LOGO

  FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

· iShares ESG Aware MSCI USA ETF | ESGU | NASDAQ

· iShares ESG Aware MSCI USA Small-Cap ETF | ESML | Cboe BZX

· iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

· iShares ESG MSCI USA Leaders ETF | SUSL | NASDAQ

· iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ

· iShares Paris-Aligned Climate MSCI USA ETF | PABU | NASDAQ

 

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022
     
      6-Month    12-Month  
   

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

  (2.62)%   16.39%
   

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

  (9.46)      (6.01)  
   

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

  (6.78)      2.83  
   

Emerging market equities
(MSCI Emerging Markets Index)

  (9.81)      (10.69)   
   

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

  0.02      0.04  
   

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

  (3.94)      (1.67)  
   

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

  (4.07)      (2.64)  
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (3.09)      (0.66)  
   

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

  (3.07)      0.64  
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     11  

Shareholder Expenses

     11  

Schedules of Investments

     12  

Financial Statements

  

Statements of Assets and Liabilities

     57  

Statements of Operations

     59  

Statements of Changes in Net Assets

     61  

Financial Highlights

     65  

Notes to Financial Statements

     72  

Board Review and Approval of Investment Advisory Contract

     83  

Statement Regarding Liquidity Risk Management Program

     85  

Supplemental Information

     86  

General Information

     87  

Glossary of Terms Used in this Report

     88  

 

 

 


Fund Summary as of February 28, 2022    iShares® ESG Aware MSCI EAFE ETF

 

Investment Objective

The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns            Cumulative Total Returns  
      6 Months      1 Year      5 Years     

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

     (7.39 )%       2.47      7.54      9.19        2.47      43.83      64.65

Fund Market

     (7.65      2.31        7.47        9.14          2.31        43.38        64.27  

Index

     (7.17      2.77        7.66        9.33                2.77        44.62        65.88  

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

     

 

 

      

Beginning

Account Value

(09/01/21)

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

$        1,000.00        $          926.10          $        0.96               $       1,000.00             $       1,023.80          $        1.00          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR  
   

Sector

   

Percent of

Total Investments

 

(a) 

Financials

    17.6

Industrials

    15.6  

Health Care

    12.6  

Consumer Discretionary

    11.7  

Consumer Staples

    10.4  

Information Technology

    8.9  

Materials

    8.0  

Communication Services

    4.7  

Energy

    4.4  

Utilities

    3.1  

Real Estate

    3.0  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

Japan

    22.7

United Kingdom

    14.3  

France

    10.8  

Switzerland

    10.6  

Australia

    8.2  

Germany

    8.1  

Netherlands

    5.3  

Sweden

    3.2  

Denmark

    2.8  

Hong Kong

    2.6  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of February 28, 2022    iShares® ESG Aware MSCI USA ETF

 

Investment Objective

The iShares ESG Aware MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI USA Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (4.69 )%       13.25      15.46      16.44       13.25      105.18      122.27

Fund Market

    (4.79      13.20        15.44        16.43         13.20        104.99        122.11  

Index

    (4.63      13.43        15.66        16.65               13.43        106.96        124.41  

The inception date of the Fund was 12/1/16. The first day of secondary market trading was 12/2/16.

Index performance through May 31, 2018 reflects the performance of the MSCI USA ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI USA Extended ESG Focus Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual          

Hypothetical 5% Return

        

 

 

     

 

 

    
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses
Paid During

the Period 

 
 

(a) 

           

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      


Expenses

Paid During
the Period 

 


(a) 

    

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $          953.10          $         0.73               $       1,000.00          $      1,024.10          $         0.75        0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR  
   

Sector

   

Percent of

Total Investments

 

(a) 

Information Technology

    29.6

Health Care

    12.8  

Consumer Discretionary

    11.8  

Financials

    11.0  

Communication Services

    8.8  

Industrials

    8.4  

Consumer Staples

    6.2  

Energy

    3.6  

Real Estate

    2.9  

Materials

    2.6  

Utilities

    2.3  

TEN LARGEST HOLDINGS  
   

Security

   

Percent of

Total Investments

 

(a) 

Apple Inc.

    6.8

Microsoft Corp.

    5.7  

Amazon.com Inc.

    3.5  

Alphabet Inc., Class A

    2.0  

Alphabet Inc., Class C

    2.0  

Tesla Inc.

    1.9  

NVIDIA Corp.

    1.7  

JPMorgan Chase & Co.

    1.2  

Meta Platforms Inc, Class A

    1.1  

Home Depot Inc. (The)

    1.0  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of February 28, 2022    iShares® ESG Aware MSCI USA Small-Cap ETF

 

Investment Objective

The iShares ESG Aware MSCI USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an optimized index designed to produce investment results comparable to a capitalization weighted index of small-capitalization U.S. companies, while reflecting a higher allocation to those companies with favorable environmental, social and governance (“ESG”) profiles, (as determined by the index provider), as represented by the MSCI USA Small Cap Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV

    (6.02 )%      0.60     11.81       0.60     54.37

Fund Market

    (5.95     0.72       11.84         0.72       54.56  

Index

    (5.96     0.71       11.97           0.71       55.24  

The inception date of the Fund was 4/10/18. The first day of secondary market trading was 4/12/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21)

 

 

 

              

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $        939.80          $        0.82       $      1,000.00                  $      1,024.00          $        0.85          0.17

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of   

Total Investments(a)

Industrials

  17.7%

Financials

  15.1   

Information Technology

  14.2   

Consumer Discretionary

  13.9   

Health Care

  12.7   

Real Estate

  8.5   

Materials

  5.0   

Energy

  4.9   

Consumer Staples

  3.3   

Utilities

  2.4   

Communication Services

  2.3   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Comerica Inc.

  0.5%

Quanta Services Inc.

  0.4   

Marathon Oil Corp.

  0.4   

LPL Financial Holdings Inc.

  0.4   

Builders FirstSource Inc.

  0.3   

Reliance Steel & Aluminum Co.

  0.3   

Ingredion Inc.

  0.3   

Ovintiv Inc.

  0.3   

Jones Lang LaSalle Inc.

  0.3   

Alcoa Corp.

  0.3   

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of February 28, 2022    iShares® ESG MSCI EM Leaders ETF

 

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer 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  
     6 Months     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV(a)

    (12.30 )%      (10.08 )%      5.19       (10.08 )%      11.03

Fund Market

    (10.89     (8.89     5.99         (8.89     12.77  

Index

    (11.43     (8.74     6.24           (8.74     13.34  

 

  (a) 

Includes payments received from an affiliate, which impacted the Fund’s total returns. Excluding the payments, the Average Annual Total Returns for the 6 Months, 1 Year, and Since Inception would have been -13.12%, -10.92% and 4.72%, respectively.

 

The inception date of the Fund was 2/5/20. The first day of secondary market trading was 2/7/20.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21)

 

 

 

              

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $        877.00          $        0.74       $      1,000.00                  $      1,024.00          $        0.80          0.16

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of   

Total Investments(a)

Financials

  23.4%

Consumer Discretionary

  16.8   

Information Technology

  15.5   

Communication Services

  10.7   

Materials

  8.4   

Consumer Staples

  6.4   

Industrials

  5.4   

Energy

  4.7   

Health Care

  4.1   

Real Estate

  2.6   

Utilities

  2.0   

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region  

Percent of   

Total Investments(a)

China

  31.5%

Taiwan

  17.3   

India

  14.5   

South Korea

  7.6   

South Africa

  6.5   

Brazil

  4.2   

Thailand

  2.9   

Malaysia

  2.4   

United Arab Emirates

  2.4   

Mexico

  1.9   

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of February 28, 2022    iShares® ESG MSCI USA Leaders ETF

 

Investment Objective

The iShares ESG MSCI USA Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers, as determined by the index provider, as represented by the MSCI USA Extended ESG Leaders Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV

    (3.38 )%      16.65     18.65       16.65     61.86

Fund Market

    (3.48     16.66       18.59         16.66       61.62  

Index

    (3.34     16.78       18.77           16.78       62.28  

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21)

 

 

 

              

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $        966.20          $        0.49       $      1,000.00                  $      1,024.30          $        0.50          0.10

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR
   
Sector  

Percent of   

Total Investments(a)

Information Technology

  28.7%

Health Care

  13.3   

Consumer Discretionary

  12.5   

Financials

  11.6   

Communication Services

  11.6   

Industrials

  7.8   

Consumer Staples

  6.5   

Materials

  2.8   

Real Estate

  2.7   

Energy

  1.5   

Utilities

  1.0   
TEN LARGEST HOLDINGS
   
Security  

Percent of   

Total Investments(a)

Microsoft Corp.

