/52 | (102 | ) | 9,737 | 4 | 9,733 | ||||||||||||||||||
2.19% | Annual | 1-Day SOFR, 0.33% | Annual | N/A | 04/11/52 | (76 | ) | 4,462 | 3 | 4,459 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 754,686 | $ | 46,593 | $ | 708,093 | |||||||||||||||||||||||
|
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|
|
|
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $105,858 | $(59,265 | ) | $708,093 | $— |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Interest Rate Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 708,093 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:
Interest Rate Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | 1,911 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 606,940 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 8,200,081 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 8,167,567 | $ | — | $ | — | $ | 8,167,567 | ||||||||
Money Market Funds | 110,000 | — | — | 110,000 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 8,277,567 | $ | — | $ | — | $ | 8,277,567 | |||||||||
|
|
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|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 708,093 | $ | — | $ | 708,093 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 9 |
Statement of Assets and Liabilities (unaudited)
April 30, 2022
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Affiliated(a) | $ | 8,277,567 | ||
Cash | 37,272 | |||
Cash pledged: | ||||
Centrally cleared swaps | 378,000 | |||
Receivables: | ||||
Investments sold | 345 | |||
Variation margin on centrally cleared swaps | 21,920 | |||
Dividends | 42 | |||
|
| |||
Total assets | 8,715,146 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investment advisory fees | 683 | |||
|
| |||
Total liabilities | 683 | |||
|
| |||
NET ASSETS | $ | 8,714,463 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 10,504,028 | ||
Accumulated loss | (1,789,565 | ) | ||
|
| |||
NET ASSETS | $ | 8,714,463 | ||
|
| |||
Shares outstanding | 400,000 | |||
|
| |||
Net asset value | $ | 21.79 | ||
|
| |||
Shares authorized | Unlimited | |||
|
| |||
Par value | None | |||
|
| |||
(a) Investments, at cost — Affiliated | $ | 9,497,918 |
See notes to financial statements.
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statement of Operations (unaudited)
Six Months Ended April 30, 2022
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 121,944 | ||
|
| |||
Total investment income | 121,944 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 23,667 | |||
Professional fees | 217 | |||
|
| |||
Total expenses | 23,884 | |||
Less: | ||||
Investment advisory fees waived | (20,729 | ) | ||
|
| |||
Total expenses after fees waived | 3,155 | |||
|
| |||
Net investment income | 118,789 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Affiliated | (20,920 | ) | ||
In-kind redemptions — Affiliated | (7,006 | ) | ||
Swaps | 1,911 | |||
|
| |||
Net realized loss | (26,015 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Affiliated | (1,191,187 | ) | ||
Swaps | 606,940 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | (584,247 | ) | ||
|
| |||
Net realized and unrealized loss | (610,262 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (491,473 | ) | |
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 11 |
Statements of Changes in Net Assets
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 118,789 | $ | 226,716 | ||||
Net realized loss | (26,015 | ) | (22,742 | ) | ||||
Net change in unrealized appreciation (depreciation) | (584,247 | ) | 200,722 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (491,473 | ) | 404,696 | |||||
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|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (94,286 | ) | (160,764 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 2,213,927 | 1,209,671 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase in net assets | 1,628,168 | 1,453,603 | ||||||
Beginning of period | 7,086,295 | 5,632,692 | ||||||
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|
|
| |||||
End of period | $ | 8,714,463 | $ | 7,086,295 | ||||
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|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.62 | $ | 22.53 | $ | 24.44 | $ | 25.28 | $ | 26.44 | $ | 25.06 | ||||||||||||
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|
|
| |||||||||||||
Net investment income(a) | 0.43 | 0.83 | 0.91 | 1.42 | 1.06 | 1.11 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.91 | ) | 0.86 | (2.10 | ) | (1.00 | ) | (1.19 | ) | 1.24 | ||||||||||||||
|
|
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|
|
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|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.48 | ) | 1.69 | (1.19 | ) | 0.42 | (0.13 | ) | 2.35 | |||||||||||||||
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| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.35 | ) | (0.60 | ) | (0.72 | ) | (1.26 | ) | (1.03 | ) | (0.97 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (0.35 | ) | (0.60 | ) | (0.72 | ) | (1.26 | ) | (1.03 | ) | (0.97 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 21.79 | $ | 23.62 | $ | 22.53 | $ | 24.44 | $ | 25.28 | $ | 26.44 | ||||||||||||
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| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (6.33 | )%(e) | 7.52 | % | (4.84 | )% | 1.72 | % | (0.51 | )% | 9.57 | % | ||||||||||||
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|
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|
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|
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| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.76 | %(g) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
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| |||||||||||||
Total expenses after fees waived | 0.10 | %(g) | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||||||||||
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| |||||||||||||
Net investment income | 3.76 | %(g) | 3.50 | % | 3.97 | % | 5.71 | % | 4.07 | % | 4.32 | % | ||||||||||||
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,714 | $ | 7,086 | $ | 5,633 | $ | 7,333 | $ | 13,902 | $ | 2,644 | ||||||||||||
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| |||||||||||||
Portfolio turnover rate(h) | 2 | %(e) | 5 | % | 4 | % | 3 | % | 0 | %(i) | 2 | % | ||||||||||||
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|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | Rounds to less than 1%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 13 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |||
Interest Rate Hedged Emerging Markets Bond | Diversified |
Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.
Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | DERIVATIVE FINANCIAL INSTRUMENTS |
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
NOTES TO FINANCIAL STATEMENTS | 15 |
Notes to Financial Statements (unaudited) (continued)
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, plus 0.10%.
This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Interest Rate Hedged Emerging Markets Bond | $ | 20,729 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.
6. | PURCHASES AND SALES |
For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Interest Rate Hedged Emerging Markets Bond | $ | 758,246 | $ | 127,096 |
For the six months ended April 30, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Interest Rate Hedged Emerging Markets Bond | $ | 3,144,982 | $ | 1,092,743 |
7. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
As of October 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,265,177.
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Interest Rate Hedged Emerging Markets Bond | $ | 9,508,536 | $ | 708,093 | $ | (1,230,969 | ) | $ | (522,876 | ) |
8. | PRINCIPAL RISKS |
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
NOTES TO FINANCIAL STATEMENTS | 17 |
Notes to Financial Statements (unaudited) (continued)
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.
9. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 04/30/22 | Year Ended 10/31/21 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
Interest Rate Hedged Emerging Markets Bond | ||||||||||||||||
Shares sold | 150,000 | $ | 3,370,747 | 100,000 | $ | 2,384,241 | ||||||||||
Shares redeemed | (50,000 | ) | (1,156,820 | ) | (50,000 | ) | (1,174,570 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 100,000 | $ | 2,213,927 | 50,000 | $ | 1,209,671 | ||||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.
10. | SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
On June 15, 2022, the Board approved the liquidation of the Fund. After the close of business on August 22, 2022, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on August 23, 2022. Proceeds of the liquidation are currently scheduled to be sent to shareholders on August 25, 2022.
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M | 19 |
Supplemental Information (unaudited) |
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
April 30, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
Interest Rate Hedged Emerging Markets Bond | $ | 0.354167 | $ | — | $ | — | $ | 0.354167 | 100 | % | — | % | — | % | 100 | % |
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N | 21 |
Glossary of Terms Used in this Report |
Portfolio Abbreviations - Fixed Income
SOFR | Secured Overnight Financing Rate | |
LIBOR | London Interbank Offered Rate |
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1019-0422
APRIL 30, 2022 |
2022 Semi-Annual Report (Unaudited)
|
iShares U.S. ETF Trust
· iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY | NYSE Arca
· iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca
· iShares Gold Strategy ETF | IAUF | Cboe BZX
· iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ
Dear Shareholder,
The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.
