LOGO

  AUGUST 31, 2022

 

 

   

 

2022 Semi-Annual Report

(Unaudited)

 

 

 

 

iShares Trust

·  iShares High Yield Bond Factor ETF | HYDB | Cboe BZX

·  iShares Investment Grade Bond Factor ETF | IGEB | Cboe BZX

·  iShares USD Bond Factor ETF | USBF | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, 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 ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, 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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

    (8.84)%       (11.23)%  
 

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

    (9.31)          (17.88)     
 

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

    (13.97)          (19.80)     
 

Emerging market equities
(MSCI Emerging Markets Index)

    (13.30)          (21.80)     
 

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

    0.36           0.39      
 

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

    (9.71)          (13.27)     
 

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

    (7.76)          (11.52)     
 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (5.72)          (8.63)     
 

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

    (7.78)          (10.61)     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T


Table of Contents

 

    Page  

 

 

The Markets in Review

    2  

Semi-Annual Report:

 

Fund Summary

    4  

About Fund Performance

    7  

Disclosure of Expenses

    7  

Schedules of Investments

    8  

Financial Statements

 

Statements of Assets and Liabilities

    30  

Statements of Operations

    31  

Statements of Changes in Net Assets

    32  

Financial Highlights

    34  

Notes to Financial Statements

    37  

Board Review and Approval of Investment Advisory Contract

    45  

Supplemental Information

    51  

General Information

    52  

Glossary of Terms Used in this Report

    53  

 

 

 


Fund Summary as of August 31, 2022    iShares® High Yield Bond Factor ETF

 

Investment Objective

The iShares High Yield Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock High Yield Defensive Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns         Cumulative Total Returns  
    

 

 

           
     6 Months      1 Year      5 Years    

Since

Inception

         1 Year      5 Years     

Since

Inception

 

Fund NAV

    (6.61 )%        (9.06 )%       3.16 %        3.47       (9.06 )%       16.85      19.17

Fund Market

    (7.38      (9.76      2.90       3.36         (9.76      15.34        18.55  

Index

    (6.16      (8.64      3.51       3.77         (8.64      18.82        20.94  

Bloomberg U.S. Corporate High Yield Index

    (7.78      (10.60      2.58       2.76           (10.60      13.60        15.00  

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

The Bloomberg U.S. Corporate High Yield Index is an unmanaged index that measures the USD-denominated, high yield, fixed-rate corporate bond market.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

 

     

 

 

      
   

Beginning

Account Value

      

Ending

Account Value

      

Expenses

Paid During

       

Beginning

Account Value

      

Ending

Account Value

      

Expenses

Paid During

      

Annualized

Expense

 
      (03/01/22        (08/31/22        the Period (a)          (03/01/22        (08/31/22        the Period (a)         Ratio  
      $      1,000.00          $         933.90          $          1.71           $      1,000.00          $      1,023.40          $          1.79          0.35

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
    Percent of  
Moody’s Credit Rating*     Total Investments (a) 

Baa

    2.7

Ba

    41.0  

B

    45.1  

Caa

    5.8  

Not Rated

    5.4  

MATURITY ALLOCATION

 

 
   
    Percent of  
Maturity     Total Investments (a) 

1-5 Years

    55.1

5-10 Years

    39.0  

10-15 Years

    3.4  

15-20 Years

    0.3  

More than 20 Years

    2.2  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of August 31, 2022    iShares® Investment Grade Bond Factor ETF

 

Investment Objective

The iShares Investment Grade Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated investment-grade corporate bonds, as represented by the BlackRock Investment Grade Enhanced Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns              Cumulative Total Returns  
    

 

 

            
     6 Months      1 Year      5 Years    

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (9.13 )%        (14.70 )%       1.45 %        1.78        (14.70 )%       7.45 %         9.47

Fund Market

    (9.50      (14.89      1.34       1.73          (14.89      6.86        9.24  

Index

    (9.02      (14.51      1.60       1.92          (14.51      8.26        10.28  

Bloomberg U.S. Corporate Index

    (9.41      (14.91      1.02       1.32                (14.91      5.22        6.95  

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

The Bloomberg U.S. Corporate Index is an unmanaged index that measures the USD-denominated, investment grade, fixed-rate, taxable corporate bond market.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

 

     

 

 

      
   

Beginning

Account Value

      

Ending

Account Value

      

Expenses

Paid During

       

Beginning

Account Value

      

Ending

Account Value

      

Expenses

Paid During

       Annualized
Expense
 
      (03/01/22        (08/31/22        the Period (a)          (03/01/22        (08/31/22        the Period (a)         Ratio  
      $      1,000.00          $        908.70          $        0.87           $      1,000.00          $      1,024.30          $          0.92          0.18

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
Moody’s Credit Rating*   Percent of  
    Total Investments (a) 

Aaa

    0.7

Aa

    3.6  

A

    15.6  

Baa

    77.0  

Ba

    3.1  

MATURITY ALLOCATION

 

 
   
Maturity   Percent of  
    Total Investments (a) 

1-5 Years

    30.3

5-10 Years

    37.9  

10-15 Years

    4.8  

15-20 Years

    9.1  

More than 20 Years

    17.9  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of August 31, 2022    iShares® USD Bond Factor ETF

 

Investment Objective

The iShares USD Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment grade or high-yield, as represented by the BlackRock USD Bond Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

              Cumulative Total Returns  
     6 Months    

Since

Inception

 

Fund NAV

    (8.70 )%      (11.84 )% 

Fund Market

    (8.76     (11.81

Index

    (8.58     (11.74

The inception date of the Fund was October 12, 2021. The first day of secondary market trading was October 14, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

 

     

 

 

      
   

Beginning

Account Value

      

Ending

Account Value

      

Expenses

Paid During

       

Beginning

Account Value

      

Ending

Account Value

      

Expenses

Paid During

      

Annualized

Expense

 
      (03/01/22)          (08/31/22)          the Period (a)          (03/01/22)          (08/31/22)          the Period (a)         Ratio  
      $      1,000.00          $      913.00          $          0.77           $      1,000.00          $      1,024.40          $          0.82          0.16

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
Moody’s Credit Rating*   Percent of  
    Total Investments (a) 

Aaa

    28.4

Aa

    18.7  

A

    11.4  

Baa

    35.0  

Ba

    2.3  

B

    1.2  

Caa

    0.1  

Not Rated

    2.9  

MATURITY ALLOCATION

 

 
   
Maturity   Percent of  
    Total Investments (a) 

1-5 Years

    23.7

5-10 Years

    35.4  

10-15 Years

    1.2  

15-20 Years

    7.5  

More than 20 Years

    32.2  

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

6  

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


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.

Disclosure of 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 the Period.”

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

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

 

 

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

  7


Schedule of Investments (unaudited)

August 31, 2022

  

iShares® High Yield Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

 

Advertising — 0.6%  

Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a)(b)

  $ 790     $ 679,400  
   

 

 

 
Aerospace & Defense — 3.3%  

Bombardier Inc., 7.88%, 04/15/27
(Call 10/03/22)(a)

    715       684,648  

Rolls-Royce PLC, 5.75%, 10/15/27
(Call 07/15/27)(a)

    940       849,610  

Spirit AeroSystems Inc.

   

5.50%, 01/15/25 (Call 10/15/22)(a)

    235       230,093  

7.50%, 04/15/25 (Call 10/03/22)(a)(b)

    895       875,230  

TransDigm Inc.

   

6.25%, 03/15/26 (Call 10/03/22)(a)

    920       903,900  

8.00%, 12/15/25 (Call 10/03/22)(a)

    235       240,687  

TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 10/03/22)(b)

    125       120,697  
   

 

 

 
      3,904,865  
Agriculture — 0.9%  

Vector Group Ltd.

   

5.75%, 02/01/29 (Call 02/01/24)(a)

    885       767,118  

10.50%, 11/01/26 (Call 10/03/22)(a)

    264       255,503  
   

 

 

 
      1,022,621  
Airlines — 2.5%  

Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)

    985       878,940  

American Airlines Group Inc., 3.75%, 03/01/25(a)(b)

    410       344,810  

American Airlines Inc., 11.75%, 07/15/25(a)

    730       806,654  

Delta Air Lines Inc.

   

4.38%, 04/19/28 (Call 01/19/28)(b)

    375       329,743  

7.38%, 01/15/26 (Call 12/15/25)(b)

    655       668,100  
   

 

 

 
          3,028,247  
Auto Manufacturers — 1.7%  

Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)(a)(b)

    250       235,020  

Ford Motor Co.

