LOGO

  MARCH 31, 2022

 

 

   

 

2022 Annual Report

 

 

iShares Trust

·  iShares Micro-Cap ETF | IWC | NYSE Arca

·  iShares Russell 2500 ETF | SMMD | Cboe BZX

·  iShares Russell 3000 ETF | IWV | NYSE Arca

·  iShares Russell Mid-Cap ETF | IWR | NYSE Arca

·  iShares Russell Mid-Cap Growth ETF | IWP | NYSE Arca

·  iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 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 strong 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. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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

Sincerely,

 

LOGO

 

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of March 31, 2022
     
     6-Month    12-Month 
   

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

     5.92%    15.65%
   

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

  (5.55)   (5.79)
   

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

  (3.38)   1.16
   

Emerging market equities
(MSCI Emerging Markets Index)

  (8.20)   (11.37) 
   

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

  0.05   0.07
   

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

  (6.04)   (3.31)
   

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

  (5.92)   (4.15)
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (5.55)   (4.47)
   

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

  (4.16)   (0.66)
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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H I S  A G E   I S   N O T  A R T   O F  O U R  U N D  E P O R T


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Shareholder Expenses

     17  

Schedules of Investments

     18  

Financial Statements

  

Statements of Assets and Liabilities

     97  

Statements of Operations

     99  

Statements of Changes in Net Assets

     101  

Financial Highlights

     104  

Notes to Financial Statements

     110  

Report of Independent Registered Public Accounting Firm

     122  

Important Tax Information (Unaudited)

     123  

Statement Regarding Liquidity Risk Management Program

     124  

Supplemental Information

     125  

Trustee and Officer Information

     127  

General Information

     130  

Glossary of Terms Used in this Report

     131  

 

 

 


Market Overview

 

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

 

 

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Fund Summary as of March 31, 2022       iShares® Micro-Cap ETF

 

Investment Objective

The iShares Micro-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of micro-capitalization U.S. equities, as represented by the Russell MicroCap® 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

    (11.41 )%       9.67      11.00       (11.41 )%       58.68      183.88

Fund Market

    (11.65      9.67        10.97         (11.65      58.64        183.20  

Index

    (10.99      9.86        11.14               (10.99      60.02        187.46  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(10/01/21)

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

 (a)     

           

Beginning

Account Value

(10/01/21)

 

 

 

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

 (a) 

      

    Annualized

Expense

Ratio

 

 

 

   

$       1,000.00

       $         897.90          $        2.84               $      1,000.00          $      1,021.90          $        3.02          0.60

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

 

 

 

U N D   S U M M A R Y

  5


Fund Summary as of March 31, 2022   (continued)    iShares® Micro-Cap ETF

 

Portfolio Management Commentary

Micro-capitalization U.S. stocks declined meaningfully for the reporting period despite strong economic growth and robust consumer spending. The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor interest in smaller companies that could be acquired by larger firms. Additionally, a relative dearth of positive news and muted enthusiasm for stocks with high valuations and minimal earnings pressured the industry.

Stocks in the consumer discretionary sector detracted notably from the Index’s performance despite the overall increase in consumer spending. The consumer durables industry faced headwinds as higher input costs led to reduced profits despite rising sales. Rising prices also challenged the specialty retail industry, as inflation increased the wholesale cost of goods for retailers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured small-capitalization information technology stocks.

On the upside, stocks in the financials sector contributed the most to the Index’s return. Regional banks advanced amid growth in loans, a reduction in the probability of loan defaults, and higher interest rates, which allowed banks to charge more for loans. The energy sector also contributed amid higher prices for energy commodities. Rising oil and gas prices benefited companies in the oil, gas, and consumable fuels industry, as increased cash flow allowed companies to reduce debt while minimizing spending.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of    

Total Investments(a)

Health Care

  23.8%

Financials

  21.7   

Industrials

  11.6   

Consumer Discretionary

  10.7   

Information Technology

  9.4   

Energy

  8.3   

Materials

  4.6   

Real Estate

  4.4   

Communication Services

  2.9   

Consumer Staples

  2.0   

Utilities

  0.6   

TEN LARGEST HOLDINGS

 

   
Security   Percent of    
Total Investments(a)

Lantheus Holdings Inc.

  0.8%

Houghton Mifflin Harcourt Co.

  0.6   

Civitas Resources Inc.

  0.6   

Alpha Metallurgical Resources Inc.

  0.5   

Peabody Energy Corp.

  0.5   

Arch Resources Inc.

  0.5   

NexPoint Residential Trust Inc.

  0.4   

Tellurian Inc.

  0.4   

IVERIC bio Inc.

  0.4   

Veritiv Corp.

  0.4   
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022      

  iShares® Russell 2500 ETF

 

Investment Objective

The iShares Russell 2500 ETF (the “Fund”) seeks to track the investment results of an index composed of mid- and small-capitalization U.S. equities, as represented by the Russell 2500TM 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

     0.17   11.97%        0.17      70.81

Fund Market

     0.35     12.02           0.35        71.22  

Index

     0.34     11.99                 0.34        70.96  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 7/6/17. The first day of secondary market trading was 7/7/17.

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 17 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(10/01/21)

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(10/01/21)

 

 

 

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

 (a) 

      

    Annualized

Expense

Ratio

 

 

 

   

$        1,000.00

       $        977.10          $        0.35               $      1,000.00          $      1,024.60          $        0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

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  7


Fund Summary as of March 31, 2022   (continued)    iShares® Russell 2500 ETF

 

Portfolio Management Commentary

Mid- and small-capitalization U.S. stocks advanced marginally for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The real estate sector was a notable contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, which benefited real estate companies that rely heavily on debt financing.

On the downside, the healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms.

Stocks in the consumer discretionary sector also detracted from the Index’s performance despite an overall increase in consumer spending. The consumer durables industry declined amid investor expectations of a downturn in the housing market. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of    

Total Investments(a)

Investment Companies

  42.9%

Information Technology

  10.0   

Industrials

  9.8   

Financials

  8.0   

Consumer Discretionary

  6.5   

Health Care

  5.7   

Real Estate

  5.5   

Materials

  4.5   

Energy

  2.8   

Consumer Staples

  1.6   

Utilities

  1.4   

Communication Services

  1.3   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of    

Total Investments(a)

iShares Russell 2000 ETF

  42.9%

Devon Energy Corp.

  0.6   

MongoDB Inc.

  0.5   

Enphase Energy Inc.

  0.4   

ON Semiconductor Corp.

  0.4   

Diamondback Energy Inc.

  0.4   

Mosaic Co. (The)

  0.4   

PerkinElmer Inc.

  0.3   

Monolithic Power Systems Inc.

  0.3   

CF Industries Holdings Inc.

  0.3   
  (a) 

Excludes money market funds.

 

 

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Fund Summary as of March 31, 2022       iShares® Russell 3000 ETF

 

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000® 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

    11.75      15.20      14.09       11.75      102.91      273.68

Fund Market

    11.85        15.23        14.10         11.85        103.12        274.10  

Index

    11.92        15.40        14.28               11.92        104.64        280.04  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(10/01/21)

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period 

 

 

(a) 

           

Beginning

Account Value

(10/01/21)

 

 

 

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

   

$       1,000.00

       $     1,034.30          $        1.01               $     1,000.00          $     1,023.90          $        1.01          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

 

 

 

U N D   S U M M A R Y

  9


Fund Summary as of March 31, 2022   (continued)    iShares® Russell 3000 ETF

 

Portfolio Management Commentary

U.S. stocks advanced solidly for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to attract new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained amid a global shortage of semiconductors. High consumer demand for products that use semiconductors, including personal computers, video cards, and automobiles, led makers of semiconductors to ramp up production to record highs, boosting revenues.

The energy sector was a notable contributor to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. Elective medical procedures, which represent an important source of revenue for care providers, increased from pandemic-induced lows. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies to treat COVID-19 boosted sales for pharmaceuticals companies.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of    

Total Investments(a)

Information Technology

  27.2%

Health Care

  13.5   

Consumer Discretionary

  11.8   

Financials

  11.7   

Industrials

  8.9   

Communication Services

  8.5   

Consumer Staples

  5.6   

Energy

  3.9   

Real Estate

  3.6   

Utilities

  2.7   

Materials

  2.6   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of    

Total Investments(a)

Apple Inc.

  6.0%

Microsoft Corp.

  5.2   

Amazon.com Inc.

  3.2   

Tesla Inc.

  2.0   

Alphabet Inc., Class A

  1.9   

Alphabet Inc., Class C

  1.7   

NVIDIA Corp.

  1.5   

Berkshire Hathaway Inc., Class B

  1.5   

Meta Platforms Inc, Class A

  1.2   

UnitedHealth Group Inc.

  1.1   
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022       iShares® Russell Mid-Cap ETF

 

Investment Objective

The iShares Russell Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Russell MidCap® 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

    6.72      12.45      12.68       6.72      79.84      229.91

Fund Market

    6.74        12.47        12.69         6.74        79.94        230.13  

Index

    6.92        12.62        12.85               6.92        81.18        235.10  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(10/01/21)

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

 (a) 

           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses

      Paid During

the Period

 

 

 (a) 

      

    Annualized

Expense

Ratio

 

 

 

   

$        1,000.00

       $       1,003.10          $        0.90               $      1,000.00          $      1,024.00          $    0.91          0.18

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

 

 

 

U N D   S U M M A R Y

  11


Fund Summary as of March 31, 2022   (continued)    iShares® Russell Mid-Cap ETF

 

Portfolio Management Commentary

Mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The real estate sector contributed meaningfully to the Index’s return amid a nationwide rise in residential property prices. Rising rents and high occupancy rates benefited real estate companies with residential properties, as younger workers moved out of family homes and into rental properties, boosting demand.

Stocks in the financials sector also contributed meaningfully, led by the insurance industry. As premiums and income grew, many insurers were able to increase insurance rates in an environment of higher inflation. The capital markets industry advanced amid growing assets under management and low interest rates, which facilitated borrowing to finance acquisitions. The materials sector was another contributor, as companies rebuilding their stocks of materials boosted demand, leading to strong earnings growth for materials companies.

On the downside, the consumer discretionary and communication services sectors detracted from the Index’s performance. The consumer durables industry faced headwinds amid slowing growth of home exercise equipment. Retailers also declined amid inflationary pressure, which weighed on earnings. The communication services sector declined as the media and entertainment industry was constrained by declining users on a photo-sharing platform. Changing consumer behavior also pressured makers of home-media entertainment devices as more customers enjoyed activities outside the home.

Portfolio Information

 

ALLOCATION BY SECTOR

   
Sector  

Percent of    

Total Investments(a)

 

Information Technology

    17.9%  

Industrials

    14.5     

Financials

    12.7     

Consumer Discretionary

    11.3     

Health Care

    10.9     

Real Estate

    8.5     

Materials

    6.1     

Energy

    5.7     

Utilities

    5.2     

Consumer Staples

    3.8     

Communication Services

    3.4     

TEN LARGEST HOLDINGS

   
Security   Percent of    
Total Investments(a)

Marvell Technology Inc.

  0.6%

Palo Alto Networks Inc.

  0.6   

Pioneer Natural Resources Co.

  0.5   

Marathon Petroleum Corp.

  0.5   

Synopsys Inc.

  0.5   

Archer-Daniels-Midland Co.

  0.5   

Dexcom Inc.

  0.5   

Occidental Petroleum Corp.

  0.4   

IDEXX Laboratories Inc.

  0.4   

McKesson Corp.

  0.4   

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022       iShares® Russell Mid-Cap Growth ETF

 

Investment Objective

The iShares Russell Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell MidCap® Growth 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

    (1.09 )%       14.86      13.29       (1.09 )%       99.87      248.23

Fund Market

    (1.16      14.85        13.29         (1.16      99.86        248.31  

Index

    (0.89      15.10        13.52               (0.89      102.04        255.35  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(10/01/21)

      

Ending

      Account Value

(03/31/22)

 

 

 

      

Expenses
      Paid During
the Period
 
 
 (a) 
           

Beginning

Account Value

(10/01/21)

 

 

 

      

Ending
      Account Value
(03/31/22)
 
 
 
      

Expenses
      Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
   

$        1,000.00

       $         898.30          $       1.09               $      1,000.00          $      1,023.80          $    1.16          0.23

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

 

 

 

U N D   S U M M A R Y

  13


Fund Summary as of March 31, 2022   (continued)    iShares® Russell Mid-Cap Growth ETF

 

Portfolio Management Commentary

Growth-oriented mid-capitalization U.S. stocks, which derive a significant portion of their prices from investors’ expectations of future growth, declined marginally for the reporting period. Growth stocks faced significant headwinds relative to other equities as they are particularly sensitive to interest rates, which rose as the Fed moved to a less accommodative monetary policy. Persistent inflation and the war in Ukraine led to concerns about slower economic growth, which also weighed on growth stocks.

The communication services sector was the largest detractor from the Index’s performance. The media and entertainment industry was negatively impacted by declining users on a photo-sharing platform amid stiff competition. Changing consumer behavior pressured makers of home-media entertainment devices, as more customers enjoyed outside activities. A slowdown in user growth for subscriptions to streaming audio also weighed on the industry.

Stocks in the consumer discretionary sector also detracted, despite an overall increase in consumer spending. The internet and direct marketing industry declined, as the high rate of growth that began with the pandemic receded amid slowing e-commerce, including sales for food delivery, goods, and used cars. Sales of home exercise equipment slowed as more people returned to gyms, weighing on the consumer durables industry.

On the upside, the information technology sector contributed the most to the Index’s return, led by the software and services industry. Makers of cybersecurity software benefited from increased sales, as more companies invested in security products to protect their online activities. The semiconductors and semiconductor equipment industry gained, as a global shortage of semiconductors helped support profits in the industry. The energy sector also contributed, as the oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow and allowed companies to reduce their debt.

Portfolio Information

 

ALLOCATION BY SECTOR

   
Sector   Percent of    
Total Investments(a)

Information Technology

  34.8%

Health Care

  17.1   

Industrials

  15.3   

Consumer Discretionary

  15.2   

Financials

  5.3   

Communication Services

  3.2   

Energy

  2.5   

Real Estate

  2.4   

Consumer Staples

  2.0   

Materials

  2.0   

Utilities

  0.2   

TEN LARGEST HOLDINGS

   
Security   Percent of    
Total Investments(a)

Palo Alto Networks Inc.

  1.7%

Dexcom Inc.

  1.4   

IDEXX Laboratories Inc.

  1.3   

Fortinet Inc.

  1.3   

Crowdstrike Holdings Inc., Class A

  1.3   

Cadence Design Systems Inc.

  1.3   

Chipotle Mexican Grill Inc.

  1.2   

Lululemon Athletica Inc.

  1.2   

Datadog Inc., Class A

  1.1   

Paychex Inc.

  1.1   

 

  (a) 

Excludes money market funds.

 

 

 

14  

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Fund Summary as of March 31, 2022       iShares® Russell Mid-Cap Value ETF

 

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap® Value 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

    11.19      9.78      11.78       11.19      59.48      204.62

Fund Market

    11.12        9.81        11.79         11.12        59.64        204.90  

Index

    11.45        9.99        12.01               11.45        61.01        210.96  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(10/01/21)

      

Ending
      Account Value
(03/31/22)
 
 
 
      

Expenses
      Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
      Account Value
(03/31/22)
 
 
 
      

Expenses
      Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
   

$        1,000.00

       $       1,064.30          $        1.18               $      1,000.00          $      1,023.80          $    1.16          0.23

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

 

 

 

U N D   S U M M A R Y

  15


Fund Summary as of March 31, 2022   (continued)    iShares® Russell Mid-Cap Value ETF

 

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced solidly for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was another significant contributor to the Index’s performance amid a nationwide rise in residential property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the real estate sector, which relies heavily on debt financing. Rising rents and high occupancy rates benefited real estate companies with residential properties, as younger workers moved out of family homes and into rental properties, boosting demand.

Stocks in the financials sector also contributed to the Index’s performance, as the strengthening economy and higher interest rates drove earnings growth. The insurance industry was the primary source of strength, continuing its recovery from the adverse effects of the pandemic. Premiums and income grew in the industry, as many insurers were able to increase insurance rates in an environment of higher inflation. The consumer durables industry faced headwinds as higher input costs led to reduced profits despite rising sales.

Portfolio Information

 

ALLOCATION BY SECTOR

   
Sector   Percent of    
Total Investments(a)

Financials

  16.4%

Industrials

  14.1   

Real Estate

  11.5   

Information Technology

  9.4   

Consumer Discretionary

  9.3   

Materials

  8.1   

Health Care

  7.8   

Utilities

  7.8   

Energy

  7.3   

Consumer Staples

  4.7   

Communication Services

  3.6   

TEN LARGEST HOLDINGS

   
Security   Percent of    
Total Investments(a)

Marvell Technology Inc.

  0.8%

Marathon Petroleum Corp.

  0.7   

Archer-Daniels-Midland Co.

  0.7   

Prudential Financial Inc.

  0.6   

Kroger Co. (The)

  0.6   

Welltower Inc.

  0.6   

Corteva Inc.

  0.6   

Occidental Petroleum Corp.

  0.6   

Aflac Inc.

  0.6   

Valero Energy Corp.

  0.6   

 

  (a) 

Excludes money market funds.

 

 

 

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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.

 

 

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

  17


Schedule of Investments   

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 0.9%

   

AerSale Corp.(a)

    36,976     $ 581,263  

Air Industries Group(a)(b)

    60,139       50,210  

Astronics Corp.(a)

    57,836       747,820  

Astrotech Corp.(a)

    110,296       79,512  

Byrna Technologies Inc.(a)(b)

    42,725       349,063  

Cadre Holdings Inc.

    14,687       360,713  

CPI Aerostructures Inc.(a)

    26,847       79,199  

Ducommun Inc.(a)

    25,033       1,311,479  

Innovative Solutions & Support Inc.(a)

    30,690       247,362  

National Presto Industries Inc.

    11,896       915,397  

Park Aerospace Corp.

    44,439       579,929  

SIFCO Industries Inc.(a)

    6,362       31,545  

Sigma Labs Inc.(a)(b)

    26,460       53,978  

Triumph Group Inc.(a)

    147,571       3,730,595  

Vectrus Inc.(a)

    26,870       963,558  

Virtra Inc.(a)(b)

    17,782       108,470  
   

 

 

 
      10,190,093  
Air Freight & Logistics — 0.1%            

Air T Inc.(a)(b)

    2,754       62,654  

Radiant Logistics Inc.(a)

    90,471       576,300  
   

 

 

 
      638,954  
Airlines — 0.0%            

Mesa Air Group Inc.(a)

    80,527       354,319  
   

 

 

 
Auto Components — 0.5%            

Cooper-Standard Holdings Inc.(a)

    39,144       343,293  

Horizon Global Corp.(a)

    53,644       306,307  

Modine Manufacturing Co.(a)

    115,401       1,039,763  

Motorcar Parts of America Inc.(a)

    43,627       777,870  

Stoneridge Inc.(a)(b)

    60,262       1,251,039  

Strattec Security Corp.(a)(b)

    8,905       331,889  

Superior Industries International Inc.(a)

    57,284       266,944  

Sypris Solutions Inc.(a)

    28,231       75,941  

Unique Fabricating Inc.(a)

    21,060       40,014  

XL Fleet Corp.(a)

    274,975       547,200  
   

 

 

 
              4,980,260  
Automobiles — 0.2%            

Arcimoto Inc.(a)(b)

    66,398       438,891  

AYRO Inc.(a)

    76,841       98,356  

Mullen Automotive Inc.(a)(b)

    35,372       105,409  

Volcon Inc.(a)(b)

    14,853       28,369  

Workhorse Group Inc.(a)(b)

      358,040       1,790,200  
   

 

 

 
      2,461,225  
Banks — 14.2%            

ACNB Corp.

    19,795       691,835  

Affinity Bancshares Inc.(a)

    14,235       223,917  

Allegiance Bancshares Inc.

    44,031       1,967,305  

Amalgamated Financial Corp.

    31,944       574,034  

Amerant Bancorp Inc.

    60,917       1,924,368  

American National Bankshares Inc.

    24,321       916,415  

AmeriServ Financial Inc.

    32,603       131,716  

Ames National Corp.

    20,375       506,523  

Arrow Financial Corp.

    32,384       1,049,889  

Auburn National Bancorp. Inc.

    5,598       184,790  

Bancorp. Inc. (The)(a)

    120,978       3,427,307  

Bank First Corp.

    15,406       1,109,078  

Bank of Marin Bancorp., Class A

    35,994       1,262,310  

Bank of Princeton (The)

    13,219       381,368  
Security   Shares     Value  

Banks (continued)

   

Bank of South Carolina Corp.

    8,282     $ 154,459  

Bank of the James Financial Group Inc.

    9,095       132,787  

Bank7 Corp.

    7,942       187,590  

BankFinancial Corp.

    27,484       284,734  

Bankwell Financial Group Inc.

    14,019       474,263  

Bar Harbor Bankshares

    34,319       982,210  

Baycom Corp.

    23,168       504,367  

BCB Bancorp. Inc.

    34,020       620,865  

Blue Ridge Bankshares Inc.

    40,336       611,897  

Business First Bancshares Inc.

    44,519       1,083,147  

Byline Bancorp Inc.

    58,437       1,559,099  

C&F Financial Corp.

    7,676       384,644  

California Bancorp Inc.(a)(b)

    17,733       408,036  

Cambridge Bancorp.

    15,926       1,353,710  

Camden National Corp.

    33,760       1,588,070  

Capital Bancorp Inc./MD

    18,647       426,270  

Capital City Bank Group Inc.

    31,344       826,228  

Capstar Financial Holdings Inc.

    47,535       1,002,038  

Carter Bankshares Inc.(a)

    60,072       1,043,451  

CB Financial Services Inc.(b)

    11,182       263,336  

CBTX Inc.

    43,155       1,337,805  

Central Pacific Financial Corp.

    60,335       1,683,347  

Central Valley Community Bancorp.

    23,827       556,360  

Chemung Financial Corp.

    8,095       377,956  

ChoiceOne Financial Services Inc.

    16,180       405,471  

Citizens & Northern Corp.

    36,338       885,920  

Citizens Community Bancorp. Inc./WI

    23,360       352,970  

Citizens Holding Co.

    10,959       211,509  

Civista Bancshares Inc.

    34,042       820,412  

CNB Financial Corp./PA

    37,632       990,474  

Coastal Financial Corp./WA(a)(b)

    23,696       1,084,092  

Codorus Valley Bancorp. Inc.

    21,366       470,052  

Colony Bankcorp Inc.

    25,758       480,902  

Community Financial Corp. (The)

    12,166       486,640  

Community Trust Bancorp. Inc.

    36,530       1,505,036  

Community West Bancshares

    16,292       228,251  

ConnectOne Bancorp. Inc.

    86,794       2,778,276  

CrossFirst Bankshares Inc.(a)(b)

      106,962       1,685,721  

Customers Bancorp. Inc.(a)(b)

    70,552               3,678,581  

Dime Community Bancshares Inc.

    78,208       2,703,651  

Eagle Bancorp. Montana Inc.

    14,750       329,368  

Emclaire Financial Corp.

    5,458       204,784  

Enterprise Bancorp. Inc./MA

    21,581       865,830  

Equity Bancshares Inc., Class A(b)

    31,409       1,014,825  

Esquire Financial Holdings Inc.(a)(b)

    16,289       547,473  

Evans Bancorp. Inc.

    12,155       461,890  

Farmers & Merchants Bancorp. Inc./Archbold OH(b)

    23,814       860,876  

Farmers National Banc Corp.

    71,871       1,226,119  

Fidelity D&D Bancorp. Inc.

    9,281       430,917  

Financial Institutions Inc.

    36,600       1,102,758  

Finwise Bancorp.(a)(b)

    8,178       140,253  

First Bancorp. Inc. (The)

    24,456       735,636  

First Bancshares Inc. (The)

    46,963       1,580,775  

First Bank/Hamilton NJ

    36,112       513,513  

First Business Financial Services Inc.

    18,777       616,073  

First Capital Inc.

    7,659       296,020  

First Community Bankshares Inc.

    38,978       1,099,569  

First Community Corp./SC

    17,184       364,301  

First Financial Corp./IN

    26,603       1,151,378  

First Financial Northwest Inc.

    16,636       284,642  

 

 

18  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Banks (continued)

   

First Foundation Inc.

      116,704     $ 2,834,740  

First Guaranty Bancshares Inc.

    23,831       570,514  

First Internet Bancorp.

    21,523       925,704  

First Mid Bancshares Inc.

    38,856       1,495,567  

First National Corp./VA

    9,651       202,671  

First Northwest Bancorp.

    18,614       411,183  

First of Long Island Corp. (The)

    51,898       1,009,935  

First Savings Financial Group Inc.

    14,436       354,259  

First U.S. Bancshares Inc.

    12,956       150,549  

First United Corp.

    14,894       335,562  

First Western Financial Inc.(a)

    15,082       471,463  

Five Star Bancorp.

    28,808       815,266  

Flushing Financial Corp.

    67,972       1,519,174  

FNCB Bancorp Inc.

    39,408       373,194  

Franklin Financial Services Corp.

    9,623       323,140  

FVCBankcorp Inc.(a)(b)

    27,665       574,049  

German American Bancorp. Inc.

    57,660       2,190,503  

Glen Burnie Bancorp.

    5,741       71,877  

Great Southern Bancorp. Inc.

    23,888               1,409,631  

Guaranty Bancshares Inc./TX

    18,889       661,115  

Hanmi Financial Corp.

    70,545       1,736,112  

HarborOne Bancorp Inc.

    109,422       1,534,096  

Hawthorn Bancshares Inc.

    13,824       349,471  

HBT Financial Inc.

    24,030       436,865  

Heritage Commerce Corp.

    135,506       1,524,443  

HomeStreet Inc.

    44,579       2,112,153  

HomeTrust Bancshares Inc.

    34,710       1,024,986  

Horizon Bancorp Inc./IN

    99,351       1,854,883  

Independent Bank Corp./MI

    47,769       1,050,918  

Investar Holding Corp.(b)

    22,310       425,898  

Lakeland Bancorp. Inc.

    143,909       2,403,280  

Landmark Bancorp. Inc./Manhattan KS

    9,872       259,930  

LCNB Corp.

    23,505       412,748  

Limestone Bancorp. Inc.

    12,023       250,800  

Macatawa Bank Corp.

    60,955       549,205  

MainStreet Bancshares Inc.

    16,356       397,614  

Malvern Bancorp. Inc.(a)(b)

    16,832       271,164  

Mercantile Bank Corp.

    36,213       1,282,664  

Meridian Corp.

    12,486       400,676  

Metrocity Bankshares Inc.

    43,932       1,031,523  

Metropolitan Bank Holding Corp.(a)(b)

    23,418       2,383,250  

Mid Penn Bancorp. Inc.

    33,011       885,025  

Middlefield Banc Corp.

    13,214       327,971  

Midland States Bancorp. Inc.

    49,644       1,432,726  

MidWestOne Financial Group Inc.

    33,291       1,101,932  

MVB Financial Corp.

    23,821       988,572  

National Bankshares Inc.

    14,069       523,226  

Nicolet Bankshares Inc.(a)(b)

    28,261       2,644,382  

Northeast Bank

    17,419       594,162  

Northrim Bancorp. Inc.

    13,849       603,401  

Norwood Financial Corp.

    17,516       500,782  

Oak Valley Bancorp.

    15,777       291,086  

Ohio Valley Banc Corp.

    10,178       307,376  

Old Point Financial Corp.

    8,804       215,698  

Old Second Bancorp. Inc.

    64,423       934,778  

Orange County Bancorp Inc.

    12,042       481,800  

Origin Bancorp Inc.

    52,064       2,201,787  

Orrstown Financial Services Inc.

    25,539       585,609  

Parke Bancorp. Inc.

    23,176       547,185  

Partners Bancorp.

    23,930       220,395  
Security   Shares     Value  

Banks (continued)

   

Pathfinder Bancorp. Inc.

    7,807     $ 166,367  

Patriot National Bancorp Inc.(a)

    8,847       149,780  

PCB Bancorp.

    27,729       636,381  

Peapack Gladstone Financial Corp.

    41,170       1,430,658  

Penns Woods Bancorp. Inc.

    15,785       385,628  

Peoples Bancorp. Inc./OH

    59,186       1,853,114  

Peoples Bancorp. of North Carolina Inc.

    10,319       296,155  

Peoples Financial Services Corp.

    16,292       822,420  

Plumas Bancorp.

    11,090       422,529  

Preferred Bank/Los Angeles CA

    23,500       1,741,115  

Premier Financial Corp.

    83,864       2,543,595  

Primis Financial Corp.

    56,095       784,208  

Professional Holding Corp., Class A(a)

    28,770       649,051  

QCR Holdings Inc.

    35,429       2,004,927  

RBB Bancorp.

    32,740       769,063  

Red River Bancshares Inc.

    10,416       551,111  

Republic Bancorp. Inc./KY, Class A

    21,857       982,254  

Republic First Bancorp. Inc.(a)(b)

      105,361       543,663  

Richmond Mutual Bancorp. Inc.

    25,635       437,333  

Riverview Bancorp. Inc.

    49,107       370,758  

Salisbury Bancorp. Inc.

    6,163       345,128  

SB Financial Group Inc.

    15,949       317,545  

Shore Bancshares Inc.

    38,949       797,676  

Sierra Bancorp.

    32,555       813,224  

SmartFinancial Inc.

    32,137       822,064  

Sound Financial Bancorp. Inc.

    5,272       201,021  

South Plains Financial Inc.

    24,498       651,157  

Southern First Bancshares Inc.(a)

    17,345       881,820  

Southern States Bancshares Inc.(b)

    5,329       122,940  

Spirit of Texas Bancshares Inc.

    29,854       784,563  

Stock Yards Bancorp. Inc.

    56,102       2,967,796  

Summit Financial Group Inc.

    25,937       663,728  

Summit State Bank

    12,856       218,938  

Third Coast Bancshares Inc.(a)

    9,216       212,890  

TriState Capital Holdings Inc.(a)

    68,196       2,266,153  

Union Bankshares Inc./Morrisville VT

    9,333       286,990  

United Bancorp. Inc./OH

    11,475       206,894  

United Bancshares Inc./OH

    6,028       193,860  

United Security Bancshares/Fresno CA

    32,967       273,626  

Unity Bancorp. Inc.

    16,384       458,424  

Univest Financial Corp.

    67,588       1,808,655  

USCB Financial Holdings Inc.(a)

    23,060       330,450  

Village Bank and Trust Financial Corp.

    1,448       76,454  

Virginia National Bankshares Corp.(b)

    10,898       375,981  

Washington Trust Bancorp. Inc.

    40,289       2,115,172  

West Bancorp. Inc.

    37,636       1,024,076  
   

 

 

 
          155,330,485  
Beverages — 0.0%            

Alkaline Water Co. Inc. (The)(a)(b)

    194,353       178,805  

Fresh Vine Wine Inc.(a)(b)

    7,169       24,016  

Reed’s Inc.(a)(b)

    214,795       64,546  

Willamette Valley Vineyards Inc.(a)

    10,992       99,258  

Winc Inc.(a)

    3,635       11,523  

Zevia PBC, Class A(a)(b)

    24,429       111,640  
   

 

 

 
      489,788  
Biotechnology — 12.5%            

180 Life Sciences Corp.(a)(b)

    68,995       178,697  

4D Molecular Therapeutics Inc.(a)(b)

    64,449       974,469  

89bio Inc.(a)

    23,320       87,916  

 

 

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)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Aadi Bioscience Inc.(a)(b)

    42,383     $ 719,240  

Abeona Therapeutics Inc.(a)(b)

    274,613       86,503  

Acorda Therapeutics Inc.(a)(b)

    24,858       40,021  

Actinium Pharmaceuticals Inc.(a)(b)

    52,191       266,696  

Acumen Pharmaceuticals Inc.(a)(b)

    66,096       258,435  

Acurx Pharmaceuticals Inc.(a)(b)

    15,191       49,826  

Adicet Bio Inc.(a)

    59,898       1,196,163  

Aditx Therapeutics Inc.(a)(b)

    29,674       13,546  

ADMA Biologics Inc.(a)

    415,086       759,607  

Adverum Biotechnologies Inc.(a)(b)

    198,135       259,557  

Aeglea BioTherapeutics Inc.(a)

    95,450       219,535  

Aerovate Therapeutics Inc.(a)(b)

    30,631       561,466  

Affimed NV(a)

    267,979       1,171,068  

Agenus Inc.(a)

    505,949       1,244,635  

AgeX Therapeutics Inc.(a)

    57,542       49,141  

Aileron Therapeutics Inc.(a)(b)

    175,420       89,885  

AIM ImmunoTech Inc.(a)(b)

    111,404       118,088  

Akebia Therapeutics Inc.(a)(b)

    402,732       289,121  

Akero Therapeutics Inc.(a)

    59,253       840,800  

Akouos Inc.(a)(b)

    54,941       260,970  

Alaunos Therapeutics Inc.(a)(b)

    491,811       320,857  

Albireo Pharma Inc.(a)(b)

    38,955       1,162,028  

Aldeyra Therapeutics Inc.(a)(b)

    113,545       504,708  

Aligos Therapeutics Inc.(a)

    47,665       102,480  

Allena Pharmaceuticals Inc.(a)(b)

    123,380       28,525  

Alpine Immune Sciences Inc.(a)(b)

    26,780       240,217  

Altimmune Inc.(a)

    92,169       561,309  

AnaptysBio Inc.(a)

    44,961       1,112,335  

Anavex Life Sciences Corp.(a)(b)

    155,777       1,917,615  

Anika Therapeutics Inc.(a)

    33,258       835,108  

Anixa Biosciences Inc.(a)(b)

    63,120       172,949  

Annexon Inc.(a)

    73,214       199,874  

Annovis Bio Inc.(a)(b)

    12,475       166,541  

Applied Genetic Technologies Corp./DE(a)(b)

    99,000       105,930  

Applied Therapeutics Inc.(a)(b)

    41,624       87,827  

Aprea Therapeutics Inc.(a)(b)

    42,200       78,492  

Aptevo Therapeutics Inc.(a)

    5,797       34,028  

Aptinyx Inc.(a)(b)

    103,641       235,265  

AquaBounty Technologies Inc.(a)(b)

    149,354       279,292  

Aravive Inc.(a)(b)

    35,343       68,212  

Arbutus Biopharma Corp.(a)

      209,606       624,626  

ARCA biopharma Inc.(a)(b)

    34,787       80,010  

Arcellx Inc.(a)(b)

    21,392       299,916  

Arcturus Therapeutics Holdings Inc.(a)

    49,123               1,324,356  

Ardelyx Inc.(a)

    218,932       234,257  

Aridis Pharmaceuticals Inc.(a)(b)

    23,003       40,485  

Armata Pharmaceuticals Inc.(a)(b)

    22,662       110,817  

Assembly Biosciences Inc.(a)(b)

    99,114       204,175  

Astria Therapeutics Inc.(a)

    9,038       60,645  

Athenex Inc.(a)(b)

    197,634       163,937  

Athersys Inc.(a)(b)

    493,273       298,677  

Atossa Therapeutics Inc.(a)(b)

    267,397       334,246  

Atreca Inc., Class A(a)

    59,797       189,556  

aTyr Pharma Inc.(a)(b)

    62,745       335,686  

Aura Biosciences Inc.(a)

    12,912       284,064  

Avalo Therapeutics Inc.(a)(b)

    149,698       108,486  

AVEO Pharmaceuticals Inc.(a)(b)

    70,712       395,280  

Avid Bioservices Inc.(a)(b)

    139,989       2,851,576  

Avidity Biosciences Inc.(a)

    86,955       1,606,059  

Avita Medical Inc.(a)(b)

    56,616       480,104  
Security   Shares     Value  

Biotechnology (continued)

   

Avrobio Inc.(a)(b)

    88,359     $ 116,634  

Axcella Health Inc.(a)(b)

    47,034       120,877  

Aziyo Biologics Inc., Class A(a)(b)

    5,901       35,111  

Benitec Biopharma Inc.(a)

    17,861       41,705  

Beyondspring Inc.(a)

    53,055       116,721  

BioCardia Inc.(a)(b)

    31,740       65,702  

Biocept Inc.(a)(b)

    38,675       89,726  

Biomea Fusion Inc.(a)(b)

    50,417       224,860  

Bio-Path Holdings Inc.(a)

    15,230       58,483  

BioVie Inc.(a)

    9,039       42,664  

Bioxcel Therapeutics Inc.(a)(b)

    40,099       838,470  

Bolt Biotherapeutics Inc.(a)

    54,429       149,135  

BrainStorm Cell Therapeutics Inc.(a)

    72,704       244,285  

Cabaletta Bio Inc.(a)

    51,037       103,605  

Caladrius Biosciences Inc.(a)

    137,552       99,313  

Calithera Biosciences Inc.(a)(b)

    160,001       64,640  

Calyxt Inc.(a)

    33,350       34,684  

Candel Therapeutics Inc.(a)(b)

    37,262       189,664  

Capricor Therapeutics Inc.(a)(b)

    51,522       176,720  

Cardiff Oncology Inc.(a)(b)

    88,218       218,781  

CASI Pharmaceuticals Inc.(a)(b)

    249,724       202,202  

Catalyst Biosciences Inc.(a)

    72,389       47,777  

Catalyst Pharmaceuticals Inc.(a)

    224,309       1,859,522  

Celcuity Inc.(a)(b)

    22,753       212,741  

Celldex Therapeutics Inc.(a)(b)

    106,499       3,627,356  

Cellectar Biosciences Inc.(a)

    131,341       90,336  

CEL-SCI Corp.(a)(b)

    83,913       329,778  

CELSION Corp., NVS

    12,856       65,051  

Checkmate Pharmaceuticals Inc.(a)

    19,484       62,154  

Checkpoint Therapeutics Inc.(a)(b)

    147,374       260,852  

ChemoCentryx Inc.(a)(b)

    125,079               3,135,731  

Chimerix Inc.(a)

    168,336       770,979  

Chinook Therapeutics Inc.(a)

    93,663       1,532,327  

Cidara Therapeutics Inc.(a)

    136,585       113,734  

Clene Inc.(a)(b)

    48,180       189,829  

Clovis Oncology Inc.(a)

      264,419       534,126  

Codiak Biosciences Inc.(a)

    36,332       227,802  

Cogent Biosciences Inc.(a)

    86,785       650,020  

Cohbar Inc.(a)

    128,175       40,285  

Concert Pharmaceuticals Inc.(a)

    72,056       242,829  

Contra GTX Inc., NVS(b)(c)

    1,634       1,675  

ContraFect Corp.(a)(b)

    90,944       331,946  

Corbus Pharmaceuticals Holdings Inc.(a)

    275,712       146,541  

Corvus Pharmaceuticals Inc.(a)(b)

    73,240       120,114  

Crinetics Pharmaceuticals Inc.(a)

    106,960       2,347,772  

CTI BioPharma Corp.(a)(b)

    200,611       936,853  

Cue Biopharma Inc.(a)

    71,842       350,589  

Curis Inc.(a)

    201,552       479,694  

Cyclacel Pharmaceuticals Inc.(a)(b)

    23,314       71,108  

Cyclerion Therapeutics Inc.(a)

    75,423       83,720  

Cyclo Therapeutics Inc.(a)(b)

    15,988       50,682  

Cyteir Therapeutics Inc.(a)(b)

    44,085       166,200  

CytomX Therapeutics Inc.(a)(b)

    150,714       402,406  

Decibel Therapeutics Inc.(a)(b)

    31,881       96,918  

DermTech Inc.(a)(b)

    56,435       828,466  

DiaMedica Therapeutics Inc.(a)

    42,869       107,172  

Dyadic International Inc.(a)(b)

    45,766       137,756  

Dynavax Technologies Corp.(a)(b)

    249,877       2,708,667  

Eagle Pharmaceuticals Inc./DE(a)

    26,427       1,307,872  

Eiger BioPharmaceuticals Inc.(a)

    74,560       618,848  

 

 

20  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Eledon Pharmaceuticals Inc.(a)

    31,508     $ 124,142  

Elevation Oncology Inc.(a)(b)

    28,659       72,221  

Eliem Therapeutics Inc.(a)(b)

    14,128       118,534  

Enochian Biosciences Inc.(a)(b)

    45,371       374,311  

Entasis Therapeutics Holdings Inc.(a)(b)

    23,880       44,656  

Entrada Therapeutics Inc.(a)(b)

    23,904       224,459  

Epizyme Inc.(a)

    334,857       385,086  

Equillium Inc.(a)(b)

    29,975       94,421  

Evelo Biosciences Inc.(a)(b)

    69,275       234,842  

Exagen Inc.(a)(b)

    23,613       189,612  

Exicure Inc.(a)(b)

    138,668       27,664  

Fennec Pharmaceuticals Inc.(a)(b)

    40,880       228,928  

Finch Therapeutics Group Inc.(a)

    18,140       91,244  

Foghorn Therapeutics Inc.(a)

    45,439       692,036  

Forte Biosciences Inc.(a)(b)

    27,002       39,423  

Fortress Biotech Inc.(a)

    172,940       235,198  

Frequency Therapeutics Inc.(a)(b)

    73,096       154,964  

G1 Therapeutics Inc.(a)(b)

    91,263       693,599  

Gain Therapeutics Inc.(a)(b)

    9,825       40,086  

Galectin Therapeutics Inc.(a)(b)

    93,217       150,079  

Galera Therapeutics Inc.(a)

    33,235       79,099  

Gemini Therapeutics Inc.(a)(b)

    52,851       73,463  

Genocea Biosciences Inc.(a)(b)

    95,888       119,860  

Genprex Inc.(a)(b)

    104,633       236,471  

GeoVax Labs Inc.(a)

    13,218       15,201  

Geron Corp.(a)(b)

      703,619       956,922  

GlycoMimetics Inc.(a)(b)

    96,616       110,142  

Gossamer Bio Inc.(a)(b)

    143,543               1,245,953  

Graphite Bio Inc.(a)(b)

    67,362       343,546  

Greenwich Lifesciences Inc.(a)(b)

    9,450       185,409  

Gritstone bio Inc.(a)

    98,371       405,289  

GT Biopharma Inc.(a)(b)

    40,671       117,132  

Harpoon Therapeutics Inc.(a)

    42,914       213,283  

HCW Biologics Inc.(a)(b)

    36,201       98,829  

Heat Biologics Inc.(a)(b)

    58,587       179,276  

Hillstream BioPharma Inc., NVS(b)

    8,838       14,141  

Homology Medicines Inc.(a)(b)

    98,673       299,966  

Hookipa Pharma Inc.(a)(b)

    43,856       99,992  

Humanigen Inc.(a)(b)

    112,380       338,264  

iBio Inc.(a)(b)

      492,383       210,838  

Icosavax Inc.(a)(b)

    56,220       395,789  

Ideaya Biosciences Inc.(a)

    75,589       845,841  

Idera Pharmaceuticals Inc.(a)(b)

    107,746       53,873  

Imago Biosciences Inc.(a)(b)

    46,669       899,312  

Immix Biopharma Inc., NVS(b)

    8,078       19,468  

Immucell Corp.(a)(b)

    12,665       122,217  

Immuneering Corp., Class A(a)(b)

    43,021       278,346  

Immunic Inc.(a)

    43,450       490,985  

ImmunoGen Inc.(a)

    498,325       2,372,027  

Immunome Inc.(a)(b)

    20,148       114,441  

Impel Neuropharma Inc.(a)(b)

    14,231       90,651  

IN8bio Inc.(a)(b)

    15,663       54,351  

Infinity Pharmaceuticals Inc.(a)(b)

    199,938       227,929  

Inhibikase Therapeutics Inc.(a)

    48,089       71,172  

Inhibrx Inc.(a)

    64,452       1,435,991  

Inmune Bio Inc.(a)(b)

    21,049       177,233  

Inozyme Pharma Inc.(a)

    34,428       140,811  

Intercept Pharmaceuticals Inc.(a)(b)

    57,607       937,266  

iTeos Therapeutics Inc.(a)

    46,649       1,501,165  

IVERIC bio Inc.(a)(b)

    266,382       4,483,209  
Security   Shares     Value  

Biotechnology (continued)

   

Janux Therapeutics Inc.(a)(b)

    41,409     $ 593,805  

Jounce Therapeutics Inc.(a)

    76,913       522,239  

KalVista Pharmaceuticals Inc.(a)(b)

    51,688       761,881  

Karyopharm Therapeutics Inc.(a)(b)

    167,468       1,234,239  

Keros Therapeutics Inc.(a)

    36,233       1,970,351  

Kezar Life Sciences Inc.(a)

    88,030       1,463,059  

Kintara Therapeutics Inc.(a)(b)

    85,425       33,991  

Kiromic BioPharma Inc.(a)(b)

    32,313       27,595  

La Jolla Pharmaceutical Co.(a)

    39,604       169,109  

Lantern Pharma Inc.(a)(b)

    17,652       126,212  

Larimar Therapeutics Inc.(a)(b)

    26,450       107,123  

Leap Therapeutics Inc.(a)(b)

    138,478       242,336  

Lexicon Pharmaceuticals Inc.(a)(b)

    161,311       337,140  

Lineage Cell Therapeutics Inc.(a)(b)

    293,536       452,045  

Lixte Biotechnology Holdings Inc.(a)

    12,822       15,515  

LogicBio Therapeutics Inc.(a)(b)

    49,631       33,754  

Lumos Pharma Inc.(a)(b)

    14,752       139,406  

Magenta Therapeutics Inc.(a)

    70,408       204,183  

MannKind Corp.(a)(b)

    572,824       2,107,992  

Marker Therapeutics Inc.(a)(b)

    141,414       62,222  

MediciNova Inc.(a)(b)

    107,521       287,081  

MEI Pharma Inc.(a)(b)

    292,589       176,285  

MeiraGTx Holdings PLC(a)

    69,509       962,700  

Merrimack Pharmaceuticals Inc.(a)

    25,319       160,143  

Mersana Therapeutics Inc.(a)

    166,066       662,603  

Metacrine Inc.(a)(b)

    36,356       22,174  

MiMedx Group Inc.(a)

      258,745               1,218,689  

Minerva Neurosciences Inc.(a)(b)

    91,610       76,055  

MiNK Therapeutics Inc.(a)(b)

    6,349       14,285  

Mirum Pharmaceuticals Inc.(a)

    8,149       179,441  

Molecular Templates Inc.(a)

    84,791       292,529  

Moleculin Biotech Inc.(a)(b)

    63,562       113,140  

Monopar Therapeutics Inc.(a)(b)

    10,606       27,151  

Mustang Bio Inc.(a)(b)

    165,481       167,136  

NanoViricides Inc.(a)(b)

    26,383       55,140  

Navidea Biopharmaceuticals Inc.(a)

    54,591       43,127  

Neoleukin Therapeutics Inc.(a)

    82,664       155,408  

NeuBase Therapeutics Inc.(a)(b)

    60,923       114,535  

NeuroBo Pharmaceuticals Inc.(a)(b)

    20,928       18,879  

NexImmune Inc.(a)

    40,878       172,096  

NextCure Inc.(a)

    42,727       207,653  

Nkarta Inc.(a)

    33,082       376,473  

Nuvalent Inc., Class A(a)(b)

    42,821       594,784  

Nuvectis Pharma Inc.(a)(b)

    7,225       53,537  

Nymox Pharmaceutical Corp.(a)(b)

    110,932       139,774  

Olema Pharmaceuticals Inc.(a)

    59,572       253,777  

Omega Therapeutics Inc.(a)(b)

    52,218       325,840  

Oncocyte Corp.(a)(b)

    137,096       204,273  

Oncorus Inc.(a)

    48,055       85,538  

OncoSec Medical Inc.(a)(b)

    59,383       68,290  

Oncternal Therapeutics Inc.(a)

    104,935       145,860  

OpGen Inc.(a)

    87,853       65,899  

Organovo Holdings Inc.(a)(b)

    20,096       75,561  

Orgenesis Inc.(a)(b)

    51,397       178,348  

ORIC Pharmaceuticals Inc.(a)

    73,552       392,768  

Outlook Therapeutics Inc.(a)(b)

    261,357       465,215  

Ovid therapeutics Inc.(a)(b)

    132,937       417,422  

Oyster Point Pharma Inc.(a)(b)

    25,391       295,551  

Panbela Therapeutics Inc.(a)(b)

    27,061       57,099  

Pasithea Therapeutics Corp.(a)(b)

    8,995       11,694  

 

 

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)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

PDS Biotechnology Corp.(a)(b)

    59,947     $ 371,072  

PhaseBio Pharmaceuticals Inc.(a)

    86,542       114,235  

Phio Pharmaceuticals Corp.(a)(b)

    31,824       28,228  

Pieris Pharmaceuticals Inc.(a)

    132,272       400,784  

Plus Therapeutics Inc.(a)

    39,940       39,940  

Portage Biotech Inc.(a)(b)

    11,632       76,422  

Poseida Therapeutics Inc.(a)

    65,817       294,860  

Precision BioSciences Inc.(a)(b)

    118,595       365,273  

Prometheus Biosciences Inc.(a)

    69,455       2,622,621  

Protagonist Therapeutics Inc.(a)

    103,741       2,456,587  

Protalix BioTherapeutics Inc.(a)(b)

    100,759       106,805  

Protara Therapeutics Inc.(a)

    23,162       118,358  

Prothena Corp. PLC(a)

    83,750       3,062,737  

Puma Biotechnology Inc.(a)

    74,167       213,601  

Pyxis Oncology Inc.(a)

    24,777       100,099  

Qualigen Therapeutics Inc.(a)

    59,323       39,153  

Rallybio Corp.(a)(b)

    42,436       296,203  

RAPT Therapeutics Inc.(a)

    49,151       1,080,830  

Reneo Pharmaceuticals Inc.(a)(b)

    21,257       62,496  

Rezolute Inc.(a)

    19,951       67,434  

Rigel Pharmaceuticals Inc.(a)

    394,346               1,179,095  

Salarius Pharmaceuticals Inc.(a)

    103,317       41,131  

Savara Inc.(a)(b)

    177,408       232,404  

Scholar Rock Holding Corp.(a)

    65,128       839,500  

Scopus Biopharma Inc.(a)

    35,407       24,470  

Selecta Biosciences Inc.(a)

    210,104       258,428  

SELLAS Life Sciences Group Inc.(a)(b)

    36,950       246,826  

Sensei Biotherapeutics Inc.(a)(b)

    48,281       111,529  

Sera Prognostics Inc., Class A(a)

    19,610       74,322  

Sesen Bio Inc.(a)(b)

      465,537       280,579  

Sierra Oncology Inc.(a)(b)

    23,014       737,599  

Sigilon Therapeutics Inc.(a)(b)

    33,994       49,971  

Sio Gene Therapies Inc.(a)

    123,826       82,963  

Soleno Therapeutics Inc.(a)(b)

    113,702       25,356  

Solid Biosciences Inc.(a)(b)

    136,594       163,913  

Soligenix Inc.(a)(b)

    89,654       65,438  

Spectrum Pharmaceuticals Inc.(a)(b)

    373,836       482,248  

Spero Therapeutics Inc.(a)(b)

    55,779       485,277  

Spruce Biosciences Inc.(a)(b)

    20,977       42,164  

SQZ Biotechnologies Co.(a)(b)

    53,079       255,310  

Statera Biopharma Inc.(a)

    51,889       16,345  

Summit Therapeutics Inc.(a)(b)

    62,213       152,422  

Surface Oncology Inc.(a)(b)

    81,221       238,790  

Sutro Biopharma Inc.(a)(b)

    99,957       821,647  

Syndax Pharmaceuticals Inc.(a)(b)

    113,848       1,978,678  

Synlogic Inc.(a)

    99,912       239,789  

Syros Pharmaceuticals Inc.(a)(b)

    131,678       156,697  

T2 Biosystems Inc.(a)(b)

    326,762       171,256  

Talaris Therapeutics Inc.(a)

    49,127       483,410  

Taysha Gene Therapies Inc.(a)

    51,941       338,655  

TCR2 Therapeutics Inc.(a)

    71,963       198,618  

Tenax Therapeutics Inc.(a)

    29,519       23,899  

Tenaya Therapeutics Inc.(a)(b)

    66,500       783,370  

Tonix Pharmaceuticals Holding Corp.(a)(b)

    1,149,226       264,552  

Tracon Pharmaceuticals Inc.(a)(b)

    35,140       92,418  

TransCode Therapeutics Inc.(a)

    14,637       42,155  

Trevena Inc.(a)(b)

    373,156       205,198  

TScan Therapeutics Inc.(a)(b)

    34,989       97,969  

Tyme Technologies Inc.(a)

    156,484       54,769  

Tyra Biosciences Inc.(a)(b)

    27,239       291,457  
Security   Shares     Value  

Biotechnology (continued)

   

Unicycive Therapeutics Inc.(a)(b)

    22,865     $ 29,496  

UNITY Biotechnology Inc.(a)(b)

    97,705       109,430  

UroGen Pharma Ltd.(a)(b)

    45,492       396,235  

Vaccinex Inc.(a)(b)

    41,422       54,677  

Vanda Pharmaceuticals Inc.(a)

    127,340       1,440,215  

Vaxart Inc.(a)(b)

    284,743       1,435,105  

Vaxcyte Inc.(a)(b)

    98,790       2,385,778  

VBI Vaccines Inc.(a)(b)

    435,997       723,755  

Vera Therapeutics Inc.(a)

    31,471       739,254  

Verastem Inc.(a)

    402,879       568,059  

Vigil Neuroscience Inc.(a)(b)

    14,938       105,014  

Viking Therapeutics Inc.(a)

    158,954       476,862  

Vincerx Pharma Inc.(a)(b)

    38,817       155,268  

Viracta Therapeutics Inc.(a)(b)

    85,757       408,203  

Viridian Therapeutics Inc.(a)

    41,235       762,435  

Virios Therapeutics Inc.(a)(b)

    16,429       73,602  

VistaGen Therapeutics Inc.(a)

    451,262       559,565  

Vor BioPharma Inc.(a)(b)

    43,505       262,770  

Voyager Therapeutics Inc.(a)(b)

    60,799       463,288  

vTv Therapeutics Inc., Class A(a)(b)

    52,243       37,725  

Vyant Bio Inc.(a)(b)

    70,922       101,418  

Werewolf Therapeutics Inc.(a)(b)

    61,029       268,528  

Windtree Therapeutics Inc.(a)(b)

    44,600       50,844  

X4 Pharmaceuticals Inc.(a)(b)

    54,574       95,505  

XBiotech Inc.

    35,555       307,195  

Xilio Therapeutics Inc.(a)(b)

    17,318       122,438  

XOMA Corp.(a)

    13,880       388,362  

Yield10 Bioscience Inc.(a)(b)

    9,783       51,850  

Yumanity Therapeutics Inc.(a)(b)

    21,165       31,748  
   

 

 

 
          137,559,932  
Building Products — 0.4%            

Aeroclean Technologies Inc.(a)

    4,615       16,614  

Alpha Pro Tech Ltd.(a)(b)

    27,301       114,664  

Applied UV Inc.(a)(b)

    14,961       22,441  

Armstrong Flooring Inc.(a)

    49,445       70,706  

Caesarstone Ltd.

    51,750       544,410  

Insteel Industries Inc.(b)

    43,332       1,602,851  

Jewett-Cameron Trading Co. Ltd.(a)

    6,757       46,894  

Quanex Building Products Corp.

    77,331       1,623,178  
   

 

 

 
      4,041,758  
Capital Markets — 1.3%            

Ashford Inc.(a)

    2,497       42,774  

Associated Capital Group Inc., Class A

    4,101       171,873  

Blucora Inc.(a)

      112,917       2,207,527  

Cohen & Co. Inc.

    1,593       25,727  

Cowen Inc., Class A

    61,495       1,666,514  

Diamond Hill Investment Group Inc.

    7,017       1,314,284  

Donnelley Financial Solutions Inc.(a)

    68,356       2,273,520  

GAMCO Investors Inc., Class A

    11,726       259,262  

Greenhill & Co. Inc.

    32,532       503,270  

Hennessy Advisors Inc.

    9,615       97,304  

Heritage Global Inc.(a)

    53,232       71,863  

Manning & Napier Inc.

    32,002       291,538  

Oppenheimer Holdings Inc., Class A, NVS

    21,377       931,610  

Pzena Investment Management Inc., Class A

    38,579       309,404  

Safeguard Scientifics Inc.(a)(b)

    37,903       197,854  

Siebert Financial Corp.(a)(b)

    29,909       64,603  

Silvercrest Asset Management Group Inc., Class A

    22,809       466,444  

StoneX Group Inc.(a)

    39,870       2,959,550  

 

 

22  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Capital Markets (continued)

   

Value Line Inc.

    2,398     $ 160,666  

Westwood Holdings Group Inc.

    17,140       262,585  
   

 

 

 
      14,278,172  
Chemicals — 1.7%            

Advanced Emissions Solutions Inc.(a)

    38,862       241,722  

AdvanSix Inc.

    63,334       3,235,734  

AgroFresh Solutions Inc.(a)

    70,519       133,986  

American Vanguard Corp.

    67,607       1,373,774  

Aspen Aerogels Inc.(a)(b)

    51,264       1,767,583  

Core Molding Technologies Inc.(a)

    17,842       191,980  

Crown ElectroKinetics Corp.(a)

    16,863       30,691  

Flexible Solutions International Inc.(a)

    17,968       73,130  

Flotek Industries Inc.(a)

    155,355       195,747  

FutureFuel Corp.

    62,515       608,271  

Hawkins Inc.

    44,692       2,051,363  

Intrepid Potash Inc.(a)

    23,171       1,903,266  

Koppers Holdings Inc.

    47,744       1,313,915  

LSB Industries Inc.(a)

    138,752       3,030,344  

Marrone Bio Innovations Inc.(a)

    238,729       257,827  

Northern Technologies International Corp.

    17,684       212,562  

Rayonier Advanced Materials Inc.(a)

    142,568       936,672  

Trecora Resources(a)(b)

    55,090       466,061  

Tredegar Corp.

    60,441       724,687  

Valhi Inc.

    5,562       163,022  
   

 

 

 
            18,912,337  
Commercial Services & Supplies — 1.9%            

ACCO Brands Corp.

      215,092       1,720,736  

Acme United Corp.

    5,216       176,040  

Aqua Metals Inc.(a)(b)

    157,142       237,284  

ARC Document Solutions Inc.

    84,235       328,517  

Aris Water Solution Inc., A

    44,976       818,563  

CECO Environmental Corp.(a)(b)

    71,467       392,354  

Charah Solutions Inc.(a)(b)

    31,469       157,030  

CompX International Inc.

    3,754       88,294  

DSS Inc.(a)(b)

    128,281       73,505  

Ennis Inc.

    59,140       1,092,316  

Fuel Tech Inc.(a)

    58,115       84,267  

GEO Group Inc. (The)(a)

    273,237       1,806,097  

Heritage-Crystal Clean Inc.(a)

    36,059       1,067,707  

Interface Inc.

    134,299       1,822,437  

Kimball International Inc., Class B

    83,951       709,386  

Montrose Environmental Group Inc.(a)(b)

    60,727       3,214,280  

NL Industries Inc.

    19,544       140,521  

Odyssey Marine Exploration Inc.(a)(b)

    27,950       186,147  

Performant Financial Corp.(a)(b)

    104,735       325,726  

Perma-Fix Environmental Services Inc.(a)

    26,792       148,160  

Quad/Graphics Inc.(a)

    78,559       545,199  

Quest Resource Holding Corp.(a)

    38,462       236,541  

Renovare Environmental Inc(a)

    43,113       23,691  

SP Plus Corp.(a)

    53,473       1,676,913  

Team Inc.(a)

    60,739       134,233  

TOMI Environmental Solutions Inc.(a)(b)

    33,005       29,959  

Viad Corp.(a)

    46,792       1,667,667  

Vidler Water Resouces Inc.(a)(b)

    37,959       586,087  

Virco Mfg. Corp.(a)

    24,848       74,296  

VSE Corp.

    24,435       1,126,209  
   

 

 

 
      20,690,162  
Communications Equipment — 1.2%            

Applied Optoelectronics Inc.(a)(b)

    60,804       221,935  
Security   Shares     Value  

Communications Equipment (continued)

   

Aviat Networks Inc.(a)(b)

    22,665     $ 697,402  

BK Technologies Corp.

    34,110       86,981  

CalAmp Corp.(a)

    82,109       600,217  

Cambium Networks Corp.(a)

    25,155       594,664  

Casa Systems Inc.(a)(b)

    74,399       336,283  

Clearfield Inc.(a)(b)

    26,391       1,721,221  

ClearOne Inc.(a)(b)

    19,763       18,036  

ComSovereign Holding Corp.(a)(b)

    118,605       99,628  

Comtech Telecommunications Corp.

    59,558       934,465  

Digi International Inc.(a)

    80,817       1,739,182  

DZS Inc.(a)

    40,267       558,503  

EMCORE Corp.(a)(b)

    85,293       315,584  

Franklin Wireless Corp.(a)

    22,519       89,738  

Genasys Inc.(a)

    84,001       231,003  

Harmonic Inc.(a)(b)

    210,762       1,957,979  

Inseego Corp.(a)(b)

    196,646       796,416  

KVH Industries Inc.(a)

    34,921       317,781  

Lantronix Inc.(a)

    60,716       405,583  

Network-1 Technologies Inc.

    29,248       76,337  

Ondas Holdings Inc.(a)(b)

    73,924       539,645  

PCTEL Inc.

    41,701       193,493  

Ribbon Communications Inc.(a)

    162,368       501,717  

TESSCO Technologies Inc.(a)

    14,891       89,942  

Vislink Technologies Inc.(a)(b)

    107,136       113,564  
   

 

 

 
            13,237,299  
Construction & Engineering — 1.7%            

Argan Inc.

    34,569       1,403,156  

Bowman Consulting Group Ltd.(a)(b)

    21,051       346,078  

Concrete Pumping Holdings Inc.(a)(b)

    59,546       398,958  

Great Lakes Dredge & Dock Corp.(a)(b)

      149,880       2,102,816  

IES Holdings Inc.(a)

    19,975       802,995  

Infrastructure and Energy Alternatives Inc.(a)(b)

    63,211       749,050  

INNOVATE Corp.(a)(b)

    108,734       401,228  

iSun Inc.(a)

    19,166       78,581  

Limbach Holdings Inc.(a)

    22,369       155,465  

Matrix Service Co.(a)

    61,070       501,995  

Moving Image Technologies LLC(a)(b)

    15,443       19,304  

MYR Group Inc.(a)

    38,331       3,604,647  

Northwest Pipe Co.(a)

    22,749       578,962  

NV5 Global Inc.(a)

    30,564       4,074,181  

Orbital Energy Group Inc.(a)(b)

    107,728       198,220  

Orion Group Holdings Inc.(a)

    66,931       165,989  

Sterling Construction Co. Inc.(a)(b)

    64,625       1,731,950  

Tutor Perini Corp.(a)

    96,446       1,041,617  

Williams Industrial Services Group Inc.(a)

    41,824       83,230  
   

 

 

 
      18,438,422  
Construction Materials — 0.1%            

Smith-Midland Corp.(a)(b)

    9,612       170,613  

United States Lime & Minerals Inc.

    4,798       556,760  
   

 

 

 
      727,373  
Consumer Finance — 0.9%            

Atlanticus Holdings Corp.(a)(b)

    11,444       592,685  

Consumer Portfolio Services Inc.(a)

    34,116       346,619  

Curo Group Holdings Corp.

    48,722       635,822  

Elevate Credit Inc.(a)

    49,109       150,274  

Enova International Inc.(a)

    84,073       3,192,252  

EZCORP Inc., Class A, NVS(a)

    116,035       700,851  

Medallion Financial Corp.(b)

    49,147       417,749  

Nicholas Financial Inc.(a)

    11,233       115,138  

 

 

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)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Consumer Finance (continued)

   

Oportun Financial Corp.(a)

    48,609     $ 698,025  

Regional Management Corp.

    17,512       850,558  

World Acceptance Corp.(a)(b)

    9,830       1,885,787  
   

 

 

 
      9,585,760  
Containers & Packaging — 0.3%            

Myers Industries Inc.

    84,021       1,814,854  

Ranpak Holdings Corp.(a)(b)

    87,385       1,785,275  
   

 

 

 
      3,600,129  
Distributors — 0.1%            

AMCON Distributing Co.

    379       58,859  

Educational Development Corp.

    14,221       110,213  

Funko Inc., Class A(a)(b)

    62,090       1,071,052  

Greenlane Holdings Inc., Class A(a)

    38,520       21,571  

Weyco Group Inc.

    14,026       346,723  
   

 

 

 
      1,608,418  
Diversified Consumer Services — 1.4%            

American Public Education Inc.(a)

    42,904       911,281  

Amesite Inc.(a)(b)

    37,409       21,323  

Aspen Group Inc./CO(a)

    51,948       84,156  

Carriage Services Inc.

    35,466       1,891,402  

Elite Education Group International Ltd.(a)(b)

    6,400       14,080  

European Wax Center Inc., Class A(a)(b)

    30,822       911,098  

Houghton Mifflin Harcourt Co.(a)

    294,643       6,190,450  

Lincoln Educational Services Corp.(a)

    56,254       402,216  

OneSpaWorld Holdings Ltd.(a)(b)

    123,192       1,256,558  

Perdoceo Education Corp.(a)

    162,780       1,868,714  

Regis Corp.(a)(b)

    101,474       215,125  

StoneMor Inc.(a)

    74,545       194,563  

Universal Technical Institute Inc.(a)

    74,741       661,458  

XpresSpa Group Inc.(a)(b)

      241,448       272,836  

Zovio Inc.(a)

    66,560       54,586  
   

 

 

 
            14,949,846  
Diversified Financial Services — 0.4%            

Alerus Financial Corp.

    35,099       970,136  

A-Mark Precious Metals Inc.

    20,853       1,612,771  

Banco Latinoamericano de Comercio Exterior SA, Class E

    71,302       1,110,885  

FlexShopper Inc.(a)(b)

    35,604       60,883  

GWG Holdings Inc.(a)(b)

    7,078       38,363  

SWK Holdings Corp.(a)(b)

    8,042       135,749  
   

 

 

 
      3,928,787  
Diversified Telecommunication Services — 0.7%  

Anterix Inc.(a)

    26,865       1,555,483  

ATN International Inc.

    25,523       1,017,857  

Consolidated Communications Holdings Inc.(a)

    169,473       999,891  

Cuentas Inc.(a)(b)

    13,877       17,901  

IDT Corp., Class B(a)

    33,556       1,143,924  

Ooma Inc.(a)

    51,446       771,176  

Radius Global Infrastructure Inc., Class A(a)(b)

    166,679       2,380,176  
   

 

 

 
      7,886,408  
Electric Utilities — 0.1%            

Genie Energy Ltd., Class B

    48,120       324,810  

Via Renewables Inc.

    28,229       232,607  
   

 

 

 
      557,417  
Electrical Equipment — 1.0%            

Advent Technologies Holdings Inc.(a)(b)

    76,873       178,345  

Allied Motion Technologies Inc.

    27,953       834,118  

American Superconductor Corp.(a)(b)

    64,386       489,977  
Security   Shares     Value  

Electrical Equipment (continued)

 

Babcock & Wilcox Enterprises Inc.(a)

    128,163     $ 1,045,810  

Beam Global(a)(b)

    20,549       420,227  

BitNile Holdings Inc.(a)(b)

    192,116       161,973  

Blink Charging Co.(a)(b)

    84,727       2,241,876  

Broadwind Inc.(a)(b)

    41,311       89,645  

Capstone Green Energy Corp.(a)(b)

    35,703       147,096  

Energous Corp.(a)(b)

    168,716       202,459  

Eos Energy Enterprises Inc.(a)(b)

    104,095       435,117  

Espey Manufacturing & Electronics Corp.(a)

    4,371       60,757  

Flux Power Holdings Inc.(a)(b)

    20,641       55,111  

FTC Solar Inc.(a)(b)

    94,035       463,593  

Ideal Power Inc.(a)(b)

    14,272       125,594  

LSI Industries Inc.

    60,664       363,984  

Nuvve Holding Corp.(a)(b)

    15,595       123,045  

Ocean Power Technologies Inc.(a)(b)

    122,623       172,898  

Orion Energy Systems Inc.(a)

    66,752       186,906  

Pioneer Power Solutions Inc.

    8,121       45,965  

Polar Power Inc.(a)(b)

    16,703       53,450  

Powell Industries Inc.

    21,224       412,170  

Preformed Line Products Co.