In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of April 30, 2022 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities | (9.65 | )% | 0.21 | % | ||||
U.S. small cap equities | (18.38 | ) | (16.87 | ) | ||||
International equities | (11.80 | ) | (8.15 | ) | ||||
Emerging market equities | (14.15 | ) | (18.33 | ) | ||||
3-month Treasury bills | 0.07 | 0.08 | ||||||
U.S. Treasury securities | (10.29 | ) | (8.86 | ) | ||||
U.S. investment grade bonds | (9.47 | ) | (8.51 | ) | ||||
Tax-exempt municipal bonds | (7.90 | ) | (7.88 | ) | ||||
U.S. high yield bonds | (7.40 | ) | (5.22 | ) | ||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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Fund Summary as of April 30, 2022 | iShares® Bloomberg Roll Select Commodity Strategy ETF |
Investment Objective
The iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the Bloomberg Roll Select Commodity Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||
Fund NAV | 24.41 | % | 42.37 | % | 11.27% | 42.37 | % | 54.57% | ||||||||||||
Fund Market | 23.21 | 41.24 | 11.12 | 41.24 | 53.71 | |||||||||||||||
Index | 25.04 | 43.62 | 11.89 | 43.62 | 58.08 |
The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||||
| Beginning Account Value | | | Ending Account Value (04/30/22) |
| | Expenses Paid During | | | Beginning Account Value | | | Ending Account Value | | | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,244.10 | $ 1.50 | $ 1,000.00 | $ 1,023.50 | $ 1.35 | 0.27 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Commercial Paper | 70.7 | % | ||
U.S. Treasury Obligations | 14.7 | |||
Money Market Funds | 9.2 | |||
Cash | 6.7 | |||
Futures | 0.5 | |||
Other assets, less liabilities | (1.8 | ) |
COMMODITIES EXPOSURE
Sector Exposure(a) | Percent of Exposure | |||
Energy Futures | 36.2 | % | ||
Agriculture Futures | 28.8 | |||
Precious Metals Futures | 16.5 | |||
Industrial Metals Futures | 14.0 | |||
Livestock Futures | 4.5 |
(a) | Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of April 30, 2022 | iShares® Commodity Curve Carry Strategy ETF |
Investment Objective
The iShares Commodity Curve Carry Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of commodities with the top ten highest ranking roll yields, on a total return basis, selected from a broad commodity universe, as represented by the ICE BofA Commodity Enhanced Carry Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||
Fund NAV | 29.99 | % | 49.98% | 43.75% | 49.98 | % | 82.86 | % | ||||||||||||
Fund Market | 29.00 | 49.70 | 43.49 | 49.70 | 82.30 | |||||||||||||||
Index | 30.35 | 50.78 | 44.50 | 50.78 | 84.50 |
The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.
Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,299.90 | $ 2.22 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Commercial Paper | 58.4 | % | ||
U.S. Treasury Obligations | 11.7 | |||
Money Market Funds | 31.3 | |||
Cash | 0.0 | (a) | ||
Commodity Swaps | 30.7 | |||
Other assets, less liabilities | (32.1 | ) |
FIVE LARGEST HOLDINGS
Security | Percent of Net Assets | |||
U.S. Treasury Bill, 0.29%, 05/24/22 | 7.4 | % | ||
Ecolab Inc., 0.80%, 05/18/22 | 3.2 | |||
Export Development Corp., 0.76%, 06/23/22 | 3.2 | |||
NASDAQ Inc., 1.06%, 06/17/22 | 3.2 | |||
Bayerische Landesbank/New York, 1.08%, 07/07/22 | 3.2 |
(a) | Rounds to less than 0.1%. |
FUND SUMMARY | 5 |
Fund Summary as of April 30, 2022 | iShares® Gold Strategy ETF |
Investment Objective
The iShares Gold Strategy ETF (the “Fund”) seeks to track the investment results of an index that provides exposure, on a total return basis, to the price performance of gold, as represented by the Bloomberg Composite Gold Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
|
| |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | 6.37 | % | 6.74 | % | 8.86% | 6.74 | % | 39.27 | % | |||||||||||||||
Fund Market | 5.83 | 6.20 | 8.72 | 6.20 | 38.56 | |||||||||||||||||||
Index | 6.62 | 7.23 | 9.10 | 7.23 | 40.45 |
The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (11/01/21) |
| | Ending Account Value | | | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During | | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,063.70 | $ 0.77 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
|
| |||
Investment Type | Percent of Net Assets | |||
Money Market Funds | 76.7 | % | ||
Grantor Trust | 21.9 | |||
Cash | 3.2 | |||
Futures | (0.6 | ) | ||
Other assets, less liabilities | (1.2 | ) |
COMMODITY-LINKED FUTURES
|
| |||
Sector Exposure(a) | Percent of Net Assets | |||
Gold Futures | 75.8 | % |
(a) | Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. |
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of April 30, 2022 | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
Investment Objective
The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the S&P GSCI Dynamic Roll (USD) Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 31.95 | % | 53.58 | % | 12.36 | % | 2.67 | % | 53.58 | % | 79.10 | % | 22.00 | % | ||||||||||||||||||
Fund Market | 31.19 | 52.95 | 12.29 | 2.61 | 52.95 | 78.53 | 21.43 | |||||||||||||||||||||||||
Index | 32.32 | 54.35 | 12.80 | (0.17 | ) | 54.35 | 82.59 | (1.26 | ) |
The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.
Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Index performance through January 30, 2020 reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index. Index performance beginning on January 31, 2020 reflects the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/21) |
| | Ending Account Value (04/30/22) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,319.50 | $ 2.76 | $ 1,000.00 | $ 1,022.40 | $ 2.41 | 0.48 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
|
| |||
Investment Type | Percent of Net Assets | |||
Commercial Paper | 66.2 | % | ||
U.S. Treasury Obligations | 12.3 | |||
Certificates of Deposit | 4.2 | |||
Money Market Funds | 9.1 | |||
Cash | 3.5 | |||
Futures | 5.1 | |||
Other assets, less liabilities | (0.4 | ) |
COMMODITY-LINKED FUTURES
|
| |||
Sector Exposure(a) | Percent of Net Assets | |||
Energy Futures | 62.1 | % | ||
Agriculture Futures | 18.8 | |||
Industrial Metals Futures | 10.3 | |||
Livestock Futures | 5.2 | |||
Precious Metals Futures | 3.6 |
(a) | Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. |
FUND SUMMARY | 7 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) April 30, 2022 | iShares® Bloomberg Roll Select Commodity Strategy ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
| ||||||||
Commercial Paper | ||||||||
ANZ New Zealand International Ltd. | ||||||||
0.46%, 05/09/22(a) | $ | 7,000 | $ | 6,999,113 | ||||
1.15%, 07/19/22(a) | 6,000 | 5,984,569 | ||||||
AT & T Inc., 0.56%, 05/02/22(a) | 1,950 | 1,949,909 | ||||||
Banco Santander SA, 0.39%, 05/04/22(a) | 2,000 | 1,999,891 | ||||||
Barton Capital Corp., 1.07%, 07/05/22(a) | 6,000 | 5,988,074 | ||||||
Bayerische Landesbank/New York, 1.08%, 07/07/22(a) | 12,000 | 11,975,160 | ||||||
BNP Paribas SA, 0.88%, 06/16/22(a) | 10,000 | 9,988,347 | ||||||
Brighthouse Financial Short Term Funding | ||||||||
0.71%, 05/23/22(a) | 3,000 | 2,998,574 | ||||||
0.75%, 06/01/22(a) | 4,000 | 3,997,252 | ||||||
Britannia Funding Co. | ||||||||
0.81%, 06/07/22(a) | 1,750 | 1,748,358 | ||||||
1.02%, 06/27/22(a) | 5,000 | 4,991,699 | ||||||
Ecolab Inc., 0.80%, 05/18/22(a) | 10,000 | 9,995,804 | ||||||
ENGIE SA, 0.90%, 06/08/22(a) | 5,800 | 5,794,039 | ||||||
Export Development Corp., 0.76%, 06/23/22(a) | 13,000 | 12,984,866 | ||||||
Federation des Caisses, 0.79%, 06/06/22(a) | 12,500 | 12,489,603 | ||||||
Fidelity National Information Services, 0.89%, 05/23/22(a) | 11,333 | 11,326,291 | ||||||
Ionic Capital II Trust, 0.80%, 05/27/22(a) | 10,000 | 9,994,190 | ||||||
Korea Development Bank (The), 0.71%, 05/25/22(a) | 4,000 | 3,997,952 | ||||||
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22(a) | 10,000 | 9,985,984 | ||||||
Lime Funding LLC, 0.59%, 05/04/22(a) | 8,377 | 8,376,547 | ||||||
Lloyds Bank PLC | ||||||||
0.95%, 07/01/22(a) | 5,000 | 4,991,688 | ||||||
1.13%, 07/19/22(a) | 10,000 | 9,974,575 | ||||||