  11.0%

Alphabet Inc., Class A

  4.2   

Alphabet Inc., Class C

  4.0   

Tesla Inc.

  3.8   

NVIDIA Corp.

  3.1   

Johnson & Johnson

  2.2   

Procter & Gamble Co. (The)

  1.9   

Visa Inc., Class A

  1.9   

Home Depot Inc. (The)

  1.7   

Mastercard Inc., Class A

  1.6   

 

  (a) 

Excludes money market funds.

 

 

 

8  

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Fund Summary as of February 28, 2022    iShares® MSCI Global Sustainable Development Goals ETF

 

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCI ACWI Sustainable Impact Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns          Cumulative Total Returns  
     6 Months     1 Year     5 Years    

Since

Inception

         1 Year     5 Years    

Since

Inception

 

Fund NAV

    (11.98 )%      (5.28 )%      13.91     12.44        (5.28 )%      91.75     98.82

Fund Market

    (12.39     (5.95     13.79       12.39          (5.95     90.80       98.30  

Index

    (11.94     (5.11     14.11       12.67            (5.11     93.49       101.20  

The inception date of the Fund was 4/20/16. The first day of secondary market trading was 4/22/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21)

 

 

 

              

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $        880.20          $        2.28       $      1,000.00                  $      1,022.40          $        2.46          0.49

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of   

Total Investments(a)

Health Care

  20.2%

Consumer Staples

  19.8   

Real Estate

  16.7   

Industrials

  16.1   

Materials

  14.8   

Consumer Discretionary

  3.7   

Information Technology

  3.5   

Utilities

  3.5   

Communication Services

  1.7   

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region  

Percent of   

Total Investments(a)

United States

  24.5%

Japan

  14.4   

China

  13.0   

Denmark

  8.0   

United Kingdom

  6.9   

Canada

  5.6   

Belgium

  4.8   

Hong Kong

  4.7   

Switzerland

  4.6   

Sweden

  2.5   

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of February 28, 2022    iShares® Paris-Aligned Climate MSCI USA ETF

 

Investment Objective

The iShares Paris-Aligned Climate MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy, as represented by the MSCI USA Climate Paris Aligned Benchmark Extended 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

 

   

  Cumulative Total Returns    

   

Since    

Inception    

   

Fund NAV

  (3.16)%

Fund Market

  (3.19)   

Index

  (3.17)   

The inception date of the Fund was 2/8/22. The first day of secondary market trading was 2/10/22.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual        Hypothetical 5% Return           

 

 

      

 

 

      
 

Beginning

Account Value

(02/08/22) 

 

 

(a)  

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(b) 

      

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses

Paid During

the Period 

 

 

(b) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $        968.40          $        0.05          $      1,000.00          $      1,024.30          $        0.50          0.10

 

  (a) 

Commencement of operations.

 

 

  (b) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 20/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of   

Total Investments(a)

Information Technology

  37.1%

Health Care

  12.6   

Consumer Discretionary

  12.4   

Financials

  11.2   

Communication Services

  8.2   

Real Estate

  7.1   

Industrials

  6.1   

Materials

  3.5   

Consumer Staples

  1.4   

Utilities

  0.4   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Apple Inc.

  7.8%

Microsoft Corp.

  6.3   

Amazon.com Inc.

  3.6   

Tesla Inc.

  2.7   

Alphabet Inc., Class C

  2.4   

NVIDIA Corp.

  2.0   

Sherwin-Williams Co. (The)

  1.8   

Corning Inc.

  1.7   

Ecolab Inc.

  1.7   

Meta Platforms Inc, Class A

  1.4   

 

  (a) 

Excludes money market funds.

 

 

 

10  

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About Fund Performance

 

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.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

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

  11


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 8.1%

 

APA Group

    1,659,653     $ 12,132,848  

Aristocrat Leisure Ltd.

    343,152       9,412,658  

ASX Ltd.

    226,115       13,580,796  

Australia & New Zealand Banking Group Ltd.

    1,437,026       27,205,549  

BlueScope Steel Ltd.

    758,787       11,236,007  

Brambles Ltd.

    2,118,825       15,261,304  

Cochlear Ltd.

    83,519       13,633,977  

Coles Group Ltd.

    635,571       8,022,870  

Commonwealth Bank of Australia

    776,057       52,650,388  

Computershare Ltd.

    456,685       7,215,777  

CSL Ltd.

    207,100       39,374,685  

Dexus

    1,782,355       14,109,088  

Fortescue Metals Group Ltd.

    1,127,342       15,018,830  

Glencore PLC

    4,334,607       25,487,513  

Goodman Group

    773,131       12,508,986  

Insurance Australia Group Ltd.

    2,405,034       8,029,108  

Lendlease Corp. Ltd.

    1,053,125       8,124,616  

Macquarie Group Ltd.

    177,394       23,345,626  

Mineral Resources Ltd.

    214,133       7,037,495  

Mirvac Group

    5,827,282       10,867,380  

National Australia Bank Ltd.

    1,193,528       25,067,710  

Newcrest Mining Ltd.

    446,572       8,284,268  

Northern Star Resources Ltd.

    1,168,495       8,708,777  

Orica Ltd.

    715,959       7,633,365  

QBE Insurance Group Ltd.

    833,789       6,957,983  

Ramsay Health Care Ltd.

    166,698       7,776,079  

Rio Tinto Ltd.

    243,330       20,984,051  

Rio Tinto PLC

    584,698       45,718,720  

Santos Ltd.

    1,750,354       9,322,095  

SEEK Ltd.

    364,123       7,108,708  

South32 Ltd.

    2,584,918       9,030,416  

Stockland

    2,686,148       8,127,997  

Transurban Group

    2,108,218       19,472,350  

Wesfarmers Ltd.

    476,106       16,696,971  

Westpac Banking Corp.

        1,501,159       24,808,517  

Woodside Petroleum Ltd.

    946,529       19,778,924  

Woolworths Group Ltd.

    484,826       12,536,474  
   

 

 

 
          592,268,906  
Austria — 0.4%  

Erste Group Bank AG

    159,006       5,652,157  

OMV AG

    325,372       15,488,839  

Verbund AG

    79,032       9,532,565  
   

 

 

 
      30,673,561  
Belgium — 0.8%            

Anheuser-Busch InBev SA/NV

    428,515       26,442,721  

KBC Group NV

    190,706       13,739,782  

UCB SA

    76,756       8,376,898  

Umicore SA

    187,718       7,679,482  
   

 

 

 
      56,238,883  
Denmark — 2.8%  

AP Moller - Maersk A/S, Class A

    5,011       15,025,322  

Carlsberg A/S, Class B

    85,724       12,571,392  

Coloplast A/S, Class B

    53,083       7,985,703  

DSV A/S

    75,196       13,840,325  

Genmab A/S(a)

    30,086       10,111,792  

GN Store Nord AS

    129,463       6,843,815  

Novo Nordisk A/S, Class B

    835,788       86,490,187  

Novozymes A/S, Class B

    129,193       8,479,272  
Security   Shares     Value  

Denmark (continued)

 

Orsted AS(b)