    6,828       433,032  

Romeo Power Inc.(a)(b)

      225,373       335,806  

Sunworks Inc.(a)(b)

    67,739       170,702  

Thermon Group Holdings Inc.(a)

    76,605       1,241,001  

Ultralife Corp.(a)

    22,622       121,480  

Westwater Resources Inc.(a)

    78,198       156,396  
   

 

 

 
            10,768,533  
Electronic Equipment, Instruments & Components — 1.5%  

Airgain Inc.(a)(b)

    20,476       155,208  

Akoustis Technologies Inc.(a)(b)

    117,935       766,577  

AmpliTech Group Inc.(a)(b)

    9,358       31,443  

Arlo Technologies Inc.(a)

    196,279       1,739,032  

Autoscope Technologies Corp.

    7,259       45,804  

Bel Fuse Inc., Class B, NVS

    23,729       423,325  

ClearSign Technologies Corp.(a)

    55,534       90,520  

Coda Octopus Group Inc.(a)(b)

    13,399       88,031  

CPS Technologies Corp.(a)(b)

    25,766       134,241  

CTS Corp.

    74,093       2,618,447  

Daktronics Inc.(a)

    85,282       327,483  

Data I/O Corp.(a)

    17,813       75,705  

Digital Ally Inc.(a)(b)

    112,901       123,062  

Frequency Electronics Inc.(a)

    13,932       121,208  

Identiv Inc.(a)(b)

    49,656       802,938  

Intellicheck Inc.(a)

    41,160       104,958  

Interlink Electronics Inc.(a)(b)

    2,819       27,232  

Iteris Inc.(a)

    100,265       298,790  

Key Tronic Corp.(a)

    23,467       132,589  

Kimball Electronics Inc.(a)(b)

    55,559       1,110,624  

LGL Group Inc. (The)(a)(b)

    7,199       78,829  

LightPath Technologies Inc., Class A(a)(b)

    64,645       127,351  

Luna Innovations Inc.(a)(b)

    71,608       552,098  

MICT Inc.(a)(b)

    257,289       157,255  

Napco Security Technologies Inc.(a)(b)

    67,003       1,374,902  

Powerfleet Inc.(a)(b)

    76,684       227,751  

Red Cat Holdings Inc.(a)(b)

    77,040       155,621  

Research Frontiers Inc.(a)(b)

    70,096       134,584  

RF Industries Ltd.(a)

    22,351       161,151  

Richardson Electronics Ltd.

    26,569       330,518  

ScanSource Inc.(a)(b)

    58,195       2,024,604  

Soluna Holdings Inc(a)(b)

    19,472       214,387  

VerifyMe Inc.(a)(b)

    12,565       42,344  

 

 

24  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

Vishay Precision Group Inc.(a)

    28,687     $ 922,287  

Wayside Technology Group Inc.

    9,525       325,755  

Wireless Telecom Group Inc.(a)(b)

    34,885       60,002  

Wrap Technologies Inc.(a)(b)

    48,095       129,857  
   

 

 

 
      16,236,513  
Energy Equipment & Services — 2.0%            

Bristow Group Inc.(a)

    54,876       2,034,802  

Dawson Geophysical Co.(a)

    49,268       115,287  

DMC Global Inc.(a)

    44,478       1,356,579  

ENGlobal Corp.(a)(b)

    59,700       77,610  

Expro Group Holdings NV(a)(b)

    107,969       1,919,689  

Exterran Corp.(a)

    58,992       366,340  

Forum Energy Technologies Inc.(a)(b)

    10,285       235,527  

Geospace Technologies Corp.(a)

    29,248       168,176  

Gulf Island Fabrication Inc.(a)

    31,973       125,334  

Helix Energy Solutions Group Inc.(a)

    330,829       1,581,363  

ION Geophysical Corp.(a)(b)

    61,225       53,388  

KLX Energy Services Holdings Inc.(a)

    14,717       76,087  

Mammoth Energy Services Inc.(a)

    33,432       71,210  

MIND Technology Inc.(a)(b)

    31,300       39,438  

Nabors Industries Ltd.(a)

    16,392       2,503,386  

Natural Gas Services Group Inc.(a)

    28,329       337,398  

NCS Multistage Holdings Inc.(a)

    1,332       66,680  

Newpark Resources Inc.(a)

    209,833       767,989  

Nine Energy Service Inc.(a)(b)

    37,629       140,732  

Oil States International Inc.(a)

    139,816       971,721  

Profire Energy Inc.(a)

    91,260       118,638  

Ranger Energy Services Inc.(a)

    11,569       118,582  

SEACOR Marine Holdings Inc.(a)(b)

    48,548       391,782  

Select Energy Services Inc., Class A(a)

    148,029       1,268,609  

Smart Sand Inc.(a)(b)

    54,263       187,207  

Solaris Oilfield Infrastructure Inc., Class A

    72,310       816,380  

TETRA Technologies Inc.(a)

    286,305       1,176,714  

Tidewater Inc.(a)

    95,320       2,072,257  

U.S. Silica Holdings Inc.(a)

    170,274       3,177,313  
   

 

 

 
            22,336,218  
Entertainment — 0.2%            

Ballantyne Strong Inc.(a)

    29,688       91,439  

Chicken Soup For The Soul Entertainment Inc.(a)(b)

    17,463       139,529  

Cinedigm Corp., Class A(a)(b)

      347,175       282,462  

CuriosityStream Inc.(a)(b)

    59,304       171,982  

Dolphin Entertainment Inc.(a)

    27,073       141,050  

Eros STX Global Corp.(a)(b)

    37,388       104,313  

Gaia Inc.(a)(b)

    27,733       136,446  

LiveOne Inc(a)(b)

    146,014       119,147  

Marcus Corp. (The)(a)

    53,160       940,932  

Reading International Inc., Class A, NVS(a)

    37,973       162,525  
   

 

 

 
      2,289,825  
Equity Real Estate Investment Trusts (REITs) — 4.0%  

Alpine Income Property Trust Inc.

    23,512       442,026  

Ashford Hospitality Trust Inc.(a)(b)

    38,883       396,607  

Bluerock Residential Growth REIT Inc., Class A

    61,788       1,641,707  

Braemar Hotels & Resorts Inc.(b)

    132,829       820,883  

BRT Apartments Corp.

    26,342       631,418  

CatchMark Timber Trust Inc., Class A

    112,671       923,902  

Cedar Realty Trust Inc.

    29,595       818,006  

Chatham Lodging Trust(a)

    110,330       1,521,451  

City Office REIT Inc.

    99,276       1,753,214  

Clipper Realty Inc.

    28,059       254,495  
Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

CorEnergy Infrastructure Trust Inc.

    34,069     $ 104,592  

Creative Media & Community Trust Corp.

    39,999       309,592  

CTO Realty Growth Inc.

    13,538       897,840  

Farmland Partners Inc.

    66,769       918,074  

Franklin Street Properties Corp., Class C

    236,225       1,393,727  

Gladstone Commercial Corp.

    85,452       1,881,653  

Gladstone Land Corp.

    72,730       2,648,826  

Global Medical REIT Inc.

    139,061       2,269,475  

Global Self Storage Inc.

    23,971       134,238  

Hersha Hospitality Trust, Class A(a)

    74,745       678,685  

Indus Realty Trust Inc.

    13,298       971,951  

InnSuites Hospitality Trust(b)

    8,062       24,589  

NETSTREIT Corp.

    91,817       2,060,373  

New York City REIT Inc., Class A(b)

    22,534       297,449  

NexPoint Residential Trust Inc.

    51,556       4,656,022  

One Liberty Properties Inc.

    37,291       1,148,190  

Pennsylvania Real Estate Investment Trust(a)

    183,503       115,717  

Plymouth Industrial REIT Inc.

    72,401       1,962,067  

Postal Realty Trust Inc., Class A

    38,883       654,012  

Power REIT(a)

    5,454       214,833  

Preferred Apartment Communities Inc., Class A

    120,828       3,013,450  

Presidio Property Trust Inc., Class A

    28,801       106,852  

Retail Value Inc.

    41,000       125,460  

Seritage Growth Properties, Class A(a)

    86,901       1,100,167  

Sotherly Hotels Inc.(a)

    33,247       68,489  

UMH Properties Inc.

    101,756       2,502,180  

Universal Health Realty Income Trust

    29,787       1,738,667  

Urstadt Biddle Properties Inc., Class A

    68,602       1,290,404  

Wheeler Real Estate Investment Trust Inc.(a)(b)

    18,259       41,996  

Whitestone REIT

      106,285       1,408,276  
   

 

 

 
          43,941,555  
Food & Staples Retailing — 0.7%            

Blue Apron Holdings Inc., Class A(a)(b)

    40,926       165,750  

Chefs’ Warehouse Inc. (The)(a)(b)

    72,641       2,368,097  

HF Foods Group Inc.(a)(b)

    85,894       572,054  

MedAvail Holdings Inc.(a)(b)

    27,908       27,102  

Natural Grocers by Vitamin Cottage Inc.

    21,210       415,716  

Rite Aid Corp.(a)(b)

    129,563       1,133,676  

SpartanNash Co.

    83,361       2,750,079  

Village Super Market Inc., Class A

    19,682       482,209  
   

 

 

 
      7,914,683  
Food Products — 0.4%            

Alico Inc.

    14,435       542,179  

Arcadia Biosciences Inc.(a)(b)

    52,736       73,830  

Bridgford Foods Corp.(a)

    4,637       49,384  

Farmer Bros. Co.(a)

    39,880       283,946  

Laird Superfood Inc.(a)

    14,300       51,623  

Landec Corp.(a)

    60,374       699,131  

Lifeway Foods Inc.(a)(b)

    9,432       68,099  

Limoneira Co.

    35,697       524,032  

Nuzee Inc.(a)(b)

    26,412       57,842  

Pineapple Energy Inc, NVS

    4,194       26,212  

Real Good Food Co. Inc. (The)(a)

    12,740       100,646  

Rocky Mountain Chocolate Factory Inc.

    11,452       85,203  

S&W Seed Co.(a)

    31,875       67,894  

Seneca Foods Corp., Class A(a)

    13,738       708,057  

Vita Coco Co. Inc. (The)(a)

    25,637       229,708  

Vital Farms Inc.(a)(b)

    56,654       700,243  

 

 

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)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Food Products (continued)

   

Whole Earth Brands Inc.(a)

    85,852     $ 614,700  
   

 

 

 
      4,882,729  
Gas Utilities — 0.0%            

RGC Resources Inc.

    18,460       394,675  
   

 

 

 
Health Care Equipment & Supplies — 4.9%            

Accelerate Diagnostics Inc.(a)(b)

    77,543       111,662  

Accuray Inc.(a)(b)

      212,370       702,945  

Acutus Medical Inc.(a)

    43,703       60,747  

Alphatec Holdings Inc.(a)(b)

    163,161       1,876,351  

AngioDynamics Inc.(a)

    87,038       1,874,799  

Apollo Endosurgery Inc.(a)

    60,038       363,230  

Apyx Medical Corp.(a)

    71,711       468,273  

Asensus Surgical Inc.(a)(b)

    549,150       344,207  

Aspira Women’s Health Inc.(a)(b)

    172,183       179,070  

Avinger Inc., NVS(b)

    11,801       42,838  

Bellerophon Therapeutics Inc.(a)

    18,586       43,863  

Beyond Air Inc.(a)

    62,027       414,340  

BioLife Solutions Inc.(a)

    24,312       552,612  

Biomerica Inc.(a)

    24,505       109,537  

BioSig Technologies Inc.(a)(b)

    68,169       78,394  

Bioventus Inc., Class A(a)

    65,215       919,531  

Bluejay Diagnostics Inc.(a)

    19,861       22,244  

Chembio Diagnostics Inc.(a)(b)

    71,025       58,241  

ClearPoint Neuro Inc.(a)(b)

    44,712       465,452  

Co-Diagnostics Inc.(a)(b)

    63,337       391,423  

Cutera Inc.(a)

    40,623       2,802,987  

CVRx Inc.(a)

    24,742       148,205  

CytoSorbents Corp.(a)

    96,655       308,329  

DarioHealth Corp.(a)

    32,092       187,417  

Delcath Systems Inc.(a)(b)

    12,395       79,328  

Ekso Bionics Holdings Inc.(a)

    31,882       92,139  

ElectroCore Inc.(a)(b)

    149,338       87,363  

Electromed Inc.(a)(b)

    17,089       212,587  

ENDRA Life Sciences Inc.(a)(b)

    93,529       36,476  

Envveno Medical Corp.(a)(b)

    22,986       146,421  

Femasys Inc.(a)(b)

    13,186       29,800  

FONAR Corp.(a)

    15,103       280,161  

GBS Inc.(a)(b)

    29,549       23,116  

HeartBeam Inc.(a)(b)

    6,761       12,373  

Helius Medical Technologies Inc.(a)(b)

    7,630       25,179  

Intersect ENT Inc.(a)

    77,199       2,162,344  

IntriCon Corp.(a)(b)

    19,860       473,860  

Invacare Corp.(a)

    80,932       114,114  

INVO BioScience Inc.(a)

    23,115       61,024  

iRadimed Corp.

    14,652       656,996  

IRIDEX Corp.(a)

    31,430       145,521  

Kewaunee Scientific Corp.(a)

    6,063       86,701  

Lantheus Holdings Inc.(a)

    156,173               8,637,929  

LeMaitre Vascular Inc.

    43,605       2,026,324  

LENSAR Inc.(a)

    21,632       160,077  

Lucid Diagnostics Inc.(a)(b)

    12,630       42,437  

Lucira Health Inc.(a)

    36,203       129,245  

Meridian Bioscience Inc.(a)(b)

    98,846       2,566,042  

Microbot Medical Inc.(a)(b)

    15,833       99,273  

Milestone Scientific Inc.(a)(b)

    118,415       179,991  

Minerva Surgical Inc.(a)(b)

    15,045       67,703  

Motus GI Holdings Inc.(a)(b)

    115,764       41,663  

Myomo Inc.(a)(b)

    13,348       50,856  

Natus Medical Inc.(a)

    77,912       2,047,527  
Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Nemaura Medical Inc.(a)

    25,507     $ 111,466  

Neuronetics Inc.(a)(b)

    58,540       177,376  

NeuroPace Inc.(a)

    16,703       137,132  

OraSure Technologies Inc.(a)(b)

    166,514       1,128,965  

Orthofix Medical Inc.(a)

    43,563       1,424,510  

OrthoPediatrics Corp.(a)(b)

    31,948       1,724,873  

PAVmed Inc.(a)(b)

    169,263       223,427  

Predictive Oncology Inc.(a)(b)

    146,879       143,501  

Pro-Dex Inc.(a)(b)

    4,945       81,741  

Pulse Biosciences Inc.(a)(b)

    31,790       154,499  

Quotient Ltd.(a)(b)

    186,914       224,297  

Repro-Med Systems Inc.(a)(b)

    67,618       193,387  

Retractable Technologies Inc.(a)(b)

    41,122       195,330  

ReWalk Robotics Ltd.(a)(b)

    106,393       123,416  

RxSight Inc.(a)

    40,956       507,035  

Sanara Medtech Inc.(a)(b)

    7,225       200,494  

SeaSpine Holdings Corp.(a)

    73,153       889,540  

Second Sight Medical Products Inc.(a)(b)

    37,844       54,117  

Senseonics Holdings Inc.(a)(b)

    997,122       1,964,330  

Sensus Healthcare Inc.(a)(b)

    29,133       294,826  

SI-BONE Inc.(a)(b)

    75,145       1,698,277  

Sientra Inc.(a)(b)

    133,995       297,469  

SiNtx Technologies Inc.(a)(b)

    65,656       40,050  

Sonendo Inc.(a)(b)

    19,173       76,884  

Stereotaxis Inc.(a)

    115,550       431,001  

Strata Skin Sciences Inc.(a)(b)

    56,077       82,433  

Surgalign Holdings Inc.(a)(b)

    289,458       88,082  

Surmodics Inc.(a)

    31,173       1,413,072  

Talis Biomedical Corp.(a)

    33,198       46,809  

Tela Bio Inc.(a)(b)

    16,277       189,302  

Tivic Health Systems Inc.(a)(b)

    8,666       13,779  

TransMedics Group Inc.(a)(b)

    59,846       1,612,251  

UFP Technologies Inc.(a)

    16,130       1,067,322  

Utah Medical Products Inc.

    7,964       715,645  

Vapotherm Inc.(a)(b)

    52,399       728,346  

Venus Concept Inc.(a)(b)

    61,982       88,634  

ViewRay Inc.(a)

      349,409       1,369,683  

VolitionRx Ltd.(a)(b)

    84,665       254,842  

Xtant Medical Holdings Inc.(a)(b)

    20,683       14,064  

Zynex Inc.

    51,332       319,798  
   

 

 

 
            53,803,272  
Health Care Providers & Services — 1.6%            

AirSculpt Technologies Inc.(a)

    14,834       202,929  

Akumin Inc.(a)

    138,078       153,267  

AlerisLife Inc(a)

    42,701       91,807  

Apollo Medical Holdings Inc.(a)(b)

    87,265       4,229,734  

Avalon GloboCare Corp.(a)(b)

    57,675       40,413  

Biodesix Inc.(a)(b)

    29,304       49,524  

Castle Biosciences Inc.(a)(b)

    49,436       2,217,699  

Cross Country Healthcare Inc.(a)(b)

    82,976       1,798,090  

Enzo Biochem Inc.(a)(b)

    103,892       301,287  

Great Elm Group Inc.(a)

    33,753       61,093  

Hanger Inc.(a)(b)

    86,332       1,582,465  

Imac Holdings Inc.(a)

    59,612       61,400  

InfuSystem Holdings Inc.(a)

    42,226       413,815  

Joint Corp. (The)(a)(b)

    32,213       1,140,018  

Novo Integrated Sciences Inc.(a)(b)

    21,390       49,411  

Ontrak Inc.(a)

    25,991       58,870  

PetIQ Inc.(a)

    62,168       1,516,899  

Precipio Inc.(a)(b)

    48,008       64,811  

 

 

26  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Providers & Services (continued)

 

Progenity Inc.(a)(b)

    43,356     $ 50,293  

Psychemedics Corp.

    11,811       82,086  

RadNet Inc.(a)

    105,286       2,355,248  

Regional Health Properties Inc.(a)(b)

    5,588       19,726  

Sharps Compliance Corp.(a)(b)

    43,368       255,871  

SOC Telemed Inc.(a)

    138,828       415,096  

Sonida Senior Living Inc.(a)(b)

    7,402       245,228  

Viemed Healthcare Inc.(a)

    80,620       401,488  

Vivos Therapeutics Inc.(a)(b)

    43,689       117,086  
   

 

 

 
      17,975,654  
Health Care Technology — 0.6%            

CareCloud Inc.(a)(b)

    21,600       111,240  

Computer Programs & Systems Inc.(a)

    32,499       1,119,591  

Convey Health Solutions Holdings Inc.(a)

    31,899       208,619  

Forian Inc.(a)(b)

    43,083       299,858  

Healthcare Triangle Inc.(a)(b)

    14,136       17,246  

HealthStream Inc.(a)

    58,995       1,175,180  

Icad Inc.(a)

    50,174       223,776  

iSpecimen Inc.(a)(b)

    13,169       70,718  

NantHealth Inc.(a)

    66,019       49,752  

OptimizeRx Corp.(a)

    39,661       1,495,616  

Simulations Plus Inc.

    35,554       1,812,543  

Streamline Health Solutions Inc.(a)(b)

    69,118       110,589  
   

 

 

 
              6,694,728  
Hotels, Restaurants & Leisure — 2.4%            

Allied Esports Entertainment Inc.(a)(b)

    45,703       78,838  

Ark Restaurants Corp.(a)

    5,127       94,696  

BBQ Holdings Inc.(a)

    9,599       145,329  

Biglari Holdings Inc., Class B, NVS(a)

    1,885       272,590  

Bluegreen Vacations Holding Corp.(a)

    33,617       994,055  

BurgerFi International Inc.(a)(b)

      32,912       137,243  

Canterbury Park Holding Corp.

    7,129       156,838  

Carrols Restaurant Group Inc.

    76,878       173,744  

Century Casinos Inc.(a)

    62,586       747,903  

Chuy’s Holdings Inc.(a)(b)

    45,919       1,239,813  

Drive Shack Inc.(a)(b)

    193,430       297,882  

El Pollo Loco Holdings Inc.(a)

    44,009       511,385  

Esports Entertainment Group Inc.(a)

    40,462       29,226  

Esports Technologies Inc.(a)(b)

    30,327       204,404  

Everi Holdings Inc.(a)(b)

    197,824       4,154,304  

FAT Brands Inc.

    13,074       97,401  

Fiesta Restaurant Group Inc.(a)

    40,432       302,229  

First Watch Restaurant Group Inc.(a)

    25,295       330,100  

Flanigan’s Enterprises Inc.(a)

    1,880       65,236  

Full House Resorts Inc.(a)

    75,375       724,354  

GAN Ltd.(a)

    93,508       450,708  

Golden Entertainment Inc.(a)

    39,863       2,314,844  

Golden Nugget Online Gaming Inc.(a)

    92,799       659,801  

Good Times Restaurants Inc.(a)

    22,361       78,263  

Hall of Fame Resort & Entertainment Co.(a)(b)

    129,503       143,748  

Inspired Entertainment Inc.(a)

    30,331       373,071  

Kura Sushi USA Inc., Class A(a)

    10,371       571,961  

Lindblad Expeditions Holdings Inc.(a)(b)

    70,574       1,064,256  

Luby’s Inc.

    43,656       99,536  

Monarch Casino & Resort Inc.(a)(b)

    30,482       2,658,945  

Nathan’s Famous Inc.

    6,484       351,238  

NEOGAMES SA(a)

    24,070       371,400  

Noodles & Co.(a)(b)

    93,667       559,192  

ONE Group Hospitality Inc. (The)(a)

    47,966       504,123  
Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

   

PlayAGS Inc.(a)(b)

    64,371     $ 429,354  

Potbelly Corp.(a)

    61,749       413,718  

RCI Hospitality Holdings Inc.

    20,488       1,259,192  

Red Robin Gourmet Burgers Inc.(a)(b)

    35,895       605,190  

Ruth’s Hospitality Group Inc.

    76,201       1,743,479  

Target Hospitality Corp.(a)(b)

    57,643       345,858  

Xponential Fitness Inc., Class A(a)

    28,740       673,666  
   

 

 

 
      26,429,113  
Household Durables — 1.3%            

Aterian Inc.(a)(b)

    59,296       144,089  

Bassett Furniture Industries Inc.

    21,259       352,049  

Beazer Homes USA Inc.(a)

    68,131       1,036,954  

Dixie Group Inc. (The)(a)

    34,686       107,527  

Ethan Allen Interiors Inc.

    52,616       1,371,699  

Flexsteel Industries Inc.

    14,606       281,896  

Green Brick Partners Inc.(a)

    71,061       1,404,165  

Hamilton Beach Brands Holding Co., Class A

    16,969       197,350  

Harbor Custom Development Inc.(a)(b)

    29,482       67,219  

Hooker Furnishings Corp.

    26,661       504,959  

Hovnanian Enterprises Inc., Class A(a)

    11,954       706,481  

Koss Corp.(a)(b)

    9,784       89,621  

Landsea Homes Corp.(a)

    25,021       213,930  

Legacy Housing Corp.(a)

    18,779       402,997  

Lifetime Brands Inc.

    28,985       372,167  

Live Ventures Inc.(a)

    2,928       124,469  

Lovesac Co. (The)(a)(b)

    29,700       1,605,582  

Nephros Inc.(a)(b)

    14,025       61,710  

Tupperware Brands Corp.(a)(b)

    113,270       2,203,102  

Universal Electronics Inc.(a)

    29,241       913,489  

VOXX International Corp.(a)(b)

    36,538       364,284  

Vuzix Corp.(a)(b)

      135,577       894,808  

Weber Inc., Class A(b)

    48,583       477,571  
   

 

 

 
            13,898,118  
Household Products — 0.0%            

Ocean Bio-Chem Inc.

    9,159       73,913  

Oil-Dri Corp. of America

    12,097       346,579  
   

 

 

 
      420,492  
Industrial Conglomerates — 0.0%            

Gaucho Group Holdings Inc.(a)(b)

    18,245       47,072  
   

 

 

 
Insurance — 1.2%            

Ambac Financial Group Inc.(a)

    106,174       1,104,210  

Atlantic American Corp.

    11,702       36,276  

Citizens Inc./TX(a)(b)

    115,904       491,433  

Crawford & Co., Class A, NVS

    38,457       290,735  

Donegal Group Inc., Class A

    34,323       460,272  

FedNat Holding Co.(a)

    39,306       53,063  

FG Financial Group Inc.(a)(b)

    4,503       11,753  

Greenlight Capital Re Ltd., Class A(a)(b)

    60,546       428,060  

Hallmark Financial Services Inc.(a)(b)

    29,421       106,798  

HCI Group Inc.

    13,102       893,294  

Heritage Insurance Holdings Inc.

    60,069       428,893  

ICC Holdings Inc.(a)

    4,671       76,464  

Investors Title Co.

    3,002       610,037  

Kingstone Companies Inc.

    21,196       112,763  

Kingsway Financial Services Inc.(a)(b)

    23,864       131,252  

Maiden Holdings Ltd.(a)(b)

    162,605       391,878  

Marpai Inc.(a)(b)

    19,108       34,394  

MBIA Inc.(a)(b)

    111,395       1,714,369  

 

 

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

  27


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Insurance (continued)

   

MetroMile Inc.(a)(b)

    267,195     $ 352,697  

Midwest Holding Inc.(a)(b)

    6,136       102,778  

National Western Life Group Inc., Class A

    5,918       1,245,147  

NI Holdings Inc.(a)(b)

    20,027       339,658  

Tiptree Inc.

    54,392       698,937  

Trean Insurance Group Inc.(a)(b)

    40,568       190,264  

United Fire Group Inc.

    48,550       1,508,449  

United Insurance Holdings Corp.

    45,915       151,979  

Universal Insurance Holdings Inc.

    63,623       858,274  

Vericity Inc.(a)(b)

    5,054       30,829  
   

 

 

 
      12,854,956  
Interactive Media & Services — 0.5%            

AutoWeb Inc.(a)(b)

    17,592       40,638  

Creatd Inc.(a)(b)

    24,395       28,054  

DHI Group Inc.(a)

    104,093       619,353  

EverQuote Inc., Class A(a)

    45,568       737,290  

IZEA Worldwide Inc.(a)(b)

    142,253       236,140  

Kubient Inc.(a)

    26,422       44,917  

Liberty TripAdvisor Holdings Inc., Class A(a)(b)

    171,450       351,472  

Outbrain Inc.(a)(b)

    56,390       605,065  

QuinStreet Inc.(a)

    115,978       1,345,345  

Society Pass Inc.(a)(b)

    6,984       20,742  

Super League Gaming Inc.(a)

    22,829       42,919  

Travelzoo(a)(b)

    13,560       88,954  

TrueCar Inc.(a)(b)

    221,348       874,325  

Zedge Inc., Class B(a)

    24,621       149,942  
   

 

 

 
              5,185,156  
Internet & Direct Marketing Retail — 0.7%            

1847 Goedeker Inc.(a)(b)

      141,820       272,294  

1stdibs.com Inc.(a)

    46,227       369,354  

CarParts.com Inc.(a)(b)

    112,735       755,325  

Digital Brands Group Inc.(a)(b)

    15,997       30,394  

Duluth Holdings Inc., Class B(a)

    28,370       346,965  

iMedia Brands Inc.(a)

    42,340       255,310  

iPower Inc.(a)(b)

    14,313       24,046  

Kidpik Corp.(a)(b)

    4,333       20,885  

Lands’ End Inc.(a)(b)

    33,429       565,619  

Liquidity Services Inc.(a)

    53,434       914,790  

Lulu’s Fashion Lounge Holdings Inc.(a)

    14,108       95,652  

PARTS iD Inc.(a)

    14,137       30,253  

PetMed Express Inc.

    47,440       1,223,952  

Porch Group Inc.(a)(b)

    177,605       1,233,467  

Remark Holdings Inc.(a)(b)

    224,984       184,127  

Rent the Runway Inc.(a)(b)

    40,180       276,840  

RumbleON Inc., Class B(a)(b)

    21,425       732,949  

TRxADE HEALTH Inc.(a)(b)

    9,436       26,138  

Waitr Holdings Inc.(a)(b)

    241,684       89,423  
   

 

 

 
      7,447,783  
IT Services — 1.9%            

ALJ Regional Holdings Inc.(a)(b)

    51,347       134,529  

American Virtual Cloud Technologies Inc.(a)(b)

    82,365       77,028  

BM Technologies Inc.(a)(b)

    21,685       185,407  

Brightcove Inc.(a)(b)

    94,540       737,412  

Cantaloupe Inc.(a)(b)

    134,562       910,985  

Cass Information Systems Inc.

    31,974       1,180,160  

Computer Task Group Inc.(a)

    32,014       312,777  

Crexendo Inc.(b)

    17,137       62,207  

CSP Inc.(a)

    9,521       74,264  

ESC Srax Inc., NVS

    49,878       2,993  
Security   Shares     Value  

IT Services (continued)

   

Exela Technologies Inc.(a)(b)

    379,315     $ 157,871  

Glimpse Group Inc. (The)(a)(b)

    4,924       31,464  

GreenBox POS(a)(b)

    43,984       185,612  

Grid Dynamics Holdings Inc.(a)

    105,021       1,478,696  

Hackett Group Inc. (The)

    56,859       1,311,169  

I3 Verticals Inc., Class A(a)(b)

    49,424       1,376,953  

IBEX Holdings Ltd.(a)(b)

    13,443       214,281  

Information Services Group Inc.

    83,889       571,284  

Innodata Inc.(a)

    57,469       401,708  

Inpixon(a)

    258,377       67,178  

International Money Express Inc.(a)

    74,812       1,541,875  

Limelight Networks Inc.(a)(b)

    290,766       1,517,798  

MoneyGram International Inc.(a)(b)

    207,854       2,194,938  

OLB Group Inc. (The)(a)

    5,640       9,870  

Paysign Inc.(a)(b)

    74,908       147,569  

PFSweb Inc.(a)

    38,750       442,912  

Priority Technology Holdings Inc.(a)(b)

    27,313       157,050  

Research Solutions Inc/CA(a)

    36,961       78,727  

ServiceSource International Inc.(a)(b)

    232,782       302,617  

StarTek Inc.(a)

    39,062       173,045  

Steel Connect Inc.(a)

    84,687       109,246  

Tucows Inc., Class A(a)(b)

    22,829       1,559,221  

Unisys Corp.(a)(b)

    152,115       3,287,205  

Usio Inc.(a)

    45,790       163,928  

WidePoint Corp.(a)(b)

    18,914       71,495  
   

 

 

 
            21,231,474  
Leisure Products — 0.8%            

American Outdoor Brands Inc.(a)(b)

    32,849       431,307  

AMMO Inc.(a)(b)

      204,315       980,712  

Clarus Corp.

    62,252       1,418,100  

Escalade Inc.

    22,558       297,766  

Genius Brands International Inc.(a)(b)

    656,544       669,675  

JAKKS Pacific Inc.(a)(b)

    17,041       239,085  

Johnson Outdoors Inc., Class A

    12,121       942,165  

Marine Products Corp.

    18,469       213,317  

MasterCraft Boat Holdings Inc.(a)

    42,364       1,042,578  

Nautilus Inc.(a)

    70,763       291,544  

Smith & Wesson Brands Inc.

    111,345       1,684,650  

Twin Vee PowerCats Co.(a)(b)

    5,669       23,640  

Vinco Ventures Inc.(a)(b)

    234,482       750,342  
   

 

 

 
      8,984,881  
Life Sciences Tools & Services — 0.5%            

Aduro Biotech Inc., NVS(c)

    33,109       99,327  

Akoya Biosciences Inc.(a)

    31,215       343,053  

Alpha Teknova Inc.(a)

    15,835       218,681  

Applied DNA Sciences Inc.(a)

    19,871       42,524  

Champions Oncology Inc.(a)

    14,709       119,584  

ChromaDex Corp.(a)(b)

    110,793       272,551  

Codex DNA Inc.(a)(b)

    20,788       111,632  

Fluidigm Corp.(a)(b)

    177,519       637,293  

Harvard Bioscience Inc.(a)

    91,540       568,463  

Inotiv Inc.(a)(b)

    40,636       1,063,851  

IsoPlexis Corp(a)

    19,595       67,211  

Miromatrix Medical Inc.(a)(b)

    27,631       109,419  

Personalis Inc.(a)(b)

    83,815       686,445  

Rapid Micro Biosystems Inc., Cass A(a)

    36,165       245,560  

Seqll Inc.(a)(b)

    12,444       17,297  

Singular Genomics Systems Inc.(a)(b)

    109,623       691,721  
   

 

 

 
      5,294,612  

 

 

28  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Machinery — 2.1%

   

AgEagle Aerial Systems Inc.(a)(b)

      158,194     $ 188,251  

Agrify Corp.(a)(b)

    41,508       192,182  

Blue Bird Corp.(a)(b)

    40,498       762,172  

CIRCOR International Inc.(a)

    42,376       1,128,049  

Columbus McKinnon Corp./NY

    64,514       2,735,394  

Commercial Vehicle Group Inc.(a)(b)

    74,748       631,621  

Douglas Dynamics Inc.

    52,435       1,813,727  

Eastern Co. (The)

    12,117       282,205  

Energy Recovery Inc.(a)(b)

    96,583       1,945,182  

FreightCar America Inc.(a)(b)

    32,384       191,389  

Gencor Industries Inc.(a)

    23,512       241,703  

Graham Corp.

    24,294       187,307  

Hurco Companies Inc.

    14,687       462,934  

Ideanomics Inc.(a)(b)

    1,132,448       1,268,342  

LB Foster Co., Class A(a)(b)

    23,340       358,736  

Lightning eMotors Inc.(a)(b)

    121,285       691,324  

LS Starrett Co. (The), Class A(a)

    13,665       105,084  

Luxfer Holdings PLC

    63,482       1,066,498  

Manitex International Inc.(a)

    33,258       242,118  

Manitowoc Co. Inc. (The)(a)

    79,105       1,192,903  

Mayville Engineering Co. Inc.(a)(b)

    20,826       195,140  

Miller Industries Inc./TN

    25,593       720,699  

NN Inc.(a)

    97,495       280,786  

Park-Ohio Holdings Corp.

    20,034       281,878  

Perma-Pipe International Holdings Inc.(a)

    17,458       164,629  

Shyft Group Inc. (The)(b)

    80,303       2,899,741  

Taylor Devices Inc.(a)(b)

    7,395       72,471  

Titan International Inc.(a)

    118,042       1,738,759  

Twin Disc Inc.(a)

    24,069       400,508  

Urban-Gro Inc.(a)(b)

    19,067       204,779  
   

 

 

 
            22,646,511  
Marine — 0.4%            

Eagle Bulk Shipping Inc.

    20,832       1,418,868  

Eneti Inc.

    36,032       228,803  

Genco Shipping & Trading Ltd.

    74,782       1,766,351  

Navios Maritime Holdings Inc.(a)

    28,186       102,315  

Pangaea Logistics Solutions Ltd.

    26,131       145,288  

Safe Bulkers Inc.

    148,079       704,856  
   

 

 

 
      4,366,481  
Media — 1.2%            

Audacy Inc(a)(b)

    274,895       794,446  

Beasley Broadcast Group Inc., Class A(a)

    20,581       36,223  

Boston Omaha Corp., Class A(a)

    47,096       1,194,825  

Clear Channel Outdoor Holdings Inc.(a)

    838,777       2,902,168  

comScore Inc.(a)

    160,379       466,703  

Cumulus Media Inc., Class A(a)

    41,915       417,054  

Daily Journal Corp.(a)(b)

    2,790       870,452  

DallasNews Corp.

    11,421       79,490  

Digital Media Solutions Inc., Class A(a)

    7,664       27,897  

Emerald Holding Inc.(a)(b)

    55,047       187,160  

Entravision Communications Corp., Class A

    139,732       895,682  

Fluent Inc.(a)(b)

    100,695       209,446  

Gannett Co. Inc.(a)

    326,953       1,474,558  

Hemisphere Media Group Inc.(a)

    37,337       170,630  

Lee Enterprises Inc.(a)

    12,665       340,942  

Marchex Inc., Class B(a)

    78,461       179,676  

National CineMedia Inc.

    138,364       351,445  

NextPlay Technologies Inc.(a)(b)

    145,824       80,203  

Saga Communications Inc., Class A

    9,022       206,153  
Security   Shares     Value  

Media (continued)

   

Salem Media Group Inc.(a)

    24,392     $ 82,689  

SPAR Group Inc.(a)(b)

    18,956       24,643  

Stagwell Inc.(a)(b)

    142,722       1,033,307  

Stran & Co. Inc.(a)(b)

    21,344       37,352  

Thryv Holdings Inc.(a)

    17,608       495,137  

Townsquare Media Inc., Class A(a)

    26,074       333,486  

Troika Media Group Inc.(a)(b)

    52,731       55,368  

Urban One Inc., Class A(a)

    17,743       110,894  

Urban One Inc., Class D, NVS(a)(b)

    36,415       187,537  
   

 

 

 
      13,245,566  
Metals & Mining — 2.2%            

Alpha Metallurgical Resources Inc.(a)

    40,509       5,345,568  

Ampco-Pittsburgh Corp.(a)(b)

    36,319       229,173  

Caledonia Mining Corp. PLC

    28,526       433,881  

Comstock Mining Inc.(a)

    97,876       163,453  

Friedman Industries Inc.

    16,054       141,436  

Gatos Silver Inc.(a)(b)

    107,245       463,298  

Gold Resource Corp.

    170,524       381,974  

Haynes International Inc.

    28,364       1,208,306  

Hycroft Mining Holding Corp.(a)

    84,167       193,584  

Olympic Steel Inc.

    21,683       833,928  

Paramount Gold Nevada Corp.(a)

    72,864       47,449  

Perpetua Resources Corp.(a)

    75,679       310,284  

PolyMet Mining Corp.(a)(b)

    66,617       279,125  

Ramaco Resources Inc.

    49,378       780,172  

Ryerson Holding Corp.

    38,002       1,330,830  

Schnitzer Steel Industries Inc., Class A

    60,764       3,156,082  

SunCoke Energy Inc.

    192,976       1,719,416  

Synalloy Corp.(a)

    17,479       280,538  

TimkenSteel Corp.(a)

    106,657       2,333,655  

U.S. Gold Corp.(a)

    15,337       107,359  

Universal Stainless & Alloy Products Inc.(a)

    18,099       157,099  

Warrior Met Coal Inc.

    119,486       4,434,126  
   

 

 

 
            24,330,736  
Mortgage Real Estate Investment — 1.8%            

ACRES Commercial Realty Corp.(a)(b)

    21,551       288,999  

AFC Gamma Inc.

    34,642       662,355  

AG Mortgage Investment Trust Inc.

    52,534       488,566  

Angel Oak Mortgage Inc.

    22,236       364,893  

Ares Commercial Real Estate Corp.

    100,924       1,566,340  

Arlington Asset Investment Corp., Class A(a)

    71,466       247,987  

ARMOUR Residential REIT Inc.

      206,417       1,733,903  

Cherry Hill Mortgage Investment Corp.

    40,430       312,120  

Chicago Atlantic Real Estate Finance Inc., NVS

    14,169       251,216  

Dynex Capital Inc.

    83,203       1,347,889  

Ellington Financial Inc.

    124,470       2,209,342  

Ellington Residential Mortgage REIT

    26,332       265,690  

Franklin BSP Realty Trust Inc.

    82,123       1,148,079  

Granite Point Mortgage Trust Inc.

    123,355       1,371,708  

Great Ajax Corp.

    49,694       582,911  

Invesco Mortgage Capital Inc.

    723,778       1,650,214  

Lument Finance Trust Inc.

    44,295       121,368  

Manhattan Bridge Capital Inc.

    19,261       122,307  

Nexpoint Real Estate Finance Inc.

    15,476       349,758  

Orchid Island Capital Inc.

    314,613       1,022,492  

Ready Capital Corp.

    156,498       2,356,860  

Sachem Capital Corp.

    54,672       279,921  

Seven Hills Realty Trust

    31,370       349,148  

 

 

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

  29


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Mortgage Real Estate Investment (continued)

 

Western Asset Mortgage Capital Corp.

    128,082     $ 219,020  
   

 

 

 
      19,313,086  
Multi-Utilities — 0.2%            

Unitil Corp.

    36,289       1,810,095  
   

 

 

 
Multiline Retail — 0.2%            

Franchise Group Inc.

    65,717               2,722,655  
   

 

 

 
Oil, Gas & Consumable Fuels — 6.3%            

Adams Resources & Energy Inc.

    7,189       276,705  

Aemetis Inc.(a)(b)

    63,548       805,153  

Alto Ingredients Inc.(a)(b)

      171,916       1,172,467  

American Resources Corp.(a)(b)

    94,111       241,865  

Amplify Energy Corp.(a)

    82,649       454,569  

Arch Resources Inc.(b)

    35,088       4,820,389  

Ardmore Shipping Corp.(a)

    80,531       362,389  

Battalion Oil Corp.(a)

    6,151       114,286  

Berry Corp.

    155,921       1,609,105  

Centrus Energy Corp., Class A(a)(b)

    22,841       769,742  

Civitas Resources Inc.

    100,646       6,009,573  

CONSOL Energy Inc.(a)

    79,476       2,990,682  

Crescent Energy Inc.(b)

    67,974       1,178,669  

Dorian LPG Ltd.

    71,840       1,040,962  

Earthstone Energy Inc., Class A(a)(b)

    72,028       909,714  

Energy Fuels Inc./Canada(a)(b)

    358,361       3,279,003  

Epsilon Energy Ltd.(b)

    34,696       223,789  

Evolution Petroleum Corp.

    71,394       484,765  

EzFill Holdings Inc.(a)

    14,457       15,180  

Falcon Minerals Corp.

    91,321       615,504  

Gevo Inc.(a)(b)

    462,103       2,162,642  

Green Plains Inc.(a)(b)

    99,613       3,088,999  

Hallador Energy Co.(a)

    50,101       175,353  

HighPeak Energy Inc.(b)

    12,081       268,198  

International Seaways Inc.

    106,377       1,919,041  

Kinetik Holdings Inc.

    7,653       497,522  

Laredo Petroleum Inc.(a)

    29,189       2,310,017  

Lightbridge Corp.(a)(b)

    16,584       138,476  

NACCO Industries Inc., Class A

    9,194       360,589  

NextDecade Corp.(a)(b)

    61,917       409,891  

Nordic American Tankers Ltd.

    387,276       824,898  

Northern Oil and Gas Inc.

    141,882       3,999,654  

Overseas Shipholding Group Inc., Class A(a)

    148,708       310,800  

Par Pacific Holdings Inc.(a)

    105,161       1,369,196  

Peabody Energy Corp.(a)(b)

    206,607       5,068,070  

PEDEVCO Corp.(a)

    39,532       53,368  

PHX Minerals Inc.

    67,412       206,281  

PrimeEnergy Resources Corp.(a)

    1,380       94,130  

Ranger Oil Corp.(a)

    49,371       1,704,781  

REX American Resources Corp.(a)

    12,439       1,238,924  

Riley Exploration Permian Inc.

    24,751       620,755  

Ring Energy Inc.(a)(b)

    195,502       746,818  

SandRidge Energy Inc.(a)

    72,739       1,165,279  

SilverBow Resources Inc.(a)

    16,759       536,288  

Stabilis Solutions Inc.(a)

    5,865       29,325  

Teekay Corp.(a)

    162,177       514,101  

Teekay Tankers Ltd., Class A(a)(b)

    55,149       763,262  

Tellurian Inc.(a)(b)

    858,041       4,547,617  

Uranium Energy Corp.(a)(b)

    610,785       2,803,503  

Ur-Energy Inc.(a)(b)

    428,709       685,934  

VAALCO Energy Inc.

    124,653       813,984  
Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

 

Vertex Energy Inc.(a)(b)

    123,614     $ 1,228,723  

W&T Offshore Inc.(a)(b)

    216,217       825,949  
   

 

 

 
      68,856,879  
Paper & Forest Products — 0.2%            

Clearwater Paper Corp.(a)

    38,056       1,066,710  

Glatfelter Corp.

    101,788       1,260,135  
   

 

 

 
      2,326,845  
Personal Products — 0.6%            

Beauty Health Co. (The)(a)(b)

      202,307               3,414,942  

Grove Inc.(a)(b)

    18,314       93,218  

Guardion Health Sciences Inc.(a)

    53,975       12,501  

Jupiter Wellness Inc.(a)(b)

    45,685       50,254  

LifeMD Inc.(a)(b)

    48,129       169,896  

Lifevantage Corp.(a)

    52,611       250,428  

Mannatech Inc.

    2,758       100,888  

Natural Alternatives International Inc.(a)

    11,618       133,839  

Natural Health Trends Corp.

    16,834       119,185  

Nature’s Sunshine Products Inc.(a)

    27,778       467,226  

NewAge Inc.(a)(b)

    308,183       179,054  

Revlon Inc., Class A(a)(b)

    16,275       131,339  

Summer Infant Inc.(a)

    2,791       32,543  

Thorne HealthTech Inc.(a)(b)

    15,389       97,874  

United-Guardian Inc.

    7,928       178,697  

Veru Inc.(a)(b)

    149,418       721,689  
   

 

 

 
      6,153,573  
Pharmaceuticals — 3.6%            

9 Meters Biopharma Inc.(a)(b)

    529,709       317,455  

AcelRx Pharmaceuticals Inc.(a)(b)

    272,794       77,883  

Acer Therapeutics Inc.(a)

    23,986       69,559  

Aclaris Therapeutics Inc.(a)(b)

    117,754       2,030,079  

Adial Pharmaceuticals Inc.(a)

    32,161       64,644  

Aerie Pharmaceuticals Inc.(a)(b)

    97,725       889,297  

Aerpio Pharmaceuticals Inc., NVS(b)

    102,420       1  

Agile Therapeutics Inc.(a)

    201,733       42,263  

Alimera Sciences Inc.(a)(b)

    16,294       91,246  

Altamira Therapeutics Ltd.(a)(b)

    55,750       61,325  

Amphastar Pharmaceuticals Inc.(a)

    85,891       3,083,487  

Ampio Pharmaceuticals Inc.(a)

    453,937       213,350  

Amylyx Pharmaceuticals Inc.(a)(b)

    22,445       288,418  

Anebulo Pharmaceuticals Inc.(a)

    6,851       46,313  

Angion Biomedica Corp.(a)(b)

    50,445       106,943  

ANI Pharmaceuticals Inc.(a)

    25,536       717,817  

Antares Pharma Inc.(a)

    384,672       1,577,155  

Aquestive Therapeutics Inc.(a)(b)

    59,208       154,533  

Athira Pharma Inc.(a)

    74,822       1,010,097  

Avenue Therapeutics Inc.(a)

    24,866       11,973  

Aytu BioPharma Inc.(a)

    60,804       65,668  

Baudax Bio Inc.(a)(b)

    6,997       12,385  

Biofrontera Inc.(a)(b)

    7,408       24,669  

Cara Therapeutics Inc.(a)

    102,539       1,245,849  

cbdMD Inc.(a)(b)

    87,168       90,655  

CinCor Pharma Inc.(a)

    27,164       476,457  

Citius Pharmaceuticals Inc.(a)(b)

    284,694       509,602  

Clearside Biomedical Inc.(a)(b)

    110,876       253,906  

Clever Leaves Holdings Inc.(a)

    48,998       122,005  

CNS Pharmaceuticals Inc.(a)

    38,201       13,027  

Cocrystal Pharma Inc.(a)

    205,085       112,797  

Cognition Therapeutics Inc.(a)

    7,592       20,498  

Collegium Pharmaceutical Inc.(a)(b)

    80,248       1,633,849  

 

 

30  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Pharmaceuticals (continued)

   

Context Therapeutics LLC(a)(b)

    15,945     $ 34,601  

CorMedix Inc.(a)(b)

    86,937       476,415  

Cumberland Pharmaceuticals Inc.(a)

    19,465       54,891  

Cymabay Therapeutics Inc.(a)

    195,756       608,801  

Dare Bioscience Inc.(a)(b)

    175,421       261,377  

Dermata Therapeutics Inc.(a)

    17,157       21,446  

DICE Therapeutics Inc.(a)(b)

    32,147       614,972  

Durect Corp.(a)(b)

    517,590       346,734  

Eloxx Pharmaceuticals Inc.(a)(b)

    136,445       76,396  

Enveric Biosciences Inc.(a)

    44,243       14,600  

Esperion Therapeutics Inc.(a)

    134,983       626,321  

Eton Pharmaceuticals Inc.(a)(b)

    47,986       209,219  

Evofem Biosciences Inc.(a)(b)

    373,922       127,133  

Evoke Pharma Inc.(a)

    80,837       40,014  

Evolus Inc.(a)(b)

    76,476       858,061  

Eyenovia Inc.(a)(b)

    44,726       136,414  

EyePoint Pharmaceuticals Inc.(a)(b)

    57,395       697,349  

Fulcrum Therapeutics Inc.(a)(b)

    63,515               1,502,130  

Graybug Vision Inc.(a)(b)

    29,371       36,126  

Harrow Health Inc.(a)

    51,480       351,094  

Hepion Pharmaceuticals Inc.(a)(b)

      176,000       227,040  

Hoth Therapeutics Inc.(a)(b)

    58,439       40,440  

Ikena Oncology Inc.(a)

    64,014       390,485  

IMARA Inc.(a)

    23,821       44,783  

Jaguar Health Inc.(a)(b)

    107,791       76,370  

Journey Medical Corp.(a)(b)

    7,952       38,249  

Kala Pharmaceuticals Inc.(a)(b)

    113,725       156,940  

Kaleido Biosciences Inc.(a)(b)

    46,640       76,956  

KemPharm Inc.(a)(b)

    67,956       341,819  

Landos Biopharma Inc.(a)

    10,932       16,125  

Lannett Co. Inc.(a)(b)

    85,255       67,172  

Lipocine Inc.(a)(b)

    195,140       267,342  

Liquidia Corp.(a)(b)

    79,106       567,981  

Longboard Pharmaceuticals Inc.(a)(b)

    28,189       146,301  

Lyra Therapeutics Inc.(a)

    15,412       61,956  

Marinus Pharmaceuticals Inc.(a)(b)

    85,243       797,022  

MediWound Ltd.(a)

    39,253       78,113  

Mind Medicine MindMed Inc.(a)

    744,160       826,018  

MyMD Pharmaceuticals Inc.(a)

    84,569       394,092  

Novan Inc.(a)(b)

    44,834       176,646  

Nutriband Inc.(a)(b)

    3,088       13,000  

Ocular Therapeutix Inc.(a)

    176,904       875,675  

Ocuphire Pharma Inc.(a)(b)

    25,255       81,826  

Omthera Pharmaceuticals Inc., NVS(c)

    60,904       15,716  

Opiant Pharmaceuticals Inc.(a)

    10,050       215,271  

Optinose Inc.(a)(b)

    139,106       343,592  

Oramed Pharmaceuticals Inc.(a)(b)

    85,909       743,113  

Otonomy Inc.(a)(b)

    132,207       317,297  

Palisade Bio Inc.(a)(b)

    19,295       20,453  

Paratek Pharmaceuticals Inc.(a)(b)

    112,178       333,169  

Petros Pharmaceuticals Inc.(a)(b)

    25,321       39,501  

PLx Pharma Inc.(a)(b)

    63,454       256,354  

Processa Pharmaceuticals Inc.(a)(b)

    26,692       80,343  

ProPhase Labs Inc.

    21,507       150,549  

Provention Bio Inc.(a)(b)

    127,974       936,770  

Pulmatrix Inc., NVS

    6,643       45,372  

Rain Therapeutics Inc.(a)

    37,145       188,325  

Relmada Therapeutics Inc.(a)

    57,621       1,555,191  

Reviva Pharmaceuticals Holdings Inc.(a)(b)

    21,187       52,120  

RVL Pharmaceuticals PLC(a)(b)

    96,987       163,908  
Security   Shares     Value  

Pharmaceuticals (continued)

   

Satsuma Pharmaceuticals Inc.(a)

    47,752     $ 181,458  

scPharmaceuticals Inc.(a)(b)

    30,209       171,587  

SCYNEXIS Inc.(a)(b)

    56,234       219,875  

Seelos Therapeutics Inc.(a)(b)

    228,652       191,565  

SIGA Technologies Inc.(a)(b)

    111,566       791,003  

Societal CDMO Inc(a)

    95,294       171,529  

Tarsus Pharmaceuticals Inc.(a)(b)

    19,325       325,046  

Terns Pharmaceuticals Inc.(a)

    32,088       95,301  

TFF Pharmaceuticals Inc.(a)(b)

    48,690       307,234  

TherapeuticsMD Inc.(a)

    908,604       345,269  

Theseus Pharmaceuticals Inc.(a)(b)

    26,945       310,676  

Timber Pharmaceuticals Inc.(a)(b)

    112,156       43,180  

Trevi Therapeutics Inc.(a)(b)

    25,434       55,955  

Tricida Inc.(a)

    67,440       554,357  

Ventyx Biosciences Inc.(a)(b)

    24,192       328,285  

Verrica Pharmaceuticals Inc.(a)(b)

    31,033       251,678  

VYNE Therapeutics Inc.(a)(b)

    110,270       71,687  

WaVe Life Sciences Ltd.(a)

    103,450       206,900  

Xeris Biopharma Holdings Inc.(a)

    270,687       692,959  

Zynerba Pharmaceuticals Inc.(a)

    91,396       187,362  
   

 

 

 
            39,251,600  
Professional Services — 1.7%            

Acacia Research Corp.(a)(b)

      114,601       516,850  

Atlas Technical Consultants Inc.(a)(b)

    34,072       410,227  

Barrett Business Services Inc.

    17,277       1,338,449  

BGSF Inc.

    22,818       300,513  

CRA International Inc.

    16,683       1,405,710  

DLH Holdings Corp.(a)(b)

    12,891       244,155  

Forrester Research Inc.(a)

    26,115       1,473,408  

Franklin Covey Co.(a)

    29,087       1,315,314  

Heidrick & Struggles International Inc.

    45,024       1,782,050  

Hill International Inc.(a)(b)

    100,193       163,315  

HireQuest Inc.(b)

    12,157       232,442  

Hudson Global Inc.(a)(b)

    6,022       244,915  

Kelly Services Inc., Class A, NVS

    81,814       1,774,546  

Kforce Inc.

    47,077       3,482,286  

Mastech Digital Inc.(a)

    9,263       171,273  

Mistras Group Inc.(a)(b)

    45,860       303,135  

RCM Technologies Inc.(a)(b)

    18,780       185,171  

Red Violet Inc.(a)(b)

    18,170       517,845  

Resources Connection Inc.

    72,310       1,239,393  

ShiftPixy Inc.(a)(b)

    39,012       30,433  

Volt Information Sciences Inc.(a)

    33,575       200,778  

Where Food Comes From Inc.

    6,616       73,835  

Willdan Group Inc.(a)(b)

    26,067       799,996  
   

 

 

 
      18,206,039  
Real Estate Management & Development — 0.4%  

Alset EHome International Inc.(a)(b)

    85,771       39,455  

Altisource Asset Management Corp.(a)

    3,171       44,616  

Altisource Portfolio Solutions SA(a)

    12,246       144,870  

American Realty Investors Inc.(a)

    3,646       56,039  

AMREP Corp.(a)(b)

    8,883       120,098  

Comstock Holding Companies Inc.(a)

    5,076       29,695  

Fathom Holdings Inc.(a)(b)

    15,364       164,395  

Forestar Group Inc.(a)(b)

    39,803       706,901  

FRP Holdings Inc.(a)(b)

    15,612       902,374  

InterGroup Corp. (The)(a)

    2,996       151,058  

JW Mays Inc.(a)

    952       36,652  

Maui Land & Pineapple Co. Inc.(a)(b)

    16,816       186,826  

 

 

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

  31


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Real Estate Management & Development (continued)

 

Rafael Holdings Inc., Class B(a)(b)

    27,536     $ 69,115  

Stratus Properties Inc.(a)

    13,624       586,922  

Tejon Ranch Co.(a)

    47,997       876,425  

Transcontinental Realty Investors Inc.(a)

    3,009       117,441  

Trinity Place Holdings Inc.(a)(b)

    41,702       79,234  
   

 

 

 
      4,312,116  
Road & Rail — 0.4%            

Covenant Logistics Group Inc., Class A

    28,000       602,840  

Daseke Inc.(a)

    92,811       934,607  

HyreCar Inc.(a)

    43,148       102,692  

PAM Transportation Services Inc.(a)

    16,440       571,290  

Patriot Transportation Holding Inc.

    5,288       42,198  

U.S. Xpress Enterprises Inc., Class A(a)(b)

    61,761       239,633  

Universal Logistics Holdings Inc.

    18,234       367,415  

USA Truck Inc.(a)(b)

    19,179       395,088  

Yellow Corp.(a)(b)

    116,322       815,417  
   

 

 

 
      4,071,180  
Semiconductors & Semiconductor Equipment — 2.3%  

Aehr Test Systems(a)

    53,975       548,386  

Alpha & Omega Semiconductor Ltd.(a)

    50,065       2,736,052  

Amtech Systems Inc.(a)(b)

    26,633       267,928  

Atomera Inc.(a)(b)

    47,237       616,915  

AXT Inc.(a)

    94,225       661,460  

CEVA Inc.(a)

    52,003       2,113,922  

CVD Equipment Corp.(a)

    11,842       52,815  

CyberOptics Corp.(a)

    16,564       672,167  

eMagin Corp.(a)(b)

    155,758       177,564  

Everspin Technologies Inc.(a)

    36,073       314,196  

GSI Technology Inc.(a)(b)

    39,191       150,102  

Ichor Holdings Ltd.(a)(b)

    65,123       2,319,681  

Impinj Inc.(a)(b)

    43,902       2,789,533  

inTEST Corp.(a)

    24,637       264,355  

Kopin Corp.(a)(b)

    181,690       459,676  

Meta Materials Inc.(a)(b)

    467,798       781,223  

NeoPhotonics Corp.(a)

    121,094       1,841,840  

NVE Corp.

    10,898       593,614  

PDF Solutions Inc.(a)

    69,653       1,941,229  

Photronics Inc.(a)

    137,828       2,338,941  

Pixelworks Inc.(a)(b)

    122,263       363,121  

QuickLogic Corp.(a)(b)

    27,012       148,566  

SkyWater Technology Inc.(a)(b)

    18,730       202,846  

SMART Global Holdings Inc.(a)

    113,430       2,929,897  

WiSA Technologies Inc(a)(b)

    33,240       41,550  
   

 

 

 
      25,327,579  
Software — 1.8%            

A10 Networks Inc.

      139,862               1,951,075  

Agilysys Inc.(a)

    49,124       1,959,065  

Akerna Corp.(a)(b)

    54,267       61,864  

Alfi Inc.(a)(b)

    13,849       22,712  

American Software Inc./GA, Class A

    72,711       1,515,297  

Arteris Inc.(a)(b)

    11,971       155,623  

Asure Software Inc.(a)

    41,239       245,372  

Auddia Inc.(a)(b)

    21,446       43,750  

AudioEye Inc.(a)(b)

    16,004       108,987  

Aware Inc./MA(a)

    30,459       91,377  

Benefitfocus Inc.(a)

    58,362       736,528  

BSQUARE Corp.(a)(b)

    39,575       68,465  

ChannelAdvisor Corp.(a)

    68,223       1,130,455  

Cleanspark Inc.(a)(b)

    91,990       1,137,916  
Security   Shares     Value  

Software (continued)

   

Color Star Technology Co. Ltd.(a)(b)

    344,358     $ 78,514  

CoreCard Corp.(a)(b)

    16,851       461,717  

CYNGN Inc.(a)(b)

    10,965       16,009  

DatChat Inc.(a)(b)

    27,143       71,115  

Digimarc Corp.(a)(b)

    29,430       776,069  

Duos Technologies Group Inc.(a)(b)

    10,354       55,497  

eGain Corp.(a)

    48,403       560,507  

Greenidge Generation Holdings Inc.(a)

    21,870       188,082  

GTY Technology Holdings Inc.(a)

    75,364       243,426  

Intrusion Inc.(a)(b)

    42,169       104,579  

Issuer Direct Corp.(a)(b)

    7,151       212,599  

Kaspien Holdings Inc.(a)(b)

    2,306       16,742  

Mind CTI Ltd.

    40,661       119,137  

Mitek Systems Inc.(a)

    99,199       1,455,249  

NetSol Technologies Inc.(a)

    23,016       88,612  

Oblong Inc.(a)

    35,861       23,511  

OneSpan Inc.(a)

    81,298       1,173,943  

Park City Group Inc.(a)

    29,225       154,308  

Phunware Inc.(a)(b)

    189,315       526,296  

Qumu Corp.(a)

    36,072       63,487  

RealNetworks Inc.(a)

    81,173       47,080  

Rekor Systems Inc.(a)(b)

    79,670       363,295  

Rimini Street Inc.(a)

    103,294       599,105  

Seachange International Inc.(a)(b)

    99,877       112,861  

ShotSpotter Inc.(a)

    19,819       549,383  

SilverSun Technologies Inc.

    6,439       20,991  

Smith Micro Software Inc.(a)(b)

    108,532       409,166  

SRAX Inc.(a)(b)

    44,433       214,611  

Stronghold Digital Mining Inc.(a)(b)

    17,499       102,369  

Synchronoss Technologies Inc.(a)

    146,202       252,930  

UserTesting Inc.(a)(b)

    20,735       221,657  

Verb Technology Co. Inc.(a)

    139,041       131,825  

Veritone Inc.(a)(b)

    65,587       1,198,930  

VirnetX Holding Corp.(a)

      144,714       235,884  

Weave Communications Inc.(a)

    12,421       74,029  
   

 

 

 
            20,152,001  
Specialty Retail — 2.5%            

America’s Car-Mart Inc./TX(a)

    13,839       1,114,870  

Barnes & Noble Education Inc.(a)

    104,813       375,231  

Big 5 Sporting Goods Corp.

    48,091       824,761  

Build-A-Bear Workshop Inc., Class A

    34,337       627,680  

Caleres Inc.

    85,756       1,657,664  

CarLotz Inc.(a)

    166,833       228,561  

Cato Corp. (The), Class A

    44,512       652,546  

Chico’s FAS Inc.(a)

    279,984       1,343,923  

Citi Trends Inc.(a)(b)

    18,559       568,369  

Conn’s Inc.(a)(b)

    41,109       633,490  

Container Store Group Inc. (The)(a)(b)

    73,176       597,848  

Envela Corp.(a)(b)

    18,266       85,120  

Express Inc.(a)(b)

    152,604       543,270  

Genesco Inc.(a)(b)

    33,115       2,106,445  

Haverty Furniture Companies Inc.

    38,049       1,043,304  

Hibbett Inc.

    31,700       1,405,578  

J Jill Inc.(a)

    9,949       150,926  

JOANN Inc.(b)

    25,884       295,336  

Kirkland’s Inc.(a)(b)

    29,155       270,850  

Lazydays Holdings Inc.(a)(b)

    17,561       354,381  

LL Flooring Holdings Inc.(a)

    66,071       926,315  

LMP Automotive Holdings Inc.(a)(b)

    13,668       68,340  

MarineMax Inc.(a)(b)

    48,793       1,964,406  

 

 

32  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Specialty Retail (continued)

   

OneWater Marine Inc., Class A

    25,565     $ 880,714  

Party City Holdco Inc.(a)(b)

    254,769       912,073  

Shift Technologies Inc.(a)(b)

    138,552       304,814  

Shoe Carnival Inc.

    40,882       1,192,119  

Sportsman’s Warehouse Holdings Inc.(a)

    100,410       1,073,383  

Tilly’s Inc., Class A

    52,972       495,818  

TravelCenters of America Inc.(a)

    28,889       1,241,072  

Winmark Corp.

    7,979       1,755,380  

Xcel Brands Inc.(a)(b)

    21,891       32,618  

Zumiez Inc.(a)(b)

    45,039       1,720,940  
   

 

 

 
      27,448,145  
Technology Hardware, Storage & Peripherals — 0.6%  

AstroNova Inc.(a)

    16,179       245,435  

Avid Technology Inc.(a)(b)

    83,904       2,925,733  

Boxlight Corp., Class A(a)(b)

    118,286       141,943  

Contra Communications Inc., NVS

    4,194       3,397  

Eastman Kodak Co.(a)(b)

    104,851       686,774  

Immersion Corp.(a)(b)

    70,227       390,462  

Intevac Inc.(a)(b)

    56,051       299,873  

Movano Inc.(a)(b)

    25,546       69,230  

One Stop Systems Inc.(a)(b)

    32,415       123,825  

Quantum Corp.(a)(b)

    135,718       308,080  

Socket Mobile Inc.(a)

    14,464       58,001  

TransAct Technologies Inc.(a)(b)

    22,330       157,650  

Turtle Beach Corp.(a)

    35,125       747,811  
   

 

 

 
      6,158,214  
Textiles, Apparel & Luxury Goods — 0.5%            

Charles & Colvard Ltd.(a)

    59,001       92,631  

Crown Crafts Inc.

    19,010       123,755  

Culp Inc.

    26,722       212,173  

Delta Apparel Inc.(a)(b)

    14,749       439,373  

Fossil Group Inc.(a)

     111,234       1,072,296  

Jerash Holdings U.S. Inc.

    7,938       50,962  

Lakeland Industries Inc.(a)(b)

    17,425       334,386  

Movado Group Inc.

    36,405       1,421,615  

Rocky Brands Inc.

    15,942       663,028  

Superior Group of Companies Inc.

    26,780       478,023  

Unifi Inc.(a)

    32,180       582,458  

Vera Bradley Inc.(a)(b)

    60,655       465,224  

Vince Holding Corp.(a)(b)

    8,156       66,308  
   

 

 

 
              6,002,232  
Thrifts & Mortgage Finance — 2.0%            

1895 Bancorp of Wisconsin Inc.(a)

    7,029       76,265  

Blue Foundry Bancorp(a)(b)

    64,802       878,067  

Bogota Financial Corp.(a)(b)

    12,890       138,181  

Bridgewater Bancshares Inc.(a)

    48,911       815,835  

Broadway Financial Corp./DE(a)

    81,556       129,674  

Catalyst Bancorp Inc.(a)(b)

    12,456       170,274  

CF Bankshares Inc.

    9,165       203,463  

CFSB Bancorp. Inc., NVS(b)

    5,009       50,441  

Cincinnati Bancorp Inc.(a)

    5,417       83,693  

Elmira Savings Bank

    5,670       130,013  

ESSA Bancorp. Inc.

    20,366       365,570  

Federal Agricultural Mortgage Corp., Class C, NVS

    21,216       2,301,512  

FFBW Inc.(a)

    14,031       169,494  

Finance of America Companies Inc., Class A(a)

    42,869       130,322  

First Seacoast Bancorp.(a)(b)

    6,206       65,411  

FS Bancorp. Inc.

    16,568       513,608  

Greene County Bancorp. Inc.

    7,835       350,224  
Security   Shares     Value  

Thrifts & Mortgage Finance (continued)

   

Guaranty Federal Bancshares Inc.

    7,341     $ 230,728  

Hingham Institution For Savings (The)

    3,370       1,156,584  

HMN Financial Inc.

    8,593       212,763  

Home Bancorp. Inc.

    17,555       716,068  

Home Federal Bancorp. Inc./LA

    6,297       132,237  

Home Point Capital Inc.

    18,574       57,765  

HV Bancorp Inc.(a)

    2,846       61,758  

IF Bancorp. Inc.

    5,432       129,336  

Impac Mortgage Holdings Inc.(a)

    30,175       22,631  

Kentucky First Federal Bancorp.

    9,703       69,862  

Lake Shore Bancorp. Inc.

    4,118       61,358  

Luther Burbank Corp.

    36,148       480,407  

Magyar Bancorp Inc.

    14,598       172,256  

Merchants Bancorp./IN

    34,416       942,310  

Mid-Southern Bancorp Inc.

    5,775       84,315  

Northeast Community Bancorp Inc.(b)

    9,414       115,321  

Northfield Bancorp. Inc.

    101,755       1,461,202  

NSTS Bancorp Inc.(a)

    11,859       143,257  

Oconee Federal Financial Corp.

    2,567       62,506  

Ocwen Financial Corp.(a)(b)

    19,055       452,747  

OP Bancorp.

    28,307       392,052  

PB Bankshares Inc.(a)(b)

    6,036       83,176  

PCSB Financial Corp.