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22(a) | 6,000 | 5,997,537 | ||||||
Mitsubishi UFJ Financial Group | ||||||||
0.73%, 05/31/22(a) | 7,000 | 6,995,439 | ||||||
1.10%, 07/06/22(a) | 4,000 | 3,991,689 | ||||||
Mizuho Bank Ltd. | ||||||||
0.86%, 06/14/22(a) | 8,000 | 7,991,260 | ||||||
0.87%, 06/15/22(a) | 4,000 | 3,995,478 | ||||||
Mont Blanc Capital Corp., 0.83%, 06/10/22(a) | 7,000 | 6,992,993 | ||||||
NASDAQ Inc., 1.06%, 06/17/22(a) | 8,350 | 8,338,021 | ||||||
Nieuw Amsterdam Recv | ||||||||
0.64%, 05/11/22(a) | 5,000 | 4,999,078 | ||||||
0.81%, 06/06/22(a) | 5,000 | 4,995,334 | ||||||
Nutrien Ltd. | ||||||||
0.85%, 05/19/22(a) | 7,000 | 6,996,683 | ||||||
1.20%, 06/28/22(a) | 2,300 | 2,295,400 |
Security | Par/ Shares (000) | Value | ||||||
| ||||||||
Regatta Funding Co., 1.43%, 07/25/22(a) | $ | 12,000 | $ | 11,963,112 | ||||
Sherwin Williams Co., 0.47%, 05/03/22(a) | 6,000 | 5,999,684 | ||||||
ST Engineering | ||||||||
0.43%, 05/09/22(a) | 11,000 | 10,998,689 | ||||||
0.91%, 07/13/22(a) | 3,000 | 2,994,300 | ||||||
Starbird Funding Corp., 0.62%, 05/16/22(a) | 2,000 | 1,999,412 | ||||||
Verizon Communications Inc., 0.89%, 05/23/22(a) | 9,000 | 8,994,672 | ||||||
Victory Receivables | ||||||||
0.46%, 05/04/22(a) | 1,000 | 999,946 | ||||||
1.03%, 06/28/22(a) | 2,000 | 1,996,400 | ||||||
VW CR Inc., 0.89%, 05/23/22(a) | 4,500 | 4,497,336 | ||||||
|
| |||||||
Total Commercial Paper — 70.7% | 272,564,948 | |||||||
|
| |||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bill | ||||||||
0.09%, 05/03/22(a) | 550 | 549,999 | ||||||
0.11%, 05/10/22(a) | 8,600 | 8,599,785 | ||||||
0.19%, 05/17/22(a) | 1,100 | 1,099,914 | ||||||
0.29%, 05/24/22(a) | 24,700 | 24,695,660 | ||||||
0.45%, 06/16/22(a) | 21,850 | 21,837,863 | ||||||
|
| |||||||
Total U.S. Treasury Obligations — 14.7% | 56,783,221 | |||||||
|
| |||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c) | 35,520 | 35,520,000 | ||||||
|
| |||||||
Total Money Market Funds — 9.2% | 35,520,000 | |||||||
|
| |||||||
Total Investments in Securities — 94.6% | 364,868,169 | |||||||
Other Assets, Less Liabilities — 5.4% | 20,652,583 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 385,520,752 | ||||||
|
|
(a) | Rates are discount rates or a range of discount rates as of period end. |
(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 April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 19,480,000 | $ | 16,040,000 | (a) | $ | — | $ | — | $ | — | $ | 35,520,000 | 35,520 | $ | 12,765 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 9 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Bloomberg Roll Select Commodity Strategy ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Bloomberg Roll Select Index | 11,283 | 06/15/22 | $ | 381,523 | $ | 1,825,199 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Commodity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 1,825,199 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||
Commodity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 70,472,970 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (8,825,877 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 278,737,369 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Commercial Paper | $ | — | $ | 272,564,948 | $ | — | $ | 272,564,948 | ||||||||
U.S. Treasury Obligations | — | 56,783,221 | — | 56,783,221 | ||||||||||||
Money Market Funds | 35,520,000 | — | — | 35,520,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 35,520,000 | $ | 329,348,169 | $ | — | $ | 364,868,169 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,825,199 | $ | — | $ | — | $ | 1,825,199 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to Consolidated Financial Statements
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) April 30, 2022 | iShares® Commodity Curve Carry Strategy ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||
Commercial Paper | ||||||||
ANZ New Zealand International Ltd., 1.15%, 07/19/22(a) | $ | 1,000 | $ | 997,428 | ||||
AT & T Inc., 0.56%, 05/02/22(a) | 250 | 249,988 | ||||||
Bayerische Landesbank/New York, 1.08%, 07/07/22(a) | 1,300 | 1,297,309 | ||||||
BNP Paribas SA, 0.88%, 06/16/22(a) | 300 | 299,650 | ||||||
Britannia Funding Co., 0.81%, 06/07/22(a) | 500 | 499,531 | ||||||
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22(a) | 1,000 | 998,863 | ||||||
Ecolab Inc., 0.80%, 05/18/22(a) | 1,300 | 1,299,454 | ||||||
ENGIE SA, 0.90%, 06/08/22(a) | 500 | 499,486 | ||||||
Export Development Corp., 0.76%, 06/23/22(a) | 1,300 | 1,298,487 | ||||||
Federation des Caisses, 0.79%, 06/06/22(a) | 700 | 699,418 | ||||||
Ionic Capital II Trust, 0.80%, 05/27/22(a) | 1,000 | 999,419 | ||||||
Korea Development Bank (The), 0.71%, 05/25/22(a) | 1,000 | 999,488 | ||||||
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22(a) | 1,000 | 998,598 | ||||||
Lime Funding LLC, 0.59%, 05/04/22(a) | 1,000 | 999,946 | ||||||
Lloyds Bank PLC, 1.13%, 07/19/22(a) | 1,000 | 997,457 | ||||||
Matchpoint Finance PLC, 0.59%, 05/18/22(a) | 800 | 799,728 | ||||||
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22(a) | 750 | 749,692 | ||||||
Mitsubishi UFJ Financial Group, 1.10%, 07/06/22(a) | 1,200 | 1,197,507 | ||||||
NASDAQ Inc., 1.06%, 06/17/22(a) | 1,300 | 1,298,135 | ||||||
Nieuw Amsterdam Recv | ||||||||
0.64%, 05/11/22(a) | 500 | 499,908 | ||||||
0.81%, 06/06/22(a) | 500 | 499,533 | ||||||
Nutrien Ltd. | ||||||||
0.85%, 05/19/22(a) | 1,100 | 1,099,479 | ||||||
1.20%, 06/28/22(a) | 300 | 299,400 | ||||||
Regatta Funding Co., 1.43%, 07/25/22(a) | 1,300 | 1,296,004 | ||||||
Sherwin Williams Co., 0.47%, 05/03/22(a) | 500 | 499,974 | ||||||
ST Engineering, 0.43%, 05/09/22(a) | 1,100 | 1,099,869 |
Security | Par/ Shares (000) | Value | ||||||
| ||||||||
Starbird Funding Corp., 0.62%, 05/16/22(a) | $ | 300 | $ | 299,912 | ||||
Verizon Communications Inc., 0.89%, 05/23/22(a) | 1,000 | 999,408 | ||||||
|
| |||||||
Total Commercial Paper — 58.4% | 23,773,071 | |||||||
|
| |||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bill | ||||||||
0.11%, 05/10/22(a) | 1,150 | 1,149,971 | ||||||
0.29%, 05/24/22(a) | 3,000 | 2,999,473 | ||||||
0.45%, 06/16/22(a) | 600 | 599,667 | ||||||
|
| |||||||
Total U.S. Treasury Obligations — 11.7% | 4,749,111 | |||||||
|
| |||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c) | 12,750 | 12,750,000 | ||||||
|
| |||||||
Total Money Market Funds — 31.3% |
| 12,750,000 | ||||||
|
| |||||||
Total Investments in Securities — 101.4% |
| 41,272,182 | ||||||
Other Assets, Less Liabilities — (1.4)% | (560,402 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 40,711,780 | ||||||
|
|
(a) | Rates are discount rates or a range of discount rates as of period end. |
(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 April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 7,190,000 | $ | 5,560,000 | (a) | $ | — | $ | — | $ | — | $ | 12,750,000 | 12,750 | $ | 5,627 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 11 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Commodity Curve Carry Strategy ETF |
OTC Total Return Swaps
| ||||||||||||||||||||||||||||||||||||
Paid by the Fund | Received by the Fund |
|
|
|
|
| Upfront |
|
| |||||||||||||||||||||||||||
Rate(a) | Frequency | Reference(b) | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) |
| |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
0.07% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Citibank N.A. | N/A | 09/01/22 | 10,289 | $ 4,538,021 | $(26,062 | ) | $ 4,564,083 | |||||||||||||||||||||||||
0.07% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | | Merrill Lynch International | | N/A | 09/01/22 | 17,931 | 7,899,848 | (53,673 | ) | 7,953,521 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$12,437,869 | $(79,735 | ) | $12,517,604 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
(a) | Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end. |
(b) | Please refer to the Reference Entity below for more details. |
Reference Entity
The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of April 30, 2022.
