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OCTOBER 31, 2022 |
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2022 Annual Report |
iShares Trust
· iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ
· iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca
· iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca
· iShares Convertible Bond ETF | ICVT | Cboe BZX
· iShares Floating Rate Bond ETF | FLOT | Cboe BZX
· iShares USD Green Bond ETF | BGRN | NASDAQ
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to 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 ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. 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 has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.
The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2022
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||||||||
6-Month | 12-Month | |||||||
U.S.
large cap equities |
(5.50)% | (14.61)% | ||||||
U.S.
small cap equities |
(0.20) | (18.54) | ||||||
International
equities |
(12.70) | (23.00) | ||||||
Emerging
market equities |
(19.66) | (31.03) | ||||||
3-month
Treasury bills |
0.72 | 0.79 | ||||||
U.S.
Treasury securities |
(8.24) | (17.68) | ||||||
U.S.
investment grade bonds |
(6.86) | (15.68) | ||||||
Tax-exempt
municipal bonds |
(4.43) | (11.98) | ||||||
U.S.
high yield bonds |
(4.71) | (11.76) | ||||||
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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iShares Trust
U.S. Bond Market Overview
The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.
The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.
The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.
These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.
The surge in U.S. Treasury yields, together with investors’ increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed’s decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.
Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.
High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.
4 |
2 0 2 2 I S H A R E S 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 October 31, 2022 | iShares® 0-5 Year Investment Grade Corporate Bond ETF |
Investment Objective
The iShares 0-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx USD Liquid Investment Grade 0-5 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 | |||||||||||||||||||||||||||
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
|||||||||||||||||||||||
Fund NAV |
(6.35 | )% | 0.93 | % | 1.33 | % | (6.35 | )% | 4.73 | % | 12.70 | % | ||||||||||||||||
Fund Market |
(6.29 | ) | 0.93 | 1.34 | (6.29 | ) | 4.74 | 12.81 | ||||||||||||||||||||
Index |
(6.36 | ) | 0.97 | 1.42 | (6.36 | ) | 4.92 | 13.60 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was October 15, 2013. The first day of secondary market trading was October 17, 2013.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||||
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Beginning Account Value (05/01/22 |
) |
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Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22 |
) |
|
Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||||||
$ 1,000.00 | $ 979.30 | $ 0.30 | $ 1,000.00 | $ 1,024.90 | $ 0.31 | 0.06 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of October 31, 2022 (continued) | iShares® 0-5 Year Investment Grade Corporate Bond ETF |
Portfolio Management Commentary
All major segments of the fixed-income market, including high quality corporate bonds, experienced negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.
Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.
The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.
Returns for investment grade corporate bonds with maturities of five years or less held up better than for their longer-term counterparts but were nonetheless negative for the reporting period, as both rising Treasury yields and widening credit spreads had a negative impact on performance. In terms of credit quality, lower-rated issues in the Moody’s A and Baa rating categories accounted for the great majority of the negative return for the Index, primarily due to their significant weights within the Index. In terms of maturities, more interest rate-sensitive bonds with maturities closest to five years weighed most heavily on performance given the rise in Treasury yields seen during the period.
Portfolio Information
CREDIT QUALITY ALLOCATION | ||||
Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
Aaa |
2.6 | % | ||
Aa |
4.8 | |||
A |
49.2 | |||
Baa |
41.3 | |||
Ba |
1.0 | |||
Not Rated |
1.1 |
MATURITY ALLOCATION | ||||
Maturity |
|
Percent of Total Investments |
(a) | |
0-1 Year |
13.3 | % | ||
1-5 Years |
85.2 | |||
5-10 Years |
1.5 |
* |
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 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 October 31, 2022 | iShares® Aaa - A Rated Corporate Bond ETF |
Investment Objective
The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
(18.93 | )% | (0.70 | )% | 0.98 | % | (18.93 | )% | (3.45 | )% | 10.24 | % | ||||||||||||||||
Fund Market |
(18.86 | ) | (0.72 | ) | 0.92 | (18.86 | ) | (3.53 | ) | 9.58 | ||||||||||||||||||
Index |
(18.84 | ) | (0.58 | ) | 1.11 | (18.84 | ) | (2.88 | ) | 11.67 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 922.90 | $ 0.73 | $ 1,000.00 | $ 1,024.40 | $ 0.77 | 0.15 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of October 31, 2022 (continued) | iShares® Aaa - A Rated Corporate Bond ETF |
Portfolio Management Commentary
All major segments of the fixed-income market, including high quality corporate bonds, experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.
Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.
The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.
Returns for corporate bonds rated Aaa to A were notably negative for the reporting period. While A-rated bonds actually slightly outperformed their higher quality counterparts, the segment accounted for the majority of the Index’s negative return due to its heavy weight within the Index. In terms of maturities, more interest rate sensitive bonds with maturities of greater than 10 years weighed most heavily on performance given the rise in Treasury yields seen during the period.
Portfolio Information
MATURITY ALLOCATION | ||||
Maturity |
|
Percent of Total Investments |
(a) | |
1-5 Years |
40.3 | % | ||
5-10 Years |
26.2 | |||
10-15 Years |
5.8 | |||
15-20 Years |
7.0 | |||
More than 20 Years |
20.7 |
TEN LARGEST HOLDINGS | ||||
Security |
|
Percent of Total Investments |
(a) | |
Microsoft Corp., 2.92%, 03/17/52 |
0.2 | % | ||
Microsoft Corp., 2.53%, 06/01/50 |
0.2 | |||
Amazon.com Inc., 3.15%, 08/22/27 |
0.2 | |||
Apple Inc., 3.25%, 02/23/26 |
0.2 | |||
Wells Fargo & Co., 5.01%, 04/04/51 |
0.2 | |||
Microsoft Corp., 3.30%, 02/06/27 |
0.2 | |||
Apple Inc., 4.65%, 02/23/46 |
0.2 | |||
Comcast Corp., 2.94%, 11/01/56 |
0.2 | |||
Visa Inc., 3.15%, 12/14/25 |
0.1 | |||
Shell International Finance BV, 6.38%, 12/15/38 |
0.1 |
(a) |
Excludes money market funds. |
8 |
2 0 2 2 I S H A R E S 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 October 31, 2022 | iShares® BB Rated Corporate Bond ETF |
Investment Objective
The iShares BB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the ICE BofA BB US High Yield Constrained 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 | |||||||||||||||
|
|
|
|
| ||||||||||||
1 Year |
Since Inception |
1 Year |
Since Inception |
|||||||||||||
Fund NAV |
(11.30 | )% | (2.11 | )% | (11.30 | )% | (4.32 | )% | ||||||||
Fund Market |
(11.24 | ) | (2.00 | ) | (11.24 | ) | (4.10 | ) | ||||||||
Index |
(11.12 | ) | (1.90 | ) | (11.12 | ) | (3.89 | ) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 965.20 | $ 0.74 | $ 1,000.00 | $ 1,024.40 | $ 0.77 | 0.15 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of October 31, 2022 (continued) | iShares® BB Rated Corporate Bond ETF |
Portfolio Management Commentary
High-yield bonds, including those rated BB, lost considerable ground in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark Fed funds rate to a range of 3.0% to 3.25%.
High yield bonds were also pressured by rising spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices.
Returns for corporate bonds rated BB or the equivalent were notably negative for the reporting period. However, BB-rated bonds outperformed their higher quality, investment grade counterparts due to their lower interest rate sensitivity in a rising rate environment. That said, within the Index performance was weakest for bonds with maturities of greater than 10 years, followed by the 7-10 year maturity range. From a sector perspective, Financial issuers underperformed while Energy issuers outperformed.
Portfolio Information
MATURITY ALLOCATION | ||||
Maturity |
|
Percent of Total Investments |
(a) | |
1-5 Years |
36.1 | % | ||
5-10 Years |
55.5 | |||
10-15 Years |
2.7 | |||
15-20 Years |
1.6 | |||
More than 20 Years |
4.1 |
TEN LARGEST HOLDINGS | ||||
Security |
|
Percent of Total Investments |
(a) | |
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 | 0.6 | % | ||
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 | 0.6 | |||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 | 0.5 | |||
Sprint Capital Corp., 6.88%, 11/15/28 | 0.4 | |||
Sprint Capital Corp., 8.75%, 03/15/32 | 0.4 | |||
Tenet Healthcare Corp., 4.88%, 01/01/26 | 0.3 | |||
Sprint Corp., 7.13%, 06/15/24 | 0.3 | |||
Carnival Corp., 4.00%, 08/01/28 | 0.3 | |||
Tenet Healthcare Corp., 6.13%, 06/15/30 | 0.3 | |||
United Airlines Inc., 4.38%, 04/15/26 | 0.3 |
(a) |
Excludes money market funds. |
10 |
2 0 2 2 I S H A R E S 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 October 31, 2022 | iShares® Convertible Bond ETF |
Investment Objective
The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond>$250MM 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 | |||||||||||||||||||||||||||
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
|||||||||||||||||||||||
Fund NAV |
(25.08 | )% | 9.42 | % | 8.80 | % | (25.08 | )% | 56.85 | % | 86.93 | % | ||||||||||||||||
Fund Market |
(25.36 | ) | 9.30 | 8.76 | (25.36 | ) | 55.98 | 86.44 | ||||||||||||||||||||
Index |
(24.87 | ) | 9.96 | 9.35 | (24.87 | ) | 60.77 | 93.96 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 2, 2015. The first day of secondary market trading was June 4, 2015.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22 |
) |
|
Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 922.00 | $ 0.97 | $ 1,000.00 | $ 1,024.20 | $ 1.02 | 0.20 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of October 31, 2022 (continued) | iShares® Convertible Bond ETF |
Portfolio Management Commentary
U.S. dollar-denominated convertible bonds experienced significant declines over the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities advance or decline with stocks but with less volatility given their fixed-income component.
Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least
7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months. The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening,
Convertible securities experienced a sizable downturn beginning late in the first quarter of 2022 and extending into the second quarter, in keeping with the direction across the financial markets. Investor risk sentiment weakened dramatically on tighter Fed policy, recession fears, and the war in Ukraine. Additionally, the prospect of a higher interest rate regime for an extended period weighed on assets with more distant cash flows, such the type of growth company heavily represented in the convertible market. New issue supply of convertibles fell off sharply from the robust levels seen during the post-pandemic rebound, as waning investor demand led to less favorable pricing. As a result, the index returned -24.87% over the reporting period.
Much of the convertible universe is unrated, and unrated issues accounted for the great majority of the Index’s negative return. In sector terms, technology issues are the largest Index constituent and the sector accounted for roughly half of the negative Index return, as rising interest rates weighed on assets with more distant cash flows.
Portfolio Information
MATURITY ALLOCATION | ||||
Maturity |
Percent of Total Investments(a) |
|||
0-1 Year |
7.5 | % | ||
1-5 Years |
81.8 | |||
5-10 Years |
8.3 | |||
More than 20 Years |
2.4 |
TEN LARGEST HOLDINGS | ||||
Security |
Percent of Total Investments(a) |
|||
Palo Alto Networks Inc., 0.38%, 06/01/25 |
1.8 | % | ||
Palo Alto Networks Inc., 0.75%, 07/01/23 |
1.6 | |||
Pioneer Natural Resources Co., 0.25%, 05/15/25 |
1.4 | |||
Ford Motor Co. , 03/15/26 |
1.2 | |||
DexCom Inc., 0.75%, 12/01/23 |
1.2 | |||
DISH Network Corp., 3.38%, 08/15/26 |
1.1 | |||
Southwest Airlines Co., 1.25%, 05/01/25 |
1.0 | |||
Sea Ltd., 0.25%, 09/15/26 |
1.0 | |||
Pinduoduo Inc. , 12/01/25 |
0.9 | |||
Airbnb Inc. , 03/15/26 |
0.8 |
(a) |
Excludes money market funds. |
12 |
2 0 2 2 I S H A R E S 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 October 31, 2022 | iShares® Floating Rate Bond ETF |
Investment Objective
The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note<5 Years 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
0.21 | % | 1.41 | % | 1.19 | % | 0.21 | % | 7.23 | % | 12.53 | % | ||||||||||||||||
Fund Market |
(0.05 | ) | 1.36 | 1.12 | (0.05 | ) | 7.01 | 11.82 | ||||||||||||||||||||
Index |
0.43 | 1.68 | 1.43 | 0.43 | 8.69 | 15.31 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22 |
) |
|
Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,005.20 | $ 0.76 | $ 1,000.00 | $ 1,024.40 | $ 0.77 | 0.15 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
13 |
Fund Summary as of October 31, 2022 (continued) | iShares® Floating Rate Bond ETF |
Portfolio Management Commentary
While most segments of the fixed-income market experienced steeply negative returns over the 12-month period against a backdrop of hawkish monetary policy and rising Treasury yields, investment grade floating rate bonds managed to post a small positive return as gauged by the Index.
Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.
The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.
The Index principally comprises U.S. dollar-denominated bonds with interest rates that reset periodically. Floating rate bonds are generally attractive to investors in a rising interest-rate environment. Because their coupon rates adjust to reflect shifts in short-term interest rates, their prices are not very sensitive to changing interest rates. That said, prices for floating rate bonds can fluctuate based on changes in the economic outlook and credit sentiment, as a weaker economy can impact the ability of companies to service their debts. Investment-grade floating-rate bonds posted a modest positive performance for the reporting period, as investors were attracted to their relative price stability in a rising interest rate environment.
Portfolio Information
CREDIT QUALITY ALLOCATION | ||||
Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
Aaa |
16.4 | % | ||
Aa |
13.7 | |||
A |
52.7 | |||
Baa |
14.4 | |||
Ba |
0.4 | |||
Not Rated |
2.4 |
MATURITY ALLOCATION | ||||
Maturity |
|
Percent of Total Investments |
(a) | |
0-1 Year |
27.7 | % | ||
1-5 Years |
72.3 |
* |
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. |
14 |
2 0 2 2 I S H A R E S 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 October 31, 2022 | iShares® USD Green Bond ETF |
Investment Objective
The iShares USD Green Bond ETF (the “Fund”) (formerly the iShares Global Green Bond ETF) seeks to track the investment results of an index composed of U.S.dollar-denominated investment-grade green bonds that are issued by U.S. and non-U.S. issuers to fund environmental projects, as represented by Bloomberg MSCI USD Green Bond Select 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 | |||||||||||||||
|
|
|
|
|
| |||||||||||
1 Year |
Since Inception |
1 Year | Since Inception |
|||||||||||||
Fund NAV |
(15.69 | )% | (0.71 | )% | (15.69 | )% | (2.77 | )% | ||||||||
Fund Market |
(15.95 | ) | (0.69 | ) | (15.95 | ) | (2.70 | ) | ||||||||
Index(a) |
(15.35 | ) | (0.54 | ) | (15.35 | ) | (2.11 | ) | ||||||||
Bloomberg MSCI Global Green Bond Select (USD Hedged) Index |
(17.23 | ) | (1.10 | ) | (17.23 | ) | (4.29 | ) | ||||||||
Bloomberg MSCI USD Green Bond Select Index (b) |
N/A | N/A | N/A | N/A |
(a) |
Index performance through February 28, 2022 reflects the performance of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index. Index performance beginning on March 1, 2022 reflects the performance of the Bloomberg MSCI USD Green Bond Select Index, which, effective as of March 1, 2022, replaced the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index as the underlying index of the fund. |
(b) |
The inception date of the Bloomberg MSCI USD Green Bond Select Index was December 10, 2021. The cumulative total return for this index for the period December 10, 2021 through April 30, 2022 was -15.13%. |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value |
|
|
Ending Account Value (10/31/22 |
) |
|
Expenses Paid During |
|
|
Beginning Account Value (05/01/22 |
) |
|
Ending Account Value (10/31/22 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 936.60 | $ | 0.39 | $ | 1,000.00 | $ | 1,024.80 | $ | 0.41 | 0.08 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
15 |
Fund Summary as of October 31, 2022 (continued) | iShares® USD Green Bond ETF |
Portfolio Management Commentary
Green bonds seek to raise funds for projects that aim to positively affect the environment, typically by promoting energy efficiency or reducing carbon emissions. Projects financed using green bonds can include investments in renewable energy generation, wastewater collection and treatment, sustainable forest management, and upgrading equipment to improve energy efficiency.
Effective March 1, 2022, enhancements were made to the iShares Global Green Bond ETF to change its focus from global to U.S. dollar-denominated, investment-grade green bonds. The change is a result of the substantial growth seen in the USD green bond market since the inception of the fund in 2018.
Interest in green bonds continued to grow over the period given the outlook for spending to support efforts to move toward zero carbon emissions and renewable energy sources. In this vein the U.S. Inflation Reduction Act of 2022 included incentives in support of green initiatives.
The Index had a negative return for the period as a sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty and recession fears led to weakness across all sectors of the bond market. Investment-grade corporate bonds, which constitute roughly half of the Index, were among the weakest-performing segments of the market. In addition to being adversely affected by rising market interest rates, prices for the asset class were pressured by an increase in credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings. Viewed by credit quality, holdings of bonds rated Baa by Moody’s, the lowest investment grade rating, had the biggest negative impact on return given the widening of credit spreads. In terms of bond maturities, exposure to issues with maturities of 10 years or longer weighed most heavily on return as rates moved higher.
Portfolio Information
CREDIT QUALITY ALLOCATION | ||||
Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
Aaa |
14.7 | % | ||
Aa |
12.1 | |||
A |
32.5 | |||
Baa |
33.5 | |||
Not Rated |
7.2 |
MATURITY ALLOCATION | ||||
Maturity |
|
Percent of Total Investments |
(a) | |
0-1 Year |
3.5 | % | ||
1-5 Years |
51.5 | |||
5-10 Years |
32.0 | |||
10-15 Years |
1.9 | |||
15-20 Years |
1.4 | |||
More than 20 Years |
9.7 |
* |
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. |
16 |
2 0 2 2 I S H A R E S 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 the 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 the 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 / D I S C L O S U R E O F E X P E N S E S |
17 |
October 31, 2022 |
iShares® 0-5 Year 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./Omnicom Capital Inc. |
||||||||
3.60%, 04/15/26 (Call 01/15/26) |
$ | 2,715 | $ | 2,547,753 | ||||
3.65%, 11/01/24 (Call 08/01/24) |
1,572 | 1,517,342 | ||||||
|
|
|||||||
4,065,095 | ||||||||
Aerospace & Defense — 1.8% | ||||||||
Boeing Co. (The) |
||||||||
1.17%, 02/04/23 (Call 12/01/22)(a) |
597 | 590,163 | ||||||
1.43%, 02/04/24 (Call 11/14/22) |
4,227 | 4,009,065 | ||||||
1.95%, 02/01/24 |
1,537 | 1,468,527 | ||||||
2.20%, 02/04/26 (Call 02/04/23) |
7,357 | 6,548,953 | ||||||
2.70%, 02/01/27 (Call 12/01/26) |
320 | 277,933 | ||||||
2.75%, 02/01/26 (Call 01/01/26) |
2,065 | 1,862,208 | ||||||
3.10%, 05/01/26 (Call 03/01/26) |
520 | 469,945 | ||||||
4.51%, 05/01/23 (Call 04/01/23)(a) |
3,185 | 3,167,722 | ||||||
4.88%, 05/01/25 (Call 04/01/25) |
5,403 | 5,273,969 | ||||||
5.04%, 05/01/27 (Call 03/01/27) |
2,205 | 2,128,688 | ||||||
General Dynamics Corp. |
||||||||
1.15%, 06/01/26 (Call 05/01/26) |
800 | 699,233 | ||||||
1.88%, 08/15/23 (Call 06/15/23) |
892 | 871,305 | ||||||
2.13%, 08/15/26 (Call 05/15/26) |
240 | 215,821 | ||||||
2.25%, 11/15/22(a) |
1,148 | 1,146,264 | ||||||
2.38%, 11/15/24 (Call 09/15/24)(a) |
910 | 862,253 | ||||||
3.25%, 04/01/25 (Call 03/01/25) |
1,718 | 1,651,671 | ||||||
3.38%, 05/15/23 (Call 04/15/23)(a) |
917 | 909,101 | ||||||
3.50%, 05/15/25 (Call 03/15/25) |
1,323 | 1,281,603 | ||||||
3.50%, 04/01/27 (Call 02/01/27) |
1,920 | 1,804,027 | ||||||
L3Harris Technologies Inc. |
||||||||
3.83%, 04/27/25 (Call 01/27/25) |
1,024 | 983,410 | ||||||
3.85%, 06/15/23 (Call 05/15/23) |
1,585 | 1,576,133 | ||||||
3.85%, 12/15/26 (Call 09/15/26) |
1,900 | 1,777,031 | ||||||
Lockheed Martin Corp. |
||||||||
3.55%, 01/15/26 (Call 10/15/25) |
1,633 | 1,567,822 | ||||||
4.95%, 10/15/25 |
345 | 345,182 | ||||||
5.10%, 11/15/27 |
535 | 536,041 | ||||||
Northrop Grumman Corp. |
||||||||
2.93%, 01/15/25 (Call 11/15/24) |
1,964 | 1,871,902 | ||||||
3.20%, 02/01/27 (Call 11/01/26) |
73 | 67,086 | ||||||
3.25%, 08/01/23 |
2,083 | 2,054,635 | ||||||
Raytheon Technologies Corp. |
||||||||
2.65%, 11/01/26 (Call 08/01/26)(a) |
180 | 163,817 | ||||||
3.13%, 05/04/27 (Call 02/04/27) |
230 | 209,718 | ||||||
3.20%, 03/15/24 (Call 01/15/24) |