    29,155       557,152  

Pioneer Bancorp. Inc./NY(a)(b)

    26,883       282,809  

Ponce Financial Group Inc.(a)

    23,563       244,584  

Provident Bancorp. Inc.

    35,245       571,674  

Provident Financial Holdings Inc.

    13,709       226,747  

Prudential Bancorp. Inc.

    15,664       257,829  

Randolph Bancorp Inc.

    10,273       271,310  

Rhinebeck Bancorp Inc.(a)

    8,092       82,134  

Security National Financial Corp., Class A(a)

    23,573       235,730  

Southern Missouri Bancorp. Inc.

    17,759       887,062  

Sterling Bancorp Inc./MI(a)

    40,487       287,458  

TC Bancshares Inc.(a)(b)

    10,647       150,123  

Territorial Bancorp. Inc.

    17,872       428,928  

Texas Community Bancshares Inc.(a)

    6,354       114,626  

Timberland Bancorp. Inc./WA

    17,616       475,808  

TrustCo Bank Corp. NY

    35,866       1,145,201  

Velocity Financial Inc.(a)

    19,653       215,004  

Waterstone Financial Inc.

    50,259       972,009  

Western New England Bancorp. Inc.

    47,144       421,467  

William Penn Bancorp. Inc.(b)

    30,185       384,859  

WVS Financial Corp.

    3,353       50,463  
   

 

 

 
      22,075,663  
Tobacco — 0.2%            

22nd Century Group Inc.(a)(b)

      375,838       871,944  

Turning Point Brands Inc.

    33,810       1,149,878  
   

 

 

 
              2,021,822  
Trading Companies & Distributors — 1.1%            

Alta Equipment Group Inc.(a)

    43,739       540,614  

BlueLinx Holdings Inc.(a)

    21,287       1,530,110  

DXP Enterprises Inc./TX(a)

    39,967       1,082,706  

EVI Industries Inc.(a)(b)

    10,836       201,441  

FGI Industries Ltd., NVS

    7,468       22,404  

Hudson Technologies Inc.(a)

    87,831       545,430  

Huttig Building Products Inc.(a)(b)

    58,641       625,113  

India Globalization Capital Inc.(a)(b)

    107,404       101,916  

Karat Packaging Inc.(a)

    10,416       206,758  

Lawson Products Inc./DE(a)(b)

    11,468       441,977  

 

 

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

  33


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Trading Companies & Distributors (continued)

 

Titan Machinery Inc.(a)

    45,058     $ 1,273,339  

Transcat Inc.(a)(b)

    16,508       1,339,459  

Veritiv Corp.(a)

    33,225       4,438,528  

Willis Lease Finance Corp.(a)

    6,597       212,357  
   

 

 

 
      12,562,152  
Water Utilities — 0.3%            

Artesian Resources Corp., Class A, NVS

    18,689       907,351  

Cadiz Inc.(a)

    55,065       113,984  

Consolidated Water Co. Ltd.

    33,313       368,442  

Global Water Resources Inc.

    29,323       487,935  

Pure Cycle Corp.(a)(b)

    44,962       540,443  

York Water Co. (The)

    30,138       1,355,306  
   

 

 

 
      3,773,461  
Wireless Telecommunication Services — 0.3%  

Gogo Inc.(a)(b)

      137,098       2,613,088  

Spok Holdings Inc.

    40,946       326,749  
   

 

 

 
      2,939,837  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $1,151,537,807)

        1,093,553,854  
   

 

 

 
Preferred Stocks            
Hotels, Restaurants & Leisure — 0.0%            

FAT Brands Inc., 8.25%(a)

    960       12,576  
   

 

 

 

Total Preferred Stocks — 0.0%
(Cost: $12,564)

      12,576  
   

 

 

 
Rights            
Technology Hardware, Storage & Peripherals — 0.0%  

Right Quantum Corp., NVS (Expires 04/18/22)(b)

    135,718       1,147  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

      1,147  
   

 

 

 
Security   Shares     Value  

 

 

Short-Term Investments

   
Money Market Funds — 15.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)

    172,819,347     $ 172,784,783  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)

    1,230,000       1,230,000  
   

 

 

 
      174,014,783  
   

 

 

 

Total Short-Term Investments — 15.9%
(Cost: $174,026,145)

 

    174,014,783  
   

 

 

 

Total Investments in Securities — 115.6%
(Cost: $1,325,576,516)

 

    1,267,582,360  

Other Assets, Less Liabilities — (15.6)%

 

    (170,938,646
   

 

 

 

Net Assets — 100.0%

    $   1,096,643,714  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(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 year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

03/31/21

   

Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

03/31/22

   

Shares

Held at

03/31/22

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 216,470,830     $     $ (43,542,129 )(a)    $ (52,090   $ (91,828   $ 172,784,783       172,819,347     $ 3,034,646 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    680,000       550,000 (a)                        1,230,000       1,230,000       349        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
         $ (52,090    $ (91,828   $ 174,014,783       $ 3,034,995     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

34  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap 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

       

Russell 2000 E-Mini Index

    29       06/17/22     $ 2,996     $ 13,773  
       

 

 

 

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)

   $   13,773  
  

 

 

 

 

  (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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Equity

Contracts

 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (240,796
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 13,729  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 2,599,460      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments
Assets

                 

Common Stocks

   $ 1,093,433,739        $ 3,397        $ 116,718        $ 1,093,553,854  

Preferred Stocks

     12,576                            12,576  

Rights

              1,147                   1,147  

Money Market Funds

     174,014,783                            174,014,783  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 1,267,461,098        $             4,544        $             116,718        $ 1,267,582,360  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 13,773        $        $        $ 13,773  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  35


Schedule of Investments   

March 31, 2022

  

iShares® Russell 2500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.2%

   

Axon Enterprise Inc.(a)

    4,329     $ 596,233  

BWX Technologies Inc.

    6,165       332,047  

Curtiss-Wright Corp.

    2,607       391,467  

Hexcel Corp.

    5,607       333,448  

Howmet Aerospace Inc.

    25,698       923,586  

Huntington Ingalls Industries Inc.

    2,621       522,732  

Mercury Systems Inc.(a)

    3,713       239,303  

Spirit AeroSystems Holdings Inc., Class A

    7,047       344,528  

Textron Inc.

        14,671       1,091,229  

Virgin Galactic Holdings Inc.(a)(b)

    351       3,468  

Woodward Inc.

    4,110       513,380  
   

 

 

 
              5,291,421  
Air Freight & Logistics — 0.1%            

GXO Logistics Inc.(a)

    6,431       458,788  
   

 

 

 
Airlines — 0.4%            

Alaska Air Group Inc.(a)

    8,135       471,911  

American Airlines Group Inc.(a)

    42,497       775,570  

Copa Holdings SA, Class A, NVS(a)

    2,121       177,401  

JetBlue Airways Corp.(a)

    21,222       317,269  
   

 

 

 
      1,742,151  
Auto Components — 0.5%            

BorgWarner Inc.

    15,924       619,444  

Gentex Corp.

    15,774       460,127  

Lear Corp.

    3,985       568,221  

QuantumScape Corp.(a)(b)

    17,914       358,101  
   

 

 

 
      2,005,893  
Automobiles — 0.2%            

Harley-Davidson Inc.

    10,213       402,392  

Thor Industries Inc.

    3,575       281,353  
   

 

 

 
      683,745  
Banks — 2.7%            

Bank of Hawaii Corp.

    2,669       223,983  

Bank OZK

    8,022       342,539  

BOK Financial Corp.

    2,034       191,094  

Comerica Inc.

    8,713       787,917  

Commerce Bancshares Inc.

    7,445       532,988  

Cullen/Frost Bankers Inc.

    3,783       523,605  

East West Bancorp. Inc.

    9,391       742,077  

First Citizens BancShares Inc./NC, Class A

    809       538,470  

First Hawaiian Inc.

    8,486       236,675  

First Horizon Corp.

    35,665       837,771  

FNB Corp.

    22,994       286,275  

PacWest Bancorp.

    7,741       333,869  

People’s United Financial Inc.

    28,321       566,137  

Pinnacle Financial Partners Inc.

    4,949       455,704  

Popular Inc.

    5,284       431,914  

Prosperity Bancshares Inc.

    5,960       413,505  

Signature Bank/New York NY

    4,090       1,200,374  

Synovus Financial Corp.

    9,611       470,939  

Umpqua Holdings Corp.

    14,461       272,734  

Webster Financial Corp.

    11,837       664,292  

Western Alliance Bancorp.

    6,925       573,529  

Wintrust Financial Corp.

    3,760       349,417  

Zions Bancorp. N.A.

    10,250       671,990  
   

 

 

 
      11,647,798  
Security   Shares     Value  

Beverages — 0.1%

   

Boston Beer Co. Inc. (The), Class A, NVS(a)

    624     $ 242,405  
   

 

 

 
Biotechnology — 0.9%            

Exelixis Inc.(a)

    20,566       466,231  

Ionis Pharmaceuticals Inc.(a)

    9,393       347,917  

Iovance Biotherapeutics Inc.(a)

    11,748       195,604  

Mirati Therapeutics Inc.(a)

    3,072       252,580  

Neurocrine Biosciences Inc.(a)

    6,233       584,344  

Novavax Inc.(a)

    5,286       389,314  

Sage Therapeutics Inc.(a)

    4,207       139,252  

Sarepta Therapeutics Inc.(a)

    5,524       431,535  

Ultragenyx Pharmaceutical Inc.(a)

    4,374       317,640  

United Therapeutics Corp.(a)

    2,938       527,106  
   

 

 

 
      3,651,523  
Building Products — 1.5%            

A O Smith Corp.

    8,798       562,104  

Advanced Drainage Systems Inc.

    4,087       485,576  

Allegion PLC

    5,977       656,155  

Armstrong World Industries Inc.

    3,206       288,572  

AZEK Co. Inc. (The)(a)

    7,472       185,604  

Builders FirstSource Inc.(a)

    12,622       814,624  

Carlisle Companies Inc.

    3,433       844,243  

Fortune Brands Home & Security Inc.

    8,984       667,332  

Hayward Holdings Inc.(a)

    3,275       54,431  

Lennox International Inc.

    2,192       565,229  

Owens Corning

    6,673       610,580  

Trex Co. Inc.(a)

    7,731       505,066  
   

 

 

 
      6,239,516  
Capital Markets — 1.9%            

Affiliated Managers Group Inc.

    2,684       378,310  

Ares Management Corp., Class A

    9,434       766,324  

Carlyle Group Inc. (The)

    10,823       529,353  

Cboe Global Markets Inc.

    7,065       808,377  

Evercore Inc., Class A

    2,527       281,306  

FactSet Research Systems Inc.

    2,520       1,094,058  

Invesco Ltd.

    22,252       513,131  

Janus Henderson Group PLC

    11,276       394,886  

Jefferies Financial Group Inc.

    14,566       478,493  

Lazard Ltd., Class A

    6,744       232,668  

LPL Financial Holdings Inc.

    5,299       968,021  

Morningstar Inc.

    1,547       422,594  

SEI Investments Co.

    7,131       429,358  

Stifel Financial Corp.

    6,755       458,664  

Virtu Financial Inc., Class A

    5,918       220,268  
   

 

 

 
              7,975,811  
Chemicals — 1.7%            

Ashland Global Holdings Inc.

    3,641       358,311  

Axalta Coating Systems Ltd.(a)

        13,790       338,958  

CF Industries Holdings Inc.

    14,196       1,463,040  

Chemours Co. (The)

    10,865       342,030  

Diversey Holdings Ltd.(a)

    5,069       38,372  

Element Solutions Inc.

    15,459       338,552  

Huntsman Corp.

    13,810       518,013  

Mosaic Co. (The)

    24,713       1,643,414  

NewMarket Corp.

    437       141,754  

Olin Corp.

    9,547       499,117  

RPM International Inc.

    8,486       691,100  

Scotts Miracle-Gro Co. (The)

    2,762       339,616  

Valvoline Inc.

    11,971       377,805  

 

 

36  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

   

Westlake Chemical Corp.

    2,225     $ 274,565  
   

 

 

 
      7,364,647  
Commercial Services & Supplies — 0.4%            

Clean Harbors Inc.(a)

    3,360       375,110  

Driven Brands Holdings Inc.(a)

    3,707       97,420  

IAA Inc.(a)

    9,068       346,851  

MSA Safety Inc.

    2,461       326,575  

Stericycle Inc.(a)

    6,107       359,824  
   

 

 

 
      1,505,780  
Communications Equipment — 0.7%            

Ciena Corp.(a)

    10,252       621,579  

CommScope Holding Co. Inc.(a)

    13,309       104,875  

F5 Inc.(a)

    4,008       837,471  

Juniper Networks Inc.

    21,574       801,690  

Lumentum Holdings Inc.(a)

    4,830       471,408  

Viasat Inc.(a)

    4,699       229,311  
   

 

 

 
      3,066,334  
Construction & Engineering — 0.7%            

AECOM

    9,071       696,744  

MasTec Inc.(a)

    3,845       334,899  

MDU Resources Group Inc.

    13,421       357,670  

Quanta Services Inc.

    9,425       1,240,424  

Valmont Industries Inc.

    1,393       332,370  
   

 

 

 
      2,962,107  
Construction Materials — 0.1%            

Eagle Materials Inc.

    2,661       341,566  
   

 

 

 
Consumer Finance — 0.3%            

Credit Acceptance Corp.(a)

    537       295,549  

OneMain Holdings Inc.

    7,429       352,209  

SLM Corp.

        19,526       358,497  

Upstart Holdings Inc.(a)(b)

    3,242       353,670  
   

 

 

 
              1,359,925  
Containers & Packaging — 1.4%            

AptarGroup Inc.

    4,379       514,533  

Ardagh Group SA(a)

    885       14,872  

Ardagh Metal Packaging SA(a)

    9,014       73,284  

Avery Dennison Corp.

    5,511       958,749  

Berry Global Group Inc.(a)

    8,940       518,162  

Crown Holdings Inc.

    8,167       1,021,610  

Graphic Packaging Holding Co.

    18,861       377,974  

Packaging Corp. of America

    6,234       973,190  

Sealed Air Corp.

    9,841       658,953  

Silgan Holdings Inc.

    5,628       260,182  

Sonoco Products Co.

    6,494       406,265  
   

 

 

 
      5,777,774  
Distributors — 0.3%            

Pool Corp.

    2,591       1,095,604  
   

 

 

 
Diversified Consumer Services — 0.7%            

ADT Inc.

    10,473       79,490  

Bright Horizons Family Solutions Inc.(a)

    3,999       530,627  

Chegg Inc.(a)

    9,470       343,572  

frontdoor Inc.(a)

    5,731       171,070  

Grand Canyon Education Inc.(a)

    2,665       258,798  

H&R Block Inc.

    11,774       306,595  

Mister Car Wash Inc.(a)

    5,066       74,926  

Service Corp. International

    10,660       701,641  
Security   Shares     Value  

Diversified Consumer Services (continued)

 

Terminix Global Holdings Inc.(a)

    8,107     $ 369,923  
   

 

 

 
      2,836,642  
Diversified Financial Services — 0.1%            

Voya Financial Inc.

    7,104       471,350  
   

 

 

 
Electric Utilities — 0.6%            

Hawaiian Electric Industries Inc.

    7,065       298,920  

IDACORP Inc.

    3,362       387,840  

NRG Energy Inc.

    16,182       620,741  

OGE Energy Corp.

    13,306       542,619  

Pinnacle West Capital Corp.

    7,458       582,470  
   

 

 

 
      2,432,590  
Electrical Equipment — 1.1%            

Acuity Brands Inc.

    2,289       433,308  

ChargePoint Holdings Inc.(a)(b)

    15,189       301,957  

Fluence Energy Inc.(a)

    2,540       33,299  

Hubbell Inc.

    3,590       659,734  

nVent Electric PLC

    11,124       386,893  

Plug Power Inc.(a)(b)

    34,413       984,556  

Regal Rexnord Corp.

    4,479       666,386  

Sensata Technologies Holding PLC(a)

    10,367       527,162  

Shoals Technologies Group Inc., Class A(a)

    7,155       121,921  

Sunrun Inc.(a)

    13,520       410,603  

Vertiv Holdings Co.

    22,143       310,002  
   

 

 

 
      4,835,821  
Electronic Equipment, Instruments & Components — 1.0%  

Arrow Electronics Inc.(a)

    4,618       547,833  

Avnet Inc.

    6,650       269,923  

Cognex Corp.

    11,371       877,273  

Coherent Inc.(a)

    1,630       445,577  

IPG Photonics Corp.(a)

    2,433       267,046  

Jabil Inc.

    9,753       602,053  

Littelfuse Inc.

    1,594       397,559  

National Instruments Corp.

    8,835       358,613  

TD SYNNEX Corp.

    2,784       287,337  

Vontier Corp.

      11,347       288,100  
   

 

 

 
              4,341,314  
Energy Equipment & Services — 0.1%            

NOV Inc.

    25,991       509,684  
   

 

 

 
Entertainment — 0.5%            

Liberty Media Corp.-Liberty Formula One,
Class A(a)

    1,579       99,682  

Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)

    13,235       924,332  

Madison Square Garden Sports Corp.(a)

    1,268       227,429  

Playtika Holding Corp.(a)

    7,081       136,876  

Skillz Inc.(a)

    600       1,800  

World Wrestling Entertainment Inc., Class A

    2,970       185,447  

Zynga Inc., Class A(a)

    68,351       631,563  
   

 

 

 
      2,207,129  
Equity Real Estate Investment Trusts (REITs) — 5.2%  

American Campus Communities Inc.

    9,096       509,103  

American Homes 4 Rent, Class A

    19,621       785,429  

Americold Realty Trust

    17,780       495,706  

Apartment Income REIT Corp.

    10,414       556,732  

Brixmor Property Group Inc.

    19,736       509,386  

Camden Property Trust

    6,579       1,093,430  

Cousins Properties Inc.

    9,797       394,721  

CubeSmart

    14,535       756,256  

 

 

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

  37


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Douglas Emmett Inc.

    11,047     $ 369,191  

EPR Properties

    4,938       270,158  

Equity LifeStyle Properties Inc.

    11,793       901,929  

Federal Realty Investment Trust

    5,209       635,863  

First Industrial Realty Trust Inc.

    8,553       529,516  

Gaming and Leisure Properties Inc.

    15,529       728,776  

Healthcare Trust of America Inc., Class A

    14,391       451,014  

Highwoods Properties Inc.

    6,890       315,149  

Host Hotels & Resorts Inc.

    47,106       915,270  

Hudson Pacific Properties Inc.

    9,922       275,335  

Iron Mountain Inc.

    19,024       1,054,120  

JBG SMITH Properties

    8,195       239,458  

Kilroy Realty Corp.

    7,724       590,268  

Kimco Realty Corp.

    38,588       953,124  

Lamar Advertising Co., Class A

    5,738       666,641  

Life Storage Inc.

    5,423       761,552  

Medical Properties Trust Inc.

    39,265       830,062  

National Retail Properties Inc.

    11,550       519,057  

Omega Healthcare Investors Inc.

    15,832       493,325  

Park Hotels & Resorts Inc.

    15,741       307,422  

Rayonier Inc.

    9,388       386,034  

Regency Centers Corp.

    11,231       801,219  

Rexford Industrial Realty Inc.

    10,709       798,784  

SL Green Realty Corp.

    4,465       362,469  

Spirit Realty Capital Inc.

    8,483       390,388  

STORE Capital Corp.

    16,158       472,298  

VICI Properties Inc.

    41,865       1,191,478  

Vornado Realty Trust

    11,698       530,153  
   

 

 

 
      21,840,816  
Food & Staples Retailing — 0.4%            

Albertsons Companies Inc., Class A

    10,828       360,031  

Casey’s General Stores Inc.

    2,439       483,337  

Grocery Outlet Holding Corp.(a)

    5,807       190,353  

U.S. Foods Holding Corp.(a)

    14,699       553,123  
   

 

 

 
              1,586,844  
Food Products — 1.0%            

Beyond Meat Inc.(a)(b)

    4,531       218,893  

Bunge Ltd.

    9,130       1,011,695  

Darling Ingredients Inc.(a)(b)

    10,745       863,683  

Flowers Foods Inc.

    12,540       322,403  

Freshpet Inc.(a)

    2,717       278,873  

Hain Celestial Group Inc. (The)(a)

    6,022       207,157  

Ingredion Inc.

    4,457       388,428  

Lamb Weston Holdings Inc.

    9,717       582,146  

Pilgrim’s Pride Corp.(a)

    3,144       78,914  

Post Holdings Inc.(a)

    3,909       270,737  

Seaboard Corp.

    18       75,699  
   

 

 

 
      4,298,628  
Gas Utilities — 0.2%            

National Fuel Gas Co.

    5,768       396,261  

UGI Corp.

    13,858       501,937  
   

 

 

 
      898,198  
Health Care Equipment & Supplies — 0.8%            

Envista Holdings Corp.(a)

    10,718       522,074  

Figs Inc., Class A(a)

    6,526       140,440  

Globus Medical Inc., Class A(a)

    5,206       384,099  

ICU Medical Inc.(a)

    1,341       298,560  

Integra LifeSciences Holdings Corp.(a)

    4,871       313,010  

Masimo Corp.(a)

    3,339       485,958  
Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Penumbra Inc.(a)

    2,289     $ 508,456  

Quidel Corp.(a)

    2,472       278,001  

Tandem Diabetes Care Inc.(a)

    4,115       478,533  
   

 

 

 
      3,409,131  
Health Care Providers & Services — 1.2%            

Acadia Healthcare Co. Inc.(a)

    5,846       383,088  

agilon health Inc.(a)

    11,200       283,920  

Amedisys Inc.(a)

    2,132       367,322  

Chemed Corp.

    996       504,524  

Encompass Health Corp.

    6,503       462,428  

Guardant Health Inc.(a)

    6,451       427,314  

Henry Schein Inc.(a)(b)

    9,277       808,862  

Molina Healthcare Inc.(a)

    3,847       1,283,321  

Premier Inc., Class A

    8,154       290,201  

Signify Health Inc., Class A(a)(b)

    4,417       80,169  
   

 

 

 
      4,891,149  
Health Care Technology — 0.1%            

Certara Inc.(a)

    8,158       175,234  

Change Healthcare Inc.(a)

    16,556       360,921  

Definitive Healthcare Corp.(a)(b)

    1,444       35,594  
   

 

 

 
      571,749  
Hotels, Restaurants & Leisure — 1.4%            

Aramark

        15,250       573,400  

Boyd Gaming Corp.

    5,488       361,001  

Choice Hotels International Inc.

    2,317       328,458  

Churchill Downs Inc.

    2,441       541,365  

Hyatt Hotels Corp., Class A(a)

    3,310       315,939  

Marriott Vacations Worldwide Corp.

    2,769       436,671  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    25,036       547,788  

Penn National Gaming Inc.(a)(b)

    11,307       479,643  

Planet Fitness Inc., Class A(a)

    5,551       468,948  

Six Flags Entertainment Corp.(a)

    5,150       224,025  

Travel + Leisure Co.

    5,652       327,477  

Vail Resorts Inc.

    2,659       692,058  

Wendy’s Co. (The)

    11,816       259,598  

Wyndham Hotels & Resorts Inc.

    6,091       515,847  
   

 

 

 
      6,072,218  
Household Durables — 0.7%            

Leggett & Platt Inc.

    8,920       310,416  

Mohawk Industries Inc.(a)

    3,666       455,317  

Newell Brands Inc.

    25,348       542,701  

PulteGroup Inc.

    16,747       701,699  

Tempur Sealy International Inc.

    11,869       331,383  

Toll Brothers Inc.

    7,417       348,747  

TopBuild Corp.(a)

    2,189       397,063  
   

 

 

 
              3,087,326  
Household Products — 0.1%            

Reynolds Consumer Products Inc.

    3,728       109,380  

Spectrum Brands Holdings Inc.

    2,800       248,416  
   

 

 

 
      357,796  
Independent Power and Renewable Electricity Producers — 0.3%  

Brookfield Renewable Corp., Class A

    8,537       373,921  

Vistra Corp.

    31,856       740,652  
   

 

 

 
      1,114,573  
Insurance — 2.5%            

Alleghany Corp.(a)

    886       750,442  

American Financial Group Inc./OH

    4,513       657,183  

Assurant Inc.

    3,763       684,226  

 

 

38  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Insurance (continued)

   

Assured Guaranty Ltd.

    4,456     $ 283,669  

Axis Capital Holdings Ltd.

    5,205       314,746  

Brighthouse Financial Inc.(a)

    5,255       271,473  

Brown & Brown Inc.

    15,615       1,128,496  

Erie Indemnity Co., Class A, NVS

    1,674       294,842  

Everest Re Group Ltd.

    2,585       779,067  

First American Financial Corp.

    7,090       459,574  

Globe Life Inc.

    6,672       671,203  

GoHealth Inc., Class A(a)(b)

    17,934       21,162  

Hanover Insurance Group Inc. (The)

    2,372       354,662  

Kemper Corp.

    4,044       228,648  

Lemonade Inc.(a)(b)

    77       2,031  

Mercury General Corp.

    1,782       98,010  

Old Republic International Corp.

    18,660       482,734  

Primerica Inc.

    2,621       358,605  

Reinsurance Group of America Inc.

    4,525       495,307  

RenaissanceRe Holdings Ltd.

    3,030       480,285  

Unum Group

    13,480       424,755  

W R Berkley Corp.

    13,754       915,879  

White Mountains Insurance Group Ltd.

    197       223,839  
   

 

 

 
            10,380,838  
Interactive Media & Services — 0.0%            

TripAdvisor Inc.(a)

    6,684       181,270  

Vimeo Inc.(a)

    212       2,519  
   

 

 

 
      183,789  
Internet & Direct Marketing Retail — 0.0%            

Qurate Retail Inc., Series A

        23,911       113,816  
   

 

 

 
IT Services — 2.0%            

Alliance Data Systems Corp.

    3,288       184,621  

Amdocs Ltd.

    8,606       707,499  

Concentrix Corp.

    2,808       467,701  

DXC Technology Co.(a)

    16,730       545,900  

Euronet Worldwide Inc.(a)

    3,360       437,304  

Fastly Inc., Class A(a)

    154       2,677  

Genpact Ltd.

    12,189       530,343  

Globant SA(a)

    2,684       703,396  

Jack Henry & Associates Inc.

    4,910       967,516  

MongoDB Inc.(a)

    4,327       1,919,414  

Paysafe Ltd.(a)

    31,688       107,422  

Sabre Corp.(a)

    21,570       246,545  

Shift4 Payments Inc., Class A(a)(b)

    3,044       188,515  

SolarWinds Corp.

    2,313       30,786  

Switch Inc., Class A

    7,663       236,174  

Thoughtworks Holding Inc.(a)(b)

    2,814       58,559  

Western Union Co. (The)

    26,730       500,920  

WEX Inc.(a)

    2,962       528,569  
   

 

 

 
      8,363,861  
Leisure Products — 0.4%            

Brunswick Corp./DE

    5,129       414,885  

Mattel Inc.(a)

    23,172       514,650  

Polaris Inc.

    3,781       398,215  

YETI Holdings Inc.(a)

    5,734       343,925  
   

 

 

 
      1,671,675  
Life Sciences Tools & Services — 2.0%            

10X Genomics Inc., Class A(a)(b)

    6,013       457,409  

Adaptive Biotechnologies Corp.(a)

    160       2,221  

Avantor Inc.(a)

    40,171       1,358,583  

Azenta Inc.

    4,864       403,128  
Security   Shares     Value  

Life Sciences Tools & Services (continued)

   

Bio-Techne Corp.

    2,613     $ 1,131,534  

Bruker Corp.

    6,829       439,105  

Charles River Laboratories International Inc.(a)

    3,329       945,336  

Maravai LifeSciences Holdings Inc., Class A(a)

    7,350       259,234  

PerkinElmer Inc.

    8,423       1,469,477  

QIAGEN NV(a)

    15,166       743,134  

Repligen Corp.(a)

    3,658       688,033  

Sotera Health Co.(a)

    6,758       146,378  

Syneos Health Inc.(a)

    6,765       547,627  
   

 

 

 
      8,591,199  
Machinery — 2.0%            

AGCO Corp.

    4,165       608,215  

Allison Transmission Holdings Inc.

    6,947       272,739  

Colfax Corp.(a)

    9,270       368,853  

Crane Co.

    3,300       357,324  

Donaldson Co. Inc.

    8,241       427,955  

Flowserve Corp.

    8,715       312,869  

Gates Industrial Corp. PLC(a)

    6,353       95,676  

Graco Inc.

    11,169       778,703  

ITT Inc.

    5,700       428,697  

Lincoln Electric Holdings Inc.

    3,830       527,812  

Middleby Corp. (The)(a)

    3,675       602,479  

Nordson Corp.

    3,865       877,664  

Oshkosh Corp.

    4,548       457,756  

Pentair PLC

        10,986       595,551  

Snap-on Inc.

    3,554       730,276  

Timken Co. (The)

    4,305       261,314  

Toro Co. (The)

    7,071       604,500  
   

 

 

 
              8,308,383  
Marine — 0.1%            

Kirby Corp.(a)

    4,005       289,121  
   

 

 

 
Media — 0.8%            

Cable One Inc.

    364       532,983  

Interpublic Group of Companies Inc. (The)

    26,187       928,329  

Loyalty Ventures Inc.(a)

    1,817       30,035  

New York Times Co. (The), Class A

    10,994       503,965  

News Corp., Class A, NVS

    25,944       574,660  

News Corp., Class B

    8,027       180,768  

Nexstar Media Group Inc., Class A

    2,621       494,006  
   

 

 

 
      3,244,746  
Metals & Mining — 1.2%            

Alcoa Corp.

    12,416       1,117,813  

Cleveland-Cliffs Inc.(a)

    30,309       976,253  

Reliance Steel & Aluminum Co.

    4,135       758,152  

Royal Gold Inc.

    4,358       615,698  

Steel Dynamics Inc.

    12,523       1,044,794  

United States Steel Corp.

    17,822       672,602  
   

 

 

 
      5,185,312  
Mortgage Real Estate Investment — 0.3%            

AGNC Investment Corp.

    34,978       458,212  

New Residential Investment Corp.

    28,845       316,718  

Starwood Property Trust Inc.

    19,179       463,556  
   

 

 

 
      1,238,486  
Multi-Utilities — 0.2%            

NiSource Inc.

    26,029       827,722  
   

 

 

 
Multiline Retail — 0.2%            

Kohl’s Corp.

    9,206       556,594  

 

 

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

  39


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Multiline Retail (continued)

   

Nordstrom Inc.

    7,362     $ 199,584  

Ollie’s Bargain Outlet Holdings Inc.(a)(b)

    4,329       185,974  
   

 

 

 
      942,152  
Oil, Gas & Consumable Fuels — 2.7%            

Antero Midstream Corp.

    22,540       245,010  

APA Corp.

    24,074       994,978  

Continental Resources Inc./OK

    4,390       269,239  

Coterra Energy Inc.

    52,873       1,425,985  

Devon Energy Corp.

    44,970       2,659,076  

Diamondback Energy Inc.

    12,011       1,646,468  

EQT Corp.

    20,272       697,559  

HF Sinclair Corp.

    9,942       396,189  

Marathon Oil Corp.

        51,442       1,291,709  

New Fortress Energy Inc.

    1,759       74,951  

Targa Resources Corp.

    14,971       1,129,861  

Texas Pacific Land Corp.

    393       531,379  
   

 

 

 
            11,362,404  
Paper & Forest Products — 0.1%            

Louisiana-Pacific Corp.

    5,802       360,420  
   

 

 

 
Personal Products — 0.1%            

Coty Inc., Class A(a)

    23,279       209,278  

Herbalife Nutrition Ltd.(a)

    6,815       206,904  
   

 

 

 
      416,182  
Pharmaceuticals — 0.7%            

Catalent Inc.(a)

    11,362       1,260,046  

Jazz Pharmaceuticals PLC(a)

    3,986       620,501  

Organon & Co.

    16,873       589,374  

Perrigo Co. PLC

    8,992       345,562  
   

 

 

 
      2,815,483  
Professional Services — 1.2%            

Booz Allen Hamilton Holding Corp.

    8,859       778,175  

CACI International Inc., Class A(a)

    1,547       466,049  

Dun & Bradstreet Holdings Inc.(a)

    10,659       186,746  

FTI Consulting Inc.(a)

    2,234       351,230  

Jacobs Engineering Group Inc.

    8,619       1,187,784  

Legalzoomcom Inc.(a)

    6,857       96,958  

ManpowerGroup Inc.

    3,632       341,117  

Nielsen Holdings PLC

    23,835       649,265  

Robert Half International Inc.

    7,244       827,120  

Science Applications International Corp.

    3,845       354,394  
   

 

 

 
      5,238,838  
Real Estate Management & Development — 0.3%  

Howard Hughes Corp. (The)(a)(b)

    2,784       288,450  

Jones Lang LaSalle Inc.(a)

    3,364       805,543  

Opendoor Technologies Inc.(a)(b)

    32,621       282,172  
   

 

 

 
      1,376,165  
Road & Rail — 0.5%            

AMERCO

    597       356,373  

Knight-Swift Transportation Holdings Inc.

    10,704       540,124  

Landstar System Inc.

    2,540       383,108  

Ryder System Inc.

    3,497       277,417  

Schneider National Inc., Class B

    3,584       91,392  

TuSimple Holdings Inc., Class A(a)

    193       2,355  

XPO Logistics Inc.(a)

    6,443       469,050  
   

 

 

 
      2,119,819  
Semiconductors & Semiconductor Equipment — 2.1%  

Allegro MicroSystems Inc.(a)

    2,669       75,799  
Security   Shares     Value  

Semiconductors & Semiconductor Equipment (continued)

 

Cirrus Logic Inc.(a)

    3,816     $ 323,559  

Enphase Energy Inc.(a)

    8,760       1,767,593  

Entegris Inc.

    8,963       1,176,483  

First Solar Inc.(a)(b)

    7,022       588,022  

MKS Instruments Inc.

    3,686       552,900  

Monolithic Power Systems Inc.

    3,023       1,468,211  

ON Semiconductor Corp.(a)

    28,175       1,764,037  

Universal Display Corp.

    2,886       481,818  

Wolfspeed Inc.(a)

    7,656       871,712  
   

 

 

 
      9,070,134  
Software — 3.9%            

Alteryx Inc., Class A(a)

    3,938       281,685  

Anaplan Inc.(a)

    9,467       615,828  

Aspen Technology Inc.(a)

    4,447       735,400  

Avalara Inc.(a)(b)

    6,008       597,856  

Bentley Systems Inc., Class B

    9,133       403,496  

Bill.com Holdings Inc.(a)(b)

    6,330       1,435,581  

Black Knight Inc.(a)

        10,095       585,409  

C3.ai Inc., Class A(a)

    4,830       109,641  

CDK Global Inc.

    7,834       381,359  

Ceridian HCM Holding Inc.(a)

    8,700       594,732  

Datto Holding Corp.(a)

    1,595       42,619  

Dolby Laboratories Inc., Class A

    4,297       336,111  

DoubleVerify Holdings Inc.(a)

    3,889       97,886  

Dropbox Inc., Class A(a)

    19,804       460,443  

Duck Creek Technologies Inc.(a)

    5,884       130,154  

Dynatrace Inc.(a)

    13,098       616,916  

Elastic NV(a)

    5,258       467,699  

Everbridge Inc.(a)

    77       3,360  

Fair Isaac Corp.(a)

    1,764       822,836  

Five9 Inc.(a)

    4,526       499,671  

Guidewire Software Inc.(a)

    5,553       525,425  

Informatica Inc.(a)(b)

    2,204       43,507  

Jamf Holding Corp.(a)(b)

    3,590       124,968  

Mandiant Inc.(a)

    15,727       350,869  

Manhattan Associates Inc.(a)

    4,191       581,334  

N-able Inc.(a)

    2,672       24,315  

nCino Inc.(a)

    4,138       169,575  

NCR Corp.(a)

    8,532       342,901  

New Relic Inc.(a)

    3,494       233,679  

NortonLifeLock Inc.

    36,627       971,348  

Nutanix Inc., Class A(a)

    14,062       377,143  

Paycor HCM Inc.(a)(b)

    3,137       91,318  

Paylocity Holding Corp.(a)

    2,612       537,471  

Pegasystems Inc.

    2,726       219,852  

Procore Technologies Inc.(a)

    4,352       252,242  

PTC Inc.(a)

    6,996       753,609  

Smartsheet Inc., Class A(a)

    8,655       474,121  

Teradata Corp.(a)

    7,200       354,888  

Zendesk Inc.(a)

    7,927       953,539  
   

 

 

 
            16,600,786  
Specialty Retail — 1.2%            

AutoNation Inc.(a)

    2,763       275,140  

Dick’s Sporting Goods Inc.

    4,165       416,583  

Five Below Inc.(a)

    3,649       577,892  

Floor & Decor Holdings Inc., Class A(a)

    6,759       547,479  

Foot Locker Inc.

    5,945       176,329  

GameStop Corp., Class A(a)(b)

    4,382       729,954  

Gap Inc. (The)

    13,301       187,278  

 

 

40  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Specialty Retail (continued)

 

Leslie’s Inc.(a)

    10,536     $ 203,977  

Lithia Motors Inc.

    1,952       585,834  

Penske Automotive Group Inc.

    2,036       190,814  

Petco Health & Wellness Co. Inc.(a)(b)

    3,660       71,626  

RH(a)

    1,168       380,873  

Vroom Inc.(a)

    14,676       39,038  

Williams-Sonoma Inc.

    4,914       712,530  
   

 

 

 
      5,095,347  
Technology Hardware, Storage & Peripherals — 0.2%  

Pure Storage Inc., Class A(a)

    17,794       628,306  

Xerox Holdings Corp.

    9,383       189,255  
   

 

 

 
      817,561  
Textiles, Apparel & Luxury Goods — 0.9%            

Capri Holdings Ltd.(a)

    9,829       505,112  

Carter’s Inc.

    2,774       255,180  

Columbia Sportswear Co.

    2,634       238,456  

Deckers Outdoor Corp.(a)

    1,812       496,071  

Hanesbrands Inc.

    23,232       345,925  

PVH Corp.

    4,723       361,829  

Ralph Lauren Corp.

    3,178       360,512  

Skechers U.S.A. Inc., Class A(a)

    8,760       357,058  

Tapestry Inc.

    17,793       661,010  

Under Armour Inc., Class A(a)

    12,535       213,346  

Under Armour Inc., Class C, NVS(a)(b)

    13,496       209,998  
   

 

 

 
              4,004,497  
Thrifts & Mortgage Finance — 0.2%            

MGIC Investment Corp.

        21,682       293,791  

New York Community Bancorp. Inc.

    30,188       323,616  

TFS Financial Corp.

    3,263       54,166  

UWM Holdings Corp.

    6,125       27,746  
   

 

 

 
      699,319  
Trading Companies & Distributors — 0.5%            

Air Lease Corp.

    7,184       320,766  

Core & Main Inc., Class A(a)

    3,727       90,156  

MSC Industrial Direct Co. Inc., Class A

    3,031       258,271  

SiteOne Landscape Supply Inc.(a)

    2,935       474,560  

Univar Solutions Inc.(a)

    11,129       357,686  
Security   Shares     Value  

 

 

Trading Companies & Distributors (continued)

   

Watsco Inc.

    2,178     $ 663,506  
   

 

 

 
      2,164,945  
Water Utilities — 0.2%            

Essential Utilities Inc.

    15,323       783,465  
   

 

 

 

Total Common Stocks — 57.1%
(Cost: $220,764,509)

 

    241,442,211  
   

 

 

 

Investment Companies

   
Exchange Traded Funds — 42.8%            

iShares Russell 2000 ETF(b)(c)

    882,210       181,091,247  
   

 

 

 

Total Investment Companies — 42.8%
(Cost: $175,410,692)

 

    181,091,247  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 26.3%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)

    110,859,179       110,837,007  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)

    440,000       440,000  
   

 

 

 
      111,277,007  
   

 

 

 

Total Short-Term Investments — 26.3%
(Cost: $111,276,756)

 

    111,277,007  
   

 

 

 

Total Investments in Securities — 126.2%
(Cost: $507,451,957)

 

    533,810,465  

Other Assets, Less Liabilities — (26.2)%

 

    (110,660,925
   

 

 

 

Net Assets — 100.0%

 

  $    423,149,540  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer  

Value at

03/31/21

   

Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

03/31/22

   

Shares

Held at

03/31/22

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

   

    

 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 112,434,624     $     $ (1,494,274 )(a)    $ (102,179   $ (1,164   $ 110,837,007       110,859,179     $ 428,675 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    200,000       240,000 (a)                        440,000       440,000       137          
 

iShares Russell 2000 ETF

    119,636,359       102,225,912       (27,741,150     7,464,746       (20,494,620     181,091,247       882,210       1,539,825          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $   7,362,567      $ (20,495,784   $ 292,368,254       $ 1,968,637     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

 

 

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

  41


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 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

                 

Micro E-Mini Russell 2000 Index

     5          06/17/22        $ 52        $ 1,477  

Russell 2000 E-Mini Index

     6          06/17/22          620          12,268  
                 

 

 

 
                  $ 13,745  
                 

 

 

 

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)

   $ 13,745  
  

 

 

 

 

  (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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 25,169  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 6,519  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

     $543,596      

 

 

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.

 

 

42  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 2500 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

   $ 241,427,339        $             14,872        $        $ 241,442,211  

Investment Companies

     181,091,247                            181,091,247  

Money Market Funds

     111,277,007                            111,277,007  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 533,795,593        $ 14,872        $        $ 533,810,465  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 13,745        $        $        $ 13,745  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  43


Schedule of Investments

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.5%

   

AAR Corp.(a)

    9,452     $ 457,760  

Aerojet Rocketdyne Holdings Inc.(a)

    20,041       788,613  

Aerovironment Inc.(a)

    5,906       555,991  

Astronics Corp.(a)

    9,157       118,400  

Axon Enterprise Inc.(a)

    17,246       2,375,292  

Boeing Co. (The)(a)

    142,549       27,298,134  

BWX Technologies Inc.

    25,393       1,367,667  

Byrna Technologies Inc.(a)(b)

    4,864       39,739  

Curtiss-Wright Corp.

    10,875       1,632,990  

Ducommun Inc.(a)

    2,633       137,943  

General Dynamics Corp.

    66,484       16,034,611  

HEICO Corp.(b)

    11,984       1,840,023  

HEICO Corp., Class A

    20,838       2,642,884  

Hexcel Corp.

    23,553       1,400,697  

Howmet Aerospace Inc.

    101,272       3,639,716  

Huntington Ingalls Industries Inc.

    10,365       2,067,196  

Kaman Corp.

    7,861       341,796  

Kratos Defense & Security Solutions Inc.(a)

    33,732       690,831  

L3Harris Technologies Inc.

    51,959       12,910,253  

Lockheed Martin Corp.

    64,578       28,504,729  

Maxar Technologies Inc.(b)

    18,155       716,396  

Mercury Systems Inc.(a)

    15,583       1,004,324  

Moog Inc., Class A

    7,833       687,738  

National Presto Industries Inc.

    1,619       124,582  

Northrop Grumman Corp.

    39,106       17,488,985  

Park Aerospace Corp.

    8,281       108,067  

Parsons Corp.(a)(b)

    8,192       317,030  

Raytheon Technologies Corp.

      398,954       39,524,373  

Spirit AeroSystems Holdings Inc., Class A

    28,426       1,389,747  

Textron Inc.

    59,474       4,423,676  

TransDigm Group Inc.(a)

    13,994       9,117,651  

Triumph Group Inc.(a)

    16,049       405,719  

Vectrus Inc.(a)

    2,563       91,909  

Virgin Galactic Holdings Inc.(a)(b)

    47,458       468,885  

Woodward Inc.

    16,596       2,073,006  
   

 

 

 
      182,787,353  

Air Freight & Logistics — 0.6%

   

Air Transport Services Group Inc.(a)

    15,965       534,029  

Atlas Air Worldwide Holdings Inc.(a)

    8,009       691,737  

CH Robinson Worldwide Inc.

    34,974       3,767,050  

Expeditors International of Washington Inc.

    44,298       4,569,782  

FedEx Corp.

    65,449       15,144,244  

Forward Air Corp.

    7,389       722,497  

GXO Logistics Inc.(a)

    25,644       1,829,443  

Hub Group Inc., Class A(a)

    9,253       714,424  

United Parcel Service Inc., Class B

    192,883       41,365,688  
   

 

 

 
              69,338,894  

Airlines — 0.2%

   

Alaska Air Group Inc.(a)

    32,890       1,907,949  

Allegiant Travel Co.(a)

    3,699       600,681  

American Airlines Group Inc.(a)(b)

    168,072       3,067,314  

Copa Holdings SA, Class A, NVS(a)

    8,226       688,023  

Delta Air Lines Inc.(a)

    169,174       6,694,215  

Frontier Group Holdings Inc.(a)(b)

    9,899       112,156  

Hawaiian Holdings Inc.(a)(b)

    14,339       282,478  

JetBlue Airways Corp.(a)

    83,104       1,242,405  

SkyWest Inc.(a)

    14,132       407,708  

Southwest Airlines Co.(a)

    157,092       7,194,813  
Security   Shares     Value  

Airlines (continued)

   

Spirit Airlines Inc.(a)

    26,826     $ 586,685  

Sun Country Airlines Holdings Inc.(a)

    6,820       178,547  

United Airlines Holdings Inc.(a)(b)

    84,775       3,930,169  
   

 

 

 
              26,893,143  

Auto Components — 0.2%

   

Adient PLC(a)

    25,047       1,021,166  

American Axle & Manufacturing Holdings Inc.(a)

    30,381       235,757  

Aptiv PLC(a)

    72,009       8,620,198  

BorgWarner Inc.

    62,887       2,446,304  

Cooper-Standard Holdings Inc.(a)

    5,712       50,094  

Dana Inc.

    41,254       724,833  

Dorman Products Inc.(a)

    7,471       709,969  

Fox Factory Holding Corp.(a)

    11,315       1,108,304  

Gentex Corp.

    63,237       1,844,623  

Gentherm Inc.(a)

    8,528       622,885  

Goodyear Tire & Rubber Co. (The)(a)

    75,846       1,083,839  

LCI Industries

    7,013       728,020  

Lear Corp.

    16,062       2,290,281  

Modine Manufacturing Co.(a)

    11,836       106,642  

Motorcar Parts of America Inc.(a)

    6,665       118,837  

Patrick Industries Inc.

    5,940       358,182  

QuantumScape Corp.(a)(b)

    64,843       1,296,212  

Standard Motor Products Inc.

    5,131       221,351  

Stoneridge Inc.(a)(b)

    6,879       142,808  

Tenneco Inc., Class A(a)

    14,798       271,099  

Visteon Corp.(a)

    7,743       844,994  

XPEL Inc.(a)

    4,529       238,271  
   

 

 

 
      25,084,669  

Automobiles — 2.3%

   

Arcimoto Inc.(a)(b)

    10,215       67,521  

Canoo Inc.(a)(b)

    22,041       121,666  

Fisker Inc.(a)(b)

    41,463       534,873  

Ford Motor Co.

    1,041,704       17,615,215  

General Motors Co.(a)

    367,813       16,088,140  

Harley-Davidson Inc.

    42,377       1,669,654  

Lordstown Motors Corp., Class A(a)(b)

    30,282       103,262  

Rivian Automotive Inc., Class A(a)(b)

    37,862       1,902,187  

Tesla Inc.(a)

      221,828       239,041,853  

Thor Industries Inc.

    14,642       1,152,325  

Winnebago Industries Inc.

    7,889       426,243  

Workhorse Group Inc.(a)(b)

    32,884       164,420  
   

 

 

 
      278,887,359  

Banks — 4.0%

   

1st Source Corp.

    4,071       188,284  

Allegiance Bancshares Inc.

    6,107       272,861  

Amerant Bancorp Inc.

    7,818       246,971  

American National Bankshares Inc.

    3,370       126,982  

Ameris Bancorp.

    16,322       716,209  

Arrow Financial Corp.

    4,739       153,638  

Associated Banc-Corp.

    39,849       906,963  

Atlantic Union Bankshares Corp.

    19,342       709,658  

Banc of California Inc.

    14,418       279,132  

BancFirst Corp.

    4,774       397,245  

Bancorp. Inc. (The)(a)(b)

    12,081       342,255  

Bank First Corp.

    1,656       119,215  

Bank of America Corp.

    1,895,080       78,115,198  

Bank of Hawaii Corp.

    10,845       910,112  

Bank of Marin Bancorp., Class A

    4,538       159,148  

Bank of NT Butterfield & Son Ltd. (The)

    14,154       507,846  

 

 

44  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Banks (continued)

   

Bank OZK

    32,471     $ 1,386,512  

BankUnited Inc.

    22,295       980,088  

Banner Corp.

    9,732       569,614  

Bar Harbor Bankshares

    4,846       138,693  

Berkshire Hills Bancorp. Inc.

    12,318       356,852  

BOK Financial Corp.

    7,857       738,165  

Brookline Bancorp. Inc.

    17,954       284,032  

Business First Bancshares Inc.

    6,591       160,359  

Byline Bancorp Inc.

    7,414       197,806  

Cadence Bank

    38,189       1,117,410  

Cambridge Bancorp.

    1,690       143,650  

Camden National Corp.

    3,750       176,400  

Capital City Bank Group Inc.

    4,600       121,256  

Capstar Financial Holdings Inc.

    5,970       125,848  

Carter Bankshares Inc.(a)(b)

    8,374       145,456  

Cathay General Bancorp.

    20,839       932,545  

CBTX Inc.

    5,028       155,868  

Central Pacific Financial Corp.

    8,258       230,398  

Citigroup Inc.

    529,230       28,260,882  

Citizens & Northern Corp.

    5,853       142,696  

Citizens Financial Group Inc.

    113,968       5,166,169  

City Holding Co.

    4,234       333,216  

Civista Bancshares Inc.

    6,080       146,528  

CNB Financial Corp./PA

    5,109       134,469  

Coastal Financial Corp./WA(a)(b)

    2,818       128,924  

Columbia Banking System Inc.

    19,525       630,072  

Comerica Inc.

    35,532       3,213,159  

Commerce Bancshares Inc.

    29,632       2,121,355  

Community Bank System Inc.

    14,122       990,658  

Community Trust Bancorp. Inc.

    3,876       159,691  

ConnectOne Bancorp. Inc.

    10,514       336,553  

CrossFirst Bankshares Inc.(a)

    12,956       204,187  

Cullen/Frost Bankers Inc.

    15,217       2,106,185  

Customers Bancorp. Inc.(a)(b)

    7,353       383,385  

CVB Financial Corp.

    34,654       804,319  

Dime Community Bancshares Inc.

    9,622       332,633  

Eagle Bancorp. Inc.

    9,569       545,529  

East West Bancorp. Inc.

    37,587       2,970,125  

Eastern Bankshares Inc.

    44,825       965,530  

Enterprise Bancorp. Inc./MA

    4,106       164,733  

Enterprise Financial Services Corp.

    9,430       446,133  

Equity Bancshares Inc., Class A

    3,998       129,175  

Farmers National Banc Corp.

    10,906       186,056  

FB Financial Corp.

    7,687       341,457  

Fifth Third Bancorp.

      182,250               7,844,040  

Financial Institutions Inc.

    4,661       140,436  

First Bancorp. Inc. (The)

    3,817       114,815  

First BanCorp./Puerto Rico

    52,297       686,137  

First Bancorp./Southern Pines NC

    8,695       363,190  

First Bancshares Inc. (The)

    5,080       170,993  

First Busey Corp.

    14,093       357,117  

First Citizens BancShares Inc./NC, Class A

    3,228       2,148,557  

First Commonwealth Financial Corp.

    23,135       350,727  

First Community Bankshares Inc.

    4,444       125,365  

First Financial Bancorp.

    24,566       566,246  

First Financial Bankshares Inc.

    34,744       1,532,905  

First Financial Corp./IN

    2,819       122,006  

First Foundation Inc.

    11,701       284,217  

First Hawaiian Inc.

    35,671       994,864  

First Horizon Corp.

    142,605       3,349,791  
Security   Shares     Value  

Banks (continued)

   

First Internet Bancorp.

    2,867     $ 123,310  

First Interstate BancSystem Inc., Class A

    23,870       877,700  

First Merchants Corp.

    14,437       600,579  

First Mid Bancshares Inc.

    3,384       130,250  

First of Long Island Corp. (The)

    6,658       129,565  

First Republic Bank/CA

    47,291       7,665,871  

Five Star Bancorp.

    3,951       111,813  

Flushing Financial Corp.

    7,627       170,463  

FNB Corp.

    86,761       1,080,174  

Fulton Financial Corp.

    45,966       763,955  

German American Bancorp. Inc.

    6,545       248,645  

Glacier Bancorp. Inc.

    28,686       1,442,332  

Great Southern Bancorp. Inc.

    2,603       153,603  

Guaranty Bancshares Inc./TX

    3,148       110,180  

Hancock Whitney Corp.

    23,806       1,241,483  

Hanmi Financial Corp.

    8,508       209,382  

HarborOne Bancorp Inc.

    17,203       241,186  

Heartland Financial USA Inc.

    9,715       464,668  

Heritage Commerce Corp.

    16,658       187,403  

Heritage Financial Corp./WA

    9,192       230,352  

Hilltop Holdings Inc.

    17,759       522,115  

Home BancShares Inc./AR

    41,635       940,951  

HomeStreet Inc.

    5,042       238,890  

HomeTrust Bancshares Inc.

    5,478       161,765  

Hope Bancorp Inc.

    29,353       471,996  

Horizon Bancorp Inc./IN

    10,642       198,686  

Huntington Bancshares Inc./OH

    379,975       5,555,234  

Independent Bank Corp.

    12,627       1,031,500  

Independent Bank Corp./MI

    5,602       123,244  

Independent Bank Group Inc.

    10,767       766,180  

International Bancshares Corp.

    14,770       623,442  

Investors Bancorp. Inc.

    61,583       919,434  

JPMorgan Chase & Co.

    782,569       106,679,806  

KeyCorp

      246,364               5,513,626  

Lakeland Bancorp. Inc.

    17,801       297,277  

Lakeland Financial Corp.

    6,035       440,555  

Live Oak Bancshares Inc.

    8,536       434,397  

M&T Bank Corp.

    33,853       5,738,083  

Mercantile Bank Corp.

    4,800       170,016  

Meta Financial Group Inc.

    7,953       436,779  

Metrocity Bankshares Inc.

    7,637       179,317  

Metropolitan Bank Holding Corp.(a)

    2,484       252,797  

Mid Penn Bancorp. Inc.

    5,645       151,342  

Midland States Bancorp. Inc.

    6,294       181,645  

MidWestOne Financial Group Inc.

    6,122       202,638  

MVB Financial Corp.

    3,035       125,953  

National Bank Holdings Corp., Class A

    7,742       311,848  

NBT Bancorp. Inc.

    11,816       426,912  

Nicolet Bankshares Inc.(a)

    3,295       308,313  

Northwest Bancshares Inc.

    35,751       482,996  

OceanFirst Financial Corp.

    15,298       307,490  

OFG Bancorp.

    11,598       308,971  

Old National Bancorp./IN

    77,531       1,269,958  

Old Second Bancorp. Inc.

    12,028       174,526  

Origin Bancorp Inc.

    7,077       299,286  

Pacific Premier Bancorp. Inc.

    22,786       805,485  

PacWest Bancorp.

    29,784       1,284,584  

Park National Corp.

    3,592       471,917  

Peapack Gladstone Financial Corp.

    4,888       169,858  

Peoples Bancorp. Inc./OH

    5,512       172,581  

 

 

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

  45


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Banks (continued)            

Peoples Financial Services Corp.

    3,268     $ 164,969  

People’s United Financial Inc.

    112,534       2,249,555  

Pinnacle Financial Partners Inc.

    20,429       1,881,102  

PNC Financial Services Group Inc. (The)

    113,075       20,856,684  

Popular Inc.

    20,463       1,672,646  

Preferred Bank/Los Angeles CA

    2,634       195,153  

Premier Financial Corp.

    9,012       273,334  

Primis Financial Corp.

    9,807       137,102  

Prosperity Bancshares Inc.

    24,700       1,713,686  

QCR Holdings Inc.

    5,101       288,666  

RBB Bancorp.

    4,589       107,796  

Regions Financial Corp.

      255,957       5,697,603  

Renasant Corp.

    16,064       537,341  

Republic Bancorp. Inc./KY, Class A

    3,160       142,010  

S&T Bancorp. Inc.

    8,969       265,303  

Sandy Spring Bancorp. Inc.

    11,073       497,399  

Seacoast Banking Corp. of Florida

    13,327       466,712  

ServisFirst Bancshares Inc.

    13,546       1,290,798  

Sierra Bancorp.

    4,789       119,629  

Signature Bank/New York NY

    16,373       4,805,312  

Silvergate Capital Corp., Class A(a)

    7,260       1,093,138  

Simmons First National Corp., Class A

    28,206       739,561  

SmartFinancial Inc.

    6,479       165,733  

South Plains Financial Inc.

    3,812       101,323  

South State Corp.

    20,927       1,707,434  

Southern First Bancshares Inc.(a)

    2,352       119,576  

Southside Bancshares Inc.

    9,146       373,431  

Spirit of Texas Bancshares Inc.

    5,795       152,293  

Stock Yards Bancorp. Inc.

    6,093       322,320  

SVB Financial Group(a)

    15,033       8,410,212  

Synovus Financial Corp.

    37,848       1,854,552  

Texas Capital Bancshares Inc.(a)

    13,145       753,340  

Tompkins Financial Corp.

    3,586       280,676  

Towne Bank/Portsmouth VA

    17,131       512,902  

TriCo Bancshares

    7,343       293,940  

TriState Capital Holdings Inc.(a)

    6,178       205,295  

Triumph Bancorp. Inc.(a)

    6,117       575,120  

Truist Financial Corp.

    352,325       19,976,827  

Trustmark Corp.

    16,710       507,817  

U.S. Bancorp.

    356,512       18,948,613  

UMB Financial Corp.

    11,284       1,096,353  

Umpqua Holdings Corp.

    59,617       1,124,377  

United Bankshares Inc./WV

    34,750       1,212,080  

United Community Banks Inc./GA

    25,931       902,399  

Univest Financial Corp.

    7,249       193,983  

Valley National Bancorp.

    103,768       1,351,059  

Veritex Holdings Inc.

    12,182       464,987  

Washington Trust Bancorp. Inc.

    3,620       190,050  

Webster Financial Corp.

    47,050       2,640,446  

Wells Fargo & Co.

    1,036,405       50,224,186  

WesBanco Inc.

    17,053       585,941  

West Bancorp. Inc.

    5,778       157,219  

Westamerica Bancorp.

    7,741       468,330  

Western Alliance Bancorp.

    27,995               2,318,546  

Wintrust Financial Corp.

    15,467       1,437,348  

Zions Bancorp. N.A.

    39,879       2,614,467  
   

 

 

 
      485,381,875  

Beverages — 1.3%

   

Boston Beer Co. Inc. (The), Class A, NVS(a)

    2,407       935,047  

Brown-Forman Corp., Class A

    12,044       755,641  
Security   Shares     Value  

Beverages (continued)

   

Brown-Forman Corp., Class B, NVS

    49,282     $ 3,302,880  

Celsius Holdings Inc.(a)

    14,221       784,715  

Coca-Cola Co. (The)

    1,034,777       64,156,174  

Coca-Cola Consolidated Inc.

    1,143       567,900  

Constellation Brands Inc., Class A

    41,454       9,547,685  

Duckhorn Portfolio Inc. (The)(a)

    7,032       127,912  

Keurig Dr Pepper Inc.

    185,998       7,049,324  

MGP Ingredients Inc.

    3,899       333,715  

Molson Coors Beverage Co., Class B

    48,649       2,596,884  

Monster Beverage Corp.(a)

    98,890       7,901,311  

National Beverage Corp.

    6,780       294,930  

PepsiCo Inc.

    368,231       61,634,505  

Primo Water Corp.

    45,194       644,014  
   

 

 

 
      160,632,637  

Biotechnology — 2.4%

   

2seventy bio Inc.(a)(b)

    5,812       99,153  

4D Molecular Therapeutics Inc.(a)

    5,525       83,538  

AbbVie Inc.

    470,867       76,332,249  

ACADIA Pharmaceuticals Inc.(a)(b)

    30,654       742,440  

Adagio Therapeutics Inc.(a)(b)

    5,570       25,399  

Adicet Bio Inc.(a)

    8,571       171,163  

Aeglea BioTherapeutics Inc.(a)

    14,678       33,759  

Affimed NV(a)

    27,678       120,953  

Agenus Inc.(a)

    45,827       112,734  

Agios Pharmaceuticals Inc.(a)(b)

    16,392       477,171  

Akebia Therapeutics Inc.(a)(b)

    51,480       36,957  

Akero Therapeutics Inc.(a)

    8,057       114,329  

Alaunos Therapeutics Inc.(a)(b)

    66,462       43,360  

Albireo Pharma Inc.(a)(b)

    4,950       147,659  

Aldeyra Therapeutics Inc.(a)

    16,085       71,498  

Alector Inc.(a)(b)

    16,292       232,161  

Aligos Therapeutics Inc.(a)

    7,028       15,110  

Alkermes PLC(a)

    42,822       1,126,647  

Allakos Inc.(a)

    9,591       54,669  

Allogene Therapeutics Inc.(a)

    15,691       142,945  

Allovir Inc.(a)

    9,916       66,933  

Alnylam Pharmaceuticals Inc.(a)

    31,722       5,179,885  

Altimmune Inc.(a)

    10,224       62,264  

ALX Oncology Holdings Inc.(a)

    4,718       79,734  

Amgen Inc.

      148,654       35,947,510  

Amicus Therapeutics Inc.(a)(b)

    70,961       672,001  

AnaptysBio Inc.(a)

    7,322       181,146  

Anavex Life Sciences Corp.(a)(b)

    19,429       239,171  

Anika Therapeutics Inc.(a)

    4,140       103,955  

Annexon Inc.(a)

    9,891       27,002  

Apellis Pharmaceuticals Inc.(a)

    20,625               1,047,956  

Applied Molecular Transport Inc.(a)

    5,987       45,022  

Applied Therapeutics Inc.(a)(b)

    6,388       13,479  

Arbutus Biopharma Corp.(a)

    27,898       83,136  

Arcturus Therapeutics Holdings Inc.(a)(b)

    5,962       160,736  

Arcus Biosciences Inc.(a)

    12,168       384,022  

Arcutis Biotherapeutics Inc.(a)

    6,266       120,683  

Ardelyx Inc.(a)(b)

    42,260       45,218  

Arrowhead Pharmaceuticals Inc.(a)

    27,174       1,249,732  

Atara Biotherapeutics Inc.(a)(b)

    21,865       203,126  

Athenex Inc.(a)

    28,906       23,978  

Athersys Inc.(a)(b)

    86,672       52,480  

Atossa Therapeutics Inc.(a)(b)

    37,993       47,491  

Avid Bioservices Inc.(a)(b)

    16,860       343,438  

Avidity Biosciences Inc.(a)

    9,187       169,684  

 

 

46  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Avita Medical Inc.(a)(b)

    7,571     $ 64,202  

Avrobio Inc.(a)

    15,536       20,508  

Beam Therapeutics Inc.(a)(b)

    12,724       729,085  

Beyondspring Inc.(a)

    5,707       12,555  

BioAtla Inc.(a)

    3,131       15,655  

BioCryst Pharmaceuticals Inc.(a)

    46,454       755,342  

Biogen Inc.(a)

    38,718       8,154,011  

Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)

    14,622       1,733,731  

BioMarin Pharmaceutical Inc.(a)

    48,055       3,705,040  

Bioxcel Therapeutics Inc.(a)

    4,936       103,212  

Bluebird Bio Inc.(a)

    17,438       84,574  

Blueprint Medicines Corp.(a)

    15,674       1,001,255  

Bridgebio Pharma Inc.(a)(b)

    29,066       295,020  

Brooklyn ImmunoTherapeutics Inc.(a)

    6,279       12,872  

C4 Therapeutics Inc.(a)(b)

    10,688       259,291  

Cardiff Oncology Inc.(a)

    17,302       42,909  

CareDx Inc.(a)(b)

    12,981       480,167  

Caribou Biosciences Inc.(a)

    18,061       165,800  

Catalyst Pharmaceuticals Inc.(a)

    24,591       203,859  

Celldex Therapeutics Inc.(a)(b)

    13,564       461,990  

CEL-SCI Corp.(a)(b)

    11,226       44,118  

Century Therapeutics Inc.(a)

    8,725       109,848  

Cerevel Therapeutics Holdings Inc.(a)

    9,816       343,658  

ChemoCentryx Inc.(a)

    13,444       337,041  

Chimerix Inc.(a)

    19,185       87,867  

Chinook Therapeutics Inc.(a)

    9,968       163,076  

Clovis Oncology Inc.(a)

    30,108       60,818  

Codiak Biosciences Inc.(a)

    6,091       38,191  

Cogent Biosciences Inc.(a)

    14,745       110,440  

Coherus Biosciences Inc.(a)(b)

    16,706       215,674  

Contra GTX Inc., NVS(b)(c)

    684       701  

Cortexyme Inc.(a)(b)

    4,924       30,480  

Crinetics Pharmaceuticals Inc.(a)

    12,311       270,226  

Cue Biopharma Inc.(a)

    9,973       48,668  

Cullinan Oncology Inc.(a)(b)

    5,443       56,988  

CureVac NV(a)(b)

    14,599       286,286  

Curis Inc.(a)(b)

    22,760       54,169  

Cytokinetics Inc.(a)

    20,449       752,728  

CytomX Therapeutics Inc.(a)

    21,953       58,615  

Day One Biopharmaceuticals Inc.(a)

    10,484       104,001  

Deciphera Pharmaceuticals Inc.(a)(b)

    10,138       93,979  

Denali Therapeutics Inc.(a)

    24,217       779,061  

DermTech Inc.(a)

    6,228       91,427  

Design Therapeutics Inc.(a)(b)

    5,415       87,452  

Dynavax Technologies Corp.(a)(b)

    28,761       311,769  

Dyne Therapeutics Inc.(a)

    10,271       99,012  

Eagle Pharmaceuticals Inc./DE(a)

    3,226       159,655  

Editas Medicine Inc.(a)(b)

    18,852       358,565  

Emergent BioSolutions Inc.(a)(b)

    12,063       495,307  

Enanta Pharmaceuticals Inc.(a)

    4,869       346,575  

Epizyme Inc.(a)

    29,581       34,018  

Erasca Inc.(a)(b)

    17,431       149,907  

Evelo Biosciences Inc.(a)(b)

    11,865       40,222  

Exact Sciences Corp.(a)(b)

    45,431       3,176,536  

Exelixis Inc.(a)

       83,730               1,898,159  

Fate Therapeutics Inc.(a)

    20,441       792,498  

FibroGen Inc.(a)(b)

    22,541       270,943  

Foghorn Therapeutics Inc.(a)

    7,128       108,559  

Forma Therapeutics Holdings Inc.(a)

    8,176       76,037  

Forte Biosciences Inc.(a)

    6,432       9,391  
Security   Shares     Value  

Biotechnology (continued)

   

G1 Therapeutics Inc.(a)(b)

    9,105     $ 69,198  

Generation Bio Co.(a)(b)

    10,899       79,999  

Geron Corp.(a)(b)

    99,265       135,000  

Gilead Sciences Inc.