| ||||||||
Futures contracts | Maturity date | Weight % | ||||||
| ||||||||
Brent Crude Oil | 10/31/2022 | 28.2 | % | |||||
Corn | 12/14/2022 | 14.7 | ||||||
Gas Oil | 12/12/2022 | 11.3 | ||||||
RBOB Gasoline | 11/30/2022 | 10.3 | ||||||
Soybeans | 11/14/2022 | 9.6 | ||||||
Wheat | 12/14/2022 | 7.4 | ||||||
WTI Crude Oil | 11/21/2022 | 7.3 | ||||||
Coffee | 12/19/2022 | 3.2 | ||||||
Zinc | 10/20/2022 | 3.2 | ||||||
Lean Hogs | 10/14/2022 | 2.6 | ||||||
Aluminum | 12/20/2022 | 2.3 |
Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps
| ||||||||||||||||
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| ||||||||||||||||
Total Return Swaps | $— | $(79,735 | ) | $12,517,604 | $— | |||||||||||
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Commodity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Swaps — OTC | ||||
Unrealized appreciation on OTC swaps; Swap premiums paid | $ | 12,517,604 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Swaps — OTC | ||||
Unrealized depreciation on OTC swaps; Swap premiums received | $ | 79,735 | ||
|
|
For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||
Commodity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | 616,436 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 8,668,167 | ||
|
|
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Commodity Curve Carry Strategy ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Total return swaps: | ||||
Average notional value | $ | 30,749,078 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| ||||||||
Assets | Liabilities | |||||||
| ||||||||
Derivative Financial Instruments: | ||||||||
Swaps - OTC(a) | $ | 12,517,604 | $ | 79,735 | ||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 12,517,604 | 79,735 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | — | ||||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 12,517,604 | 79,735 | ||||||
|
|
|
|
(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| ||||||||||||||||||||
Counterparty | | Derivative Assets Subject to an MNA by Counterparty |
| | Derivatives Available for Offset |
(a) | | Non-Cash Collateral | | | Cash Collateral Received |
(b) | | Net Amount of Derivative Assets |
(c) | |||||
| ||||||||||||||||||||
Citibank N.A. | $ | 4,564,083 | $ | (26,062 | ) | $ | — | $ | (4,538,021 | ) | $ | — | ||||||||
Merrill Lynch International | 7,953,521 | (53,673 | ) | — | (7,870,000 | ) | 29,848 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 12,517,604 | $ | (79,735 | ) | $ | — | $ | (12,408,021 | ) | $ | 29,848 | |||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
Derivative Liabilities Subject to an MNA by |
| Derivatives Available |
| Non-Cash Collateral |
| Cash Collateral |
| Net Amount of Derivative |
| |||||||||||||||||||||
Counterparty | Counterparty |
| for Offset | (a) | Pledged |
| Pledged |
| Liabilities | (d) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||
Citibank N.A. |
| $ | 26,062 | $ | (26,062 | ) | $ | — | $ | — | $ | — | ||||||||||||||||||
Merrill Lynch International | 53,673 | (53,673 | ) | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 79,735 | $ | (79,735 | ) | $ | — | $ | — | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) | Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) | Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
CONSOLIDATED SCHEDULE OF INVESTMENTS | 13 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Commodity Curve Carry Strategy ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Commercial Paper | $ | — | $ | 23,773,071 | $ | — | $ | 23,773,071 | ||||||||
U.S. Treasury Obligations | — | 4,749,111 | — | 4,749,111 | ||||||||||||
Money Market Funds | 12,750,000 | — | — | 12,750,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 12,750,000 | $ | 28,522,182 | $ | — | $ | 41,272,182 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 12,517,604 | $ | — | $ | 12,517,604 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to Consolidated Financial Statements
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) April 30, 2022 | iShares® Gold Strategy ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Grantor Trust | ||||||||
Grantor Trust — 21.9% | ||||||||
iShares Gold Trust(a)(b) | 211,472 | $ | 7,621,451 | |||||
|
| |||||||
Total Grantor Trust | 7,621,451 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 76.7% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c) | 26,707,000 | 26,707,000 | ||||||
|
| |||||||
Total Short-Term Investments — 76.7% | 26,707,000 | |||||||
|
| |||||||
Total Investments in Securities — 98.6% | 34,328,451 | |||||||
Other Assets, Less Liabilities — 1.4% | 478,505 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 34,806,956 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | Non-income producing security. |
(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 April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 23,797,000 | $ | 2,910,000 | (a) | $ | — | $ | — | $ | — | $ | 26,707,000 | 26,707,000 | $ | 11,097 | $ | — | ||||||||||||||||||
iShares Gold Trust | 5,542,262 | 3,331,543 | (1,665,762 | ) | (26,548 | ) | 439,956 | 7,621,451 | 211,472 | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (26,548 | ) | $ | 439,956 | $ | 34,328,451 | $ | 11,097 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Gold 100 OZ | 138 | 06/28/22 | $ | 26,381 | $ | (201,231 | ) | |||||||||
|
|
CONSOLIDATED SCHEDULE OF INVESTMENTS | 15 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® Gold Strategy ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Commodity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 201,231 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||
Commodity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 1,262,105 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 193,861 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 23,950,423 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Grantor Trust | $ | 7,621,451 | $ | — | $ | — | $ | 7,621,451 | ||||||||
Money Market Funds | 26,707,000 | — | — | 26,707,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 34,328,451 | $ | — | $ | — | $ | 34,328,451 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (201,231 | ) | $ | — | $ | — | $ | (201,231 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to Consolidated Financial Statements
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) April 30, 2022 | iShares® GSCI Commodity Dynamic Roll Strategy ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Certificates of Deposit | ||||||||
Bank of Montreal, 1.23%, 08/09/22 | $ | 700 | $ | 697,965 | ||||
Bank of Nova Scotia, 0.45%, 05/18/22, (SOFR + 0.180%)(a) | 5,000 | 5,000,150 | ||||||
Bayerische Landesbank/New York, 0.50%, 05/09/22 | 32,750 | 32,748,714 | ||||||
Canadian Imperial Bank of Commerce, 1.96%, 11/03/22 | 11,000 | 10,908,430 | ||||||
Cooperatieve Centrale, 1.05%, 07/18/22 | 10,000 | 9,984,013 | ||||||
Credit Suisse AG/New York NY | ||||||||
0.41%, 05/09/22, (SOFR + 0.300%)(a) | 5,000 | 5,000,301 | ||||||
2.45%, 02/02/23 | 5,000 | 4,948,383 | ||||||
Landesbank Baden-Wuerttemberg, 0.81%, 06/03/22, (SOFR + 0.28000%) | 10,000 | 9,995,016 | ||||||
Landesbank Hessen-Thueringen, 0.47%, 05/09/22 | 18,000 | 17,999,283 | ||||||
MUFG Bank Ltd./New York NY, 0.77%, 03/13/23, (SOFR + 0.300%)(a) | 22,000 | 21,972,508 | ||||||
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)(a) | 10,000 | 9,999,302 | ||||||
Sumitomo Mitsui Banking Corp./New York, 0.64%, 07/29/22, (SOFR + 0.180%)(a) | 5,000 | 4,998,345 | ||||||
Svenska Handelsbanken/New York NY, 0.72%, 10/27/22, (SOFR + 0.190%)(a) | 12,350 | 12,337,544 | ||||||
Swedbank AB, 0.39%, 05/09/22 | 25,000 | 24,999,616 | ||||||
Toronto Dominion Bank, 0.67%, 05/23/22, (SOFR + 0.180%)(a)(b) | 5,000 | 5,000,000 | ||||||
|
| |||||||
Total Certificates of Deposit — 4.2% | 176,589,570 | |||||||
|
| |||||||
Commercial Paper | ||||||||
Amcor Flexibles North America, 0.80%, 05/17/22 | 50,000 | 49,980,100 | ||||||
ANZ New Zealand International Ltd. | ||||||||
0.46%, 05/09/22 | 25,000 | 24,996,833 | ||||||
1.15%, 07/19/22 | 100,000 | 99,742,825 | ||||||
ASB Finance Ltd., 1.22%, 08/01/22 | 8,000 | 7,974,495 | ||||||
AT&T Inc., 0.78%, 05/17/22 | 35,000 | 34,986,420 | ||||||
Banco Santander SA, 0.39%, 05/04/22 | 35,750 | 35,748,049 | ||||||
Bank of Montreal, 0.98%, 07/08/22 | 1,500 | 1,497,142 | ||||||