1,721 | 1,674,957 | ||||||
3.50%, 03/15/27 (Call 12/15/26) |
3,315 | 3,092,931 | ||||||
3.95%, 08/16/25 (Call 06/16/25) |
2,336 | 2,265,424 | ||||||
|
|
|||||||
53,424,540 | ||||||||
Agriculture — 1.1% | ||||||||
Altria Group Inc. |
||||||||
2.35%, 05/06/25 (Call 04/06/25) |
1,706 | 1,575,065 | ||||||
2.63%, 09/16/26 (Call 06/16/26)(a) |
359 | 320,790 | ||||||
4.00%, 01/31/24 |
325 | 319,568 | ||||||
4.40%, 02/14/26 (Call 12/14/25)(a) |
1,700 | 1,634,023 | ||||||
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26) |
1,435 | 1,311,837 | ||||||
BAT Capital Corp. |
||||||||
2.79%, 09/06/24 (Call 08/06/24) |
1,590 | 1,505,108 | ||||||
3.22%, 08/15/24 (Call 06/15/24) |
3,579 | 3,418,256 | ||||||
3.22%, 09/06/26 (Call 07/06/26) |
1,753 | 1,560,715 | ||||||
3.56%, 08/15/27 (Call 05/15/27) |
4,380 | 3,835,067 |
Security |
Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
4.70%, 04/02/27 (Call 02/02/27)(a) |
$ | 894 | $ | 828,364 | ||||
BAT
International Finance PLC, |
2,064 | 1,772,975 | ||||||
Bunge Ltd. Finance Corp. |
||||||||
1.63%, 08/17/25 (Call 07/17/25) |
1,397 | 1,252,753 | ||||||
3.25%, 08/15/26 (Call 05/15/26) |
685 | 625,302 | ||||||
Philip Morris International Inc. |
||||||||
0.88%, 05/01/26 (Call 04/01/26) |
1,273 | 1,088,616 | ||||||
1.13%, 05/01/23 |
974 | 957,612 | ||||||
1.50%, 05/01/25 (Call 04/01/25) |
1,240 | 1,130,562 | ||||||
2.13%, 05/10/23 (Call 03/10/23)(a) |
749 | 739,755 | ||||||
2.50%, 11/02/22 |
586 | 586,000 | ||||||
2.63%, 03/06/23 |
209 | 207,183 | ||||||
2.75%, 02/25/26 (Call 11/25/25)(a) |
752 | 689,104 | ||||||
2.88%, 05/01/24 (Call 04/01/24) |
1,791 | 1,729,135 | ||||||
3.13%, 08/17/27 (Call 05/17/27)(a) |
20 | 17,980 | ||||||
3.25%, 11/10/24(a) |
1,687 | 1,625,560 | ||||||
3.38%, 08/11/25 (Call 05/11/25) |
1,543 | 1,460,957 | ||||||
3.60%, 11/15/23 |
350 | 345,657 | ||||||
Reynolds American Inc. |
||||||||
4.45%, 06/12/25 (Call 03/12/25) |
2,934 | 2,831,730 | ||||||
4.85%, 09/15/23(a) |
844 | 839,649 | ||||||
|
|
|||||||
34,209,323 | ||||||||
Airlines — 0.1% | ||||||||
Southwest Airlines Co. |
||||||||
5.13%, 06/15/27 (Call 04/15/27) |
1,875 | 1,828,606 | ||||||
5.25%, 05/04/25 (Call 04/04/25)(a) |
2,325 | 2,311,663 | ||||||
|
|
|||||||
4,140,269 | ||||||||
Apparel — 0.3% | ||||||||
NIKE Inc. |
||||||||
2.25%, 05/01/23 (Call 02/01/23)(a) |
531 | 525,098 | ||||||
2.38%, 11/01/26 (Call 08/01/26) |
1,345 | 1,225,160 | ||||||
2.40%, 03/27/25 (Call 02/27/25) |
1,853 | 1,749,368 | ||||||
2.75%, 03/27/27 (Call 01/27/27) |
2,942 | 2,695,141 | ||||||
VF Corp. |
||||||||
2.40%, 04/23/25 (Call 03/23/25) |
1,685 | 1,564,994 | ||||||
2.80%, 04/23/27 (Call 02/23/27)(a) |
650 | 577,323 | ||||||
|
|
|||||||
8,337,084 | ||||||||
Auto Manufacturers — 3.7% | ||||||||
American Honda Finance Corp. |
||||||||
0.55%, 07/12/24(a) |
1,564 | 1,450,291 | ||||||
0.65%, 09/08/23 |
297 | 286,799 | ||||||
0.75%, 08/09/24 |
990 | 918,571 | ||||||
0.88%, 07/07/23 |
789 | 767,868 | ||||||
1.00%, 09/10/25(a) |
1,433 | 1,276,961 | ||||||
1.20%, 07/08/25 |
1,559 | 1,406,803 | ||||||
1.30%, 09/09/26(a) |
852 | 739,229 | ||||||
1.50%, 01/13/25 |
1,430 | 1,326,700 | ||||||
1.95%, 05/10/23(a) |
1,271 | 1,252,316 | ||||||
2.05%, 01/10/23 |
1,260 | 1,253,900 | ||||||
2.15%, 09/10/24 |
1,527 | 1,448,713 | ||||||
2.30%, 09/09/26 |
210 | 187,870 | ||||||
2.35%, 01/08/27 |
610 | 542,197 | ||||||
2.40%, 06/27/24 |
1,298 | 1,242,306 | ||||||
2.60%, 11/16/22(a) |
1,003 | 1,002,387 | ||||||
2.90%, 02/16/24 |
1,220 | 1,186,267 | ||||||
3.45%, 07/14/23 |
814 | 806,258 | ||||||
3.55%, 01/12/24 |
1,393 | 1,367,800 | ||||||
3.63%, 10/10/23(a) |
1,685 | 1,662,371 |
18 |
2 0 2 2 I S H A R E S 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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) |
| |||||||
Cummins Inc. |
||||||||
0.75%, 09/01/25 (Call 08/01/25)(a) |
$ | 859 | $ | 764,694 | ||||
3.65%, 10/01/23 (Call 07/01/23) |
493 | 486,778 | ||||||
General Motors Co. |
||||||||
4.00%, 04/01/25(a) |
417 | 398,697 | ||||||
4.88%, 10/02/23 |
1,851 | 1,833,634 | ||||||
5.40%, 10/02/23(a) |
1,713 | 1,705,989 | ||||||
6.13%, 10/01/25 (Call 09/01/25) |
2,668 | 2,655,266 | ||||||
General Motors Financial Co. Inc. |
||||||||
1.05%, 03/08/24 |
1,430 | 1,340,897 | ||||||
1.20%, 10/15/24 |
1,110 | 1,013,972 | ||||||
1.25%, 01/08/26 (Call 12/08/25) |
1,966 | 1,679,776 | ||||||
1.50%, 06/10/26 (Call 05/10/26) |
1,620 | 1,363,537 | ||||||
1.70%, 08/18/23(a) |
1,920 | 1,856,420 | ||||||
2.35%, 02/26/27 (Call 01/26/27)(a) |
2,080 | 1,760,685 | ||||||
2.70%, 08/20/27 (Call 06/20/27) |
1,025 | 862,984 | ||||||
2.75%, 06/20/25 (Call 05/20/25)(a) |
1,758 | 1,615,737 | ||||||
2.90%, 02/26/25 (Call 01/26/25) |
1,735 | 1,617,203 | ||||||
3.25%, 01/05/23 (Call 12/05/22)(a) |
751 | 748,818 | ||||||
3.50%, 11/07/24 (Call 09/07/24) |
1,071 | 1,021,237 | ||||||
3.70%, 05/09/23 (Call 03/09/23) |
2,220 | 2,196,541 | ||||||
3.80%, 04/07/25(a) |
1,265 | 1,195,911 | ||||||
3.95%, 04/13/24 (Call 02/13/24) |
1,711 | 1,662,571 | ||||||
4.00%, 01/15/25 (Call 10/15/24)(a) |
1,674 | 1,607,008 | ||||||
4.00%, 10/06/26 (Call 07/06/26) |
500 | 459,123 | ||||||
4.15%, 06/19/23 (Call 05/19/23)(a) |
1,790 | 1,772,533 | ||||||
4.25%, 05/15/23 |
1,549 | 1,543,100 | ||||||
4.30%, 07/13/25 (Call 04/13/25) |
1,315 | 1,251,980 | ||||||
4.35%, 04/09/25 (Call 02/09/25) |
1,468 | 1,406,972 | ||||||
4.35%, 01/17/27 (Call 10/17/26) |
1,000 | 920,862 | ||||||
5.00%, 04/09/27 (Call 03/09/27)(a) |
1,430 | 1,350,805 | ||||||
5.10%, 01/17/24 (Call 12/17/23) |
1,836 | 1,815,526 | ||||||
5.25%, 03/01/26 (Call 12/01/25)(a) |
1,710 | 1,656,712 | ||||||
6.05%, 10/10/25 |
1,050 | 1,041,150 | ||||||
Honda Motor Co. Ltd. |
||||||||
2.27%, 03/10/25 (Call 02/10/25) |
1,055 | 989,780 | ||||||
2.53%, 03/10/27 (Call 02/10/27)(a) |
930 | 832,216 | ||||||
Stellantis NV, 5.25%, 04/15/23 |
1,792 | 1,785,316 | ||||||
Toyota Motor Corp. |
||||||||
0.68%, 03/25/24 (Call 02/25/24)(a) |
1,605 | 1,511,088 | ||||||
1.34%, 03/25/26 (Call 02/25/26)(a) |
1,566 | 1,383,041 | ||||||
2.36%, 07/02/24 |
780 | 747,977 | ||||||
3.42%, 07/20/23(a) |
1,292 | 1,277,941 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.40%, 04/06/23(a) |
993 | 976,190 | ||||||
0.45%, 01/11/24 |
1,355 | 1,284,451 | ||||||
0.50%, 08/14/23(a) |
1,736 | 1,679,176 | ||||||
0.50%, 06/18/24 |
1,460 | 1,357,624 | ||||||
0.63%, 09/13/24(a) |
1,335 | 1,231,922 | ||||||
0.80%, 10/16/25 |
1,599 | 1,410,619 | ||||||
0.80%, 01/09/26 |
879 | 767,892 | ||||||
1.13%, 06/18/26(a) |
1,820 | 1,580,977 | ||||||
1.35%, 08/25/23(a) |
1,496 | 1,452,807 | ||||||
1.45%, 01/13/25(a) |
1,720 | 1,593,420 | ||||||
1.80%, 02/13/25 |
1,821 | 1,696,243 | ||||||
1.90%, 01/13/27(a) |
1,113 | 976,017 | ||||||
2.00%, 10/07/24 |
706 | 666,809 | ||||||
2.25%, 10/18/23 |
728 | 708,488 | ||||||
2.50%, 03/22/24 |
285 | 275,577 | ||||||
2.63%, 01/10/23 |
697 | 694,333 |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) |
| |||||||
2.70%, 01/11/23 |
$ | 839 | $ | 835,809 | ||||
2.90%, 03/30/23(a) |
1,126 | 1,117,621 | ||||||
2.90%, 04/17/24 |
907 | 880,295 | ||||||
3.00%, 04/01/25(a) |
1,392 | 1,327,151 | ||||||
3.05%, 03/22/27 |
1,205 | 1,104,264 | ||||||
3.20%, 01/11/27 |
3,260 | 3,014,305 | ||||||
3.35%, 01/08/24 |
841 | 825,690 | ||||||
3.40%, 04/14/25(a) |
499 | 479,931 | ||||||
3.45%, 09/20/23 |
973 | 961,305 | ||||||
3.65%, 08/18/25 |
2,400 | 2,310,364 | ||||||
3.95%, 06/30/25(a) |
945 | 919,986 | ||||||
4.40%, 09/20/24 |
3,000 | 2,970,892 | ||||||
4.55%, 09/20/27 |
3,000 | 2,917,643 | ||||||
|
|
|||||||
109,277,885 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
Aptiv
PLC/Aptiv Corp., |
1,215 | 1,131,623 | ||||||
BorgWarner Inc. |
||||||||
2.65%, 07/01/27 (Call 05/01/27) |
655 | 570,196 | ||||||
3.38%, 03/15/25 (Call 12/15/24) |
1,165 | 1,112,433 | ||||||
Magna International Inc. |
||||||||
3.63%, 06/15/24 (Call 03/15/24) |
1,532 | 1,494,742 | ||||||
4.15%, 10/01/25 (Call 07/01/25) |
1,603 | 1,555,038 | ||||||
|
|
|||||||
5,864,032 | ||||||||
Banks — 34.3% | ||||||||
Australia & New Zealand Banking Group Ltd./New York NY |
||||||||
2.05%, 11/21/22 |
1,204 | 1,202,393 | ||||||
3.70%, 11/16/25 |
1,613 | 1,547,433 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
||||||||
0.88%, 09/18/23(a) |
1,455 | 1,395,437 | ||||||