   

5.29%, 12/08/46 (Call 06/08/46)

    530       425,325  

9.00%, 04/22/25 (Call 09/01/22)(b)

    100       111,872  

9.63%, 04/22/30 (Call 01/22/30)

    235       274,838  

Jaguar Land Rover Automotive PLC

   

4.50%, 10/01/27 (Call 07/01/27)(a)(b)

    565       417,286  

5.50%, 07/15/29 (Call 07/15/24)(a)

    575       403,328  

5.88%, 01/15/28 (Call 01/15/24)(a)

    135       102,681  
   

 

 

 
      1,970,350  
Auto Parts & Equipment — 0.1%  

Tenneco Inc., 7.88%, 01/15/29 (Call 01/15/24)(a)

    175       173,951  
   

 

 

 
Banks — 1.1%  

Intesa Sanpaolo SpA

   

4.95%, 06/01/42 (Call 06/01/41)(a)(c)

    460       300,112  

5.02%, 06/26/24(a)

    400       382,924  

5.71%, 01/15/26(a)(b)

    625       586,251  
   

 

 

 
      1,269,287  
Biotechnology — 0.3%  

Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)(a)

    545       381,500  
   

 

 

 
Chemicals — 2.5%            

Avient Corp., 5.75%, 05/15/25 (Call 10/03/22)(a)

    485       478,317  

EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)(a)

        710       608,207  

Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)

    170       142,814  
Security  

Par

(000)

    Value  
Chemicals (continued)  

Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 10/03/22)(a)

  $ 515     $ 481,589  

Sasol Financing USA LLC

   

5.50%, 03/18/31 (Call 03/18/30)

    200       168,000  

5.88%, 03/27/24 (Call 02/27/24)

    930       933,720  

Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)(a)

    125       121,863  
   

 

 

 
          2,934,510  
Coal — 0.5%  

SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)(a)

    530       439,821  

Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)(a)

    220       216,000  
   

 

 

 
      655,821  
Commercial Services — 6.2%  

ADT Security Corp. (The)

   

4.13%, 08/01/29 (Call 08/01/28)(a)

    505       433,659  

4.88%, 07/15/32(a)(b)

    775       648,324  

Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a)

    273       259,350  

Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a)(b)

    520       462,706  

Graham Holdings Co., 5.75%, 06/01/26 (Call 09/12/22)(a)

    129       126,931  

Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(a)

    225       208,397  

MPH Acquisition Holdings LLC, 5.75%, 11/01/28 (Call 11/01/23)(a)

    0        

NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a)

    925       814,000  

Nielsen Finance LLC/Nielsen Finance Co.

   

4.75%, 07/15/31 (Call 07/15/26)(a)

    665       660,810  

5.88%, 10/01/30 (Call 10/01/25)(a)

    605       605,458  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

5.75%, 04/15/26(a)

    723       695,649  

6.25%, 01/15/28 (Call 01/15/23)(a)(b)

    615       541,466  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 10/03/22)(a)

    485       480,756  

Sabre GLBL Inc.

   

7.38%, 09/01/25 (Call 10/03/22)(a)(b)

    675       639,495  

9.25%, 04/15/25 (Call 03/16/25)(a)

    340       334,999  

United Rentals North America Inc., 4.88%, 01/15/28 (Call 01/15/23)(b)

    395       369,171  

ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a)

    101       83,830  
   

 

 

 
      7,365,001  
Computers — 0.7%  

Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(a)

    515       443,508  

Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a)(b)

    450       375,435  
   

 

 

 
      818,943  
Cosmetics & Personal Care — 0.7%  

Coty Inc., 5.00%, 04/15/26 (Call 04/15/23)(a)

    470       445,325  

Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)

    500       442,420  
   

 

 

 
      887,745  
Diversified Financial Services — 4.5%  

Burford Capital Global Finance LLC

   

6.25%, 04/15/28 (Call 04/15/24)(a)(b)

    250       221,527  

6.88%, 04/15/30 (Call 04/15/25)(a)

    375       331,119  

Credit Acceptance Corp., 6.63%, 03/15/26 (Call 09/12/22)

    220       215,600  

Enact Holdings Inc., 6.50%, 08/15/25
(Call 02/15/25)(a)

    685       654,175  

goeasy Ltd., 5.38%, 12/01/24 (Call 10/03/22)(a)

        510       482,409  

Nationstar Mortgage Holdings Inc.

   

5.13%, 12/15/30 (Call 12/15/25)(a)

    620       488,221  

5.75%, 11/15/31 (Call 11/15/26)(a)(b)

    650       515,440  

 

 

8  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® High Yield Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)  

OneMain Finance Corp.

   

6.63%, 01/15/28 (Call 07/15/27)

  $ 70     $ 63,999  

6.88%, 03/15/25(b)

    610       592,935  

7.13%, 03/15/26

    920       856,971  

PRA Group Inc., 5.00%, 10/01/29
(Call 10/01/24)(a)

    230       198,172  

Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26)

    0        

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 4.00%, 10/15/33 (Call 10/15/27)(a)

    310       230,983  

SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)(b)

    530       441,466  
   

 

 

 
      5,293,017  
Electric — 3.1%  

Drax Finco PLC, 6.63%, 11/01/25
(Call 09/12/22)(a)

    471       458,047  

FirstEnergy Corp.

   

Series C, 3.40%, 03/01/50 (Call 09/01/49)

    655       469,380  

Series C, 5.35%, 07/15/47 (Call 01/15/47)

    309       284,280  

Mercury Chile Holdco LLC, 6.50%, 01/24/27 (Call 01/24/24)(a)

    225       200,250  

NRG Energy Inc., 5.75%, 01/15/28 (Call 01/15/23)(b)

    425       400,609  

PG&E Corp.

 

5.00%, 07/01/28 (Call 07/01/23)

    1,010       896,845  

5.25%, 07/01/30 (Call 07/01/25)(b)

    185       159,933  

Vistra Operations Co. LLC

   

5.50%, 09/01/26 (Call 09/12/22)(a)(b)

    520       502,086  

5.63%, 02/15/27 (Call 09/12/22)(a)

    335       322,437  
   

 

 

 
          3,693,867  
Electrical Components & Equipment — 0.9%  

Energizer Holdings Inc.

   

4.38%, 03/31/29 (Call 09/30/23)(a)(b)

    600       488,052  

4.75%, 06/15/28 (Call 06/15/23)(a)(b)

    655       544,921  
   

 

 

 
      1,032,973  
Electronics — 0.3%  

Sensata Technologies BV, 4.88%, 10/15/23(a)(b)

    320       322,862  
   

 

 

 
Energy - Alternate Sources — 0.5%            

Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 10/03/22)(a)(b)

    650       631,377  
   

 

 

 
Engineering & Construction — 1.6%  

AECOM, 5.13%, 03/15/27 (Call 12/15/26)

    800       776,000  

Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)(a)

    225       203,758  

IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 10/03/22)(a)(b)

        1,050       960,876  
   

 

 

 
      1,940,634  
Entertainment — 4.7%  

AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)

    910       782,600  

Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 09/12/22)(a)

    905       883,651  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25
(Call 10/03/22)(a)

    915       897,528  

Live Nation Entertainment Inc.

   

4.88%, 11/01/24 (Call 10/03/22)(a)(b)

    250       241,875  

6.50%, 05/15/27 (Call 05/15/23)(a)

    770       768,749  

Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)

    1,025       838,697  

Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a)

    605       578,279  
Security  

Par

(000)

    Value  
Entertainment (continued)  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 10/03/22)(a)(b)

  $ 540     $ 538,199  
   

 

 

 
      5,529,578  
Environmental Control — 1.3%  

GFL Environmental Inc.

   

3.50%, 09/01/28 (Call 03/01/28)(a)

    743       645,385  

5.13%, 12/15/26 (Call 12/15/22)(a)

    325       314,085  

Stericycle Inc., 5.38%, 07/15/24
(Call 09/16/22)(a)(b)

    566       553,862  
   

 

 

 
      1,513,332  
Food — 0.8%  

B&G Foods Inc.

   

5.25%, 04/01/25 (Call 10/03/22)(b)

    870       774,201  

5.25%, 09/15/27 (Call 10/03/22)

    250       208,336  
   

 

 

 
      982,537  
Gas — 0.8%  

AmeriGas Partners LP/AmeriGas Finance Corp.