    119,485     $ 15,463,043  

Pandora A/S

    68,322       6,995,988  

Vestas Wind Systems A/S

    532,323       17,165,657  
   

 

 

 
      200,972,496  
Finland — 1.2%            

Kesko Oyj, Class B

    291,891       8,590,264  

Neste Oyj

    301,939       11,773,997  

Nokia Oyj(a)

    2,760,320       14,925,986  

Nordea Bank Abp

    941,878       10,420,489  

Orion Oyj, Class B

    182,972       8,592,157  

Sampo Oyj, Class A

    149,886       7,119,006  

Stora Enso Oyj, Class R

    360,802       6,871,133  

UPM-Kymmene Oyj

    355,403       12,280,315  

Wartsila OYJ Abp

    632,256       7,080,997  
   

 

 

 
      87,654,344  
France — 10.7%            

Air Liquide SA

    150,425       24,986,359  

Airbus SE(a)

    197,471       25,212,912  

Alstom SA

    253,480       6,448,507  

AXA SA

    1,170,108       31,660,328  

BNP Paribas SA

    514,198       29,836,092  

Bureau Veritas SA

    271,224       7,755,061  

Capgemini SE

    69,434       14,534,586  

Cie. de Saint-Gobain

    177,169       10,985,377  

Cie. Generale des Etablissements Michelin SCA

    138,823       19,110,033  

CNP Assurances

    305,400       7,443,593  

Covivio

    94,694       7,746,955  

Danone SA

    442,102       26,897,145  

Dassault Systemes SE

    366,851       17,695,521  

Edenred

    169,913       7,731,868  

Eiffage SA

    67,902       6,916,767  

Engie SA

    584,414       9,311,145  

EssilorLuxottica SA

    147,188       25,694,641  

Gecina SA

    83,847       10,655,371  

Hermes International

    12,771       17,611,677  

Kering SA

    40,927       28,388,339  

Klepierre SA

    267,088       7,634,588  

Legrand SA

    76,084       7,177,768  

L’Oreal SA

    133,909       52,937,470  

LVMH Moet Hennessy Louis Vuitton SE

    118,378       86,996,578  

Orange SA

    706,508       8,542,877  

Pernod Ricard SA

    105,552       23,042,024  

Publicis Groupe SA

    118,029       7,833,079  

Safran SA

    128,951       16,395,750  

Sanofi

    468,445       48,967,728  

Schneider Electric SE

    297,737       46,130,208  

Societe Generale SA

    568,349       16,071,508  

Teleperformance

    20,613       7,648,703  

TotalEnergies SE

        1,302,059       66,333,656  

Unibail-Rodamco-Westfield(a)(c)

    92,553       7,054,928  

Valeo

    250,336       5,520,931  

Veolia Environnement SA

    206,571       7,228,788  

Vinci SA

    164,939       17,294,086  

Vivendi SE

    575,212       7,261,345  

Worldline SA/France(a)(b)

    144,901       7,388,968  
   

 

 

 
          784,083,260  
Germany — 7.8%            

adidas AG

    102,797       24,305,494  

Allianz SE, Registered

    248,786       56,080,671  

 

 

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Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)  

BASF SE

    384,465     $ 25,600,080  

Bayerische Motoren Werke AG

    202,186       19,471,962  

Beiersdorf AG

    74,372       7,538,940  

Brenntag SE

    89,886       7,535,367  

Carl Zeiss Meditec AG, Bearer

    47,566       7,464,754  

Commerzbank AG(a)

    776,852       6,492,241  

Continental AG(a)

    76,282       6,500,229  

Delivery Hero SE(a)(b)

    134,165       7,191,327  

Deutsche Bank AG, Registered(a)

    901,113       11,124,049  

Deutsche Boerse AG

    125,110       21,296,554  

Deutsche Post AG, Registered

    360,306       18,109,772  

Deutsche Telekom AG, Registered

    843,254       15,115,051  

E.ON SE

    1,277,740       17,379,235  

Evonik Industries AG

    225,286       6,781,474  

Fresenius SE & Co. KGaA

    175,923       6,167,134  

GEA Group AG

    161,629       7,067,837  

HeidelbergCement AG

    119,861       7,777,410  

HelloFresh SE(a)

    129,700       7,074,612  

Henkel AG & Co. KGaA

    94,194       7,242,305  

Infineon Technologies AG

    687,773       23,271,420  

LEG Immobilien SE

    57,522       7,396,768  

Mercedes-Benz Group AG

    433,138       33,836,514  

Merck KGaA

    101,796       20,190,979  

MTU Aero Engines AG

    45,579       10,910,983  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    75,201       20,630,425  

Puma SE

    106,475       9,764,226  

SAP SE

    567,650       64,033,185  

Siemens AG, Registered

    358,686       50,532,523  

Volkswagen AG

    26,256       6,790,832  

Vonovia SE

    316,782       16,815,745  

Zalando SE(a)(b)

        136,328       9,023,094  
   

 

 

 
          566,513,192  
Hong Kong — 2.6%            

AIA Group Ltd.

    6,269,000       65,096,323  

BOC Hong Kong Holdings Ltd.

    4,487,000       16,131,052  

Galaxy Entertainment Group Ltd.(a)

    1,309,000       7,300,595  

Hang Seng Bank Ltd.

    568,000       10,474,538  

Hong Kong Exchanges & Clearing Ltd.

    576,300       27,925,569  

MTR Corp. Ltd.(c)

    3,153,500       16,346,173  

Sands China Ltd.(a)

    2,508,400       6,615,857  

Sun Hung Kai Properties Ltd.

    763,500       8,876,283  

Swire Pacific Ltd., Class A

    1,474,000       8,145,637  

Swire Properties Ltd.

    5,200,800       13,524,772  

Techtronic Industries Co. Ltd.

    511,000       8,562,345  
   

 

 

 
      188,999,144  
Ireland — 0.9%            

CRH PLC

    460,941       20,953,560  

Flutter Entertainment PLC, Class DI(a)

    63,212       9,103,038  

James Hardie Industries PLC

    224,797       7,338,958  

Kerry Group PLC, Class A

    132,364       15,769,730  

Kingspan Group PLC

    73,376       7,166,062  

Smurfit Kappa Group PLC

    138,369       6,910,456  
   

 

 

 
      67,241,804  
Israel — 0.6%            

Bank Hapoalim BM

    1,203,553       12,755,842  

Bank Leumi Le-Israel BM

    791,554       8,574,841  

CyberArk Software Ltd.(a)(c)

    48,809       8,304,363  

Isracard Ltd.

    1       6  
Security   Shares     Value  
Israel (continued)  

Nice Ltd.(a)

    32,400     $ 7,329,142  

Wix.com Ltd(a)

    85,036       7,787,597  
   

 

 

 
      44,751,791  
Italy — 2.0%            

Amplifon SpA

    186,823       8,017,410  

Assicurazioni Generali SpA

    626,166       12,383,584  

Enel SpA

    4,816,544       35,492,815  

Eni SpA

    1,630,627       25,363,925  

Ferrari NV

    34,061       7,361,293  

Intesa Sanpaolo SpA

        11,912,237       30,451,561  

Nexi SpA(a)(b)

    512,811       7,003,953  

Prysmian SpA

    228,375       7,517,960  

UniCredit SpA

    818,359       10,339,568  
   

 

 

 
          143,932,069  
Japan — 22.5%            

Advantest Corp.

    90,600       7,281,057  

Aeon Co. Ltd.

    386,500       8,755,649  

Ajinomoto Co. Inc.

    344,000       10,024,506  

Asahi Group Holdings Ltd.

    303,700       12,251,064  

Asahi Kasei Corp.

    1,269,400       11,913,099  

Astellas Pharma Inc.

    1,166,500       19,462,139  

Azbil Corp.

    205,200       7,789,163  

Bridgestone Corp.

    318,100       13,099,652  

Canon Inc.

    351,100       8,262,416  

Central Japan Railway Co.