      333,844       19,847,026  

Global Blood Therapeutics Inc.(a)(b)

    16,204       561,307  

Gossamer Bio Inc.(a)(b)

    12,296       106,729  

Graphite Bio Inc.(a)

    14,072       71,767  

Gritstone bio Inc.(a)(b)

    15,402       63,456  

Halozyme Therapeutics Inc.(a)

    36,107       1,439,947  

Heron Therapeutics Inc.(a)(b)

    22,820       130,530  

Horizon Therapeutics PLC(a)

    57,782       6,079,244  

Humanigen Inc.(a)

    13,799       41,535  

iBio Inc.(a)(b)

    84,054       35,992  

Icosavax Inc.(a)(b)

    3,527       24,830  

Ideaya Biosciences Inc.(a)

    7,191       80,467  

IGM Biosciences Inc.(a)(b)

    2,339       62,521  

Imago Biosciences Inc.(a)

    5,791       111,593  

ImmunityBio Inc.(a)(b)

    19,592       109,911  

ImmunoGen Inc.(a)

    55,528       264,313  

Immunovant Inc.(a)

    13,407       73,873  

Incyte Corp.(a)

    49,576       3,937,326  

Inhibrx Inc.(a)(b)

    8,837       196,888  

Inovio Pharmaceuticals Inc.(a)(b)

    50,079       179,784  

Insmed Inc.(a)(b)

    31,559       741,637  

Instil Bio Inc.(a)(b)

    14,250       153,188  

Intellia Therapeutics Inc.(a)(b)

    17,834       1,295,997  

Intercept Pharmaceuticals Inc.(a)(b)

    8,203       133,463  

Ionis Pharmaceuticals Inc.(a)(b)

    38,678               1,432,633  

Iovance Biotherapeutics Inc.(a)

    36,876       613,985  

Ironwood Pharmaceuticals Inc.(a)

    40,675       511,692  

iTeos Therapeutics Inc.(a)

    6,655       214,158  

IVERIC bio Inc.(a)

    30,472       512,844  

Janux Therapeutics Inc.(a)(b)

    6,604       94,701  

Jounce Therapeutics Inc.(a)

    15,724       106,766  

KalVista Pharmaceuticals Inc.(a)(b)

    6,314       93,068  

Karuna Therapeutics Inc.(a)

    5,957       755,288  

Karyopharm Therapeutics Inc.(a)(b)

    22,672       167,093  

Keros Therapeutics Inc.(a)

    4,121       224,100  

Kezar Life Sciences Inc.(a)

    11,003       182,870  

Kiniksa Pharmaceuticals Ltd., Class A(a)

    9,734       96,756  

Kinnate Biopharma Inc.(a)

    6,256       70,443  

Kodiak Sciences Inc.(a)

    8,831       68,175  

Kronos Bio Inc.(a)(b)

    11,966       86,514  

Krystal Biotech Inc.(a)

    5,910       393,251  

Kura Oncology Inc.(a)

    16,809       270,289  

Kymera Therapeutics Inc.(a)

    9,855       417,064  

Ligand Pharmaceuticals Inc.(a)

    3,935       442,648  

Lineage Cell Therapeutics Inc.(a)(b)

    45,503       70,075  

Lyell Immunopharma Inc.(a)(b)

    39,105       197,480  

MacroGenics Inc.(a)

    15,478       136,361  

Madrigal Pharmaceuticals Inc.(a)

    2,749       269,732  

MannKind Corp.(a)

    60,508       222,669  

MEI Pharma Inc.(a)(b)

    40,323       24,295  

MeiraGTx Holdings PLC(a)

    10,583       146,575  

Mersana Therapeutics Inc.(a)

    14,435       57,596  

MiMedx Group Inc.(a)

    30,315       142,784  

Mirati Therapeutics Inc.(a)

    10,836       890,936  

Moderna Inc.(a)

    90,103       15,521,143  

Molecular Templates Inc.(a)

    14,498       50,018  

Monte Rosa Therapeutics Inc.(a)(b)

    8,853       124,119  

 

 

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

  47


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Morphic Holding Inc.(a)

    5,831     $ 234,115  

Myriad Genetics Inc.(a)

    22,926       577,735  

Natera Inc.(a)

    21,820       887,638  

Neoleukin Therapeutics Inc.(a)

    13,432       25,252  

Neurocrine Biosciences Inc.(a)

    25,474       2,388,187  

Nkarta Inc.(a)

    4,401       50,083  

Novavax Inc.(a)(b)

    19,709       1,451,568  

Nurix Therapeutics Inc.(a)

    6,475       90,715  

Ocugen Inc.(a)(b)

    48,533       160,159  

Olema Pharmaceuticals Inc.(a)

    5,012       21,351  

Oncocyte Corp.(a)

    29,881       44,523  

Oncorus Inc.(a)

    8,700       15,486  

OPKO Health Inc.(a)

      101,563       349,377  

Organogenesis Holdings Inc., Class A(a)

    10,060       76,657  

ORIC Pharmaceuticals Inc.(a)(b)

    9,400       50,196  

Passage Bio Inc.(a)

    11,611       35,994  

PMV Pharmaceuticals Inc.(a)(b)

    8,366       174,180  

Poseida Therapeutics Inc.(a)(b)

    14,959       67,016  

Praxis Precision Medicines Inc.(a)

    8,953       91,410  

Precigen Inc.(a)(b)

    20,978       44,264  

Precision BioSciences Inc.(a)

    15,785       48,618  

Prelude Therapeutics Inc.(a)(b)

    4,316       29,780  

Prometheus Biosciences Inc.(a)

    7,898       298,228  

Protagonist Therapeutics Inc.(a)

    10,863       257,236  

Prothena Corp. PLC(a)(b)

    9,403       343,868  

PTC Therapeutics Inc.(a)

    19,986       745,678  

Radius Health Inc.(a)

    13,335       117,748  

RAPT Therapeutics Inc.(a)

    5,500       120,945  

Recursion Pharmaceuticals Inc., Class A(a)(b)

    30,387       217,571  

Regeneron Pharmaceuticals Inc.(a)

    27,296       19,064,072  

REGENXBIO Inc.(a)

    9,344       310,127  

Relay Therapeutics Inc.(a)(b)

    20,141       602,820  

Replimune Group Inc.(a)

    6,212       105,480  

REVOLUTION Medicines Inc.(a)

    16,438       419,333  

Rhythm Pharmaceuticals Inc.(a)

    12,148       139,945  

Rigel Pharmaceuticals Inc.(a)

    44,245       132,293  

Rocket Pharmaceuticals Inc.(a)(b)

    9,605       152,335  

Rubius Therapeutics Inc.(a)(b)

    9,213       50,764  

Sage Therapeutics Inc.(a)

    13,649       451,782  

Sana Biotechnology Inc.(a)(b)

    22,766       188,047  

Sangamo Therapeutics Inc.(a)

    34,002       197,552  

Sarepta Therapeutics Inc.(a)

    21,773       1,700,907  

Scholar Rock Holding Corp.(a)

    6,886       88,761  

Seagen Inc.(a)

    35,737               5,147,915  

Selecta Biosciences Inc.(a)

    30,234       37,188  

Seres Therapeutics Inc.(a)

    18,358       130,709  

Sesen Bio Inc.(a)

    44,932       27,081  

Shattuck Labs Inc.(a)

    8,365       35,635  

Silverback Therapeutics Inc.(a)

    4,784       16,792  

Sorrento Therapeutics Inc.(a)(b)

    69,031       160,842  

Spectrum Pharmaceuticals Inc.(a)

    53,318       68,780  

Spero Therapeutics Inc.(a)(b)

    9,129       79,422  

SpringWorks Therapeutics Inc.(a)

    7,185       405,521  

SQZ Biotechnologies Co.(a)

    9,898       47,609  

Stoke Therapeutics Inc.(a)

    5,852       123,185  

Sutro Biopharma Inc.(a)

    8,321       68,399  

Syndax Pharmaceuticals Inc.(a)

    14,557       253,001  

Syros Pharmaceuticals Inc.(a)(b)

    21,362       25,421  

Talaris Therapeutics Inc.(a)

    8,648       85,096  

Taysha Gene Therapies Inc.(a)(b)

    8,240       53,725  
Security   Shares     Value  

Biotechnology (continued)

   

TCR2 Therapeutics Inc.(a)(b)

    9,500     $ 26,220  

Tenaya Therapeutics Inc.(a)(b)

    6,225       73,331  

TG Therapeutics Inc.(a)

    32,888       312,765  

Tonix Pharmaceuticals Holding Corp.(a)(b)

      140,228       32,280  

Travere Therapeutics Inc.(a)

    17,002       438,142  

Turning Point Therapeutics Inc.(a)

    12,431       333,772  

Twist Bioscience Corp.(a)

    15,215       751,317  

Ultragenyx Pharmaceutical Inc.(a)(b)

    16,916       1,228,440  

United Therapeutics Corp.(a)

    12,012       2,155,073  

UroGen Pharma Ltd.(a)(b)

    7,192       62,642  

Vanda Pharmaceuticals Inc.(a)

    15,031       170,001  

Vaxart Inc.(a)(b)

    31,400       158,256  

Vaxcyte Inc.(a)

    10,496       253,478  

VBI Vaccines Inc.(a)

    46,568       77,303  

Vera Therapeutics Inc.(a)

    4,756       111,718  

Veracyte Inc.(a)

    17,548       483,798  

Verastem Inc.(a)(b)

    56,458       79,606  

Vericel Corp.(a)

    11,703       447,289  

Vertex Pharmaceuticals Inc.(a)

    67,602               17,642,094  

Verve Therapeutics Inc.(a)(b)

    9,667       220,601  

Viking Therapeutics Inc.(a)

    20,521       61,563  

Vir Biotechnology Inc.(a)

    15,215       391,330  

Viracta Therapeutics Inc.(a)

    12,796       60,909  

VistaGen Therapeutics Inc.(a)

    50,280       62,347  

Vor BioPharma Inc.(a)

    7,367       44,497  

Werewolf Therapeutics Inc.(a)

    8,997       39,587  

Xencor Inc.(a)

    15,058       401,747  

Y-mAbs Therapeutics Inc.(a)(b)

    7,212       85,679  

Zentalis Pharmaceuticals Inc.(a)

    9,467       436,807  
   

 

 

 
      284,251,770  

Building Products — 0.6%

   

A O Smith Corp.

    35,507       2,268,542  

AAON Inc.

    10,642       593,079  

Advanced Drainage Systems Inc.

    16,175       1,921,752  

Allegion PLC

    24,295       2,667,105  

American Woodmark Corp.(a)

    4,801       235,009  

Apogee Enterprises Inc.

    7,109       337,393  

Armstrong World Industries Inc.

    12,220       1,099,922  

AZEK Co. Inc. (The)(a)

    28,887       717,553  

Builders FirstSource Inc.(a)

    50,282       3,245,200  

Carlisle Companies Inc.

    13,622       3,349,922  

Carrier Global Corp.

    228,584       10,485,148  

Cornerstone Building Brands Inc.(a)

    16,256       395,346  

CSW Industrials Inc.

    3,726       438,140  

Fortune Brands Home & Security Inc.

    36,334       2,698,890  

Gibraltar Industries Inc.(a)

    8,201       352,233  

Griffon Corp.

    11,534       231,026  

Hayward Holdings Inc.(a)(b)

    10,952       182,022  

Insteel Industries Inc.

    4,321       159,834  

JELD-WEN Holding Inc.(a)

    21,948       445,106  

Johnson Controls International PLC

    187,448       12,290,965  

Lennox International Inc.

    8,790       2,266,590  

Masco Corp.

    63,129       3,219,579  

Masonite International Corp.(a)(b)

    6,250       555,875  

Owens Corning

    26,508       2,425,482  

PGT Innovations Inc.(a)

    14,950       268,801  

Quanex Building Products Corp.

    9,133       191,702  

Resideo Technologies Inc.(a)

    38,161       909,377  

Simpson Manufacturing Co. Inc.

    11,708       1,276,640  

Trane Technologies PLC

    62,235       9,503,285  

 

 

48  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Building Products (continued)

   

Trex Co. Inc.(a)

    30,504     $ 1,992,826  

UFP Industries Inc.

    16,463       1,270,285  

View Inc.(a)(b)

    26,435       48,640  

Zurn Water Solutions Corp.

    33,118               1,172,377  
   

 

 

 
      69,215,646  

Capital Markets — 3.1%

   

Affiliated Managers Group Inc.

    10,937       1,541,570  

Ameriprise Financial Inc.

    29,702       8,921,293  

Ares Management Corp., Class A

    37,695       3,061,965  

Artisan Partners Asset Management Inc., Class A

    15,041       591,863  

Assetmark Financial Holdings Inc.(a)

    6,441       143,312  

B. Riley Financial Inc.

    5,818       407,027  

Bank of New York Mellon Corp. (The)

      196,760       9,765,199  

BGC Partners Inc., Class A

    88,000       387,200  

BlackRock Inc.(d)

    38,039       29,068,263  

Blackstone Inc., NVS

    186,285       23,647,018  

Blucora Inc.(a)

    13,252       259,077  

BrightSphere Investment Group Inc.

    8,600       208,550  

Carlyle Group Inc. (The)

    43,959       2,150,035  

Cboe Global Markets Inc.

    28,292       3,237,171  

Charles Schwab Corp. (The)

    400,835       33,794,399  

CME Group Inc.

    95,544       22,726,096  

Cohen & Steers Inc.

    6,144       527,708  

Cowen Inc., Class A

    6,219       168,535  

Diamond Hill Investment Group Inc.

    693       129,799  

Donnelley Financial Solutions Inc.(a)

    6,501       216,223  

Evercore Inc., Class A

    10,642       1,184,667  

FactSet Research Systems Inc.

    10,122       4,394,466  

Federated Hermes Inc.

    27,011       919,995  

Focus Financial Partners Inc., Class A(a)(b)

    15,697       717,981  

Franklin Resources Inc.

    76,147       2,126,024  

GCM Grosvenor Inc., Class A

    11,346       110,170  

Goldman Sachs Group Inc. (The)

    87,438       28,863,122  

Hamilton Lane Inc., Class A

    9,402       726,681  

Houlihan Lokey Inc.

    13,900       1,220,420  

Interactive Brokers Group Inc., Class A

    21,975       1,448,372  

Intercontinental Exchange Inc.

    148,268       19,589,168  

Invesco Ltd.

    89,269       2,058,543  

Janus Henderson Group PLC

    45,248       1,584,585  

Jefferies Financial Group Inc.

    57,700       1,895,445  

KKR & Co. Inc.

    148,062       8,657,185  

Lazard Ltd., Class A

    26,597       917,596  

LPL Financial Holdings Inc.

    21,125       3,859,115  

MarketAxess Holdings Inc.

    10,075       3,427,515  

Moelis & Co., Class A

    16,531       776,130  

Moody’s Corp.

    43,126       14,551,144  

Morgan Stanley

    352,069       30,770,831  

Morningstar Inc.

    6,365       1,738,727  

MSCI Inc.

    21,039       10,580,092  

Nasdaq Inc.

    30,889       5,504,420  

Northern Trust Corp.

    54,490       6,345,360  

Open Lending Corp., Class A(a)

    27,110       512,650  

Oppenheimer Holdings Inc., Class A, NVS

    2,820       122,896  

Piper Sandler Cos.

    4,999       656,119  

PJT Partners Inc., Class A

    6,380       402,706  

Raymond James Financial Inc.

    49,030       5,388,887  

S&P Global Inc.

    92,370       37,888,327  

Sculptor Capital Management Inc.

    6,197       86,324  

SEI Investments Co.

    29,774       1,792,692  

State Street Corp.

    96,935       8,444,977  
Security   Shares     Value  

Capital Markets (continued)

   

StepStone Group Inc., Class A

    11,445     $ 378,372  

Stifel Financial Corp.

    26,278       1,784,276  

StoneX Group Inc.(a)

    5,339       396,314  

T Rowe Price Group Inc.

    60,767       9,187,363  

Tradeweb Markets Inc., Class A

    27,866               2,448,585  

Virtu Financial Inc., Class A

    23,834       887,101  

Virtus Investment Partners Inc.

    1,739       417,343  

WisdomTree Investments Inc.

    39,738       233,262  
   

 

 

 
      365,948,251  

Chemicals — 1.4%

   

AdvanSix Inc.

    7,940       405,655  

Air Products and Chemicals Inc.

    58,741       14,679,963  

Albemarle Corp.

    30,767       6,804,122  

American Vanguard Corp.

    8,892       180,686  

Amyris Inc.(a)(b)

    44,325       193,257  

Ashland Global Holdings Inc.

    13,748       1,352,941  

Aspen Aerogels Inc.(a)

    5,962       205,570  

Avient Corp.

    23,210       1,114,080  

Axalta Coating Systems Ltd.(a)

    56,142       1,379,970  

Balchem Corp.

    8,222       1,123,947  

Cabot Corp.

    15,813       1,081,767  

Celanese Corp.

    29,537       4,219,951  

CF Industries Holdings Inc.

    57,308       5,906,163  

Chase Corp.

    2,299       199,806  

Chemours Co. (The)

    41,791       1,315,581  

Corteva Inc.

      193,960       11,148,821  

Danimer Scientific Inc.(a)(b)

    18,997       111,322  

Diversey Holdings Ltd.(a)(b)

    20,917       158,342  

Dow Inc.

    196,689       12,533,023  

DuPont de Nemours Inc.

    136,792       10,065,155  

Eastman Chemical Co.

    35,651       3,995,051  

Ecolab Inc.

    66,380       11,720,053  

Ecovyst Inc.

    12,133       140,258  

Element Solutions Inc.

    59,402       1,300,904  

Ferro Corp.(a)

    22,468       488,454  

FMC Corp.

    33,928       4,463,907  

GCP Applied Technologies Inc.(a)(b)

    17,916       562,921  

Hawkins Inc.

    4,516       207,284  

HB Fuller Co.

    13,634       900,798  

Huntsman Corp.

    54,706       2,052,022  

Ingevity Corp.(a)

    11,255       721,108  

Innospec Inc.

    6,563       607,406  

International Flavors & Fragrances Inc.

    67,645       8,883,818  

Intrepid Potash Inc.(a)

    2,915       239,438  

Koppers Holdings Inc.

    5,248       144,425  

Livent Corp.(a)

    39,746       1,036,178  

LyondellBasell Industries NV, Class A

    68,826       7,076,689  

Minerals Technologies Inc.

    9,793       647,807  

Mosaic Co. (The)

    98,443       6,546,460  

NewMarket Corp.

    1,860       603,347  

Olin Corp.

    38,804       2,028,673  

Orion Engineered Carbons SA

    16,120       257,436  

PPG Industries Inc.

    63,057       8,264,881  

PureCycle Technologies Inc.(a)(b)

    9,271       74,168  

Quaker Chemical Corp.

    3,578       618,314  

Rayonier Advanced Materials Inc.(a)

    17,770       116,749  

RPM International Inc.

    33,479       2,726,530  

Scotts Miracle-Gro Co. (The)

    10,816       1,329,935  

Sensient Technologies Corp.

    11,512       966,432  

Sherwin-Williams Co. (The)

    63,875       15,944,478  

 

 

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

  49


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

   

Stepan Co.

    6,156     $ 608,274  

Tredegar Corp.

    9,710       116,423  

Trinseo PLC

    9,887       473,785  

Tronox Holdings PLC, Class A

    27,187       538,031  

Valvoline Inc.

    46,925               1,480,953  

Westlake Chemical Corp.

    8,326       1,027,428  

Zymergen Inc.(a)(b)

    21,137       61,086  
   

 

 

 
      163,152,026  

Commercial Services & Supplies — 0.5%

   

ABM Industries Inc.

    17,675       813,757  

ACCO Brands Corp.

    28,013       224,104  

Aris Water Solution Inc., A

    6,879       125,198  

Brady Corp., Class A, NVS

    12,827       593,505  

BrightView Holdings Inc.(a)

    14,041       191,098  

Brink’s Co. (The)

    13,423       912,764  

Casella Waste Systems Inc., Class A(a)

    13,394       1,173,984  

Cimpress PLC(a)

    4,489       285,456  

Cintas Corp.

    23,201       9,869,473  

Clean Harbors Inc.(a)

    13,599       1,518,192  

Copart Inc.(a)

    56,045       7,031,966  

CoreCivic Inc.(a)

    30,818       344,237  

Deluxe Corp.

    10,982       332,096  

Driven Brands Holdings Inc.(a)

    12,922       339,590  

Ennis Inc.

    6,565       121,256  

GEO Group Inc. (The)(a)

    33,696       222,731  

Harsco Corp.(a)

    23,023       281,802  

Healthcare Services Group Inc.

    20,393       378,698  

Heritage-Crystal Clean Inc.(a)

    5,282       156,400  

HNI Corp.

    11,779       436,412  

IAA Inc.(a)

    36,539       1,397,617  

Interface Inc.

    14,549       197,430  

KAR Auction Services Inc.(a)

    28,735       518,667  

Kimball International Inc., Class B

    10,633       89,849  

Matthews International Corp., Class A

    7,987       258,459  

MillerKnoll Inc.

    21,208       732,948  

Montrose Environmental Group Inc.(a)

    5,805       307,259  

MSA Safety Inc.

    9,715       1,289,180  

Pitney Bowes Inc.

    31,758       165,142  

Republic Services Inc.

    55,753       7,387,272  

Rollins Inc.

    61,234       2,146,252  

SP Plus Corp.(a)

    6,007       188,380  

Steelcase Inc., Class A

    25,450       304,127  

Stericycle Inc.(a)

    24,241       1,428,280  

Tetra Tech Inc.

    14,350       2,366,889  

U.S. Ecology Inc.(a)

    9,166       438,868  

UniFirst Corp./MA

    4,151       764,946  

Viad Corp.(a)

    5,080       181,051  

VSE Corp.

    2,991       137,855  

Waste Management Inc.

      112,742       17,869,607  
   

 

 

 
              63,522,797  

Communications Equipment — 0.8%

   

ADTRAN Inc.

    14,243       262,783  

Arista Networks Inc.(a)

    64,178       8,919,458  

Aviat Networks Inc.(a)

    1,761       54,186  

CalAmp Corp.(a)

    11,612       84,884  

Calix Inc.(a)

    14,491       621,809  

Cambium Networks Corp.(a)

    2,872       67,894  

Ciena Corp.(a)

    40,348       2,446,299  

Cisco Systems Inc.

    1,126,298       62,802,376  
Security   Shares     Value  

Communications Equipment (continued)

   

Clearfield Inc.(a)

    3,435     $ 224,031  

CommScope Holding Co. Inc.(a)

    50,503       397,964  

Comtech Telecommunications Corp.

    7,659       120,170  

Digi International Inc.(a)(b)

    6,503       139,944  

DZS Inc.(a)

    6,247       86,646  

EMCORE Corp.(a)

    13,225       48,932  

Extreme Networks Inc.(a)

    29,380       358,730  

F5 Inc.(a)

    15,858       3,313,529  

Harmonic Inc.(a)

    25,212       234,219  

Infinera Corp.(a)(b)

    53,457       463,472  

Inseego Corp.(a)(b)

    20,412       82,669  

Juniper Networks Inc.

    84,745       3,149,124  

Lumentum Holdings Inc.(a)

    19,174       1,871,382  

Motorola Solutions Inc.

    44,454       10,766,759  

NETGEAR Inc.(a)

    8,788       216,888  

NetScout Systems Inc.(a)

       20,075       644,006  

Plantronics Inc.(a)

    9,242       364,135  

Ribbon Communications Inc.(a)

    21,032       64,989  

Ubiquiti Inc.

    1,854       539,811  

Viasat Inc.(a)

    17,846       870,885  

Viavi Solutions Inc.(a)

    64,408               1,035,681  
   

 

 

 
      100,253,655  

Construction & Engineering — 0.2%

   

AECOM

    36,199       2,780,445  

Ameresco Inc., Class A(a)(b)

    7,312       581,304  

API Group Corp.(a)

    52,257       1,098,965  

Arcosa Inc.

    12,899       738,468  

Argan Inc.

    3,873       157,205  

Comfort Systems USA Inc.

    9,148       814,263  

Construction Partners Inc., Class A(a)(b)

    8,950       234,311  

Dycom Industries Inc.(a)

    8,337       794,183  

EMCOR Group Inc.

    14,059       1,583,465  

Fluor Corp.(a)(b)

    39,333       1,128,464  

Granite Construction Inc.

    13,488       442,406  

Great Lakes Dredge & Dock Corp.(a)

    14,836       208,149  

IES Holdings Inc.(a)

    2,970       119,394  

Infrastructure and Energy Alternatives Inc.(a)

    8,851       104,884  

MasTec Inc.(a)

    15,112       1,316,255  

MDU Resources Group Inc.

    52,579       1,401,230  

MYR Group Inc.(a)

    4,940       464,558  

Northwest Pipe Co.(a)

    4,032       102,614  

NV5 Global Inc.(a)

    3,714       495,076  

Primoris Services Corp.

    15,740       374,927  

Quanta Services Inc.

    37,365       4,917,608  

Sterling Construction Co. Inc.(a)(b)

    6,836       183,205  

Tutor Perini Corp.(a)

    9,791       105,743  

Valmont Industries Inc.

    5,555       1,325,423  

WillScot Mobile Mini Holdings Corp.(a)

    55,155       2,158,215  
   

 

 

 
      23,630,760  

Construction Materials — 0.1%

   

Eagle Materials Inc.

    10,679       1,370,757  

Martin Marietta Materials Inc.

    16,578       6,380,706  

Summit Materials Inc., Class A(a)

    32,183       999,604  

Vulcan Materials Co.

    35,216       6,469,179  
   

 

 

 
      15,220,246  

Consumer Finance — 0.6%

   

Ally Financial Inc.

    89,270       3,881,460  

American Express Co.

    164,010       30,669,870  

Atlanticus Holdings Corp.(a)

    1,775       91,927  

 

 

50  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Consumer Finance (continued)

   

Capital One Financial Corp.

    109,789     $ 14,414,198  

Credit Acceptance Corp.(a)(b)

    2,078       1,143,669  

Curo Group Holdings Corp.

    6,278       81,928  

Discover Financial Services

    76,635       8,444,411  

Encore Capital Group Inc.(a)(b)

    6,565       411,822  

Enova International Inc.(a)

    10,137       384,902  

EZCORP Inc., Class A, NVS(a)

    14,065       84,953  

FirstCash Holdings Inc.

    11,272       792,873  

Green Dot Corp., Class A(a)

    14,236       391,205  

LendingClub Corp.(a)

    25,933       409,223  

LendingTree Inc.(a)

    2,942       352,069  

Navient Corp.

    43,460       740,558  

Nelnet Inc., Class A

    4,453       378,461  

OneMain Holdings Inc.

    29,746       1,410,258  

Oportun Financial Corp.(a)

    6,265       89,965  

PRA Group Inc.(a)(b)

    12,364       557,369  

PROG Holdings Inc.(a)

    14,785       425,364  

Regional Management Corp.

    2,747       133,422  

SLM Corp.

    74,297       1,364,093  

Synchrony Financial

      138,872       4,834,134  

Upstart Holdings Inc.(a)(b)

    13,048               1,423,406  

World Acceptance Corp.(a)

    992       190,305  
   

 

 

 
      73,101,845  

Containers & Packaging — 0.4%

   

Amcor PLC

    412,659       4,675,426  

AptarGroup Inc.

    17,195       2,020,413  

Ardagh Group SA(a)

    4,919       82,664  

Ardagh Metal Packaging SA(a)(b)

    24,950       202,844  

Avery Dennison Corp.

    21,818       3,795,677  

Ball Corp.

    84,843       7,635,870  

Berry Global Group Inc.(a)

    35,253       2,043,264  

Crown Holdings Inc.

    32,631       4,081,812  

Graphic Packaging Holding Co.

    73,049       1,463,902  

Greif Inc., Class A, NVS

    6,373       414,627  

Greif Inc., Class B

    2,011       128,221  

International Paper Co.

    104,057       4,802,231  

Myers Industries Inc.

    9,790       211,464  

O-I Glass Inc.(a)

    43,985       579,722  

Packaging Corp. of America

    24,529       3,829,222  

Pactiv Evergreen Inc.

    10,671       107,350  

Ranpak Holdings Corp.(a)

    10,548       215,496  

Sealed Air Corp.

    40,300       2,698,488  

Silgan Holdings Inc.

    22,222       1,027,323  

Sonoco Products Co.

    26,279       1,644,014  

TriMas Corp.

    9,939       318,943  

Westrock Co.

    70,576       3,319,189  
   

 

 

 
      45,298,162  

Distributors — 0.1%

   

Funko Inc., Class A(a)

    6,461       111,452  

Genuine Parts Co.

    36,877       4,647,240  

LKQ Corp.

    71,993       3,269,202  

Pool Corp.

    10,320       4,363,812  
   

 

 

 
      12,391,706  

Diversified Consumer Services — 0.1%

   

2U Inc.(a)(b)

    18,683       248,110  

ADT Inc.

    42,148       319,903  

Adtalem Global Education Inc.(a)(b)

    12,849       381,744  

American Public Education Inc.(a)

    5,628       119,539  

Bright Horizons Family Solutions Inc.(a)(b)

    16,432       2,180,362  
Security   Shares     Value  

Diversified Consumer Services (continued)

   

Carriage Services Inc.

    3,938     $ 210,013  

Chegg Inc.(a)(b)

    37,687       1,367,284  

Coursera Inc.(a)(b)

    20,151       464,279  

European Wax Center Inc., Class A(a)

    4,593       135,769  

frontdoor Inc.(a)

    23,020       687,147  

Graham Holdings Co., Class B

    1,038       634,706  

Grand Canyon Education Inc.(a)

    10,237       994,115  

H&R Block Inc.

    43,981       1,145,265  

Houghton Mifflin Harcourt Co.(a)

    35,168       738,880  

Laureate Education Inc., Class A

    25,135       297,850  

Mister Car Wash Inc.(a)(b)

    20,379       301,405  

OneSpaWorld Holdings Ltd.(a)(b)

    12,293       125,389  

Perdoceo Education Corp.(a)

    20,345       233,561  

PowerSchool Holdings Inc., Class A(a)

    11,358       187,521  

Service Corp. International

    44,028       2,897,923  

Strategic Education Inc.

    5,968       396,156  

Stride Inc.(a)

    11,247       408,603  

Terminix Global Holdings Inc.(a)

    33,122       1,511,357  

Vivint Smart Home Inc.(a)

    18,946       128,075  

WW International Inc.(a)

    11,759       120,295  
   

 

 

 
      16,235,251  

Diversified Financial Services — 1.5%

   

Alerus Financial Corp.

    4,153       114,789  

A-Mark Precious Metals Inc.

    2,596       200,775  

Apollo Global Management Inc.

    98,882       6,129,695  

Banco Latinoamericano de Comercio Exterior SA, Class E

    10,998       171,349  

Berkshire Hathaway Inc., Class B(a)

    488,860       172,523,583  

Cannae Holdings Inc.(a)

    22,377       535,258  

Equitable Holdings Inc.

    93,531       2,891,043  

Voya Financial Inc.

    30,384       2,015,978  
   

 

 

 
      184,582,470  

Diversified Telecommunication Services — 0.9%

 

Anterix Inc.(a)

    3,133       181,401  

AT&T Inc.

    1,902,882       44,965,102  

ATN International Inc.

    3,091       123,269  

Bandwidth Inc., Class A(a)(b)

    6,069       196,575  

Cogent Communications Holdings Inc.

    11,648       772,845  

Consolidated Communications Holdings Inc.(a)

    16,204       95,604  

EchoStar Corp., Class A(a)(b)

    9,777       237,972  

Globalstar Inc.(a)(b)

    164,901       242,404  

IDT Corp., Class B(a)

    5,299       180,643  

Iridium Communications Inc.(a)

    31,918       1,286,934  

Liberty Latin America Ltd., Class A(a)

    11,569       112,219  

Liberty Latin America Ltd., Class C, NVS(a)

    41,690       399,807  

Lumen Technologies Inc.

      270,717               3,050,981  

Ooma Inc.(a)

    8,059       120,804  

Radius Global Infrastructure Inc., Class A(a)(b)

    15,990       228,337  

Telesat Corp.(a)

    3,211       52,981  

Verizon Communications Inc.

    1,119,841       57,044,701  
   

 

 

 
      109,292,579  

Electric Utilities — 1.6%

   

ALLETE Inc.

    14,215       952,121  

Alliant Energy Corp.

    66,223       4,137,613  

American Electric Power Co. Inc.

    132,826       13,252,050  

Avangrid Inc.

    15,019       701,988  

Constellation Energy Corp.

    85,794       4,825,913  

Duke Energy Corp.

    205,016       22,892,087  

Edison International

    99,084       6,945,788  

 

 

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

  51


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electric Utilities (continued)

   

Entergy Corp.

    53,582     $ 6,255,698  

Evergy Inc.

    61,716       4,217,671  

Eversource Energy

    91,888       8,103,603  

Exelon Corp.

    260,154       12,391,135  

FirstEnergy Corp.

    145,882       6,690,149  

Hawaiian Electric Industries Inc.

    29,461       1,246,495  

IDACORP Inc.

    14,035       1,619,078  

MGE Energy Inc.

    9,574       763,909  

NextEra Energy Inc.

    522,317       44,245,473  

NRG Energy Inc.

    66,300       2,543,268  

OGE Energy Corp.

    52,204       2,128,879  

Otter Tail Corp.

    10,663       666,438  

PG&E Corp.(a)

    530,311       6,331,913  

Pinnacle West Capital Corp.

    29,574       2,309,729  

PNM Resources Inc.

    22,075       1,052,315  

Portland General Electric Co.

    24,368       1,343,895  

PPL Corp.

    199,639               5,701,690  

Southern Co. (The)

      282,363       20,474,141  

Xcel Energy Inc.

    143,410       10,349,900  
   

 

 

 
      192,142,939  

Electrical Equipment — 0.7%

   

Acuity Brands Inc.

    9,083       1,719,412  

Allied Motion Technologies Inc.

    3,727       111,214  

American Superconductor Corp.(a)(b)

    9,010       68,566  

AMETEK Inc.

    61,714       8,219,070  

Array Technologies Inc.(a)(b)

    33,406       376,486  

Atkore Inc.(a)

    12,011       1,182,363  

AZZ Inc.

    6,787       327,405  

Babcock & Wilcox Enterprises Inc.(a)

    17,423       142,172  

Blink Charging Co.(a)(b)

    10,011       264,891  

Bloom Energy Corp., Class A(a)

    36,505       881,596  

ChargePoint Holdings Inc.(a)(b)

    59,402       1,180,912  

Eaton Corp. PLC

    105,713       16,043,005  

Emerson Electric Co.

    158,246       15,516,020  

Encore Wire Corp.

    5,137       585,977  

EnerSys

    11,595       864,639  

Eos Energy Enterprises Inc.(a)(b)

    11,334       47,376  

Fluence Energy Inc.(a)

    9,009       118,108  

FuelCell Energy Inc.(a)

    101,505       584,669  

Generac Holdings Inc.(a)(b)

    16,220       4,821,557  

GrafTech International Ltd.

    57,580       553,920  

Hubbell Inc.

    14,161       2,602,367  

nVent Electric PLC

    44,570       1,550,144  

Plug Power Inc.(a)(b)

    135,928       3,888,900  

Regal Rexnord Corp.

    18,320       2,725,649  

Rockwell Automation Inc.

    30,790       8,622,124  

Romeo Power Inc.(a)(b)

    15,338       22,854  

Sensata Technologies Holding PLC(a)(b)

    40,733       2,071,273  

Shoals Technologies Group Inc., Class A(a)(b)

    27,560       469,622  

Stem Inc.(a)(b)

    30,060       330,961  

Sunrun Inc.(a)(b)

    52,880       1,605,965  

Thermon Group Holdings Inc.(a)

    8,830       143,046  

TPI Composites Inc.(a)

    7,848       110,343  

Vertiv Holdings Co.

    85,283       1,193,962  

Vicor Corp.(a)

    5,589       394,304  
   

 

 

 
      79,340,872  

Electronic Equipment, Instruments & Components — 0.7%

 

908 Devices Inc.(a)

    3,397       64,577  

Advanced Energy Industries Inc.

    10,792       928,975  
Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

Aeva Technologies Inc.(a)

    24,305     $ 105,241  

Akoustis Technologies Inc.(a)(b)

    13,353       86,795  

Amphenol Corp., Class A

    156,289       11,776,376  

Arlo Technologies Inc.(a)

    21,866       193,733  

Arrow Electronics Inc.(a)

    17,852       2,117,783  

Avnet Inc.

    26,988       1,095,443  

Badger Meter Inc.

    7,264       724,293  

Belden Inc.

    10,772       596,769  

Benchmark Electronics Inc.

    10,738       268,880  

CDW Corp./DE

    36,268       6,487,983  

Cognex Corp.

    45,595       3,517,654  

Coherent Inc.(a)

    6,468       1,768,092  

Corning Inc.

      204,115       7,533,885  

CTS Corp.

    8,354       295,230  

ePlus Inc.(a)

    7,660       429,420  

Fabrinet(a)

    9,519       1,000,732  

FARO Technologies Inc.(a)

    4,246       220,452  

Identiv Inc.(a)(b)

    6,383       103,213  

II-VI Inc.(a)(b)

    28,148       2,040,449  

Insight Enterprises Inc.(a)

    8,940       959,441  

IPG Photonics Corp.(a)

    9,480       1,040,525  

Itron Inc.(a)

    11,898       626,787  

Jabil Inc.

    37,320       2,303,764  

Keysight Technologies Inc.(a)

    48,490       7,659,965  

Kimball Electronics Inc.(a)(b)

    6,092       121,779  

Knowles Corp.(a)

    26,314       566,540  

Littelfuse Inc.

    6,347       1,583,005  

Luna Innovations Inc.(a)

    9,871       76,105  

Methode Electronics Inc.

    9,372       405,339  

MicroVision Inc.(a)(b)

    42,098       196,598  

Napco Security Technologies Inc.(a)(b)

    7,690       157,799  

National Instruments Corp.

    35,298       1,432,746  

nLight Inc.(a)(b)

    10,997       190,688  

Novanta Inc.(a)(b)

    9,046       1,287,155  

OSI Systems Inc.(a)

    4,971       423,132  

Ouster Inc.(a)

    41,291       185,810  

PAR Technology Corp.(a)(b)

    7,508       302,873  

PC Connection Inc.

    3,014       157,903  

Plexus Corp.(a)

    7,524       615,538  

Rogers Corp.(a)

    5,033       1,367,466  

Sanmina Corp.(a)

    18,182       734,916  

ScanSource Inc.(a)

    6,814       237,059  

TD SYNNEX Corp.

    11,039       1,139,335  

Teledyne Technologies Inc.(a)

    12,253       5,791,135  

Trimble Inc.(a)

    66,057       4,765,352  

TTM Technologies Inc.(a)

    24,302       360,156  

Velodyne Lidar Inc.(a)

    18,608       47,636  

Vishay Intertechnology Inc.

    38,233       749,367  

Vishay Precision Group Inc.(a)

    3,349       107,670  

Vontier Corp.(b)

    47,331       1,201,734  

Zebra Technologies Corp., Class A(a)

    14,086               5,827,378  
   

 

 

 
      83,978,671  

Energy Equipment & Services — 0.4%

   

Archrock Inc.

    35,429       327,010  

Baker Hughes Co.

    197,211       7,180,453  

Bristow Group Inc.(a)

    6,237       231,268  

Cactus Inc., Class A

    15,062       854,618  

ChampionX Corp.(a)

    51,922       1,271,051  

DMC Global Inc.(a)

    3,617       110,318  

Dril-Quip Inc.(a)

    10,035       374,807  

 

 

52  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Energy Equipment & Services (continued)

   

Expro Group Holdings NV(a)(b)

    8,292     $ 147,432  

Halliburton Co.

    236,571       8,958,944  

Helix Energy Solutions Group Inc.(a)

    36,043       172,286  

Helmerich & Payne Inc.

    29,361       1,256,064  

Liberty Oilfield Services Inc., Class A(a)

    21,576       319,756  

Nabors Industries Ltd.(a)

    2,268       346,369  

National Energy Services Reunited Corp.(a)(b)

    11,008       92,467  

Newpark Resources Inc.(a)

    24,050       88,023  

NexTier Oilfield Solutions Inc.(a)

    41,176       380,466  

NOV Inc.

    106,056       2,079,758  

Oceaneering International Inc.(a)

    24,985       378,773  

Oil States International Inc.(a)

    23,312       162,018  

Patterson-UTI Energy Inc.

    45,134       698,674  

ProPetro Holding Corp.(a)

    20,197       281,344  

RPC Inc.(a)

    20,977       223,825  

Schlumberger NV

    373,139       15,414,372  

Select Energy Services Inc., Class A(a)

    22,785       195,267  

Solaris Oilfield Infrastructure Inc., Class A

    15,882       179,308  

TETRA Technologies Inc.(a)

    42,236       173,590  

Tidewater Inc.(a)

    14,275       310,338  

U.S. Silica Holdings Inc.(a)

    21,547       402,067  
   

 

 

 
      42,610,666  

Entertainment — 1.4%

   

Activision Blizzard Inc.

    206,203       16,518,922  

AMC Entertainment Holdings Inc.,
Class A(a)(b)

    136,130       3,354,243  

Chicken Soup For The Soul Entertainment Inc.(a)

    4,161       33,246  

Cinemark Holdings Inc.(a)

    29,513       509,985  

CuriosityStream Inc.(a)(b)

    8,497       24,641  

Electronic Arts Inc.

    74,837       9,467,629  

Eros STX Global Corp.(a)(b)

    5,799       16,179  

IMAX Corp.(a)

    14,997       283,893  

Liberty Media Corp.-Liberty Braves, Class C, NVS(a)

    8,713       243,180  

Liberty Media Corp.-Liberty Formula One, Class A(a)(b)

    6,507       410,787  

Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)

    52,391       3,658,987  

Lions Gate Entertainment Corp., Class A(a)

    14,371       233,529  

Lions Gate Entertainment Corp., Class B, NVS(a)

    34,006       511,110  

Live Nation Entertainment Inc.(a)

    36,829       4,332,563  

Madison Square Garden Entertainment
Corp.(a)(b)

    6,944       578,505  

Madison Square Garden Sports Corp.(a)(b)

    5,324       954,913  

Marcus Corp. (The)(a)

    7,338       129,883  

Netflix Inc.(a)

    115,102       43,116,058  

Playtika Holding Corp.(a)

    27,575       533,025  

Roku Inc.(a)(b)

    30,922       3,873,599  

Skillz Inc.(a)(b)

    78,511       235,533  

Spotify Technology SA(a)

    36,335       5,487,312  

Take-Two Interactive Software Inc.(a)(b)

    30,274       4,654,325  

Walt Disney Co. (The)(a)

    483,913       66,373,507  

World Wrestling Entertainment Inc., Class A(b)

    11,700       730,548  

Zynga Inc., Class A(a)

      278,636               2,574,597  
   

 

 

 
      168,840,699  

Equity Real Estate Investment Trusts (REITs) — 3.4%

 

Acadia Realty Trust

    24,501       530,937  

Agree Realty Corp.

    18,650       1,237,614  

Alexander & Baldwin Inc.

    20,078       465,609  

Alexander’s Inc.

    563       144,257  

Alexandria Real Estate Equities Inc.

    44,435       8,942,544  

American Assets Trust Inc.

    12,517       474,269  
Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

American Campus Communities Inc.

    37,525     $ 2,100,274  

American Homes 4 Rent, Class A

    78,551       3,144,397  

American Tower Corp.

    120,034       30,154,941  

Americold Realty Trust

    71,439       1,991,719  

Apartment Income REIT Corp.

    40,634       2,172,294  

Apartment Investment & Management Co., Class A(a)

    40,634       297,441  

Apple Hospitality REIT Inc.

    54,563       980,497  

Armada Hoffler Properties Inc.

    14,938       218,095  

Ashford Hospitality Trust Inc.(a)

    5,096       51,979  

AvalonBay Communities Inc.

    37,148       9,226,449  

Boston Properties Inc.

    41,101       5,293,809  

Brandywine Realty Trust

    49,938       706,123  

Brixmor Property Group Inc.

    80,882       2,087,564  

Broadstone Net Lease Inc.

    40,851       889,735  

Camden Property Trust

    26,235       4,360,257  

CareTrust REIT Inc.

    26,505       511,546  

CatchMark Timber Trust Inc., Class A

    17,131       140,474  

Centerspace

    3,099       304,074  

Chatham Lodging Trust(a)

    13,004       179,325  

City Office REIT Inc.

    13,085       231,081  

Community Healthcare Trust Inc.

    5,822       245,747  

Corporate Office Properties Trust

    30,028       856,999  

Cousins Properties Inc.

    40,154       1,617,805  

Crown Castle International Corp.

    115,085       21,244,691  

CTO Realty Growth Inc.

    2,250       149,220  

CubeSmart

    56,787       2,954,628  

DiamondRock Hospitality Co.(a)

    56,020       565,802  

Digital Realty Trust Inc.

    74,895       10,620,111  

DigitalBridge Group Inc.(a)

    129,762       934,286  

Diversified Healthcare Trust

    66,484       212,749  

Douglas Emmett Inc.

    45,365               1,516,098  

Duke Realty Corp.

      101,097       5,869,692  

Easterly Government Properties Inc.

    20,470       432,736  

EastGroup Properties Inc.

    10,903       2,216,362  

Empire State Realty Trust Inc., Class A

    39,024       383,216  

EPR Properties

    20,839       1,140,102  

Equinix Inc.

    23,775       17,632,015  

Equity Commonwealth(a)

    28,176       794,845  

Equity LifeStyle Properties Inc.

    47,211       3,610,697  

Equity Residential

    98,301       8,839,226  

Essential Properties Realty Trust Inc.

    32,798       829,789  

Essex Property Trust Inc.

    17,356       5,996,151  

Extra Space Storage Inc.

    34,595       7,112,732  

Farmland Partners Inc.

    10,330       142,037  

Federal Realty Investment Trust

    20,624       2,517,572  

First Industrial Realty Trust Inc.

    34,716       2,149,268  

Four Corners Property Trust Inc.

    18,561       501,889  

Franklin Street Properties Corp., Class C

    28,276       166,828  

Gaming and Leisure Properties Inc.

    62,218       2,919,891  

Getty Realty Corp.

    8,824       252,543  

Gladstone Commercial Corp.

    9,870       217,337  

Gladstone Land Corp.

    9,334       339,944  

Global Medical REIT Inc.

    11,742       191,629  

Global Net Lease Inc.

    25,568       402,185  

Healthcare Realty Trust Inc.

    36,882       1,013,517  

Healthcare Trust of America Inc., Class A

    59,773       1,873,286  

Healthpeak Properties Inc.

    142,830       4,903,354  

Hersha Hospitality Trust, Class A(a)

    13,520       122,762  

Highwoods Properties Inc.

    27,328       1,249,983  

Host Hotels & Resorts Inc.

    188,702       3,666,480  

 

 

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

  53


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Hudson Pacific Properties Inc.

    41,233     $ 1,144,216  

Independence Realty Trust Inc.

    58,400       1,544,096  

Indus Realty Trust Inc.

    2,067       151,077  

Industrial Logistics Properties Trust

    16,603       376,390  

Innovative Industrial Properties Inc.

    6,362       1,306,755  

Invitation Homes Inc.

    158,439       6,366,079  

Iron Mountain Inc.

    75,287       4,171,653  

iStar Inc.

    15,901       372,242  

JBG SMITH Properties

    33,267       972,062  

Kilroy Realty Corp.

    31,314       2,393,016  

Kimco Realty Corp.

    156,708       3,870,688  

Kite Realty Group Trust

    55,831       1,271,272  

Lamar Advertising Co., Class A

    23,494       2,729,533  

Life Storage Inc.

    21,618       3,035,816  

LTC Properties Inc.

    9,952       382,853  

LXP Industrial Trust

    74,296       1,166,447  

Macerich Co. (The)

    58,665       917,521  

Medical Properties Trust Inc.

      158,926               3,359,696  

Mid-America Apartment Communities Inc.

    30,637       6,416,920  

National Health Investors Inc.

    11,476       677,199  

National Retail Properties Inc.

    46,795       2,102,967  

National Storage Affiliates Trust

    20,628       1,294,613  

Necessity Retail REIT Inc.

    28,877       228,417  

NETSTREIT Corp.

    8,485       190,403  

NexPoint Residential Trust Inc.

    6,257       565,070  

Office Properties Income Trust

    12,826       330,013  

Omega Healthcare Investors Inc.

    61,627       1,920,297  

One Liberty Properties Inc.

    4,652       143,235  

Orion Office REIT Inc.

    14,540       203,560  

Outfront Media Inc.

    39,400       1,120,142  

Paramount Group Inc.

    47,381       516,927  

Park Hotels & Resorts Inc.

    59,885       1,169,554  

Pebblebrook Hotel Trust

    34,744       850,533  

Phillips Edison & Co. Inc.(b)

    30,111       1,035,517  

Physicians Realty Trust

    55,695       976,890  

Piedmont Office Realty Trust Inc., Class A

    34,220       589,268  

Plymouth Industrial REIT Inc.

    7,006       189,863  

Postal Realty Trust Inc., Class A

    6,522       109,700  

PotlatchDeltic Corp.

    17,604       928,259  

Preferred Apartment Communities Inc., Class A

    15,185       378,714  

Prologis Inc.

    196,425       31,718,709  

PS Business Parks Inc.

    5,301       890,992  

Public Storage

    40,020       15,619,006  

Rayonier Inc.

    38,047       1,564,493  

Realty Income Corp.

    150,178       10,407,335  

Regency Centers Corp.

    45,040       3,213,154  

Retail Opportunity Investments Corp.

    29,280       567,739  

Retail Value Inc.

    5,224       15,985  

Rexford Industrial Realty Inc.

    42,866       3,197,375  

RLJ Lodging Trust

    46,311       652,059  

RPT Realty

    18,784       258,656  

Ryman Hospitality Properties Inc.(a)

    14,371       1,333,198  

Sabra Health Care REIT Inc.

    63,664       947,957  

Safehold Inc.

    5,272       292,332  

Saul Centers Inc.

    3,226       170,010  

SBA Communications Corp.

    28,887       9,940,017  

Seritage Growth Properties, Class A(a)

    8,645       109,446  

Service Properties Trust

    43,508       384,176  

Simon Property Group Inc.

    87,013       11,447,430  

SITE Centers Corp.

    48,560       811,438  
Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

SL Green Realty Corp.

    19,004     $ 1,542,745  

Spirit Realty Capital Inc.

    32,624       1,501,356  

STAG Industrial Inc.

    47,137       1,949,115  

STORE Capital Corp.

    65,583       1,916,991  

Summit Hotel Properties Inc.(a)

    29,578       294,597  

Sun Communities Inc.

    30,415       5,331,445  

Sunstone Hotel Investors Inc.(a)

    54,414       640,997  

Tanger Factory Outlet Centers Inc.

    23,620       406,028  

Terreno Realty Corp.

    18,736       1,387,401  

UDR Inc.

    84,466       4,845,814  

UMH Properties Inc.

    9,793       240,810  

Uniti Group Inc.

    52,191       718,148  

Universal Health Realty Income Trust

    3,273       191,045  

Urban Edge Properties

    30,483       582,225  

Urstadt Biddle Properties Inc., Class A

    9,334       175,573  

Ventas Inc.

      106,805               6,596,277  

Veris Residential Inc.(a)

    24,369       423,777  

VICI Properties Inc.

    166,976       4,752,137  

Vornado Realty Trust

    47,750       2,164,030  

Washington Real Estate Investment Trust

    23,971       611,260  

Welltower Inc.

    115,625       11,116,187  

Weyerhaeuser Co.

    200,577       7,601,868  

Whitestone REIT

    15,881       210,423  

WP Carey Inc.

    50,435       4,077,165  

Xenia Hotels & Resorts Inc.(a)

    31,052       598,993  
   

 

 

 
      406,130,895  
Food & Staples Retailing — 1.4%            

Albertsons Companies Inc., Class A

    42,200       1,403,150  

Andersons Inc. (The)

    9,913       498,227  

BJ’s Wholesale Club Holdings Inc.(a)

    35,237       2,382,374  

Casey’s General Stores Inc.

    10,067       1,994,977  

Chefs’ Warehouse Inc. (The)(a)

    7,642       249,129  

Costco Wholesale Corp.

    117,825       67,849,526  

Grocery Outlet Holding Corp.(a)

    22,314       731,453  

Ingles Markets Inc., Class A

    4,267       379,976  

Kroger Co. (The)

    195,204       11,198,854  

Performance Food Group Co.(a)

    40,204       2,046,786  

PriceSmart Inc.

    6,028       475,428  

Rite Aid Corp.(a)(b)

    14,830       129,763  

SpartanNash Co.

    9,085       299,714  

Sprouts Farmers Market Inc.(a)

    31,036       992,531  

Sysco Corp.

    135,777       11,086,192  

U.S. Foods Holding Corp.(a)(b)

    58,846       2,214,375  

United Natural Foods Inc.(a)

    14,202       587,253  

Walmart Inc.

    376,940       56,133,905  

Walgreens Boots Alliance Inc.

    190,020       8,507,195  

Weis Markets Inc.

    4,776       341,102  
   

 

 

 
      169,501,910  
Food Products — 1.0%            

AppHarvest Inc.(a)(b)

    16,107       86,575  

Archer-Daniels-Midland Co.

    147,538       13,316,780  

B&G Foods Inc.

    17,049       459,982  

Beyond Meat Inc.(a)(b)

    15,211       734,843  

Bunge Ltd.

    37,106       4,111,716  

Calavo Growers Inc.

    4,174       152,142  

Cal-Maine Foods Inc.

    11,567       638,730  

Campbell Soup Co.

    53,046       2,364,260  

Conagra Brands Inc.

    123,567       4,148,144  

Darling Ingredients Inc.(a)

    42,761       3,437,129  

 

 

54  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Food Products (continued)

   

Flowers Foods Inc.

    47,700     $ 1,226,367  

Fresh Del Monte Produce Inc.

    9,030       233,967  

Freshpet Inc.(a)(b)

    10,732       1,101,533  

General Mills Inc.

    159,933       10,830,663  

Hain Celestial Group Inc. (The)(a)

    23,620       812,528  

Hershey Co. (The)

    38,742       8,392,679  

Hormel Foods Corp.

    74,584       3,844,059  

Hostess Brands Inc.(a)

    37,981       833,303  

Ingredion Inc.

    18,058       1,573,755  

J&J Snack Foods Corp.

    4,153       644,130  

JM Smucker Co. (The)

    27,904       3,778,481  

John B Sanfilippo & Son Inc.

    1,988       165,879  

Kellogg Co.

    66,226       4,270,915  

Kraft Heinz Co. (The)

      184,278               7,258,710  

Lamb Weston Holdings Inc.

    39,099       2,342,421  

Lancaster Colony Corp.

    5,101       760,814  

Landec Corp.(a)

    9,634       111,562  

Limoneira Co.

    7,405       108,705  

McCormick & Co. Inc./MD, NVS

    66,704       6,657,059  

Mission Produce Inc.(a)

    7,325       92,661  

Mondelez International Inc., Class A

    368,262       23,119,488  

Pilgrim’s Pride Corp.(a)

    10,664       267,666  

Post Holdings Inc.(a)

    16,086       1,114,116  

Sanderson Farms Inc.

    5,255       985,260  

Seaboard Corp.

    75       315,412  

Seneca Foods Corp., Class A(a)

    2,116       109,059  

Simply Good Foods Co. (The)(a)

    22,747       863,249  

Sovos Brands Inc.(a)(b)

    7,572       107,371  

Tattooed Chef Inc.(a)(b)

    12,467       156,835  

Tootsie Roll Industries Inc.

    4,103       143,447  

TreeHouse Foods Inc.(a)

    13,383       431,736  

Tyson Foods Inc., Class A

    76,955       6,897,477  

Utz Brands Inc.

    15,732       232,519  

Vital Farms Inc.(a)

    7,102       87,781  

Whole Earth Brands Inc.(a)

    11,533       82,576  
   

 

 

 
      119,404,484  
Gas Utilities — 0.1%            

Atmos Energy Corp.

    35,777       4,274,994  

Brookfield Infrastructure Corp., Class A

    16,280       1,228,163  

Chesapeake Utilities Corp.

    4,585       631,630  

National Fuel Gas Co.

    22,658       1,556,604  

New Jersey Resources Corp.

    26,610       1,220,335  

Northwest Natural Holding Co.

    8,758       452,964  

ONE Gas Inc.

    14,563       1,285,039  

South Jersey Industries Inc.

    25,786       890,906  

Southwest Gas Holdings Inc.

    15,298       1,197,680  

Spire Inc.

    13,633       978,304  

UGI Corp.

    56,844       2,058,890  
   

 

 

 
      15,775,509  
Health Care Equipment & Supplies — 2.8%            

Abbott Laboratories

    462,924       54,791,685  

ABIOMED Inc.(a)

    11,729       3,885,114  

Accuray Inc.(a)(b)

    31,772       105,165  

Align Technology Inc.(a)

    21,077       9,189,572  

Alphatec Holdings Inc.(a)(b)

    14,724       169,326  

AngioDynamics Inc.(a)

    10,303       221,927  

Apyx Medical Corp.(a)

    13,709       89,520  

Artivion Inc.(a)

    10,642       227,526  

Asensus Surgical Inc.(a)(b)

    67,922       42,574  
Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Aspira Women’s Health Inc.(a)(b)

    27,699     $ 28,807  

AtriCure Inc.(a)

    12,143       797,431  

Atrion Corp.

    382       272,366  

Avanos Medical Inc.(a)

    12,167       407,595  

Axogen Inc.(a)

    8,372       66,474  

Axonics Inc.(a)(b)

    12,909       808,103  

Baxter International Inc.

    134,198       10,405,713  

Becton Dickinson and Co.

    76,291       20,293,406  

BioLife Solutions Inc.(a)

    3,976       90,375  

Bioventus Inc., Class A(a)

    8,373       118,059  

Boston Scientific Corp.(a)

      378,194       16,750,212  

Butterfly Network Inc.(a)(b)

    48,154       229,213  

Cardiovascular Systems Inc.(a)

    10,045       227,017  

Cerus Corp.(a)

    39,141       214,884  

ClearPoint Neuro Inc.(a)(b)

    7,580       78,908  

CONMED Corp.

    7,905               1,174,288  

Cooper Companies Inc. (The)

    12,798       5,344,317  

CryoPort Inc.(a)(b)

    10,183       355,489  

Cutera Inc.(a)

    4,145       286,005  

CytoSorbents Corp.(a)

    15,826       50,485  

DENTSPLY SIRONA Inc.

    58,846       2,896,400  

Dexcom Inc.(a)

    25,561       13,077,008  

Eargo Inc.(a)

    6,758       35,750  

Edwards Lifesciences Corp.(a)

    164,603       19,377,065  

Envista Holdings Corp.(a)

    43,516       2,119,664  

Figs Inc., Class A(a)(b)

    20,095       432,444  

Glaukos Corp.(a)(b)

    11,951       691,007  

Globus Medical Inc., Class A(a)

    20,089       1,482,166  

Haemonetics Corp.(a)(b)

    13,811       873,131  

Heska Corp.(a)

    2,535       350,540  

Hologic Inc.(a)

    66,908       5,139,873  

ICU Medical Inc.(a)(b)

    5,152       1,147,041  

IDEXX Laboratories Inc.(a)

    22,585       12,355,350  

Inari Medical Inc.(a)(b)

    9,133       827,815  

Inogen Inc.(a)

    4,710       152,698  

Insulet Corp.(a)

    17,498       4,661,292  

Integer Holdings Corp.(a)

    9,174       739,149  

Integra LifeSciences Holdings Corp.(a)

    19,464       1,250,757  

Intersect ENT Inc.(a)

    7,963       223,044  

Intuitive Surgical Inc.(a)

    94,598       28,538,325  

iRadimed Corp.

    2,779       124,610  

iRhythm Technologies Inc.(a)(b)

    8,035       1,265,271  

Lantheus Holdings Inc.(a)

    19,155       1,059,463  

LeMaitre Vascular Inc.

    4,805       223,288  

LivaNova PLC(a)

    13,910       1,138,255  

Masimo Corp.(a)

    13,301       1,935,828  

Medtronic PLC

    357,825       39,700,684  

Meridian Bioscience Inc.(a)

    10,190       264,532  

Merit Medical Systems Inc.(a)

    14,276       949,640  

Mesa Laboratories Inc.

    1,397       356,067  

Natus Medical Inc.(a)

    8,879       233,340  

Neogen Corp.(a)(b)

    28,596       881,901  

Neuronetics Inc.(a)

    10,740       32,542  

Nevro Corp.(a)(b)

    9,166       662,977  

Novocure Ltd.(a)(b)

    27,126       2,247,389  

NuVasive Inc.(a)(b)

    14,492       821,696  

OraSure Technologies Inc.(a)

    16,385       111,090  

Ortho Clinical Diagnostics Holdings PLC(a)

    29,848       556,964  

Orthofix Medical Inc.(a)

    4,651       152,088  

OrthoPediatrics Corp.(a)

    2,884       155,707  

 

 

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

  55


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Outset Medical Inc.(a)

    12,702     $ 576,671  

PAVmed Inc.(a)(b)

    24,070       31,772  

Penumbra Inc.(a)

    9,034       2,006,722  

PROCEPT BioRobotics Corp.(a)(b)

    3,572       124,984  

Pulmonx Corp.(a)(b)

    8,096       200,862  

Quidel Corp.(a)(b)

    10,197       1,146,755  

ResMed Inc.

    38,571       9,353,853  

SeaSpine Holdings Corp.(a)

    10,198       124,008  

Senseonics Holdings Inc.(a)(b)

    109,181       215,087  

Shockwave Medical Inc.(a)

    8,965       1,858,982  

SI-BONE Inc.(a)

    7,648       172,845  

Sientra Inc.(a)(b)

    19,190       42,602  

Sight Sciences Inc.(a)

    8,134       94,029  

Silk Road Medical Inc.(a)(b)

    9,396       387,961  

STAAR Surgical Co.(a)

    12,750       1,018,853  

Stereotaxis Inc.(a)

    18,421       68,710  

STERIS PLC

    22,655       5,477,299  

Stryker Corp.

    93,104       24,891,354  

Surmodics Inc.(a)

    3,875       175,654  

Tactile Systems Technology Inc.(a)

    4,760       95,962  

Tandem Diabetes Care Inc.(a)

    16,007       1,861,454  

Teleflex Inc.

    12,399       4,399,537  

TransMedics Group Inc.(a)

    6,806       183,354  

Treace Medical Concepts Inc.(a)

    10,822       204,644  

UFP Technologies Inc.(a)

    1,995       132,009  

Utah Medical Products Inc.

    1,154       103,698  

Vapotherm Inc.(a)

    6,777       94,200  

Varex Imaging Corp.(a)

    9,897       210,707  

ViewRay Inc.(a)

    40,700       159,544  

Zimmer Biomet Holdings Inc.

    56,109       7,176,341  

Zimvie Inc.(a)

    5,610       128,132  
   

 

 

 
      338,683,992  
Health Care Providers & Services — 2.8%            

1Life Healthcare Inc.(a)(b)

    31,119       344,799  

Acadia Healthcare Co. Inc.(a)(b)

    23,143       1,516,561  

Accolade Inc.(a)(b)

    13,298       233,513  

AdaptHealth Corp.(a)(b)

    20,311       325,585  

Addus HomeCare Corp.(a)

    3,512       327,634  

Agiliti Inc.(a)

    7,327       154,600  

agilon health Inc.(a)(b)

    44,300       1,123,005  

Alignment Healthcare Inc.(a)(b)

    20,913       234,853  

Amedisys Inc.(a)

    8,849       1,524,594  

AmerisourceBergen Corp.

    39,749       6,149,568  

AMN Healthcare Services Inc.(a)(b)

    12,304       1,283,676  

Anthem Inc.

    65,190       32,022,632  

Apollo Medical Holdings Inc.(a)(b)

    9,393       455,279  

Aveanna Healthcare Holdings Inc.(a)

    13,694       46,697  

Brookdale Senior Living Inc.(a)

    49,879       351,647  

Cardinal Health Inc.

    74,057       4,199,032  

Castle Biosciences Inc.(a)

    4,383       196,621  

Centene Corp.(a)

    154,713       13,025,287  

Chemed Corp.

    3,964       2,007,964  

Cigna Corp.

    86,481       20,721,712  

Community Health Systems Inc.(a)

    32,091       380,920  

Contra Zogenix Inc., NVS(b)

    15,050       10,234  

CorVel Corp.(a)

    2,103       354,229  

Covetrus Inc.(a)(b)

    31,395       527,122  

Cross Country Healthcare Inc.(a)

    12,102       262,250  

CVS Health Corp.

      350,784       35,502,849  

DaVita Inc.(a)

    16,969               1,919,364  
Security   Shares     Value  

Health Care Providers & Services (continued)

 

Encompass Health Corp.

    25,777     $ 1,833,002  

Ensign Group Inc. (The)

    13,819       1,243,848  

Fulgent Genetics Inc.(a)

    5,297       330,586  

Guardant Health Inc.(a)(b)

    24,327       1,611,420  

Hanger Inc.(a)

    9,715       178,076  

HCA Healthcare Inc.

    65,456       16,404,583  

HealthEquity Inc.(a)

    21,697       1,463,246  

Henry Schein Inc.(a)

    37,184       3,242,073  

Humana Inc.

    34,285       14,919,803  

InfuSystem Holdings Inc.(a)

    7,361       72,138  

Innovage Holding Corp.(a)(b)

    8,206       52,683  

Invitae Corp.(a)

    53,512       426,491  

Joint Corp. (The)(a)

    2,850       100,861  

Laboratory Corp. of America Holdings(a)

    24,866       6,556,170  

LHC Group Inc.(a)

    8,249       1,390,781  

LifeStance Health Group Inc.(a)(b)

    23,615       238,748  

McKesson Corp.

    40,065       12,265,098  

MEDNAX Inc.(a)

    20,867       489,957  

ModivCare Inc.(a)

    3,116       359,555  

Molina Healthcare Inc.(a)

    15,359       5,123,609  

National HealthCare Corp.

    3,535       248,263  

National Research Corp.

    3,795       150,472  

Oak Street Health Inc.(a)(b)

    27,825       747,936  

Ontrak Inc.(a)

    3,683       8,342  

Option Care Health Inc.(a)

    43,817       1,251,414  

Owens & Minor Inc.

    19,659       865,389  

Patterson Companies Inc.

    21,751       704,080  

Pennant Group Inc. (The)(a)

    6,934       129,180  

PetIQ Inc.(a)

    5,242       127,905  

Premier Inc., Class A

    33,042       1,175,965  

Privia Health Group Inc.(a)(b)

    11,083       296,249  

Progyny Inc.(a)

    17,070       877,398  

Quest Diagnostics Inc.

    32,376       4,430,979  

R1 RCM Inc.(a)

    31,058       831,112  

RadNet Inc.(a)

    9,715       217,325  

Select Medical Holdings Corp.

    30,707       736,661  

Signify Health Inc., Class A(a)(b)

    16,734       303,722  

Surgery Partners Inc.(a)

    9,618       529,471  

Tenet Healthcare Corp.(a)

    27,752       2,385,562  

Tivity Health Inc.(a)

    11,807       379,831  

U.S. Physical Therapy Inc.

    3,562       354,241  

UnitedHealth Group Inc.

    250,730       127,864,778  

Universal Health Services Inc., Class B

    18,865       2,734,482  
   

 

 

 
      340,855,712  
Health Care Technology — 0.2%            

Allscripts Healthcare Solutions Inc.(a)

    31,774       715,551  

American Well Corp., Class A(a)

    52,685       221,804  

Cerner Corp.

    78,040       7,301,422  

Certara Inc.(a)(b)

    28,790       618,409  

Change Healthcare Inc.(a)

    68,270       1,488,286  

Computer Programs & Systems Inc.(a)

    4,033       138,937  

Definitive Healthcare Corp.(a)(b)

    4,696       115,756  

Evolent Health Inc., Class A(a)(b)

    22,690       732,887  

Health Catalyst Inc.(a)(b)

    12,183       318,342  

HealthStream Inc.(a)

    6,955       138,544  

Icad Inc.(a)

    7,741       34,525  

Inspire Medical Systems Inc.(a)

    7,060               1,812,231  

Multiplan Corp.(a)(b)

      100,406       469,900  

NextGen Healthcare Inc.(a)

    13,391       280,006  

Omnicell Inc.(a)

    11,679       1,512,314  

 

 

56  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Technology (continued)

   

OptimizeRx Corp.(a)

    5,199     $ 196,054  

Phreesia Inc.(a)

    12,890       339,780  

Schrodinger Inc.(a)

    12,142       414,285  

Simulations Plus Inc.(b)

    4,201       214,167  

Tabula Rasa HealthCare Inc.(a)

    4,798       27,637  

Teladoc Health Inc.(a)(b)

    40,118       2,893,711  

Veeva Systems Inc., Class A(a)

    37,009       7,862,932  
   

 

 

 
      27,847,480  
Hotels, Restaurants & Leisure — 2.0%            

Accel Entertainment Inc.(a)

    11,469       139,692  

Aramark

    62,264       2,341,126  

Bally’s Corp.(a)(b)

    8,508       261,536  

BJ’s Restaurants Inc.(a)(b)

    6,070       171,781  

Bloomin’ Brands Inc.

    23,327       511,794  

Bluegreen Vacations Holding Corp.(a)

    3,780       111,775  

Booking Holdings Inc.(a)

    10,929       25,666,210  

Boyd Gaming Corp.