   

5.63%, 05/20/24 (Call 03/20/24)(b)

    480       474,067  

5.75%, 05/20/27 (Call 02/20/27)

    421       396,788  

5.88%, 08/20/26 (Call 05/20/26)

    90       85,666  
   

 

 

 
      956,521  
Health Care - Products — 0.0%            

Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)(a)

    2       2,130  
   

 

 

 
Health Care - Services — 1.8%            

DaVita Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)

    390       286,952  

4.63%, 06/01/30 (Call 06/01/25)(a)

        1,115       897,620  

Tenet Healthcare Corp., 6.25%, 02/01/27 (Call 10/03/22)(a)(b)

    930       896,794  
   

 

 

 
      2,081,366  
Holding Companies - Diversified — 1.3%  

Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)

    250       212,813  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

   

5.25%, 05/15/27 (Call 11/15/26)

    505       459,424  

6.25%, 05/15/26 (Call 10/03/22)(b)

    710       680,631  

6.38%, 12/15/25 (Call 10/03/22)(b)

    165       161,014  
   

 

 

 
          1,513,882  
Home Builders — 1.6%  

Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC

   

4.88%, 02/15/30 (Call 02/15/25)(a)

    550       423,437  

6.25%, 09/15/27 (Call 10/03/22)(a)

    595       528,744  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 09/16/22)(a)

    559       560,126  

TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b)

    361       356,329  
   

 

 

 
      1,868,636  
Housewares — 0.4%  

Newell Brands Inc., 5.75%, 04/01/46 (Call 10/01/45)

    650       533,000  
   

 

 

 
Insurance — 0.2%  

NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(a)

    211       213,161  
   

 

 

 
Internet — 2.7%  

GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 09/12/22)(a)

    675       526,500  

NortonLifeLock Inc., 5.00%, 04/15/25 (Call 09/12/22)(a)

    940       927,780  

TripAdvisor Inc., 7.00%, 07/15/25 (Call 09/12/22)(a)

    460       451,762  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® High Yield Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Internet (continued)  

Uber Technologies Inc.

 

7.50%, 05/15/25 (Call 10/03/22)(a)

  $ 350     $ 352,264  

7.50%, 09/15/27 (Call 10/03/22)(a)(b)

    935       936,192  
   

 

 

 
      3,194,498  
Iron & Steel — 1.8%  

Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 10/03/22)(b)

    470       450,025  

Mineral Resources Ltd.

   

8.13%, 05/01/27 (Call 10/03/22)(a)

    618       619,310  

8.50%, 05/01/30 (Call 05/01/25)(a)(b)

    455       458,330  

U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(b)

    675       659,813  
   

 

 

 
      2,187,478  
Leisure Time — 3.5%  

Carnival Corp.

   

7.63%, 03/01/26 (Call 03/01/24)(a)

    800       681,080  

9.88%, 08/01/27 (Call 02/01/24)(a)

    355       356,332  

10.50%, 02/01/26 (Call 08/01/23)(a)(b)

    655       674,647  

10.50%, 06/01/30 (Call 06/01/25)(a)

    125       114,375  

NCL Corp. Ltd., 5.88%, 02/15/27
(Call 02/15/24)(a)

    960       870,072  

Royal Caribbean Cruises Ltd.

   

4.25%, 07/01/26 (Call 01/01/26)(a)

    525       403,514  

5.50%, 08/31/26 (Call 02/28/26)(a)

    1,140       911,248  

11.50%, 06/01/25 (Call 09/12/22)(a)(b)

    85       90,211  

11.63%, 08/15/27

    18       17,643  
   

 

 

 
      4,119,122  
Lodging — 1.6%  

Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)

    200       189,285  

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(a)

    595       483,722  

6.63%, 07/31/26 (Call 04/30/26)(a)

    600       581,442  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.

   

5.25%, 05/15/27 (Call 02/15/27)(a)

    105       94,702  

5.50%, 03/01/25 (Call 12/01/24)(a)

    585       560,202  
   

 

 

 
      1,909,353  
Machinery — 1.0%  

GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a)(b)

    520       443,676  

Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a)(b)

    880       761,200  
   

 

 

 
      1,204,876  
Manufacturing — 0.4%  

LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(a)

    545       504,425  
   

 

 

 
Media — 2.9%  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 01/15/34 (Call 01/15/28)(a)

    1,079       821,508  

4.50%, 06/01/33 (Call 06/01/27)(a)

    950       745,750  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)

    945       864,675  

UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)

        1,030       890,919  

UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a)

    200       171,275  
   

 

 

 
          3,494,127  
Mining — 4.5%  

Arconic Corp.

   

6.00%, 05/15/25 (Call 10/03/22)(a)

    200       196,250  

6.13%, 02/15/28 (Call 02/15/23)(a)

    855       802,570  

Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)(a)

    575       472,136  

Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)(b)

    565       492,284  

First Quantum Minerals Ltd.

   

6.88%, 03/01/26 (Call 09/12/22)(a)

    530       508,633  

7.50%, 04/01/25 (Call 09/12/22)(a)

    905       890,747  
Security   Par
(000)
    Value  
Mining (continued)  

FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)(a)(b)

  $ 600     $ 593,712  

Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23)(b)

    410       389,930  

Stillwater Mining Co.

   

4.00%, 11/16/26 (Call 11/16/23)(a)

    625       551,250  

4.50%, 11/16/29 (Call 11/16/25)(a)

    575       472,363  
   

 

 

 
          5,369,875  
Oil & Gas — 8.9%  

Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)(a)

    351       357,032  

Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/03/22)(a)

    0        

Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)(a)

    271       252,311  

CNX Resources Corp., 7.25%, 03/14/27 (Call 10/03/22)(a)

    635       630,396  

Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a)(b)

    410       399,496  

Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)(a)(b)

    450       406,490  

Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24)

    250       251,665  

Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(a)

    480       443,842  

Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a)

    525       513,188  

Kosmos Energy Ltd.

   

7.13%, 04/04/26 (Call 09/12/22)(a)

    625       549,945  

7.50%, 03/01/28 (Call 03/01/24)(a)

    450       387,450  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 09/12/22)(a)

    140       135,129  

Matador Resources Co., 5.88%, 09/15/26 (Call 09/16/22)(b)

    923       903,479  

Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)(a)

    250       242,500  

Occidental Petroleum Corp.

   

7.88%, 09/15/31

    330       380,342  

8.50%, 07/15/27 (Call 01/15/27)

    271       303,507  

Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27)

    335       283,399  

PBF Holding Co. LLC/PBF Finance Corp.

   

6.00%, 02/15/28 (Call 02/15/23)(b)

    450       404,174  

7.25%, 06/15/25 (Call 10/03/22)(b)

    640       621,632  

PDC Energy Inc., 5.75%, 05/15/26 (Call 10/03/22)

    375       359,096  

Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 10/03/22)(b)

    545       527,086  

Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23)

    580       614,469  

Tullow Oil PLC

   

7.00%, 03/01/25 (Call 10/03/22)(a)

    200       158,500  

10.25%, 05/15/26 (Call 05/15/23)(a)

    975       906,360  

W&T Offshore Inc., 9.75%, 11/01/23
(Call 10/03/22)(a)(b)

    500       490,002  
   

 

 

 
      10,521,490  
Oil & Gas Services — 1.8%  

Archrock Partners LP/Archrock Partners Finance Corp.

   

6.25%, 04/01/28 (Call 04/01/23)(a)

    195       177,450  

6.88%, 04/01/27 (Call 10/03/22)(a)

    445       417,187  

Bristow Group Inc., 6.88%, 03/01/28
(Call 03/01/24)(a)(b)

    240       222,600  

CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b)

        425       376,216  

USA Compression Partners LP/USA Compression

   

Finance Corp.

   

6.88%, 04/01/26 (Call 10/03/22)

    660       618,981  

6.88%, 09/01/27 (Call 10/03/22)

    375       346,665  
   

 

 

 
          2,159,099  
Packaging & Containers — 1.2%  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28
(Call 05/15/24)(a)

    625       539,062  

Berry Global Inc., 5.63%, 07/15/27
(Call 10/03/22)(a)(b)

    485       473,602  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® High Yield Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

    Value  
Packaging & Containers (continued)  

Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)(a)

  $ 550     $ 472,291  
   

 

 

 
          1,484,955  
Pharmaceuticals — 0.5%            

HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)

    740       583,980  
   

 

 

 
Pipelines — 3.6%  

Antero Midstream Partners LP/Antero Midstream

   

Finance Corp.