1.13%, 09/18/25 |
1,250 | 1,092,952 | ||||||
5.86%, 09/14/26 (Call 09/14/25)(b) |
400 | 386,498 | ||||||
Banco Santander SA |
||||||||
0.70%, 06/30/24 (Call 06/30/23)(b) |
2,185 | 2,100,544 | ||||||
1.72%, 09/14/27 (Call 09/14/26)(b) |
325 | 265,065 | ||||||
1.85%, 03/25/26 |
1,980 | 1,690,767 | ||||||
2.71%, 06/27/24 |
2,106 | 1,999,045 | ||||||
2.75%, 05/28/25 |
1,518 | 1,376,811 | ||||||
3.13%, 02/23/23(a) |
1,635 | 1,623,209 | ||||||
3.50%, 03/24/25 |
1,610 | 1,527,549 | ||||||
3.85%, 04/12/23 |
1,845 | 1,830,627 | ||||||
3.89%, 05/24/24 |
1,985 | 1,924,424 | ||||||
4.18%, 03/24/28 (Call 03/24/27)(b) |
500 | 439,929 | ||||||
4.25%, 04/11/27 |
600 | 538,947 | ||||||
5.15%, 08/18/25(a) |
625 | 601,994 | ||||||
5.29%, 08/18/27 |
2,400 | 2,208,695 | ||||||
Bank of America Corp. |
||||||||
0.52%, 06/14/24
(Call 06/14/23), |
2,495 | 2,408,375 | ||||||
0.81%, 10/24/24
(Call 10/24/23), |
2,355 | 2,234,481 | ||||||
0.98%, 04/22/25
(Call 04/22/24), |
2,856 | 2,647,114 | ||||||
0.98%, 09/25/25
(Call 09/25/24), |
2,645 | 2,403,426 | ||||||
1.20%, 10/24/26
(Call 10/24/25), |
3,140 | 2,724,887 | ||||||
1.32%, 06/19/26
(Call 06/19/25), |
2,775 | 2,450,047 | ||||||
1.49%, 05/19/24
(Call 05/19/23), |
980 | 957,726 | ||||||
1.53%, 12/06/25
(Call 12/06/24), |
1,415 | 1,288,549 | ||||||
1.73%, 07/22/27
(Call 07/22/26), |
6,595 | 5,637,809 | ||||||
1.84%, 02/04/25
(Call 02/04/24), |
1,810 | 1,713,611 | ||||||
2.02%, 02/13/26
(Call 02/13/25), |
2,025 | 1,852,074 |
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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
2.46%, 10/22/25
(Call 10/22/24), |
$ | 2,297 | $ | 2,147,518 | ||||
2.55%, 02/04/28
(Call 02/04/27), |
1,900 | 1,643,352 | ||||||
3.00%, 12/20/23
(Call 12/20/22), |
2,879 | 2,868,212 | ||||||
3.09%, 10/01/25
(Call 10/01/24), |
2,242 | 2,120,695 | ||||||
3.25%, 10/21/27 (Call 10/21/26) |
200 | 178,272 | ||||||
3.30%, 01/11/23 |
120 | 119,719 | ||||||
3.37%, 01/23/26
(Call 01/23/25), |
1,910 | 1,800,587 | ||||||
3.38%, 04/02/26
(Call 04/02/25), |
1,585 | 1,488,494 | ||||||
3.46%, 03/15/25
(Call 03/15/24), |
1,670 | 1,610,071 | ||||||
3.50%, 04/19/26 |
2,287 | 2,137,410 | ||||||
3.55%, 03/05/24
(Call 03/05/23), |
3,271 | 3,243,808 | ||||||
3.56%, 04/23/27
(Call 04/23/26), |
900 | 828,649 | ||||||
3.84%, 04/25/25
(Call 04/25/24), |
2,105 | 2,036,593 | ||||||
3.86%, 07/23/24
(Call 07/23/23), |
3,494 | 3,443,068 | ||||||
3.88%, 08/01/25(a) |
1,832 | 1,768,934 | ||||||
4.00%, 04/01/24(a) |
1,966 | 1,937,920 | ||||||
4.00%, 01/22/25 |
2,155 | 2,076,695 | ||||||
4.10%, 07/24/23(a) |
2,023 | 2,013,003 | ||||||
4.13%, 01/22/24 |
3,441 | 3,400,196 | ||||||
4.20%, 08/26/24 |
3,105 | 3,035,472 | ||||||
4.25%, 10/22/26 |
4,190 | 3,966,775 | ||||||
4.38%, 04/27/28
(Call 04/27/27), |
2,765 | 2,574,117 | ||||||
4.45%, 03/03/26 |
1,911 | 1,833,152 | ||||||
4.83%, 07/22/26 (Call 07/22/25)(b) |
2,485 | 2,422,109 | ||||||
Series L, 3.95%, 04/21/25 |
2,550 | 2,440,241 | ||||||
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)(b) |
3,020 | 2,612,130 | ||||||
Bank of Montreal |
||||||||
0.40%, 09/15/23 |
1,482 | 1,420,201 | ||||||
0.45%, 12/08/23 |
1,002 | 952,124 | ||||||
0.63%, 07/09/24 |
2,435 | 2,250,286 | ||||||
0.95%, 01/22/27
(Call 01/22/26), |
845 | 727,486 | ||||||
1.25%, 09/15/26 |
2,467 | 2,095,847 | ||||||
1.50%, 01/10/25 |
1,795 | 1,647,297 | ||||||
1.85%, 05/01/25(a) |
1,955 | 1,795,394 | ||||||
2.15%, 03/08/24 |
1,950 | 1,868,409 | ||||||
2.50%, 06/28/24 |
2,210 | 2,109,647 | ||||||
2.55%, 11/06/22 |
723 | 722,920 | ||||||
2.65%, 03/08/27(a) |
2,575 | 2,281,716 | ||||||
3.70%, 06/07/25(a) |
1,955 | 1,870,544 | ||||||
Series E, 3.30%, 02/05/24(a) |
2,522 | 2,458,381 | ||||||
Series H, 4.25%, 09/14/24 |
125 | 122,287 | ||||||
Series H, 4.70%, 09/14/27 (Call 08/14/27) |
20 | 19,143 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
0.35%, 12/07/23 (Call 11/07/23) |
760 | 724,452 | ||||||
0.50%, 04/26/24 (Call 03/26/24) |
723 | 676,574 | ||||||
0.75%, 01/28/26 (Call 12/28/25) |
1,024 | 894,749 | ||||||
1.05%, 10/15/26 (Call 09/15/26)(a) |
2,070 | 1,760,077 | ||||||
1.60%, 04/24/25 (Call 03/24/25) |
1,007 | 921,963 | ||||||
1.85%, 01/27/23 (Call 01/02/23)(a) |
993 | 986,792 | ||||||
2.05%, 01/26/27 (Call 12/26/26)(a) |
1,440 | 1,266,807 | ||||||
2.10%, 10/24/24(a) |
2,140 | 2,020,472 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
2.20%, 08/16/23 (Call 06/16/23) |
$ | 1,328 | $ | 1,300,643 | ||||
2.45%, 08/17/26 (Call 05/17/26) |
1,370 | 1,238,385 | ||||||
2.80%, 05/04/26 (Call 02/04/26)(a) |
880 | 814,816 | ||||||
2.95%, 01/29/23 (Call 12/29/22) |
1,154 | 1,149,128 | ||||||
3.25%, 09/11/24 (Call 08/11/24) |
825 | 799,727 | ||||||
3.25%, 05/16/27 (Call 02/16/27)(a) |
675 | 624,161 | ||||||
3.35%, 04/25/25 (Call 03/25/25) |
920 | 883,991 | ||||||
3.40%, 05/15/24 (Call 04/15/24) |
593 | 578,038 | ||||||
3.43%, 06/13/25 (Call 06/13/24)(a)(b) |
510 | 495,042 | ||||||
3.45%, 08/11/23(a) |
811 | 804,476 | ||||||
3.50%, 04/28/23 |
1,061 | 1,055,018 | ||||||
4.41%, 07/24/26 (Call 07/24/25)(b) |
265 | 257,055 | ||||||
Series 12, 3.65%, 02/04/24 (Call 01/05/24) |
1,118 | 1,098,886 | ||||||
Series G, 3.00%, 02/24/25 (Call 01/24/25) |
932 | 889,736 | ||||||
Series J, 0.85%, 10/25/24 (Call 09/25/24) |
905 | 834,166 | ||||||
Bank of Nova Scotia (The) |
||||||||
0.40%, 09/15/23 |
905 | 868,578 | ||||||
0.55%, 09/15/23 |
912 | 876,490 | ||||||
0.65%, 07/31/24 |
1,455 | 1,339,380 | ||||||
0.70%, 04/15/24 |
2,385 | 2,226,422 | ||||||
1.05%, 03/02/26 |
1,677 | 1,453,240 | ||||||
1.30%, 06/11/25(a) |
877 | 787,122 | ||||||
1.30%, 09/15/26 |
1,565 | 1,333,016 | ||||||
1.35%, 06/24/26 |
3,655 | 3,166,330 | ||||||
1.45%, 01/10/25 |
805 | 736,920 | ||||||
1.63%, 05/01/23 |
791 | 778,628 | ||||||
1.95%, 02/01/23 |
107 | 106,305 | ||||||
1.95%, 02/02/27(a) |
1,400 | 1,207,343 | ||||||
2.00%, 11/15/22(a) |
608 | 607,378 | ||||||
2.20%, 02/03/25 |
850 | 790,413 | ||||||
2.38%, 01/18/23(a) |
751 | 747,182 | ||||||
2.44%, 03/11/24 |
1,565 | 1,506,296 | ||||||
2.70%, 08/03/26 |
175 | 157,726 | ||||||
2.95%, 03/11/27 |
1,685 | 1,508,544 | ||||||
3.40%, 02/11/24 |
2,181 | 2,132,631 | ||||||
3.45%, 04/11/25 |
1,470 | 1,397,509 | ||||||
4.50%, 12/16/25(a) |
1,956 | 1,880,124 | ||||||
Barclays Bank PLC, 3.75%, 05/15/24(a) |
1,165 | 1,133,992 | ||||||
Barclays PLC |
||||||||
1.01%, 12/10/24 (Call 12/10/23)(b) |
2,390 | 2,238,039 | ||||||
2.28%, 11/24/27 (Call 11/24/26)(b) |
1,500 | 1,240,190 | ||||||
2.85%, 05/07/26
(Call 05/07/25), |
2,857 | 2,574,410 | ||||||
3.65%, 03/16/25 |
2,256 | 2,098,581 | ||||||
3.93%, 05/07/25
(Call 05/07/24), |
2,662 | 2,539,273 | ||||||
4.34%, 05/16/24
(Call 05/16/23), |
1,043 | 1,029,152 | ||||||
4.38%, 09/11/24 |
2,229 | 2,118,092 | ||||||
4.38%, 01/12/26 |
3,180 | 2,951,358 | ||||||
5.20%, 05/12/26 |
722 | 664,104 | ||||||
5.30%, 08/09/26 (Call 08/09/25)(b) |
1,070 | 1,017,780 | ||||||
7.33%, 11/02/26 |
1,600 | 1,594,862 | ||||||
BNP Paribas SA |
||||||||
3.25%, 03/03/23(a) |
1,001 | 995,036 | ||||||
4.25%, 10/15/24 |
1,578 | 1,517,280 | ||||||
BPCE SA |
||||||||
3.38%, 12/02/26 |
890 | 811,383 | ||||||
4.00%, 04/15/24 |
1,114 | 1,084,450 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
0.45%, 06/22/23 |
1,636 | 1,589,891 |
20 |
2 0 2 2 I S H A R E S 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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
0.50%, 12/14/23 |
$ | 819 | $ | 776,290 | ||||
0.95%, 06/23/23(a) |
1,459 | 1,418,763 | ||||||
0.95%, 10/23/25 |
898 | 787,094 | ||||||
1.00%, 10/18/24 |
955 | 876,625 | ||||||
1.25%, 06/22/26 |
2,697 | 2,308,230 | ||||||
2.25%, 01/28/25 |
2,083 | 1,940,547 | ||||||
3.10%, 04/02/24(a) |
1,433 | 1,389,604 | ||||||
3.30%, 04/07/25 |
1,170 | 1,111,225 | ||||||
3.45%, 04/07/27(a) |
500 | 456,301 | ||||||
3.50%, 09/13/23(a) |
1,244 | 1,229,149 | ||||||
3.95%, 08/04/25 |
830 | 796,305 | ||||||
Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)(a) |
2,070 | 2,038,948 | ||||||
Citigroup Inc. |
||||||||
0.78%, 10/30/24
(Call 10/30/23), |
2,536 | 2,397,497 | ||||||
0.98%, 05/01/25
(Call 05/01/24), |
2,025 | 1,871,216 | ||||||
1.12%, 01/28/27
(Call 01/28/26), |
924 | 787,604 | ||||||
1.28%, 11/03/25
(Call 11/03/24), |
1,755 | 1,590,973 | ||||||
1.46%, 06/09/27
(Call 06/09/26), |