    21,323       1,402,627  

Brinker International Inc.(a)

    12,143       463,377  

Caesars Entertainment Inc.(a)(b)

    54,145       4,188,657  

Carnival Corp.(a)(b)

      231,249               4,675,855  

Century Casinos Inc.(a)

    8,062       96,341  

Cheesecake Factory Inc. (The)(a)

    11,724       466,498  

Chipotle Mexican Grill Inc.(a)

    7,500       11,865,225  

Choice Hotels International Inc.

    9,626       1,364,582  

Churchill Downs Inc.

    9,729       2,157,698  

Chuy’s Holdings Inc.(a)

    4,010       108,270  

Cracker Barrel Old Country Store Inc.

    6,549       777,563  

Darden Restaurants Inc.

    33,891       4,505,808  

Dave & Buster’s Entertainment Inc.(a)

    12,848       630,837  

Denny’s Corp.(a)

    17,671       252,872  

Dine Brands Global Inc.

    4,589       357,713  

Domino’s Pizza Inc.

    9,749       3,967,941  

DraftKings Inc., Class A(a)(b)

    80,389       1,565,174  

El Pollo Loco Holdings Inc.(a)(b)

    7,431       86,348  

Everi Holdings Inc.(a)(b)

    24,302       510,342  

Expedia Group Inc.(a)

    38,506       7,534,469  

F45 Training Holdings Inc.(a)

    7,636       81,705  

Full House Resorts Inc.(a)

    9,626       92,506  

GAN Ltd.(a)

    11,389       54,895  

Golden Entertainment Inc.(a)

    5,273       306,203  

Golden Nugget Online Gaming Inc.(a)

    9,879       70,240  

Hilton Grand Vacations Inc.(a)

    23,498       1,222,131  

Hilton Worldwide Holdings Inc.(a)

    73,194       11,106,458  

Hyatt Hotels Corp., Class A(a)

    12,527       1,195,702  

International Game Technology PLC

    25,347       625,564  

Jack in the Box Inc.

    5,483       512,167  

Krispy Kreme Inc.(b)

    22,487       333,932  

Las Vegas Sands Corp.(a)

    87,741       3,410,493  

Life Time Group Holdings Inc.(a)(b)

    10,259       149,166  

Lindblad Expeditions Holdings Inc.(a)

    10,568       159,365  

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

    72,250       12,697,938  

Marriott Vacations Worldwide Corp.

    10,939       1,725,080  

McDonald’s Corp.

    198,869       49,176,326  

MGM Resorts International

    100,788       4,227,049  

Monarch Casino & Resort Inc.(a)

    3,669       320,047  

NEOGAMES SA(a)

    2,270       35,026  

Noodles & Co.(a)

    12,162       72,607  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    98,575       2,156,821  

Papa John’s International Inc.

    8,809       927,412  

Penn National Gaming Inc.(a)

    43,616       1,850,191  
Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

   

Planet Fitness Inc., Class A(a)

    22,757     $ 1,922,511  

Portillo’s Inc., Class A(a)(b)

    6,200       152,272  

RCI Hospitality Holdings Inc.

    2,964       182,167  

Red Robin Gourmet Burgers Inc.(a)

    5,192       87,537  

Red Rock Resorts Inc., Class A

    15,370       746,367  

Royal Caribbean Cruises Ltd.(a)(b)

    58,157       4,872,393  

Rush Street Interactive Inc.(a)

    14,461       105,131  

Ruth’s Hospitality Group Inc.

    8,547       195,555  

Scientific Games Corp./DE, Class A(a)

    25,371       1,490,546  

SeaWorld Entertainment Inc.(a)

    14,186       1,056,006  

Shake Shack Inc., Class A(a)

    9,543       647,970  

Six Flags Entertainment Corp.(a)

    21,607       939,905  

Starbucks Corp.

    307,427       27,966,634  

Sweetgreen Inc.(a)(b)

    3,250       103,968  

Texas Roadhouse Inc.

    18,578       1,555,536  

Travel + Leisure Co.

    22,167       1,284,356  

Vail Resorts Inc.

    10,733       2,793,478  

Wendy’s Co. (The)

    48,362       1,062,513  

Wingstop Inc.

    7,733       907,468  

Wyndham Hotels & Resorts Inc.

    24,718       2,093,367  

Wynn Resorts Ltd.(a)

    28,250       2,252,655  

Xponential Fitness Inc., Class A(a)(b)

    4,751       111,363  

Yum China Holdings Inc.

      113,939               4,733,026  

Yum! Brands Inc.

    77,274       9,159,287  
   

 

 

 
      235,113,146  
Household Durables — 0.4%            

Beazer Homes USA Inc.(a)

    9,919       150,967  

Cavco Industries Inc.(a)

    2,403       578,762  

Century Communities Inc.

    7,225       387,043  

DR Horton Inc.

    87,215       6,498,390  

Ethan Allen Interiors Inc.

    6,081       158,532  

Garmin Ltd.

    40,711       4,828,732  

GoPro Inc., Class A(a)

    31,963       272,644  

Green Brick Partners Inc.(a)

    8,340       164,798  

Helen of Troy Ltd.(a)

    6,450       1,263,168  

Hooker Furnishings Corp.

    4,071       77,105  

Hovnanian Enterprises Inc., Class A(a)

    1,360       80,376  

Installed Building Products Inc.

    6,072       513,023  

iRobot Corp.(a)(b)

    7,328       464,595  

KB Home

    20,300       657,314  

La-Z-Boy Inc.

    12,880       339,646  

Leggett & Platt Inc.

    36,598       1,273,610  

Lennar Corp., Class A

    68,692       5,575,730  

Lennar Corp., Class B

    3,731       255,014  

LGI Homes Inc.(a)(b)

    6,007       586,764  

Lovesac Co. (The)(a)

    2,797       151,206  

M/I Homes Inc.(a)

    7,351       326,017  

MDC Holdings Inc.

    15,006       567,827  

Meritage Homes Corp.(a)

    10,404       824,309  

Mohawk Industries Inc.(a)(b)

    14,918       1,852,816  

Newell Brands Inc.

    103,023       2,205,722  

NVR Inc.(a)

    833       3,721,236  

PulteGroup Inc.

    65,313       2,736,615  

Purple Innovation Inc., Class A(a)(b)

    13,245       77,483  

Skyline Champion Corp.(a)

    13,528       742,417  

Snap One Holdings Corp.(a)

    6,228       91,863  

Sonos Inc.(a)

    32,539       918,251  

Taylor Morrison Home Corp.(a)

    32,424       882,581  

Tempur Sealy International Inc.

    47,870       1,336,530  

Toll Brothers Inc.

    29,727       1,397,763  

 

 

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

  57


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Household Durables (continued)

   

TopBuild Corp.(a)

    8,809     $ 1,597,864  

Traeger Inc.(a)(b)

    5,950       44,268  

Tri Pointe Homes Inc.(a)

    30,248       607,380  

Tupperware Brands Corp.(a)

    13,537       263,295  

Universal Electronics Inc.(a)

    3,662       114,401  

Vuzix Corp.(a)(b)

    16,148       106,577  

Whirlpool Corp.

    15,309       2,645,089  
   

 

 

 
      47,337,723  
Household Products — 1.2%            

Central Garden & Pet Co.(a)

    2,607       114,604  

Central Garden & Pet Co., Class A, NVS(a)

    11,691       476,759  

Church & Dwight Co. Inc.

    65,009       6,460,594  

Clorox Co. (The)

    32,641       4,538,078  

Colgate-Palmolive Co.

    222,945       16,905,919  

Energizer Holdings Inc.

    19,466       598,774  

Kimberly-Clark Corp.

    89,900       11,072,084  

Procter & Gamble Co. (The)

      641,415       98,008,212  

Reynolds Consumer Products Inc.

    13,021       382,036  

Spectrum Brands Holdings Inc.

    11,569               1,026,402  

WD-40 Co.

    3,615       662,377  
   

 

 

 
      140,245,839  
Independent Power and Renewable Electricity Producers — 0.1%  

AES Corp. (The)

    176,476       4,540,727  

Brookfield Renewable Corp., Class A

    34,810       1,524,678  

Clearway Energy Inc., Class A

    8,378       279,155  

Clearway Energy Inc., Class C

    23,316       851,267  

Ormat Technologies Inc.

    11,123       910,195  

Sunnova Energy International Inc.(a)(b)

    22,555       520,118  

Vistra Corp.

    126,202       2,934,197  
   

 

 

 
      11,560,337  
Industrial Conglomerates — 0.8%            

3M Co.

    152,279       22,671,298  

General Electric Co.

    290,684       26,597,586  

Honeywell International Inc.

    182,759       35,561,246  

Roper Technologies Inc.

    27,966       13,206,384  
   

 

 

 
      98,036,514  
Insurance — 2.2%            

Aflac Inc.

    172,053       11,078,493  

Alleghany Corp.(a)

    3,470       2,939,090  

Allstate Corp. (The)

    74,750       10,353,622  

Ambac Financial Group Inc.(a)

    13,124       136,490  

American Equity Investment Life Holding Co.

    23,709       946,226  

American Financial Group Inc./OH

    17,703       2,577,911  

American International Group Inc.

    220,649       13,850,138  

American National Group Inc.

    1,794       339,227  

AMERISAFE Inc.

    4,941       245,419  

Aon PLC, Class A

    58,055       18,904,450  

Arch Capital Group Ltd.(a)

    98,713       4,779,683  

Argo Group International Holdings Ltd.

    8,327       343,739  

Arthur J Gallagher & Co.

    54,421       9,501,907  

Assurant Inc.

    15,502       2,818,729  

Assured Guaranty Ltd.

    18,316       1,165,997  

Axis Capital Holdings Ltd.

    19,271       1,165,317  

Bright Health Group Inc.(a)(b)

    68,542       132,286  

Brighthouse Financial Inc.(a)

    21,422       1,106,661  

Brown & Brown Inc.

    62,752       4,535,087  

BRP Group Inc., Class A(a)

    11,519       309,055  

Chubb Ltd.

    114,499       24,491,336  

Cincinnati Financial Corp.

    40,347       5,485,578  
Security   Shares     Value  

Insurance (continued)

   

CNA Financial Corp.

    8,118     $ 394,697  

CNO Financial Group Inc.

    32,466       814,572  

eHealth Inc.(a)

    6,286       78,009  

Employers Holdings Inc.

    7,311       299,897  

Enstar Group Ltd.(a)

    3,169       827,584  

Erie Indemnity Co., Class A, NVS

    6,987       1,230,620  

Everest Re Group Ltd.

    10,608       3,197,039  

Fidelity National Financial Inc.

    72,417       3,536,846  

First American Financial Corp.

    27,679       1,794,153  

Genworth Financial Inc., Class A(a)

    136,479       515,891  

Globe Life Inc.

    26,585       2,674,451  

GoHealth Inc., Class A(a)(b)

    15,490       18,278  

Goosehead Insurance Inc., Class A

    4,672       367,079  

Hanover Insurance Group Inc. (The)

    9,498       1,420,141  

Hartford Financial Services Group Inc. (The)

    89,301       6,412,705  

HCI Group Inc.

    2,033       138,610  

Horace Mann Educators Corp.

    10,907       456,240  

James River Group Holdings Ltd.

    8,472       209,597  

Kemper Corp.

    16,507       933,306  

Kinsale Capital Group Inc.

    5,831       1,329,585  

Lemonade Inc.(a)(b)

    10,187       268,631  

Lincoln National Corp.

    47,740       3,120,286  

Loews Corp.

    55,204       3,578,323  

Markel Corp.(a)

    3,559       5,250,379  

Marsh & McLennan Companies Inc.

      135,341       23,064,813  

MBIA Inc.(a)

    15,132       232,881  

Mercury General Corp.

    7,093       390,115  

MetLife Inc.

    186,645       13,117,411  

National Western Life Group Inc., Class A

    571       120,138  

Old Republic International Corp.

    75,711               1,958,644  

Palomar Holdings Inc.(a)

    5,710       365,383  

Primerica Inc.

    10,715       1,466,026  

Principal Financial Group Inc.

    68,889       5,057,141  

ProAssurance Corp.

    13,261       356,456  

Progressive Corp. (The)

    155,526       17,728,409  

Prudential Financial Inc.

    100,468       11,872,304  

Reinsurance Group of America Inc.

    17,674       1,934,596  

RenaissanceRe Holdings Ltd.

    11,345       1,798,296  

RLI Corp.

    10,684       1,181,971  

Safety Insurance Group Inc.

    3,821       347,138  

Selective Insurance Group Inc.

    15,578       1,392,050  

Selectquote Inc.(a)

    35,324       98,554  

SiriusPoint Ltd.(a)

    19,664       147,087  

Stewart Information Services Corp.

    6,984       423,300  

Tiptree Inc.

    8,755       112,502  

Travelers Companies Inc. (The)

    64,364       11,761,234  

Trupanion Inc.(a)

    9,709       865,266  

United Fire Group Inc.

    6,002       186,482  

Universal Insurance Holdings Inc.

    8,799       118,698  

Unum Group

    56,016       1,765,064  

W R Berkley Corp.

    54,498       3,629,022  

White Mountains Insurance Group Ltd.

    795       903,311  

Willis Towers Watson PLC

    32,946       7,782,504  
   

 

 

 
      266,250,156  
Interactive Media & Services — 4.9%            

Alphabet Inc., Class A(a)

    80,166       222,969,704  

Alphabet Inc., Class C, NVS(a)

    73,733       205,935,532  

Cargurus Inc.(a)

    25,970       1,102,686  

Cars.com Inc.(a)

    18,925       273,088  

Eventbrite Inc., Class A(a)(b)

    18,790       277,528  

 

 

58  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Interactive Media & Services (continued)

   

EverQuote Inc., Class A(a)

    5,917     $ 95,737  

fuboTV Inc.(a)(b)

    35,452       232,920  

IAC/InterActiveCorp.(a)(b)

    20,566       2,062,358  

Match Group Inc.(a)(b)

    75,030       8,158,762  

MediaAlpha Inc., Class A(a)(b)

    6,663       110,273  

Meta Platforms Inc, Class A(a)

    614,718       136,688,695  

Pinterest Inc., Class A(a)

    151,999       3,740,695  

QuinStreet Inc.(a)

    12,496       144,954  

TripAdvisor Inc.(a)

    27,876       755,997  

TrueCar Inc.(a)

    30,200       119,290  

Twitter Inc.(a)

    206,634       7,994,669  

Vimeo Inc.(a)(b)

    38,168       453,436  

Yelp Inc.(a)

    18,925       645,532  

Ziff Davis Inc.(a)

    11,500       1,112,970  
   

 

 

 
      592,874,826  
Internet & Direct Marketing Retail — 3.3%            

1-800-Flowers.com Inc., Class A(a)

    6,343       80,937  

Amazon.com Inc.(a)

      115,682       377,117,536  

CarParts.com Inc.(a)(b)

    12,811       85,834  

DoorDash Inc., Class A(a)(b)

    39,082               4,580,019  

eBay Inc.

    166,254       9,519,704  

Etsy Inc.(a)

    33,588       4,174,317  

Groupon Inc.(a)(b)

    6,082       116,957  

Lands’ End Inc.(a)(b)

    4,593       77,713  

Liquidity Services Inc.(a)

    5,822       99,673  

Overstock.com Inc.(a)(b)

    11,649       512,614  

PetMed Express Inc.

    4,925       127,065  

Porch Group Inc.(a)(b)

    20,335       141,227  

Quotient Technology Inc.(a)

    20,433       130,362  

Qurate Retail Inc., Series A

    98,540       469,050  

RealReal Inc. (The)(a)

    18,573       134,840  

Revolve Group Inc.(a)(b)

    9,372       503,183  

Shutterstock Inc.

    6,085       566,392  

Stitch Fix Inc., Class A(a)

    23,105       232,667  

Wayfair Inc., Class A(a)(b)

    19,954       2,210,504  

Xometry Inc., Class A(a)(b)

    6,517       239,500  
   

 

 

 
      401,120,094  
IT Services — 4.4%            

Accenture PLC, Class A

    169,425       57,135,193  

Akamai Technologies Inc.(a)(b)

    42,425       5,065,121  

Alliance Data Systems Corp.

    12,926       725,795  

Amdocs Ltd.

    32,393       2,663,029  

Automatic Data Processing Inc.

    112,190       25,527,713  

BigCommerce Holdings Inc., Series 1(a)(b)

    11,830       259,195  

Block Inc.(a)

    127,771       17,325,748  

Brightcove Inc.(a)

    12,518       97,640  

Broadridge Financial Solutions Inc.

    30,975       4,823,117  

Cantaloupe Inc.(a)

    17,216       116,552  

Cass Information Systems Inc.

    3,435       126,786  

Cloudflare Inc., Class A(a)

    69,925       8,370,022  

Cognizant Technology Solutions Corp., Class A

    140,739       12,620,066  

Concentrix Corp.

    11,039       1,838,656  

Conduent Inc.(a)

    38,275       197,499  

CSG Systems International Inc.

    8,418       535,132  

DigitalOcean Holdings Inc.(a)(b)

    13,064       755,752  

DXC Technology Co.(a)

    66,440       2,167,937  

EPAM Systems Inc.(a)

    14,320       4,247,455  

Euronet Worldwide Inc.(a)

    13,453       1,750,908  

EVERTEC Inc.

    16,225       664,089  
Security   Shares     Value  

IT Services (continued)

   

Evo Payments Inc., Class A(a)

    13,901     $ 320,974  

ExlService Holdings Inc.(a)

    8,803       1,261,206  

Fastly Inc., Class A(a)(b)

    28,143       489,125  

Fidelity National Information Services Inc.

    161,683       16,236,207  

Fiserv Inc.(a)

    159,598       16,183,237  

FleetCor Technologies Inc.(a)

    21,070       5,247,694  

Flywire Corp.(a)

    16,609       507,903  

Gartner Inc.(a)

    21,206       6,307,937  

Genpact Ltd.

    49,662       2,160,794  

Global Payments Inc.

    75,558       10,339,357  

Globant SA(a)

    10,979       2,877,267  

GoDaddy Inc., Class A(a)

    45,135       3,777,799  

Grid Dynamics Holdings Inc.(a)

    11,438       161,047  

Hackett Group Inc. (The)

    7,960       183,558  

I3 Verticals Inc., Class A(a)

    6,189       172,426  

International Business Machines Corp.

    237,857       30,926,167  

International Money Express Inc.(a)

    9,626       198,392  

Jack Henry & Associates Inc.

    19,348       3,812,523  

Kyndryl Holdings Inc.(a)

    59,515       780,837  

Limelight Networks Inc.(a)

    36,824       192,221  

LiveRamp Holdings Inc.(a)

    16,805       628,339  

Mastercard Inc., Class A

      230,080       82,225,990  

Maximus Inc.

    16,568       1,241,772  

MoneyGram International Inc.(a)

    20,387       215,287  

MongoDB Inc.(a)

    16,857               7,477,597  

Okta Inc.(a)

    33,622       5,075,577  

Paya Holdings Inc., Class A(a)(b)

    23,132       135,554  

Paychex Inc.

    85,620       11,684,561  

PayPal Holdings Inc.(a)

    313,177       36,218,920  

Paysafe Ltd.(a)

    96,202       326,125  

Perficient Inc.(a)

    8,557       942,040  

Rackspace Technology Inc.(a)(b)

    15,997       178,527  

Repay Holdings Corp.(a)(b)

    21,048       310,879  

Sabre Corp.(a)

    86,308       986,500  

Shift4 Payments Inc., Class A(a)(b)

    11,600       718,388  

Snowflake Inc., Class A(a)

    54,045       12,383,331  

SolarWinds Corp.

    8,977       119,484  

StoneCo Ltd., Class A(a)(b)

    58,685       686,614  

Switch Inc., Class A

    30,921       952,985  

Thoughtworks Holding Inc.(a)(b)

    11,276       234,654  

TTEC Holdings Inc.

    4,701       387,927  

Tucows Inc., Class A(a)(b)

    2,320       158,456  

Twilio Inc., Class A(a)

    44,229       7,289,381  

Unisys Corp.(a)(b)

    18,220       393,734  

VeriSign Inc.(a)

    26,191       5,826,450  

Verra Mobility Corp.(a)(b)

    37,525       610,907  

Visa Inc., Class A

    442,244       98,076,452  

Western Union Co. (The)

    104,873       1,965,320  

WEX Inc.(a)

    11,783       2,102,676  

Wix.com Ltd.(a)

    14,125       1,475,497  
   

 

 

 
      530,180,000  
Leisure Products — 0.1%            

Acushnet Holdings Corp.

    9,520       383,275  

American Outdoor Brands Inc.(a)

    4,870       63,943  

AMMO Inc.(a)(b)

    22,148       106,310  

Brunswick Corp./DE

    20,350       1,646,112  

Callaway Golf Co.(a)

    30,712       719,275  

Clarus Corp.

    6,540       148,981  

Genius Brands International Inc.(a)(b)

    82,925       84,584  

Hasbro Inc.

    33,524       2,746,286  

 

 

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

  59


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Leisure Products (continued)

   

Johnson Outdoors Inc., Class A

    1,462     $ 113,641  

Latham Group Inc.(a)(b)

    8,891       117,717  

Malibu Boats Inc., Class A(a)

    5,144       298,403  

MasterCraft Boat Holdings Inc.(a)(b)

    5,280       129,941  

Mattel Inc.(a)

    91,642       2,035,369  

Nautilus Inc.(a)(b)

    8,703       35,856  

Peloton Interactive Inc., Class A(a)

    79,418       2,098,224  

Polaris Inc.

    15,665       1,649,838  

Smith & Wesson Brands Inc.

    15,147       229,174  

Sturm Ruger & Co. Inc.

    4,174       290,594  

Vista Outdoor Inc.(a)

    15,966       569,827  

YETI Holdings Inc.(a)

    21,741       1,304,025  
   

 

 

 
      14,771,375  
Life Sciences Tools & Services — 1.8%            

10X Genomics Inc., Class A(a)(b)

    22,300       1,696,361  

Absci Corp.(a)(b)

    14,657       123,559  

Adaptive Biotechnologies Corp.(a)

    29,680       411,958  

Aduro Biotech Inc., NVS(c)

    4,039       12,117  

Agilent Technologies Inc.

    80,090       10,598,310  

Avantor Inc.(a)(b)

      159,855               5,406,296  

Azenta Inc.

    19,192       1,590,633  

Berkeley Lights Inc.(a)

    12,541       89,167  

BioNano Genomics Inc.(a)(b)

    73,927       190,732  

Bio-Rad Laboratories Inc., Class A(a)

    5,595       3,151,272  

Bio-Techne Corp.

    10,548       4,567,706  

Bruker Corp.

    26,877       1,728,191  

Charles River Laboratories International
Inc.(a)

    13,157       3,736,193  

ChromaDex Corp.(a)

    14,686       36,128  

Codexis Inc.(a)

    16,782       346,045  

Cytek Biosciences Inc.(a)

    25,753       277,617  

Danaher Corp.

    168,983       49,567,783  

Fluidigm Corp.(a)(b)

    22,192       79,669  

Harvard Bioscience Inc.(a)

    16,469       102,272  

Illumina Inc.(a)

    39,055       13,645,817  

Inotiv Inc.(a)(b)

    2,568       67,230  

IQVIA Holdings Inc.(a)

    50,768       11,738,069  

Maravai LifeSciences Holdings Inc., Class A(a)

    30,095       1,061,451  

MaxCyte Inc.(a)

    25,296       176,819  

Medpace Holdings Inc.(a)

    7,455       1,219,563  

Mettler-Toledo International Inc.(a)

    6,063       8,325,651  

NanoString Technologies Inc.(a)(b)

    11,973       416,062  

NeoGenomics Inc.(a)(b)

    28,416       345,254  

Pacific Biosciences of California Inc.(a)(b)

    52,416       476,986  

PerkinElmer Inc.

    33,477       5,840,397  

Personalis Inc.(a)

    10,556       86,454  

QIAGEN NV(a)(b)

    61,559       3,016,391  

Quanterix Corp.(a)

    6,935       202,433  

Repligen Corp.(a)

    14,761       2,776,396  

Seer Inc., Class A(a)

    10,973       167,229  

Singular Genomics Systems Inc.(a)(b)

    17,386       109,706  

Sotera Health Co.(a)

    26,381       571,412  

Syneos Health Inc.(a)

    27,330       2,212,363  

Thermo Fisher Scientific Inc.

    104,712       61,848,143  

Waters Corp.(a)

    16,360       5,077,980  

West Pharmaceutical Services Inc.

    19,463       7,993,649  
   

 

 

 
      211,087,464  
Machinery — 1.8%            

AGCO Corp.

    16,486       2,407,451  

AgEagle Aerial Systems Inc.(a)(b)

    27,979       33,295  
Security   Shares     Value  

Machinery (continued)

   

Alamo Group Inc.

    2,415     $ 347,253  

Albany International Corp., Class A

    8,044       678,270  

Allison Transmission Holdings Inc.

    27,343       1,073,486  

Altra Industrial Motion Corp.

    18,162       707,047  

Astec Industries Inc.

    6,029       259,247  

Barnes Group Inc.

    12,496       502,214  

Blue Bird Corp.(a)(b)

    5,511       103,717  

Caterpillar Inc.

      144,419       32,179,442  

Chart Industries Inc.(a)(b)

    10,144               1,742,435  

CIRCOR International Inc.(a)

    4,409       117,368  

Colfax Corp.(a)

    37,100       1,476,209  

Columbus McKinnon Corp./NY

    6,665       282,596  

Crane Co.

    12,763       1,381,978  

Cummins Inc.

    37,930       7,779,822  

Deere & Co.

    74,442       30,927,673  

Desktop Metal Inc., Class A(a)

    52,697       249,784  

Donaldson Co. Inc.

    32,916       1,709,328  

Douglas Dynamics Inc.

    5,514       190,729  

Dover Corp.

    38,367       6,019,782  

Energy Recovery Inc.(a)

    8,877       178,783  

Enerpac Tool Group Corp.

    15,979       349,780  

EnPro Industries Inc.

    5,183       506,535  

ESCO Technologies Inc.

    6,673       466,576  

Evoqua Water Technologies Corp.(a)

    29,817       1,400,803  

Federal Signal Corp.

    17,358       585,832  

Flowserve Corp.

    35,826       1,286,153  

Fortive Corp.

    87,251       5,316,203  

Franklin Electric Co. Inc.

    11,875       986,100  

Gates Industrial Corp. PLC(a)(b)

    25,257       380,370  

Gorman-Rupp Co. (The)

    4,783       171,614  

Graco Inc.

    44,630       3,111,604  

Greenbrier Companies Inc. (The)

    8,437       434,590  

Helios Technologies Inc.

    8,209       658,772  

Hillenbrand Inc.

    20,641       911,713  

Hydrofarm Holdings Group Inc.(a)

    10,266       155,530  

Hyliion Holdings Corp.(a)(b)

    31,062       137,605  

Hyster-Yale Materials Handling Inc.

    2,488       82,626  

Ideanomics Inc.(a)(b)

    112,041       125,486  

IDEX Corp.

    20,277       3,887,709  

Illinois Tool Works Inc.

    83,929       17,574,733  

Ingersoll Rand Inc.

    105,017       5,287,606  

ITT Inc.

    23,548       1,771,045  

John Bean Technologies Corp.

    8,691       1,029,623  

Kadant Inc.

    2,850       553,441  

Kennametal Inc.

    22,324       638,690  

Lincoln Electric Holdings Inc.

    15,040       2,072,662  

Lindsay Corp.

    3,126       490,813  

Luxfer Holdings PLC

    7,328       123,110  

Manitowoc Co. Inc. (The)(a)

    9,296       140,184  

Meritor Inc.(a)

    17,472       621,479  

Middleby Corp. (The)(a)(b)

    14,515       2,379,589  

Miller Industries Inc./TN

    3,981       112,105  

Mueller Industries Inc.

    15,583       844,131  

Mueller Water Products Inc., Class A

    45,889       592,886  

Nikola Corp.(a)(b)

    64,324       688,910  

Nordson Corp.

    15,577       3,537,225  

Omega Flex Inc.

    857       111,299  

Oshkosh Corp.

    18,032       1,814,921  

Otis Worldwide Corp.

    113,268       8,715,973  

PACCAR Inc.

    91,091       8,022,384  

 

 

60  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Machinery (continued)

   

Parker-Hannifin Corp.

    34,032     $ 9,656,920  

Pentair PLC

    44,476       2,411,044  

Proto Labs Inc.(a)(b)

    7,190       380,351  

RBC Bearings Inc.(a)

    7,351       1,425,212  

REV Group Inc.

    9,466       126,844  

Shyft Group Inc. (The)

    8,977       324,159  

Snap-on Inc.

    13,985       2,873,638  

SPX Corp.(a)

    12,374       611,399  

SPX FLOW Inc.

    11,639       1,003,515  

Standex International Corp.

    3,121       311,850  

Stanley Black & Decker Inc.

    43,168       6,034,455  

Tennant Co.

    4,661       367,287  

Terex Corp.

    18,107       645,696  

Timken Co. (The)

    16,809       1,020,306  

Titan International Inc.(a)

    16,810       247,611  

Toro Co. (The)

    28,173       2,408,510  

Trinity Industries Inc.

    20,314       697,989  

Wabash National Corp.

    16,977       251,939  

Watts Water Technologies Inc., Class A

    7,074       987,460  

Welbilt Inc.(a)(b)

    37,558       892,002  

Westinghouse Air Brake Technologies Corp.

    47,668       4,584,232  

Xylem Inc./NY

    47,300       4,032,798  
   

 

 

 
      209,721,536  
Marine — 0.0%            

Costamare Inc.

    18,153       309,509  

Eagle Bulk Shipping Inc.

    2,769       188,596  

Genco Shipping & Trading Ltd.

    9,122       215,462  

Kirby Corp.(a)

    15,782       1,139,302  

Matson Inc.

    11,029       1,330,318  
   

 

 

 
      3,183,187  
Media — 1.1%            

Advantage Solutions Inc.(a)(b)

    20,874       133,176  

Altice USA Inc., Class A(a)

    59,294       739,989  

AMC Networks Inc., Class A(a)

    7,689       312,404  

Audacy Inc(a)

    37,527       108,453  

Boston Omaha Corp., Class A(a)(b)

    4,981       126,368  

Cable One Inc.

    1,436       2,102,649  

Cardlytics Inc.(a)(b)

    7,961       437,696  

Charter Communications Inc., Class A(a)

    31,962       17,435,910  

Clear Channel Outdoor Holdings Inc.(a)

    99,438       344,056  

Comcast Corp., Class A

    1,199,316       56,151,975  

Daily Journal Corp.(a)

    382       119,180  

Discovery Inc., Class A(a)(b)

    41,798       1,041,606  

Discovery Inc., Class C, NVS(a)

    84,040       2,098,479  

DISH Network Corp., Class A(a)

    67,050       2,122,133  

Entravision Communications Corp., Class A

    21,628       138,635  

EW Scripps Co. (The), Class A(a)

    13,800       286,902  

Fox Corp., Class A, NVS

    83,379       3,289,302  

Fox Corp., Class B

    40,835       1,481,494  

Gannett Co. Inc.(a)

    33,472       150,959  

Gray Television Inc.

    21,677       478,411  

iHeartMedia Inc., Class A(a)

    28,549       540,433  

Integral Ad Science Holding Corp.(a)

    5,088       70,214  

Interpublic Group of Companies Inc. (The)

      105,181               3,728,666  

John Wiley & Sons Inc., Class A

    12,422       658,739  

Liberty Broadband Corp., Class A(a)(b)

    6,308       826,727  

Liberty Broadband Corp., Class C, NVS(a)

    37,436       5,065,840  

Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)

    24,664       1,127,391  
Security   Shares     Value  

Media (continued)

   

Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)

    43,118     $ 1,971,786  

Loyalty Ventures Inc.(a)(b)

    5,159       85,278  

Magnite Inc.(a)

    34,246       452,390  

New York Times Co. (The), Class A

    43,996       2,016,777  

News Corp., Class A, NVS

    104,651       2,318,020  

News Corp., Class B

    31,746       714,920  

Nexstar Media Group Inc., Class A

    10,648       2,006,935  

Omnicom Group Inc.

    55,431       4,704,983  

Paramount Global, Class B, NVS

    156,467       5,916,017  

Scholastic Corp.

    6,997       281,839  

Sinclair Broadcast Group Inc., Class A

    11,995       336,100  

Sirius XM Holdings Inc.(b)

    240,407       1,591,494  

Stagwell Inc.(a)

    18,835       136,365  

TechTarget Inc.(a)

    5,968       485,079  

TEGNA Inc.

    61,538       1,378,451  

ViacomCBS Inc., Class A(b)

    2,813       113,673  

WideOpenWest Inc.(a)(b)

    14,953       260,780  
   

 

 

 
      125,888,674  
Metals & Mining — 0.7%            

Alcoa Corp.

    49,007       4,412,100  

Allegheny Technologies Inc.(a)

    33,107       888,592  

Arconic Corp.(a)

    26,401       676,394  

Carpenter Technology Corp.

    13,486       566,142  

Century Aluminum Co.(a)

    12,889       339,110  

Cleveland-Cliffs Inc.(a)

    118,818       3,827,128  

Coeur Mining Inc.(a)

    61,404       273,248  

Commercial Metals Co.

    31,963       1,330,300  

Compass Minerals International Inc.

    9,078       570,008  

Constellium SE(a)

    30,721       552,978  

Ferroglobe PLC

    15,827        

Freeport-McMoRan Inc.

    390,620       19,429,439  

Gatos Silver Inc.(a)

    13,086       56,532  

Haynes International Inc.

    3,911       166,609  

Hecla Mining Co.

    145,934       958,786  

Kaiser Aluminum Corp.

    4,385       412,892  

Materion Corp.

    5,045       432,558  

MP Materials Corp.(a)

    19,581               1,122,775  

Newmont Corp.

      213,810       16,987,204  

NovaGold Resources Inc.(a)

    62,512       483,218  

Nucor Corp.

    72,737       10,812,355  

Olympic Steel Inc.

    3,525       135,571  

Reliance Steel & Aluminum Co.

    16,559       3,036,093  

Royal Gold Inc.

    18,058       2,551,234  

Ryerson Holding Corp.

    5,039       176,466  

Schnitzer Steel Industries Inc., Class A

    6,294       326,910  

Southern Copper Corp.

    21,787       1,653,633  

Steel Dynamics Inc.

    50,647       4,225,479  

SunCoke Energy Inc.

    26,530       236,382  

TimkenSteel Corp.(a)

    10,129       221,623  

United States Steel Corp.

    69,184       2,611,004  

Warrior Met Coal Inc.

    15,277       566,929  

Worthington Industries Inc.

    9,496       488,189  
   

 

 

 
      80,527,881  
Mortgage Real Estate Investment — 0.1%            

AFC Gamma Inc.

    5,886       112,540  

AGNC Investment Corp.

    138,606       1,815,739  

Annaly Capital Management Inc.

    369,839       2,603,667  

Apollo Commercial Real Estate Finance Inc.

    41,479       577,802  

 

 

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

  61


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Mortgage Real Estate Investment (continued)

 

Arbor Realty Trust Inc.

    34,331     $ 585,687  

Ares Commercial Real Estate Corp.

    11,191       173,684  

ARMOUR Residential REIT Inc.

    15,328       128,755  

Blackstone Mortgage Trust Inc., Class A

    41,450       1,317,696  

BrightSpire Capital Inc.

    23,714       219,355  

Broadmark Realty Capital Inc.

    34,848       301,435  

Chimera Investment Corp.

    60,627       729,949  

Dynex Capital Inc.

    7,460       120,852  

Ellington Financial Inc.

    13,861       246,033  

Franklin BSP Realty Trust Inc.

    7,677       107,324  

Granite Point Mortgage Trust Inc.

    16,006       177,987  

Hannon Armstrong Sustainable Infrastructure Capital Inc.

    19,507       925,217  

Invesco Mortgage Capital Inc.

    49,535       112,940  

KKR Real Estate Finance Trust Inc.

    6,674       137,551  

Ladder Capital Corp.

    28,255       335,387  

MFA Financial Inc.

    119,399       481,178  

New Residential Investment Corp.

      113,832               1,249,875  

New York Mortgage Trust Inc.

    93,615       341,695  

Orchid Island Capital Inc.

    33,135       107,689  

PennyMac Mortgage Investment Trust

    23,957       404,634  

Ready Capital Corp.

    13,505       203,385  

Redwood Trust Inc.

    31,919       336,107  

Starwood Property Trust Inc.

    75,678       1,829,137  

TPG RE Finance Trust Inc.

    15,027       177,469  

Two Harbors Investment Corp.

    73,825       408,252  
   

 

 

 
      16,269,021  
Multi-Utilities — 0.7%            

Ameren Corp.

    67,668       6,344,552  

Avista Corp.

    18,196       821,549  

Black Hills Corp.

    16,225       1,249,649  

CenterPoint Energy Inc.

    158,202       4,847,309  

CMS Energy Corp.

    77,616       5,428,463  

Consolidated Edison Inc.

    94,026       8,902,382  

Dominion Energy Inc.

    214,906       18,260,563  

DTE Energy Co.

    51,621       6,824,812  

NiSource Inc.

    103,865       3,302,907  

NorthWestern Corp.

    13,890       840,206  

Public Service Enterprise Group Inc.

    134,502       9,415,140  

Sempra Energy

    84,946       14,281,122  

Unitil Corp.

    3,453       172,236  

WEC Energy Group Inc.

    84,377       8,421,668  
   

 

 

 
      89,112,558  
Multiline Retail — 0.5%            

Big Lots Inc.

    9,031       312,472  

Dillard’s Inc., Class A(b)

    1,443       387,287  

Dollar General Corp.

    61,982       13,799,053  

Dollar Tree Inc.(a)

    59,123       9,468,548  

Franchise Group Inc.

    7,704       319,177  

Kohl’s Corp.

    36,895       2,230,672  

Macy’s Inc.

    79,439       1,935,134  

Nordstrom Inc.

    29,288       793,998  

Ollie’s Bargain Outlet Holdings Inc.(a)

    17,134       736,077  

Target Corp.

    127,393       27,035,342  
   

 

 

 
      57,017,760  
Oil, Gas & Consumable Fuels — 3.5%            

Aemetis Inc.(a)

    7,115       90,147  

Alto Ingredients Inc.(a)

    23,805       162,350  

Antero Midstream Corp.

    89,781       975,919  
Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

   

Antero Resources Corp.(a)

    74,783     $ 2,283,125  

APA Corp.

    96,080       3,970,986  

Arch Resources Inc.

    4,065       558,450  

Berry Corp.

    23,191       239,331  

Brigham Minerals Inc., Class A

    10,321       263,701  

California Resources Corp.

    22,203       993,140  

Callon Petroleum Co.(a)

    13,046       770,758  

Centennial Resource Development Inc./DE, Class A(a)

    47,668       384,681  

Centrus Energy Corp., Class A(a)

    2,553       86,036  

Cheniere Energy Inc.

    61,989       8,594,775  

Chesapeake Energy Corp.

    28,260       2,458,620  

Chevron Corp.

    515,607       83,956,288  

Civitas Resources Inc.

    11,460       684,277  

Clean Energy Fuels Corp.(a)

    35,151       279,099  

CNX Resources Corp.(a)

    53,360       1,105,619  

Comstock Resources Inc.(a)(b)

    22,614       295,113  

ConocoPhillips

      351,639       35,163,900  

CONSOL Energy Inc.(a)

    7,720       290,504  

Continental Resources Inc./OK

    17,239               1,057,268  

Coterra Energy Inc.

    213,507       5,758,284  

Crescent Energy Inc.

    9,352       162,164  

CVR Energy Inc.

    10,163       259,563  

Delek U.S. Holdings Inc.(a)

    15,826       335,828  

Denbury Inc.(a)

    13,997       1,099,744  

Devon Energy Corp.

    178,804       10,572,680  

DHT Holdings Inc.

    27,323       158,473  

Diamondback Energy Inc.

    47,964       6,574,905  

Dorian LPG Ltd.

    9,531       138,104  

DTE Midstream LLC(a)

    25,320       1,373,863  

Earthstone Energy Inc., Class A(a)

    8,990       113,544  

Energy Fuels Inc./Canada(a)(b)

    40,008       366,073  

EOG Resources Inc.

    155,494       18,539,550  

EQT Corp.

    80,568       2,772,345  

Equitrans Midstream Corp.

    112,739       951,517  

Escrow PetroCorp.(a)(c)

    1,248        

Exxon Mobil Corp.

    1,128,681       93,217,764  

Frontline Ltd./Bermuda(a)

    33,665       296,252  

Gevo Inc.(a)(b)

    53,673       251,190  

Golar LNG Ltd.(a)

    25,052       620,789  

Green Plains Inc.(a)

    9,493       294,378  

Hess Corp.

    74,192       7,941,512  

HF Sinclair Corp.

    41,593       1,657,481  

International Seaways Inc.

    7,779       140,333  

Kinder Morgan Inc.

    515,346       9,745,193  

Kosmos Energy Ltd.(a)

    125,294       900,864  

Laredo Petroleum Inc.(a)

    3,326       263,220  

Magnolia Oil & Gas Corp., Class A

    37,292       881,956  

Marathon Oil Corp.

    205,187       5,152,246  

Marathon Petroleum Corp.

    163,293       13,961,551  

Matador Resources Co.

    28,255       1,496,950  

Murphy Oil Corp.

    38,337       1,548,431  

New Fortress Energy Inc.

    7,444       317,189  

Nordic American Tankers Ltd.

    51,976       110,709  

Northern Oil and Gas Inc.

    17,701       498,991  

Oasis Petroleum Inc.

    5,374       786,216  

Occidental Petroleum Corp.

    224,331       12,728,541  

ONEOK Inc.

    118,125       8,343,169  

Ovintiv Inc.

    70,947       3,836,104  

Par Pacific Holdings Inc.(a)

    11,415       148,623  

 

 

62  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

   

PBF Energy Inc., Class A(a)

    23,695     $ 577,447  

PDC Energy Inc.

    25,856       1,879,214  

Peabody Energy Corp.(a)(b)

    21,526       528,033  

Phillips 66

      124,401       10,747,002  

Pioneer Natural Resources Co.

    57,669       14,418,980  

Range Resources Corp.(a)

    63,056       1,915,641  

Ranger Oil Corp.(a)

    4,054       139,985  

Renewable Energy Group Inc.(a)

    11,083       672,184  

REX American Resources Corp.(a)

    1,554       154,778  

Riley Exploration Permian Inc.

    3,557       89,210  

Scorpio Tankers Inc.

    16,120       344,646  

SFL Corp. Ltd.

    36,684       373,443  

SM Energy Co.

    30,081               1,171,655  

Southwestern Energy Co.(a)

    267,955       1,921,237  

Talos Energy Inc.(a)

    12,514       197,596  

Targa Resources Corp.

    60,982       4,602,311  

Tellurian Inc.(a)

    87,722       464,927  

Texas Pacific Land Corp.

    1,552       2,098,475  

Uranium Energy Corp.(a)(b)

    63,712       292,438  

Ur-Energy Inc.(a)(b)

    93,027       148,843  

Valero Energy Corp.

    108,617       11,028,970  

W&T Offshore Inc.(a)

    33,437       127,729  

Whiting Petroleum Corp.

    10,257       836,048  

Williams Companies Inc. (The)

    324,756       10,850,098  

World Fuel Services Corp.

    17,907       484,205  
   

 

 

 
      425,045,471  
Paper & Forest Products — 0.0%            

Clearwater Paper Corp.(a)

    4,558       127,761  

Glatfelter Corp.

    10,531       130,374  

Louisiana-Pacific Corp.

    22,914       1,423,418  

Neenah Inc.

    4,663       184,934  

Schweitzer-Mauduit International Inc.

    7,710       212,025  

Sylvamo Corp.(a)

    9,459       314,795  
   

 

 

 
      2,393,307  
Personal Products — 0.2%            

Beauty Health Co. (The)(a)(b)

    22,999       388,223  

BellRing Brands Inc.(a)

    31,057       716,796  

Coty Inc., Class A(a)

    90,265       811,482  

Edgewell Personal Care Co.

    15,261       559,621  

elf Beauty Inc.(a)(b)

    12,298       317,657  

Estee Lauder Companies Inc. (The), Class A

    60,780       16,551,610  

Herbalife Nutrition Ltd.(a)

    28,584       867,810  

Honest Co. Inc. (The)(a)(b)

    22,430       116,860  

Inter Parfums Inc.

    5,080       447,294  

Medifast Inc.

    3,216       549,229  

Nu Skin Enterprises Inc., Class A

    11,967       572,980  

Olaplex Holdings Inc.(a)(b)

    21,426       334,888  

USANA Health Sciences Inc.(a)

    3,648       289,834  

Veru Inc.(a)

    16,670       80,516  
   

 

 

 
      22,604,800  
Pharmaceuticals — 3.5%            

Aclaris Therapeutics Inc.(a)(b)

    11,418       196,846  

Aerie Pharmaceuticals Inc.(a)

    12,189       110,920  

Amneal Pharmaceuticals Inc.(a)

    26,888       112,123  

Amphastar Pharmaceuticals Inc.(a)

    10,541       378,422  

Ampio Pharmaceuticals Inc.(a)

    74,942       35,223  

Amylyx Pharmaceuticals Inc.(a)(b)

    5,021       64,520  

ANI Pharmaceuticals Inc.(a)

    3,212       90,289  

Antares Pharma Inc.(a)

    37,710       154,611  
Security   Shares     Value  

Pharmaceuticals (continued)

   

Arvinas Inc.(a)

    11,739     $ 790,035  

Atea Pharmaceuticals Inc.(a)

    18,377       132,682  

Athira Pharma Inc.(a)

    14,232       192,132  

Axsome Therapeutics Inc.(a)(b)

    7,126       294,945  

Bristol-Myers Squibb Co.

      581,100       42,437,733  

Cara Therapeutics Inc.(a)

    9,256       112,460  

Cassava Sciences Inc.(a)(b)

    10,056       373,480  

Catalent Inc.(a)(b)

    45,165       5,008,798  

CinCor Pharma Inc.(a)(b)

    5,291       92,804  

Citius Pharmaceuticals Inc.(a)(b)

    53,172       95,178  

Collegium Pharmaceutical Inc.(a)

    9,516       193,746  

Corcept Therapeutics Inc.(a)

    23,201       522,487  

Cymabay Therapeutics Inc.(a)

    37,737       117,362  

DICE Therapeutics Inc.(a)(b)

    5,045       96,511  

Durect Corp.(a)(b)

    94,880       63,560  

Edgewise Therapeutics Inc.(a)

    11,896       115,391  

Elanco Animal Health Inc.(a)

    118,966       3,103,823  

Eli Lilly & Co.

    225,911       64,694,133  

Endo International PLC(a)

    62,446       144,250  

Esperion Therapeutics Inc.(a)(b)

    8,414       39,041  

Evolus Inc.(a)

    11,660       130,825  

EyePoint Pharmaceuticals Inc.(a)

    8,515       103,457  

Fulcrum Therapeutics Inc.(a)

    6,352       150,225  

Harmony Biosciences Holdings Inc.(a)

    7,449       362,394  

Ikena Oncology Inc.(a)(b)

    8,324       50,776  

Innoviva Inc.(a)(b)

    11,399       220,571  

Intra-Cellular Therapies Inc.(a)

    21,415               1,310,384  

Jazz Pharmaceuticals PLC(a)

    15,964       2,485,116  

Johnson & Johnson

    702,229       124,456,046  

KemPharm Inc.(a)(b)

    11,635       58,524  

Marinus Pharmaceuticals Inc.(a)

    11,712       109,507  

Merck & Co. Inc.

    675,201       55,400,242  

Mind Medicine MindMed Inc.(a)(b)

    97,802       108,560  

Nektar Therapeutics(a)(b)

    45,551       245,520  

NGM Biopharmaceuticals Inc.(a)

    6,644       101,321  

Nuvation Bio Inc.(a)(b)

    41,905       220,420  

Ocular Therapeutix Inc.(a)

    22,794       112,830  

Omeros Corp.(a)(b)

    13,754       82,662  

Oramed Pharmaceuticals Inc.(a)

    7,045       60,939  

Organon & Co.

    68,842       2,404,651  

Pacira BioSciences Inc.(a)

    11,916       909,429  

Perrigo Co. PLC

    37,269       1,432,248  

Pfizer Inc.

    1,487,862       77,026,616  

Phathom Pharmaceuticals Inc.(a)(b)

    5,970       81,252  

Phibro Animal Health Corp., Class A

    5,212       103,979  

Pliant Therapeutics Inc.(a)

    6,496       45,537  

Prestige Consumer Healthcare Inc.(a)

    13,749       727,872  

Provention Bio Inc.(a)(b)

    19,043       139,395  

Reata Pharmaceuticals Inc., Class A(a)(b)

    7,401       242,457  

Relmada Therapeutics Inc.(a)

    5,371       144,963  

Revance Therapeutics Inc.(a)(b)

    17,103       333,508  

Royalty Pharma PLC, Class A

    87,234       3,398,637  

SIGA Technologies Inc.(a)(b)

    21,451       152,088  

Supernus Pharmaceuticals Inc.(a)

    13,214       427,076  

TherapeuticsMD Inc.(a)

    136,519       51,877  

Theravance Biopharma Inc.(a)

    15,526       148,429  

Viatris Inc.

    322,576       3,509,627  

Zoetis Inc.

    126,701       23,894,542  
   

 

 

 
      420,708,007  

 

 

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

  63


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Professional Services — 0.6%

   

ASGN Inc.(a)

    13,423     $ 1,566,598  

Barrett Business Services Inc.

    1,757       136,115  

Booz Allen Hamilton Holding Corp.

    35,468       3,115,509  

CACI International Inc., Class A(a)

    6,117       1,842,807  

CBIZ Inc.(a)

    13,682       574,234  

Clarivate PLC(a)(b)

      124,148               2,080,721  

CoStar Group Inc.(a)

    104,379       6,952,685  

CRA International Inc.

    2,654       223,626  

Dun & Bradstreet Holdings Inc.(a)

    44,496       779,570  

Equifax Inc.

    32,117       7,614,941  

Exponent Inc.

    13,514       1,460,188  

First Advantage Corp.(a)

    15,185       306,585  

Forrester Research Inc.(a)

    3,663       206,666  

Franklin Covey Co.(a)

    4,413       199,556  

FTI Consulting Inc.(a)(b)

    8,634       1,357,438  

Heidrick & Struggles International Inc.

    4,495       177,912  

HireRight Holdings Corp.(a)(b)

    8,512       145,555  

Huron Consulting Group Inc.(a)

    5,832       267,164  

ICF International Inc.

    4,895       460,815  

Insperity Inc.

    9,486       952,584  

Jacobs Engineering Group Inc.

    34,719       4,784,625  

KBR Inc.

    36,732       2,010,342  

Kelly Services Inc., Class A, NVS

    10,171       220,609  

Kforce Inc.

    5,101       377,321  

Korn Ferry

    14,274       926,954  

Legalzoomcom Inc.(a)(b)

    25,359       358,576  

Leidos Holdings Inc.

    38,058       4,111,025  

ManpowerGroup Inc.

    14,840       1,393,773  

ManTech International Corp./VA, Class A

    7,146       615,914  

Nielsen Holdings PLC

    96,838       2,637,867  

Resources Connection Inc.

    10,799       185,095  

Robert Half International Inc.

    28,571       3,262,237  

Science Applications International Corp.

    14,717       1,356,466  

Sterling Check Corp.(a)(b)

    5,962       157,576  

TransUnion

    50,698       5,239,131  

TriNet Group Inc.(a)(b)

    10,434       1,026,288  

TrueBlue Inc.(a)

    10,075       291,067  

Upwork Inc.(a)

    30,680       713,003  

Verisk Analytics Inc.

    42,173       9,051,591  

Willdan Group Inc.(a)

    3,302       101,338  
   

 

 

 
      69,242,067  
Real Estate Management & Development — 0.2%  

CBRE Group Inc., Class A(a)

    88,096       8,062,546  

Cushman & Wakefield PLC(a)(b)

    38,084       781,103  

Douglas Elliman Inc., NVS

    20,752       151,490  

eXp World Holdings Inc.

    16,363       346,405  

Forestar Group Inc.(a)

    6,173       109,632  

FRP Holdings Inc.(a)(b)

    2,542       146,928  

Howard Hughes Corp. (The)(a)(b)

    11,005       1,140,228  

Jones Lang LaSalle Inc.(a)

    13,408       3,210,680  

Kennedy-Wilson Holdings Inc.

    31,963       779,577  

Marcus & Millichap Inc.

    5,643       297,273  

Newmark Group Inc., Class A

    42,003       668,688  

Opendoor Technologies Inc.(a)(b)

    119,336       1,032,256  

Rafael Holdings Inc., Class B(a)

    3,430       8,609  

RE/MAX Holdings Inc., Class A

    4,531       125,645  

Realogy Holdings Corp.(a)

    31,787       498,420  

Redfin Corp.(a)(b)

    27,271       491,969  

RMR Group Inc. (The), Class A

    4,174       129,811  

St Joe Co. (The)(b)

    8,485       502,651  
Security   Shares     Value  

Real Estate Management & Development (continued)

 

Tejon Ranch Co.(a)

    8,510     $ 155,393  

Zillow Group Inc., Class A(a)

    16,012       772,259  

Zillow Group Inc., Class C, NVS(a)

    44,955       2,215,832  
   

 

 

 
      21,627,395  
Road & Rail — 1.1%            

AMERCO

    2,335       1,393,855  

ArcBest Corp.

    6,223       500,951  

Avis Budget Group Inc.(a)(b)

    10,896       2,868,917  

Covenant Logistics Group Inc., Class A

    3,793       81,663  

CSX Corp.

      590,611       22,118,382  

Daseke Inc.(a)

      12,197       122,824  

Heartland Express Inc.

    12,000       168,840  

JB Hunt Transport Services Inc.

    22,166               4,450,711  

Knight-Swift Transportation Holdings Inc.

    42,403       2,139,655  

Landstar System Inc.

    10,163       1,532,885  

Lyft Inc., Class A(a)

    77,928       2,992,435  

Marten Transport Ltd.

    14,206       252,299  

Norfolk Southern Corp.

    63,928       18,233,544  

Old Dominion Freight Line Inc.

    27,035       8,074,814  

PAM Transportation Services Inc.(a)

    3,026       105,154  

Ryder System Inc.

    13,299       1,055,010  

Saia Inc.(a)

    7,149       1,743,069  

Schneider National Inc., Class B

    14,922       380,511  

TuSimple Holdings Inc., Class A(a)(b)

    35,183       429,233  

Uber Technologies Inc.(a)

    428,478       15,288,095  

Union Pacific Corp.

    171,335       46,810,435  

Werner Enterprises Inc.

    16,504       676,664  

XPO Logistics Inc.(a)

    25,644       1,866,883  

Yellow Corp.(a)

    13,275       93,058  
   

 

 

 
      133,379,887  
Semiconductors & Semiconductor Equipment — 5.5%  

Advanced Micro Devices Inc.(a)

    435,414       47,608,167  

Allegro MicroSystems Inc.(a)

    12,630       358,692  

Alpha & Omega Semiconductor Ltd.(a)

    6,431       351,454  

Ambarella Inc.(a)

    9,333       979,218  

Amkor Technology Inc.

    29,252       635,353  

Analog Devices Inc.

    140,133       23,147,169  

Applied Materials Inc.

    235,987       31,103,087  

Atomera Inc.(a)(b)

    5,856       76,479  

Axcelis Technologies Inc.(a)

    8,212       620,252  

AXT Inc.(a)(b)

    13,540       95,051  

Broadcom Inc.

    107,585       67,744,123  

CEVA Inc.(a)

    5,705       231,908  

Cirrus Logic Inc.(a)

    15,458       1,310,684  

CMC Materials Inc.

    7,415       1,374,741  

Cohu Inc.(a)

    11,186       331,106  

Diodes Inc.(a)

    11,081       963,936  

Enphase Energy Inc.(a)(b)

    34,965       7,055,238  

Entegris Inc.

    35,628       4,676,531  

First Solar Inc.(a)

    27,816       2,329,312  

FormFactor Inc.(a)

    20,571       864,599  

GLOBALFOUNDRIES Inc.(a)(b)

    13,904       867,888  

Ichor Holdings Ltd.(a)

    7,381       262,911  

Impinj Inc.(a)(b)

    4,749       301,751  

Intel Corp.

    1,077,269       53,389,452  

KLA Corp.

    40,299       14,751,852  

Kopin Corp.(a)(b)

    21,776       55,093  

Kulicke & Soffa Industries Inc.

    15,199       851,448  

Lam Research Corp.

    37,570       20,198,008  

 

 

64  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Semiconductors & Semiconductor Equipment (continued)

 

Lattice Semiconductor Corp.(a)

    35,677     $ 2,174,513  

MACOM Technology Solutions Holdings Inc., Class H(a)

    13,237       792,499  

Marvell Technology Inc.

    225,136       16,144,503  

MaxLinear Inc.(a)

    18,904       1,103,048  

Meta Materials Inc.(a)(b)

    57,922       96,730  

Microchip Technology Inc.

    144,649       10,868,926  

Micron Technology Inc.

      298,385       23,241,208  

MKS Instruments Inc.

    14,581               2,187,150  

Monolithic Power Systems Inc.

    12,199       5,924,810  

NeoPhotonics Corp.(a)

    15,729       239,238  

NVE Corp.

    1,559       84,919  

NVIDIA Corp.

    637,630       173,983,722  

NXP Semiconductors NV

    70,389       13,027,596  

ON Semiconductor Corp.(a)

    112,085       7,017,642  

Onto Innovation Inc.(a)

    12,355       1,073,526  

PDF Solutions Inc.(a)

    10,195       284,135  

Photronics Inc.(a)

    16,371       277,816  

Power Integrations Inc.

    15,759       1,460,544  

Qorvo Inc.(a)

    29,318       3,638,364  

QUALCOMM Inc.

    300,647       45,944,874  

Rambus Inc.(a)

    27,571       879,239  

Semtech Corp.(a)

    16,674       1,156,175  

Silicon Laboratories Inc.(a)

    10,520       1,580,104  

SiTime Corp.(a)

    4,337       1,074,795  

Skyworks Solutions Inc.

    44,421       5,920,431  

SMART Global Holdings Inc.(a)

    14,225       367,432  

SunPower Corp.(a)(b)

    19,912       427,710  

Synaptics Inc.(a)

    10,337       2,062,231  

Teradyne Inc.

    44,009       5,203,184  

Texas Instruments Inc.

    246,160       45,165,437  

Ultra Clean Holdings Inc.(a)

    11,593       491,427  

Universal Display Corp.

    11,899       1,986,538  

Veeco Instruments Inc.(a)(b)

    11,324       307,900  

Wolfspeed Inc.(a)(b)

    31,229       3,555,734  
   

 

 

 
      662,279,603  
Software — 9.4%            

8x8 Inc.(a)

    28,331       356,687  

A10 Networks Inc.

    15,036       209,752  

ACI Worldwide Inc.(a)

    31,963       1,006,515  

Adobe Inc.(a)

    125,572       57,213,115  

Agilysys Inc.(a)(b)

    6,754       269,350  

Alarm.com Holdings Inc.(a)

    12,304       817,724  

Alkami Technology Inc.(a)

    7,498       107,296  

Altair Engineering Inc., Class A(a)(b)

    12,103       779,433  

Alteryx Inc., Class A(a)(b)

    15,639       1,118,658  

American Software Inc./GA, Class A

    6,277       130,813  

Anaplan Inc.(a)(b)

    37,416       2,433,911  

ANSYS Inc.(a)

    23,046       7,320,562  

Appfolio Inc., Class A(a)(b)

    4,830       546,804  

Appian Corp.(a)(b)

    10,389       631,859  

Asana Inc., Class A(a)(b)

    19,850       793,405  

Aspen Technology Inc.(a)

    17,802       2,943,917  

Atlassian Corp. PLC, Class A(a)

    37,021       10,877,880  

Autodesk Inc.(a)

    58,924       12,630,359  

Avalara Inc.(a)(b)

    22,613       2,250,220  

Avaya Holdings Corp.(a)(b)

    21,851       276,852  

AvidXchange Holdings Inc.(a)(b)

    7,599       61,172  

Benefitfocus Inc.(a)

    10,265       129,544  

Bentley Systems Inc., Class B(b)

    35,861       1,584,339  
Security   Shares     Value  

Software (continued)

   

Bill.com Holdings Inc.(a)

    24,956     $ 5,659,771  

Black Knight Inc.(a)

    41,322       2,396,263  

Blackbaud Inc.(a)

    12,950       775,317  

Blackline Inc.(a)

    13,570       993,595  

Bottomline Technologies DE Inc.(a)

    11,245       637,367  

Box Inc., Class A(a)

    38,626       1,122,472  

BTRS Holdings Inc.(a)

    18,306       136,929  

C3.ai Inc., Class A(a)(b)

    15,746       357,434  

Cadence Design Systems Inc.(a)

    73,546       12,095,375  

CDK Global Inc.

    31,207       1,519,157  

Cerence Inc.(a)

    10,010       361,361  

Ceridian HCM Holding Inc.(a)

    34,296       2,344,475  

ChannelAdvisor Corp.(a)

    5,064       83,910  

Citrix Systems Inc.

    32,555       3,284,799  

Cleanspark Inc.(a)(b)

    10,167       125,766  

CommVault Systems Inc.(a)

    12,838       851,801  

Consensus Cloud Solutions Inc.(a)

    3,832       230,418  

CoreCard Corp.(a)

    3,133       85,844  

Couchbase Inc.(a)

    3,018       52,574  

Coupa Software Inc.(a)

    19,737       2,005,871  

Crowdstrike Holdings Inc., Class A(a)

    53,219       12,084,971  

CS Disco Inc.(a)

    3,410       115,838  

Datadog Inc., Class A(a)(b)

        67,534       10,229,375  

Datto Holding Corp.(a)(b)

    6,481       173,172  

Digimarc Corp.(a)(b)

    4,200       110,754  

Digital Turbine Inc.(a)

    22,799       998,824  

DocuSign Inc.(a)

    51,381               5,503,933  

Dolby Laboratories Inc., Class A

    17,509       1,369,554  

Domo Inc., Class B(a)

    6,955       351,714  

DoubleVerify Holdings Inc.(a)

    13,726       345,483  

Dropbox Inc., Class A(a)

    80,735       1,877,089  

Duck Creek Technologies Inc.(a)

    19,717       436,140  

Dynatrace Inc.(a)

    52,236       2,460,316  

E2open Parent Holdings Inc.(a)(b)

    54,299       478,374  

Ebix Inc.

    6,886       228,271  

eGain Corp.(a)

    9,308       107,787  

Elastic NV(a)

    19,625       1,745,644  

Enfusion Inc., Class A(a)

    6,279       79,869  

EngageSmart Inc.(a)(b)

    5,567       118,633  

Envestnet Inc.(a)

    14,799       1,101,638  

Everbridge Inc.(a)

    9,714       423,919  

EverCommerce Inc.(a)(b)

    9,164       120,965  

Fair Isaac Corp.(a)

    6,781       3,163,065  

Five9 Inc.(a)

    17,904       1,976,602  

Fortinet Inc.(a)

    35,834       12,245,911  

Guidewire Software Inc.(a)

    21,997       2,081,356  

HubSpot Inc.(a)

    12,004       5,701,180  

Informatica Inc.(a)(b)

    8,871       175,114  

Instructure Holdings Inc.(a)

    5,254       105,395  

Intapp Inc.(a)(b)

    4,672       112,175  

InterDigital Inc.

    8,970       572,286  

Intuit Inc.

    70,747       34,017,987  

Jamf Holding Corp.(a)(b)

    14,235       495,520  

JFrog Ltd.(a)

    14,109       380,238  

LivePerson Inc.(a)(b)

    16,664       406,935  

Mandiant Inc.(a)

    61,532       1,372,779  

Manhattan Associates Inc.(a)

    16,640       2,308,134  

Marathon Digital Holdings Inc.(a)(b)

    25,098       701,489  

MeridianLink Inc.(a)(b)

    6,098       110,374  

Microsoft Corp.

    2,008,632       619,281,332  

 

 

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

  65


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Software (continued)

   

MicroStrategy Inc., Class A(a)(b)

    2,566     $ 1,247,897  

Mimecast Ltd.(a)

    16,743       1,332,073  

Mitek Systems Inc.(a)(b)

    8,127       119,223  

Model N Inc.(a)

    9,715       261,334  

Momentive Global Inc.(a)

    32,319       525,507  

N-able Inc.(a)

    8,977       81,691  

nCino Inc.(a)(b)

    14,896       610,438  

NCR Corp.(a)(b)

    33,817       1,359,105  

New Relic Inc.(a)(b)

    13,875       927,960  

NortonLifeLock Inc.

    144,995       3,845,267  

Nutanix Inc., Class A(a)

    55,899       1,499,211  

ON24 Inc.(a)

    4,110       54,047  

OneSpan Inc.(a)

    7,062       101,975  

Oracle Corp.

      429,384       35,522,938  

PagerDuty Inc.(a)(b)

    21,391       731,358  

Palantir Technologies Inc., Class A(a)(b)

    440,691               6,050,687  

Palo Alto Networks Inc.(a)(b)

    25,816       16,070,718  

Paycom Software Inc.(a)

    13,050       4,520,259  

Paycor HCM Inc.(a)(b)

    12,703       369,784  

Paylocity Holding Corp.(a)

    10,502       2,160,997  

Pegasystems Inc.

    11,063       892,231  

Ping Identity Holding Corp.(a)

    15,721       431,227  

Procore Technologies Inc.(a)(b)

    15,788       915,072  

Progress Software Corp.

    11,836       557,357  

PROS Holdings Inc.(a)

    11,881       395,756  

PTC Inc.(a)

    28,276       3,045,891  

Q2 Holdings Inc.(a)(b)

    14,910       919,201  

Qualys Inc.(a)

    8,892       1,266,310  

Rapid7 Inc.(a)

    15,301       1,702,083  

Rekor Systems Inc.(a)(b)

    13,325       60,762  

Rimini Street Inc.(a)

    14,869       86,240  

RingCentral Inc., Class A(a)

    21,460       2,515,327  

Riot Blockchain Inc.(a)(b)

    22,164       469,212  

SailPoint Technologies Holdings Inc.(a)(b)

    23,135       1,184,049  

salesforce.com Inc.(a)

    249,242       52,919,061  

Sapiens International Corp. NV

    6,934       176,054  

ServiceNow Inc.(a)

    53,339       29,703,956  

ShotSpotter Inc.(a)

    2,603       72,155  

Smartsheet Inc., Class A(a)

    32,203       1,764,080  

Splunk Inc.(a)

    42,370       6,296,606  

Sprout Social Inc., Class A(a)

    11,718       938,846  

SPS Commerce Inc.(a)

    9,202       1,207,302  

SS&C Technologies Holdings Inc.

    59,342       4,451,837  

Sumo Logic Inc.(a)

    22,878       266,986  

Synopsys Inc.(a)

    40,539       13,510,433  

Telos Corp.(a)

    10,530       104,984  

Tenable Holdings Inc.(a)

    24,106       1,393,086  

Teradata Corp.(a)(b)

    29,211       1,439,810  

Trade Desk Inc. (The), Class A(a)

    115,288       7,983,694  

Tyler Technologies Inc.(a)

    10,752       4,783,457  

Unity Software Inc.(a)(b)

    39,677       3,936,355  

Upland Software Inc.(a)

    6,007       105,783  

Varonis Systems Inc.(a)(b)

    27,681       1,315,955  

Verint Systems Inc.(a)(b)

    17,914       926,154  

Veritone Inc.(a)(b)

    6,194       113,226  

Viant Technology Inc., Class A(a)

    5,281       34,591  

VMware Inc., Class A

    59,148       6,735,183  

Vonage Holdings Corp.(a)

    69,242       1,404,920  

Workday Inc., Class A(a)

    51,212       12,263,226  

Workiva Inc.(a)(b)

    11,129       1,313,222  
Security   Shares     Value  

Software (continued)

   

Xperi Holding Corp.

    28,253     $ 489,342  

Yext Inc.(a)

    25,730       177,280  

Zendesk Inc.(a)(b)

    32,529       3,912,913  

Zoom Video Communications Inc., Class A(a)

    57,785       6,774,136  

Zscaler Inc.(a)

    20,993       5,065,191  

Zuora Inc., Class A(a)

    29,685       444,681  
   

 

 

 
      1,129,138,493  
Specialty Retail — 2.0%            

Aaron’s Co. Inc. (The)

    9,386       188,471  

Abercrombie & Fitch Co., Class A(a)

    14,328       458,353  

Academy Sports & Outdoors Inc.

    20,493       807,424  

Advance Auto Parts Inc.

    16,589       3,433,259  

American Eagle Outfitters Inc.