   

5.75%, 03/01/27 (Call 09/16/22)(a)

    495       469,012  

7.88%, 05/15/26 (Call 05/15/23)(a)

    520       529,100  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 8.00%, 04/01/29
(Call 04/01/24)(a)

    330       327,174  

Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28
(Call 06/01/24)(a)

    245       228,903  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)

    430       419,057  

5.45%, 06/01/47 (Call 12/01/46)

    210       160,388  

EQM Midstream Partners LP, 6.50%, 07/15/48 (Call 01/15/48)

    225       190,906  

Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)(a)(b)

    475       442,306  

New Fortress Energy Inc.

   

6.50%, 09/30/26 (Call 03/31/23)(a)

    955       904,719  

6.75%, 09/15/25 (Call 09/21/22)(a)(b)

    245       237,001  

Western Midstream Operating LP, 6.50%, 02/01/50 (Call 08/01/49)

    365       315,907  
   

 

 

 
      4,224,473  
Real Estate — 1.3%  

Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/15/23)(a)

    595       589,794  

WeWork Companies Inc., 7.88%, 05/01/25(a)(b)

    765       570,728  

WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(a)

    550       356,845  
   

 

 

 
          1,517,367  
Real Estate Investment Trusts — 5.1%  

Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)

    520       421,200  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 10/01/23)(a)(b)

    105       89,958  

5.75%, 05/15/26 (Call 09/12/22)(a)

    990       923,170  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(a)

    170       141,222  

5.25%, 03/15/28 (Call 12/27/22)(a)(b)

    75       68,812  

5.63%, 07/15/32 (Call 07/15/26)(a)

    200       175,795  

Park Intermediate Holdings LLC/PK Domestic

   

Property LLC/PK Finance Co-Issuer

   

4.88%, 05/15/29 (Call 05/15/24)(a)(b)

    90       79,156  

5.88%, 10/01/28 (Call 10/01/23)(a)

    640       587,904  

7.50%, 06/01/25 (Call 10/03/22)(a)

    305       307,714  

RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)(a)

    490       413,703  

Service Properties Trust

   

4.35%, 10/01/24 (Call 09/01/24)

    865       773,778  

4.75%, 10/01/26 (Call 08/01/26)

    475       386,198  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25 (Call 10/03/22)(a)

        385       380,340  
Security  

Par/

Shares

(000)

    Value  
Real Estate Investment Trusts (continued)  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC

   

4.75%, 04/15/28 (Call 04/15/24)(a)

  $ 400     $ 334,234  

6.50%, 02/15/29 (Call 02/15/24)(a)

    670       510,460  

XHR LP, 6.38%, 08/15/25 (Call 09/12/22)(a)

    462       448,397  
   

 

 

 
          6,042,041  
Retail — 3.6%            

Bath & Body Works Inc.

   

6.75%, 07/01/36(b)

    565       487,558  

6.88%, 11/01/35(b)

    920       803,119  

Carvana Co., 5.50%, 04/15/27
(Call 04/15/24)(a)(b)

    780       505,557  

Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/22)(a)

    261       262,620  

FirstCash Inc.

   

4.63%, 09/01/28 (Call 09/01/23)(a)(b)

    495       428,602  

5.63%, 01/01/30 (Call 01/01/25)(a)

    545       487,775  

Gap Inc. (The), 3.88%, 10/01/31
(Call 10/01/26)(a)(b)

    155       107,495  

Macy’s Retail Holdings LLC, 6.13%, 03/15/32 (Call 03/15/27)(a)(b)

    260       215,906  

Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)(b)

    290       195,547  

QVC Inc.

   

4.38%, 09/01/28 (Call 06/01/28)

    330       250,442  

4.75%, 02/15/27 (Call 11/15/26)(b)

    585       483,169  
   

 

 

 
      4,227,790  
Software — 0.4%  

MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)(b)

    525       438,101  
   

 

 

 
Telecommunications — 7.7%  

CommScope Inc., 8.25%, 03/01/27 (Call 10/03/22)(a)(b)

    870       745,603  

Consolidated Communications Inc., 6.50%, 10/01/28 (Call 10/01/23)(a)

    800       643,760  

Embarq Corp., 8.00%, 06/01/36

    1,105       859,160  

Frontier Communications Holdings LLC

   

5.00%, 05/01/28 (Call 05/01/24)(a)

    546       478,547  

6.00%, 01/15/30 (Call 10/15/24)(a)

    734       604,831  

6.75%, 05/01/29 (Call 05/01/24)(a)(b)

    200       172,498  

Hughes Satellite Systems Corp.

   

5.25%, 08/01/26(b)

    465       442,912  

6.63%, 08/01/26

    474       448,522  

Level 3 Financing Inc.

   

3.63%, 01/15/29 (Call 01/15/24)(a)

    910       730,375  

4.25%, 07/01/28 (Call 07/01/23)(a)(b)

    670       556,937  

Lumen Technologies Inc.

   

4.50%, 01/15/29 (Call 01/15/24)(a)

    25       18,650  

5.38%, 06/15/29 (Call 06/15/24)(a)

    910       710,601  

Sprint Capital Corp., 8.75%, 03/15/32

    340       410,455  

Sprint Corp.

   

7.13%, 06/15/24

    415       428,471  

7.63%, 02/15/25 (Call 11/15/24)

    735       768,994  

ViaSat Inc.

   

5.63%, 09/15/25 (Call 09/12/22)(a)

    580       509,389  

5.63%, 04/15/27 (Call 09/12/22)(a)

    590       542,800  
   

 

 

 
      9,072,505  
   

 

 

 

Total Long-Term Investments — 97.4%
(Cost: $126,169,388)

 

    115,456,669  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 22.3%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)

    24,175               24,182,077  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® High Yield Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares

(000)

     Value  

 

 
Money Market Funds (continued)             

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)

    2,190      $ 2,190,000  
    

 

 

 

Total Short-Term Securities — 22.3%
(Cost: $26,360,569)

       26,372,077  
    

 

 

 

Total Investments in Securities — 119.7%
(Cost: $152,529,957)

           141,828,746  

Liabilities in Excess of Other Assets — (19.7)%

 

     (23,330,498
    

 

 

 

Net Assets — 100.0%

     $ 118,498,248  
    

 

 

 

    

 

(a) 

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

(b) 

All or a portion of this security is on loan.

(c) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 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

02/28/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/22

   

Shares

Held at

08/31/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 16,908,997     $ 7,270,208 (a)    $     $ (8,472   $ 11,344     $ 24,182,077       24,175     $ 64,268 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    4,590,000             (2,400,000 )(a)                  2,190,000       2,190       8,744        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (8,472   $ 11,344     $ 26,372,077       $ 73,012     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Fair Value 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

                 

Corporate Bonds & Notes

   $        $ 115,456,669        $        $ 115,456,669  

Money Market Funds

     26,372,077                            26,372,077  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 26,372,077        $ 115,456,669        $        $ 141,828,746  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

12  

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


Schedule of Investments (unaudited)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.1%            

Interpublic Group of Companies Inc. (The), 3.38%, 03/01/41 (Call 09/01/40)

  $ 230     $ 165,868  
   

 

 

 
Aerospace & Defense — 1.9%            

Boeing Co. (The)

   

3.95%, 08/01/59 (Call 02/01/59)

    470       326,512  

5.71%, 05/01/40 (Call 11/01/39)

    110       104,918  

5.93%, 05/01/60 (Call 11/01/59)

    840       802,183  

L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)

    985       968,235  

Northrop Grumman Corp., 4.75%, 06/01/43

    215       206,820  

Raytheon Technologies Corp.

   

4.50%, 06/01/42

    620       587,276  

4.88%, 10/15/40

    175       168,885  
   

 

 

 
      3,164,829  
Agriculture — 2.0%            

Altria Group Inc.

   

4.80%, 02/14/29 (Call 11/14/28)

    26       25,177  

5.38%, 01/31/44

    668       589,731  

5.80%, 02/14/39 (Call 08/14/38)

    693       640,938  

BAT Capital Corp.

   

3.56%, 08/15/27 (Call 05/15/27)

    591       542,924  

4.91%, 04/02/30 (Call 01/02/30)

    39       36,728  

BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)

    90       85,256  

Philip Morris International Inc., 6.38%, 05/16/38

    675       698,357  

Reynolds American Inc.

   

5.70%, 08/15/35 (Call 02/15/35)

    271       249,875  

5.85%, 08/15/45 (Call 02/15/45)

    618       522,153  
   

 

 

 
          3,391,139  
Banks — 14.4%            

Bank of America Corp.