    54,000       7,275,780  

Chugai Pharmaceutical Co. Ltd.

    412,200       13,674,167  

Dai Nippon Printing Co. Ltd.

    289,500       7,557,307  

Dai-ichi Life Holdings Inc.

    539,400       11,202,334  

Daiichi Sankyo Co. Ltd.

    897,900       21,904,637  

Daikin Industries Ltd.

    138,100       25,521,506  

Daiwa House Industry Co. Ltd.

    262,000       7,430,391  

Denso Corp.

    241,700       16,996,376  

East Japan Railway Co.

    195,400       11,608,468  

Eisai Co. Ltd.

    157,300       7,804,404  

ENEOS Holdings Inc.

    4,090,800       16,198,706  

FANUC Corp.

    103,400       18,994,797  

Fast Retailing Co. Ltd.

    30,200       16,290,164  

FUJIFILM Holdings Corp.

    203,400       12,928,942  

Fujitsu Ltd.

    125,300       18,204,082  

Hankyu Hanshin Holdings Inc.

    410,400       12,277,958  

Hitachi Construction Machinery Co. Ltd.

    292,300       7,153,061  

Hitachi Ltd.

    498,500       24,652,170  

Honda Motor Co. Ltd.

    878,300       26,683,537  

Hoya Corp.

    172,100       22,419,235  

Hulic Co. Ltd.

    803,000       7,315,364  

Ibiden Co. Ltd.

    154,900       7,565,083  

Idemitsu Kosan Co. Ltd.

    369,100       9,894,295  

Inpex Corp.

    1,070,800       11,037,288  

ITOCHU Corp.

    1,042,600       33,976,874  

Japan Post Holdings Co. Ltd.

    1,032,100       8,531,031  

JFE Holdings Inc.

    525,300       7,820,433  

Kao Corp.

    271,900       12,710,475  

KDDI Corp.

    1,091,300       35,512,256  

Keio Corp.

    167,800       6,865,880  

Keyence Corp.

    76,800       36,326,449  

Kikkoman Corp.

    97,400       7,260,961  

Kirin Holdings Co. Ltd.

    773,000       12,851,477  

Komatsu Ltd.

    606,600       13,954,178  

Kubota Corp.

    559,900       10,045,540  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)  

Kurita Water Industries Ltd.

    178,000     $ 7,355,815  

Kyocera Corp.

    196,500       11,309,162  

Kyowa Kirin Co. Ltd.

    283,400       7,252,466  

Lawson Inc.

    176,800       7,371,804  

M3 Inc.

    211,700       7,964,894  

Marubeni Corp.

    1,162,400       12,201,291  

Mazda Motor Corp.(a)

    947,100       7,005,089  

Mitsubishi Chemical Holdings Corp.

    1,033,800       7,343,942  

Mitsubishi Corp.

    600,300       20,184,292  

Mitsubishi Heavy Industries Ltd.

    264,500       7,813,178  

Mitsubishi UFJ Financial Group Inc.

    5,128,400       31,483,163  

Mitsui Fudosan Co. Ltd.

    361,100       8,036,661  

Miura Co. Ltd.

    260,200       7,131,468  

Mizuho Financial Group Inc.

    949,100       12,508,305  

MS&AD Insurance Group Holdings Inc.

    412,200       13,947,487  

Murata Manufacturing Co. Ltd.

    239,100       16,250,473  

NEC Corp.

    167,800       7,259,971  

Nidec Corp.

    151,900       13,205,215  

Nintendo Co. Ltd.

    55,808       28,264,062  

Nippon Express Holdings Inc.

    118,600       7,189,506  

Nippon Paint Holdings Co. Ltd.

    866,400       7,754,361  

Nippon Steel Corp.

    583,100       10,675,958  

Nippon Telegraph & Telephone Corp.

    407,600       11,714,786  

Nippon Yusen KK

    102,500       9,603,326  

Nitto Denko Corp.

    104,400       7,618,946  

Nomura Holdings Inc.

    2,489,500       11,359,783  

Nomura Research Institute Ltd.

    308,500       10,829,207  

NTT Data Corp.

    407,400       7,738,203  

Obayashi Corp.

    893,800       7,483,780  

Odakyu Electric Railway Co. Ltd.

    390,800       6,447,607  

Omron Corp.

    199,300       13,562,069  

Ono Pharmaceutical Co. Ltd.

    304,600       7,499,249  

Oriental Land Co. Ltd./Japan

    89,000       16,452,963  

ORIX Corp.

    713,200       14,137,855  

Panasonic Corp.

    1,264,900       13,209,739  

Recruit Holdings Co. Ltd.

    624,700       26,368,705  

Renesas Electronics Corp.(a)

    591,200       6,964,746  

Resona Holdings Inc.

    2,488,900       11,131,092  

Santen Pharmaceutical Co. Ltd.

    667,300       7,568,905  

Secom Co. Ltd.

    102,000       7,491,530  

Sekisui Chemical Co. Ltd.

    478,200       7,830,979  

Sekisui House Ltd.

    691,700       14,102,442  

Seven & i Holdings Co. Ltd.

    273,900       13,327,351  

SG Holdings Co. Ltd.

    341,200       7,231,794  

Shimadzu Corp.

    209,100       7,531,137  

Shin-Etsu Chemical Co. Ltd.

    123,000       19,211,137  

Shionogi & Co. Ltd.

    187,200       12,447,368  

Shiseido Co. Ltd.

    134,000       7,689,736  

SMC Corp.

    12,600       7,458,183  

SoftBank Corp.

        1,879,000           23,740,006  

SoftBank Group Corp.

    536,400       24,071,482  

Sohgo Security Services Co. Ltd.

    205,000       7,401,352  

Sompo Holdings Inc.

    286,000       12,417,564  

Sony Group Corp.

    652,400       66,657,138  

Stanley Electric Co. Ltd.

    307,300       7,302,299  

Sumitomo Chemical Co. Ltd.

    2,505,200       11,960,398  

Sumitomo Metal Mining Co. Ltd.

    250,400       12,490,570  

Sumitomo Mitsui Financial Group Inc.

    367,400       13,028,831  

Sumitomo Mitsui Trust Holdings Inc.

    326,700       11,608,307  

Sysmex Corp.

    144,400       11,559,291  
Security   Shares     Value  
Japan (continued)  

Takeda Pharmaceutical Co. Ltd.

    783,094     $ 23,876,767  

TDK Corp.

    223,300       9,037,665  

Terumo Corp.

    392,200       12,738,018  

Tokio Marine Holdings Inc.

    226,300       12,876,708  

Tokyo Electron Ltd.

    80,400       39,458,507  

Tokyo Gas Co. Ltd.

    370,400       7,544,426  

Tokyu Corp.

    608,100       8,109,850  

Toray Industries Inc.

    1,919,100       10,944,034  

TOTO Ltd.

    174,800       7,358,517  

Toyota Motor Corp.

    4,874,300       89,181,058  

West Japan Railway Co.

    173,700       7,494,093  

Yamaha Corp.

    158,100       7,417,840  

Yamaha Motor Co. Ltd.

    458,800       10,313,649  

Yaskawa Electric Corp.

    182,400       7,302,713  

Yokogawa Electric Corp.