    39,173       658,106  

America’s Car-Mart Inc./TX(a)

    1,970       158,703  

Arko Corp.

    18,821       171,271  

Asbury Automotive Group Inc.(a)

    5,964       955,433  

AutoNation Inc.(a)(b)

    10,975       1,092,890  

AutoZone Inc.(a)

    5,503       11,251,324  

Barnes & Noble Education Inc.(a)

    10,498       37,583  

Bath & Body Works Inc.

    64,767       3,095,863  

Bed Bath & Beyond Inc.(a)

    28,742       647,557  

Best Buy Co. Inc.

    63,956       5,813,600  

Big 5 Sporting Goods Corp.(b)

    5,689       97,566  

Boot Barn Holdings Inc.(a)

    7,009       664,383  

Buckle Inc. (The)

    6,850       226,324  

Burlington Stores Inc.(a)

    17,664       3,217,851  

Caleres Inc.

    10,774       208,261  

Camping World Holdings Inc., Class A

    10,999       307,422  

CarMax Inc.(a)(b)

    43,021       4,150,666  

Carvana Co.(a)(b)

    20,423       2,436,260  

Cato Corp. (The), Class A

    7,385       108,264  

Chico’s FAS Inc.(a)

    32,351       155,285  

Children’s Place Inc. (The)(a)(b)

    3,273       161,359  

Citi Trends Inc.(a)(b)

    2,357       72,183  

Conn’s Inc.(a)(b)

    6,007       92,568  

Container Store Group Inc. (The)(a)(b)

    11,315       92,444  

Designer Brands Inc. , Class A(a)

    17,891       241,707  

Dick’s Sporting Goods Inc.

    16,633       1,663,633  

Five Below Inc.(a)

    14,745       2,335,166  

Floor & Decor Holdings Inc., Class A(a)

    26,959       2,183,679  

Foot Locker Inc.

    24,381       723,140  

GameStop Corp., Class A(a)(b)

    17,047               2,839,689  

Gap Inc. (The)

    53,683       755,857  

Genesco Inc.(a)(b)

    3,211       204,252  

Group 1 Automotive Inc.

    4,400       738,452  

GrowGeneration Corp.(a)(b)

    14,405       132,670  

Guess? Inc.

    9,630       210,415  

Haverty Furniture Companies Inc.

    4,602       126,187  

Hibbett Inc.

    4,231       187,603  

Home Depot Inc. (The)

      278,348       83,317,907  

Leslie’s Inc.(a)(b)

    42,174       816,489  

Lithia Motors Inc.

    7,860       2,358,943  

LL Flooring Holdings Inc.(a)

    6,804       95,392  

Lowe’s Companies Inc.

    179,661       36,325,658  

MarineMax Inc.(a)

    5,346       215,230  

Monro Inc.

    8,485       376,225  

Murphy USA Inc.

    6,059       1,211,558  

National Vision Holdings Inc.(a)(b)

    20,839       907,955  

O’Reilly Automotive Inc.(a)

    17,692       12,118,312  

ODP Corp. (The)(a)

    11,908       545,744  

 

 

66  

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Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Specialty Retail (continued)            

OneWater Marine Inc., Class A

    3,406     $ 117,337  

Party City Holdco Inc.(a)

    29,033       103,938  

Penske Automotive Group Inc.

    8,935       837,388  

Petco Health & Wellness Co. Inc.(a)(b)

    14,684       287,366  

Rent-A-Center Inc./TX

    17,184       432,865  

RH(a)

    4,551       1,484,036  

Ross Stores Inc.

    93,080       8,420,017  

Sally Beauty Holdings Inc.(a)(b)

    27,970       437,171  

Shift Technologies Inc.(a)(b)

    16,859       37,090  

Shoe Carnival Inc.

    3,628       105,792  

Signet Jewelers Ltd.

    13,351       970,618  

Sleep Number Corp.(a)

    5,830       295,639  

Sonic Automotive Inc., Class A

    7,333       311,726  

Sportsman’s Warehouse Holdings Inc.(a)

    13,444       143,716  

Tilly’s Inc., Class A

    8,425       78,858  

TJX Companies Inc. (The)

      318,727       19,308,482  

Tractor Supply Co.

    30,018               7,005,301  

TravelCenters of America Inc.(a)

    4,088       175,620  

Ulta Salon Cosmetics & Fragrance Inc.(a)

    13,922       5,544,019  

Urban Outfitters Inc.(a)(b)

    18,985       476,713  

Victoria’s Secret & Co.(a)

    20,550       1,055,448  

Vroom Inc.(a)(b)

    30,910       82,221  

Williams-Sonoma Inc.

    19,794       2,870,130  

Winmark Corp.

    782       172,040  

Zumiez Inc.(a)

    5,450       208,244  
   

 

 

 
      242,354,311  
Technology Hardware, Storage & Peripherals — 6.3%  

3D Systems Corp.(a)

    31,307       522,201  

Apple Inc.

    4,113,984       718,342,746  

Avid Technology Inc.(a)

    7,672       267,523  

Corsair Gaming Inc.(a)(b)

    6,177       130,705  

Dell Technologies Inc., Class C(a)

    71,506       3,588,886  

Diebold Nixdorf Inc.(a)(b)

    20,472       137,777  

Eastman Kodak Co.(a)(b)

    12,980       85,019  

Hewlett Packard Enterprise Co.

    348,586       5,824,872  

HP Inc.

    289,338       10,502,970  

NetApp Inc.

    59,148       4,909,284  

Pure Storage Inc., Class A(a)

    71,649       2,529,926  

Quantum Corp.(a)

    18,833       42,751  

Super Micro Computer Inc.(a)

    10,441       397,489  

Turtle Beach Corp.(a)

    4,808       102,362  

Western Digital Corp.(a)

    83,419       4,141,753  

Xerox Holdings Corp.

    33,861       682,976  
   

 

 

 
      752,209,240  
Textiles, Apparel & Luxury Goods — 0.7%            

Capri Holdings Ltd.(a)

    39,981       2,054,624  

Carter’s Inc.

    11,311       1,040,499  

Columbia Sportswear Co.

    10,096       913,991  

Crocs Inc.(a)

    15,362       1,173,657  

Deckers Outdoor Corp.(a)

    7,202       1,971,692  

Fossil Group Inc.(a)

    10,771       103,832  

G-III Apparel Group Ltd.(a)

    11,336       306,639  

Hanesbrands Inc.

    95,948       1,428,666  

Kontoor Brands Inc.

    14,265       589,858  

Lululemon Athletica Inc.(a)

    30,549       11,157,411  

Movado Group Inc.

    4,390       171,429  

Nike Inc., Class B

    330,540       44,477,462  

Oxford Industries Inc.

    4,636       419,558  

PLBY Group Inc.(a)

    8,276       108,333  
Security   Shares     Value  

Textiles, Apparel & Luxury Goods (continued)

 

PVH Corp.

    19,171     $ 1,468,690  

Ralph Lauren Corp.

    12,469       1,414,483  

Rocky Brands Inc.

    2,576       107,136  

Skechers U.S.A. Inc., Class A(a)

    35,282       1,438,094  

Steven Madden Ltd.

    22,368       864,300  

Tapestry Inc.

    70,536       2,620,412  

Under Armour Inc., Class A(a)

    50,673       862,454  

Under Armour Inc., Class C, NVS(a)

    51,569       802,414  

VF Corp.

    85,286       4,849,362  

Wolverine World Wide Inc.

    22,777       513,849  
   

 

 

 
      80,858,845  
Thrifts & Mortgage Finance — 0.1%            

Axos Financial Inc.(a)

    15,124       701,602  

Blue Foundry Bancorp(a)

    8,545       115,785  

Bridgewater Bancshares Inc.(a)

    8,235       137,360  

Capitol Federal Financial Inc.

    39,520       429,978  

Columbia Financial Inc.(a)

    13,263       285,287  

Essent Group Ltd.

    29,493               1,215,407  

Federal Agricultural Mortgage Corp., Class C, NVS

    2,545       276,082  

Finance of America Companies Inc., Class A(a)

    20,038       60,916  

Flagstar Bancorp. Inc.

    14,392       610,221  

Hingham Institution For Savings (The)

    460       157,872  

Home Bancorp. Inc.

    2,922       119,188  

Kearny Financial Corp./MD

    15,784       203,298  

Merchants Bancorp./IN

    5,245       143,608  

MGIC Investment Corp.

    89,687       1,215,259  

Mr Cooper Group Inc.(a)

    16,311       744,923  

New York Community Bancorp. Inc.

    115,889       1,242,330  

NMI Holdings Inc., Class A(a)

    22,343       460,713  

Northfield Bancorp. Inc.

    13,664       196,215  

PennyMac Financial Services Inc.

    9,156       487,099  

Provident Financial Services Inc.

    21,816       510,494  

Radian Group Inc.

    50,443       1,120,339  

Rocket Companies Inc., Class A(b)

    31,277       347,800  

Southern Missouri Bancorp. Inc.

    2,580       128,871  

TFS Financial Corp.

    15,327       254,428  

TrustCo Bank Corp. NY

    5,288       168,846  

UWM Holdings Corp.

    14,038       63,592  

Walker & Dunlop Inc.

    7,934       1,026,818  

Washington Federal Inc.

    16,896       554,527  

Waterstone Financial Inc.

    8,342       161,334  

WSFS Financial Corp.

    17,133       798,740  
   

 

 

 
      13,938,932  
Tobacco — 0.6%            

22nd Century Group Inc.(a)(b)

    41,721       96,793  

Altria Group Inc.

    485,211       25,352,275  

Philip Morris International Inc.

      415,003       38,985,382  

Turning Point Brands Inc.

    3,903       132,741  

Universal Corp./VA

    6,706       389,417  

Vector Group Ltd.

    41,527       499,985  
   

 

 

 
      65,456,593  
Trading Companies & Distributors — 0.4%            

Air Lease Corp.

    28,605       1,277,213  

Alta Equipment Group Inc.(a)

    9,022       111,512  

Applied Industrial Technologies Inc.

    9,952       1,021,672  

Beacon Roofing Supply Inc.(a)(b)

    14,394       853,276  

BlueLinx Holdings Inc.(a)(b)

    2,307       165,827  

Boise Cascade Co.

    9,715       674,901  

Core & Main Inc., Class A(a)(b)

    14,945       361,520  

 

 

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

  67


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Trading Companies & Distributors (continued)

 

Custom Truck One Source Inc.(a)

    14,032     $ 117,729  

DXP Enterprises Inc./TX(a)

    5,460       147,912  

Fastenal Co.

      153,590               9,123,246  

GATX Corp.

    9,103       1,122,673  

Global Industrial Co.

    3,385       109,099  

GMS Inc.(a)

    11,255       560,161  

H&E Equipment Services Inc.

    8,210       357,299  

Herc Holdings Inc.

    6,370       1,064,363  

McGrath RentCorp

    6,203       527,131  

MRC Global Inc.(a)

    23,534       280,290  

MSC Industrial Direct Co. Inc., Class A

    12,452       1,061,035  

NOW Inc.(a)

    27,897       307,704  

Rush Enterprises Inc., Class A

    12,418       632,200  

Rush Enterprises Inc., Class B

    2,084       100,761  

SiteOne Landscape Supply Inc.(a)

    11,595       1,874,796  

Textainer Group Holdings Ltd.

    11,989       456,421  

Titan Machinery Inc.(a)

    5,765       162,919  

Transcat Inc.(a)

    1,417       114,975  

Triton International Ltd.

    16,991       1,192,428  

United Rentals Inc.(a)

    19,152       6,802,982  

Univar Solutions Inc.(a)

    46,398       1,491,232  

Veritiv Corp.(a)

    3,549       474,111  

Watsco Inc.

    8,593       2,617,772  

WESCO International Inc.(a)

    11,743       1,528,234  

WW Grainger Inc.

    12,387       6,389,091  
   

 

 

 
      43,082,485  
Water Utilities — 0.1%            

American States Water Co.

    10,285       915,571  

American Water Works Co. Inc.

    48,009       7,946,930  

Artesian Resources Corp., Class A, NVS

    2,967       144,048  

California Water Service Group

    13,423       795,715  

Essential Utilities Inc.

    61,313       3,134,934  

Middlesex Water Co.

    5,085       534,789  

Pure Cycle Corp.(a)

    8,675       104,273  

SJW Group

    7,734       538,132  

York Water Co. (The)

    3,327       149,615  
   

 

 

 
      14,264,007  
Wireless Telecommunication Services — 0.2%  

Gogo Inc.(a)(b)

    13,758       262,228  

Shenandoah Telecommunications Co.(b)

    13,423       316,514  

T-Mobile U.S. Inc.(a)

    156,916       20,140,169  

Telephone and Data Systems Inc.

    27,813       525,109  

U.S. Cellular Corp.(a)

    3,557       107,528  
   

 

 

 
      21,351,548  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $7,923,612,334)

      11,990,450,005  
   

 

 

 
Security   Shares     Value  

 

 
Rights            

Technology Hardware, Storage & Peripherals — 0.0%

 

Right Quantum Corp., NVS (Expires 04/18/22)

    19,106     $ 162  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

      162  
   

 

 

 

Warrants

   
Oil, Gas & Consumable Fuels — 0.0%  

Whiting Petroleum Corp.,
(Expires 09/01/24)(a)

    409       8,384  

Whiting Petroleum Corp.,
(Expires 09/01/25)(a)

    204       3,042  
   

 

 

 
      11,426  
   

 

 

 

Total Warrants — 0.0%
(Cost: $68,578)

      11,426  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 2.1%

   

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.34%(d)(e)(f)

    231,171,253       231,125,019  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.25%(d)(e)

    19,635,000       19,635,000  
   

 

 

 
      250,760,019  
   

 

 

 

Total Short-Term Investments — 2.1%
(Cost: $250,725,561)

 

    250,760,019  
   

 

 

 

Total Investments in Securities — 101.9%
(Cost: $8,174,406,473)

 

    12,241,221,612  

Other Assets, Less Liabilities — (1.9)%

 

    (223,739,054
   

 

 

 

Net Assets — 100.0%

    $     12,017,482,558  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(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.

 

 

68  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   

Affiliated Issuer

 

Value at

03/31/21

   

Purchases

at Cost

   

Proceeds

from Sales

    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
   

Value at

03/31/22

   

Shares

Held at
03/31/22

    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 126,273,904     $ 105,017,220 (a)    $     $ (60,205   $ (105,900   $ 231,125,019       231,171,253     $ 748,840 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    14,515,000       5,120,000 (a)                         19,635,000       19,635,000       4,489        

BlackRock Inc.

    30,134,273       4,119,687       (5,748,092     2,704,027       (2,141,632     29,068,263       38,039       665,399        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 2,643,822     $ (2,247,532   $ 279,828,282       $ 1,418,728     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description  

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

          

Russell 2000 E-Mini Index

    35        06/17/22      $ 3,616      $ 72,342  

S&P 500 E-Mini Index

    98        06/17/22        22,201        1,027,460  
          

 

 

 
           $ 1,099,802  
          

 

 

 

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)

  $ 1,099,802  
 

 

 

 

 

  (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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

 

Futures contracts

  $ 1,940,308  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ 1,070,191  
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

       

Average notional value of contracts — long

  $ 22,733,692  

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

 

 

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

  69


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell 3000 ETF

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 11,990,344,289        $             92,898        $             12,818        $ 11,990,450,005  

Rights

              162                   162  

Warrants

     11,426                            11,426  

Money Market Funds

     250,760,019                            250,760,019  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 12,241,115,734        $ 93,060        $ 12,818        $ 12,241,221,612  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 1,099,802        $        $        $ 1,099,802  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

70  

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Schedule of Investments 

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.2%

   

Axon Enterprise Inc.(a)

    182,188     $ 25,092,753  

BWX Technologies Inc.

    259,586       13,981,302  

Curtiss-Wright Corp.

    110,898       16,652,444  

HEICO Corp.(b)

    126,854       19,477,163  

HEICO Corp., Class A

    219,726       27,867,849  

Hexcel Corp.

    228,429       13,584,673  

Howmet Aerospace Inc.

    1,065,484       38,293,495  

Huntington Ingalls Industries Inc.

    111,012       22,140,233  

Mercury Systems Inc.(a)(b)

    153,976       9,923,753  

Spirit AeroSystems Holdings Inc., Class A

    297,915       14,565,064  

Textron Inc.

    616,638       45,865,535  

TransDigm Group Inc.(a)

    146,852       95,679,952  

Virgin Galactic Holdings Inc.(a)(b)

    494,649       4,887,132  

Woodward Inc.

    172,680       21,569,459  
   

 

 

 
      369,580,807  
Air Freight & Logistics — 0.4%            

CH Robinson Worldwide Inc.

      362,225       39,015,255  

Expeditors International of Washington Inc.

    470,571       48,544,104  

GXO Logistics Inc.(a)

    272,699       19,454,347  
   

 

 

 
      107,013,706  
Airlines — 0.9%            

Alaska Air Group Inc.(a)

    344,097       19,961,067  

American Airlines Group Inc.(a)(b)

    1,781,302       32,508,762  

Copa Holdings SA, Class A, NVS(a)

    85,684       7,166,610  

Delta Air Lines Inc.(a)

    1,792,101       70,913,437  

JetBlue Airways Corp.(a)

    863,416       12,908,069  

Southwest Airlines Co.(a)

    1,655,139       75,805,366  

United Airlines Holdings Inc.(a)(b)

    897,679       41,616,398  
   

 

 

 
      260,879,709  
Auto Components — 0.6%            

Aptiv PLC(a)

    754,786       90,355,432  

BorgWarner Inc.

    668,074       25,988,079  

Gentex Corp.

    660,637       19,270,781  

Lear Corp.

    168,022       23,958,257  

QuantumScape Corp.(a)(b)

    674,493       13,483,115  
   

 

 

 
      173,055,664  
Automobiles — 0.1%            

Harley-Davidson Inc.

    432,901       17,056,299  

Thor Industries Inc.

    145,244       11,430,703  
   

 

 

 
      28,487,002  
Banks — 3.4%            

Bank of Hawaii Corp.

    108,407       9,097,515  

Bank OZK

    335,842       14,340,453  

BOK Financial Corp.

    83,613               7,855,441  

Citizens Financial Group Inc.

    1,186,763       53,795,967  

Comerica Inc.

    368,037       33,281,586  

Commerce Bancshares Inc.

    309,137       22,131,118  

Cullen/Frost Bankers Inc.

    160,228       22,177,158  

East West Bancorp. Inc.

    392,972       31,052,648  

Fifth Third Bancorp.

    1,907,161       82,084,210  

First Citizens BancShares Inc./NC, Class A(b)

    34,278       22,815,437  

First Hawaiian Inc.

    355,862       9,924,991  

First Horizon Corp.

    1,478,015       34,718,572  

First Republic Bank/CA

    499,323       80,940,258  

FNB Corp.

    944,622       11,760,544  

Huntington Bancshares Inc./OH

    4,000,910       58,493,304  

KeyCorp

    2,609,216       58,394,254  
Security   Shares     Value  

Banks (continued)

   

M&T Bank Corp.

    358,395     $ 60,747,953  

PacWest Bancorp.

    322,004       13,888,033  

People’s United Financial Inc.

    1,198,442       23,956,856  

Pinnacle Financial Partners Inc.

    209,028       19,247,298  

Popular Inc.

    224,414       18,343,600  

Prosperity Bancshares Inc.

    252,285       17,503,533  

Regions Financial Corp.

    2,684,801       59,763,670  

Signature Bank/New York NY

    171,847       50,435,376  

SVB Financial Group(a)(b)

    158,325       88,574,921  

Synovus Financial Corp.

    402,806       19,737,494  

Umpqua Holdings Corp.

    601,063       11,336,048  

Webster Financial Corp.

    497,742       27,933,281  

Western Alliance Bancorp.

    290,815       24,085,298  

Wintrust Financial Corp.

    160,065       14,874,841  

Zions Bancorp. N.A.

    418,282       27,422,568  
   

 

 

 
      1,030,714,226  
Beverages — 0.3%            

Boston Beer Co. Inc. (The), Class A, NVS(a)(b)

    25,742       9,999,995  

Brown-Forman Corp., Class A

      123,546               7,751,276  

Brown-Forman Corp., Class B, NVS

    510,082       34,185,696  

Molson Coors Beverage Co., Class B

    499,790       26,678,790  
   

 

 

 
      78,615,757  
Biotechnology — 1.5%            

Alnylam Pharmaceuticals Inc.(a)

    335,932       54,854,336  

BioMarin Pharmaceutical Inc.(a)

    506,147       39,023,934  

CureVac NV(a)(b)

    145,321       2,849,745  

Exact Sciences Corp.(a)(b)

    479,359       33,516,781  

Exelixis Inc.(a)

    874,995       19,836,137  

Horizon Therapeutics PLC(a)

    611,865       64,374,317  

Incyte Corp.(a)

    512,886       40,733,406  

Ionis Pharmaceuticals Inc.(a)(b)

    399,752       14,806,814  

Iovance Biotherapeutics Inc.(a)(b)

    433,531       7,218,291  

Mirati Therapeutics Inc.(a)(b)

    115,526       9,498,548  

Natera Inc.(a)

    233,198       9,486,495  

Neurocrine Biosciences Inc.(a)

    261,847       24,548,156  

Novavax Inc.(a)(b)

    208,249       15,337,539  

Sage Therapeutics Inc.(a)

    139,266       4,609,704  

Sarepta Therapeutics Inc.(a)

    233,617       18,250,160  

Seagen Inc.(a)

    378,139       54,470,923  

Ultragenyx Pharmaceutical Inc.(a)

    183,858       13,351,768  

United Therapeutics Corp.(a)

    123,810       22,212,752  
   

 

 

 
      448,979,806  
Building Products — 1.7%            

A O Smith Corp.

    362,216       23,141,980  

Advanced Drainage Systems Inc.

    172,227       20,462,290  

Allegion PLC

    249,788       27,421,727  

Armstrong World Industries Inc.

    130,053       11,706,071  

AZEK Co. Inc. (The)(a)(b)

    308,619       7,666,096  

Builders FirstSource Inc.(a)

    531,003       34,270,934  

Carlisle Companies Inc.

    143,053       35,179,594  

Carrier Global Corp.

    2,398,740       110,030,204  

Fortune Brands Home & Security Inc.

    380,223       28,242,964  

Hayward Holdings Inc.(a)(b)

    137,005       2,277,023  

Lennox International Inc.

    91,799       23,671,290  

Masco Corp.

    669,872       34,163,472  

Owens Corning

    283,217       25,914,355  

Trane Technologies PLC

    653,002       99,713,405  

Trex Co. Inc.(a)

    321,209       20,984,584  
   

 

 

 
      504,845,989  

 

 

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

  71


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Capital Markets — 3.6%

   

Affiliated Managers Group Inc.(b)

    113,525     $ 16,001,349  

Ameriprise Financial Inc.

    312,885       93,978,139  

Ares Management Corp., Class A

    399,535       32,454,228  

Carlyle Group Inc. (The)

    456,416       22,323,306  

Cboe Global Markets Inc.

    295,596       33,822,094  

Evercore Inc., Class A

    104,320       11,612,902  

FactSet Research Systems Inc.

    105,745       45,909,192  

Franklin Resources Inc.

    812,945       22,697,424  

Interactive Brokers Group Inc., Class A

    221,097       14,572,503  

Invesco Ltd.

    939,860       21,673,172  

Janus Henderson Group PLC

    471,495       16,511,755  

Jefferies Financial Group Inc.

    596,788       19,604,486  

KKR & Co. Inc.

    1,557,214       91,050,303  

Lazard Ltd., Class A

    278,486       9,607,767  

LPL Financial Holdings Inc.

    221,956       40,546,922  

MarketAxess Holdings Inc.

    103,900       35,346,780  

Morningstar Inc.

    64,396       17,591,055  

MSCI Inc.

    221,580       111,428,150  

Nasdaq Inc.

    325,006       57,916,069  

Northern Trust Corp.

    573,236       66,753,332  

Raymond James Financial Inc.

    517,523       56,880,953  

SEI Investments Co.

    298,845       17,993,457  

State Street Corp.

    1,022,572       89,086,473  

Stifel Financial Corp.

    288,651       19,599,403  

T Rowe Price Group Inc.

    637,688       96,412,049  

Tradeweb Markets Inc., Class A

    294,395       25,868,489  

Virtu Financial Inc., Class A

      249,377               9,281,812  
   

 

 

 
      1,096,523,564  
Chemicals — 2.9%            

Albemarle Corp.

    324,194       71,695,503  

Ashland Global Holdings Inc.

    144,234       14,194,068  

Axalta Coating Systems Ltd.(a)(b)

    570,719       14,028,273  

Celanese Corp.

    304,355       43,483,199  

CF Industries Holdings Inc.

    595,787       61,401,808  

Chemours Co. (The)

    449,966       14,164,930  

Corteva Inc.

    2,040,666       117,297,482  

Diversey Holdings Ltd.(a)

    212,104       1,605,627  

Eastman Chemical Co.

    374,491       41,965,462  

Element Solutions Inc.

    635,921       13,926,670  

FMC Corp.

    354,824       46,684,194  

Huntsman Corp.

    583,924       21,902,989  

International Flavors & Fragrances Inc.

    712,517       93,574,858  

LyondellBasell Industries NV, Class A

    727,756       74,827,872  

Mosaic Co. (The)

    1,036,807       68,947,666  

NewMarket Corp.

    18,198       5,903,067  

Olin Corp.

    392,462       20,517,913  

PPG Industries Inc.

    662,524       86,837,021  

RPM International Inc.

    355,894       28,984,007  

Scotts Miracle-Gro Co. (The)

    116,468       14,320,905  

Valvoline Inc.

    513,486       16,205,618  

Westlake Chemical Corp.

    90,731       11,196,205  
   

 

 

 
      883,665,337  
Commercial Services & Supplies — 1.1%        

Cintas Corp.

    244,595       104,048,267  

Clean Harbors Inc.(a)

    143,927       16,068,010  

Copart Inc.(a)

    586,029       73,529,059  

Driven Brands Holdings Inc.(a)(b)

    155,723       4,092,400  

IAA Inc.(a)(b)

    383,348       14,663,061  

MSA Safety Inc.

    100,146       13,289,374  
Security   Shares     Value  

Commercial Services & Supplies (continued)

 

 

Republic Services Inc.

    585,129     $ 77,529,593  

Rollins Inc.

    638,489       22,379,039  

Stericycle Inc.(a)

    260,426       15,344,300  
   

 

 

 
      340,943,103  
Communications Equipment — 1.1%        

Arista Networks Inc.(a)

    674,971       93,807,470  

Ciena Corp.(a)

    432,187       26,203,498  

CommScope Holding Co. Inc.(a)

    556,688               4,386,701  

F5 Inc.(a)

    169,022       35,317,147  

Juniper Networks Inc.

    889,973       33,071,397  

Lumentum Holdings Inc.(a)(b)

    200,123       19,532,005  

Motorola Solutions Inc.

    465,362       112,710,676  

Ubiquiti Inc.(b)

    17,845       5,195,750  

Viasat Inc.(a)(b)

    192,340       9,386,192  
   

 

 

 
      339,610,836  
Construction & Engineering — 0.4%        

AECOM

    377,030       28,959,674  

MasTec Inc.(a)

    161,670       14,081,457  

MDU Resources Group Inc.

    565,644       15,074,413  

Quanta Services Inc.

    396,390       52,168,888  

Valmont Industries Inc.

    56,994       13,598,768  
   

 

 

 
      123,883,200  
Construction Materials — 0.5%        

Eagle Materials Inc.

      108,312       13,902,928  

Martin Marietta Materials Inc.

    174,735       67,253,754  

Vulcan Materials Co.

    371,510       68,246,387  
   

 

 

 
      149,403,069  
Consumer Finance — 0.8%        

Ally Financial Inc.

    945,924       41,128,776  

Credit Acceptance Corp.(a)(b)

    22,359       12,305,723  

Discover Financial Services

    806,291       88,845,205  

OneMain Holdings Inc.

    309,696       14,682,687  

SLM Corp.

    774,445       14,218,810  

Synchrony Financial

    1,456,923       50,715,490  

Upstart Holdings Inc.(a)(b)

    134,843       14,710,023  
   

 

 

 
      236,606,714  
Containers & Packaging — 1.5%        

Amcor PLC

    4,237,493       48,010,796  

AptarGroup Inc.

    183,956       21,614,830  

Ardagh Group SA(a)

    58,704       986,521  

Ardagh Metal Packaging SA(a)

    158,315       1,287,101  

Avery Dennison Corp.

    233,042       40,542,317  

Ball Corp.

    888,975       80,007,750  

Berry Global Group Inc.(a)(b)

    379,391       21,989,502  

Crown Holdings Inc.

    344,192       43,054,977  

Graphic Packaging Holding Co.

    781,595       15,663,164  

International Paper Co.

    1,079,534       49,820,494  

Packaging Corp. of America

    261,202       40,776,244  

Sealed Air Corp.

    413,639       27,697,267  

Silgan Holdings Inc.

    230,549       10,658,280  

Sonoco Products Co.

    274,261       17,157,768  

Westrock Co.

    724,752       34,085,087  
   

 

 

 
      453,352,098  
Distributors — 0.4%            

Genuine Parts Co.

    389,165       49,042,574  

LKQ Corp.

    764,469       34,714,537  

Pool Corp.

    109,106       46,135,472  
   

 

 

 
      129,892,583  

 

 

72  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Diversified Consumer Services — 0.4%

 

 

ADT Inc.

    451,440     $ 3,426,429  

Bright Horizons Family Solutions Inc.(a)

    169,243       22,456,854  

Chegg Inc.(a)(b)

    378,684       13,738,655  

frontdoor Inc.(a)

    234,417       6,997,347  

Grand Canyon Education Inc.(a)(b)

    109,389       10,622,766  

H&R Block Inc.

    461,236       12,010,585  

Mister Car Wash Inc.(a)(b)

    212,002       3,135,510  

Service Corp. International

    447,677       29,466,100  

Terminix Global Holdings Inc.(a)

    334,506       15,263,509  
   

 

 

 
      117,117,755  
Diversified Financial Services — 0.4%        

Apollo Global Management Inc.

    1,034,223       64,111,484  

Equitable Holdings Inc.

    981,184       30,328,397  

Voya Financial Inc.

      305,886       20,295,536  
   

 

 

 
      114,735,417  
Diversified Telecommunication Services — 0.1%        

Lumen Technologies Inc.

    2,872,221       32,369,931  
   

 

 

 
Electric Utilities — 2.4%            

Alliant Energy Corp.

    703,834       43,975,548  

Avangrid Inc.

    154,394               7,216,376  

Edison International

    1,040,660       72,950,266  

Entergy Corp.

    560,136       65,395,878  

Evergy Inc.

    634,500       43,361,730  

Eversource Energy

    961,491       84,793,891  

FirstEnergy Corp.

    1,518,920       69,657,671  

Hawaiian Electric Industries Inc.

    287,627       12,169,498  

IDACORP Inc.

    137,893       15,907,337  

NRG Energy Inc.

    681,724       26,150,933  

OGE Energy Corp.

    562,345       22,932,429  

PG&E Corp.(a)(b)

    5,571,314       66,521,489  

Pinnacle West Capital Corp.

    315,280       24,623,368  

PPL Corp.

    2,096,782       59,884,094  

Xcel Energy Inc.

    1,508,410       108,861,950  
   

 

 

 
      724,402,458  
Electrical Equipment — 1.4%        

Acuity Brands Inc.(b)

    96,664       18,298,495  

AMETEK Inc.

    643,848       85,747,677  

ChargePoint Holdings Inc.(a)(b)

    652,523       12,972,157  

Fluence Energy Inc.(a)(b)

    93,854       1,230,426  

Generac Holdings Inc.(a)(b)

    171,427       50,958,390  

Hubbell Inc.

    151,280       27,800,726  

nVent Electric PLC

    472,728       16,441,480  

Plug Power Inc.(a)(b)

    1,439,296       41,178,258  

Regal Rexnord Corp.

    189,463       28,188,305  

Rockwell Automation Inc.

    325,243       91,077,797  

Sensata Technologies Holding PLC(a)(b)

    435,752       22,157,989  

Shoals Technologies Group Inc., Class A(a)(b)

    278,694       4,748,946  

Sunrun Inc.(a)(b)

    557,607       16,934,525  

Vertiv Holdings Co.

    886,838       12,415,732  
   

 

 

 
      430,150,903  
Electronic Equipment, Instruments & Components — 2.3%  

Amphenol Corp., Class A

    1,630,899       122,888,240  

Arrow Electronics Inc.(a)

    188,591       22,372,550  

Avnet Inc.

    271,173       11,006,912  

CDW Corp./DE

    380,722       68,107,359  

Cognex Corp.

    474,719       36,624,571  

Coherent Inc.(a)

    69,178       18,910,498  

Corning Inc.

    2,126,283       78,481,105  
Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

IPG Photonics Corp.(a)

    103,276     $ 11,335,574  

Jabil Inc.

    391,482       24,166,184  

Keysight Technologies Inc.(a)

    510,346       80,619,358  

Littelfuse Inc.

    67,529       16,842,408  

National Instruments Corp.

    373,762       15,171,000  

TD SYNNEX Corp.

    113,763       11,741,479  

Teledyne Technologies Inc.(a)(b)

    128,864       60,904,992  

Trimble Inc.(a)

    700,735       50,551,023  

Vontier Corp.(b)

    465,129       11,809,625  

Zebra Technologies Corp., Class A(a)

    149,549       61,868,421  
   

 

 

 
      703,401,299  
Energy Equipment & Services — 0.6%        

Baker Hughes Co.

    2,066,565       75,243,632  

Halliburton Co.

    2,470,212       93,546,929  

NOV Inc.

    1,102,104       21,612,259  
   

 

 

 
      190,402,820  
Entertainment — 1.0%            

Liberty Media Corp.-Liberty Formula One, Class A(a)(b)

    70,512               4,451,423  

Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)

      552,598       38,593,444  

Live Nation Entertainment Inc.(a)

    385,831       45,389,159  

Madison Square Garden Sports Corp.(a)

    51,598       9,254,617  

Playtika Holding Corp.(a)

    287,384       5,555,133  

Roku Inc.(a)(b)

    330,499       41,401,610  

Skillz Inc.(a)(b)

    882,698       2,648,094  

Spotify Technology SA(a)(b)

    386,728       58,403,662  

Take-Two Interactive Software Inc.(a)(b)

    318,994       49,042,138  

World Wrestling Entertainment Inc., Class A

    121,719       7,600,134  

Zynga Inc., Class A(a)

    2,887,076       26,676,582  
   

 

 

 
      289,015,996  
Equity Real Estate Investment Trusts (REITs) — 7.9%  

Alexandria Real Estate Equities Inc.

    466,409       93,864,811  

American Campus Communities Inc.

    386,461       21,630,222  

American Homes 4 Rent, Class A

    824,439       33,002,293  

Americold Realty Trust

    742,613       20,704,050  

Apartment Income REIT Corp.

    440,621       23,555,599  

AvalonBay Communities Inc.

    389,018       96,620,401  

Boston Properties Inc.

    437,081       56,296,033  

Brixmor Property Group Inc.

    833,233       21,505,744  

Camden Property Trust

    276,560       45,964,272  

Cousins Properties Inc.

    420,415       16,938,520  

CubeSmart

    614,386       31,966,504  

Douglas Emmett Inc.

    473,080       15,810,334  

Duke Realty Corp.

    1,060,138       61,551,612  

EPR Properties

    202,277       11,066,575  

Equity LifeStyle Properties Inc.

    495,514       37,896,911  

Equity Residential

    1,031,341       92,738,183  

Essex Property Trust Inc.

    181,019       62,538,444  

Extra Space Storage Inc.

    365,447       75,135,903  

Federal Realty Investment Trust

    216,678       26,449,883  

First Industrial Realty Trust Inc.

    362,163       22,421,511  

Gaming and Leisure Properties Inc.

    652,520       30,622,764  

Healthcare Trust of America Inc., Class A

    614,343       19,253,510  

Healthpeak Properties Inc.

    1,509,793       51,831,194  

Highwoods Properties Inc.

    280,718       12,840,041  

Host Hotels & Resorts Inc.

    1,981,460       38,499,768  

Hudson Pacific Properties Inc.

    424,272       11,773,548  

Invitation Homes Inc.

    1,676,800       67,373,824  

 

 

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

  73


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Iron Mountain Inc.

    796,493     $ 44,133,677  

JBG SMITH Properties

    338,679       9,896,200  

Kilroy Realty Corp.

    326,753       24,970,464  

Kimco Realty Corp.

    1,616,468       39,926,760  

Lamar Advertising Co., Class A

    241,295       28,033,653  

Life Storage Inc.

    229,464       32,223,629  

Medical Properties Trust Inc.

    1,643,762       34,749,129  

Mid-America Apartment Communities Inc.

    321,766       67,393,889  

National Retail Properties Inc.

    491,572       22,091,246  

Omega Healthcare Investors Inc.

    661,569       20,614,490  

Orion Office REIT Inc.

    152,457               2,134,398  

Park Hotels & Resorts Inc.

      640,628       12,511,465  

Rayonier Inc.

    398,867       16,401,411  

Realty Income Corp.

    1,581,155       109,574,041  

Regency Centers Corp.

    470,774       33,585,017  

Rexford Industrial Realty Inc.

    449,954       33,562,069  

SBA Communications Corp.

    303,657       104,488,374  

Simon Property Group Inc.

    910,817       119,827,084  

SL Green Realty Corp.

    189,369       15,372,975  

Spirit Realty Capital Inc.

    356,486       16,405,486  

STORE Capital Corp.

    687,579       20,097,934  

Sun Communities Inc.

    319,968       56,087,191  

UDR Inc.

    886,468       50,856,669  

Ventas Inc.

    1,111,840       68,667,238  

VICI Properties Inc.

    1,757,736       50,025,167  

Vornado Realty Trust

    494,318       22,402,492  

Welltower Inc.

    1,217,604       117,060,448  

Weyerhaeuser Co.

    2,097,863       79,509,008  

WP Carey Inc.

    529,312       42,789,582  
   

 

 

 
      2,395,243,640  
Food & Staples Retailing — 0.6%            

Albertsons Companies Inc., Class A

    455,264       15,137,528  

Casey’s General Stores Inc.

    103,878       20,585,503  

Grocery Outlet Holding Corp.(a)(b)

    238,917       7,831,699  

Kroger Co. (The)

    2,048,169       117,503,456  

U.S. Foods Holding Corp.(a)(b)

    622,960       23,441,985  
   

 

 

 
      184,500,171  
Food Products — 2.5%            

Archer-Daniels-Midland Co.

    1,557,983       140,623,545  

Beyond Meat Inc.(a)(b)

    156,639       7,567,230  

Bunge Ltd.

    382,865       42,425,271  

Campbell Soup Co.

    546,648       24,364,101  

Conagra Brands Inc.

    1,314,671       44,133,505  

Darling Ingredients Inc.(a)

    452,197       36,347,595  

Flowers Foods Inc.

    534,111       13,731,994  

Freshpet Inc.(a)(b)

    111,461       11,440,357  

Hain Celestial Group Inc. (The)(a)(b)

    244,478       8,410,043  

Hershey Co. (The)

    409,705       88,754,394  

Hormel Foods Corp.

    785,422       40,480,650  

Ingredion Inc.

    189,911       16,550,744  

JM Smucker Co. (The)

    293,838       39,788,604  

Kellogg Co.

    706,933       45,590,109  

Lamb Weston Holdings Inc.

    407,001       24,383,430  

McCormick & Co. Inc./MD, NVS

    695,291       69,390,042  

Pilgrim’s Pride Corp.(a)(b)

    130,029       3,263,728  

Post Holdings Inc.(a)

    158,177       10,955,339  

Seaboard Corp.(b)

    725       3,048,980  

Tyson Foods Inc., Class A

    799,816       71,687,508  
   

 

 

 
      742,937,169  
Security   Shares     Value  

Gas Utilities — 0.3%

   

Atmos Energy Corp.

    375,439     $ 44,861,206  

National Fuel Gas Co.

    248,263       17,055,668  

UGI Corp.

    581,874       21,075,477  
   

 

 

 
      82,992,351  
Health Care Equipment & Supplies — 3.1%  

ABIOMED Inc.(a)

      123,181       40,802,475  

Cooper Companies Inc. (The)(b)

    135,378       56,532,499  

DENTSPLY SIRONA Inc.

    604,029       29,730,307  

Dexcom Inc.(a)

    269,520       137,886,432  

Envista Holdings Corp.(a)(b)

    452,279       22,030,510  

Figs Inc., Class A(a)(b)

    211,435       4,550,081  

Globus Medical Inc., Class A(a)

    216,890       16,002,144  

Hologic Inc.(a)

    693,046       53,239,794  

ICU Medical Inc.(a)(b)

    56,727       12,629,699  

IDEXX Laboratories Inc.(a)

    236,380       129,314,043  

Insulet Corp.(a)

    185,310       49,364,731  

Integra LifeSciences Holdings Corp.(a)

    206,727       13,284,277  

Masimo Corp.(a)

    139,100       20,244,614  

Novocure Ltd.(a)(b)

    283,569       23,493,692  

Penumbra Inc.(a)(b)

    95,389       21,188,759  

Quidel Corp.(a)(b)

    102,658       11,544,919  

ResMed Inc.

    401,579       97,386,923  

STERIS PLC

    238,307       57,615,483  

Tandem Diabetes Care Inc.(a)

    171,446       19,937,455  

Teleflex Inc.

    130,274       46,225,123  

Zimmer Biomet Holdings Inc.

    582,822       74,542,934  

Zimvie Inc.(a)

    58,327               1,332,189  
   

 

 

 
      938,879,083  
Health Care Providers & Services — 2.0%  

Acadia Healthcare Co. Inc.(a)

    251,387       16,473,390  

agilon health Inc.(a)(b)

    461,039       11,687,339  

Amedisys Inc.(a)(b)

    87,908       15,145,669  

AmerisourceBergen Corp.

    416,210       64,391,849  

Cardinal Health Inc.

    776,943       44,052,668  

Chemed Corp.

    42,357       21,455,938  

DaVita Inc.(a)(b)

    177,954       20,128,377  

Encompass Health Corp.

    276,238       19,643,284  

Guardant Health Inc.(a)(b)

    254,817       16,879,078  

Henry Schein Inc.(a)

    385,161       33,582,188  

Laboratory Corp. of America Holdings(a)

    260,906       68,790,476  

McKesson Corp.

    420,374       128,689,093  

Molina Healthcare Inc.(a)

    161,310       53,811,403  

Oak Street Health Inc.(a)(b)

    271,046       7,285,716  

Premier Inc., Class A

    332,626       11,838,159  

Quest Diagnostics Inc.

    341,380       46,721,267  

Signify Health Inc., Class A(a)(b)

    174,480       3,166,812  

Universal Health Services Inc., Class B

    200,169       29,014,497  
   

 

 

 
      612,757,203  
Health Care Technology — 0.7%            

Cerner Corp.

    818,167       76,547,704  

Certara Inc.(a)(b)

    319,185       6,856,094  

Change Healthcare Inc.(a)

    693,505       15,118,409  

Definitive Healthcare Corp.(a)(b)

    58,866       1,451,047  

Teladoc Health Inc.(a)(b)

    426,014       30,728,390  

Veeva Systems Inc., Class A(a)

    388,135       82,463,162  
   

 

 

 
      213,164,806  
Hotels, Restaurants & Leisure — 3.4%  

Aramark

    642,055       24,141,268  

Boyd Gaming Corp.

    232,834       15,315,821  

 

 

74  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

 

 

Caesars Entertainment Inc.(a)(b)

    570,672     $ 44,147,186  

Carnival Corp.(a)(b)

    2,417,361       48,879,039  

Chipotle Mexican Grill Inc.(a)(b)

    78,377       123,994,765  

Choice Hotels International Inc.

    99,301       14,076,910  

Churchill Downs Inc.

    103,715       23,001,913  

Darden Restaurants Inc.

    355,596       47,276,488  

Domino’s Pizza Inc.

    101,446       41,289,536  

DraftKings Inc., Class A(a)(b)

    853,828       16,624,031  

Expedia Group Inc.(a)

    403,975       79,045,788  

Hilton Worldwide Holdings Inc.(a)(b)

    766,430       116,298,088  

Hyatt Hotels Corp., Class A(a)

    138,080       13,179,736  

Marriott Vacations Worldwide Corp.

    117,482       18,526,911  

MGM Resorts International

    1,057,442       44,349,118  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    1,033,833       22,620,266  

Penn National Gaming Inc.(a)(b)

    465,108       19,729,881  

Planet Fitness Inc., Class A(a)

    234,044       19,772,037  

Royal Caribbean Cruises Ltd.(a)(b)

    616,714       51,668,299  

Six Flags Entertainment Corp.(a)

    209,972       9,133,782  

Travel + Leisure Co.

    241,875       14,014,238  

Vail Resorts Inc.

    110,990       28,887,367  

Wendy’s Co. (The)

    487,236       10,704,575  

Wyndham Hotels & Resorts Inc.

    257,566       21,813,265  

Wynn Resorts Ltd.(a)

    294,581       23,489,889  

Yum China Holdings Inc.

    1,194,768       49,630,663  

Yum! Brands Inc.

      810,747       96,097,842  
   

 

 

 
      1,037,708,702  
Household Durables — 1.2%            

DR Horton Inc.

    921,151       68,634,961  

Garmin Ltd.

    423,529       50,234,775  

Leggett & Platt Inc.

    379,563       13,208,792  

Lennar Corp., Class A

    720,670       58,496,784  

Lennar Corp., Class B

    44,972       3,073,836  

Mohawk Industries Inc.(a)(b)

    155,886       19,361,041  

Newell Brands Inc.

    1,062,602       22,750,309  

NVR Inc.(a)(b)

    8,700       38,865,249  

PulteGroup Inc.

    693,729       29,067,245  

Tempur Sealy International Inc.

    500,139       13,963,881  

Toll Brothers Inc.

    306,010       14,388,590  

TopBuild Corp.(a)

    92,576       16,792,361  

Whirlpool Corp.

    160,654       27,757,798  
   

 

 

 
      376,595,622  
Household Products — 0.4%            

Church & Dwight Co. Inc.

    678,251       67,404,585  

Clorox Co. (The)

    343,803       47,798,931  

Reynolds Consumer Products Inc.

    158,592               4,653,089  

Spectrum Brands Holdings Inc.

    114,521       10,160,303  
   

 

 

 
      130,016,908  
Independent Power and Renewable Electricity Producers — 0.3%  

AES Corp. (The)

    1,857,197       47,785,679  

Brookfield Renewable Corp., Class A

    362,909       15,895,414  

Vistra Corp.

    1,338,076       31,110,267  
   

 

 

 
      94,791,360  
Insurance — 4.1%            

Aflac Inc.

    1,805,219       116,238,051  

Alleghany Corp.(a)

    36,862       31,222,114  

American Financial Group Inc./OH

    189,719       27,626,881  

Arch Capital Group Ltd.(a)

    1,038,975       50,307,169  

Arthur J Gallagher & Co.

    574,012       100,222,495  

Assurant Inc.

    156,773       28,506,035  
Security   Shares     Value  

Insurance (continued)

   

Assured Guaranty Ltd.

    191,419     $ 12,185,734  

Axis Capital Holdings Ltd.

    211,629       12,797,206  

Brighthouse Financial Inc.(a)

    219,102       11,318,809  

Brown & Brown Inc.

    651,366       47,074,221  

Cincinnati Financial Corp.

    419,620       57,051,535  

CNA Financial Corp.

    78,267       3,805,342  

Erie Indemnity Co., Class A, NVS

    68,645       12,090,444  

Everest Re Group Ltd.

    108,484       32,694,908  

Fidelity National Financial Inc.

    766,686       37,444,944  

First American Financial Corp.

    299,151       19,390,968  

Globe Life Inc.

    276,817       27,847,790  

GoHealth Inc., Class A(a)(b)

    88       104  

Hanover Insurance Group Inc. (The)

    97,675       14,604,366  

Hartford Financial Services Group Inc. (The)

    936,940       67,281,661  

Kemper Corp.

    166,518       9,414,928  

Lemonade Inc.(a)(b)

    104,327       2,751,103  

Lincoln National Corp.

    505,077       33,011,833  

Loews Corp.

    585,778       37,970,130  

Markel Corp.(a)(b)

    37,668       55,569,340  

Mercury General Corp.

    74,533       4,099,315  

Old Republic International Corp.

    786,683       20,351,489  

Primerica Inc.

    111,632       15,273,490  

Principal Financial Group Inc.

    722,044       53,005,250  

Prudential Financial Inc.

    1,057,258       124,936,178  

Reinsurance Group of America Inc.

    185,006       20,250,757  

RenaissanceRe Holdings Ltd.

    121,895       19,321,576  

Unum Group

    576,774       18,174,149  

W R Berkley Corp.

    577,194       38,435,348  

White Mountains Insurance Group Ltd.(b)

    8,234       9,355,800  

Willis Towers Watson PLC

    347,868       82,173,379  
   

 

 

 
      1,253,804,842  
Interactive Media & Services — 0.8%        

IAC/InterActiveCorp.(a)(b)

    213,771       21,436,956  

Match Group Inc.(a)(b)

    790,682       85,978,761  

Pinterest Inc., Class A(a)

    1,598,571       39,340,832  

TripAdvisor Inc.(a)

    269,110       7,298,263  

Twitter Inc.(a)(b)

    2,177,486       84,246,933  

Vimeo Inc.(a)(b)

      397,534               4,722,704  
   

 

 

 
      243,024,449  
Internet & Direct Marketing Retail — 0.4%        

DoorDash Inc., Class A(a)(b)

    410,217       48,073,330  

Etsy Inc.(a)(b)

    354,353       44,038,991  

Qurate Retail Inc., Series A

    1,016,186       4,837,045  

Wayfair Inc., Class A(a)(b)

    211,155       23,391,751  
   

 

 

 
      120,341,117  
IT Services — 3.3%            

Akamai Technologies Inc.(a)(b)

    450,347       53,766,928  

Alliance Data Systems Corp.

    136,672       7,674,133  

Amdocs Ltd.

    344,302       28,305,067  

Broadridge Financial Solutions Inc.

    323,747       50,410,645  

Cloudflare Inc., Class A(a)(b)

    733,773       87,832,628  

Concentrix Corp.

    118,221       19,690,890  

DXC Technology Co.(a)

    682,380       22,266,059  

EPAM Systems Inc.(a)

    149,675       44,395,102  

Euronet Worldwide Inc.(a)(b)

    142,545       18,552,232  

Fastly Inc., Class A(a)(b)

    288,970       5,022,299  

FleetCor Technologies Inc.(a)(b)

    221,720       55,221,583  

Gartner Inc.(a)

    222,929       66,312,460  

Genpact Ltd.

    513,163       22,327,722  

 

 

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

  75


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

IT Services (continued)

   

Globant SA(a)(b)

    113,862     $ 29,839,814  

GoDaddy Inc., Class A(a)

    466,408       39,038,350  

Jack Henry & Associates Inc.

    202,118       39,827,352  

MongoDB Inc.(a)(b)

    178,146       79,023,784  

Okta Inc.(a)(b)

    350,710       52,943,182  

Paychex Inc.

    901,618       123,043,809  

Paysafe Ltd.(a)

    1,004,829       3,406,370  

Sabre Corp.(a)

    917,856       10,491,094  

Shift4 Payments Inc., Class A(a)(b)

    117,346       7,267,238  

SolarWinds Corp.

    95,724       1,274,087  

StoneCo Ltd., Class A(a)(b)

    615,222       7,198,097  

Switch Inc., Class A

    313,222       9,653,502  

Thoughtworks Holding Inc.(a)(b)

    117,410       2,443,302  

VeriSign Inc.(a)(b)

    271,341       60,362,519  

Western Union Co. (The)

    1,106,546       20,736,672  

WEX Inc.(a)(b)

    122,045       21,778,930  

Wix.com Ltd.(a)

    147,804       15,439,606  
   

 

 

 
      1,005,545,456  
Leisure Products — 0.4%            

Brunswick Corp./DE

    212,228       17,167,123  

Hasbro Inc.

    355,886       29,154,181  

Mattel Inc.(a)

    974,652       21,647,021  

Peloton Interactive Inc., Class A(a)(b)

    833,753       22,027,754  

Polaris Inc.

    157,386       16,575,893  

YETI Holdings Inc.(a)(b)

    243,267       14,591,155  
   

 

 

 
      121,163,127  
Life Sciences Tools & Services — 2.8%            

10X Genomics Inc., Class A(a)

    239,569       18,224,014  

Adaptive Biotechnologies Corp.(a)(b)

      297,413               4,128,092  

Agilent Technologies Inc.

    840,401       111,210,264  

Avantor Inc.(a)

    1,678,397       56,763,387  

Azenta Inc.

    207,770       17,219,978  

Bio-Rad Laboratories Inc., Class A(a)

    58,979       33,218,742  

Bio-Techne Corp.

    109,999       47,633,967  

Bruker Corp.

    287,851       18,508,819  

Charles River Laboratories International Inc.(a)

    140,117       39,789,025  

IQVIA Holdings Inc.(a)(b)

    532,808       123,190,538  

Maravai LifeSciences Holdings Inc., Class A(a)

    302,896       10,683,142  

Mettler-Toledo International Inc.(a)(b)

    63,410       87,073,978  

PerkinElmer Inc.(b)

    351,546       61,330,715  

QIAGEN NV(a)

    633,007       31,017,343  

Repligen Corp.(a)(b)

    153,480       28,868,053  

Sotera Health Co.(a)(b)

    274,733       5,950,717  

Syneos Health Inc.(a)

    284,921       23,064,355  

Waters Corp.(a)

    168,796       52,392,590  

West Pharmaceutical Services Inc.

    205,744       84,501,118  
   

 

 

 
      854,768,837  
Machinery — 3.5%            

AGCO Corp.

    175,031       25,559,777  

Allison Transmission Holdings Inc.

    294,859       11,576,164  

Colfax Corp.(a)

    389,483       15,497,529  

Crane Co.

    134,959       14,613,361  

Cummins Inc.

    402,377       82,531,546  

Donaldson Co. Inc.

    340,844       17,700,029  

Dover Corp.

    400,323       62,810,679  

Flowserve Corp.

    355,595       12,765,861  

Fortive Corp.

    911,611       55,544,458  

Gates Industrial Corp. PLC(a)(b)

    263,694       3,971,232  

Graco Inc.

    466,832       32,547,527  
Security   Shares     Value  

Machinery (continued)

   

IDEX Corp.

    213,336     $ 40,902,911  

Ingersoll Rand Inc.(b)

    1,101,881       55,479,708  

ITT Inc.

    242,429       18,233,085  

Lincoln Electric Holdings Inc.

    161,424       22,245,841  

Middleby Corp. (The)(a)(b)

    153,890       25,228,727  

Nordson Corp.

    161,304       36,628,912  

Oshkosh Corp.

    185,725       18,693,221  

Otis Worldwide Corp.

    1,190,214       91,586,967  

PACCAR Inc.

    951,405       83,790,238  

Parker-Hannifin Corp.

    359,899       102,124,940  

Pentair PLC

    462,663       25,080,961  

Snap-on Inc.

    148,801       30,575,630  

Stanley Black & Decker Inc.

    451,281       63,084,571  

Timken Co. (The)

    175,647       10,661,773  

Toro Co. (The)

    291,850       24,950,257  

Westinghouse Air Brake Technologies Corp.

    501,591       48,238,006  

Xylem Inc./NY

    501,433       42,752,178  
   

 

 

 
      1,075,376,089  
Marine — 0.0%            

Kirby Corp.(a)(b)

    162,881       11,758,379  
   

 

 

 
Media — 1.6%            

Altice USA Inc., Class A(a)

      584,439               7,293,799  

Cable One Inc.

    14,898       21,814,248  

Discovery Inc., Class A(a)(b)

    466,102       11,615,262  

Discovery Inc., Class C, NVS(a)

    882,582       22,038,073  

DISH Network Corp., Class A(a)(b)

    698,905       22,120,343  

Fox Corp., Class A, NVS

    872,090       34,403,950  

Fox Corp., Class B

    415,895       15,088,671  

Interpublic Group of Companies Inc. (The)

    1,091,076       38,678,644  

Liberty Broadband Corp., Class A(a)(b)

    63,590       8,334,105  

Liberty Broadband Corp., Class C, NVS(a)(b)

    393,228       53,211,613  

Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)

    256,536       11,726,261  

Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)

    443,182       20,266,713  

Loyalty Ventures Inc.(a)(b)

    54,642       903,232  

New York Times Co. (The), Class A

    462,277       21,190,778  

News Corp., Class A, NVS

    1,089,945       24,142,282  

News Corp., Class B

    346,369       7,800,230  

Nexstar Media Group Inc., Class A

    111,454       21,006,850  

Omnicom Group Inc.

    579,929       49,224,373  

Paramount Global, Class B, NVS

    1,625,251       61,450,740  

Sirius XM Holdings Inc.(b)

    2,464,026       16,311,852  

ViacomCBS Inc., Class A(b)

    29,850       1,206,238  
   

 

 

 
      469,828,257  
Metals & Mining — 1.1%            

Alcoa Corp.

    514,017       46,276,950  

Cleveland-Cliffs Inc.(a)

    1,250,109       40,266,011  

Nucor Corp.

    763,049       113,427,234  

Reliance Steel & Aluminum Co.

    175,305       32,142,172  

Royal Gold Inc.

    181,018       25,574,223  

Steel Dynamics Inc.

    529,358       44,164,338  

United States Steel Corp.(b)

    724,454       27,340,894  
   

 

 

 
      329,191,822  
Mortgage Real Estate Investment — 0.3%            

AGNC Investment Corp.

    1,473,070       19,297,217  

Annaly Capital Management Inc.

    3,983,471       28,043,636  

New Residential Investment Corp.

    1,182,162       12,980,138  

 

 

76  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Mortgage Real Estate Investment (continued)

 

 

Starwood Property Trust Inc.

    799,364     $ 19,320,628  
   

 

 

 
      79,641,619  
Multi-Utilities — 1.9%            

Ameren Corp.

    710,886       66,652,671  

CenterPoint Energy Inc.

    1,662,646       50,943,473  

CMS Energy Corp.

    809,868       56,642,168  

Consolidated Edison Inc.

    992,996       94,016,861  

DTE Energy Co.

    537,398       71,049,390  

NiSource Inc.

    1,092,371       34,737,398  

Public Service Enterprise Group Inc.

    1,411,357       98,794,990  

WEC Energy Group Inc.

    883,844       88,216,470  
   

 

 

 
      561,053,421  
Multiline Retail — 0.5%            

Dollar Tree Inc.(a)

    623,262       99,815,409  

Kohl’s Corp.

    386,865       23,389,858  

Nordstrom Inc.

      298,868               8,102,312  

Ollie’s Bargain Outlet Holdings Inc.(a)(b)

    178,363       7,662,474  
   

 

 

 
      138,970,053  
Oil, Gas & Consumable Fuels — 5.0%        

Antero Midstream Corp.

    913,992       9,935,093  

APA Corp.

    1,018,298       42,086,256  

Cheniere Energy Inc.

    653,071       90,548,294  

Continental Resources Inc./OK

    177,799       10,904,413  

Coterra Energy Inc.

    2,230,834       60,165,593  

Devon Energy Corp.

    1,885,038       111,462,297  

Diamondback Energy Inc.

    506,529       69,434,995  

DTE Midstream LLC(a)

    266,155       14,441,570  

EQT Corp.

    861,027       29,627,939  

Hess Corp.

    777,972       83,274,123  

HF Sinclair Corp.

    425,780       16,967,333  

Marathon Oil Corp.

    2,172,891       54,561,293  

Marathon Petroleum Corp.

    1,717,551       146,850,611  

New Fortress Energy Inc.

    72,316       3,081,385  

Occidental Petroleum Corp.(b)

    2,364,160       134,142,438  

ONEOK Inc.

    1,243,339       87,817,034  

Phillips 66

    1,306,477       112,866,548  

Pioneer Natural Resources Co.

    602,805       150,719,334  

Targa Resources Corp.

    627,082       47,325,879  

Texas Pacific Land Corp.

    16,564       22,396,350  

Valero Energy Corp.

    1,138,339       115,586,942  

Williams Companies Inc. (The)

    3,393,674       113,382,648  
   

 

 

 
      1,527,578,368  
Paper & Forest Products — 0.1%        

Louisiana-Pacific Corp.

    241,958       15,030,431  

Sylvamo Corp.(a)

    98,323       3,272,189  
   

 

 

 
      18,302,620  
Personal Products — 0.1%            

Coty Inc., Class A(a)

    1,006,609       9,049,415  

Herbalife Nutrition Ltd.(a)(b)

    277,254       8,417,432  

Olaplex Holdings Inc.(a)(b)

    223,221       3,488,944  
   

 

 

 
      20,955,791  
Pharmaceuticals — 0.7%            

Catalent Inc.(a)(b)

    475,551       52,738,606  

Elanco Animal Health Inc.(a)

    1,254,934       32,741,228  

Jazz Pharmaceuticals PLC(a)

    165,536       25,768,989  

Nektar Therapeutics(a)(b)

    507,099       2,733,264  

Organon & Co.

    711,394       24,848,992  

Perrigo Co. PLC

    380,859       14,636,411  
Security   Shares     Value  

Pharmaceuticals (continued)

   

Royalty Pharma PLC, Class A

    903,973     $ 35,218,788  

Viatris Inc.

    3,389,993       36,883,124  
   

 

 

 
      225,569,402  
Professional Services — 1.9%            

Booz Allen Hamilton Holding Corp.

    367,714       32,299,998  

CACI International Inc., Class A(a)

    65,705       19,794,288  

Clarivate PLC(a)(b)

    1,303,167       21,841,079  

CoStar Group Inc.(a)

    1,095,769       72,989,173  

Dun & Bradstreet Holdings Inc.(a)(b)

    437,636       7,667,383  

Equifax Inc.

    339,426       80,477,904  

FTI Consulting Inc.(a)(b)

    91,645       14,408,427  

Jacobs Engineering Group Inc.

    362,842       50,003,256  

Legalzoomcom Inc.(a)(b)

      267,165               3,777,713  

Leidos Holdings Inc.

    395,289       42,699,118  

ManpowerGroup Inc.

    154,727       14,531,960  

Nielsen Holdings PLC

    1,007,600       27,447,024  

Robert Half International Inc.

    301,326       34,405,403  

Science Applications International Corp.

    158,160       14,577,607  

TransUnion

    535,577       55,346,527  

Verisk Analytics Inc.

    444,419       95,385,650  
   

 

 

 
      587,652,510  
Real Estate Management & Development — 0.6%  

CBRE Group Inc., Class A(a)

    934,273       85,504,665  

Howard Hughes Corp. (The)(a)(b)

    114,214       11,833,713  

Jones Lang LaSalle Inc.(a)

    142,004       34,004,278  

Opendoor Technologies Inc.(a)(b)

    1,287,634       11,138,034  

Zillow Group Inc., Class A(a)(b)

    162,428       7,833,902  

Zillow Group Inc., Class C, NVS(a)(b)

    468,037       23,069,544  
   

 

 

 
      173,384,136  
Road & Rail — 0.9%            

AMERCO

    25,271       15,085,271  

JB Hunt Transport Services Inc.

    236,312       47,449,086  

Knight-Swift Transportation Holdings Inc.

    451,039       22,759,428  

Landstar System Inc.

    108,100       16,304,723  

Lyft Inc., Class A(a)

    824,027       31,642,637  

Old Dominion Freight Line Inc.(b)

    286,122       85,458,919  

Ryder System Inc.

    142,093       11,272,238  

Schneider National Inc., Class B

    133,145       3,395,197  

TuSimple Holdings Inc., Class A(a)(b)

    366,260       4,468,372  

XPO Logistics Inc.(a)

    273,942       19,942,978  
   

 

 

 
      257,778,849  
Semiconductors & Semiconductor Equipment — 2.7%  

Allegro MicroSystems Inc.(a)(b)

    110,680       3,143,312  

Cirrus Logic Inc.(a)

    157,290       13,336,619  

Enphase Energy Inc.(a)

    364,385       73,525,605  

Entegris Inc.

    377,343       49,530,042  

First Solar Inc.(a)

    299,356       25,068,071  

GLOBALFOUNDRIES Inc.(a)(b)

    144,889       9,043,971  

Marvell Technology Inc.

    2,362,462       169,412,150  

Microchip Technology Inc.

    1,522,773       114,421,163  

MKS Instruments Inc.

    155,307       23,296,050  

Monolithic Power Systems Inc.

    126,938       61,651,248  

ON Semiconductor Corp.(a)

    1,181,623       73,981,416  

Qorvo Inc.(a)

    302,985       37,600,439  

Skyworks Solutions Inc.

    462,798       61,681,718  

Teradyne Inc.

    454,955       53,789,330  

Universal Display Corp.

    121,304       20,251,703  

Wolfspeed Inc.(a)(b)

    324,144       36,907,036  
   

 

 

 
      826,639,873  

 

 

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

  77


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Software — 7.3%

   

Alteryx Inc., Class A(a)(b)

    161,173     $ 11,528,705  

Anaplan Inc.(a)

    402,165       26,160,833  

ANSYS Inc.(a)

    242,562       77,049,819  

Aspen Technology Inc.(a)

    188,407       31,156,866  

Avalara Inc.(a)(b)

    236,776       23,561,580  

Bentley Systems Inc., Class B

    393,075       17,366,053  

Bill.com Holdings Inc.(a)(b)

    261,570       59,321,460  

Black Knight Inc.(a)(b)

    422,958       24,527,334  

C3.ai Inc., Class A(a)(b)

    163,824       3,718,805  

Cadence Design Systems Inc.(a)

    767,925       126,292,945  

CDK Global Inc.

    320,480       15,600,966  

Ceridian HCM Holding Inc.(a)

    369,914       25,287,321  

Citrix Systems Inc.

    343,600       34,669,240  

Coupa Software Inc.(a)

    206,803       21,017,389  

Crowdstrike Holdings Inc., Class A(a)

    558,416       126,805,105  

Datadog Inc., Class A(a)

    710,632       107,639,429  

Datto Holding Corp.(a)(b)

      69,472               1,856,292  

DocuSign Inc.(a)

    537,223       57,547,328  

Dolby Laboratories Inc., Class A

    183,298       14,337,570  

DoubleVerify Holdings Inc.(a)(b)

    166,321       4,186,300  

Dropbox Inc., Class A(a)

    832,704       19,360,368  

Duck Creek Technologies Inc.(a)

    224,986       4,976,690  

Dynatrace Inc.(a)

    557,750       26,270,025  

Elastic NV(a)

    210,079       18,686,527  

Everbridge Inc.(a)

    105,317       4,596,034  

Fair Isaac Corp.(a)

    71,337       33,275,857  

Five9 Inc.(a)(b)

    188,839       20,847,826  

Fortinet Inc.(a)

    374,316       127,918,750  

Guidewire Software Inc.(a)(b)

    235,717       22,303,542  

HubSpot Inc.(a)(b)

    125,552       59,629,667  

Informatica Inc.(a)(b)

    92,455       1,825,062  

Jamf Holding Corp.(a)(b)

    145,715       5,072,339  

Mandiant Inc.(a)

    650,823       14,519,861  

Manhattan Associates Inc.(a)

    177,444       24,613,257  

N-able Inc.(a)(b)

    95,722       871,070  

nCino Inc.(a)(b)

    155,188       6,359,604  

NCR Corp.(a)(b)

    362,646       14,574,743  

New Relic Inc.(a)(b)

    150,388       10,057,949  

NortonLifeLock Inc.

    1,545,612       40,989,630  

Nutanix Inc., Class A(a)

    605,896       16,250,131  

Palantir Technologies Inc., Class A(a)(b)

    4,627,162       63,530,934  

Palo Alto Networks Inc.(a)(b)

    270,866       168,616,794  

Paycom Software Inc.(a)

    136,917       47,425,310  

Paycor HCM Inc.(a)(b)

    131,867       3,838,648  

Paylocity Holding Corp.(a)

    111,361       22,914,753  

Pegasystems Inc.

    116,564       9,400,887  

Procore Technologies Inc.(a)

    164,360       9,526,306  

PTC Inc.(a)

    292,598       31,518,657  

RingCentral Inc., Class A(a)

    226,035       26,493,562  

Smartsheet Inc., Class A(a)(b)

    342,374       18,755,248  

Splunk Inc.(a)

    444,542       66,063,387  

SS&C Technologies Holdings Inc.