Bank of Nova Scotia, 1.39%, 09/06/22 | 13,000 | 12,934,888 | ||||||
Barton Capital Corp., 1.07%, 07/05/22 | 44,000 | 43,912,543 | ||||||
Base Aktiengesellsch, 2.14%, 10/03/22 | 17,450 | 17,288,589 | ||||||
Bayerische Landesbank/New York | ||||||||
0.95%, 06/21/22 | 100,000 | 99,860,875 | ||||||
1.08%, 07/07/22 | 18,350 | 18,312,016 | ||||||
Bennington Sark Cap Co., 0.47%, 05/06/22 | 60,000 | 59,994,983 | ||||||
BNP Paribas SA, 0.88%, 06/16/22 | 26,350 | 26,319,294 | ||||||
Brighthouse Financial Short Term Funding | ||||||||
0.71%, 05/23/22 | 59,175 | 59,146,872 | ||||||
0.75%, 06/01/22 | 36,000 | 35,975,268 | ||||||
Britannia Funding Co. | ||||||||
0.81%, 06/07/22 | 54,600 | 54,548,776 | ||||||
1.02%, 06/27/22 | 60,100 | 60,000,223 | ||||||
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22 | 38,525 | 38,481,192 | ||||||
Collateralized Commercial Paper V Co. LLC, 0.71%, 05/24/22 | 20,000 | 19,990,097 | ||||||
Commonwealth Bank of Australia, 0.78%, 04/03/23, (SOFR + 0.430%)(a)(b) | 24,200 | 24,196,594 | ||||||
Ecolab Inc., 0.80%, 05/18/22 | 11,650 | 11,645,112 | ||||||
ENGIE SA, 0.90%, 06/08/22 | 6,000 | 5,993,833 | ||||||
Evergy Missouri, 0.89%, 05/23/22 | 30,000 | 29,982,240 | ||||||
Export Development Corp., 0.76%, 06/23/22 | 37,000 | 36,956,926 |
Security | Par (000) | Value | ||||||
Federation des Caisses, 0.79%, 06/06/22 | $ | 143,000 | $ | 142,881,055 | ||||
Fidelity National Information Services, 0.89%, 05/23/22 | 56,667 | 56,633,453 | ||||||
FMS Wertmanagement, 0.63%, 05/17/22 | 50,000 | 49,984,150 | ||||||
Ionic Capital II Trust, 0.80%, 05/27/22 | 60,550 | 60,514,820 | ||||||
Kookmin Bank, 2.63%, 04/25/23 | 13,300 | 12,957,641 | ||||||
Korea Development Bank (The), 0.71%, 05/25/22 | 50,000 | 49,974,397 | ||||||
La Fayette Asset Security, 0.77%, 06/08/22 | 41,000 | 40,961,597 | ||||||
Landesbank Baden- Wuerttemberg, 0.95%, 06/21/22 | 75,000 | 74,894,883 | ||||||
Legacy Capital Co., 1.09%, 06/21/22 | 61,700 | 61,614,705 | ||||||
Lime Funding LLC, 0.59%, 05/04/22 | 62,550 | 62,546,620 | ||||||
Lloyds Bank PLC | ||||||||
0.95%, 07/01/22 | 52,700 | 52,612,386 | ||||||
1.13%, 07/19/22 | 125,000 | 124,682,187 | ||||||
Macquarie Bank Ltd. | ||||||||
0.54%, 05/09/22 | 35,400 | 35,394,651 | ||||||
1.50%, 08/15/22 | 15,000 | 14,932,680 | ||||||
1.99%, 10/28/22 | 22,300 | 22,084,892 | ||||||
Matchpoint Finance PLC | ||||||||
0.59%, 05/18/22 | 25,000 | 24,991,489 | ||||||
0.72%, 05/31/22 | 36,850 | 36,824,287 | ||||||
Mitsubishi HC Capital America Inc. | ||||||||
0.82%, 05/17/22 | 52,250 | 52,228,551 | ||||||
1.05%, 06/06/22 | 20,000 | 19,977,770 | ||||||
Mitsubishi UFJ Financial Group | ||||||||
0.41%, 05/04/22 | 25,000 | 24,998,590 | ||||||
0.73%, 05/31/22 | 75,000 | 74,951,133 | ||||||
Mizuho Bank Ltd. | ||||||||
0.86%, 06/14/22 | 64,200 | 64,129,861 | ||||||
0.87%, 06/15/22 | 72,100 | 72,018,483 | ||||||
Mont Blanc Capital Corp., 0.83%, 06/10/22 | 14,748 | 14,733,237 | ||||||
National Australia Bank Ltd., 0.62%, 08/10/22, (SOFR + 0.150%)(a)(b) | 10,000 | 9,995,908 | ||||||
Natix NY, 1.25%, 08/01/22 | 7,000 | 6,977,244 | ||||||
Nieuw Amsterdam Recv | ||||||||
0.64%, 05/11/22 | 15,000 | 14,997,235 | ||||||
0.81%, 06/06/22 | 16,000 | 15,985,070 | ||||||
Nutrien Ltd. | ||||||||
0.85%, 05/19/22 | 11,900 | 11,894,361 | ||||||
1.20%, 06/28/22 | 20,400 | 20,359,200 | ||||||
Regatta Funding Co., 1.43%, 07/25/22 | 50,000 | 49,846,300 | ||||||
Santander UK PLC, 1.03%, 07/11/22 | 15,000 | 14,968,853 | ||||||
Sherwin Williams Co. | ||||||||
0.47%, 05/03/22 | 25,500 | 25,498,657 | ||||||
0.61%, 05/09/22 | 8,500 | 8,498,562 | ||||||
0.79%, 05/18/22 | 25,000 | 24,989,616 | ||||||
Spire Inc., 0.70%, 05/12/22 | 40,000 | 39,989,961 | ||||||
ST Engineering | ||||||||
0.43%, 05/09/22 | 100,000 | 99,988,083 | ||||||
0.91%, 07/13/22 | 32,000 | 31,939,200 | ||||||
Starbird Funding Corp., 0.62%, 05/16/22 | 12,475 | 12,471,330 | ||||||
Toronto Dominion Bank, 1.24%, 07/29/22 | 10,000 | 9,968,681 | ||||||
Toronto-Dominion Bank, 0.80%, 03/31/23(a) | 24,300 | 24,307,425 | ||||||
United Overseas Bank Ltd., 1.19%, 07/26/22 | 3,950 | 3,938,500 | ||||||
Verizon Communications Inc. | ||||||||
0.89%, 05/23/22 | 14,013 | 14,004,704 | ||||||
1.29%, 07/11/22 | 50,000 | 49,869,512 | ||||||
Versailles CDS LLC | ||||||||
1.38%, 08/03/22 | 19,000 | 18,933,424 | ||||||
1.38%, 08/04/22 | 38,250 | 38,114,164 | ||||||
Victory Receivables, 1.03%, 06/28/22 | 25,000 | 24,955,000 | ||||||
VW CR Inc., 0.89%, 05/23/22 | 40,500 | 40,476,024 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 17 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® GSCI Commodity Dynamic Roll Strategy ETF (Percentages shown are based on Net Assets) |
Security | Par/ Shares (000) | Value | ||||||
Westpac Banking Corp., 1.37%, 08/30/22 | $ | 7,000 | $ | 6,967,354 | ||||
Westpac Securities NZ Ltd., 1.00%, 07/01/22 | 13,000 | 12,977,387 | ||||||
|
| |||||||
Total Commercial Paper — 66.2% | 2,790,901,458 | |||||||
|
| |||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bill | ||||||||
0.29%, 05/24/22(c) | 374,000 | 373,934,292 | ||||||
0.45%, 06/16/22(c) | 66,500 | 66,463,061 | ||||||
0.57%, 06/21/22(c) | 80,000 | 79,937,593 | ||||||
|
| |||||||
Total U.S. Treasury Obligations — 12.3% | 520,334,946 | |||||||
|
| |||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(d)(e) | 386,590 | 386,590,095 | ||||||
|
| |||||||
Total Money Market Funds — 9.1% | 386,590,095 | |||||||
|
| |||||||
Total Investments in Securities — 91.8% | 3,874,416,069 | |||||||
Other Assets, Less Liabilities — 8.2% | 344,618,685 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 4,219,034,754 | ||||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Rates are discount rates or a range of discount rates as of period end. |
(d) | Affiliate of the Fund. |
(e) | 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 April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 233,060,095 | $ | 153,530,000 | (a) | $ | — | $ | — | $ | — | $ | 386,590,095 | 386,590 | $ | 122,227 | $ | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Brent Crude Oil | 7,719 | 05/31/22 | $ | 827,014 | $ | 34,502,163 | ||||||||||
NY Harbor ULSD (Heat Oil) | 1,300 | 05/31/22 | 219,339 | 35,721,904 | ||||||||||||
Gas Oil | 2,634 | 06/10/22 | 307,256 | 51,918,348 | ||||||||||||
LME Lead | 340 | 06/13/22 | 19,206 | (1,204,951 | ) | |||||||||||
Gold 100 OZ | 788 | 06/28/22 | 150,642 | (6,690,244 | ) | |||||||||||
Live Cattle | 2,126 | 06/30/22 | 112,805 | (3,652,780 | ) | |||||||||||
Sugar | 2,671 | 06/30/22 | 57,288 | (2,809,399 | ) | |||||||||||
Silver | 135 | 07/27/22 | 15,582 | (1,526,329 | ) | |||||||||||
WTI Crude | 9,543 | 08/22/22 | 941,799 | 25,799,500 |
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
Futures Contracts (continued)
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Cattle Feeder | 454 | 08/25/22 | $ | 38,198 | $ | (3,535,586 | ) | |||||||||
Corn | 6,648 | 09/14/22 | 255,283 | 54,201,146 | ||||||||||||
KCBT Wheat | 1,216 | 09/14/22 | 67,427 | (1,684,289 | ) | |||||||||||
Wheat | 2,997 | 09/14/22 | 158,579 | (3,141,318 | ) | |||||||||||
LME Nickel | 259 | 09/19/22 | 49,410 | (2,033,784 | ) | |||||||||||
Gasoline RBOB | 1,572 | 09/30/22 | 193,114 | 9,683,156 | ||||||||||||
Lean Hogs | 1,827 | 10/14/22 | 68,293 | (631,766 | ) | |||||||||||
LME Copper | 728 | 10/17/22 | 177,955 | (9,575,028 | ) | |||||||||||
Soybean | 1,895 | 11/14/22 | 143,522 | 14,215,164 | ||||||||||||
Cotton | 831 | 12/07/22 | 50,720 | 6,859,050 | ||||||||||||
Cocoa | 389 | 12/14/22 | 10,048 | (338,135 | ) | |||||||||||
LME Zinc | 414 | 12/19/22 | 41,581 | 5,428,578 | ||||||||||||
Coffee | 424 | 03/21/23 | 35,028 | (1,069,303 | ) | |||||||||||
Natural Gas | 2,894 | 03/29/23 | 131,330 | 31,861,320 | ||||||||||||
LME PRI Aluminum | 2,026 | 12/18/23 | 149,190 | (16,147,204 | ) | |||||||||||
|
| |||||||||||||||
$ | 216,150,213 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Commodity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 270,190,329 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 54,040,116 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||
Commodity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 729,376,924 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 132,650,737 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 3,261,027,299 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