   

1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)(a)

    900       865,063  

3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)(a)

    370       358,275  

3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)(a)

    1,300       1,256,953  

4.30%, (Call 01/28/25)(a)(b)(c)

    950       796,219  

4.45%, 03/03/26

    240       239,024  

5.13%, (Call 06/20/24)(a)(b)

    860       823,352  

6.50%, (Call 10/23/24)(a)(b)

    470       472,937  

Series FF, 5.88%, (Call 03/15/28)(a)(b)

    850       770,312  

Bank of New York Mellon Corp.

   

3.43%, 06/13/25 (Call 06/13/24)(a)

    260       256,853  

Series F, 4.63%, (Call 09/20/26)(a)(b)

    890       818,747  

Citigroup Inc.

   

0.78%, 10/30/24 (Call 10/30/23), (SOFR + 0.686%)(a)

    1,000       959,018  

3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)(a)

    200       196,009  

4.60%, 03/09/26

    289       288,317  

8.13%, 07/15/39

    584       762,558  

Fifth Third Bancorp., 3.65%, 01/25/24 (Call 12/25/23)

    840       834,614  

Goldman Sachs Group Inc. (The)

   

0.66%, 09/10/24 (Call 09/10/23), (SOFR + 0.505%)(a)

    810       776,818  

0.93%, 10/21/24 (Call 10/21/23), (SOFR + 0.486%)(a)

    490       468,991  

HSBC Holdings PLC

   

3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)(a)

    760       745,468  

3.90%, 05/25/26

    860       836,927  
Security   Par
(000)
    Value  
Banks (continued)            

4.25%, 08/18/25

  $ 240     $ 236,360  

4.30%, 03/08/26(c)

    770       760,916  

4.95%, 03/31/30

    260       252,249  

Huntington Bancshares Inc., 2.49%, 08/15/36 (Call 08/15/31)(a)

    310       234,206  

JPMorgan Chase & Co.

   

4.02%, 12/05/24 (Call 12/05/23),
(3 mo. LIBOR US + 1.000%)(a)

    820       816,281  

5.00%, (Call 08/01/24)(a)(b)

    920       851,000  

6.10%, (Call 10/01/24)(a)(b)

    830       817,093  

6.75%, (Call 02/01/24)(a)(b)(c)

    240       241,458  

Series HH, 4.60%, (Call 02/01/25)(a)(b)(c)

    941       827,139  

Morgan Stanley

   

0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)(a)

    855       810,953  

2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)(a)

    890       859,795  

Natwest Group PLC, 3.03%, 11/28/35 (Call 08/28/30)(a)

    910       713,606  

State Street Corp., 2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)(a)

    850       820,949  

SVB Financial Group, 3.13%, 06/05/30 (Call 03/05/30)

    225       192,712  

Truist Financial Corp., Series N, 4.80%, (Call 09/01/24)(a)(b)

    905       840,698  

U.S. Bancorp, 5.30%, (Call 04/15/27)(a)(b)

    910       809,900  

Wells Fargo & Co.

   

2.41%, 10/30/25 (Call 10/30/24), (SOFR + 1.087%)(a)

    110       105,107  

3.00%, 02/19/25

    240       233,169  

5.90%, (Call 06/15/24)(a)(b)(c)

    890       837,269  
   

 

 

 
          23,787,315  
Beverages — 1.2%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.70%, 02/01/36 (Call 08/01/35)

    665       643,379  

Anheuser-Busch InBev Worldwide Inc.

   

4.60%, 06/01/60 (Call 12/01/59)

    190       168,542  

5.45%, 01/23/39 (Call 07/23/38)

    90       92,775  

8.20%, 01/15/39

    322       418,448  

Keurig Dr Pepper Inc.

   

4.42%, 05/25/25 (Call 03/25/25)

    104       104,714  

4.60%, 05/25/28 (Call 02/25/28)

    420       421,331  

PepsiCo Inc., 2.63%, 10/21/41 (Call 04/21/41)

    205       160,833  
   

 

 

 
      2,010,022  
Biotechnology — 3.0%            

Amgen Inc., 4.40%, 05/01/45 (Call 11/01/44)

    354       318,478  

Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)

    450       447,303  

Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)

    1,030       841,386  

Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31)

    385       344,173  

Gilead Sciences Inc.

   

4.80%, 04/01/44 (Call 10/01/43)

    735       705,258  

5.65%, 12/01/41 (Call 06/01/41)

    340       358,900  

Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)

    235       192,833  

Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)

    1,025       810,570  

Royalty Pharma PLC

   

1.20%, 09/02/25 (Call 08/02/25)

    640       581,794  

2.15%, 09/02/31 (Call 06/02/31)

    30       23,665  

3.35%, 09/02/51 (Call 03/02/51)

    255       170,425  

3.55%, 09/02/50 (Call 03/02/50)

    160       110,352  
   

 

 

 
      4,905,137  
Building Materials — 0.5%            

Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)

    700       547,678  

Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)

    305       267,242  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Building Materials (continued)            

Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47)

  $     35     $ 29,328  
   

 

 

 
      844,248  
Chemicals — 1.2%            

Dow Chemical Co. (The), 5.55%, 11/30/48 (Call 05/30/48)

    375       378,249  

DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38)

    325       324,041  

Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)

    645       594,126  

LYB International Finance BV, 4.88%, 03/15/44 (Call 09/15/43)

    340       308,703  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)

    515       432,031  
   

 

 

 
      2,037,150  
Commercial Services — 1.8%            

Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)

    660       531,945  

Global Payments Inc.

   

2.65%, 02/15/25 (Call 01/15/25)

    195       185,656  

2.90%, 05/15/30 (Call 02/15/30)

    215       180,928  

3.20%, 08/15/29 (Call 05/15/29)

    254       221,823  

4.15%, 08/15/49 (Call 02/15/49)(c)

    73       55,589  

4.80%, 04/01/26 (Call 01/01/26)

    395       391,839  

Quanta Services Inc.

   

2.35%, 01/15/32 (Call 10/15/31)

    90       71,111  

2.90%, 10/01/30 (Call 07/01/30)

    930       794,341  

Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)

    485       479,481  
   

 

 

 
      2,912,713  
Computers — 1.3%            

Apple Inc., 3.00%, 02/09/24 (Call 12/09/23)

    295       292,530  

HP Inc.

   

3.40%, 06/17/30 (Call 03/17/30)(c)

    675       586,463  

4.20%, 04/15/32 (Call 01/15/32)

    100       88,324  

6.00%, 09/15/41(c)

    387       374,477  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    120       94,191  

4.38%, 05/15/30 (Call 02/15/30)

    610       563,142  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    230       189,148  
   

 

 

 
      2,188,275  
Cosmetics & Personal Care — 0.3%            

Procter & Gamble Co. (The), 0.55%, 10/29/25

    480       435,861  
   

 

 

 
Diversified Financial Services — 1.6%            

American Express Co., 3.55%, (Call 09/15/26)(a)(b)

    960       824,400  

Capital One Financial Corp.

   

3.20%, 02/05/25 (Call 01/05/25)

    605       589,415  

3.75%, 03/09/27 (Call 02/09/27)

    795       764,090  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    115       93,755  

4.95%, 07/15/46

    405       394,946  
   

 

 

 
          2,666,606  
Electric — 11.0%            

Ameren Illinois Co., 3.70%, 12/01/47 (Call 06/01/47)

    110       93,414  

Avangrid Inc.

   

3.20%, 04/15/25 (Call 03/15/25)

    355       343,888  

3.80%, 06/01/29 (Call 03/01/29)

    585       546,606  

Commonwealth Edison Co.

   

3.00%, 03/01/50 (Call 09/01/49)

    175       131,870  

4.00%, 03/01/48 (Call 09/01/47)

    75       67,173  

Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)

    615       556,688  

Consolidated Edison Co. of New York Inc.

   

3.60%, 06/15/61 (Call 12/15/60)

    650       510,373  

Series C, 3.00%, 12/01/60 (Call 06/01/60)

    320       216,979  

Consumers Energy Co., 3.10%, 08/15/50 (Call 02/15/50)

    135       104,368  
Security   Par
(000)
    Value  
Electric (continued)            

Dominion Energy Inc., Series B, 4.65%,
(Call 12/15/24)(a)(b)

  $     720     $ 662,400  

DTE Electric Co.