3,115 | 2,641,061 | ||||||
1.68%, 05/15/24
(Call 05/15/23), |
2,823 | 2,761,224 | ||||||
2.01%, 01/25/26
(Call 01/25/25), |
3,310 | 3,022,791 | ||||||
3.11%, 04/08/26
(Call 04/08/25), |
4,163 | 3,886,055 | ||||||
3.20%, 10/21/26 (Call 07/21/26) |
3,395 | 3,091,474 | ||||||
3.29%, 03/17/26
(Call 03/17/25), |
1,435 | 1,345,246 | ||||||
3.30%, 04/27/25(a) |
1,771 | 1,680,467 | ||||||
3.35%, 04/24/25
(Call 04/24/24), |
3,983 | 3,825,448 | ||||||
3.40%, 05/01/26 |
2,535 | 2,351,937 | ||||||
3.50%, 05/15/23 |
1,804 | 1,788,251 | ||||||
3.70%, 01/12/26 |
2,787 | 2,619,101 | ||||||
3.75%, 06/16/24(a) |
1,541 | 1,506,844 | ||||||
3.88%, 10/25/23 |
803 | 793,132 | ||||||
3.88%, 03/26/25 |
1,553 | 1,482,083 | ||||||
4.00%, 08/05/24 |
3,030 | 2,951,638 | ||||||
4.04%, 06/01/24
(Call 06/01/23), |
1,715 | 1,697,085 | ||||||
4.14%, 05/24/25
(Call 05/24/24), |
1,485 | 1,442,734 | ||||||
4.30%, 11/20/26 |
1,410 | 1,330,206 | ||||||
4.40%, 06/10/25 |
3,152 | 3,051,416 | ||||||
4.45%, 09/29/27 |
6,000 | 5,574,568 | ||||||
4.60%, 03/09/26(a) |
2,165 | 2,076,537 | ||||||
5.50%, 09/13/25 |
1,991 | 1,973,255 | ||||||
5.61%, 09/29/26 (Call 09/29/25)(b) |
1,420 | 1,401,406 | ||||||
Citizens Bank NA/Providence RI |
||||||||
2.25%, 04/28/25 (Call 03/28/25) |
982 | 903,383 | ||||||
3.70%, 03/29/23 (Call 02/28/23) |
600 | 596,794 | ||||||
3.75%, 02/18/26 (Call 11/18/25) |
680 | 637,502 | ||||||
4.12%, 05/23/25 (Call 05/23/24)(b) |
685 | 668,105 | ||||||
6.06%, 10/24/25 |
535 | 538,650 | ||||||
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26) |
553 | 500,037 | ||||||
Comerica Bank, 2.50%, 07/23/24 |
1,043 | 995,598 | ||||||
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23) |
1,551 | 1,533,241 | ||||||
Cooperatieve Rabobank UA |
||||||||
3.75%, 07/21/26 |
1,461 | 1,326,398 | ||||||
4.38%, 08/04/25 |
2,059 | 1,947,294 | ||||||
4.63%, 12/01/23(a) |
25 | 24,679 | ||||||
Cooperatieve Rabobank UA/NY |
||||||||
0.38%, 01/12/24(a) |
430 | 406,151 | ||||||
1.38%, 01/10/25 |
1,225 | 1,125,894 | ||||||
2.75%, 01/10/23(a) |
897 | 893,750 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
3.38%, 05/21/25 |
$ | 1,825 | $ | 1,744,222 | ||||
3.88%, 08/22/24 |
300 | 293,078 | ||||||
Credit Suisse AG/New York NY |
||||||||
0.50%, 02/02/24 |
1,380 | 1,261,453 | ||||||
0.52%, 08/09/23 |
1,840 | 1,744,633 | ||||||
1.00%, 05/05/23 |
2,591 | 2,509,649 | ||||||
1.25%, 08/07/26 |
2,580 | 2,059,065 | ||||||
2.95%, 04/09/25 |
2,186 | 1,948,670 | ||||||
3.63%, 09/09/24 |
3,988 | 3,717,552 | ||||||
3.70%, 02/21/25 |
2,850 | 2,602,486 | ||||||
4.75%, 08/09/24 |
1,125 | 1,068,442 | ||||||
5.00%, 07/09/27 |
1,200 | 1,080,386 | ||||||
Credit Suisse Group AG |
||||||||
3.75%, 03/26/25 |
3,349 | 3,016,246 | ||||||
3.80%, 06/09/23 |
2,409 | 2,342,878 | ||||||
4.55%, 04/17/26 |
2,375 | 2,091,642 | ||||||
Deutsche Bank AG, 6.12%, 07/14/26 |
1,660 | 1,587,728 | ||||||
Deutsche Bank AG/London, 3.70%, 05/30/24(a) |
1,485 | 1,437,611 | ||||||
Deutsche Bank AG/New York NY |
||||||||
0.90%, 05/28/24 |
1,455 | 1,335,272 | ||||||
1.45%, 04/01/25 (Call 04/01/24), |
1,210 | 1,102,379 | ||||||
1.69%, 03/19/26 |
795 | 685,184 | ||||||
2.13%, 11/24/26 (Call 11/24/25), |
610 | 512,766 | ||||||
2.22%, 09/18/24 (Call 09/18/23), |
3,138 | 2,972,158 | ||||||
2.31%, 11/16/27 (Call 11/16/26), |
1,075 | 857,347 | ||||||
2.55%, 01/07/28 (Call 01/07/27), |
945 | 755,131 | ||||||
3.30%, 11/16/22 |
1,167 | 1,166,237 | ||||||
3.70%, 05/30/24 |
1,094 | 1,050,433 | ||||||
3.95%, 02/27/23(a) |
1,624 | 1,612,399 | ||||||
3.96%, 11/26/25 (Call 11/26/24), |
1,991 | 1,834,576 | ||||||
4.16%, 05/13/25(a) |
250 | 238,192 | ||||||
Series E, 0.96%, 11/08/23 |
1,415 | 1,344,360 | ||||||
Discover Bank |
||||||||
2.45%, 09/12/24 (Call 08/12/24)(a) |
2,218 | 2,083,736 | ||||||
3.35%, 02/06/23 (Call 01/06/23)(a) |
1,140 | 1,134,468 | ||||||
3.45%, 07/27/26 (Call 04/27/26) |
1,685 | 1,510,163 | ||||||
4.20%, 08/08/23 |
1,603 | 1,585,697 | ||||||
Fifth Third Bancorp. |
||||||||
1.63%, 05/05/23 (Call 04/05/23) |
830 | 816,465 | ||||||
1.71%, 11/01/27 (Call 11/01/26), |
100 | 85,036 | ||||||
2.38%, 01/28/25 (Call 12/28/24) |
1,839 | 1,711,854 | ||||||
2.55%, 05/05/27 (Call 04/05/27) |
120 | 104,924 | ||||||
3.65%, 01/25/24 (Call 12/25/23) |
2,689 | 2,632,885 | ||||||
4.30%, 01/16/24 (Call 12/16/23) |
1,363 | 1,342,868 | ||||||
Fifth Third Bank NA |
||||||||
1.80%, 01/30/23 (Call 12/30/22) |
1,078 | 1,070,204 | ||||||
2.25%, 02/01/27 (Call 01/01/27) |
600 | 526,845 | ||||||
3.85%, 03/15/26 (Call 02/15/26) |
490 | 456,614 | ||||||
3.95%, 07/28/25 (Call 06/28/25) |
1,565 | 1,514,712 | ||||||
5.85%, 10/27/25 |
1,000 | 1,001,066 | ||||||
Goldman Sachs Group Inc. (The) |
||||||||
0.52%, 03/08/23 |
675 | 664,840 | ||||||
0.63%, 11/17/23 (Call 11/17/22), |
860 | 857,835 | ||||||
0.66%, 09/10/24 (Call 09/10/23), |
2,125 | 2,022,853 | ||||||
0.67%, 03/08/24 (Call 03/08/23), |
3,052 | 2,990,587 | ||||||
0.86%, 02/12/26 (Call 02/12/25), |
1,770 | 1,568,770 | ||||||
0.93%, 10/21/24 (Call 10/21/23), |
2,470 | 2,337,713 | ||||||
1.09%, 12/09/26 (Call 12/09/25), |
495 | 426,509 | ||||||
1.22%, 12/06/23 (Call 12/06/22) |
560 | 535,571 | ||||||
1.43%, 03/09/27 (Call 03/09/26), |
2,025 | 1,733,168 |
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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)(b) |
$ | 3,200 | $ | 2,683,038 | ||||
1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)(b) |
3,400 | 3,211,209 | ||||||
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)(b) |
1,860 | 1,579,798 | ||||||
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)(b) |
1,215 | 1,050,735 | ||||||
3.00%, 03/15/24 |
1,830 | 1,769,380 | ||||||
3.20%, 02/23/23 (Call 01/23/23) |
1,342 | 1,334,363 | ||||||
3.27%, 09/29/25
(Call 09/29/24), |
4,051 | 3,841,237 | ||||||
3.50%, 01/23/25 (Call 10/23/24) |
3,290 | 3,143,511 | ||||||
3.50%, 04/01/25 (Call 03/01/25) |
4,513 | 4,275,385 | ||||||
3.50%, 11/16/26 (Call 11/16/25) |
2,295 | 2,095,167 | ||||||
3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)(b) |
840 | 757,572 | ||||||
3.63%, 01/22/23 |
2,255 | 2,248,896 | ||||||
3.63%, 02/20/24 (Call 01/20/24) |
2,289 | 2,237,581 | ||||||
3.75%, 05/22/25 (Call 02/22/25) |
2,981 | 2,838,676 | ||||||
3.75%, 02/25/26 (Call 11/25/25) |
2,162 | 2,030,596 | ||||||
3.85%, 07/08/24 (Call 04/08/24) |
2,046 | 1,998,435 | ||||||
3.85%, 01/26/27 (Call 01/26/26) |
5,715 | 5,318,794 | ||||||
4.00%, 03/03/24 |
4,583 | 4,498,509 | ||||||
4.25%, 10/21/25 |
3,236 | 3,097,573 | ||||||
4.39%, 06/15/27 (Call 06/15/26)(b) |
1,415 | 1,330,127 | ||||||
5.70%, 11/01/24 |
1,020 | 1,019,951 | ||||||
5.95%, 01/15/27 |
520 | 524,653 | ||||||
HSBC Holdings PLC |
||||||||
0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)(b) |
3,447 | 3,131,065 | ||||||
1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)(b) |
2,125 | 1,993,928 | ||||||
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)(b) |
2,920 | 2,399,431 | ||||||
1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)(b) |
2,841 | 2,480,693 | ||||||
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)(b) |
2,595 | 2,281,675 | ||||||
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)(b) |
1,875 | 1,543,176 | ||||||
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)(b) |
2,285 | 2,089,151 | ||||||
3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)(b) |
250 | 227,234 | ||||||
3.03%, 11/22/23
(Call 11/22/22), |
1,041 | 1,038,878 | ||||||
3.60%, 05/25/23 |
2,635 | 2,610,352 | ||||||
3.80%, 03/11/25
(Call 03/11/24), |
4,057 | 3,875,838 | ||||||
3.90%, 05/25/26(a) |
2,570 | 2,341,231 | ||||||
3.95%, 05/18/24
(Call 05/18/23), |
2,552 | 2,510,492 | ||||||
4.18%, 12/09/25 (Call 12/09/24)(b) |
1,345 | 1,270,083 | ||||||
4.25%, 03/14/24(a) |
3,264 | 3,150,564 | ||||||
4.25%, 08/18/25(a) |
1,637 | 1,524,742 | ||||||
4.29%, 09/12/26
(Call 09/12/25), |
810 | 747,614 | ||||||
4.30%, 03/08/26(a) |
3,573 | 3,363,353 | ||||||
4.38%, 11/23/26 |
735 | 666,584 | ||||||
7.34%, 11/03/26 (Call 11/03/25) |
2,300 | 2,300,000 | ||||||
7.39%, 11/03/28 (Call 11/03/27) |
1,625 | 1,625,000 | ||||||
HSBC USA Inc. |
||||||||
3.50%, 06/23/24(a) |
1,254 | 1,211,020 | ||||||
3.75%, 05/24/24(a) |
2,115 | 2,054,973 | ||||||
Huntington Bancshares Inc./OH |
||||||||