CONSOLIDATED SCHEDULE OF INVESTMENTS | 19 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 176,589,570 | $ | — | $ | 176,589,570 | ||||||||
Commercial Paper | — | 2,790,901,458 | — | 2,790,901,458 | ||||||||||||
U.S. Treasury Obligations | — | 520,334,946 | — | 520,334,946 | ||||||||||||
Money Market Funds | 386,590,095 | — | — | 386,590,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 386,590,095 | $ | 3,487,825,974 | $ | — | $ | 3,874,416,069 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 270,190,329 | $ | — | $ | — | $ | 270,190,329 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (54,040,116 | ) | — | — | (54,040,116 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 216,150,213 | $ | — | $ | — | $ | 216,150,213 | |||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to Consolidated Financial Statements
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Statements of Assets and Liabilities (unaudited)
April 30, 2022
iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Commodity Curve Carry Strategy ETF | iShares Gold Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value: | ||||||||||||||||
Unaffiliated(a) | $ | 329,348,169 | $ | 28,522,182 | $ | — | $ | 3,487,825,974 | ||||||||
Affiliated(b) | 35,520,000 | 12,750,000 | 34,328,451 | 386,590,095 | ||||||||||||
Cash | 12,556 | 10,533 | — | 7,423,562 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 25,812,000 | — | 1,098,000 | 142,021,415 | ||||||||||||
Receivables: | ||||||||||||||||
Variation margin on futures contracts | 699,401 | — | 281,510 | 216,283,439 | ||||||||||||
Capital shares sold | — | — | — | 8,346,370 | ||||||||||||
Dividends | 6,873 | 3,362 | 7,270 | 232,474 | ||||||||||||
Unrealized appreciation on: | ||||||||||||||||
OTC swaps | — | 12,517,604 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 391,398,999 | 53,803,681 | 35,715,231 | 4,248,723,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | — | 904,017 | — | ||||||||||||
Cash received: | ||||||||||||||||
Collateral — OTC derivatives | — | 12,500,000 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 5,794,039 | 499,486 | — | 28,078,725 | ||||||||||||
Investment advisory fees | 84,208 | 12,680 | 4,258 | 1,609,850 | ||||||||||||
Swap premiums received | — | 79,735 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 5,878,247 | 13,091,901 | 908,275 | 29,688,575 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 385,520,752 | $ | 40,711,780 | $ | 34,806,956 | $ | 4,219,034,754 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 313,217,305 | $ | 27,606,668 | $ | 33,041,349 | $ | 3,324,375,711 | ||||||||
Accumulated earnings | 72,303,447 | 13,105,112 | 1,765,607 | 894,659,043 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 385,520,752 | $ | 40,711,780 | $ | 34,806,956 | $ | 4,219,034,754 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 6,050,000 | 1,400,000 | 600,000 | 101,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 63.72 | $ | 29.08 | $ | 58.01 | $ | 41.73 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — Unaffiliated | $ | 329,359,531 | $ | 28,523,742 | $ | — | $ | 3,488,386,467 | ||||||||
(b) Investments, at cost — Affiliated | $ | 35,520,000 | $ | 12,750,000 | $ | 33,541,680 | $ | 386,590,095 |
See notes to Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS | 21 |
Consolidated Statements of Operations (unaudited)
Six Months Ended April 30, 2022
iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Commodity Curve Carry Strategy ETF | iShares Gold Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Affiliated | $ | 12,765 | $ | 5,627 | $ | 11,097 | $ | 122,227 | ||||||||
Interest — Unaffiliated | 376,285 | 37,137 | — | 4,178,800 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 389,050 | 42,764 | 11,097 | 4,301,027 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 379,801 | 72,791 | 39,483 | 7,392,924 | ||||||||||||
Professional fees | — | — | — | 217 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 379,801 | 72,791 | 39,483 | 7,393,141 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (7,388 | ) | (2,604 | ) | (15,589 | ) | (9,516 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 372,413 | 70,187 | 23,894 | 7,383,625 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 16,637 | (27,423 | ) | (12,797 | ) | (3,082,598 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | 299 | 56 | — | 9,776 | ||||||||||||
Investments — Affiliated | — | — | (26,548 | ) | — | |||||||||||
Futures contracts | 70,472,970 | — | 1,262,105 | 729,376,924 | ||||||||||||
Swaps | — | 616,436 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain | 70,473,269 | 616,492 | 1,235,557 | 729,386,700 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (12,458 | ) | (1,801 | ) | — | (608,381 | ) | |||||||||
Investments — Affiliated | — | — | 439,956 | — | ||||||||||||
Futures contracts | (8,825,877 | ) | — | 193,861 | 132,650,737 | |||||||||||
Swaps | — | 8,668,167 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (8,838,335 | ) | 8,666,366 | 633,817 | 132,042,356 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 61,634,934 | 9,282,858 | 1,869,374 | 861,429,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 61,651,571 | $ | 9,255,435 | $ | 1,856,577 | $ | 858,346,458 | ||||||||
|
|
|
|
|
|
|
|
See notes to Consolidated Financial Statements
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Statements of Changes in Net Assets
iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Commodity Curve Carry Strategy ETF | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 16,637 | $ | (161,116 | ) | $ | (27,423 | ) | $ | (96,638 | ) | |||||||||||||||||||
Net realized gain | 70,473,269 | 19,938,578 | 616,492 | 8,349,961 | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (8,838,335 | ) | 10,876,593 | 8,666,366 | 4,877,734 | |||||||||||||||||||||||||
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Net increase in net assets resulting from operations | 61,651,571 | 30,654,055 | 9,255,435 | 13,131,057 | ||||||||||||||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (30,653,592 | ) | (69,482 | ) | (8,253,258 | ) | — | |||||||||||||||||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 145,679,035 | 136,346,700 | — | (2,599,830 | ) | |||||||||||||||||||||||||
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NET ASSETS | ||||||||||||||||||||||||||||||
Total increase in net assets | 176,677,014 | 166,931,273 | 1,002,177 | 10,531,227 | ||||||||||||||||||||||||||
Beginning of period | 208,843,738 | 41,912,465 | 39,709,603 | 29,178,376 | ||||||||||||||||||||||||||
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End of period | $ | 385,520,752 | $ | 208,843,738 | $ | 40,711,780 | $ | 39,709,603 | ||||||||||||||||||||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS | 23 |
Consolidated Statements of Changes in Net Assets (continued)
iShares Gold Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF | |||||||||||||||||||||||||
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| ||||||||||||||||||||||||
Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | Six Months Ended 04/30/22 (unaudited) | Year Ended 10/31/21 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment loss | $ | (12,797 | ) | $ | (30,684 | ) | $ | (3,082,598 | ) | $ | (5,032,541 | ) | ||||||||||||||
Net realized gain (loss) | 1,235,557 | (1,792,497 | ) | 729,386,700 | 351,111,376 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 633,817 | 99,087 | 132,042,356 | 88,305,347 | ||||||||||||||||||||||
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Net increase (decrease) in net assets resulting from operations | 1,856,577 | (1,724,094 | ) | 858,346,458 | 434,384,182 | |||||||||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | — | (1,564,719 | ) | (426,344,721 | ) | (799,124 | ) | |||||||||||||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 2,954,731 | 11,320,515 | 962,247,615 | 2,194,642,007 | ||||||||||||||||||||||
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NET ASSETS | ||||||||||||||||||||||||||
Total increase in net assets | 4,811,308 | 8,031,702 | 1,394,249,352 | 2,628,227,065 | ||||||||||||||||||||||
Beginning of period | 29,995,648 | 21,963,946 | 2,824,785,402 | 196,558,337 | ||||||||||||||||||||||