    628,871       47,177,902  

Synopsys Inc.(a)

    423,800       141,239,826  

Teradata Corp.(a)(b)

    304,537       15,010,629  

Trade Desk Inc. (The), Class A(a)

    1,213,965       84,067,076  

Tyler Technologies Inc.(a)

    112,556       50,075,039  

Unity Software Inc.(a)(b)

    422,085       41,875,053  

Zendesk Inc.(a)(b)

    337,575       40,606,897  

Zscaler Inc.(a)(b)

    219,850       53,045,408  
   

 

 

 
      2,223,812,588  
Security   Shares     Value  

Specialty Retail — 2.7%

   

Advance Auto Parts Inc.

    173,785     $ 35,966,544  

AutoNation Inc.(a)

    114,130       11,365,065  

AutoZone Inc.(a)

    57,718       118,009,068  

Bath & Body Works Inc.

    665,106       31,792,067  

Best Buy Co. Inc.

    672,905       61,167,065  

Burlington Stores Inc.(a)(b)

    186,640       34,000,209  

CarMax Inc.(a)(b)

    456,193       44,013,501  

Carvana Co.(a)(b)

    219,890       26,230,678  

Dick’s Sporting Goods Inc.

    168,955       16,898,879  

Five Below Inc.(a)

    153,843       24,364,116  

Floor & Decor Holdings Inc., Class A(a)(b)

    286,403       23,198,643  

Foot Locker Inc.

    245,505       7,281,678  

GameStop Corp., Class A(a)(b)

    177,620       29,587,940  

Gap Inc. (The)

    553,127       7,788,028  

Leslie’s Inc.(a)(b)

    442,925       8,575,028  

Lithia Motors Inc.

    82,794       24,848,135  

O’Reilly Automotive Inc.(a)

    186,068       127,449,137  

Penske Automotive Group Inc.

    85,919       8,052,329  

Petco Health & Wellness Co. Inc.(a)(b)

    152,772       2,989,748  

RH(a)(b)

    48,265       15,738,734  

Tractor Supply Co.

    318,724       74,380,620  

Ulta Salon Cosmetics & Fragrance Inc.(a)

    147,093       58,575,374  

Victoria’s Secret & Co.(a)(b)

    204,739       10,515,395  

Vroom Inc.(a)(b)

      314,839               837,472  

Williams-Sonoma Inc.

    201,339       29,194,155  
   

 

 

 
      832,819,608  
Technology Hardware, Storage & Peripherals — 1.0%        

Hewlett Packard Enterprise Co.

    3,633,355       60,713,362  

HP Inc.

    3,035,144       110,175,727  

NetApp Inc.

    623,691       51,766,353  

Pure Storage Inc., Class A(a)

    763,992       26,976,558  

Western Digital Corp.(a)

    872,717       43,330,399  

Xerox Holdings Corp.

    354,972       7,159,785  
   

 

 

 
      300,122,184  
Textiles, Apparel & Luxury Goods — 1.1%        

Capri Holdings Ltd.(a)

    402,120       20,664,947  

Carter’s Inc.

    118,070       10,861,259  

Columbia Sportswear Co.

    109,138       9,880,263  

Deckers Outdoor Corp.(a)

    75,781       20,746,564  

Hanesbrands Inc.

    986,175       14,684,146  

Lululemon Athletica Inc.(a)

    319,363       116,640,948  

PVH Corp.

    192,751       14,766,654  

Ralph Lauren Corp.

    127,115       14,419,926  

Skechers U.S.A. Inc., Class A(a)(b)

    372,626       15,188,236  

Tapestry Inc.

    739,944       27,488,920  

Under Armour Inc., Class A(a)(b)

    515,011       8,765,487  

Under Armour Inc., Class C, NVS(a)

    559,373       8,703,844  

VF Corp.

    901,517       51,260,257  
   

 

 

 
      334,071,451  
Thrifts & Mortgage Finance — 0.1%        

MGIC Investment Corp.

    876,873       11,881,629  

New York Community Bancorp. Inc.

    1,284,854       13,773,635  

Rocket Companies Inc., Class A

    370,509       4,120,060  

TFS Financial Corp.

    148,876       2,471,342  

UWM Holdings Corp.(b)

    256,698       1,162,842  
   

 

 

 
      33,409,508  
Trading Companies & Distributors — 1.1%        

Air Lease Corp.

    292,679       13,068,117  

Core & Main Inc., Class A(a)(b)

    155,310       3,756,949  

 

 

78  

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


Schedule of Investments   (continued)

March 31, 2022

  

    iShares® Russell Mid-Cap ETF

    (Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Trading Companies & Distributors (continued)

 

Fastenal Co.

    1,602,039     $ 95,161,117  

MSC Industrial Direct Co. Inc., Class A

    122,708       10,455,949  

SiteOne Landscape Supply Inc.(a)(b)

    124,066       20,060,231  

United Rentals Inc.(a)

    201,685       71,640,529  

Univar Solutions Inc.(a)(b)

    475,247       15,274,439  

Watsco Inc.

    90,250       27,493,760  

WW Grainger Inc.

    128,022       66,032,467  
   

 

 

 
      322,943,558  
Water Utilities — 0.4%            

American Water Works Co. Inc.

    508,572       84,183,923  

Essential Utilities Inc.

    649,417       33,204,691  
   

 

 

 
      117,388,614  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $20,240,419,610)

        30,234,133,292  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 4.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)

    1,271,463,281       1,271,208,989  
Security   Shares     Value  

 

 

Money Market Funds (continued)

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)

    42,720,000     $ 42,720,000  
   

 

 

 
      1,313,928,989  
   

 

 

 

Total Short-Term Investments — 4.3%
(Cost: $1,313,911,947)

 

    1,313,928,989  
   

 

 

 

Total Investments in Securities — 104.1%
(Cost: $21,554,331,557)

 

    31,548,062,281  

Other Assets, Less Liabilities — (4.1)%

 

    (1,244,519,892
   

 

 

 

Net Assets — 100.0%

    $  30,303,542,389  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer  

Value at

03/31/21

   

Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

03/31/22

   

Shares

Held at

03/31/22

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

          
 

 

   

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 770,892,251     $ 501,159,131 (a)    $     $ (309,770   $ (532,623   $ 1,271,208,989       1,271,463,281     $ 2,947,736 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    33,520,000       9,200,000 (a)                         42,720,000       42,720,000       10,643          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (309,770   $ (532,623   $ 1,313,928,989       $ 2,958,379     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description  

Number of

Contracts

    

Expiration

Date

     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

          

S&P 500 E-Mini Index

    72        06/17/22      $ 16,311      $ 1,017,172  

S&P Mid 400 E-Mini Index

    177        06/17/22        47,599        1,442,244  
          

 

 

 
           $ 2,459,416  
          

 

 

 

 

 

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

  79


Schedule of Investments   (continued)

March 31, 2022

  

    iShares® Russell Mid-Cap ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
    Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

 

Futures contracts

 

Unrealized appreciation on futures contracts(a)

  $ 2,459,416  
 

 

 

 

 

  (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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

 

Futures contracts

  $ 1,656,395  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ 2,361,973  
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 56,900,464      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Investments

          

Assets

          

Common Stocks

  $ 30,233,146,771      $ 986,521      $      $ 30,234,133,292  

Money Market Funds

    1,313,928,989                      1,313,928,989  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 31,547,075,760      $             986,521      $                     —      $ 31,548,062,281  
 

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

          

Assets

          

Futures Contracts

  $ 2,459,416      $      $      $ 2,459,416  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

80  

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


Schedule of Investments 

March 31, 2022

  

iShares® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 0.9%

   

Axon Enterprise Inc.(a)(b)

    248,352     $ 34,205,521  

BWX Technologies Inc.

    267,527       14,409,004  

HEICO Corp.(b)

    56,058       8,607,145  

HEICO Corp., Class A

    96,907       12,290,715  

Howmet Aerospace Inc.

    108,540       3,900,927  

Spirit AeroSystems Holdings Inc., Class A

    114,620       5,603,772  

TransDigm Group Inc.(a)(b)

    57,942       37,751,531  

Virgin Galactic Holdings Inc.(a)(b)

    622,128       6,146,625  
   

 

 

 
      122,915,240  
Air Freight & Logistics — 0.6%            

CH Robinson Worldwide Inc.

    98,404       10,599,095  

Expeditors International of Washington Inc.

      469,805       48,465,084  

GXO Logistics Inc.(a)(b)

    317,616       22,658,725  
   

 

 

 
      81,722,904  
Airlines — 0.7%            

Delta Air Lines Inc.(a)(b)

    2,450,281       96,957,619  
   

 

 

 
Auto Components — 0.3%            

Aptiv PLC(a)

    189,138       22,641,710  

QuantumScape Corp.(a)(b)

    673,718       13,467,623  
   

 

 

 
      36,109,333  
Automobiles — 0.0%            

Thor Industries Inc.

    83,820       6,596,634  
   

 

 

 
Banks — 0.2%            

Citizens Financial Group Inc.

    287,986       13,054,405  

Synovus Financial Corp.

    40,803       1,999,347  

Western Alliance Bancorp.

    209,613       17,360,149  
   

 

 

 
      32,413,901  
Beverages — 0.3%            

Boston Beer Co. Inc. (The), Class A,
NVS(a)(b)

    35,754       13,889,356  

Brown-Forman Corp., Class A

    84,624       5,309,310  

Brown-Forman Corp., Class B, NVS

    348,355       23,346,752  
   

 

 

 
      42,545,418  
Biotechnology — 3.0%            

Alnylam Pharmaceuticals Inc.(a)

    460,271       75,157,652  

CureVac NV(a)(b)

    203,304       3,986,791  

Exact Sciences Corp.(a)(b)

    613,488       42,895,081  

Exelixis Inc.(a)(b)

    1,014,345       22,995,201  

Horizon Therapeutics PLC(a)

    156,306       16,444,954  

Incyte Corp.(a)(b)

    605,454       48,085,157  

Ionis Pharmaceuticals Inc.(a)(b)

    492,491       18,241,867  

Iovance Biotherapeutics Inc.(a)(b)

    166,111       2,765,748  

Mirati Therapeutics Inc.(a)(b)

    134,516       11,059,906  

Natera Inc.(a)(b)

    297,749       12,112,429  

Neurocrine Biosciences Inc.(a)

    358,075       33,569,531  

Novavax Inc.(a)(b)

    288,582       21,254,064  

Sarepta Therapeutics Inc.(a)

    318,871       24,910,203  

Seagen Inc.(a)

    462,621       66,640,555  

Ultragenyx Pharmaceutical Inc.(a)(b)

    184,066       13,366,873  
   

 

 

 
      413,486,012  
Building Products — 1.9%            

Advanced Drainage Systems Inc.

    235,426       27,970,963  

Allegion PLC

    261,579       28,716,143  

Armstrong World Industries Inc.

    88,672               7,981,367  

AZEK Co. Inc. (The)(a)(b)

    231,574       5,752,298  

Carlisle Companies Inc.

    75,321       18,522,940  
Security   Shares     Value  

Building Products (continued)

   

Carrier Global Corp.

    1,537,804     $ 70,539,069  

Fortune Brands Home & Security Inc.

    133,113       9,887,634  

Trane Technologies PLC

    435,694       66,530,474  

Trex Co. Inc.(a)(b)

    442,974       28,939,491  
   

 

 

 
      264,840,379  
Capital Markets — 3.2%            

Ameriprise Financial Inc.

    239,735       72,006,805  

Ares Management Corp., Class A

    477,958       38,824,528  

FactSet Research Systems Inc.

    125,127       54,323,887  

LPL Financial Holdings Inc.

    304,791       55,679,220  

MarketAxess Holdings Inc.

    143,047       48,664,589  

Morningstar Inc.

    81,113       22,157,638  

MSCI Inc.

    215,170       108,204,690  

Raymond James Financial Inc.

    35,211       3,870,041  

T Rowe Price Group Inc.

    289,179       43,720,973  
   

 

 

 
      447,452,371  
Chemicals — 1.2%            

Axalta Coating Systems Ltd.(a)

    138,358       3,400,840  

Celanese Corp.

    151,794       21,686,809  

Chemours Co. (The)

    313,142       9,857,710  

Diversey Holdings Ltd.(a)

      223,361               1,690,843  

FMC Corp.

    122,560       16,125,219  

LyondellBasell Industries NV, Class A

    123,827       12,731,892  

Olin Corp.

    40,894       2,137,938  

PPG Industries Inc.

    382,635       50,151,970  

RPM International Inc.

    285,451       23,247,129  

Scotts Miracle-Gro Co. (The)

    157,166       19,325,131  

Westlake Chemical Corp.

    24,818       3,062,541  
   

 

 

 
      163,418,022  
Commercial Services & Supplies — 2.1%            

Cintas Corp.

    313,847       133,507,375  

Copart Inc.(a)

    800,626       100,454,544  

IAA Inc.(a)(b)

    516,315       19,749,049  

MSA Safety Inc.

    41,398       5,493,515  

Rollins Inc.

    805,921       28,247,531  
   

 

 

 
      287,452,014  
Communications Equipment — 0.9%            

Arista Networks Inc.(a)

    825,526       114,731,603  

CommScope Holding Co. Inc.(a)

    766,354       6,038,870  

Ubiquiti Inc.(b)

    21,919       6,381,936  
   

 

 

 
      127,152,409  
Consumer Finance — 0.7%            

Credit Acceptance Corp.(a)(b)

    2,179       1,199,256  

Discover Financial Services

    607,554       66,946,375  

Synchrony Financial

    373,257       12,993,076  

Upstart Holdings Inc.(a)(b)

    184,381       20,114,124  
   

 

 

 
      101,252,831  
Containers & Packaging — 0.7%            

Avery Dennison Corp.

    168,282       29,276,020  

Ball Corp.

    359,522       32,356,980  

Crown Holdings Inc.

    58,371       7,301,628  

Graphic Packaging Holding Co.

    311,171       6,235,867  

Sealed Air Corp.

    307,140       20,566,094  
   

 

 

 
      95,736,589  
Distributors — 0.5%            

Pool Corp.

    149,048       63,024,947  
   

 

 

 

 

 

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

  81


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Diversified Consumer Services — 0.5%

   

Bright Horizons Family Solutions Inc.(a)(b)

    183,603     $ 24,362,282  

Chegg Inc.(a)(b)

    395,323       14,342,318  

frontdoor Inc.(a)

    219,809       6,561,299  

H&R Block Inc.

    508,698       13,246,496  

Mister Car Wash Inc.(a)(b)

    231,259       3,420,321  
   

 

 

 
      61,932,716  
Diversified Financial Services — 0.4%            

Apollo Global Management Inc.

    903,854       56,029,909  
   

 

 

 
Electric Utilities — 0.1%            

NRG Energy Inc.

    422,913       16,222,943  
   

 

 

 
Electrical Equipment — 1.7%            

Fluence Energy Inc.(a)(b)

    52,249       684,985  

Generac Holdings Inc.(a)(b)

      234,845       69,810,025  

Plug Power Inc.(a)(b)

    1,959,030       56,047,848  

Regal Rexnord Corp.

    55,127               8,201,795  

Rockwell Automation Inc.

    270,168       75,655,145  

Vertiv Holdings Co.

    1,230,132       17,221,848  
   

 

 

 
      227,621,646  
Electronic Equipment, Instruments & Components — 3.6%  

Amphenol Corp., Class A

    1,593,799       120,092,755  

CDW Corp./DE

    518,834       92,814,214  

Cognex Corp.

    654,637       50,505,245  

Coherent Inc.(a)

    83,978       22,956,226  

Corning Inc.

    985,059       36,358,528  

IPG Photonics Corp.(a)

    9,740       1,069,062  

Jabil Inc.

    424,810       26,223,521  

Keysight Technologies Inc.(a)

    306,940       48,487,312  

Vontier Corp.(b)

    352,801       8,957,617  

Zebra Technologies Corp., Class A(a)(b)

    203,892       84,350,121  
   

 

 

 
      491,814,601  
Energy Equipment & Services — 0.0%            

Halliburton Co.

    176,441       6,681,821  
   

 

 

 
Entertainment — 1.6%            

Live Nation Entertainment Inc.(a)(b)

    202,250       23,792,690  

Madison Square Garden Sports Corp.(a)(b)

    27,050       4,851,688  

Playtika Holding Corp.(a)(b)

    392,920       7,595,143  

Roku Inc.(a)(b)

    450,912       56,485,746  

Skillz Inc.(a)(b)

    1,154,393       3,463,179  

Spotify Technology SA(a)(b)

    529,842       80,016,739  

Take-Two Interactive Software Inc.(a)(b)

    87,089       13,389,063  

World Wrestling Entertainment Inc., Class A(b)

    144,430       9,018,209  

Zynga Inc., Class A(a)

    1,887,803       17,443,300  
   

 

 

 
      216,055,757  
Equity Real Estate Investment Trusts (REITs) — 2.0%  

Equity LifeStyle Properties Inc.

    358,447       27,414,026  

Extra Space Storage Inc.

    45,183       9,289,625  

Iron Mountain Inc.

    772,218       42,788,599  

Lamar Advertising Co., Class A

    288,315       33,496,437  

SBA Communications Corp.

    69,346       23,861,959  

Simon Property Group Inc.

    1,086,721       142,969,015  
   

 

 

 
      279,819,661  
Food Products — 1.2%            

Beyond Meat Inc.(a)(b)

    194,389       9,390,933  

Darling Ingredients Inc.(a)(b)

    32,050       2,576,179  

Freshpet Inc.(a)(b)

    157,332       16,148,557  

Hershey Co. (The)

    480,764       104,147,905  

Kellogg Co.

    428,009       27,602,300  
Security   Shares     Value  

Food Products (continued)

   

Lamb Weston Holdings Inc.

    167,787     $ 10,052,119  

Pilgrim’s Pride Corp.(a)

    72,241       1,813,249  
   

 

 

 
      171,731,242  
Health Care Equipment & Supplies — 5.4%            

ABIOMED Inc.(a)

    169,878       56,270,389  

Dexcom Inc.(a)(b)

    369,604       189,089,406  

Figs Inc., Class A(a)(b)

    72,689       1,564,267  

Globus Medical Inc., Class A(a)

    14,759               1,088,919  

IDEXX Laboratories Inc.(a)(b)

    324,446       177,491,429  

Insulet Corp.(a)(b)

    253,150       67,436,628  

Masimo Corp.(a)

    138,869       20,210,994  

Novocure Ltd.(a)(b)

    391,887       32,467,838  

Penumbra Inc.(a)(b)

    132,400       29,410,012  

ResMed Inc.

    497,026       120,533,775  

STERIS PLC

    45,289       10,949,522  

Tandem Diabetes Care Inc.(a)(b)

      222,775       25,906,505  

Teleflex Inc.

    31,841       11,298,142  
   

 

 

 
      743,717,826  
Health Care Providers & Services — 1.3%            

agilon health Inc.(a)(b)

    602,288       15,268,001  

Amedisys Inc.(a)(b)

    109,226       18,818,548  

Cardinal Health Inc.

    629,085       35,669,119  

Chemed Corp.

    15,350       7,775,542  

DaVita Inc.(a)(b)

    171,158       19,359,681  

Encompass Health Corp.

    215,543       15,327,263  

Guardant Health Inc.(a)(b)

    343,808       22,773,842  

McKesson Corp.

    82,945       25,391,953  

Molina Healthcare Inc.(a)

    33,698       11,241,316  

Oak Street Health Inc.(a)(b)

    335,357       9,014,396  
   

 

 

 
      180,639,661  
Health Care Technology — 0.9%            

Certara Inc.(a)(b)

    248,633       5,340,637  

Definitive Healthcare Corp.(a)(b)

    31,268       770,756  

Veeva Systems Inc., Class A(a)

    531,777       112,981,341  
   

 

 

 
      119,092,734  
Hotels, Restaurants & Leisure — 5.4%            

Boyd Gaming Corp.

    65,277       4,293,921  

Caesars Entertainment Inc.(a)(b)

    484,887       37,510,858  

Chipotle Mexican Grill Inc.(a)

    107,591       170,212,190  

Choice Hotels International Inc.

    134,398       19,052,260  

Churchill Downs Inc.

    141,140       31,302,029  

Darden Restaurants Inc.

    330,783       43,977,600  

Domino’s Pizza Inc.

    94,406       38,424,186  

DraftKings Inc., Class A(a)(b)

    1,177,434       22,924,640  

Expedia Group Inc.(a)(b)

    555,922       108,777,258  

Hilton Worldwide Holdings Inc.(a)

    703,860       106,803,716  

Penn National Gaming Inc.(a)(b)

    42,419       1,799,414  

Planet Fitness Inc., Class A(a)

    219,400       18,534,912  

Six Flags Entertainment Corp.(a)

    116,687       5,075,885  

Travel + Leisure Co.

    215,722       12,498,933  

Vail Resorts Inc.

    152,814       39,772,900  

Wendy’s Co. (The)

    682,164       14,987,143  

Wyndham Hotels & Resorts Inc.

    223,259       18,907,805  

Wynn Resorts Ltd.(a)

    404,546       32,258,498  

Yum China Holdings Inc.

    129,311       5,371,579  

Yum! Brands Inc.

    94,114       11,155,332  
   

 

 

 
      743,641,059  
Household Durables — 1.0%            

DR Horton Inc.

    519,421       38,702,059  

 

 

82  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Household Durables (continued)

   

NVR Inc.(a)(b)

    8,021     $ 35,831,973  

PulteGroup Inc.

    276,584       11,588,869  

Tempur Sealy International Inc.

    681,008       19,013,743  

Toll Brothers Inc.

    169,312       7,961,050  

TopBuild Corp.(a)(b)

    104,584       18,970,492  
   

 

 

 
      132,068,186  
Household Products — 0.4%            

Church & Dwight Co. Inc.

    48,691       4,838,911  

Clorox Co. (The)

    381,155       52,991,980  
   

 

 

 
      57,830,891  
Independent Power and Renewable Electricity Producers — 0.0%  

Brookfield Renewable Corp., Class A

    119,980       5,255,124  
   

 

 

 
Insurance — 0.6%            

Alleghany Corp.(a)

    5,515       4,671,205  

Arch Capital Group Ltd.(a)

    340,690       16,496,210  

Brown & Brown Inc.

      50,888       3,677,676  

Erie Indemnity Co., Class A, NVS

    66,437       11,701,549  

Everest Re Group Ltd.

    34,213       10,311,114  

GoHealth Inc., Class A(a)(b)

    153,759       181,436  

Lemonade Inc.(a)(b)

    14,884       392,491  

Lincoln National Corp.

    106,188               6,940,448  

Markel Corp.(a)

    8,669       12,788,855  

RenaissanceRe Holdings Ltd.

    73,799       11,697,879  
   

 

 

 
      78,858,863  
Interactive Media & Services — 1.4%            

Match Group Inc.(a)

    1,084,764       117,957,237  

Pinterest Inc., Class A(a)

    2,183,254       53,729,881  

TripAdvisor Inc.(a)

    235,539       6,387,818  

Twitter Inc.(a)

    311,232       12,041,566  

Vimeo Inc.(a)(b)

    500,346       5,944,111  
   

 

 

 
      196,060,613  
Internet & Direct Marketing Retail — 1.0%            

DoorDash Inc., Class A(a)(b)

    493,452       57,827,640  

Etsy Inc.(a)(b)

    486,638       60,479,371  

Wayfair Inc., Class A(a)(b)

    161,848       17,929,521  
   

 

 

 
      136,236,532  
IT Services — 6.2%            

Broadridge Financial Solutions Inc.

    401,987       62,593,396  

Cloudflare Inc., Class A(a)(b)

    948,061       113,482,902  

EPAM Systems Inc.(a)

    206,262       61,179,372  

Euronet Worldwide Inc.(a)

    138,548       18,032,022  

FleetCor Technologies Inc.(a)

    69,664       17,350,516  

Gartner Inc.(a)(b)

    306,319       91,117,650  

Genpact Ltd.

    34,260       1,490,653  

Globant SA(a)(b)

    154,751       40,555,595  

GoDaddy Inc., Class A(a)

    64,022       5,358,641  

Jack Henry & Associates Inc.

    72,385       14,263,464  

MongoDB Inc.(a)

    243,384       107,962,708  

Okta Inc.(a)

    482,724       72,872,015  

Paychex Inc.

    1,076,769       146,946,665  

Sabre Corp.(a)

    1,221,965       13,967,060  

Shift4 Payments Inc., Class A(a)(b)

    165,396       10,242,974  

StoneCo Ltd., Class A(a)(b)

    783,942       9,172,121  

Switch Inc., Class A

    444,841       13,710,000  

Thoughtworks Holding Inc.(a)(b)

    54,486       1,133,854  

Western Union Co. (The)

    373,781       7,004,656  

WEX Inc.(a)

    114,864       20,497,481  
Security   Shares     Value  

IT Services (continued)

   

Wix.com Ltd.(a)

    204,125     $ 21,322,897  
   

 

 

 
      850,256,642  
Leisure Products — 0.7%            

Brunswick Corp./DE

    37,274       3,015,094  

Mattel Inc.(a)(b)

    1,334,890       29,647,907  

Peloton Interactive Inc., Class A(a)(b)

    1,142,387       30,181,864  

Polaris Inc.

    151,904       15,998,529  

YETI Holdings Inc.(a)(b)

    327,771       19,659,705  
   

 

 

 
      98,503,099  
Life Sciences Tools & Services — 6.2%            

10X Genomics Inc., Class A(a)(b)

    323,635       24,618,914  

Adaptive Biotechnologies Corp.(a)(b)

    368,478       5,114,475  

Agilent Technologies Inc.

    1,029,579       136,244,189  

Avantor Inc.(a)(b)

    2,313,225       78,233,270  

Azenta Inc.

      232,130       19,238,934  

Bio-Techne Corp.

    149,737       64,842,110  

Bruker Corp.

    391,694       25,185,924  

Charles River Laboratories International Inc.(a)

    178,778       50,767,589  

IQVIA Holdings Inc.(a)

    360,841       83,430,048  

Maravai LifeSciences Holdings Inc., Class A(a)

    423,031       14,920,303  

Mettler-Toledo International Inc.(a)(b)

    86,927       119,367,287  

Repligen Corp.(a)(b)

    197,362       37,121,819  

Sotera Health Co.(a)(b)

    376,205               8,148,600  

Syneos Health Inc.(a)

    50,522       4,089,756  

Waters Corp.(a)

    215,635       66,930,948  

West Pharmaceutical Services Inc.

    281,768       115,724,935  
   

 

 

 
      853,979,101  
Machinery — 1.4%            

AGCO Corp.

    22,897       3,343,649  

Allison Transmission Holdings Inc.

    301,276       11,828,096  

Donaldson Co. Inc.

    58,032       3,013,602  

Graco Inc.

    399,155       27,829,086  

Lincoln Electric Holdings Inc.

    219,791       30,289,398  

Middleby Corp. (The)(a)(b)

    63,477       10,406,419  

Nordson Corp.

    38,431       8,726,911  

Parker-Hannifin Corp.

    81,783       23,206,744  

Toro Co. (The)

    380,114       32,495,946  

Xylem Inc./NY

    451,641       38,506,912  
   

 

 

 
      189,646,763  
Media — 0.2%            

Altice USA Inc., Class A(a)

    567,588       7,083,498  

Cable One Inc.

    10,984       16,083,212  

Nexstar Media Group Inc., Class A

    10,468       1,973,009  
   

 

 

 
      25,139,719  
Metals & Mining — 0.1%            

Steel Dynamics Inc.

    136,490       11,387,361  
   

 

 

 
Multiline Retail — 0.1%            

Nordstrom Inc.

    357,166       9,682,770  
   

 

 

 
Oil, Gas & Consumable Fuels — 2.5%            

Cheniere Energy Inc.

    899,089       124,658,690  

Continental Resources Inc./OK

    25,072       1,537,666  

Coterra Energy Inc.

    488,494       13,174,683  

Diamondback Energy Inc.

    327,902       44,948,806  

Hess Corp.

    73,479       7,865,192  

New Fortress Energy Inc.

    99,149       4,224,739  

Occidental Petroleum Corp.

    411,076       23,324,452  

Pioneer Natural Resources Co.

    368,722       92,191,562  

 

 

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

  83


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

   

Texas Pacific Land Corp.

    22,530     $ 30,463,038  
   

 

 

 
      342,388,828  
Paper & Forest Products — 0.0%            

Louisiana-Pacific Corp.

    23,747       1,475,164  
   

 

 

 
Personal Products — 0.0%            

Herbalife Nutrition Ltd.(a)(b)

    66,322       2,013,536  

Olaplex Holdings Inc.(a)(b)

    58,636       916,481  
   

 

 

 
      2,930,017  
Pharmaceuticals — 0.3%            

Catalent Inc.(a)

    153,374       17,009,177  

Royalty Pharma PLC, Class A

    737,137       28,718,857  
   

 

 

 
      45,728,034  
Professional Services — 2.5%            

Booz Allen Hamilton Holding Corp.

    503,814       44,255,022  

CoStar Group Inc.(a)

    1,165,447       77,630,425  

Equifax Inc.

    177,199       42,013,883  

Legalzoomcom Inc.(a)(b)

    218,258       3,086,168  

Robert Half International Inc.

    364,000       41,561,520  

TransUnion(b)

    501,169       51,790,804  

Verisk Analytics Inc.

    387,669       83,205,397  
   

 

 

 
      343,543,219  
Real Estate Management & Development — 0.4%  

CBRE Group Inc., Class A(a)(b)

    68,922       6,307,741  

Opendoor Technologies Inc.(a)(b)

    341,775       2,956,354  

Zillow Group Inc., Class A(a)(b)

    229,521       11,069,798  

Zillow Group Inc., Class C, NVS(a)(b)

    639,015       31,497,049  
   

 

 

 
      51,830,942  
Road & Rail — 1.8%            

JB Hunt Transport Services Inc.

    285,753       57,376,345  

Landstar System Inc.

    129,792       19,576,527  

Lyft Inc., Class A(a)

    1,128,994       43,353,370  

Old Dominion Freight Line Inc.

      360,953       107,809,442  

TuSimple Holdings Inc., Class A(a)(b)

    57,875       706,075  

XPO Logistics Inc.(a)

    317,916       23,144,285  
   

 

 

 
      251,966,044  
Semiconductors & Semiconductor Equipment — 4.5%  

Allegro MicroSystems Inc.(a)(b)

    151,886       4,313,562  

Enphase Energy Inc.(a)(b)

    499,525       100,794,155  

Entegris Inc.

    515,354       67,645,366  

GLOBALFOUNDRIES Inc.(a)(b)

    104,489               6,522,203  

Microchip Technology Inc.

    1,758,928       132,165,850  

MKS Instruments Inc.

    178,638       26,795,700  

Monolithic Power Systems Inc.

    173,955       84,486,464  

ON Semiconductor Corp.(a)(b)

    878,096       54,977,591  

Skyworks Solutions Inc.

    298,117       39,733,034  

Teradyne Inc.

    623,919       73,765,943  

Universal Display Corp.

    165,689       27,661,779  
   

 

 

 
      618,861,647  
Software — 18.6%            

Alteryx Inc., Class A(a)(b)

    224,135       16,032,377  

Anaplan Inc.(a)

    550,197       35,790,315  

ANSYS Inc.(a)(b)

    138,738       44,070,126  

Aspen Technology Inc.(a)(b)

    255,812       42,303,630  

Avalara Inc.(a)(b)

    327,860       32,625,349  

Bentley Systems Inc., Class B(b)

    528,875       23,365,698  

Bill.com Holdings Inc.(a)(b)

    358,342       81,268,382  

C3.ai Inc., Class A(a)(b)

    59,389       1,348,130  
Security   Shares     Value  

Software (continued)

   

Cadence Design Systems Inc.(a)

    1,053,633     $ 173,280,483  

CDK Global Inc.

    69,530       3,384,720  

Citrix Systems Inc.

    170,424       17,195,782  

Coupa Software Inc.(a)(b)

    285,669       29,032,540  

Crowdstrike Holdings Inc., Class A(a)(b)

    763,901       173,466,639  

Datadog Inc., Class A(a)(b)

    975,177       147,710,060  

DocuSign Inc.(a)(b)

    738,990       79,160,609  

DoubleVerify Holdings Inc.(a)

    223,991       5,637,853  

Dropbox Inc., Class A(a)

    1,137,114       26,437,900  

Duck Creek Technologies Inc.(a)

    59,846       1,323,794  

Dynatrace Inc.(a)

    718,310       33,832,401  

Elastic NV(a)

    287,437       25,567,521  

Everbridge Inc.(a)

    152,179       6,641,092  

Fair Isaac Corp.(a)

    97,739       45,591,334  

Five9 Inc.(a)(b)

    258,305       28,516,872  

Fortinet Inc.(a)

    513,396       175,447,949  

HubSpot Inc.(a)(b)

    173,067       82,196,441  

Informatica Inc.(a)(b)

    90,706       1,790,536  

Jamf Holding Corp.(a)(b)

    175,670       6,115,073  

Mandiant Inc.(a)

    258,565       5,768,585  

Manhattan Associates Inc.(a)

    129,137       17,912,593  

nCino Inc.(a)(b)

    217,537       8,914,666  

NCR Corp.(a)

    168,217       6,760,641  

New Relic Inc.(a)(b)

    203,011       13,577,376  

NortonLifeLock Inc.

    557,708       14,790,416  

Nutanix Inc., Class A(a)

    820,917       22,016,994  

Palantir Technologies Inc., Class A(a)(b)

    6,358,442       87,301,409  

Palo Alto Networks Inc.(a)

    370,702       230,765,702  

Paycom Software Inc.(a)

    187,565       64,968,765  

Paycor HCM Inc.(a)(b)

    130,270       3,792,160  

Paylocity Holding Corp.(a)

    152,481       31,376,015  

Pegasystems Inc.

    146,414       11,808,289  

Procore Technologies Inc.(a)(b)

    165,460       9,590,062  

PTC Inc.(a)

    403,450       43,459,634  

RingCentral Inc., Class A(a)

    312,876       36,672,196  

Smartsheet Inc., Class A(a)

    465,105       25,478,452  

Splunk Inc.(a)

    609,075       90,514,636  

Synopsys Inc.(a)(b)

    368,842       122,923,973  

Teradata Corp.(a)(b)

    352,316       17,365,656  

Trade Desk Inc. (The), Class A(a)(b)

    1,664,876       115,292,663  

Tyler Technologies Inc.(a)(b)

    133,486       59,386,587  

Unity Software Inc.(a)(b)

    576,920       57,236,233  

Zendesk Inc.(a)(b)

    462,536       55,638,455  

Zscaler Inc.(a)(b)

    302,410       72,965,485  
   

 

 

 
      2,565,411,249  
Specialty Retail — 4.2%            

AutoZone Inc.(a)(b)

    16,931       34,616,784  

Bath & Body Works Inc.

    525,761       25,131,376  

Best Buy Co. Inc.

    212,041       19,274,527  

Burlington Stores Inc.(a)(b)

      240,633       43,836,114  

CarMax Inc.(a)(b)

    52,621               5,076,874  

Carvana Co.(a)(b)

    299,078       35,677,015  

Five Below Inc.(a)

    210,924       33,404,034  

Floor & Decor Holdings Inc., Class A(a)(b)

    389,631       31,560,111  

GameStop Corp., Class A(a)(b)

    245,852       40,954,026  

Leslie’s Inc.(a)(b)

    537,712       10,410,104  

Lithia Motors Inc.

    9,890       2,968,187  

O’Reilly Automotive Inc.(a)(b)

    77,910       53,365,234  

Petco Health & Wellness Co. Inc.(a)(b)

    17,608       344,588  

RH(a)(b)

    66,988       21,844,117  

 

 

84  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Specialty Retail (continued)

   

Tractor Supply Co.

    434,751     $ 101,457,841  

Ulta Salon Cosmetics & Fragrance Inc.(a)(b)

    201,730       80,332,920  

Victoria’s Secret & Co.(a)(b)

    165,675       8,509,068  

Vroom Inc.(a)(b)

    107,727       286,554  

Williams-Sonoma Inc.

    211,622       30,685,190  
   

 

 

 
      579,734,664  
Technology Hardware, Storage & Peripherals — 1.0%  

HP Inc.

    1,442,966       52,379,666  

NetApp Inc.

    564,902       46,886,866  

Pure Storage Inc., Class A(a)

    979,791       34,596,420  
   

 

 

 
      133,862,952  
Textiles, Apparel & Luxury Goods — 1.7%  

Columbia Sportswear Co.

    9,276       839,756  

Deckers Outdoor Corp.(a)

    14,201       3,887,808  

Hanesbrands Inc.

    794,611       11,831,758  

Lululemon Athletica Inc.(a)

    437,264       159,701,931  

Skechers U.S.A. Inc., Class A(a)

    55,228       2,251,093  

Tapestry Inc.

    104,484       3,881,581  

VF Corp.

      797,141       45,325,437  
   

 

 

 
      227,719,364  
Thrifts & Mortgage Finance — 0.0%            

Rocket Companies Inc., Class A(b)

    524,832       5,836,132  

UWM Holdings Corp.

    168,574       763,640  
   

 

 

 
              6,599,772  
Trading Companies & Distributors — 1.8%            

Core & Main Inc., Class A(a)(b)

    109,405       2,646,507  

Fastenal Co.

    1,951,210       115,901,874  

SiteOne Landscape Supply Inc.(a)

    87,914       14,214,815  
Security   Shares     Value  

 

 

Trading Companies & Distributors (continued)

 

United Rentals Inc.(a)

    96,092     $ 34,132,839  

WW Grainger Inc.

      146,008       75,309,466  
   

 

 

 
      242,205,501  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $11,983,921,991)

 

    13,757,241,260  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 5.8%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)

    785,119,193       784,962,169  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)

    17,950,000       17,950,000  
   

 

 

 
      802,912,169  
   

 

 

 

Total Short-Term Investments — 5.8%
(Cost: $802,858,117)

 

    802,912,169  
   

 

 

 

Total Investments in Securities — 105.7%
(Cost: $12,786,780,108)

 

    14,560,153,429  

Other Assets, Less Liabilities — (5.7)%

 

    (783,014,713
   

 

 

 

Net Assets — 100.0%

    $   13,777,138,716  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
03/31/22
   

Shares

Held at
03/31/22

    Income    

Capital

Gain
Distributions
from
Underlying
Funds

   

    

 

 

   

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 866,890,581     $     $ (81,234,039 )(a)     $ (280,948    $ (413,425   $ 784,962,169       785,119,193     $ 2,717,127 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    16,190,000       1,760,000 (a)                        17,950,000       17,950,000       4,241          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
           $ (280,948    $ (413,425   $ 802,912,169       $ 2,721,368     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

 

 

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

  85


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Growth 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

                 

S&P 500 E-Mini Index

   57      06/17/22      $12,913      $ 805,261  

S&P Mid 400 E-Mini Index

   25      06/17/22      6,723        262,810  
                 

 

 

 
                  $ 1,068,071  
                 

 

 

 

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)

   $ 1,068,071  
  

 

 

 

 

  (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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 1,528,652  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 910,512  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 17,174,536      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1                  Level 2                  Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $ 13,757,241,260      $      $      $ 13,757,241,260  

Money Market Funds

     802,912,169                      802,912,169  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 14,560,153,429      $      $      $ 14,560,153,429  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 1,068,071      $      $      $ 1,068,071  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

86  

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


Schedule of Investments   

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.4%

   

BWX Technologies Inc.

    47,242     $ 2,544,454  

Curtiss-Wright Corp.

    79,573       11,948,682  

HEICO Corp.(a)

    63,241       9,710,023  

HEICO Corp., Class A

    109,612       13,902,090  

Hexcel Corp.

    173,378       10,310,790  

Howmet Aerospace Inc.

    726,595       26,113,824  

Huntington Ingalls Industries Inc.

    80,705       16,095,805  

Mercury Systems Inc.(b)

    117,068       7,545,033  

Spirit AeroSystems Holdings Inc., Class A

    155,004       7,578,145  

Textron Inc.(a)

    452,918       33,688,041  

TransDigm Group Inc.(b)

    76,992       50,163,368  

Virgin Galactic Holdings Inc.(a)(b)

    25,013       247,128  

Woodward Inc.

    127,180       15,886,054  
   

 

 

 
      205,733,437  
Air Freight & Logistics — 0.2%            

CH Robinson Worldwide Inc.

      214,037       23,053,925  

Expeditors International of Washington Inc.

    94,056               9,702,817  

GXO Logistics Inc.(b)

    28,552       2,036,900  
   

 

 

 
      34,793,642  
Airlines — 0.9%            

Alaska Air Group Inc.(b)

    251,372       14,582,090  

American Airlines Group Inc.(a)(b)

    1,316,782       24,031,271  

Copa Holdings SA, Class A, NVS(a)(b)

    66,396       5,553,361  

JetBlue Airways Corp.(b)

    656,409       9,813,315  

Southwest Airlines Co.(b)

    1,214,459       55,622,222  

United Airlines Holdings Inc.(a)(b)

    662,774       30,726,203  
   

 

 

 
      140,328,462  
Auto Components — 0.7%            

Aptiv PLC(b)

    453,108       54,241,559  

BorgWarner Inc.

    495,569       19,277,634  

Gentex Corp.

    486,191       14,182,191  

Lear Corp.

    123,999       17,681,017  

QuantumScape Corp.(a)(b)

    142,321       2,844,997  
   

 

 

 
      108,227,398  
Automobiles — 0.1%            

Harley-Davidson Inc.

    314,770       12,401,938  

Thor Industries Inc.

    66,859       5,261,803  
   

 

 

 
      17,663,741  
Banks — 5.0%            

Bank of Hawaii Corp.

    82,866       6,954,115  

Bank OZK

    245,024       10,462,525  

BOK Financial Corp.

    61,530       5,780,744  

Citizens Financial Group Inc.

    719,580       32,618,561  

Comerica Inc.

    270,094       24,424,600  

Commerce Bancshares Inc.

    227,032       16,253,221  

Cullen/Frost Bankers Inc.

    117,657       16,284,905  

East West Bancorp. Inc.

    291,262       23,015,523  

Fifth Third Bancorp.

    1,400,623       60,282,814  

First Citizens BancShares Inc./NC, Class A

    25,221       16,787,098  

First Hawaiian Inc.

    261,149       7,283,446  

First Horizon Corp.

    1,091,118       25,630,362  

First Republic Bank/CA

    367,746       59,611,627  

FNB Corp.

    697,222       8,680,414  

Huntington Bancshares Inc./OH

    2,950,829       43,141,120  

KeyCorp.

    1,906,745       42,672,953  

M&T Bank Corp.

    263,611       44,682,064  

PacWest Bancorp.

    237,211       10,230,910  
Security   Shares     Value  

Banks (continued)

   

People’s United Financial Inc.

    878,650     $ 17,564,214  

Pinnacle Financial Partners Inc.

    154,156       14,194,684  

Popular Inc.

    164,552       13,450,480  

Prosperity Bancshares Inc.

    183,787       12,751,142  

Regions Financial Corp.

    1,982,003       44,119,387  

Signature Bank/New York NY

    126,601       37,156,127  

SVB Financial Group(a)(b)

    116,335       65,083,616  

Synovus Financial Corp.

    274,657       13,458,193  

Umpqua Holdings Corp.

    443,255       8,359,789  

Webster Financial Corp.

    368,408       20,675,057  

Western Alliance Bancorp.

    102,724       8,507,602  

Wintrust Financial Corp.

    115,496       10,733,043  

Zions Bancorp. N.A.

    308,012       20,193,267  
   

 

 

 
      741,043,603  
Beverages — 0.2%            

Brown-Forman Corp., Class A

    46,220       2,899,843  

Brown-Forman Corp., Class B, NVS

    190,120       12,741,842  

Molson Coors Beverage Co., Class B

      366,869       19,583,467  
   

 

 

 
      35,225,152  
Biotechnology — 0.7%            

BioMarin Pharmaceutical Inc.(b)

    374,304       28,858,839  

Exact Sciences Corp.(a)(b)

    25,775       1,802,188  

Exelixis Inc.(b)

    89,740       2,034,406  

Horizon Therapeutics PLC(b)

    366,653       38,575,562  

Incyte Corp.(b)

    53,555       4,253,338  

Ionis Pharmaceuticals Inc.(a)(b)

    22,307       826,251  

Iovance Biotherapeutics Inc.(a)(b)

    214,916       3,578,351  

Mirati Therapeutics Inc.(b)

    15,270               1,255,499  

Natera Inc.(b)

    10,707       435,561  

Sage Therapeutics Inc.(b)

    103,429       3,423,500  

Seagen Inc.(b)

    30,842       4,442,790  

Ultragenyx Pharmaceutical Inc.(b)

    33,207       2,411,492  

United Therapeutics Corp.(b)

    90,572       16,249,523  
   

 

 

 
      108,147,300  
Building Products — 1.5%            

A O Smith Corp.

    266,337       17,016,271  

Allegion PLC

    43,194       4,741,837  

Armstrong World Industries Inc.

    49,491       4,454,685  

AZEK Co. Inc. (The)(a)(b)

    107,239       2,663,817  

Builders FirstSource Inc.(a)(b)

    389,971       25,168,728  

Carlisle Companies Inc.

    65,131       16,017,016  

Carrier Global Corp.

    939,619       43,100,324  

Fortune Brands Home & Security Inc.

    208,691       15,501,567  

Hayward Holdings Inc.(a)(b)

    101,014       1,678,853  

Lennox International Inc.

    68,316       17,615,964  

Masco Corp.

    493,314       25,159,014  

Owens Corning

    207,393       18,976,459  

Trane Technologies PLC

    246,694       37,670,174  
   

 

 

 
      229,764,709  
Capital Markets — 3.8%            

Affiliated Managers Group Inc.

    83,497       11,768,902  

Ameriprise Financial Inc.

    101,472       30,478,130  

Ares Management Corp., Class A

    33,890       2,752,885  

Carlyle Group Inc. (The)

    335,677       16,417,962  

Cboe Global Markets Inc.

    218,952       25,052,488  

Evercore Inc., Class A

    77,582       8,636,428  

FactSet Research Systems Inc.

    10,605       4,604,161  

Franklin Resources Inc.

    591,351       16,510,520  

Interactive Brokers Group Inc., Class A

    165,528       10,909,950  

 

 

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

  87


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Capital Markets (continued)

   

Invesco Ltd.

    683,971     $ 15,772,371  

Janus Henderson Group PLC

    346,797       12,144,831  

Jefferies Financial Group Inc.

    440,189       14,460,209  

KKR & Co. Inc.

    1,148,208       67,135,722  

Lazard Ltd., Class A

    205,037       7,073,777  

Morningstar Inc.

    4,432       1,210,689  

MSCI Inc.

    47,469       23,871,211  

Nasdaq Inc.

    239,090       42,605,838  

Northern Trust Corp.

    421,864       49,126,063  

Raymond James Financial Inc.

    361,096       39,688,061  

SEI Investments Co.

    220,443       13,272,873  

State Street Corp.

    750,195       65,356,988  

Stifel Financial Corp.

    209,289       14,210,723  

T Rowe Price Group Inc.

    314,178       47,500,572  

Tradeweb Markets Inc., Class A(a)

      214,561       18,853,475  

Virtu Financial Inc., Class A

    177,012               6,588,387  
   

 

 

 
      566,003,216  
Chemicals — 3.8%            

Albemarle Corp.

    239,251       52,910,359  

Ashland Global Holdings Inc.

    106,188       10,449,961  

Axalta Coating Systems Ltd.(b)

    346,001       8,504,705  

Celanese Corp.

    143,184       20,456,698  

CF Industries Holdings Inc.

    441,764       45,528,198  

Chemours Co. (The)

    160,696       5,058,710  

Corteva Inc.

    1,500,626       86,255,982  

Diversey Holdings Ltd.(b)

    45,148       341,770  

Eastman Chemical Co.

    275,196       30,838,464  

Element Solutions Inc.

    477,799       10,463,798  

FMC Corp.

    195,308       25,696,673  

Huntsman Corp.

    429,425       16,107,732  

International Flavors & Fragrances Inc.

    523,616       68,766,489  

LyondellBasell Industries NV, Class A

    469,937       48,318,922  

Mosaic Co. (The)

    766,446       50,968,659  

NewMarket Corp.

    13,469       4,369,074  

Olin Corp.

    266,925       13,954,839  

PPG Industries Inc.

    281,212       36,858,457  

RPM International Inc.

    110,390       8,990,162  

Valvoline Inc.

    372,112       11,743,855  

Westlake Chemical Corp.

    53,480       6,599,432  
   

 

 

 
      563,182,939  
Commercial Services & Supplies — 0.6%            

Cintas Corp.

    11,320       4,815,415  

Clean Harbors Inc.(b)

    105,165       11,740,621  

Driven Brands Holdings Inc.(b)

    109,497       2,877,581  

MSA Safety Inc.

    54,737       7,263,600  

Republic Services Inc.

    431,852       57,220,390  

Rollins Inc.

    32,391       1,135,304  

Stericycle Inc.(b)

    188,212       11,089,451  
   

 

 

 
      96,142,362  
Communications Equipment — 1.2%            

Arista Networks Inc.(b)

    51,571       7,167,338  

Ciena Corp.(b)

    315,742       19,143,438  

F5 Inc.(b)

    124,198       25,951,172  

Juniper Networks Inc.

    658,820       24,481,751  

Lumentum Holdings Inc.(a)(b)

    150,550       14,693,680  

Motorola Solutions Inc.

    342,877       83,044,809  

Ubiquiti Inc.(a)

    1,475       429,461  

Viasat Inc.(a)(b)

    147,435       7,194,828  
   

 

 

 
      182,106,477  
Security   Shares     Value  

Construction & Engineering — 0.6%

   

AECOM

    275,773     $ 21,182,124  

MasTec Inc.(b)

    119,205       10,382,755  

MDU Resources Group Inc.

    411,704       10,971,912  

Quanta Services Inc.

    290,806       38,272,978  

Valmont Industries Inc.

    42,354       10,105,664  
   

 

 

 
      90,915,433  
Construction Materials — 0.7%            

Eagle Materials Inc.

    78,898       10,127,347  

Martin Marietta Materials Inc.

    127,776       49,179,705  

Vulcan Materials Co.

    271,973       49,961,440  
   

 

 

 
      109,268,492  
Consumer Finance — 0.8%            

Ally Financial Inc.

    696,593       30,287,864  

Credit Acceptance Corp.(a)(b)

    15,263               8,400,297  

Discover Financial Services

    267,197       29,442,437  

OneMain Holdings Inc.

      225,479       10,689,959  

SLM Corp.

    573,868       10,536,217  

Synchrony Financial

    872,479       30,370,994  
   

 

 

 
      119,727,768  
Containers & Packaging — 1.9%            

Amcor PLC

    3,120,569       35,356,047  

AptarGroup Inc.

    134,244       15,773,670  

Ardagh Group SA(b)

    34,751       583,991  

Ardagh Metal Packaging SA(b)

    141,354       1,149,208  

Avery Dennison Corp.

    79,607       13,849,230  

Ball Corp.

    458,976       41,307,840  

Berry Global Group Inc.(a)(b)

    276,074       16,001,249  

Crown Holdings Inc.

    222,041       27,775,109  

Graphic Packaging Holding Co.

    422,517       8,467,241  

International Paper Co.

    795,089       36,693,357  

Packaging Corp. of America

    193,105       30,145,621  

Sealed Air Corp.

    140,020       9,375,739  

Silgan Holdings Inc.

    175,625       8,119,144  

Sonoco Products Co.

    199,741       12,495,797  

Westrock Co.

    536,316       25,222,941  
   

 

 

 
      282,316,184  
Distributors — 0.4%            

Genuine Parts Co.

    286,200       36,066,924  

LKQ Corp.

    560,282       25,442,406  
   

 

 

 
      61,509,330  
Diversified Consumer Services — 0.4%            

ADT Inc.

    331,399       2,515,318  

Bright Horizons Family Solutions Inc.(b)

    24,711       3,278,903  

Chegg Inc.(a)(b)

    70,275       2,549,577  

frontdoor Inc.(b)

    54,738       1,633,929  

Grand Canyon Education Inc.(b)

    80,772       7,843,769  

H&R Block Inc.

    71,315       1,857,043  

Mister Car Wash Inc.(a)(b)

    33,674       498,038  

Service Corp. International

    331,661       21,829,927  

Terminix Global Holdings Inc.(b)

    246,904       11,266,230  
   

 

 

 
      53,272,734  
Diversified Financial Services — 0.4%            

Apollo Global Management Inc.

    272,084       16,866,487  

Equitable Holdings Inc.

    722,566       22,334,515  

Voya Financial Inc.

    229,022       15,195,610  
   

 

 

 
      54,396,612  
Diversified Telecommunication Services — 0.2%  

Lumen Technologies Inc.

    2,106,668       23,742,148  
   

 

 

 

 

 

88  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electric Utilities — 3.5%

   

Alliant Energy Corp.

    512,943     $ 32,048,679  

Avangrid Inc.

    120,804       5,646,379  

Edison International

    766,286       53,716,649  

Entergy Corp.

    411,824       48,080,452  

Evergy Inc.

    469,966       32,117,476  

Eversource Energy

    708,897       62,517,626  

FirstEnergy Corp.

    1,117,833       51,263,821  

Hawaiian Electric Industries Inc.

    215,560       9,120,344  

IDACORP Inc.

    104,393       12,042,776  

NRG Energy Inc.

    274,919       10,545,893  

OGE Energy Corp.

    411,056       16,762,864  

PG&E Corp.(a)(b)

    4,102,884       48,988,435  

Pinnacle West Capital Corp.

      233,604       18,244,472  

PPL Corp.

    1,545,193       44,130,712  

Xcel Energy Inc.

    1,110,833       80,168,818  
   

 

 

 
      525,395,396  
Electrical Equipment — 1.3%            

Acuity Brands Inc.(a)

    71,957       13,621,460  

AMETEK Inc.

    473,834       63,105,212  

ChargePoint Holdings Inc.(a)(b)

    472,829               9,399,841  

Fluence Energy Inc.(a)(b)

    40,877       535,897  

Hubbell Inc.

    111,911       20,565,885  

nVent Electric PLC

    343,012       11,929,957  

Regal Rexnord Corp.

    109,891       16,349,583  

Rockwell Automation Inc.

    93,875       26,287,816  

Sensata Technologies Holding PLC(a)(b)

    320,261       16,285,272  

Shoals Technologies Group Inc., Class A(b)

    221,972       3,782,403  

Sunrun Inc.(a)(b)

    415,423       12,616,397  
   

 

 

 
      194,479,723  
Electronic Equipment, Instruments & Components — 1.7%  

Amphenol Corp., Class A

    347,824       26,208,538  

Arrow Electronics Inc.(b)

    138,887       16,476,165  

Avnet Inc.

    206,589       8,385,448  

Coherent Inc.(b)

    5,065       1,384,568  

Corning Inc.

    1,036,509       38,257,547  

IPG Photonics Corp.(b)

    68,180       7,483,437  

Jabil Inc.

    60,707       3,747,443  

Keysight Technologies Inc.(b)

    210,824       33,303,867  

Littelfuse Inc.

    49,697       12,394,929  

National Instruments Corp.

    273,677       11,108,549  

TD SYNNEX Corp.

    86,512       8,928,904  

Teledyne Technologies Inc.(b)

    94,739       44,776,494  

Trimble Inc.(b)

    517,838       37,356,833  

Vontier Corp.(a)

    156,262       3,967,492  
   

 

 

 
      253,780,214  
Energy Equipment & Services — 0.9%            

Baker Hughes Co.

    1,518,831       55,300,637  

Halliburton Co.

    1,725,157       65,331,696  

NOV Inc.

    798,712       15,662,742  
   

 

 

 
      136,295,075  
Entertainment — 0.7%            

Liberty Media Corp.-Liberty Formula One, Class A(a)(b)

    50,380       3,180,490  

Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)

    409,168       28,576,293  

Live Nation Entertainment Inc.(a)(b)

    175,650       20,663,466  

Madison Square Garden Sports Corp.(a)(b)

    23,394       4,195,948  

Take-Two Interactive Software Inc.(a)(b)

    188,261       28,943,246  

World Wrestling Entertainment Inc., Class A

    12,182       760,644  
Security   Shares     Value  

Entertainment (continued)

   

Zynga Inc., Class A(b)

    1,099,218     $ 10,156,774  
   

 

 

 
      96,476,861  
Equity Real Estate Investment Trusts (REITs) — 10.8%  

Alexandria Real Estate Equities Inc.

    343,495       69,128,369  

American Campus Communities Inc.

    281,413       15,750,686  

American Homes 4 Rent, Class A

    607,168       24,304,935  

Americold Realty Trust

    553,420       15,429,350  

Apartment Income REIT Corp.

    320,085       17,111,744  

AvalonBay Communities Inc.

    286,471       71,150,802  

Boston Properties Inc.

    320,760       41,313,888  

Brixmor Property Group Inc.

    609,635       15,734,679  

Camden Property Trust

    203,114       33,757,547  

Cousins Properties Inc.

    305,808       12,321,004  

CubeSmart

    449,530       23,389,046  

Douglas Emmett Inc.

    344,242       11,504,568  

Duke Realty Corp.

    781,184       45,355,543  

EPR Properties

    149,618       8,185,601  

Equity LifeStyle Properties Inc.

    172,531       13,195,171  

Equity Residential

    757,367       68,102,441  

Essex Property Trust Inc.

      133,163       46,005,153  

Extra Space Storage Inc.

    245,494       50,473,566  

Federal Realty Investment Trust

    159,912       19,520,458  

First Industrial Realty Trust Inc.

    264,373       16,367,332  

Gaming and Leisure Properties Inc.

    480,537       22,551,601  

Healthcare Trust of America Inc., Class A

    447,022       14,009,669  

Healthpeak Properties Inc.

    1,110,451       38,121,783  

Highwoods Properties Inc.

    213,883               9,783,008  

Host Hotels & Resorts Inc.

    1,461,298       28,393,020  

Hudson Pacific Properties Inc.

    306,376       8,501,934  

Invitation Homes Inc.

    1,226,362       49,275,225  

Iron Mountain Inc.

    176,968       9,805,797  

JBG SMITH Properties

    254,004       7,421,997  

Kilroy Realty Corp.

    239,252       18,283,638  

Kimco Realty Corp.

    1,189,961       29,392,037  

Lamar Advertising Co., Class A

    21,863       2,540,043  

Life Storage Inc.

    168,186       23,618,360  

Medical Properties Trust Inc.

    1,217,976       25,748,013  

Mid-America Apartment Communities Inc.

    237,028       49,645,515  

National Retail Properties Inc.

    356,590       16,025,155  

Omega Healthcare Investors Inc.

    491,565       15,317,165  

Orion Office REIT Inc.

    111,828       1,565,592  

Park Hotels & Resorts Inc.

    487,951       9,529,683  

Rayonier Inc.

    293,416       12,065,266  

Realty Income Corp.

    1,166,913       80,867,071  

Regency Centers Corp.

    346,479       24,717,812  

Rexford Industrial Realty Inc.

    331,362       24,716,292  

SBA Communications Corp.

    186,332       64,116,841  

Simon Property Group Inc.

    88,147       11,596,619  

SL Green Realty Corp.

    139,868       11,354,484  

Spirit Realty Capital Inc.

    262,533       12,081,769  

STORE Capital Corp.

    501,422       14,656,565  

Sun Communities Inc.

    235,366       41,257,306  

UDR Inc.

    652,784       37,450,218  

Ventas Inc.

    818,927       50,576,932  

VICI Properties Inc.

    1,292,507       36,784,749  

Vornado Realty Trust

    359,223       16,279,986  

Welltower Inc.

    898,320       86,364,485  

Weyerhaeuser Co.

    1,547,304       58,642,822  

 

 

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

  89


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

WP Carey Inc.

    389,805     $ 31,511,836  
   

 

 

 
      1,612,672,171  
Food & Staples Retailing — 0.9%            

Albertsons Companies Inc., Class A

    335,054       11,140,546  

Casey’s General Stores Inc.

    75,394       14,940,829  

Grocery Outlet Holding Corp.(a)(b)

    175,904       5,766,133  

Kroger Co. (The)

    1,508,293       86,530,769  

U.S. Foods Holding Corp.(a)(b)

    453,778       17,075,666  
   

 

 

 
      135,453,943  
Food Products — 3.1%            

Archer-Daniels-Midland Co.

    1,147,983       103,616,946  

Beyond Meat Inc.(a)(b)

    14,199       685,954  

Bunge Ltd.

      283,410       31,404,662  

Campbell Soup Co.

    398,793       17,774,204  

Conagra Brands Inc.

    968,961       32,528,021  

Darling Ingredients Inc.(b)

    316,617       25,449,674  

Flowers Foods Inc.

    387,231       9,955,709  

Hain Celestial Group Inc. (The)(b)

    184,859       6,359,150  

Hershey Co. (The)

    43,312       9,382,679  

Hormel Foods Corp.

    581,346       29,962,573  

Ingredion Inc.

    138,407       12,062,170  

JM Smucker Co. (The)

    215,591       29,193,177  

Kellogg Co.

    286,035       18,446,397  

Lamb Weston Holdings Inc.

    210,634       12,619,083  

McCormick & Co. Inc./MD, NVS

    512,674       51,164,865  

Pilgrim’s Pride Corp.(b)

    56,567               1,419,832  

Post Holdings Inc.(b)

    117,178       8,115,748  

Seaboard Corp.

    507       2,132,183  

Tyson Foods Inc., Class A

    593,340       53,181,064  
   

 

 

 
      455,454,091  
Gas Utilities — 0.4%            

Atmos Energy Corp.

    276,503       33,039,344  

National Fuel Gas Co.

    180,453       12,397,121  

UGI Corp.

    431,847       15,641,498  
   

 

 

 
      61,077,963  
Health Care Equipment & Supplies — 2.0%  

Cooper Companies Inc. (The)(a)

    99,616       41,598,645  

DENTSPLY SIRONA Inc.

    447,216       22,011,972  

Envista Holdings Corp.(a)(b)

    331,180       16,131,778  

Figs Inc., Class A(a)(b)

    116,611       2,509,469  

Globus Medical Inc., Class A(b)

    152,008       11,215,150  

Hologic Inc.(b)

    510,379       39,207,315  

ICU Medical Inc.(a)(b)

    41,378       9,212,398  

Integra LifeSciences Holdings Corp.(a)(b)

    147,778       9,496,214  

Masimo Corp.(b)

    27,700       4,031,458  

Quidel Corp.(a)(b)

    74,876       8,420,555  

ResMed Inc.

    30,197       7,323,074  

STERIS PLC

    151,342       36,589,955  

Tandem Diabetes Care Inc.(b)

    7,372       857,290  

Teleflex Inc.

    79,067       28,055,344  

Zimmer Biomet Holdings Inc.

    429,166       54,890,331  

Zimvie Inc.(b)

    42,931       980,544  
   

 

 

 
      292,531,492  
Health Care Providers & Services — 2.4%            

Acadia Healthcare Co. Inc.(b)

    181,469       11,891,664  

agilon health Inc.(a)(b)

    21,084       534,479  

Amedisys Inc.(a)(b)

    7,488       1,290,108  

AmerisourceBergen Corp.

    305,178       47,214,088  

Cardinal Health Inc.

    234,010       13,268,367  
Security   Shares     Value  

Health Care Providers & Services (continued)

 

Chemed Corp.

    23,102     $ 11,702,318  

DaVita Inc.(b)

    39,044       4,416,267  

Encompass Health Corp.

    84,057       5,977,293  

Henry Schein Inc.(b)

    286,136       24,948,198  

Laboratory Corp. of America Holdings(b)

    192,138       50,659,105  

McKesson Corp.

    265,006       81,126,287  

Molina Healthcare Inc.(b)

    100,639       33,572,164  

Oak Street Health Inc.(a)(b)

    20,036       538,568  

Premier Inc., Class A

      243,256               8,657,481  

Quest Diagnostics Inc.

    250,649       34,303,822  

Signify Health Inc., Class A(a)(b)

    128,492       2,332,130  

Universal Health Services Inc., Class B

    146,877       21,289,821  
   

 

 

 
      353,722,160  
Health Care Technology — 0.6%            

Cerner Corp.

    603,018       56,418,364  

Certara Inc.(a)(b)

    106,687       2,291,637  

Change Healthcare Inc.(a)(b)

    509,889       11,115,580  

Definitive Healthcare Corp.(a)(b)

    27,395       675,287  

Teladoc Health Inc.(a)(b)

    309,501       22,324,307  
   

 

 

 
      92,825,175  
Hotels, Restaurants & Leisure — 2.4%            

Aramark

    475,067       17,862,519  

Boyd Gaming Corp.

    134,175       8,826,031  

Caesars Entertainment Inc.(a)(b)

    158,023       12,224,659  

Carnival Corp.(a)(b)

    1,780,236       35,996,372  

Darden Restaurants Inc.

    83,907       11,155,436  

Domino’s Pizza Inc.

    23,909       9,731,202  

Hilton Worldwide Holdings Inc.(b)

    186,403       28,284,791  

Hyatt Hotels Corp., Class A(a)(b)

    100,737       9,615,347  

Marriott Vacations Worldwide Corp.

    85,755       13,523,563  

MGM Resorts International

    778,730       32,659,936  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    759,085       16,608,780  

Penn National Gaming Inc.(b)

    318,995       13,531,768  

Planet Fitness Inc., Class A(b)

    52,323       4,420,247  

Royal Caribbean Cruises Ltd.(a)(b)

    451,924       37,862,193  

Six Flags Entertainment Corp.(b)

    95,803       4,167,431  

Travel + Leisure Co.

    57,153       3,311,445  

Wyndham Hotels & Resorts Inc.

    68,118       5,768,913  

Yum China Holdings Inc.

    811,751       33,720,137  

Yum! Brands Inc.

    546,290       64,751,754  
   

 

 

 
      364,022,524  
Household Durables — 1.4%            

DR Horton Inc.

    396,316       29,529,505  

Garmin Ltd.

    311,816       36,984,496  

Leggett & Platt Inc.

    270,125       9,400,350  

Lennar Corp., Class A

    530,866       43,090,393  

Lennar Corp., Class B

    31,632       2,162,047  

Mohawk Industries Inc.(b)

    113,970       14,155,074  

Newell Brands Inc.

    775,976       16,613,646  

NVR Inc.(a)(b)

    2,135       9,537,622  

PulteGroup Inc.

    362,227       15,177,311  

Toll Brothers Inc.

    134,585       6,328,187  

TopBuild Corp.(b)

    11,434       2,074,013  

Whirlpool Corp.

    118,305       20,440,738  
   

 

 

 
      205,493,382  
Household Products — 0.4%            

Church & Dwight Co. Inc.

    473,016       47,008,330  

Clorox Co. (The)

    47,614       6,619,774  

Reynolds Consumer Products Inc.

    109,390       3,209,503  

 

 

90  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Household Products (continued)

 

 

Spectrum Brands Holdings Inc.

    82,141     $ 7,287,550  
   

 

 

 
      64,125,157  
Independent Power and Renewable Electricity Producers — 0.5%  

AES Corp. (The)

    1,357,284       34,922,917  

Brookfield Renewable Corp., Class A

    193,866       8,491,331  

Vistra Corp.

    991,387       23,049,748  
   

 

 

 
      66,463,996  
Insurance — 5.9%            

Aflac Inc.

    1,329,395       85,599,744  

Alleghany Corp.(b)

    24,162       20,465,214  

American Financial Group Inc./OH

    138,733       20,202,299  

Arch Capital Group Ltd.(b)

    582,534       28,206,296  

Arthur J Gallagher & Co.

    420,990       73,504,854  

Assurant Inc.

    115,745       21,045,913  

Assured Guaranty Ltd.

    137,173       8,732,433  

Axis Capital Holdings Ltd.

    158,084       9,559,339  

Brighthouse Financial Inc.(b)

    160,977       8,316,072  

Brown & Brown Inc.

    454,238       32,827,780  

Cincinnati Financial Corp.

    308,649       41,963,918  

CNA Financial Corp.

    56,542       2,749,072  

Erie Indemnity Co., Class A, NVS

    15,552       2,739,174  

Everest Re Group Ltd.

    61,761       18,613,530  

Fidelity National Financial Inc.

    561,882       27,442,317  

First American Financial Corp.

    218,697       14,175,940  

Globe Life Inc.

    206,811       20,805,187  

GoHealth Inc., Class A(b)

    42,070       49,643  

Hanover Insurance Group Inc. (The)

    74,186       11,092,291  

Hartford Financial Services Group Inc. (The)

    689,954       49,545,597  

Kemper Corp.

    124,019       7,012,034  

Lemonade Inc.(a)(b)

    69,543       1,833,849  

Lincoln National Corp.

    314,969       20,586,374  

Loews Corp.

    431,396       27,963,089  

Markel Corp.(a)(b)

    23,139       34,135,578  

Mercury General Corp.