2.63%, 08/06/24 (Call 07/06/24) |
1,232 | 1,175,749 | ||||||
4.00%, 05/15/25 (Call 04/15/25) |
1,295 | 1,246,895 | ||||||
Huntington National Bank (The) |
||||||||
3.55%, 10/06/23 (Call 09/06/23)(a) |
885 | 871,170 | ||||||
4.01%, 05/16/25 (Call 05/16/24)(a)(b) |
1,630 | 1,588,945 | ||||||
ING Groep NV |
||||||||
1.73%, 04/01/27
(Call 04/01/26), |
1,340 | 1,141,362 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
3.55%, 04/09/24(a) |
$ | 2,012 | $ | 1,953,066 | ||||
3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)(b) |
1,420 | 1,340,963 | ||||||
3.95%, 03/29/27 |
1,650 | 1,497,233 | ||||||
4.10%, 10/02/23(a) |
2,627 | 2,590,094 | ||||||
Intesa Sanpaolo SpA, 5.25%, 01/12/24(a) |
272 | 267,910 | ||||||
JPMorgan Chase & Co. |
||||||||
0.56%, 02/16/25
(Call 02/16/24), |
985 | 918,268 | ||||||
0.65%, 09/16/24
(Call 09/16/23), |
1,655 | 1,580,515 | ||||||
0.70%, 03/16/24
(Call 03/16/23), |
2,199 | 2,155,621 | ||||||
0.77%, 08/09/25
(Call 08/09/24), |
2,330 | 2,128,502 | ||||||
0.82%, 06/01/25
(Call 06/01/24), |
2,360 | 2,174,647 | ||||||
0.97%, 06/23/25
(Call 06/23/24), |
3,530 | 3,245,207 | ||||||
1.04%, 02/04/27
(Call 02/04/26), |
955 | 813,006 | ||||||
1.05%, 11/19/26
(Call 11/19/25), |
1,135 | 977,293 | ||||||
1.47%, 09/22/27
(Call 09/22/26), |
3,100 | 2,602,027 | ||||||
1.51%, 06/01/24
(Call 06/01/23), |
930 | 908,123 | ||||||
1.56%, 12/10/25
(Call 12/10/24), |
3,855 | 3,516,536 | ||||||
1.58%, 04/22/27
(Call 04/22/26), |
4,025 | 3,459,046 | ||||||
2.01%, 03/13/26
(Call 03/13/25), |
2,422 | 2,208,543 | ||||||
2.08%, 04/22/26
(Call 04/22/25), |
3,612 | 3,290,011 | ||||||
2.30%, 10/15/25
(Call 10/15/24), |
1,992 | 1,857,321 | ||||||
2.60%, 02/24/26
(Call 02/24/25), |
1,360 | 1,260,549 | ||||||
2.70%, 05/18/23 (Call 03/18/23)(a) |
2,068 | 2,046,158 | ||||||
2.95%, 10/01/26 (Call 07/01/26) |
3,710 | 3,387,710 | ||||||
2.95%, 02/24/28
(Call 02/24/27), |
2,495 | 2,194,993 | ||||||
3.13%, 01/23/25 (Call 10/23/24) |
2,989 | 2,861,032 | ||||||
3.20%, 01/25/23(a) |
3,157 | 3,147,580 | ||||||
3.20%, 06/15/26 (Call 03/15/26) |
1,670 | 1,544,675 | ||||||
3.22%, 03/01/25 (Call 03/01/24), |
||||||||
(3 mo. LIBOR US + 1.155%)(b) |
2,661 | 2,569,739 | ||||||
3.30%, 04/01/26 (Call 01/01/26)(a) |
3,200 | 2,985,023 | ||||||
3.38%, 05/01/23 |
2,063 | 2,045,620 | ||||||
3.56%, 04/23/24
(Call 04/23/23), |
601 | 595,120 | ||||||
3.63%, 05/13/24(a) |
2,424 | 2,374,144 | ||||||
3.80%, 07/23/24
(Call 07/23/23), |
2,974 | 2,931,133 | ||||||
3.85%, 06/14/25 (Call 06/14/24)(b) |
4,625 | 4,486,956 | ||||||
3.88%, 02/01/24 |
1,497 | 1,478,508 | ||||||
3.88%, 09/10/24 |
3,864 | 3,765,773 | ||||||
3.90%, 07/15/25 (Call 04/15/25) |
3,985 | 3,846,860 | ||||||
3.96%, 01/29/27
(Call 01/29/26), |
1,205 | 1,129,154 | ||||||
4.02%, 12/05/24
(Call 12/05/23), |
3,480 | 3,415,040 | ||||||
4.08%, 04/26/26
(Call 04/26/25), |
1,717 | 1,645,789 | ||||||
4.13%, 12/15/26(a) |
510 | 483,471 | ||||||
4.32%, 04/26/28
(Call 04/26/27), |
3,340 | 3,108,998 | ||||||
4.85%, 07/25/28 (Call 07/25/27)(b) |
3,000 | 2,850,920 | ||||||
7.63%, 10/15/26 |
110 | 118,635 | ||||||
8.00%, 04/29/27 |
15 | 16,377 | ||||||
KeyBank NA/Cleveland OH |
||||||||
0.42%, 01/03/24
(Call 01/03/23), |
708 | 701,437 | ||||||
0.43%, 06/14/24
(Call 06/14/23), |
525 | 507,974 | ||||||
1.25%, 03/10/23 |
887 | 876,022 | ||||||
3.30%, 06/01/25(a) |
1,380 | 1,312,805 | ||||||
3.38%, 03/07/23(a) |
1,074 | 1,069,431 | ||||||
3.40%, 05/20/26 |
1,330 | 1,223,625 | ||||||
4.15%, 08/08/25 |
380 | 367,194 |
22 |
2 0 2 2 I S H A R E S 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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
KeyCorp |
||||||||
2.25%, 04/06/27(a) |
$ | 475 | $ | 407,750 | ||||
3.88%, 05/23/25 (Call 05/23/24)(b) |
1,530 | 1,486,190 | ||||||
4.15%, 10/29/25(a) |
1,255 | 1,208,684 | ||||||
Lloyds Banking Group PLC |
||||||||
0.70%, 05/11/24
(Call 05/11/23), |
990 | 960,237 | ||||||
1.63%, 05/11/27 (Call 05/11/26)(b) |
330 | 276,317 | ||||||
2.44%, 02/05/26 (Call 02/05/25)(a)(b) |
1,706 | 1,550,029 | ||||||
2.91%, 11/07/23
(Call 11/07/22), |
1,595 | 1,594,281 | ||||||
3.51%, 03/18/26 (Call 03/18/25)(b) |
1,725 | 1,596,688 | ||||||
3.75%, 01/11/27 |
960 | 858,143 | ||||||
3.75%, 03/18/28 (Call 03/18/27)(b) |
1,500 | 1,322,280 | ||||||
3.87%, 07/09/25 (Call 07/09/24)(b) |
2,133 | 2,033,185 | ||||||
3.90%, 03/12/24 |
2,269 | 2,211,043 | ||||||
4.05%, 08/16/23(a) |
2,466 | 2,436,986 | ||||||
4.45%, 05/08/25 |
2,080 | 1,993,542 | ||||||
4.50%, 11/04/24 |
1,402 | 1,348,745 | ||||||
4.58%, 12/10/25 |
843 | 773,992 | ||||||
4.65%, 03/24/26 |
1,037 | 953,001 | ||||||
4.72%, 08/11/26 (Call 08/11/25)(b) |
2,000 | 1,895,743 | ||||||
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23) |
1,352 | 1,337,919 | ||||||
Manufacturers & Traders Trust Co. |
||||||||
2.90%, 02/06/25 (Call 01/06/25)(a) |
1,555 | 1,473,313 | ||||||
3.40%, 08/17/27 |
50 | 44,416 | ||||||
Mitsubishi UFJ Financial Group Inc. |
||||||||
0.85%, 09/15/24 (Call 09/15/23)(b) |
1,917 | 1,830,510 | ||||||
0.95%, 07/19/25 (Call 07/19/24)(b) |
2,425 | 2,225,279 | ||||||
0.96%, 10/11/25 (Call 10/11/24)(b) |
965 | 877,704 | ||||||
1.41%, 07/17/25 |
2,089 | 1,864,891 | ||||||
1.54%, 07/20/27 (Call 07/20/26)(b) |
2,380 | 2,008,947 | ||||||
1.64%, 10/13/27 (Call 10/13/26)(b) |
240 | 201,970 | ||||||
2.19%, 02/25/25 |
3,307 | 3,050,284 | ||||||
2.34%, 01/19/28 (Call 01/19/27)(b) |
1,680 | 1,436,474 | ||||||
2.53%, 09/13/23 |
494 | 481,794 | ||||||
2.76%, 09/13/26 |
152 | 135,351 | ||||||
2.80%, 07/18/24 |
1,108 | 1,056,285 | ||||||
3.29%, 07/25/27 |
60 | 53,757 | ||||||
3.41%, 03/07/24 |
2,351 | 2,286,163 | ||||||
3.46%, 03/02/23(a) |
723 | 720,235 | ||||||
3.68%, 02/22/27(a) |
50 | 45,746 | ||||||
3.76%, 07/26/23(a) |
2,232 | 2,204,577 | ||||||
3.78%, 03/02/25 |
796 | 763,714 | ||||||
3.84%, 04/17/26 (Call 04/17/25)(b) |
655 | 622,824 | ||||||
3.85%, 03/01/26 |
2,553 | 2,400,118 | ||||||
4.08%, 04/19/28 (Call 04/19/27)(b) |
1,700 | 1,561,991 | ||||||
4.79%, 07/18/25 (Call 07/18/24)(b) |
1,085 | 1,064,507 | ||||||
5.02%, 07/20/28 (Call 07/20/27)(b) |
700 | 665,037 | ||||||
5.06%, 09/12/25 (Call 09/12/24)(b) |
1,645 | 1,620,477 | ||||||
Mizuho Financial Group Inc. |
||||||||
0.85%, 09/08/24
(Call 09/08/23), |
1,902 | 1,817,599 | ||||||
1.23%, 05/22/27 (Call 05/22/26)(b) |
1,920 | 1,612,825 | ||||||
1.24%, 07/10/24
(Call 07/10/23), |
2,216 | 2,142,682 | ||||||
1.55%, 07/09/27 (Call 07/09/26)(b) |
650 | 550,768 | ||||||
2.23%, 05/25/26
(Call 05/25/25), |
1,985 | 1,795,825 | ||||||
2.56%, 09/13/25
(Call 09/13/24), |
1,180 | 1,105,021 | ||||||
2.65%, 05/22/26 (Call 05/22/25)(a)(b) |
1,600 | 1,464,086 | ||||||
2.84%, 07/16/25
(Call 07/16/24), |
1,570 | 1,484,695 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
||||||||
2.84%, 09/13/26(a) |
$ | 510 | $ | 453,625 | ||||
3.55%, 03/05/23 |
572 | 569,613 | ||||||
3.66%, 02/28/27 |
515 | 465,920 | ||||||
3.92%, 09/11/24
(Call 09/11/23), |
1,893 | 1,856,504 | ||||||
Morgan Stanley |
||||||||
0.53%, 01/25/24
(Call 01/25/23), |
2,940 | 2,896,992 | ||||||
0.56%, 11/10/23
(Call 11/10/22), |
972 | 970,982 | ||||||
0.73%, 04/05/24
(Call 04/05/23), |
327 | 318,986 | ||||||
0.79%, 01/22/25
(Call 01/22/24), |
1,718 | 1,603,807 | ||||||
0.79%, 05/30/25
(Call 05/30/24), |
3,050 | 2,791,549 | ||||||
0.99%, 12/10/26
(Call 12/10/25), |
1,980 | 1,695,645 | ||||||
1.16%, 10/21/25
(Call 10/21/24), |
3,005 | 2,724,843 | ||||||
1.51%, 07/20/27
(Call 07/20/26), |
2,735 | 2,319,425 | ||||||
1.59%, 05/04/27
(Call 05/04/26), |
2,300 | 1,968,853 | ||||||
2.19%, 04/28/26
(Call 04/28/25), |
5,620 | 5,131,001 | ||||||
2.48%, 01/21/28
(Call 01/21/27), |
1,740 | 1,504,534 | ||||||
2.63%, 02/18/26
(Call 02/18/25), |
5,600 | 5,189,968 | ||||||
2.72%, 07/22/25
(Call 07/22/24), |
1,584 | 1,493,510 | ||||||
3.13%, 01/23/23 |
3,205 | 3,193,895 | ||||||
3.13%, 07/27/26 |
1,550 | 1,414,364 | ||||||
3.62%, 04/17/25
(Call 04/17/24), |
1,795 | 1,733,756 | ||||||
3.63%, 01/20/27 |
4,490 | 4,137,310 | ||||||
3.70%, 10/23/24 |
3,691 | 3,578,018 | ||||||
3.74%, 04/24/24
(Call 04/24/23), |
620 | 613,867 | ||||||
3.75%, 02/25/23(a) |
2,405 | 2,392,821 | ||||||
3.88%, 01/27/26 |
4,635 | 4,405,740 | ||||||
3.95%, 04/23/27 |
5,125 | 4,735,220 | ||||||
4.00%, 07/23/25 |
3,874 | 3,729,230 | ||||||
4.10%, 05/22/23(a) |