    459,400       7,412,105  
   

 

 

 
      1,644,108,720  
Liechtenstein — 0.1%            

ArcelorMittal SA

    239,927       7,453,146  
   

 

 

 
Netherlands — 5.2%            

Adyen NV(a)(b)

    8,367       17,439,106  

Akzo Nobel NV

    148,740       14,151,437  

Argenx SE(a)

    26,537       7,683,607  

ASM International NV

    23,276       7,517,389  

ASML Holding NV

    203,514       136,155,705  

CNH Industrial NV

    712,055       10,128,631  

Heineken NV

    142,123       14,416,739  

ING Groep NV

    1,780,269       20,790,853  

Just Eat Takeaway.com NV(a)(b)

    169,222       6,848,780  

Koninklijke Ahold Delhaize NV

    528,564       16,259,813  

Koninklijke DSM NV

    115,969       21,774,807  

Koninklijke KPN NV

    2,669,466       9,135,267  

Koninklijke Philips NV

    223,774       7,612,504  

NN Group NV

    131,698       6,320,830  

Prosus NV

    433,028       26,883,079  

Randstad NV

    102,805       7,006,025  

Stellantis NV

    642,867       11,682,100  

STMicroelectronics NV

    359,143       15,076,105  

Universal Music Group NV

    323,494       7,374,048  

Wolters Kluwer NV

    178,132       18,149,823  
   

 

 

 
          382,406,648  
New Zealand — 0.3%            

Fisher & Paykel Healthcare Corp. Ltd.

    392,297       7,372,049  

Spark New Zealand Ltd.

        2,531,856       7,717,308  

Xero Ltd.(a)

    96,874       6,660,862  
   

 

 

 
      21,750,219  
Norway — 1.0%            

Equinor ASA

    952,987       29,957,618  

Mowi ASA

    275,832       7,102,345  

Norsk Hydro ASA

    1,198,364       11,379,767  

Orkla ASA

    1,199,576       11,236,860  

Telenor ASA

    1,075,825       15,917,486  
   

 

 

 
      75,594,076  
Portugal — 0.2%            

Galp Energia SGPS SA

    1,361,106       15,066,500  
   

 

 

 
Singapore — 1.5%            

Capitaland Investment Ltd/Singapore(a)

    3,313,700       9,080,398  

City Developments Ltd.

    1,701,500       9,003,503  

DBS Group Holdings Ltd.

    935,700       23,523,621  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Singapore (continued)  

Keppel Corp. Ltd.

    2,816,400     $ 12,538,479  

Oversea-Chinese Banking Corp. Ltd.

    2,371,200       20,547,444  

Sea Ltd., ADR(a)

    124,363       18,107,253  

United Overseas Bank Ltd.

    759,500       16,880,175  
   

 

 

 
      109,680,873  
Spain — 2.4%            

Amadeus IT Group SA(a)

    204,379       13,484,231  

Banco Bilbao Vizcaya Argentaria SA

    3,582,341       21,256,623  

Banco Santander SA

    6,624,969       22,061,247  

CaixaBank SA

    2,031,037       6,671,110  

Cellnex Telecom SA(b)

    216,903       9,811,002  

Endesa SA

    427,811       9,403,893  

Iberdrola SA

    3,376,563       38,309,082  

Industria de Diseno Textil SA

    719,185       18,760,491  

Naturgy Energy Group SA

    319,765       8,579,177  

Red Electrica Corp. SA

    174,858       3,464,017  

Repsol SA

    1,136,258       14,744,126  

Telefonica SA

        1,665,310       7,984,268  
   

 

 

 
          174,529,267  
Sweden — 3.2%            

Alfa Laval AB

    239,150       7,755,853  

Assa Abloy AB, Class B

    386,164       10,135,913  

Atlas Copco AB, Class A

    299,260       15,347,281  

Atlas Copco AB, Class B

    156,436       7,068,590  

Boliden AB

    430,404       19,144,556  

Epiroc AB, Class A

    538,115       10,111,532  

EQT AB

    205,164       6,866,845  

Essity AB, Class B

    479,332       12,336,052  

Evolution AB(b)

    76,714       8,795,957  

H & M Hennes & Mauritz AB, Class B

    530,896       8,860,177  

Husqvarna AB, Class B

    577,488       6,955,331  

Investor AB

    326,836       7,227,156  

Investor AB, Class B

    501,972       10,221,391  

Nibe Industrier AB, Class B

    787,905       7,013,745  

Sandvik AB

    475,870       10,256,195  

Skandinaviska Enskilda Banken AB, Class A

    578,248       6,661,629  

SKF AB, Class B

    366,945       6,775,340  

Svenska Cellulosa AB SCA, Class B

    512,649       8,364,143  

Svenska Handelsbanken AB, Class A

    703,937       6,692,193  

Swedbank AB, Class A

    414,627       6,699,160  

Tele2 AB, Class B

    855,111       11,331,214  

Telefonaktiebolaget LM Ericsson, Class B

    1,492,658       13,735,282  

Telia Co. AB

    3,515,877       13,072,636  

Volvo AB, Class A

    375,247       7,332,903  

Volvo AB, Class B

    334,229       6,428,516  
   

 

 

 
      235,189,590  
Switzerland — 10.5%            

ABB Ltd., Registered

    1,017,122       34,371,511  

Adecco Group AG, Registered

    153,592       7,253,939  

Alcon Inc.

    203,536       15,724,693  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    801       8,496,762  

Coca-Cola HBC AG, Class DI

    295,489       7,507,352  

Credit Suisse Group AG, Registered

    1,114,061       9,332,606  

Geberit AG, Registered

    23,647       15,469,326  

Givaudan SA, Registered

    6,787       28,338,481  

Holcim Ltd.

    136,925       6,881,336  

Kuehne + Nagel International AG, Registered

    53,676       14,638,258  

Logitech International SA, Registered

    109,584       8,200,049  
Security   Shares     Value  
Switzerland (continued)            

Lonza Group AG, Registered

    49,516     $ 34,260,211  

Nestle SA, Registered

    1,291,453       168,270,797  

Novartis AG, Registered

    910,571       80,031,359  

Partners Group Holding AG

    7,342       9,924,832  

Roche Holding AG, Bearer

    32,381       13,516,124  

Roche Holding AG, NVS

    309,166       117,091,465  

SGS SA, Registered

    5,957       17,045,060  

Sika AG, Registered

    51,013       16,927,882  

Sonova Holding AG, Registered

    32,990       12,773,535  

Straumann Holding AG, Registered

    5,202       8,263,185  

Swiss Life Holding AG, Registered

    19,290       11,770,320  

Swiss Re AG

    205,437       19,630,666  

Swisscom AG, Registered

    21,970       13,160,296  

Temenos AG, Registered

    69,095       6,945,047  

UBS Group AG, Registered

    1,692,562       31,137,672  

VAT Group AG(b)

    19,799       7,481,941  

Vifor Pharma AG

    44,753       7,855,461  

Zurich Insurance Group AG

    73,409       33,694,439  
   

 

 

 
          765,994,605  
United Kingdom — 14.3%            

3i Group PLC

    529,180       9,426,875  

Antofagasta PLC

    565,958       11,459,428  

Ashtead Group PLC

    216,851       14,091,384  

Associated British Foods PLC

    300,567       7,690,272  

AstraZeneca PLC

    730,499       88,789,472  

Aviva PLC

    1,469,353       8,233,337  

BAE Systems PLC

    2,157,635       20,715,431  

Barclays PLC

    8,537,973       20,863,041  

Barratt Developments PLC

    1,188,280       9,678,796  

Berkeley Group Holdings PLC

    137,647       7,158,511  

BP PLC

    14,967,978       72,955,605  

British Land Co PLC/The

    1,064,250       7,520,755  

BT Group PLC

    4,822,550       12,032,710  

Bunzl PLC

    206,029       8,205,959  

Burberry Group PLC

    339,571       8,803,781  

Coca-Cola Europacific Partners PLC

    159,621       8,174,191  

Compass Group PLC

    658,443       14,882,821  

Croda International PLC

    135,873       13,600,738  

DCC PLC

    88,751       6,964,600  

Diageo PLC

    1,360,312       67,393,038  

Entain PLC(a)

    327,304       7,358,582  

Experian PLC

    271,521       10,606,818  

Ferguson PLC

    147,611       22,492,660  

GlaxoSmithKline PLC

    2,316,819       48,315,249  

HSBC Holdings PLC

    9,578,775       66,498,557  

Informa PLC(a)

    977,479       7,739,519  

InterContinental Hotels Group PLC(a)