   

2.95%, 03/01/50 (Call 09/01/49)

    50       38,012  

Series A, 3.00%, 03/01/32 (Call 12/01/31)

    210       189,619  

Duke Energy Carolinas LLC

   

3.20%, 08/15/49 (Call 02/15/49)

    655           510,414  

3.95%, 03/15/48 (Call 09/15/47)

    30       26,221  

Duke Energy Corp.

   

3.75%, 04/15/24 (Call 01/15/24)

    340       338,381  

3.75%, 09/01/46 (Call 03/01/46)

    30       23,451  

Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31)

    110       93,659  

Duke Energy Indiana LLC

   

2.75%, 04/01/50 (Call 10/01/49)

    250       174,453  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    180       138,108  

Duke Energy Progress LLC

   

2.00%, 08/15/31 (Call 05/15/31)

    260       215,495  

3.40%, 04/01/32 (Call 01/01/32)

    530       491,439  

3.45%, 03/15/29 (Call 12/15/28)

    230       219,296  

3.60%, 09/15/47 (Call 03/15/47)

    55       45,567  

Edison International, 5.75%, 06/15/27 (Call 04/15/27)

    90       91,191  

Emera U.S. Finance LP

   

3.55%, 06/15/26 (Call 03/15/26)

    104       99,628  

4.75%, 06/15/46 (Call 12/15/45)

    820       713,995  

Entergy Louisiana LLC

   

2.35%, 06/15/32 (Call 03/15/32)

    210       173,689  

4.00%, 03/15/33 (Call 12/15/32)

    610       578,661  

4.20%, 09/01/48 (Call 03/01/48)

    205       183,729  

Evergy Inc.

   

2.45%, 09/15/24 (Call 08/15/24)

    335       322,915  

2.90%, 09/15/29 (Call 06/15/29)

    650       570,305  

Evergy Kansas Central Inc., 3.45%, 04/15/50 (Call 10/15/49)

    195       155,376  

Exelon Corp.

   

3.95%, 06/15/25 (Call 03/15/25)

    550       544,694  

4.05%, 04/15/30 (Call 01/15/30)

    855       822,260  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    870       755,223  

3.15%, 10/01/49 (Call 04/01/49)

    115       91,805  

3.70%, 12/01/47 (Call 06/01/47)

    163       142,405  

3.95%, 03/01/48 (Call 09/01/47)

    560       509,332  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

    800       748,641  

Georgia Power Co., 4.30%, 03/15/42

    70       62,211  

Kentucky Utilities Co., 3.30%, 06/01/50 (Call 12/01/49)

    258       201,231  

Oncor Electric Delivery Co. LLC, 3.10%, 09/15/49 (Call 03/15/49)

    280       216,538  

Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)

    445       370,447  

Public Service Electric & Gas Co., 3.10%, 03/15/32 (Call 12/15/31)(c)

    215       196,770  

Public Service Enterprise Group Inc.

   

0.84%, 11/08/23 (Call 10/03/22)

    310       297,488  

2.88%, 06/15/24 (Call 05/15/24)

    660       643,726  

San Diego Gas & Electric Co.

   

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    530       391,868  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)

    40       35,540  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    145       137,200  

3.40%, 02/01/28 (Call 11/01/27)

    715       675,367  

4.00%, 02/01/48 (Call 08/01/47)

    105       87,919  

Southern California Edison Co.

   

4.00%, 04/01/47 (Call 10/01/46)

    870       704,463  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Series A, 4.20%, 03/01/29 (Call 12/01/28)

  $     151     $ 145,943  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    208       190,883  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    150       124,729  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

    456       435,571  

4.40%, 07/01/46 (Call 01/01/46)

    740       652,281  

Union Electric Co.

   

2.15%, 03/15/32 (Call 12/15/31)

    260       213,502  

2.63%, 03/15/51 (Call 09/15/50)

    280       193,628  
   

 

 

 
          18,219,028  
Electronics — 0.5%            

TD SYNNEX Corp.

   

1.25%, 08/09/24 (Call 09/12/22)

    160       148,613  

1.75%, 08/09/26 (Call 07/09/26)

    300       262,683  

2.38%, 08/09/28 (Call 06/09/28)

    270       226,767  

Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)

    120       119,192  
   

 

 

 
      757,255  
Environmental Control — 0.1%            

Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)

    225       219,962  
   

 

 

 
Food — 2.3%            

Campbell Soup Co.

   

3.95%, 03/15/25 (Call 01/15/25)

    185       183,342  

4.15%, 03/15/28 (Call 12/15/27)

    785       770,838  

Conagra Brands Inc.

   

4.85%, 11/01/28 (Call 08/01/28)

    165       163,269  

5.30%, 11/01/38 (Call 05/01/38)

    690       655,804  

Kellogg Co., 3.25%, 04/01/26

    315       305,651  

Sysco Corp.

   

5.95%, 04/01/30 (Call 01/01/30)

    550       591,591  

6.60%, 04/01/50 (Call 10/01/49)

    412       477,626  

Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)

    705       702,728  
   

 

 

 
      3,850,849  
Gas — 0.9%            

National Fuel Gas Co.

   

2.95%, 03/01/31 (Call 12/01/30)(c)

    245       200,214  

5.50%, 01/15/26 (Call 12/15/25)

    245       247,489  

NiSource Inc.

   

3.60%, 05/01/30 (Call 02/01/30)

    390       358,173  

4.38%, 05/15/47 (Call 11/15/46)

    749       659,617  
   

 

 

 
      1,465,493  
Health Care - Products — 2.1%            

Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)

    104       103,206  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

    190       156,458  

Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)

    118       117,515  

PerkinElmer Inc.

   

2.25%, 09/15/31 (Call 06/15/31)

    230       182,858  

3.30%, 09/15/29 (Call 06/15/29)(c)

    718       638,904  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    1,005       795,690  

STERIS Irish FinCo UnLtd Co.

   

2.70%, 03/15/31 (Call 12/15/30)

    215       179,901  

3.75%, 03/15/51 (Call 09/15/50)

    355       273,763  

Zimmer Biomet Holdings Inc.

   

2.60%, 11/24/31 (Call 08/24/31)

    510       425,613  

3.55%, 04/01/25 (Call 01/01/25)

    545       532,913  
   

 

 

 
      3,406,821  
Security   Par
(000)
    Value  
Health Care - Services — 1.1%            

Elevance Health Inc.

   

4.10%, 03/01/28 (Call 12/01/27)

  $     91     $ 89,169  

4.65%, 01/15/43

    225       213,009  

Humana Inc.

   

3.13%, 08/15/29 (Call 05/15/29)

    120       109,401  

4.95%, 10/01/44 (Call 04/01/44)

    366       351,153  

Laboratory Corp. of America Holdings

   

3.60%, 02/01/25 (Call 11/01/24)

    805       793,646  

4.70%, 02/01/45 (Call 08/01/44)

    123       111,560  

Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)

    100       95,823  
   

 

 

 
          1,763,761  
Holding Companies - Diversified — 2.7%            

Ares Capital Corp.

   

3.20%, 11/15/31 (Call 08/15/31)

    265       206,696  

3.88%, 01/15/26 (Call 12/15/25)

    843       792,812  

Blackstone Secured Lending Fund

   

2.85%, 09/30/28 (Call 07/30/28)

    320       254,636  

3.63%, 01/15/26 (Call 12/15/25)

    665       623,768  

FS KKR Capital Corp.

   

3.13%, 10/12/28 (Call 08/12/28)

    135       109,909  

3.40%, 01/15/26 (Call 12/15/25)

    905       823,658  

Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)

    235       217,936  

Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)

    295       256,366  

Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)

    210       183,306  

Owl Rock Capital Corp.

   

3.40%, 07/15/26 (Call 06/15/26)

    585       523,219  

3.75%, 07/22/25 (Call 06/22/25)

    205       193,008  

4.25%, 01/15/26 (Call 12/15/25)

    220       207,677  
   

 

 

 
      4,392,991  
Home Builders — 0.4%            

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    835       718,799  
   

 

 

 
Household Products & Wares — 0.1%            

Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)(c)

    105       105,994  
   

 

 

 
Insurance — 2.8%            

American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26)

    774       761,282  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)(c)

    305       241,551  

4.20%, 03/17/32 (Call 12/17/31)

    245       223,081  

CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)

    115       107,675  

Corebridge Financial Inc.

   

3.85%, 04/05/29 (Call 02/05/29)(d)

    855       786,943  

3.90%, 04/05/32 (Call 01/05/32)(d)

    220       197,622  

Everest Reinsurance Holdings Inc., 3.50%, 10/15/50 (Call 04/15/50)

    610       460,022  

Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)

    250       213,627  

Fidelity National Financial Inc.