2,905 | 2,890,569 | ||||||
4.21%, 04/20/28
(Call 04/20/27), |
985 | 911,631 | ||||||
4.35%, 09/08/26 |
2,710 | 2,578,935 | ||||||
4.68%, 07/17/26 (Call 07/17/25)(b) |
1,940 | 1,882,648 | ||||||
4.88%, 11/01/22 |
1,954 | 1,954,000 | ||||||
5.00%, 11/24/25 |
2,750 | 2,706,230 | ||||||
6.25%, 08/09/26 |
1,230 | 1,251,891 | ||||||
Series F, 3.88%, 04/29/24 |
4,462 | 4,366,557 | ||||||
Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)(b) |
4,609 | 4,160,064 | ||||||
National Australia Bank Ltd., 3.91%, 06/09/27 |
825 | 778,893 | ||||||
National Australia Bank Ltd./New York |
||||||||
1.88%, 12/13/22(a) |
890 | 887,542 | ||||||
2.50%, 07/12/26(a) |
1,105 | 1,004,230 | ||||||
2.88%, 04/12/23(a) |
380 | 377,025 | ||||||
3.00%, 01/20/23(a) |
714 | 711,488 | ||||||
3.38%, 01/14/26 |
1,570 | 1,484,227 | ||||||
3.50%, 06/09/25(a) |
1,110 | 1,065,623 | ||||||
3.63%, 06/20/23(a) |
630 | 625,336 | ||||||
National Bank of Canada |
||||||||
0.55%, 11/15/24 (Call 11/15/23)(a)(b) |
1,840 | 1,743,077 | ||||||
0.75%, 08/06/24(a) |
1,240 | 1,139,872 | ||||||
2.10%, 02/01/23 |
440 | 436,820 | ||||||
3.75%, 06/09/25 (Call 06/09/24)(b) |
1,635 | 1,576,538 | ||||||
Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23)(a)(b) |
1,833 | 1,787,132 | ||||||
NatWest Group PLC |
||||||||
1.64%, 06/14/27 (Call 06/14/26)(b) |
1,100 | 913,553 | ||||||
4.27%, 03/22/25
(Call 03/22/24), |
3,411 | 3,288,222 |
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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
4.52%, 06/25/24
(Call 06/25/23), |
$ | 2,240 | $ | 2,208,265 | ||||
4.80%, 04/05/26(a) |
2,518 | 2,373,643 | ||||||
Northern Trust Corp. |
||||||||
3.95%, 10/30/25 |
1,745 | 1,693,535 | ||||||
4.00%, 05/10/27 (Call 04/10/27)(a) |
2,155 | 2,059,750 | ||||||
PNC Bank NA |
||||||||
2.70%, 11/01/22 |
648 | 648,000 | ||||||
2.95%, 01/30/23 (Call 12/30/22) |
916 | 912,621 | ||||||
2.95%, 02/23/25 (Call 01/24/25) |
1,190 | 1,132,237 | ||||||
3.10%, 10/25/27 (Call 09/25/27) |
200 | 180,678 | ||||||
3.25%, 06/01/25 (Call 05/02/25) |
1,377 | 1,308,815 | ||||||
3.30%, 10/30/24 (Call 09/30/24)(a) |
971 | 934,606 | ||||||
3.50%, 06/08/23 (Call 05/09/23) |
934 | 925,964 | ||||||
3.80%, 07/25/23 (Call 06/25/23) |
939 | 929,426 | ||||||
3.88%, 04/10/25 (Call 03/10/25) |
1,130 | 1,086,991 | ||||||
4.20%, 11/01/25 (Call 10/02/25) |
900 | 868,692 | ||||||
2.50%, 08/27/24 (Call 07/27/24)(a) |
981 | 935,355 | ||||||
PNC Financial Services Group Inc. (The) |
||||||||
1.15%, 08/13/26 (Call 07/13/26)(a) |
1,690 | 1,451,040 | ||||||
2.20%, 11/01/24 (Call 10/02/24) |
1,703 | 1,605,909 | ||||||
2.60%, 07/23/26 (Call 05/23/26) |
730 | 659,099 | ||||||
2.85%, 11/09/22(c) |
429 | 428,848 | ||||||
3.15%, 05/19/27 (Call 04/19/27) |
560 | 503,889 | ||||||
3.50%, 01/23/24 (Call 12/23/23)(a) |
2,092 | 2,049,451 | ||||||
3.90%, 04/29/24 (Call 03/29/24) |
1,860 | 1,819,798 | ||||||
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25) |
824 | 758,426 | ||||||
Royal Bank of Canada |
||||||||
0.43%, 01/19/24 |
884 | 833,796 | ||||||
0.50%, 10/26/23(a) |
847 | 809,388 | ||||||
0.65%, 07/29/24 |
1,640 | 1,511,658 | ||||||
0.75%, 10/07/24 |
1,595 | 1,459,833 | ||||||
0.88%, 01/20/26 |
1,139 | 982,462 | ||||||
1.15%, 06/10/25(a) |
1,276 | 1,145,886 | ||||||
1.15%, 07/14/26 |
1,877 | 1,601,508 | ||||||
1.20%, 04/27/26 |
1,757 | 1,517,983 | ||||||
1.40%, 11/02/26 |
2,015 | 1,714,116 | ||||||
1.60%, 04/17/23(a) |
819 | 806,924 | ||||||
1.60%, 01/21/25 |
630 | 578,758 | ||||||
1.95%, 01/17/23(a) |
1,114 | 1,108,143 | ||||||
2.05%, 01/21/27 |
1,064 | 921,772 | ||||||
2.25%, 11/01/24 |
1,969 | 1,850,835 | ||||||
2.55%, 07/16/24 |
1,813 | 1,727,942 | ||||||
3.38%, 04/14/25(a) |
1,695 | 1,616,103 | ||||||
3.63%, 05/04/27 |
2,215 | 2,042,213 | ||||||
3.70%, 10/05/23 |
1,815 | 1,789,794 | ||||||
3.97%, 07/26/24(a) |
1,105 | 1,079,004 | ||||||
4.24%, 08/03/27 |
1,045 | 981,493 | ||||||
4.65%, 01/27/26 |
2,229 | 2,150,980 | ||||||
5.66%, 10/25/24 |
510 | 511,619 | ||||||
6.00%, 11/01/27 |
1,000 | 1,005,938 | ||||||
Santander Holdings USA Inc. |
||||||||
2.49%, 01/06/28
(Call 01/06/27), |
530 | 438,645 | ||||||
3.24%, 10/05/26 (Call 08/05/26) |
920 | 812,869 | ||||||
3.40%, 01/18/23 (Call 12/18/22)(a) |
1,033 | 1,030,749 | ||||||
3.45%, 06/02/25 (Call 05/02/25) |
968 | 904,825 | ||||||
3.50%, 06/07/24 (Call 05/07/24) |
3,000 | 2,876,313 | ||||||
4.26%, 06/09/25 (Call 06/09/24)(b) |
1,395 | 1,333,969 | ||||||
4.40%, 07/13/27 (Call 04/14/27) |
410 | 370,402 | ||||||
4.50%, 07/17/25 (Call 04/17/25)(a) |
1,481 | 1,417,516 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
5.81%, 09/09/26 (Call 09/09/25)(a)(b) |
$ | 1,000 | $ | 964,380 | ||||
Santander UK Group Holdings PLC |
||||||||
1.09%, 03/15/25
(Call 03/15/24), |
955 | 877,111 | ||||||
1.53%, 08/21/26 (Call 08/21/25)(b) |
1,212 | 1,032,522 | ||||||
1.67%, 06/14/27
(Call 06/14/26), |
2,195 | 1,794,127 | ||||||
2.47%, 01/11/28
(Call 01/11/27), |
300 | 247,824 | ||||||
3.37%, 01/05/24
(Call 01/05/23), |
684 | 679,001 | ||||||
4.80%, 11/15/24
(Call 11/15/23), |
2,311 | 2,260,785 | ||||||
Santander UK PLC, 4.00%, 03/13/24 |
2,157 | 2,112,189 | ||||||
State Street Corp. |
||||||||
1.68%, 11/18/27
(Call 11/18/26), |
225 | 194,892 | ||||||
2.65%, 05/19/26 |
920 | 851,893 | ||||||
3.30%, 12/16/24(a) |
2,228 | 2,149,762 | ||||||
3.55%, 08/18/25 |
2,946 | 2,830,618 | ||||||
3.70%, 11/20/23 |
1,261 | 1,244,792 | ||||||
Sumitomo Mitsui Banking Corp. |
||||||||
3.00%, 01/18/23 |
200 | 199,159 | ||||||
3.40%, 07/11/24(a) |
1,175 | 1,130,451 | ||||||
3.65%, 07/23/25(a) |
40 | 37,832 | ||||||
3.95%, 07/19/23 |
275 | 273,202 | ||||||
3.95%, 01/10/24 |
825 | 809,178 | ||||||
Sumitomo Mitsui Financial Group Inc. |
||||||||
0.51%, 01/12/24(a) |
420 | 395,846 | ||||||
0.95%, 01/12/26 |
1,384 | 1,191,043 | ||||||
1.40%, 09/17/26(a) |
3,260 | 2,759,584 | ||||||
1.47%, 07/08/25 |
3,770 | 3,364,693 | ||||||
2.17%, 01/14/27 |
660 | 570,713 | ||||||
2.35%, 01/15/25 |
2,239 | 2,083,854 | ||||||
2.45%, 09/27/24 |
2,475 | 2,328,575 | ||||||
2.63%, 07/14/26(a) |
3,105 | 2,781,172 | ||||||
2.70%, 07/16/24 |
3,830 | 3,645,292 | ||||||
3.01%, 10/19/26 |
855 | 771,030 | ||||||
3.10%, 01/17/23(a) |
439 | 437,524 | ||||||
3.35%, 10/18/27(a) |
20 | 17,775 | ||||||
3.36%, 07/12/27(a) |
1,705 | 1,532,497 | ||||||
3.45%, 01/11/27 |
590 | 537,228 | ||||||
3.75%, 07/19/23(a) |
868 | 858,080 | ||||||
3.78%, 03/09/26 |
2,780 | 2,617,423 | ||||||
3.94%, 10/16/23 |
2,065 | 2,041,713 | ||||||
SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26) |
595 | 499,778 | ||||||
Svenska Handelsbanken AB, 3.90%, 11/20/23 |
1,861 | 1,836,154 | ||||||
Synchrony Bank |
||||||||
5.40%, 08/22/25 (Call 07/22/25) |
1,210 | 1,169,219 | ||||||
5.63%, 08/23/27 (Call 07/23/27) |
1,250 | 1,175,738 | ||||||
Toronto-Dominion Bank (The) |
||||||||
0.25%, 01/06/23(a) |
520 | 516,095 | ||||||
0.30%, 06/02/23(a) |
1,706 | 1,661,948 | ||||||
0.45%, 09/11/23 |
1,544 | 1,484,551 | ||||||
0.55%, 03/04/24 |
1,867 | 1,751,494 | ||||||
0.70%, 09/10/24 |
860 | 788,939 | ||||||
0.75%, 06/12/23 |
1,217 | 1,184,039 | ||||||
0.75%, 09/11/25(a) |
1,135 | 994,122 | ||||||
0.75%, 01/06/26 |
1,304 | 1,124,937 | ||||||
1.15%, 06/12/25 |
1,186 | 1,062,288 | ||||||
1.20%, 06/03/26 |
895 | 770,430 | ||||||
1.25%, 12/13/24 |
1,345 | 1,234,380 | ||||||
1.25%, 09/10/26 |
2,280 | 1,944,619 | ||||||
1.45%, 01/10/25 |
985 | 905,075 |
24 |
2 0 2 2 I S H A R E S 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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
||||||||
1.90%, 12/01/22 |
$ | 1,356 | $ | 1,353,096 | ||||
1.95%, 01/12/27 |
1,285 | 1,114,042 | ||||||
2.35%, 03/08/24 |
2,130 | 2,046,506 | ||||||
2.65%, 06/12/24(a) |
2,626 | 2,515,613 | ||||||
2.80%, 03/10/27 |
2,360 | 2,102,022 | ||||||
3.25%, 03/11/24 |
2,905 | 2,825,926 | ||||||
3.50%, 07/19/23(a) |
1,490 | 1,474,694 | ||||||
3.77%, 06/06/25 |
2,155 | 2,068,535 | ||||||
4.11%, 06/08/27 |
1,550 | 1,450,295 | ||||||
4.29%, 09/13/24 |
2,135 | 2,091,496 | ||||||
4.69%, 09/15/27 |
3,025 | 2,892,876 | ||||||
Truist Bank |
||||||||
1.25%, 03/09/23 (Call 02/06/23) |
790 | 780,039 | ||||||
1.50%, 03/10/25 (Call 02/10/25)(a) |
1,930 | 1,764,804 | ||||||
2.15%, 12/06/24 (Call 11/05/24) |
2,352 | 2,201,570 | ||||||