    115,815       8,064,532  

Intertek Group PLC

    125,006       8,973,159  

J Sainsbury PLC

    2,434,263       8,977,854  

Johnson Matthey PLC

    306,355       7,698,549  

Kingfisher PLC

    2,143,173       8,742,764  

Land Securities Group PLC

    690,745       7,319,628  

Legal & General Group PLC

    3,686,005       13,628,735  

Lloyds Banking Group PLC

        36,814,684       23,727,251  

London Stock Exchange Group PLC

    144,461       12,619,631  

Melrose Industries PLC

    3,474,409       6,874,001  

Mondi PLC

    520,290       10,916,441  

National Grid PLC

    2,390,113       36,136,998  

NatWest Group PLC

    3,241,159       9,931,430  

Next PLC

    79,926       7,318,214  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

United Kingdom (continued)

   

Ocado Group PLC(a)

    415,434     $ 7,639,377  

Pearson PLC

    925,052       8,002,532  

Prudential PLC

    894,675       13,526,113  

Reckitt Benckiser Group PLC

    333,331       28,225,502  

RELX PLC

    1,121,636       34,157,170  

Rentokil Initial PLC

    1,114,103       7,560,705  

Rolls-Royce Holdings PLC(a)

    4,581,993       6,320,680  

Schroders PLC

    193,231       7,910,508  

Segro PLC

    1,177,179       20,472,374  

Smiths Group PLC

    361,678       7,378,439  

SSE PLC

    721,657       16,377,806  

St. James’s Place PLC

    371,820       6,970,859  

Standard Chartered PLC

    1,268,205       9,037,990  

Taylor Wimpey PLC

    3,651,196       7,359,366  

Tesco PLC

    2,861,623       11,085,800  

Unilever PLC

    1,164,533       58,496,788  

Vodafone Group PLC

    12,236,196       21,539,844  

Whitbread PLC(a)

    174,720       6,820,249  

WPP PLC

    643,558       9,051,571  
   

 

 

 
      1,040,514,990  
   

 

 

 

Total Common Stocks — 99.1%
(Cost: $6,596,375,885)

        7,235,618,084  
   

 

 

 

Preferred Stocks

   

Germany — 0.3%

   

Henkel AG & Co. KGaA, Preference Shares, NVS

    91,063       7,233,073  

Sartorius AG, Preference Shares, NVS

    15,848       6,997,100  

Volkswagen AG, Preference Shares, NVS

    41,065       8,197,695  
   

 

 

 
      22,427,868  
   

 

 

 

Total Preferred Stocks — 0.3%
(Cost: $20,377,356)

      22,427,868  
   

 

 

 
Security   Shares     Value  

Short-Term Investments

   

Money Market Funds — 0.1%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)

    7,493,310     $ 7,494,808  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)

    1,610,000       1,610,000  
   

 

 

 
      9,104,808  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $9,105,127)

      9,104,808  
   

 

 

 

Total Investments in Securities — 99.5%
(Cost: $6,625,858,368)

      7,267,150,760  

Other Assets, Less Liabilities — 0.5%

      33,433,305  
   

 

 

 

Net Assets — 100.0%

    $   7,300,584,065  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer    Value at
08/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 11,009,959      $      $ (3,508,968 )(a)     $ (5,864    $ (319    $ 7,494,808        7,493,310      $ 109,844 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,190,000        420,000 (a)                            1,610,000        1,610,000        97         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (5,864    $ (319    $ 9,104,808         $ 109,941      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

 

 

16  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

   iShares® ESG Aware MSCI EAFE ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description    Number of
Contracts
     Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

           

TOPIX Index

     78        03/10/22      $ 12,850      $ (315,773

ASX SPI 200 Index

     43        03/17/22        5,501        (107,885

Euro STOXX 50 Index

     385        03/18/22        16,848        (977,689

FTSE 100 Index

     91        03/18/22        9,051        96,026  
           

 

 

 
            $ (1,305,321
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
     Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 96,026  
  

 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 1,401,347  
  

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 1,286,813  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (1,767,449
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 42,567,855      

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

 

 

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

  17


Schedule of Investments (unaudited) (continued)

February 28, 2022

   iShares® ESG Aware MSCI EAFE ETF

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $ 42,373,404      $ 7,193,244,680      $      $ 7,235,618,084  

Preferred Stocks

            22,427,868               22,427,868  

Money Market Funds

     9,104,808                      9,104,808  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     51,478,212      $ 7,215,672,548      $      $ 7,267,150,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $      $ 96,026      $      $ 96,026  

Liabilities

           

Futures Contracts

            (1,401,347             (1,401,347
  

 

 

    

 

 

    

 

 

    

 

 

 
   $      $ (1,305,321    $                 —      $ (1,305,321
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

18  

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


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® ESG Aware MSCI USA ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.3%

   

HEICO Corp., Class A

    203,385     $ 25,000,084  

Howmet Aerospace Inc.

    675,104       24,249,736  

Huntington Ingalls Industries Inc.

    290,183       59,313,405  

L3Harris Technologies Inc.

    310,125       78,247,639  

Raytheon Technologies Corp.

    1,276,364       131,082,583  
   

 

 

 
      317,893,447  

Air Freight & Logistics — 1.0%

   

CH Robinson Worldwide Inc.

    475,888       46,008,852  

Expeditors International of Washington Inc.

    770,237       79,611,696  

FedEx Corp.

    105,330       23,411,699  

United Parcel Service Inc., Class B

    449,181       94,516,666  
   

 

 

 
          243,548,913  

Auto Components — 0.3%

   

Aptiv PLC(a)

    362,067       46,865,953  

BorgWarner Inc.

    533,426       21,875,800  
   

 

 

 
      68,741,753  

Automobiles — 2.3%

   

Ford Motor Co.

    1,339,339       23,518,793  

General Motors Co.(a)

    475,736       22,226,386  

Lucid Group Inc.(a)

    831,774       24,104,810  

Rivian Automotive Inc., Class A(a)

    364,096       24,598,326  

Tesla Inc.(a)

    518,486       451,305,769  
   

 

 

 
      545,754,084  

Banks — 4.0%

   

Bank of America Corp.

    4,511,505       199,408,521  

Citigroup Inc.

    1,829,710       108,373,723  

Fifth Third Bancorp

    487,519       23,322,909  

Huntington Bancshares Inc./OH

    3,679,977       57,113,243  

JPMorgan Chase & Co.

    2,061,121       292,266,958  

PNC Financial Services Group Inc. (The)

    202,856       40,419,058  

Regions Financial Corp.

    2,668,420       64,549,080  

SVB Financial Group(a)

    50,346       30,509,676  

Truist Financial Corp.

    1,140,430       70,957,555  

U.S. Bancorp

    619,580       35,031,053  

Webster Financial Corp.

    389,183       23,432,708  
   

 

 

 
      945,384,484  

Beverages — 2.1%

   

Brown-Forman Corp., Class B, NVS

    362,184       23,625,262  

Coca-Cola Co. (The)

    3,185,765       198,282,014  

Keurig Dr Pepper Inc.

    1,148,111       44,397,452  

Molson Coors Beverage Co., Class B

    591,597       30,869,532  

PepsiCo Inc.

    1,244,761       203,817,166  
   

 

 

 
      500,991,426  

Biotechnology — 2.0%

   

AbbVie Inc.

    902,675       133,388,285  

Amgen Inc.

    441,763       100,050,484  

Biogen Inc.(a)

    151,222       31,909,354  

Exact Sciences Corp.(a)

    307,751       24,023,043  

Gilead Sciences Inc.

    1,225,860       74,041,944  

Moderna Inc.(a)

    180,743       27,762,125  

Regeneron Pharmaceuticals Inc.(a)

    55,054       34,043,192  

Vertex Pharmaceuticals Inc.(a)

    200,663       46,156,503  
   

 

 

 
      471,374,930  

Building Products — 1.2%

   

Allegion PLC

    209,316       23,970,868  

Carrier Global Corp.