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End of period | $ | 34,806,956 | $ | 29,995,648 | $ | 4,219,034,754 | $ | 2,824,785,402 | ||||||||||||||||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to Consolidated Financial Statements
24 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Financial Highlights
(For a share outstanding throughout each period)
iShares Bloomberg Roll Select Commodity Strategy ETF | ||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | Period From | |||||||||||||||||||||||||||||||||||||||
04/30/22 | Year Ended | Year Ended | Year Ended | 04/03/18 | (a) | |||||||||||||||||||||||||||||||||||
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 59.67 | $ | 41.91 | $ | 45.01 | $ | 47.77 | $ | 50.00 | ||||||||||||||||||||||||||||||
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Net investment income (loss)(b) | 0.00 | (c) | (0.09 | ) | 0.23 | 1.05 | 0.58 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(d) | 12.01 | 17.92 | (2.33 | ) | (3.05 | ) | (2.81 | ) | ||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | 12.01 | 17.83 | (2.10 | ) | (2.00 | ) | (2.23 | ) | ||||||||||||||||||||||||||||||||
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Distributions(e) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (7.96 | ) | (0.07 | ) | (1.00 | ) | (0.76 | ) | — | |||||||||||||||||||||||||||||||
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Total distributions | (7.96 | ) | (0.07 | ) | (1.00 | ) | (0.76 | ) | — | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 63.72 | $ | 59.67 | $ | 41.91 | $ | 45.01 | $ | 47.77 | ||||||||||||||||||||||||||||||
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Total Return(f) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 24.41 | %(g) | 42.59 | % | (4.81 | )% | (4.19 | )% | (4.46 | )%(g) | ||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.28 | %(i) | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %(i) | ||||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.27 | %(i) | 0.27 | % | 0.27 | % | 0.19 | % | 0.10 | %(i) | ||||||||||||||||||||||||||||||
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Net investment income (loss) | 0.01 | %(i) | (0.16 | )% | 0.55 | % | 2.30 | % | 2.01 | %(i) | ||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 385,521 | $ | 208,844 | $ | 41,912 | $ | 27,004 | $ | 40,607 | ||||||||||||||||||||||||||||||
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Portfolio turnover rate(j) | 0 | %(g) | 0 | % | 0 | % | 0 | % | 0 | %(g) | ||||||||||||||||||||||||||||||
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(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Rounds to less than $0.01. |
(d) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(e) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to Consolidated Financial Statements
CONSOLIDATED FINANCIAL HIGHLIGHTS | 25 |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Commodity Curve Carry Strategy ETF | ||||||||||||||||||||||||
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| |||||||||||||||||||||||
Six Months Ended | Period From | |||||||||||||||||||||||
04/30/22 | Year Ended | 09/01/20 | (a) | |||||||||||||||||||||
(unaudited) | 10/31/21 | to 10/31/20 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.36 | $ | 19.45 | $ | 20.16 | ||||||||||||||||||
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Net investment loss(b) | (0.02 | ) | (0.07 | ) | (0.01 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 6.64 | 8.98 | (0.70 | ) | ||||||||||||||||||||
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Net increase (decrease) from investment operations | 6.62 | 8.91 | (0.71 | ) | ||||||||||||||||||||
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Distributions | ||||||||||||||||||||||||
From net investment income | (5.90 | ) | — | — | ||||||||||||||||||||
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Total distributions | (5.90 | ) | — | — | ||||||||||||||||||||
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Net asset value, end of period | $ | 29.08 | $ | 28.36 | $ | 19.45 | ||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 29.99 | %(e) | 45.81 | % | (3.52 | )%(e) | ||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.40 | %(g) | 0.40 | % | 0.40 | %(g) | ||||||||||||||||||
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Total expenses after fees waived | 0.39 | %(g) | 0.39 | % | 0.00 | %(g) | ||||||||||||||||||
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Net investment loss | (0.15 | )%(g) | (0.28 | )% | (0.28 | )%(g) | ||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 40,712 | $ | 39,710 | $ | 29,178 | ||||||||||||||||||
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Portfolio turnover rate(h) | 0 | %(e) | 0 | % | 0 | %(e) | ||||||||||||||||||
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(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to Consolidated Financial Statements
26 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Gold Strategy ETF | ||||||||||||||||||||||||||||||||||||||||
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Six Months Ended | Period From | |||||||||||||||||||||||||||||||||||||||
04/30/22 | Year Ended | Year Ended | Year Ended | 06/06/18 | (a) | |||||||||||||||||||||||||||||||||||
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 54.54 | $ | 62.75 | $ | 57.41 | $ | 46.76 | $ | 50.00 | ||||||||||||||||||||||||||||||
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Net investment income (loss)(b) | (0.02 | ) | (0.07 | ) | 0.13 | 0.82 | 0.27 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 3.49 | (3.67 | ) | 10.47 | 10.20 | (3.51 | ) | |||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | 3.47 | (3.74 | ) | 10.60 | 11.02 | (3.24 | ) | |||||||||||||||||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | — | (4.47 | ) | (5.26 | ) | (0.37 | ) | — | ||||||||||||||||||||||||||||||||
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Total distributions | — | (4.47 | ) | (5.26 | ) | (0.37 | ) | — | ||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 58.01 | $ | 54.54 | $ | 62.75 | $ | 57.41 | $ | 46.76 | ||||||||||||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 6.37 | %(f) | (6.21 | )% | 20.64 | % | 23.74 | % | (6.48 | )%(f) | ||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.25 | %(h) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | %(h) | ||||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.15 | %(h) | 0.13 | % | 0.13 | % | 0.18 | % | 0.19 | %(h) | ||||||||||||||||||||||||||||||
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Net investment income (loss) | (0.08 | )%(h) | (0.12 | )% | 0.22 | % | 1.58 | % | 1.45 | %(h) | ||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 34,807 | $ | 29,996 | $ | 21,964 | $ | 8,612 | $ | 4,676 | ||||||||||||||||||||||||||||||
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Portfolio turnover rate(i) | 23 | %(f) | 121 | % | 77 | % | 47 | % | 13 | %(f) | ||||||||||||||||||||||||||||||
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(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Not annualized. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Portfolio turnover rate excludes in-kind transactions. |
See notes to Consolidated Financial Statements
CONSOLIDATED FINANCIAL HIGHLIGHTS | 27 |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares GSCI Commodity Dynamic Roll Strategy ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/22 (unaudited) |
| | Year Ended 10/31/21 |
| | Year Ended 10/31/20 |
| | Year Ended 10/31/19 |
| | Year Ended 10/31/18 |
| | Year Ended 10/31/17 |
| |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.41 | $ | 24.27 | $ | 31.80 | $ | 37.18 | $ | 35.97 | $ | 32.41 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.13 | ) | 0.26 | 0.76 | 0.63 | 0.31 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 9.85 | 13.37 | (6.93 | ) | (3.04 | ) | 2.62 | 3.58 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 9.81 | 13.24 | (6.67 | ) | (2.28 | ) | 3.25 | 3.89 | ||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (5.49 | ) | (0.10 | ) | (0.86 | ) | (3.10 | ) | (2.04 | ) | (0.33 | ) | ||||||||||||||||||||||||||||||||