2.75%, 05/01/23 (Call 04/01/23) |
723 | 715,797 | ||||||
3.00%, 02/02/23 (Call 01/02/23)(a) |
802 | 798,366 | ||||||
3.20%, 04/01/24 (Call 03/01/24) |
2,512 | 2,438,376 | ||||||
3.30%, 05/15/26 (Call 04/15/26) |
1,370 | 1,261,106 | ||||||
3.63%, 09/16/25 (Call 08/16/25) |
1,800 | 1,703,452 | ||||||
3.69%, 08/02/24
(Call 08/02/23), |
837 | 827,268 | ||||||
3.80%, 10/30/26 (Call 09/30/26) |
1,270 | 1,181,917 | ||||||
4.05%, 11/03/25 (Call 09/03/25) |
598 | 577,034 | ||||||
Truist Financial Corp. |
||||||||
1.13%, 08/03/27 (Call 06/03/27) |
30 | 24,316 | ||||||
1.20%, 08/05/25 (Call 07/03/25) |
911 | 812,444 | ||||||
1.27%, 03/02/27
(Call 03/02/26), |
1,353 | 1,167,891 | ||||||
2.20%, 03/16/23 (Call 02/13/23)(a) |
620 | 614,986 | ||||||
2.50%, 08/01/24 (Call 07/01/24) |
1,923 | 1,836,380 | ||||||
2.85%, 10/26/24 (Call 09/26/24) |
2,041 | 1,951,144 | ||||||
3.70%, 06/05/25 (Call 05/05/25) |
1,542 | 1,476,574 | ||||||
3.75%, 12/06/23 (Call 11/06/23) |
1,652 | 1,629,633 | ||||||
4.00%, 05/01/25 (Call 03/01/25) |
1,882 | 1,823,057 | ||||||
4.26%, 07/28/26 (Call 07/28/25)(b) |
2,000 | 1,929,115 | ||||||
5.90%, 10/28/26 |
1,300 | 1,300,222 | ||||||
U.S. Bancorp. |
||||||||
1.45%, 05/12/25 (Call 04/11/25)(a) |
2,255 | 2,060,449 | ||||||
2.22%, 01/27/28
(Call 01/27/27), |
2,600 | 2,268,066 | ||||||
2.40%, 07/30/24 (Call 06/28/24)(a) |
2,174 | 2,077,395 | ||||||
3.10%, 04/27/26 (Call 03/27/26) |
885 | 820,686 | ||||||
3.38%, 02/05/24 (Call 01/05/24) |
1,590 | 1,558,266 | ||||||
3.60%, 09/11/24 (Call 08/11/24)(a) |
1,776 | 1,730,008 | ||||||
3.70%, 01/30/24 (Call 12/29/23) |
790 | 778,269 | ||||||
3.95%, 11/17/25 (Call 10/17/25) |
1,090 | 1,051,454 | ||||||
5.73%, 10/21/26 |
525 | 526,453 | ||||||
Series V, 2.38%, 07/22/26 (Call 06/22/26) |
724 | 656,131 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a) |
75 | 69,013 | ||||||
U.S. Bank NA/Cincinnati OH |
||||||||
1.95%, 01/09/23 (Call 12/09/22)(a) |
680 | 676,719 | ||||||
2.05%, 01/21/25 (Call 12/20/24) |
786 | 734,561 | ||||||
2.80%, 01/27/25 (Call 12/27/24)(a) |
1,133 | 1,078,067 | ||||||
2.85%, 01/23/23 (Call 12/23/22) |
606 | 603,870 | ||||||
3.40%, 07/24/23 (Call 06/23/23) |
1,399 | 1,383,736 | ||||||
Wells Fargo & Co. |
||||||||
0.81%, 05/19/25
(Call 05/19/24), |
4,610 | 4,265,968 | ||||||
1.65%, 06/02/24
(Call 06/02/23), |
3,291 | 3,215,655 | ||||||
2.16%, 02/11/26
(Call 02/11/25), |
4,826 | 4,432,560 | ||||||
2.19%, 04/30/26
(Call 04/30/25), |
3,838 | 3,493,962 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
| |||||||
2.41%, 10/30/25
(Call 10/30/24), |
$ | 4,799 | $ | 4,471,954 | ||||
3.00%, 02/19/25 |
4,111 | 3,884,242 | ||||||
3.00%, 04/22/26 |
5,213 | 4,769,108 | ||||||
3.00%, 10/23/26 |
2,150 | 1,946,485 | ||||||
3.20%, 06/17/27
(Call 06/17/26), |
4,450 | 4,030,996 | ||||||
3.30%, 09/09/24 |
3,591 | 3,468,606 | ||||||
3.53%, 03/24/28
(Call 03/24/27), |
980 | 883,515 | ||||||
3.55%, 09/29/25 |
4,115 | 3,893,608 | ||||||
3.75%, 01/24/24 (Call 12/22/23) |
4,793 | 4,706,390 | ||||||
3.91%, 04/25/26
(Call 04/25/25), |
3,420 | 3,257,356 | ||||||
4.10%, 06/03/26(a) |
1,747 | 1,652,031 | ||||||
4.13%, 08/15/23(a) |
2,185 | 2,167,703 | ||||||
4.30%, 07/22/27 |
1,850 | 1,730,114 | ||||||
4.48%, 01/16/24(a) |
453 | 448,771 | ||||||
4.54%, 08/15/26 (Call 08/15/25)(b) |
3,975 | 3,823,013 | ||||||
Westpac Banking Corp. |
||||||||
1.02%, 11/18/24 |
1,890 | 1,743,627 | ||||||
1.15%, 06/03/26 |
2,335 | 2,027,263 | ||||||
2.00%, 01/13/23(a) |
912 | 907,603 | ||||||
2.35%, 02/19/25 |
1,456 | 1,368,806 | ||||||
2.70%, 08/19/26(a) |
1,755 | 1,603,377 | ||||||
2.75%, 01/11/23(a) |
492 | 490,021 | ||||||
2.85%, 05/13/26 |
1,300 | 1,202,688 | ||||||
3.30%, 02/26/24(a) |
2,397 | 2,349,861 | ||||||
3.35%, 03/08/27 |
1,370 | 1,268,493 | ||||||
3.65%, 05/15/23(a) |
1,154 | 1,147,759 | ||||||
3.74%, 08/26/25 |
1,345 | 1,297,214 | ||||||
4.04%, 08/26/27(a) |
200 | 189,923 | ||||||
|
|
|||||||
1,027,499,169 | ||||||||
Beverages — 1.3% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25) |
5,444 | 5,218,041 | ||||||
Coca-Cola Co. (The) |
||||||||
1.45%, 06/01/27 |
950 | 824,648 | ||||||
1.75%, 09/06/24 |
1,541 | 1,466,249 | ||||||
2.90%, 05/25/27 |
355 | 327,844 | ||||||
3.38%, 03/25/27(a) |
2,070 | 1,966,624 | ||||||
Constellation Brands Inc. |
||||||||
3.50%, 05/09/27 (Call 02/09/27) |
395 | 362,786 | ||||||
3.60%, 05/09/24(a) |
1,640 | 1,598,296 | ||||||
3.70%, 12/06/26 (Call 09/06/26) |
430 | 400,949 | ||||||
4.35%, 05/09/27 (Call 04/09/27) |
685 | 653,560 | ||||||
4.40%, 11/15/25 (Call 09/15/25)(a) |
1,089 | 1,060,323 | ||||||
Diageo Capital PLC |
||||||||
1.38%, 09/29/25 (Call 08/29/25) |
1,610 | 1,451,575 | ||||||
2.13%, 10/24/24 (Call 09/24/24) |
1,602 | 1,512,495 | ||||||
2.63%, 04/29/23 (Call 01/29/23) |
1,833 | 1,812,824 | ||||||
3.50%, 09/18/23 (Call 08/18/23) |
792 | 780,899 | ||||||
5.20%, 10/24/25 |
1,000 | 1,003,012 | ||||||
5.30%, 10/24/27 |
1,000 | 1,003,674 | ||||||
Keurig Dr Pepper Inc. |
||||||||
0.75%, 03/15/24 (Call 12/01/22) |
1,645 | 1,548,873 | ||||||
3.13%, 12/15/23 (Call 10/15/23) |
775 | 759,360 | ||||||
3.40%, 11/15/25 (Call 08/15/25)(a) |
1,162 | 1,102,109 | ||||||
4.42%, 05/25/25 (Call 03/25/25)(a) |
807 | 796,817 | ||||||
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26) |
2,640 | 2,405,818 | ||||||
PepsiCo Inc. |
||||||||
0.40%, 10/07/23 |
810 | 776,879 |
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 (continued) October 31, 2022 |
iShares® 0-5 Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Beverages (continued) |
| |||||||
0.75%, 05/01/23 |
$ | 609 | $ | 597,790 | ||||
2.25%, 03/19/25 (Call 02/19/25) |
2,364 | 2,226,918 | ||||||
2.38%, 10/06/26 (Call 07/06/26) |
215 | 196,821 | ||||||
2.63%, 03/19/27 (Call 01/19/27) |
2,355 | 2,156,312 | ||||||
2.75%, 03/01/23(a) |
362 | 359,871 | ||||||
2.75%, 04/30/25 (Call 01/30/25) |
501 | 476,232 | ||||||
2.85%, 02/24/26 (Call 11/24/25) |
575 | 541,092 | ||||||
3.00%, 10/15/27 (Call 07/15/27) |
25 | 23,070 | ||||||
3.50%, 07/17/25 (Call 04/17/25) |
508 | 491,762 | ||||||
3.60%, 03/01/24 (Call 12/01/23) |
2,294 | 2,264,829 | ||||||
3.60%, 02/18/28 (Call 01/18/28) |
1,425 | 1,339,562 | ||||||
|
|
|||||||
39,507,914 | ||||||||
Biotechnology — 1.0% | ||||||||
Amgen Inc. |
||||||||
1.90%, 02/21/25 (Call 01/21/25) |
1,011 | 941,314 | ||||||
2.20%, 02/21/27 (Call 12/21/26) |
1,497 | 1,328,614 | ||||||
2.25%, 08/19/23 (Call 06/19/23)(a) |
1,824 | 1,783,882 | ||||||
2.60%, 08/19/26 (Call 05/19/26)(a) |
2,645 | 2,419,407 | ||||||
3.13%, 05/01/25 (Call 02/01/25)(a) |
1,513 | 1,446,276 | ||||||
3.63%, 05/22/24 (Call 02/22/24) |
1,475 | 1,445,432 | ||||||
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) |
1,608 | 1,556,785 | ||||||
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25) |
1,520 | 1,464,241 | ||||||
Gilead Sciences Inc. |
||||||||
0.75%, 09/29/23 (Call 11/14/22) |
1,731 | 1,666,312 | ||||||
1.20%, 10/01/27 (Call 08/01/27) |
200 | 164,447 | ||||||
2.50%, 09/01/23 (Call 07/01/23) |
1,449 | 1,420,834 | ||||||
2.95%, 03/01/27 (Call 12/01/26) |
1,050 | 955,091 | ||||||
3.50%, 02/01/25 (Call 11/01/24)(a) |
2,672 | 2,580,015 | ||||||
3.65%, 03/01/26 (Call 12/01/25) |
4,353 | 4,122,840 | ||||||
3.70%, 04/01/24 (Call 01/01/24)(a) |
2,773 | 2,721,716 | ||||||
Illumina Inc., 0.55%, 03/23/23 |
365 | 358,135 | ||||||
Royalty Pharma PLC |
||||||||
0.75%, 09/02/23 |
1,244 | 1,193,596 | ||||||
1.20%, 09/02/25 (Call 08/02/25) |
2,027 | 1,789,124 | ||||||
|
|
|||||||
29,358,061 | ||||||||
Building Materials — 0.1% | ||||||||
Carrier Global Corp. |
||||||||
2.24%, 02/15/25 (Call 01/15/25)(a) |
1,251 | 1,163,222 | ||||||
2.49%, 02/15/27 (Call 12/15/26) |
490 | 431,574 | ||||||
Fortune Brands Home & Security Inc. |
||||||||
4.00%, 09/21/23 (Call 08/21/23)(a) |
1,138 | 1,126,950 | ||||||
4.00%, 06/15/25 (Call 03/15/25) |
775 | 742,207 | ||||||
|
|
|||||||
3,463,953 | ||||||||
Chemicals — 1.0% | ||||||||
Air Products and Chemicals Inc. |
||||||||
1.50%, 10/15/25 (Call 09/15/25) |
1,456 | 1,320,215 | ||||||
1.85%, 05/15/27 (Call 03/15/27)(a) |
625 | 546,022 | ||||||
Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27) |
1,240 | 1,173,385 | ||||||
Celanese U.S. Holdings LLC |
||||||||
3.50%, 05/08/24 (Call 04/08/24) |
977 | 936,179 | ||||||
4.63%, 11/15/22 |
477 |