   

2.45%, 03/15/31 (Call 12/15/30)(c)

    260       205,830  

3.40%, 06/15/30 (Call 03/15/30)

    285       246,682  

First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)

    330       253,781  

Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)(c)

    125       123,069  

Markel Corp.

   

3.45%, 05/07/52 (Call 11/07/51)

    270       199,583  

5.00%, 05/20/49 (Call 11/20/48)

    125       117,851  

Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)

    295       225,001  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Travelers Companies Inc. (The), 4.05%, 03/07/48 (Call 09/07/47)

  $ 120     $ 107,056  

Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)

    133       129,447  
   

 

 

 
      4,600,103  
Internet — 0.6%            

Alphabet Inc.

   

2.05%, 08/15/50 (Call 02/15/50)

    1,075       708,420  

2.25%, 08/15/60 (Call 02/15/60)

    440       280,485  

Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)

    50       50,292  
   

 

 

 
          1,039,197  
Lodging — 0.6%            

Marriott International Inc./MD

   

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

    250       257,074  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    815       778,383  
   

 

 

 
      1,035,457  
Machinery — 0.5%            

Westinghouse Air Brake Technologies Corp.

   

4.40%, 03/15/24 (Call 02/15/24)

    135       134,541  

4.95%, 09/15/28 (Call 06/15/28)

    790       765,984  
   

 

 

 
      900,525  
Manufacturing — 0.7%            

General Electric Co.

   

5.88%, 01/14/38(c)

    205       215,612  

6.75%, 03/15/32

    672       760,631  

Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)

    290       251,181  
   

 

 

 
      1,227,424  
Media — 1.1%            

Comcast Corp., 2.99%, 11/01/63 (Call 05/01/63)

    575       384,473  

Fox Corp.

   

4.71%, 01/25/29 (Call 10/25/28)

    60       59,379  

5.48%, 01/25/39 (Call 07/25/38)

    785       771,684  

5.58%, 01/25/49 (Call 07/25/48)(c)

    185       178,867  

Time Warner Cable LLC, 6.75%, 06/15/39

    239       232,377  

Walt Disney Co. (The), 6.65%, 11/15/37

    130       154,225  
   

 

 

 
      1,781,005  
Mining — 0.9%            

Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)

    543       511,161  

Southern Copper Corp.

   

5.25%, 11/08/42

    35       33,731  

5.88%, 04/23/45

    473       493,173  

6.75%, 04/16/40

    350       395,500  
   

 

 

 
      1,433,565  
Office & Business Equipment — 0.6%            

CDW LLC/CDW Finance Corp.

   

3.28%, 12/01/28 (Call 10/01/28)

    235       206,939  

3.57%, 12/01/31 (Call 09/01/31)

    860       722,346  
   

 

 

 
      929,285  
Oil & Gas — 2.8%            

BP Capital Markets PLC, 4.38%,
(Call 06/22/25)(a)(b)

    855       818,449  

Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)(c)

    835       797,082  

Cenovus Energy Inc., 4.40%, 04/15/29 (Call 01/15/29)

    645       626,613  

Coterra Energy Inc.

   

3.90%, 05/15/27 (Call 02/15/27)(d)

    290       276,750  

4.38%, 06/01/24 (Call 03/01/24)(d)

    395       392,573  

Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)

    585       588,747  

Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30)

    385       316,852  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

Shell International Finance BV, 3.50%, 11/13/23 (Call 10/13/23)

  $ 20     $ 19,960  

Valero Energy Corp., 6.63%, 06/15/37

    735       797,490  
   

 

 

 
      4,634,516  
Packaging & Containers — 0.5%            

Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)

    244       232,347  

Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)

    723       593,136  
   

 

 

 
      825,483  
Pharmaceuticals — 5.7%            

AbbVie Inc.

   

3.60%, 05/14/25 (Call 02/14/25)

    545       535,008  

4.25%, 11/14/28 (Call 08/14/28)

    410       402,725  

4.50%, 05/14/35 (Call 11/14/34)

    392       372,829  

4.70%, 05/14/45 (Call 11/14/44)

    315       293,378  

4.85%, 06/15/44 (Call 12/15/43)

    75       71,191  

AmerisourceBergen Corp., 2.70%, 03/15/31 (Call 12/15/30)

    925       787,459  

AstraZeneca PLC, 6.45%, 09/15/37

    610       717,378  

Becton Dickinson and Co.

   

3.70%, 06/06/27 (Call 03/06/27)

    531       515,715  

3.73%, 12/15/24 (Call 09/15/24)

    559       554,010  

Cigna Corp.

   

3.40%, 03/01/27 (Call 12/01/26)

    95       90,564  

4.38%, 10/15/28 (Call 07/15/28)

    745       733,664  

4.80%, 08/15/38 (Call 02/15/38)

    55       53,013  

4.80%, 07/15/46 (Call 01/16/46)

    750       700,813  

4.90%, 12/15/48 (Call 06/15/48)

    40       37,974  

CVS Health Corp.

   

3.25%, 08/15/29 (Call 05/15/29)

    355       324,405  

4.30%, 03/25/28 (Call 12/25/27)

    795       785,922  

4.78%, 03/25/38 (Call 09/25/37)

    814       773,753  

5.13%, 07/20/45 (Call 01/20/45)

    52       49,874  

Johnson & Johnson

   

1.30%, 09/01/30 (Call 06/01/30)

    20       16,759  

2.25%, 09/01/50 (Call 03/01/50)

    1,155       797,665  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    520       497,038  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)

    200       200,318  

Zoetis Inc., 4.70%, 02/01/43 (Call 08/01/42)

    130       124,398  
   

 

 

 
          9,435,853  
Pipelines — 6.2%            

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)

    240       203,304  

3.60%, 09/01/32 (Call 06/01/32)

    225       189,621  

Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24)

    840       857,083  

Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)

    585       582,623  

Enbridge Inc.

   

2.50%, 01/15/25 (Call 12/15/24)

    157       150,438  

5.50%, 12/01/46 (Call 06/01/46)

    190       194,647  

Enterprise Products Operating LLC

   

4.85%, 03/15/44 (Call 09/15/43)

    380       350,795  

5.10%, 02/15/45 (Call 08/15/44)

    400       381,612  

Kinder Morgan Inc.

   

4.30%, 03/01/28 (Call 12/01/27)

    775       757,061  

5.30%, 12/01/34 (Call 06/01/34)

    381       372,883  

5.55%, 06/01/45 (Call 12/01/44)

    441       428,946  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)

  $     370     $ 290,716  

MPLX LP

   

2.65%, 08/15/30 (Call 05/15/30)

    95       79,192  

4.50%, 04/15/38 (Call 10/15/37)

    850       751,349  

5.20%, 03/01/47 (Call 09/01/46)

    45       40,998  

ONEOK Inc.

   

3.10%, 03/15/30 (Call 12/15/29)

    40       34,484  

3.40%, 09/01/29 (Call 06/01/29)

    565       500,550  

4.55%, 07/15/28 (Call 04/15/28)

    470       455,490  

Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)

    899       903,660  

TransCanada PipeLines Ltd.

   

4.10%, 04/15/30 (Call 01/15/30)

    150       142,571  

4.63%, 03/01/34 (Call 12/01/33)(c)

    100       95,325  

4.88%, 01/15/26 (Call 10/15/25)

    610       615,221  

7.63%, 01/15/39

    413       504,011  

Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)

    195       213,003  

Williams Companies Inc. (The)

   

4.00%, 09/15/25 (Call 06/15/25)

    555       548,902  

6.30%, 04/15/40

    597       636,392  
   

 

 

 
          10,280,877  
Real Estate Investment Trusts — 6.0%            

American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)

    120       114,648  

American Tower Corp.

   

3.38%, 10/15/26 (Call 07/15/26)

    77       72,628  

3.80%, 08/15/29 (Call 05/15/29)

    203       187,927  

4.00%, 06/01/25 (Call 03/01/25)

    335       329,116  

5.00%, 02/15/24(c)

    635       641,213  

Crown Castle Inc.