    55,009       3,025,495  

Old Republic International Corp.

    575,333       14,883,865  

Primerica Inc.

    80,869       11,064,497  

Principal Financial Group Inc.

    532,208       39,069,389  

Prudential Financial Inc.

    780,360       92,215,141  

Reinsurance Group of America Inc.

    138,999       15,214,831  

RenaissanceRe Holdings Ltd.

    50,083       7,938,656  

Unum Group

    420,701       13,256,289  

W R Berkley Corp.

      424,416       28,261,861  

White Mountains Insurance Group Ltd.(a)

    6,068               6,894,704  

Willis Towers Watson PLC

    255,426       60,336,730  
   

 

 

 
      881,328,995  
Interactive Media & Services — 0.5%            

IAC/InterActiveCorp.(a)(b)

    156,021       15,645,786  

TripAdvisor Inc.(b)

    76,671       2,079,317  

Twitter Inc.(b)

    1,435,352       55,533,769  

Vimeo Inc.(b)

    28,652       340,386  
   

 

 

 
      73,599,258  
Internet & Direct Marketing Retail — 0.1%            

DoorDash Inc., Class A(b)

    35,260       4,132,119  

Qurate Retail Inc., Series A

    748,187       3,561,370  

Wayfair Inc., Class A(a)(b)

    69,882       7,741,528  
   

 

 

 
      15,435,017  
IT Services — 1.9%            

Akamai Technologies Inc.(a)(b)

    331,368       39,562,026  

Alliance Data Systems Corp.

    104,362       5,859,926  
Security   Shares     Value  

IT Services (continued)

 

 

Amdocs Ltd.

    253,553     $ 20,844,592  

Broadridge Financial Solutions Inc.

    21,433       3,337,332  

Cloudflare Inc., Class A(a)(b)

    31,239       3,739,308  

Concentrix Corp.

    86,949       14,482,225  

DXC Technology Co.(b)

    502,519       16,397,195  

Euronet Worldwide Inc.(b)

    29,767       3,874,175  

Fastly Inc., Class A(a)(b)

    212,845       3,699,246  

FleetCor Technologies Inc.(b)

    125,949       31,368,858  

Genpact Ltd.

    356,128       15,495,129  

GoDaddy Inc., Class A(b)

    310,294       25,971,608  

Jack Henry & Associates Inc.

    110,021       21,679,638  

Paychex Inc.

    83,787       11,434,412  

Paysafe Ltd.(a)(b)

    739,640       2,507,380  

SolarWinds Corp.

    70,295       935,627  

StoneCo Ltd., Class A(b)

    30,716       359,377  

Thoughtworks Holding Inc.(b)

    57,007       1,186,316  

VeriSign Inc.(b)

    199,900       44,469,754  

Western Union Co. (The)

    613,870       11,503,924  

WEX Inc.(b)

    29,587       5,279,800  
   

 

 

 
      283,987,848  
Leisure Products — 0.2%            

Brunswick Corp./DE

    139,992       11,323,953  

Hasbro Inc.

    262,236       21,482,373  

Polaris Inc.

    35,526       3,741,598  
   

 

 

 
      36,547,924  
Life Sciences Tools & Services — 1.1%            

Adaptive Biotechnologies Corp.(a)(b)

    23,890       331,593  

Agilent Technologies Inc.

    63,772       8,438,949  

Azenta Inc.

    25,927       2,148,830  

Bio-Rad Laboratories Inc., Class A(b)

    43,834       24,688,624  

Charles River Laboratories International Inc.(b)

    6,331       1,797,814  

IQVIA Holdings Inc.(b)

    198,376       45,866,515  

PerkinElmer Inc.(a)

    259,200       45,220,032  

QIAGEN NV(b)

    470,724       23,065,476  

Repligen Corp.(b)

    6,401       1,203,964  

Syneos Health Inc.(a)(b)

    183,711       14,871,405  

Waters Corp.(b)

    8,608       2,671,837  
   

 

 

 
      170,305,039  
Machinery — 4.6%            

AGCO Corp.

    115,850       16,917,576  

Allison Transmission Holdings Inc.

    52,853               2,075,009  

Colfax Corp.(b)

    286,857       11,414,040  

Crane Co.

      100,865       10,921,662  

Cummins Inc.

    294,955       60,498,220  

Donaldson Co. Inc.

    220,627       11,457,160  

Dover Corp.

    294,916       46,272,320  

Flowserve Corp.

    271,666       9,752,809  

Fortive Corp.

    671,469       40,912,606  

Gates Industrial Corp. PLC(a)(b)

    193,459       2,913,493  

Graco Inc.

    132,107       9,210,500  

IDEX Corp.

    155,918       29,894,158  

Ingersoll Rand Inc.

    811,590       40,863,557  

ITT Inc.

    177,017       13,313,449  

Middleby Corp. (The)(b)

    79,069       12,962,572  

Nordson Corp.

    99,472       22,588,102  

Oshkosh Corp.

    136,763       13,765,196  

Otis Worldwide Corp.

    874,437       67,287,927  

PACCAR Inc.

    703,554       61,962,001  

Parker-Hannifin Corp.

    220,508       62,571,350  

 

 

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

  91


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Machinery (continued)

   

Pentair PLC

    342,187     $ 18,549,957  

Snap-on Inc.

    108,775       22,351,087  

Stanley Black & Decker Inc.

    331,654       46,361,913  

Timken Co. (The)

    131,172       7,962,140  

Toro Co. (The)

    11,688       999,207  

Westinghouse Air Brake Technologies Corp.

    368,340       35,423,258  

Xylem Inc./NY

    125,624       10,710,702  
   

 

 

 
      689,911,971  
Marine — 0.1%            

Kirby Corp.(b)

    124,465       8,985,128  
   

 

 

 
Media — 2.2%            

Altice USA Inc., Class A(b)

    129,142       1,611,692  

Cable One Inc.

    5,296       7,754,615  

Discovery Inc., Class A(a)(b)

    342,486       8,534,751  

Discovery Inc., Class C, NVS(b)

    649,813       16,225,831  

DISH Network Corp., Class A(a)(b)

    511,741       16,196,603  

Fox Corp., Class A, NVS

    642,226       25,335,816  

Fox Corp., Class B

    306,183       11,108,319  

Interpublic Group of Companies Inc. (The)

    804,006       28,502,013  

Liberty Broadband Corp., Class A(b)

    47,823       6,267,682  

Liberty Broadband Corp., Class C, NVS(b)

    289,772       39,211,947  

Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)

    188,860       8,632,791  

Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)

      331,505       15,159,724  

Loyalty Ventures Inc.(b)

    40,064       662,258  

New York Times Co. (The), Class A

    340,830       15,623,647  

News Corp., Class A, NVS

    803,624       17,800,272  

News Corp., Class B

    244,368       5,503,167  

Nexstar Media Group Inc., Class A

    76,030       14,330,134  

Omnicom Group Inc.

    427,058       36,248,683  

Paramount Global, Class B, NVS

    1,198,247       45,305,719  

Sirius XM Holdings Inc.(a)

    1,794,755       11,881,278  

ViacomCBS Inc., Class A(a)

    16,481       665,997  
   

 

 

 
      332,562,939  
Metals & Mining — 1.6%            

Alcoa Corp.

    379,709       34,185,201  

Cleveland-Cliffs Inc.(b)

    920,605       29,652,687  

Nucor Corp.

    561,799       83,511,422  

Reliance Steel & Aluminum Co.

    128,519       23,563,959  

Royal Gold Inc.

    134,326       18,977,577  

Steel Dynamics Inc.

    316,468       26,402,925  

United States Steel Corp.

    533,508       20,134,592  
   

 

 

 
      236,428,363  
Mortgage Real Estate Investment — 0.4%            

AGNC Investment Corp.

    1,074,883       14,080,967  

Annaly Capital Management Inc.

    2,923,965       20,584,713  

New Residential Investment Corp.

    899,712               9,878,838  

Starwood Property Trust Inc.

    600,534       14,514,907  
   

 

 

 
      59,059,425  
Multi-Utilities — 2.8%            

Ameren Corp.

    523,054       49,041,543  

CenterPoint Energy Inc.

    1,219,880       37,377,123  

CMS Energy Corp.

    596,826       41,742,010  

Consolidated Edison Inc.

    727,881       68,915,773  

DTE Energy Co.

    397,423       52,543,295  

NiSource Inc.

    809,702       25,748,524  

Public Service Enterprise Group Inc.

    1,040,857       72,859,990  
Security   Shares     Value  

Multi-Utilities (continued)

   

WEC Energy Group Inc.

    648,736     $ 64,750,340  
   

 

 

 
      412,978,598  
Multiline Retail — 0.7%            

Dollar Tree Inc.(b)

    457,749       73,308,502  

Kohl’s Corp.

    284,883       17,224,026  

Nordstrom Inc.

    34,928       946,898  

Ollie’s Bargain Outlet Holdings Inc.(a)(b)

    131,353       5,642,925  
   

 

 

 
      97,122,351  
Oil, Gas & Consumable Fuels — 6.3%            

Antero Midstream Corp.

    701,081       7,620,751  

APA Corp.

    747,185       30,881,156  

Continental Resources Inc./OK

    122,330       7,502,499  

Coterra Energy Inc.

    1,375,521       37,097,801  

Devon Energy Corp.

    1,385,986       81,953,352  

Diamondback Energy Inc.

    194,563       26,670,696  

DTE Midstream LLC(b)

    200,591       10,884,068  

EQT Corp.

    629,278       21,653,456  

Hess Corp.

    531,353       56,876,025  

HF Sinclair Corp.

    308,252       12,283,842  

Marathon Oil Corp.

    1,598,890       40,148,128  

Marathon Petroleum Corp.

    1,267,662       108,385,101  

Occidental Petroleum Corp.

    1,516,861       86,066,693  

ONEOK Inc.

    912,024       64,416,255  

Phillips 66

    960,649       82,990,467  

Pioneer Natural Resources Co.

    245,842       61,467,875  

Targa Resources Corp.

    464,580       35,061,853  

Valero Energy Corp.

    842,621       85,559,736  

Williams Companies Inc. (The)

    2,507,951       83,790,643  
   

 

 

 
      941,310,397  
Paper & Forest Products — 0.1%            

Louisiana-Pacific Corp.

    165,592       10,286,575  

Sylvamo Corp.(b)

    72,068       2,398,423  
   

 

 

 
      12,684,998  
Personal Products — 0.1%            

Coty Inc., Class A(b)

    725,889       6,525,742  

Herbalife Nutrition Ltd.(b)

    172,641       5,241,381  

Olaplex Holdings Inc.(a)(b)

    132,678       2,073,757  
   

 

 

 
      13,840,880  
Pharmaceuticals — 1.0%            

Catalent Inc.(b)

      268,006       29,721,866  

Elanco Animal Health Inc.(b)

    915,292       23,879,968  

Jazz Pharmaceuticals PLC(b)

    123,451       19,217,617  

Nektar Therapeutics(a)(b)

    361,762               1,949,897  

Organon & Co.

    520,982       18,197,901  

Perrigo Co. PLC

    274,925       10,565,368  

Royalty Pharma PLC, Class A

    274,631       10,699,624  

Viatris Inc.

    2,483,626       27,021,851  
   

 

 

 
      141,254,092  
Professional Services — 1.7%            

CACI International Inc., Class A(b)

    47,813       14,404,144  

Clarivate PLC(a)(b)

    959,715       16,084,823  

CoStar Group Inc.(b)

    179,932       11,985,271  

Dun & Bradstreet Holdings Inc.(b)

    322,361       5,647,765  

Equifax Inc.

    154,219       36,565,325  

FTI Consulting Inc.(a)(b)

    69,505       10,927,576  

Jacobs Engineering Group Inc.

    266,778       36,764,676  

Legalzoomcom Inc.(a)(b)

    79,523       1,124,455  

Leidos Holdings Inc.

    290,132       31,340,059  

 

 

92  

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Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Professional Services (continued)

   

ManpowerGroup Inc.

    111,759     $ 10,496,405  

Nielsen Holdings PLC

    729,049       19,859,295  

Robert Half International Inc.

    27,206       3,106,381  

Science Applications International Corp.

    116,687       10,755,041  

TransUnion

    124,841       12,901,069  

Verisk Analytics Inc.

    119,145       25,572,091  
   

 

 

 
      247,534,376  
Real Estate Management & Development — 0.7%  

CBRE Group Inc., Class A(b)

    653,092       59,770,980  

Howard Hughes Corp. (The)(a)(b)

    86,516       8,963,923  

Jones Lang LaSalle Inc.(a)(b)

    104,071       24,920,841  

Opendoor Technologies Inc.(a)(b)

    752,917       6,512,732  
   

 

 

 
      100,168,476  
Road & Rail — 0.4%            

AMERCO

    18,450       11,013,543  

JB Hunt Transport Services Inc.

    18,968       3,808,585  

Knight-Swift Transportation Holdings Inc.

    328,990       16,600,835  

Landstar System Inc.

    8,684       1,309,808  

Old Dominion Freight Line Inc.

    16,276       4,861,316  

Ryder System Inc.

    109,186       8,661,725  

Schneider National Inc., Class B

    104,239       2,658,094  

TuSimple Holdings Inc., Class A(a)(b)

    238,650       2,911,530  

XPO Logistics Inc.(b)

    28,552       2,078,586  
   

 

 

 
      53,904,022  
Semiconductors & Semiconductor Equipment — 1.9%  

Cirrus Logic Inc.(b)

    117,434       9,957,229  

First Solar Inc.(b)

    216,886       18,162,034  

GLOBALFOUNDRIES Inc.(a)(b)

    50,573       3,156,767  

Marvell Technology Inc.

    1,737,977       124,630,330  

Microchip Technology Inc.

    176,625       13,271,603  

MKS Instruments Inc.

    17,365               2,604,750  

ON Semiconductor Corp.(b)

    397,987       24,917,966  

Qorvo Inc.(b)

    223,133       27,690,805  

Skyworks Solutions Inc.

    179,173       23,880,177  

Wolfspeed Inc.(a)(b)

      238,264       27,128,739  
   

 

 

 
      275,400,400  
Software — 1.7%            

ANSYS Inc.(b)

    104,899       33,321,167  

Black Knight Inc.(b)

    314,620       18,244,814  

C3.ai Inc., Class A(a)(b)

    88,677       2,012,968  

CDK Global Inc.

    201,266       9,797,629  

Ceridian HCM Holding Inc.(a)(b)

    270,762       18,509,290  

Citrix Systems Inc.

    162,925       16,439,133  

Datto Holding Corp.(a)(b)

    47,977       1,281,945  

Dolby Laboratories Inc., Class A

    132,302       10,348,662  

Duck Creek Technologies Inc.(b)

    127,037       2,810,058  

Dynatrace Inc.(b)

    25,933       1,221,444  

Guidewire Software Inc.(a)(b)

    171,514       16,228,655  

Informatica Inc.(a)(b)

    18,990       374,863  

Jamf Holding Corp.(a)(b)

    16,304       567,542  

Mandiant Inc.(b)

    335,363       7,481,949  

Manhattan Associates Inc.(a)(b)

    61,615       8,546,617  

N-able Inc.(b)

    91,688       834,361  

NCR Corp.(b)

    176,301       7,085,537  

NortonLifeLock Inc.

    834,433       22,129,163  

Paycor HCM Inc.(a)(b)

    32,354       941,825  

Pegasystems Inc.

    4,602       371,151  

Procore Technologies Inc.(a)(b)

    33,790       1,958,468  

SS&C Technologies Holdings Inc.

    460,030       34,511,451  
Security   Shares     Value  

Software (continued)

   

Synopsys Inc.(b)

    114,189     $ 38,055,768  

Teradata Corp.(a)(b)

    32,002       1,577,379  

Tyler Technologies Inc.(b)

    10,854       4,828,836  
   

 

 

 
      259,480,675  
Specialty Retail — 2.0%            

Advance Auto Parts Inc.

    128,265       26,545,725  

AutoNation Inc.(a)(b)

    84,197       8,384,337  

AutoZone Inc.(b)

    33,426       68,342,131  

Bath & Body Works Inc.

    204,243       9,762,815  

Best Buy Co. Inc.

    381,558       34,683,622  

Burlington Stores Inc.(b)

    7,746       1,411,089  

CarMax Inc.(a)(b)

    307,130       29,631,903  

Dick’s Sporting Goods Inc.

    124,407       12,443,188  

Foot Locker Inc.

    178,459       5,293,094  

Gap Inc. (The)

    424,178       5,972,426  

Leslie’s Inc.(a)(b)

    39,284       760,538  

Lithia Motors Inc.

    54,867       16,466,684  

O’Reilly Automotive Inc.(b)

    95,578       65,467,107  

Penske Automotive Group Inc.

    64,151       6,012,232  

Petco Health & Wellness Co. Inc.(a)(b)

    105,524       2,065,105  

Victoria’s Secret & Co.(a)(b)

    67,295       3,456,271  

Vroom Inc.(a)(b)

    173,823       462,369  

Williams-Sonoma Inc.

    36,197       5,248,565  
   

 

 

 
      302,409,201  
Technology Hardware, Storage & Peripherals — 1.0%  

Hewlett Packard Enterprise Co.

    2,674,810       44,696,075  

HP Inc.

    1,459,485       52,979,306  

NetApp Inc.

    154,200       12,798,600  

Pure Storage Inc., Class A(b)

    34,354       1,213,040  

Western Digital Corp.(b)

    641,371       31,844,070  

Xerox Holdings Corp.

    261,383       5,272,095  
   

 

 

 
      148,803,186  
Textiles, Apparel & Luxury Goods — 0.8%        

Capri Holdings Ltd.(b)

    297,221       15,274,187  

Carter’s Inc.

    84,318       7,756,413  

Columbia Sportswear Co.

    75,395       6,825,509  

Deckers Outdoor Corp.(b)

    48,055       13,156,017  

Hanesbrands Inc.

    280,858       4,181,976  

PVH Corp.

    143,463       10,990,701  

Ralph Lauren Corp.

    93,615       10,619,686  

Skechers U.S.A. Inc., Class A(a)(b)

    242,165       9,870,645  

Tapestry Inc.

    490,416       18,218,954  

Under Armour Inc., Class A(a)(b)

      395,942               6,738,933  

Under Armour Inc., Class C, NVS(a)(b)

    419,922       6,533,986  

VF Corp.

    236,489       13,446,765  
   

 

 

 
      123,613,772  
Thrifts & Mortgage Finance — 0.1%            

MGIC Investment Corp.

    659,828       8,940,670  

New York Community Bancorp. Inc.

    933,913       10,011,547  

TFS Financial Corp.

    98,399       1,633,423  

UWM Holdings Corp.

    98,031       444,081  
   

 

 

 
      21,029,721  
Trading Companies & Distributors — 0.7%            

Air Lease Corp.

    221,360       9,883,724  

Core & Main Inc., Class A(a)(b)

    55,652       1,346,222  

Fastenal Co.

    131,028       7,783,063  

MSC Industrial Direct Co. Inc., Class A

    94,024       8,011,785  

SiteOne Landscape Supply Inc.(a)(b)

    44,184       7,144,111  

United Rentals Inc.(b)

    97,208       34,529,254  

 

 

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

  93


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Trading Companies & Distributors (continued)

 

Univar Solutions Inc.(b)

    347,035     $ 11,153,705  

Watsco Inc.

    66,785       20,345,382  

WW Grainger Inc.

    15,898       8,200,029  
   

 

 

 
      108,397,275  
Water Utilities — 0.6%            

American Water Works Co. Inc.

    373,147       61,767,023  

Essential Utilities Inc.

    475,685       24,321,774  
   

 

 

 
      86,088,797  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $11,656,398,542)

 

    14,867,953,586  
   

 

 

 

Short-Term Investments

 

 
Money Market Funds — 2.8%        

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)

    397,615,553       397,536,030  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)

    21,620,000       21,620,000  
   

 

 

 
      419,156,030  
   

 

 

 

Total Short-Term Investments — 2.8%
(Cost: $419,094,994)

 

    419,156,030  
   

 

 

 

Total Investments in Securities — 102.5%
(Cost: $12,075,493,536)

 

    15,287,109,616  

Other Assets, Less Liabilities — (2.5)%

 

    (379,364,351
   

 

 

 
Net Assets — 100.0%         $ 14,907,745,265  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Non-income producing security.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
     Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
03/31/22
    Shares
Held at
03/31/22
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

        
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 235,625,516     $ 162,144,941 (a)    $     $ (105,898   $ (128,529   $ 397,536,030       397,615,553     $ 787,079 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    18,090,000       3,530,000 (a)                         21,620,000       21,620,000       5,779          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (105,898   $ (128,529   $ 419,156,030       $ 792,858     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 

 

 

94  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value 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

        

S&P 500 E-Mini Index

     42       06/17/22     $ 9,515     $ 476,844  

S&P Mid 400 E-Mini Index

     100       06/17/22       26,892       837,682  
        

 

 

 
         $ 1,314,526  
        

 

 

 

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)

   $ 1,314,526  
  

 

 

 

 

  (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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (989,951
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 1,329,904  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 33,307,595     

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.

 

 

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

  95


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Russell Mid-Cap Value 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

   $ 14,867,369,595      $ 583,991      $      $ 14,867,953,586  

Money Market Funds

     419,156,030                      419,156,030  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 15,286,525,625      $ 583,991      $      $ 15,287,109,616  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 1,314,526      $      $      $ 1,314,526  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

96  

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


Statements of Assets and Liabilities   

March 31, 2022

 

    

iShares

Micro-Cap ETF

    

iShares

Russell 2500
ETF

     iShares
Russell 3000 ETF
 

ASSETS

       

Investments in securities, at value (including securities on loan)(a):

       

Unaffiliated(b)

  $ 1,093,567,577      $ 241,442,211      $ 11,961,393,330  

Affiliated(c)

    174,014,783        292,368,254        279,828,282  

Cash

    128,559        13,344        179,807  

Cash pledged:

       

Futures contracts

    146,710        34,000        1,393,459  

Receivables:

       

Investments sold

    2,675,665               250,353  

Securities lending income — Affiliated

    254,450        36,252        91,164  

Capital shares sold

           9,335        826  

Dividends

    770,367        212,013        7,841,849  
 

 

 

    

 

 

    

 

 

 

Total assets

    1,271,558,111        534,115,409        12,250,979,070  
 

 

 

    

 

 

    

 

 

 

LIABILITIES

       

Collateral on securities loaned, at value

    172,831,037        110,935,120        231,164,775  

Payables:

       

Investments purchased

    1,493,183               826  

Variation margin on futures contracts

    27,065        6,980        349,074  

Capital shares redeemed

    1,292                

Investment advisory fees

    561,820        23,769        1,981,837  
 

 

 

    

 

 

    

 

 

 

Total liabilities

    174,914,397        110,965,869        233,496,512  
 

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,096,643,714      $ 423,149,540      $ 12,017,482,558  
 

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF:

       

Paid-in capital

  $ 1,290,071,487      $ 399,790,109      $ 8,162,849,885  

Accumulated earnings (loss)

    (193,427,773      23,359,431        3,854,632,673  
 

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,096,643,714      $ 423,149,540      $ 12,017,482,558  
 

 

 

    

 

 

    

 

 

 

Shares outstanding

    8,500,000        6,800,000        45,850,000  
 

 

 

    

 

 

    

 

 

 

Netasset value

  $ 129.02      $ 62.23      $ 262.10  
 

 

 

    

 

 

    

 

 

 

Sharesauthorized

    Unlimited        Unlimited        Unlimited  
 

 

 

    

 

 

    

 

 

 

Parvalue

    None        None        None  
 

 

 

    

 

 

    

 

 

 

(a)  Securities loaned, at value

  $ 161,043,637      $ 107,559,992      $ 223,406,467  

(b)  Investments, at cost — Unaffiliated

  $ 1,151,550,371      $ 220,764,509      $ 7,904,960,674  

(c)  Investments, at cost — Affiliated

  $ 174,026,145      $ 286,687,448      $ 269,445,799  

See notes to financial statements.

 

 

I N A N C I A L  T A T E M E N T S

  97


Statements of Assets and Liabilities   (continued)

March 31, 2022

 

    

iShares

Russell Mid-Cap

ETF

   

iShares

Russell Mid-Cap

Growth ETF

    

iShares

Russell Mid-Cap

Value ETF

 

 

 

ASSETS

       

Investments in securities, at value (including securities on loan)(a):

       

Unaffiliated(b)

   $ 30,234,133,292     $ 13,757,241,260      $ 14,867,953,586  

Affiliated(c)

     1,313,928,989       802,912,169        419,156,030  

Cash

     641,030       439,540        246,775  

Cash pledged:

       

Futures contracts

     3,615,420       1,134,990        2,060,590  

Receivables:

       

Securities lending income — Affiliated

     354,387       277,778        94,243  

Capital shares sold

     234,813              175,720  

Dividends

     28,084,234       3,439,023        19,059,273  
  

 

 

   

 

 

    

 

 

 

Total assets

     31,580,992,165       14,565,444,760        15,308,746,217  
  

 

 

   

 

 

    

 

 

 

LIABILITIES

       

Collateral on securities loaned, at value

     1,271,926,400       785,366,199        397,471,682  

Payables:

       

Investments purchased

     816               

Variation margin on futures contracts

     916,307       282,201        522,071  

Capital shares redeemed

           35,094        116,127  

Investment advisory fees

     4,606,253       2,622,550        2,891,072  
  

 

 

   

 

 

    

 

 

 

Total liabilities

     1,277,449,776              788,306,044        401,000,952  
  

 

 

   

 

 

    

 

 

 

NET ASSETS

   $ 30,303,542,389     $ 13,777,138,716      $ 14,907,745,265  
  

 

 

   

 

 

    

 

 

 

NET ASSETS CONSIST OF:

       

Paid-in capital

   $ 21,233,308,041     $ 12,841,556,579      $ 12,204,733,162  

Accumulated earnings

     9,070,234,348       935,582,137        2,703,012,103  
  

 

 

   

 

 

    

 

 

 

NET ASSETS

   $ 30,303,542,389     $ 13,777,138,716      $ 14,907,745,265  
  

 

 

   

 

 

    

 

 

 

Shares outstanding

     388,400,000       137,050,000        124,700,000  
  

 

 

   

 

 

    

 

 

 

Net asset value

   $ 78.02     $ 100.53      $ 119.55  
  

 

 

   

 

 

    

 

 

 

Shares authorized

     Unlimited       Unlimited        Unlimited  
  

 

 

   

 

 

    

 

 

 

Par value

     None       None        None  
  

 

 

   

 

 

    

 

 

 

(a)  Securities loaned, at value

   $ 1,226,083,859     $ 752,181,377      $ 383,214,540  

(b)  Investments, at cost — Unaffiliated

   $ 20,240,419,610     $ 11,983,921,991      $ 11,656,398,542  

(c)  Investments, at cost — Affiliated

   $ 1,313,911,947     $ 802,858,117      $ 419,094,994  

See notes to financial statements.

 

 

98  

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


Statements of Operations  

Year Ended March 31, 2022

 

   

iShares
Micro-Cap

ETF

    iShares
Russell 2500
ETF
    

iShares

Russell 3000 ETF

 

 

 

INVESTMENT INCOME

      

Dividends — Unaffiliated

  $ 11,342,170     $ 2,544,710      $ 155,041,625  

Dividends — Affiliated

    14,754       1,546,286        686,454  

Securities lending income — Affiliated — net

    3,020,241       422,351        732,274  

Other income — Unaffiliated

    10,203               

Foreign taxes withheld

    (19,884     (2,073      (42,333
 

 

 

   

 

 

    

 

 

 

Total investment income

    14,367,484       4,511,274        156,418,020  
 

 

 

   

 

 

    

 

 

 

EXPENSES

      

Investment advisory fees

    7,587,317       523,462        24,003,897  

Professional fees

    217       217        217  
 

 

 

   

 

 

    

 

 

 

Total expenses

    7,587,534       523,679        24,004,114  

Less:

      

Investment advisory fees waived

          (286,466       
 

 

 

   

 

 

    

 

 

 

Total expenses after fees waived

    7,587,534       237,213        24,004,114  
 

 

 

   

 

 

    

 

 

 

Net investment income

    6,779,950       4,274,061        132,413,906  
 

 

 

   

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

      

Net realized gain (loss) from:

      

Investments — Unaffiliated

    47,761,736       (2,173,203      (9,891,921

Investments — Affiliated

    (52,090     (158,587      (63,719

In-kind redemptions — Unaffiliated

    209,749,072       15,578,593        861,755,622  

In-kind redemptions — Affiliated

          7,521,154        2,707,541  

Futures contracts

    (240,796     25,169        1,940,308  
 

 

 

   

 

 

    

 

 

 

Net realized gain

    257,217,922       20,793,126        856,447,831  
 

 

 

   

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation) on:

      

Investments — Unaffiliated

    (412,751,836     (8,821,884      291,956,948  

Investments — Affiliated

    (91,828     (20,495,784      (2,247,532

Futures contracts

    13,729       6,519        1,070,191  
 

 

 

   

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation)

    (412,829,935     (29,311,149      290,779,607  
 

 

 

   

 

 

    

 

 

 

Net realized and unrealized gain (loss)

    (155,612,013 )          (8,518,023      1,147,227,438  
 

 

 

   

 

 

    

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (148,832,063   $ (4,243,962    $ 1,279,641,344  
 

 

 

   

 

 

    

 

 

 

See notes to financial statements.

 

 

I N A N C I A L  T A T E M E N T S

  99


Statements of Operations  (continued)

Year Ended March 31, 2022

 

   

iShares

Russell Mid-Cap
ETF

    

iShares

Russell Mid-Cap

Growth ETF

    

iShares

Russell Mid-Cap

Value ETF

 

 

 

INVESTMENT INCOME

       

Dividends — Unaffiliated

  $ 368,398,350      $ 84,471,911      $ 233,484,939  

Dividends — Affiliated

    99,673        70,454        26,250  

Securities lending income — Affiliated — net

    2,858,706        2,650,914        766,608  

Foreign taxes withheld

    (102,223      (16,883      (66,010
 

 

 

    

 

 

    

 

 

 

Total investment income

    371,254,506        87,176,396        234,211,787  
 

 

 

    

 

 

    

 

 

 

EXPENSES

       

Investment advisory fees

    54,833,143        35,394,530        33,380,326  

Professional fees

    217        217        217  
 

 

 

    

 

 

    

 

 

 

Total expenses

    54,833,360        35,394,747        33,380,543  
 

 

 

    

 

 

    

 

 

 

Net investment income

    316,421,146        51,781,649        200,831,244  
 

 

 

    

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    430,247,881        171,302,050        730,659,503  

Investments — Affiliated

    (309,770      (280,948      (105,898

In-kind redemptions — Unaffiliated

    1,281,815,912        2,733,982,624        497,136,508  

Futures contracts

    1,656,395        1,528,652        (989,951
 

 

 

    

 

 

    

 

 

 

Net realized gain

    1,713,410,418        2,906,532,378        1,226,700,162  
 

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (185,064,513      (3,079,154,370      52,182,908  

Investments — Affiliated

    (532,623      (413,425      (128,529

Futures contracts

    2,361,973            910,512        1,329,904  
 

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation)

    (183,235,163      (3,078,657,283      53,384,283  
 

 

 

    

 

 

    

 

 

 

Net realized and unrealized gain (loss)

    1,530,175,255        (172,124,905      1,280,084,445  
 

 

 

    

 

 

    

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 1,846,596,401      $ (120,343,256    $ 1,480,915,689  
 

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

100  

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


Statements of Changes in Net Assets

 

         

iShares

 

Micro-Cap ETF

   

iShares

 

Russell 2500 ETF

 
 

 

 

   

 

 

 
              Year Ended
03/31/22
    Year Ended
03/31/21
        Year Ended
03/31/22
    Year Ended
03/31/21
 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

    $ 6,779,950     $ 7,953,178     $ 4,274,061     $ 1,875,578  

Net realized gain

      257,217,922       18,081,192       20,793,126       4,120,692  

Net change in unrealized appreciation (depreciation)

      (412,829,935     632,697,905       (29,311,149     66,690,370  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

      (148,832,063     658,732,275       (4,243,962     72,686,640  
   

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

      (9,212,592     (8,886,794     (4,296,696     (2,053,020
   

 

 

   

 

 

   

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase (decrease) in net assets derived from capital share transactions

      (131,900,161     174,536,784       164,572,268       154,463,552  
   

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

         

Total increase (decrease) in net assets

      (289,944,816     824,382,265       156,031,610       225,097,172  

Beginning of year

      1,386,588,530           562,206,265           267,117,930           42,020,758  
   

 

 

   

 

 

   

 

 

   

 

 

 

End of year

    $ 1,096,643,714     $ 1,386,588,530     $ 423,149,540     $ 267,117,930  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

I N A N C I A L  T A T E M E N T S

  101


Statements of Changes in Net Assets  (continued)

 

       

iShares

 

Russell 3000 ETF

   

iShares

 

Russell Mid-Cap ETF

 
 

 

   

 

 

 
       

    Year Ended

03/31/22

   

Year Ended

03/31/21

   

    Year Ended

03/31/22

   

Year Ended

03/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

    $ 132,413,906     $ 135,062,426     $ 316,421,146     $ 270,198,642  

Net realized gain

      856,447,831       1,061,621,917       1,713,410,418       700,515,561  

Net change in unrealized appreciation (depreciation)

      290,779,607       3,423,435,522       (183,235,163     10,488,765,188  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

      1,279,641,344       4,620,119,865       1,846,596,401       11,459,479,391  
   

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

      (135,842,146     (140,402,335     (335,661,159     (291,549,968
   

 

 

   

 

 

   

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase (decrease) in net assets derived from capital share transactions

      (84,663,380     (1,752,359,037     1,669,289,907       201,796,936  
   

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

         

Total increase in net assets

      1,059,135,818       2,727,358,493       3,180,225,149       11,369,726,359  

Beginning of year

      10,958,346,740       8,230,988,247       27,123,317,240       15,753,590,881  
   

 

 

   

 

 

   

 

 

   

 

 

 

End of year

    $ 12,017,482,558         $ 10,958,346,740         $ 30,303,42,389         $ 27,123,317,240  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

102  

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


Statements of Changes in Net Assets  (continued)

 

         

iShares

 

Russell Mid-Cap Growth ETF

   

iShares

 

Russell Mid-Cap Value ETF

 
 

 

 

   

 

 

 
         

Year Ended

03/31/22

   

Year Ended

03/31/21

   

Year Ended

03/31/22

   

Year Ended

03/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

    $ 51,781,649     $ 48,647,158     $ 200,831,244     $ 174,406,967  

Net realized gain

      2,906,532,378       1,634,159,985       1,226,700,162       31,845,912  

Net change in unrealized appreciation (depreciation)

      (3,078,657,283     4,645,472,122       53,384,283       5,513,829,072  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

      (120,343,256     6,328,279,265       1,480,915,689       5,720,081,951  
   

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

      (57,154,726     (50,299,403     (220,370,366     (194,749,263
   

 

 

   

 

 

   

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase (decrease) in net assets derived from capital share transactions

      (867,632,402     (809,354,311     527,173,955       (607,251,620
   

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

         

Total increase (decrease) in net assets

      (1,045,130,384     5,468,625,551       1,787,719,278       4,918,081,068  

Beginning of year

      14,822,269,100       9,353,643,549       13,120,025,987       8,201,944,919  
   

 

 

   

 

 

   

 

 

   

 

 

 

End of year

    $ 13,777,138,716         $ 14,822,269,100         $ 14,907,745,265         $ 13,120,025,987  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

I N A N C I A L  T A T E M E N T S

  103


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares Micro-Cap ETF  
 

 

 

 
   

Year Ended

03/31/22

         

Year Ended

03/31/21

   

Year Ended

03/31/20

   

Year Ended

03/31/19

   

Year Ended

03/31/18

 

 

 

Net asset value, beginning of year

  $ 146.73              $ 67.33              $ 92.88              $ 96.11              $ 85.68  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

    0.76         0.96         0.94         0.89         0.79  

Net realized and unrealized gain (loss)(b)

    (17.42       79.50         (25.28       (3.24       10.68  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

    (16.66       80.46         (24.34       (2.35       11.47  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                 

From net investment income

    (1.05       (1.06       (1.21       (0.88       (1.04
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

    (1.05       (1.06       (1.21       (0.88       (1.04
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

  $ 129.02       $ 146.73       $ 67.33       $ 92.88       $ 96.11  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                 

Based on net asset value

    (11.41 )%        120.24       (26.47 )%        (2.48 )%        13.43
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                 

Total expenses

    0.60       0.60       0.60       0.60       0.60
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    0.54       0.92       1.03       0.91       0.86
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                 

Net assets, end of year (000)

  $ 1,096,644       $ 1,386,589       $ 562,206       $ 882,335       $ 879,375  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

    44       35       24       25       22
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

104  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell 2500 ETF      
 

 

 

   
   

Year Ended

03/31/22

   

Year Ended

03/31/21

   

Year Ended

03/31/20

   

Year Ended

03/31/19

   

Period From    
      07/06/17(a)

  to 03/31/18

 

   

Net asset value, beginning of period

           $ 62.85              $ 33.62              $ 44.13              $ 43.24              $ 39.34    
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Net investment income(b)

      0.79         0.75         0.72         0.65         0.42    

Net realized and unrealized gain (loss)(c)

      (0.66       29.21         (10.50       1.22         3.88    
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Net increase (decrease) from investment operations

      0.13         29.96         (9.78       1.87         4.30    
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Distributions(d)

                     

From net investment income

      (0.75       (0.73       (0.73       (0.62       (0.40  

From net realized gain

                              (0.36          

Return of capital

                                      (0.00 )(e)   
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Total distributions

      (0.75       (0.73       (0.73       (0.98       (0.40  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Net asset value, end of period

    $ 62.23       $ 62.85       $ 33.62       $ 44.13       $ 43.24    
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Total Return(f)

                     

Based on net asset value

      0.17       89.71       (22.47 )%        4.49       10.96 %(g)   
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Ratios to Average Net Assets(h)

                     

Total expenses

      0.15       0.15       0.15       0.15       0.15 %(i)   
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Total expenses after fees waived

      0.07       0.07       0.07       0.06       0.07 %(i)   
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Net investment income

      1.22       1.44       1.60       1.49       1.37 %(i)   
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Supplemental Data

                     

Net assets, end of period (000)

    $ 423,150       $ 267,118       $ 42,021       $ 35,302       $ 6,486    
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Portfolio turnover rate(j)

      12       16       14       12       5 %(g)    
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

 

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)

Rounds to less than $0.01.

(f)

Where applicable, assumes the reinvestment of distributions.

(g)

Not annualized.

(h)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i)

Annualized.

(j)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

 F I N A N C I A L  I G H L I G H T S

  105


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell 3000 ETF  
 

 

 

 
   

Year Ended

03/31/22

         

Year Ended

03/31/21

         

Year Ended

03/31/20

         

Year Ended

03/31/19

         

Year Ended

03/31/18

 

 

 

Net asset value, beginning of year

  $ 237.19              $ 148.31              $ 166.74              $ 156.30              $ 139.89  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

    2.87         2.73         2.91         2.78         2.53  

Net realized and unrealized gain (loss)(b)

    25.00         89.03         (18.04       10.52         16.45  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

    27.87         91.76         (15.13       13.30         18.98  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                 

From net investment income

    (2.96       (2.88       (3.30       (2.86       (2.57
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

    (2.96       (2.88       (3.30       (2.86       (2.57
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

  $ 262.10       $ 237.19       $ 148.31       $ 166.74       $ 156.30  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                 

Based on net asset value

    11.75       62.21       (9.29 )%        8.59       13.64
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                 

Total expenses

    0.20       0.20       0.20       0.20       0.20
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    1.10       1.37       1.69       1.72       1.68
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                 

Net assets, end of year (000)

  $ 12,017,483       $ 10,958,347       $ 8,230,988       $ 9,379,045       $ 8,182,126  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

    5       4       5       5       4
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

Based on average shares outstanding.

(b)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

106  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell Mid-Cap ETF  
 

 

 

 
   
Year Ended
03/31/22
 
 
     
Year Ended
03/31/21
 
 
     
Year Ended
03/31/20
 
 
     
Year Ended
03/31/19
 
(a)  
     
Year Ended
03/31/18
 
(a)  

 

 

Net asset value, beginning of year

  $ 73.93              $ 43.20              $ 53.93              $ 51.61              $ 46.82  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

    0.84         0.74         0.91         0.81         0.76  

Net realized and unrealized gain (loss)(c)

    4.14         30.79         (10.71       2.44         4.84  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

    4.98         31.53         (9.80       3.25         5.60  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(d)

                 

From net investment income

    (0.89       (0.80       (0.93       (0.93       (0.81
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

    (0.89       (0.80       (0.93       (0.93       (0.81
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

  $ 78.02       $ 73.93       $ 43.20       $ 53.93       $ 51.61  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(e)

                 

Based on net asset value

    6.72       73.38       (18.44 )%        6.38       12.02
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(f)

                 

Total expenses

    0.18       0.19       0.19       0.19       0.20
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    1.07       1.23       1.63       1.55       1.53
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                 

Net assets, end of year (000)

  $ 30,303,542       $ 27,123,317       $ 15,753,591       $ 18,593,536       $ 16,988,034  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(g)

    13       14       10       11       10
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

Per share amounts reflect a four-for-one stock split effective after the close of trading on October 25, 2018.

(b)

Based on average shares outstanding.

(c)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)

Where applicable, assumes the reinvestment of distributions.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

 F I N A N C I A L  I G H L I G H T S

  107


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell Mid-Cap Growth ETF  
 

 

 

 
   
Year Ended
03/31/22
 
 
     
Year Ended
03/31/21
 
(a)  
     
Year Ended
03/31/20
 
(a)  
     
Year Ended
03/31/19
 
(a)  
     
Year Ended
03/31/18
 
(a)  

 

 

Net asset value, beginning of year

  $ 102.01              $ 60.86              $ 67.81              $ 61.46              $ 51.90  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

    0.37         0.32         0.47         0.56         0.48  

Net realized and unrealized gain (loss)(c)

    (1.44       41.16         (6.97       6.35         9.58  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

    (1.07       41.48         (6.50       6.91         10.06  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(d)

                 

From net investment income

    (0.41       (0.33       (0.45       (0.56       (0.50
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

    (0.41       (0.33       (0.45       (0.56       (0.50
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

  $ 100.53       $ 102.01       $ 60.86       $ 67.81       $ 61.46  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(e)

                 

Based on net asset value

    (1.09 )%        68.27       (9.67 )%        11.28       19.46
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(f)

                 

Total expenses

    0.23       0.23       0.24       0.24       0.24
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    0.34       0.36       0.65       0.88       0.84
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                 

Net assets, end of year (000)

  $ 13,777,139       $ 14,822,269       $ 9,353,644       $ 10,217,865       $ 8,561,654  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(g)

    35       23       23       20       24
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

(b)

Based on average shares outstanding.

(c)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)

Where applicable, assumes the reinvestment of distributions.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

108  

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell Mid-Cap Value ETF  
 

 

 

 
    Year Ended
03/31/22
          Year Ended
03/31/21
          Year Ended
03/31/20
          Year Ended
03/31/19
          Year Ended
03/31/18
 

 

 

Net asset value, beginning of year

  $ 109.15              $ 64.10              $ 86.86              $ 86.44              $ 83.02  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

    1.62         1.43         1.93         1.67         1.69  

Net realized and unrealized gain (loss)(b)

    10.55         45.22         (22.63       0.70         3.48  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

    12.17         46.65         (20.70       2.37         5.17  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                 

From net investment income

    (1.77       (1.60       (2.06       (1.95       (1.75
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

    (1.77       (1.60       (2.06       (1.95       (1.75
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

  $ 119.55       $ 109.15       $ 64.10       $ 86.86       $ 86.44  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                 

Based on net asset value

    11.19       73.40       (24.28 )%        2.78       6.28
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                 

Total expenses

    0.23       0.23       0.24       0.24       0.24
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    1.39       1.65       2.18       1.93       1.98
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                 

Net assets, end of year (000)

  $ 14,907,745       $ 13,120,026       $ 8,201,945       $ 11,218,007       $ 10,533,292  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

    21       25       20       25       20
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

Based on average shares outstanding.

(b)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

 F I N A N C I A L  I G H L I G H T S

  109


Notes to Financial Statements   

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF  

Diversification    

Classification    

Micro-Cap

  Diversified    

Russell 2500

  Diversified    

Russell 3000

  Diversified    

Russell Mid-Cap

  Diversified    

Russell Mid-Cap Growth

  Diversified    

Russell Mid-Cap Value

  Diversified    

Currently the iShares Russell 2500 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying Fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

110  

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Notes to Financial Statements   (continued)

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

   

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

   

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

   

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities

 

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  111


Notes to Financial Statements   (continued)

 

on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 
iShares ETF and Counterparty    

Market Value of

 Securities on Loan

 

 

   

 Cash Collateral

Received

 

(a)  

   

 Non-Cash Collateral

Received

 

 

     Net Amount  

 

 

Micro-Cap

       

Barclays Bank PLC

  $ 9,183,974     $ 9,183,974     $     $  

Barclays Capital, Inc.

    1,370,896       1,370,896              

BMO Capital Markets Corp.

    29,705       29,705              

BNP Paribas SA

    27,534,496       27,534,496              

BofA Securities, Inc.

    15,933,364       15,933,364              

Citigroup Global Markets, Inc.

    3,511,737       3,511,737              

Credit Suisse Securities (USA) LLC

    66,291       66,291              

Goldman Sachs & Co. LLC

    20,662,055       20,662,055              

HSBC Bank PLC

    217,303       217,303              

ING Financial Markets LLC

    50,832       50,832              

J.P. Morgan Securities LLC

    26,191,401       26,191,401              

Jefferies LLC

    863,142       863,142              

Morgan Stanley

    17,722,300       17,722,300              

National Financial Services LLC

    8,319,003       8,319,003              

Nomura Securities International, Inc.

    118,523       118,523              

Pershing LLC

    14,030       14,030              

RBC Capital Markets LLC

    2,057,617       2,057,617              

Scotia Capital (USA), Inc.

    55,069       55,069              

SG Americas Securities LLC

    897,276       897,276              

State Street Bank & Trust Co.

    6,509,522       6,509,522              

Toronto-Dominion Bank

    4,045,516       4,045,516              

UBS AG

    5,939,443       5,939,443              

UBS Securities LLC

    2,283,882       2,283,882              

Wells Fargo Bank N.A.

    3,707,341       3,707,341              

Wells Fargo Securities LLC

    3,758,919       3,758,919              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 161,043,637     $ 161,043,637     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

112  

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Notes to Financial Statements   (continued)

 

 

 
iShares ETF and Counterparty    

Market Value of

  Securities on Loan

 

 

   

  Cash Collateral

Received

 

(a)  

   

  Non-Cash Collateral

Received

 

 

      Net Amount  

 

 

Russell 2500

       

Barclays Bank PLC

  $ 91,362,563     $ 91,362,563     $     $  

BNP Paribas SA

    440,650       440,650              

BofA Securities, Inc.

    817       817              

Citigroup Global Markets, Inc.

    1,439,608       1,439,608              

J.P. Morgan Securities LLC

    4,078,261       4,078,261              

Jefferies LLC

    152,738       152,738              

Scotia Capital (USA), Inc.

    1,815       1,815              

SG Americas Securities LLC

    8,995,452       8,995,452              

State Street Bank & Trust Co.

    13,490       13,490              

Toronto-Dominion Bank

    200,779       200,779              

UBS AG

    437       430             (7 )(b)  

UBS Securities LLC

    869,983       869,983              

Wells Fargo Securities LLC

    3,399       3,399              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 107,559,992     $ 107,559,985     $     $ (7
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 3000

       

Barclays Bank PLC

  $ 6,115,399     $ 6,115,399     $     $  

Barclays Capital, Inc.

    12,460,332       12,460,332              

BMO Capital Markets Corp.

    34,345       34,345              

BNP Paribas SA

    47,522,398       47,522,398              

BofA Securities, Inc.

    18,812,120       18,812,120              

Citadel Clearing LLC

    31,328       31,328              

Citigroup Global Markets, Inc.

    11,257,498       11,257,498              

Credit Suisse Securities (USA) LLC

    691,114       691,114              

Deutsche Bank Securities, Inc.

    46,800       46,800              

Goldman Sachs & Co. LLC

    31,377,127       31,377,127              

HSBC Bank PLC

    26,405       22,838             (3,567 )(b) 

ING Financial Markets LLC

    10,196       10,196              

J.P. Morgan Securities LLC

    43,422,568       43,422,568              

Jefferies LLC

    1,828,192       1,828,192              

Morgan Stanley

    22,623,855       22,623,855              

National Financial Services LLC

    868,969       868,969              

Natixis SA

    401,641       401,641              

Pershing LLC

    138,881       138,881              

RBC Capital Markets LLC

    5,219,956       5,219,956              

Scotia Capital (USA), Inc.

    7,206,278       7,206,278              

SG Americas Securities LLC

    358,096       358,096              

State Street Bank & Trust Co.

    2,816,319       2,816,319              

Toronto-Dominion Bank

    3,525,388       3,525,388              

UBS AG

    3,044,349       3,044,349              

UBS Securities LLC

    1,962,854       1,962,854              

Wells Fargo Bank N.A.

    28,045       28,045              

Wells Fargo Securities LLC

    1,576,014       1,576,014              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 223,406,467     $ 223,402,900     $     $ (3,567
 

 

 

   

 

 

   

 

 

   

 

 

 

 

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  113


Notes to Financial Statements   (continued)

 

 

 
iShares ETF and Counterparty    

Market Value of

  Securities on Loan

 

 

   

  Cash Collateral

Received

 

(a)  

   

  Non-Cash Collateral

Received

 

 

      Net Amount  

 

 

Russell Mid-Cap

       

Barclays Bank PLC

  $ 65,606,433     $ 65,606,433     $     $  

Barclays Capital, Inc.

    14,466,200       14,466,200              

BMO Capital Markets Corp.

    24,931       24,931              

BNP Paribas SA

    200,734,835       200,734,835              

BofA Securities, Inc.

    67,749,350       67,749,350              

Citadel Clearing LLC

    8,675,520       8,675,520              

Citigroup Global Markets, Inc.

    118,569,669       118,569,669              

Credit Suisse Securities (USA) LLC

    3,577,432       3,577,432              

Goldman Sachs & Co. LLC

    115,761,728       115,761,728              

HSBC Bank PLC

    17,487       17,487              

ING Financial Markets LLC

    2,192,535       2,192,535              

J.P. Morgan Securities LLC

    257,574,380       257,574,380              

Jefferies LLC

    2,924,721       2,924,721              

Morgan Stanley

    97,851,388       97,851,388              

National Financial Services LLC

    8,881,809       8,881,809              

Natixis SA

    16,222,364       16,222,364              

Nomura Securities International, Inc.

    75,526       75,526              

RBC Capital Markets LLC

    62,417,549       62,417,549              

Scotia Capital (USA), Inc.

    50,383,268       50,383,268              

SG Americas Securities LLC

    2,604,026       2,604,026              

State Street Bank & Trust Co.

    19,203,789       19,203,789              

Toronto-Dominion Bank

    5,049,147       5,049,147              

UBS AG

    55,416,694       55,093,496             (323,198 )(b) 

UBS Securities LLC

    29,043,816       29,043,816              

Virtu Americas LLC

    202,132       202,132              

Wells Fargo Bank N.A.

    13,323,822       13,323,822              

Wells Fargo Securities LLC

    7,533,308       7,533,308              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 1,226,083,859     $ 1,225,760,661     $     $ (323,198
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell Mid-Cap Growth

       

Barclays Bank PLC

  $ 21,060,811     $ 21,060,811     $     $  

Barclays Capital, Inc.

    15,115,126       15,115,126              

BMO Capital Markets Corp.

    64,542       64,542              

BNP Paribas SA

    121,512,135       121,512,135              

BofA Securities, Inc.

    20,120,039       20,120,039              

Citadel Clearing LLC

    1,692,558       1,692,558              

Citigroup Global Markets, Inc.

    48,553,616       48,553,616              

Credit Suisse Securities (USA) LLC

    1,058,446       1,058,446              

Deutsche Bank Securities, Inc.

    243,681       243,681              

Goldman Sachs & Co. LLC

    80,826,236       80,826,236              

HSBC Bank PLC

    5,597,400       5,597,400              

ING Financial Markets LLC

    893,735       893,735              

J.P. Morgan Securities LLC

    206,500,824       206,500,824              

Jefferies LLC

    2,747,006       2,747,006              

Mizuho Securities USA LLC

    1,982,001       1,982,001              

Morgan Stanley

    129,333,974       129,333,974              

National Financial Services LLC

    15,696,196       15,696,196              

Natixis SA

    12,200,969       12,200,969              

RBC Capital Markets LLC

    476,473       476,473              

Scotia Capital (USA), Inc.

    22,122,348       22,122,348              

SG Americas Securities LLC

    2,426,947       2,426,947              

State Street Bank & Trust Co.

    6,503,223       6,503,223              

Toronto-Dominion Bank

    481,559       481,559              

UBS AG

    17,284,603       17,284,603              

UBS Securities LLC

    1,482,819       1,482,819              

Virtu Americas LLC

    2,242,614       2,242,614              

Wells Fargo Bank N.A.

    4,848,730       4,848,730              

Wells Fargo Securities LLC

    9,112,766       9,112,766              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 752,181,377     $ 752,181,377     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

114  

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Notes to Financial Statements   (continued)

 

 

 
iShares ETF and Counterparty    

Market Value of

  Securities on Loan

 

 

   

  Cash Collateral

Received

 

(a)  

   

  Non-Cash Collateral

Received

 

 

      Net Amount  

 

 

Russell Mid-Cap Value

       

Barclays Bank PLC

  $ 33,366,773     $ 33,366,773     $     $  

Barclays Capital, Inc.

    2,563,089       2,563,089              

BMO Capital Markets Corp.

    78,055       78,055              

BNP Paribas SA

    97,437,766       97,437,766              

BofA Securities, Inc.

    8,505,468       8,505,468              

Citadel Clearing LLC

    2,595,979       2,595,979              

Citigroup Global Markets, Inc.

    20,151,652       20,151,652              

Credit Suisse Securities (USA) LLC

    3,397,123       3,397,123              

Deutsche Bank Securities, Inc.

    7,213       7,213              

Goldman Sachs & Co. LLC

    77,441,008       77,441,008              

J.P. Morgan Securities LLC

    29,111,895       29,111,895              

Jefferies LLC

    3,680,207       3,680,207              

Morgan Stanley

    37,076,317       37,076,317              

National Financial Services LLC

    7,130,756       7,130,756              

Natixis SA

    406       405             (1 )(b) 

SG Americas Securities LLC

    2,102,799       2,102,799              

State Street Bank & Trust Co.

    25,251,709       25,251,709              

Toronto-Dominion Bank

    24,292,121       24,292,121              

UBS AG

    2,677,227       2,677,227              

UBS Securities LLC

    3,044,206       3,044,206              

Virtu Americas LLC

    1,472,310       1,472,310              

Wells Fargo Bank N.A.

    32,014       32,014              

Wells Fargo Securities LLC

    1,798,447       1,798,447              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 383,214,540     $ 383,214,539     $     $ (1
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

 
  (b) 

The market value of the loaned securities is determined as of March 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

 

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Notes to Financial Statements   (continued)

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fee  

Micro-Cap

    0.60

Russell 2500

    0.15  

Russell 3000

    0.20  

For its investment advisory services to the iShares Russell Mid-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   
Aggregate Average Daily Net Assets   Investment Advisory Fee  

First $121 billion

    0.2000

Over $121 billion, up to and including $181 billion

    0.1900  

Over $181 billion, up to and including $231 billion

    0.1805  

Over $231 billion, up to and including $281 billion

    0.1715  

Over $281 billion

    0.1630  

For its investment advisory services to each of the iShares Russell Mid-Cap Growth and iShares Russell Mid-Cap Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   
Aggregate Average Daily Net Assets   Investment Advisory Fee  

First $121 billion

    0.2500

Over $121 billion, up to and including $181 billion

    0.2375  

Over $181 billion, up to and including $231 billion

    0.2257  

Over $231 billion, up to and including $281 billion

    0.2144  

Over $281 billion

    0.2037  

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Russell 2500 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.15%.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended March 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts waived  

Russell 2500

   $ 286,466     

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

 

116  

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Notes to Financial Statements   (continued)

 

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF  

  Fees Paid  

to BTC  

 

Micro-Cap

  $ 934,014    

Russell 2500

    161,215    

Russell 3000

    277,957    

Russell Mid-Cap

    1,127,294    

Russell Mid-Cap Growth

    1,029,287    

Russell Mid-Cap Value

    303,171    

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended March 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales      Net Realized
Gain (Loss)
 

Micro-Cap

  $ 77,126,040      $ 185,196,395      $ 33,693,778  

Russell 2500

    13,592,055        5,830,497        (1,069,162

Russell 3000

    74,822,189        85,116,090        (7,081,238

Russell Mid-Cap

    1,026,107,398        1,056,274,109        (82,281,882

Russell Mid-Cap Growth

    2,545,288,610        2,281,130,692        2,929,592  

Russell Mid-Cap Value

    1,579,003,960        1,766,727,862        432,251,708  

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

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Notes to Financial Statements   (continued)

 

7.

PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

 

 

 
iShares ETF   Purchases      Sales      

 

 

Micro-Cap

  $ 560,242,207      $ 564,932,556      

Russell 2500

    41,457,715        41,102,182      

Russell 3000

    546,395,101        547,056,983      

Russell Mid-Cap

    3,863,463,114        3,812,704,483      

Russell Mid-Cap Growth

    5,271,561,030        5,284,441,708      

Russell Mid-Cap Value

    2,982,534,914        2,967,989,506      

 

 

For the year ended March 31, 2022, in-kind transactions were as follows:

 

 

 
iShares ETF  

In-kind 

Purchases

    

In-kind     

Sales     

 

 

 

Micro-Cap

  $ 226,268,589      $ 354,842,733      

Russell 2500

    221,949,527        57,740,163      

Russell 3000

    1,407,031,934        1,488,599,502      

Russell Mid-Cap

    3,636,432,447        1,994,204,373      

Russell Mid-Cap Growth

    4,734,271,249        5,589,938,491      

Russell Mid-Cap Value

    1,871,643,168        1,346,975,192      

 

 

 

8.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, the following permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

 

 
iShares ETF   Paid-in Capital     

Accumulated      

Earnings (Loss)      

 

 

 

Micro-Cap

  $ 199,223,372      $ (199,223,372)      

Russell 2500

    23,001,114        (23,001,114)      

Russell 3000

    854,684,209        (854,684,209)      

Russell Mid-Cap

    1,252,493,573        (1,252,493,573)      

Russell Mid-Cap Growth

    2,720,171,319        (2,720,171,319)      

Russell Mid-Cap Value

    467,024,525        (467,024,525)      

 

 

The tax character of distributions paid was as follows:

 

 

 
iShares ETF  

Year Ended

03/31/22

   

Year Ended

03/31/21

 

 

 

Micro-Cap

   

Ordinary income

  $ 9,212,592         $ 8,886,794  
 

 

 

   

 

 

 

Russell 2500

   

Ordinary income

  $ 4,296,696     $ 2,053,020  
 

 

 

   

 

 

 

Russell 3000

   

Ordinary income

  $ 135,842,146     $ 140,402,335  
 

 

 

   

 

 

 

Russell Mid-Cap

   

Ordinary income

  $ 335,661,159     $ 291,549,968  
 

 

 

   

 

 

 

Russell Mid-Cap Growth

   

Ordinary income

  $ 57,154,726     $ 50,299,403  
 

 

 

   

 

 

 

 

118  

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Notes to Financial Statements   (continued)

 

 

 
iShares ETF  

Year Ended

03/31/22

   

Year Ended

03/31/21

 

 

 

Russell Mid-Cap Value

   

Ordinary income

  $ 220,370,366           $ 194,749,263  
 

 

 

   

 

 

 

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

 

 

 
iShares ETF    

Non-expiring
Capital Loss
Carryforwards
 
 
(a) 
   

Net Unrealized

Gains (Losses)

 

(b) 

   
Qualified
Late-Year Losses
 
(c) 
    Total      

 

 

Micro-Cap

  $ (112,175,451   $ (81,187,738   $ (64,584   $ (193,427,773)    

Russell 2500

    (2,273,837     25,633,268             23,359,431     

Russell 3000

    (134,214,036     3,988,846,709             3,854,632,673     

Russell Mid-Cap

    (662,719,275     9,732,960,718       (7,095     9,070,234,348     

Russell Mid-Cap Growth

    (788,026,969     1,723,609,106             935,582,137     

Russell Mid-Cap Value

    (414,944,990     3,117,957,093             2,703,012,103     

 

 

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

 
  (c) 

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

 

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

 

 

 
iShares ETF   Utilized     

 

 

Micro-Cap

  $      54,879,995     

Russell Mid-Cap

    469,732,607     

Russell Mid-Cap Growth

    210,168,741     

Russell Mid-Cap Value

    741,020,234     

 

 

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

 

 
iShares ETF   Tax Cost      Gross Unrealized
Appreciation
     Gross Unrealized
Depreciation
    Net Unrealized   
Appreciation   
(Depreciation)   
 

 

 

Micro-Cap

  $ 1,348,770,099      $ 243,425,484      $ (324,613,223   $ (81,187,739)    

Russell 2500

    508,177,197        40,009,318        (14,376,050     25,633,268     

Russell 3000

    8,252,374,903        4,550,505,647        (561,658,938     3,988,846,709     

Russell Mid-Cap

    21,815,101,563        11,219,987,078        (1,487,026,360     9,732,960,718     

Russell Mid-Cap Growth

    12,836,544,323        3,145,238,360        (1,421,629,254     1,723,609,106     

Russell Mid-Cap Value

    12,169,152,523        3,781,673,023        (663,715,930     3,117,957,093     

 

 

 

9.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

 

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Notes to Financial Statements   (continued)

 

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

 

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Notes to Financial Statements   (continued)

 

Transactions in capital shares were as follows:

 

 

 
   

Year Ended

 

03/31/22

   

Year Ended

 

03/31/21

 
 

 

 

   

 

 

 
iShares ETF   Shares     Amount     Shares     Amount  

 

 

Micro-Cap

       

Shares sold

    1,550,000     $ 233,160,533       1,900,000     $ 258,640,222  

Shares redeemed

    (2,500,000     (365,060,694     (800,000     (84,103,438
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    (950,000   $ (131,900,161     1,100,000     $ 174,536,784  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 2500

       

Shares sold

    3,450,000     $ 222,742,394       3,250,000     $ 166,498,017  

Shares redeemed

    (900,000     (58,170,126     (250,000     (12,034,465
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    2,550,000     $ 164,572,268       3,000,000     $ 154,463,552  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 3000

       

Shares sold

    5,400,000     $ 1,415,391,570       2,250,000     $ 455,681,225  

Shares redeemed

    (5,750,000     (1,500,054,950     (11,550,000     (2,208,040,262
 

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease

    (350,000   $ (84,663,380     (9,300,000   $ (1,752,359,037
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell Mid-Cap

       

Shares sold

    46,450,000     $ 3,657,110,774       51,900,000     $ 2,889,310,154  

Shares redeemed

    (24,950,000     (1,987,820,867     (49,700,000     (2,687,513,218
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    21,500,000     $ 1,669,289,907       2,200,000     $ 201,796,936  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell Mid-Cap Growth

       

Shares sold

    42,850,000     $ 4,740,611,315       53,000,000 (a)    $ 4,406,706,279  

Shares redeemed

    (51,100,000     (5,608,243,717     (61,400,000 )(a)      (5,216,060,590
 

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease

    (8,250,000   $ (867,632,402     (8,400,000   $ (809,354,311
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell Mid-Cap Value

       

Shares sold

    16,200,000     $ 1,882,610,327       15,200,000     $ 1,399,838,175  

Shares redeemed

    (11,700,000     (1,355,436,372     (22,950,000     (2,007,089,795
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    4,500,000       $ 527,173,955         (7,750,000   $ (607,251,620
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

11.

LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 3000 ETF, iShares Russell MidCap ETF and iShares Russell MidCap Value ETF received proceeds of $518,568, $2,662,268 and $4,836,058, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

 

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

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  121


Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of iShares Trust and

Shareholders of iShares Micro-Cap ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell

Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Micro-Cap ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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Important Tax Information  (unaudited)

 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

 

   
iShares ETF   Qualified Dividend    
Income     
 

Micro-Cap

  $ 9,095,398      

Russell 2500

    3,043,501      

Russell 3000

    149,025,420      

Russell Mid-Cap

    313,165,738      

Russell Mid-Cap Growth

    72,829,914      

Russell Mid-Cap Value

    197,836,467      

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

 

   
iShares ETF   Qualified Business     
Income     
 

Micro-Cap

  $ 485,629      

Russell 2500

    370,312      

Russell 3000

    4,721,324      

Russell Mid-Cap

    25,228,876      

Russell Mid-Cap Growth

    4,764,848      

Russell Mid-Cap Value

    15,609,373      

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

 

   
iShares ETF   Dividends-Received
Deduction
 

Micro-Cap

    97.50 %  

Russell 2500

    44.93 %  

Russell 3000

    100.00 %  

Russell Mid-Cap

    90.25 %  

Russell Mid-Cap Growth

    100.00 %  

Russell Mid-Cap Value

    86.73 %  

 

 

M P O R T A N T   T A X   I N F  O R M A T I O N

  123


Statement Regarding Liquidity Risk Management Program (unaudited)

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Micro-Cap ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

 

  a)  

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

 

  b)  

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

 

  c)  

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

 

  d)  

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

 

  e)  

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

 

 

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Supplemental Information  (unaudited)

 

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

March 31, 2022

 

     
   

Total Cumulative Distributions

for the Fiscal Year

   

% Breakdown of the Total Cumulative

Distributions for the Fiscal Year

 
 

 

 

   

 

 

 
iShares ETF   Net
Investment
Income
    Net Realized
Capital Gains
    Return of
Capital
    Total Per
Share
    Net
Investment
Income
    Net Realized
Capital Gains
    Return of
Capital
    Total Per
Share
 

Micro-Cap(a)

  $   1.003459     $     $   0.042242     $   1.045701       96         4     100

Russell 2500(a)

    0.685162             0.066528       0.751690           91             9       100  

Russell 3000(a)

    2.903532             0.051599       2.955131       98             2       100  

Russell Mid-Cap(a)

    0.845875             0.044337       0.890212       95             5       100  

Russell Mid-Cap Growth(a)

    0.401726             0.009850       0.411576       98             2       100  

Russell Mid-Cap Value(a)

    1.681494             0.092622       1.774116       95             5       100  

 

  (a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

 

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Russell 3000 ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

 

 

S U P P L E M E N T A L   I N F O R M A T I O N

  125


Supplemental Information  (unaudited)  (continued)

 

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

 

             
iShares ETF  

Total

Remuneration

    

Fixed

Remuneration

    

Variable

Remuneration

    

No. of

Beneficiaries

    

Senior Management

Remuneration

    

Risk Taker    

Remuneration    

 

Russell 3000

    $1,159,647        $542,211        $617,436        661        $141,943        $14,670      

 

 

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Trustee and Officer Information  

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

Interested Trustees
       
 Name (Age)    Position(s)   

Principal Occupation(s)

During the Past 5 Years

   Other Directorships Held by Trustee

Robert S. Kapito(a)

(65)

   Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).

Salim Ramji(b)

(51)

   Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates.

 

(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
       
 Name (Age)    Position(s)   

Principal Occupation(s)

During the Past 5 Years

   Other Directorships Held by Trustee

John E. Kerrigan

(66)

   Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin

(66)

   Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani

(67)

   Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

 

 

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Trustee and Officer Information  (continued)

 

Independent Trustees (continued)
       
 Name (Age)    Position(s)   

Principal Occupation(s)

During the Past 5 Years

   Other Directorships Held by Trustee

Cecilia H. Herbert

(73)

   Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)    Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)    Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)    Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
     
 Name (Age)    Position(s)   

Principal Occupation(s)

During the Past 5 Years

Armando Senra (50)    President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)    Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)    Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith

(46)

   Secretary (since 2019).    Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

 

 

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Trustee and Officer Information  (continued)

 

Officers (continued)
     
 Name (Age)    Position(s)   

Principal Occupation(s)

During the Past 5 Years

James Mauro (51)    Executive Vice President (since 2021).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

 

 

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General Information  

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report  

 

Portfolio Abbreviations - Equity
NVS      Non-Voting Shares
REIT      Real Estate Investment Trust

    

 

 

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-306-0322

 

 

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