    859,130       38,557,755  

Fortune Brands Home & Security Inc.

    321,270       27,918,363  
Security   Shares     Value  

Building Products (continued)

 

Johnson Controls International PLC

    1,613,973     $ 104,843,686  

Owens Corning

    239,341       22,304,188  

Trane Technologies PLC

    443,743       68,305,360  
   

 

 

 
      285,900,220  

Capital Markets — 3.7%

   

Ameriprise Financial Inc.

    77,285       23,169,270  

Bank of New York Mellon Corp. (The)

    975,666       51,856,648  

BlackRock Inc.(b)

    156,942       116,747,584  

Charles Schwab Corp. (The)

    636,337       53,745,023  

CME Group Inc.

    223,136       52,778,358  

FactSet Research Systems Inc.

    58,501       23,756,671  

Goldman Sachs Group Inc. (The)

    253,421       86,490,053  

Intercontinental Exchange Inc.

    414,381       53,090,494  

Moody’s Corp.

    225,616       72,655,121  

Morgan Stanley

    1,240,095       112,526,220  

Northern Trust Corp.

    381,104       43,407,746  

S&P Global Inc.

    302,655       113,707,375  

State Street Corp.

    281,612       24,029,952  

T Rowe Price Group Inc.

    257,686       37,251,088  
   

 

 

 
          865,211,603  

Chemicals — 1.8%

   

Corteva Inc.

    468,742       24,388,646  

Dow Inc.

    791,260       46,652,690  

DuPont de Nemours Inc.

    418,721       32,396,444  

Ecolab Inc.

    484,991       85,484,514  

International Flavors & Fragrances Inc.

    243,773       32,421,809  

Linde PLC(a)

    383,998       112,603,573  

Mosaic Co. (The)

    526,055       27,581,064  

PPG Industries Inc.

    263,790       35,202,775  

Sherwin-Williams Co. (The)

    88,476       23,280,690  
   

 

 

 
      420,012,205  

Commercial Services & Supplies — 0.1%

   

Copart Inc.(a)

    190,126       23,362,683  
   

 

 

 

Communications Equipment — 0.9%

   

Cisco Systems Inc.

    3,437,613       191,715,677  

Motorola Solutions Inc.

    148,967       32,836,796  
   

 

 

 
      224,552,473  

Construction Materials — 0.1%

   

Martin Marietta Materials Inc.

    61,683       23,402,530  
   

 

 

 

Consumer Finance — 0.9%

   

Ally Financial Inc.

    478,221       23,863,228  

American Express Co.

    532,720       103,635,349  

Discover Financial Services

    357,762       44,162,141  

Synchrony Financial

    838,868       35,886,773  
   

 

 

 
      207,547,491  

Containers & Packaging — 0.4%

   

Amcor PLC

    3,833,787       44,586,943  

Ball Corp.

    481,004       43,165,299  
   

 

 

 
      87,752,242  

Distributors — 0.2%

   

LKQ Corp.

    591,457       27,768,906  

Pool Corp.

    52,418       24,037,847  
   

 

 

 
      51,806,753  

Diversified Financial Services — 0.6%

   

Berkshire Hathaway Inc., Class B(a)

    438,761       141,039,723  
   

 

 

 

 

 

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

  19


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI USA ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Diversified Telecommunication Services — 1.1%

 

AT&T Inc.

    3,059,987     $ 72,491,092  

Lumen Technologies Inc.

    2,446,397       25,344,673  

Verizon Communications Inc.

    3,121,420       167,526,611  
   

 

 

 
      265,362,376  

Electric Utilities — 1.2%

 

Entergy Corp.

    313,288       32,961,030  

Eversource Energy

    955,749       78,180,268  

Exelon Corp.

    1,047,916       44,599,305  

NextEra Energy Inc.

    1,558,236       121,963,132  
   

 

 

 
      277,703,735  

Electrical Equipment — 0.3%

 

Generac Holdings Inc.(a)(c)

    76,228       24,047,647  

Plug Power Inc.(a)(c)

    1,009,266       25,524,337  

Rockwell Automation Inc.

    88,353       23,553,143  
   

 

 

 
      73,125,127  

Electronic Equipment, Instruments & Components — 0.6%

 

Cognex Corp.

    376,193       25,415,599  

Keysight Technologies Inc.(a)

    188,022       29,589,022  

Teledyne Technologies Inc.(a)

    56,562       24,286,592  

Trimble Inc.(a)

    582,410       40,623,097  

Zebra Technologies Corp., Class A(a)

    55,971       23,135,053  
   

 

 

 
      143,049,363  

Energy Equipment & Services — 0.4%

 

Baker Hughes Co.

    923,972       27,146,297  

Halliburton Co.

    718,543       24,092,747  

Schlumberger NV

    1,327,814       52,103,421  
   

 

 

 
      103,342,465  

Entertainment — 1.5%

 

Activision Blizzard Inc.

    309,920       25,258,480  

Electronic Arts Inc.

    293,646       38,200,408  

Netflix Inc.(a)

    231,727       91,420,936  

Walt Disney Co. (The)(a)

    1,290,867       191,642,115  
   

 

 

 
      346,521,939  

Equity Real Estate Investment Trusts (REITs) — 2.7%

 

Alexandria Real Estate Equities Inc.

    128,931       24,419,531  

American Tower Corp.

    422,698       95,897,495  

Boston Properties Inc.

    309,586       37,865,464  

Crown Castle International Corp.

    357,837       59,612,066  

Digital Realty Trust Inc.

    188,710       25,460,753  

Equinix Inc.

    86,143       61,138,271  

Healthpeak Properties Inc.

    1,805,803       56,088,241  

Iron Mountain Inc.

    543,687       26,738,527  

Prologis Inc.

    550,196       80,246,087  

SBA Communications Corp.

    79,390       24,086,132  

Simon Property Group Inc.

    167,674       23,065,235  

Ventas Inc.

    669,911       36,175,194  

Welltower Inc.

    560,443       46,679,298  

Weyerhaeuser Co.

    905,139       35,191,804  
   

 

 

 
          632,664,098  

Food & Staples Retailing — 0.8%

 

Costco Wholesale Corp.

    178,325       92,595,256  

Kroger Co. (The)

    970,058       45,398,715  

Sysco Corp.

    281,901       24,553,577  

Walgreens Boots Alliance Inc.

    503,789       23,219,635  
   

 

 

 
      185,767,183  

Food Products — 1.5%

 

Archer-Daniels-Midland Co.

    722,897       56,711,270  

Bunge Ltd.

    489,687       51,196,776  
Security   Shares     Value  

Food Products (continued)

 

General Mills Inc.

    1,304,328     $ 87,950,837  

Hormel Foods Corp.

    599,938       28,581,046  

Kellogg Co.

    1,306,469       83,535,628  

McCormick & Co. Inc./MD, NVS

    500,094       47,593,946  
   

 

 

 
      355,569,503  

Gas Utilities — 0.2%

   

UGI Corp.

    1,067,245       41,024,898  
   

 

 

 

Health Care Equipment & Supplies — 2.4%

 

Abbott Laboratories

    695,934       83,943,559  

ABIOMED Inc.(a)

    74,124       23,033,292  

Align Technology Inc.(a)

    45,825       23,437,655  

Baxter International Inc.

    351,104       29,833,307  

Becton Dickinson and Co.

    88,965       24,134,425  

Dexcom Inc.(a)(c)

    89,506       37,047,428  

Edwards Lifesciences Corp.(a)

    679,261       76,328,559  

Hologic Inc.(a)

    439,350       31,268,539  

IDEXX Laboratories Inc.(a)

    106,921       56,919,394  

Insulet Corp.(a)

    130,225       34,469,255  

Intuitive Surgical Inc.(a)

    188,051       54,596,847  

ResMed Inc.

    152,872       37,721,166  

STERIS PLC

    244,995       58,798,800  
   

 

 

 
      571,532,226  

Health Care Providers & Services — 2.7%

 

Anthem Inc.