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Total distributions | (5.49 | ) | (0.10 | ) | (0.86 | ) | (3.10 | ) | (2.04 | ) | (0.33 | ) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 41.73 | $ | 37.41 | $ | 24.27 | $ | 31.80 | $ | 37.18 | $ | 35.97 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 31.95 | %(e) | 54.75 | % | (21.66 | )% | (5.87 | )% | 9.29 | %(f) | 12.08 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.48 | %(h) | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.48 | %(h) | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||||||||||||||||||
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Net investment income (loss) | (0.20 | )%(h) | (0.38 | )% | 0.95 | % | 2.32 | % | 1.66 | % | 0.93 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,219,035 | $ | 2,824,785 | $ | 196,558 | $ | 518,373 | $ | 728,739 | $ | 258,956 | ||||||||||||||||||||||||||||||||
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Portfolio turnover rate(i) | 0 | %(e) | 0 | % | 5 | % | 32 | % | 167 | % | 44 | % | ||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 9.06%. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Portfolio turnover rate excludes in-kind transactions. |
See notes to Consolidated Financial Statements
28 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These consolidated financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Bloomberg Roll Select Commodity Strategy | Non-diversified | |||
Commodity Curve Carry Strategy | Non-diversified | |||
Gold Strategy | Non-diversified | |||
GSCI Commodity Dynamic Roll Strategy | Diversified |
Basis of Consolidation: The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 29 |
Notes to Consolidated Financial Statements (unaudited) (continued)
available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or to the applicable commodities market (commodities price risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment
30 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited) (continued)
of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the statement of assets and liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the statement of assets and liabilities. Payments received or paid are recorded in the statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the iShares Commodity Curve Carry Strategy ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 31 |
Notes to Consolidated Financial Statements (unaudited) (continued)
Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Bloomberg Roll Select Commodity Strategy | 0.28 | % | ||
Commodity Curve Carry Strategy | 0.40 | |||
Gold Strategy | 0.25 | |||
GSCI Commodity Dynamic Roll Strategy | 0.48 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF through February 28, 2025, March 1, 2024 and February 29, 2024, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.
BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold Strategy ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other exchange-traded products sponsored by BFA or its affiliates and other funds advised by BFA or its affiliates, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.
These amounts are included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Bloomberg Roll Select Commodity Strategy | $ | 7,388 | ||
Commodity Curve Carry Strategy | 2,604 | |||
Gold Strategy | 15,589 | |||
GSCI Commodity Dynamic Roll Strategy | 9,516 |
Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares GSCI Commodity Dynamic Roll Strategy ETF and its Subsidiary.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Consolidated Statements of Operations.
32 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited) (continued)
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. | PURCHASES AND SALES |
For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Gold Strategy | $ | 2,620,670 | $ | 1,665,762 |
For the six months ended April 30, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Gold Strategy | $ | 710,874 | $ | — |
7. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.
As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Bloomberg Roll Select Commodity Strategy | $ | 295 | ||
GSCI Commodity Dynamic Roll Strategy | 47,234,783 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Bloomberg Roll Select Commodity Strategy | $ | 364,879,531 | $ | 1,835,416 | $ | (21,579 | ) | $ | 1,813,837 | |||||||
Commodity Curve Carry Strategy | 41,273,742 | 12,518,388 | (2,344 | ) | 12,516,044 | |||||||||||
Gold Strategy | 33,541,680 | 786,771 | (201,231 | ) | 585,540 | |||||||||||
GSCI Commodity Dynamic Roll Strategy | 3,874,976,562 | 270,296,527 | (54,706,790 | ) | 215,589,737 |
8. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 33 |
Notes to Consolidated Financial Statements (unaudited) (continued)
risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.
Certain Funds a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
Certain Funds have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds’ portfolios.
The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
34 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited) (continued)
9. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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Six Months Ended 04/30/22 | Year Ended 10/31/21 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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Bloomberg Roll Select Commodity Strategy | ||||||||||||||||
Shares sold | 2,950,000 | $ | 168,887,510 | 2,500,000 | $ | 136,346,700 | ||||||||||
Shares redeemed | (400,000 | ) | (23,208,475 | ) | — | — | ||||||||||
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Net increase | 2,550,000 | $ | 145,679,035 | 2,500,000 | $ | 136,346,700 | ||||||||||
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Commodity Curve Carry Strategy | ||||||||||||||||
Shares redeemed | — | $ | — | (100,000 | ) | $ | (2,599,830 | ) | ||||||||
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Gold Strategy | ||||||||||||||||
Shares sold | 50,000 | $ | 2,954,731 | 200,000 | $ | 11,320,515 | ||||||||||
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GSCI Commodity Dynamic Roll Strategy | ||||||||||||||||
Shares sold | 27,800,000 | $ | 1,037,030,433 | 80,000,000 | $ | 2,645,593,591 | ||||||||||
Shares redeemed | (2,200,000 | ) | (74,782,818 | ) | (12,600,000 | ) | (450,951,584 | ) | ||||||||
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Net increase | 25,600,000 | $ | 962,247,615 | 67,400,000 | $ | 2,194,642,007 | ||||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Consolidated Statements of Assets and Liabilities.
10. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 35 |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
36 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
April 30, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
Bloomberg Roll Select Commodity Strategy(a) | $ | 7.951997 | $ | — | $ | 0.009975 | $ | 7.961972 | 100 | % | — | % | 0 | %(b) | 100 | % | ||||||||||||||||||||
Commodity Curve Carry Strategy(a) | 5.886339 | — | 0.008845 | 5.895184 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||||||
GSCI Commodity Dynamic Roll Strategy(a) | 5.480819 | — | 0.013314 | 5.494133 | 100 | — | 0 | (b) | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) | Rounds to less than 1%. |
SUPPLEMENTAL INFORMATION | 37 |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
38 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
SOFR | Secured Overnight Financing Rate |
GLOSSARY OF TERMS USED IN THIS REPORT | 39 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, S&P Dow Jones Indices LLC, or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1011-0422
(b) Not Applicable
Item 2. | Code of Ethics. |
Not applicable to this semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual report.
Item 6. | Investments. |
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 13. | Exhibits. |
(a) (1) Not applicable to this semi-annual report.
(a) (2) Section 302 Certifications are attached.
(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares U.S. ETF Trust
By: | /s/ Armando Senra | |||
Armando Senra, President (Principal Executive Officer) |
Date: June 23, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Armando Senra | |||
Armando Senra, President (Principal Executive Officer) |
Date: June 23, 2022
By: | /s/ Trent Walker | |||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: June 23, 2022