    166,153       75,076,233  

Cardinal Health Inc.

    442,306       23,888,947  

Centene Corp.(a)

    286,409       23,663,112  

Cigna Corp.

    260,756       62,002,562  

CVS Health Corp.

    774,851       80,313,306  

DaVita Inc.(a)

    201,013       22,668,236  

HCA Healthcare Inc.

    175,830       44,012,007  

Humana Inc.

    87,130       37,842,302  

Laboratory Corp. of America Holdings(a)

    97,175       26,359,690  

McKesson Corp.

    87,453       24,046,077  

Quest Diagnostics Inc.

    220,324       28,921,931  

UnitedHealth Group Inc.

    423,339       201,454,330  
   

 

 

 
      650,248,733  

Health Care Technology — 0.3%

 

Cerner Corp.

    468,631       43,699,841  

Teladoc Health Inc.(a)(c)

    326,983       24,821,279  
   

 

 

 
      68,521,120  

Hotels, Restaurants & Leisure — 1.8%

 

Airbnb Inc., Class A(a)

    129,241       19,578,719  

Booking Holdings Inc.(a)

    22,823       49,577,262  

Caesars Entertainment Inc.(a)

    282,388       23,774,246  

Chipotle Mexican Grill Inc.(a)

    15,311       23,324,012  

Hilton Worldwide Holdings Inc.(a)

    395,605       58,889,760  

Las Vegas Sands Corp.(a)

    506,647       21,714,890  

Marriott International Inc./MD, Class A(a)

    131,627       22,395,018  

McDonald’s Corp.

    346,339       84,773,397  

MGM Resorts International

    534,046       23,652,897  

Royal Caribbean Cruises Ltd.(a)

    277,066       22,364,768  

Starbucks Corp.

    475,406       43,637,517  

Vail Resorts Inc.

    105,919       27,597,195  
   

 

 

 
          421,279,681  

Household Products — 1.7%

 

Clorox Co. (The)

    170,734       24,891,310  

Colgate-Palmolive Co.

    1,117,631       86,001,705  

Kimberly-Clark Corp.

    543,661       70,757,479  

 

 

20  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI USA ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Household Products (continued)            

Procter & Gamble Co. (The)

    1,362,132     $ 212,342,758  
   

 

 

 
      393,993,252  
Industrial Conglomerates — 1.3%            

3M Co.

    720,181       107,054,906  

General Electric Co.

    442,363       42,250,090  

Honeywell International Inc.

    583,338       110,688,385  

Roper Technologies Inc.

    89,457       40,096,417  
   

 

 

 
      300,089,798  

Insurance — 1.8%

   

American International Group Inc.

    767,115       46,978,123  

Chubb Ltd.

    364,632       74,253,660  

Hartford Financial Services Group Inc. (The)

    338,689       23,532,112  

Marsh & McLennan Companies Inc.

    475,357       73,875,231  

MetLife Inc.

    1,203,361       81,287,036  

Progressive Corp. (The)

    240,201       25,444,492  

Prudential Financial Inc.

    423,673       47,307,327  

Travelers Companies Inc. (The)

    290,748       49,959,229  
   

 

 

 
      422,637,210  

Interactive Media & Services — 5.2%

   

Alphabet Inc., Class A(a)

    172,674       466,416,648  

Alphabet Inc., Class C, NVS(a)

    170,745       460,639,276  

Meta Platforms Inc, Class A(a)

    1,209,428       255,225,591  

Snap Inc., Class A, NVS(a)

    638,588       25,505,205  

ZoomInfo Technologies Inc.(a)

    429,055       23,465,018  
   

 

 

 
          1,231,251,738  

Internet & Direct Marketing Retail — 3.8%

 

 

Amazon.com Inc.(a)

    271,514       833,890,087  

eBay Inc.

    418,434       22,842,312  

MercadoLibre Inc.(a)(c)

    31,201       35,152,607  
   

 

 

 
      891,885,006  

IT Services — 5.0%

   

Accenture PLC, Class A

    435,987       137,780,612  

Akamai Technologies Inc.(a)(c)

    230,036       24,903,697  

Automatic Data Processing Inc.

    552,298       112,911,803  

Block Inc.(a)

    349,018       44,499,795  

Cloudflare Inc., Class A(a)

    215,391       25,075,820  

Fidelity National Information Services Inc.

    496,577       47,289,028  

Fiserv Inc.(a)(c)

    304,945       29,783,978  

Gartner Inc.(a)

    80,883       22,681,211  

International Business Machines Corp.

    707,842       86,717,723  

Mastercard Inc., Class A

    542,203       195,637,687  

MongoDB Inc.(a)

    55,307       21,126,721  

Okta Inc.(a)

    171,774       31,407,158  

PayPal Holdings Inc.(a)

    722,731       80,895,281  

Snowflake Inc., Class A(a)

    137,741       36,592,274  

Twilio Inc., Class A(a)

    179,701       31,411,735  

VeriSign Inc.(a)

    113,648       24,288,851  

Visa Inc., Class A

    1,041,561       225,102,163  
   

 

 

 
      1,178,105,537  

Leisure Products — 0.2%

   

Hasbro Inc.

    524,946       50,946,009  
   

 

 

 

Life Sciences Tools & Services — 2.0%

   

Agilent Technologies Inc.

    533,480       69,544,453  

Danaher Corp.

    302,797       83,090,525  

Illumina Inc.(a)

    129,063       42,151,976  

IQVIA Holdings Inc.(a)

    103,893       23,907,857  

Mettler-Toledo International Inc.(a)

    32,311       45,517,798  

Thermo Fisher Scientific Inc.

    196,058       106,655,552  
Security   Shares     Value  
Life Sciences Tools & Services (continued)            

Waters Corp.(a)

    153,799     $ 48,712,757  

West Pharmaceutical Services Inc.

    153,627       59,465,939  
   

 

 

 
      479,046,857  

Machinery — 1.5%

   

Caterpillar Inc.

    368,095       69,047,260  

Cummins Inc.

    179,853       36,711,594  

Deere & Co.

    169,192       60,912,504  

Dover Corp.

    148,031       23,220,143  

IDEX Corp.

    175,682       33,713,376  

Illinois Tool Works Inc.

    176,216       38,122,569  

Pentair PLC

    409,839       23,733,777  

Xylem Inc./NY

    689,895       61,366,160  
   

 

 

 
          346,827,383  

Media — 0.9%

   

Cable One Inc.

    16,010       22,939,929  

Comcast Corp., Class A

    2,076,912       97,116,405  

Discovery Inc., Class C, NVS(a)

    823,822       23,042,301  

Fox Corp., Class A, NVS

    560,833       23,459,644  

Interpublic Group of Companies Inc. (The)

    846,422       31,148,330  

Paramount Global, Class B, NVS

    815,466       24,961,414  
   

 

 

 
      222,668,023  

Metals & Mining — 0.3%

   

Newmont Corp.

    739,331       48,943,712  

Nucor Corp.

    196,654       25,883,600  
   

 

 

 
      74,827,312  

Multi-Utilities — 0.8%

   

Consolidated Edison Inc.

    630,261       54,057,486  

Public Service Enterprise Group Inc.

    1,102,779       71,493,163  

Sempra Energy

    376,569       54,308,781  
   

 

 

 
      179,859,430  

Multiline Retail — 0.3%

   

Target Corp.

    399,231       79,754,377  
   

 

 

 

Oil, Gas & Consumable Fuels — 3.2%

   

Cheniere Energy Inc.

    281,517       37,413,609  

Chevron Corp.

    946,058       136,232,352  

ConocoPhillips

    952,244       90,329,866  

EOG Resources Inc.

    317,065       36,437,110  

Exxon Mobil Corp.

    2,157,759       169,211,461  

Hess Corp.

    706,332       71,381,912  

Kinder Morgan Inc.

    1,847,164       32,140,654