   

3.30%, 07/01/30 (Call 04/01/30)

    50       44,322  

3.65%, 09/01/27 (Call 06/01/27)

    15       14,274  

3.70%, 06/15/26 (Call 03/15/26)

    50       48,438  

3.80%, 02/15/28 (Call 11/15/27)

    150       141,428  

4.45%, 02/15/26 (Call 11/15/25)

    380       378,092  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)

    70       64,463  

3.70%, 08/15/27 (Call 05/15/27)

    630       601,379  

4.45%, 07/15/28 (Call 04/15/28)

    231       225,033  

Equinix Inc.

   

2.15%, 07/15/30 (Call 04/15/30)

    680       555,308  

3.20%, 11/18/29 (Call 08/18/29)

    311       278,512  

3.40%, 02/15/52 (Call 08/15/51)

    50       36,525  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)

    30       24,287  

5.25%, 06/01/25 (Call 03/01/25)

    385       380,284  

5.30%, 01/15/29 (Call 10/15/28)

    600       579,247  

Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)

    630       490,073  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    270       232,661  

Healthpeak Properties Inc.

   

3.25%, 07/15/26 (Call 05/15/26)

    195       187,321  

3.50%, 07/15/29 (Call 04/15/29)

    110       101,185  

Invitation Homes Operating Partnership LP

   

2.00%, 08/15/31 (Call 05/15/31)

    340       258,208  

2.30%, 11/15/28 (Call 09/15/28)

    275       229,500  

Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)

    255       204,352  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Sun Communities Operating LP

   

2.70%, 07/15/31 (Call 04/15/31)

  $ 705     $ 567,543  

4.20%, 04/15/32 (Call 01/15/32)

    240       214,952  

Ventas Realty LP

   

2.50%, 09/01/31 (Call 06/01/31)

    250       203,992  

4.40%, 01/15/29 (Call 10/15/28)(c)

    620       596,425  

VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51)

    160       147,943  

Welltower Inc.

   

2.80%, 06/01/31 (Call 03/01/31)

    120       101,144  

4.00%, 06/01/25 (Call 03/01/25)

    660       651,643  

4.25%, 04/15/28 (Call 01/15/28)

    346       336,817  

Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)

    460       434,386  

WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)(c)

    220       178,831  
   

 

 

 
          9,854,100  
Retail — 2.2%            

Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)

    90       88,263  

Dollar Tree Inc.

   

4.00%, 05/15/25 (Call 03/15/25)

    165       163,424  

4.20%, 05/15/28 (Call 02/15/28)

    760       740,381  

McDonald’s Corp.

   

4.70%, 12/09/35 (Call 06/09/35)

    180       178,630  

4.88%, 12/09/45 (Call 06/09/45)

    140       137,085  

O’Reilly Automotive Inc.

   

3.90%, 06/01/29 (Call 03/01/29)

    125       118,325  

4.35%, 06/01/28 (Call 03/01/28)

    105       103,974  

Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)

    275       277,305  

Walgreens Boots Alliance Inc.

   

3.45%, 06/01/26 (Call 03/01/26)

    653       633,194  

3.80%, 11/18/24 (Call 08/18/24)

    30       29,821  

4.80%, 11/18/44 (Call 05/18/44)

    345       302,031  

Walmart Inc., 2.50%, 09/22/41 (Call 03/22/41)

    1,070       826,755  
   

 

 

 
      3,599,188  
Semiconductors — 3.9%            

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)

    686       659,393  

Broadcom Inc.

   

4.15%, 11/15/30 (Call 08/15/30)

    645       588,306  

4.75%, 04/15/29 (Call 01/15/29)

    434       426,407  

5.00%, 04/15/30 (Call 01/15/30)

    247       240,586  

KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)

    406       412,512  

Marvell Technology Inc.

   

1.65%, 04/15/26 (Call 03/15/26)

    30       26,986  

2.45%, 04/15/28 (Call 02/15/28)

    385       334,426  

2.95%, 04/15/31 (Call 01/15/31)

    605       496,018  

Microchip Technology Inc.

   

0.97%, 02/15/24

    220       209,437  

4.25%, 09/01/25 (Call 10/03/22)

    825       816,213  

Micron Technology Inc.

   

4.66%, 02/15/30 (Call 11/15/29)

    675       632,193  

4.98%, 02/06/26 (Call 12/06/25)

    103       103,353  

5.33%, 02/06/29 (Call 11/06/28)

    170       167,581  

NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)

    115       116,981  

Qorvo Inc.

   

1.75%, 12/15/24 (Call 12/15/22)(d)

    205       191,361  

4.38%, 10/15/29 (Call 10/15/24)

    755       666,288  

Skyworks Solutions Inc.

   

1.80%, 06/01/26 (Call 05/01/26)

    237       210,899  

3.00%, 06/01/31 (Call 03/01/31)

    210       170,257  
   

 

 

 
      6,469,197  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Shipbuilding — 0.5%            

Huntington Ingalls Industries Inc.

   

2.04%, 08/16/28 (Call 06/16/28)

  $     305     $ 258,409  

3.48%, 12/01/27 (Call 09/01/27)

    124       115,246  

3.84%, 05/01/25 (Call 04/01/25)

    206       201,568  

4.20%, 05/01/30 (Call 02/01/30)

    200       186,148  
   

 

 

 
      761,371  
Software — 3.8%            

Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)

    335       280,258  

Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27)

    650       645,735  

Fiserv Inc.

   

3.85%, 06/01/25 (Call 03/01/25)

    470       462,274  

4.20%, 10/01/28 (Call 07/01/28)

    770       746,602  

Oracle Corp.

   

2.95%, 04/01/30 (Call 01/01/30)

    525       448,072  

3.40%, 07/08/24 (Call 04/08/24)(c)

    470       463,164  

3.90%, 05/15/35 (Call 11/15/34)

    150       122,676  

4.30%, 07/08/34 (Call 01/08/34)

    860       749,309  

5.38%, 07/15/40

    735       661,417  

Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)

    605       589,896  

VMware Inc.

   

3.90%, 08/21/27 (Call 05/21/27)

    841       802,189  

4.50%, 05/15/25 (Call 04/15/25)

    285       284,720  
   

 

 

 
          6,256,312  
Telecommunications — 6.1%            

AT&T Inc.

   

4.25%, 03/01/27 (Call 12/01/26)

    745       737,909  

4.35%, 03/01/29 (Call 12/01/28)

    240       234,136  

4.85%, 03/01/39 (Call 09/01/38)

    715       668,734  

5.15%, 02/15/50 (Call 08/14/49)(c)

    280       270,102  

5.25%, 03/01/37 (Call 09/01/36)

    505       505,021  

5.65%, 02/15/47 (Call 08/15/46)

    360       376,531  

British Telecommunications PLC, 9.63%, 12/15/30

    670       825,703  

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    665       816,556  

Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)(c)

    110       99,271  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

    220       174,539  

4.60%, 02/23/28 (Call 11/23/27)

    190       187,001  

4.60%, 05/23/29 (Call 02/23/29)(c)

    595       572,946  

Orange SA, 9.00%, 03/01/31

    378       481,690  

Telefonica Emisiones SA, 7.05%, 06/20/36

    120       131,178  

T-Mobile USA Inc.

   

2.55%, 02/15/31 (Call 11/15/30)

    110       91,552  

3.60%, 11/15/60 (Call 05/15/60)

    120       86,366  

3.75%, 04/15/27 (Call 02/15/27)

    385       369,177  

3.88%, 04/15/30 (Call 01/15/30)

    912       842,895  

4.38%, 04/15/40 (Call 10/15/39)

    210       185,232  

4.50%, 04/15/50 (Call 10/15/49)

    60       52,357  

Verizon Communications Inc.

   

4.27%, 01/15/36

    250       230,443  

4.40%, 11/01/34 (Call 05/01/34)

    248       234,576  

4.50%, 08/10/33

    72       69,339  
Security  

Par/

Shares

(000)

    Value  

 

 
Telecommunications (continued)            

5.25%, 03/16/37

  $ 680     $ 691,244  

Vodafone Group PLC

   

5.00%, 05/30/38

    535       507,270  

6.15%, 02/27/37

    625       655,011  
   

 

 

 
      10,096,779  
Toys, Games & Hobbies — 0.6%            

Hasbro Inc.

   

3.55%, 11/19/26 (Call 09/19/26)

    310       295,356  

3.90%, 11/19/29 (Call 08/19/29)

    690       631,976  
   

 

 

 
      927,332  
Transportation — 1.5%            

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)

    125       120,716  

FedEx Corp.

   

4.40%, 01/15/47 (Call 07/15/46)

    420       371,382  

4.55%, 04/01/46 (Call 10/01/45)

    515       461,380  

4.75%, 11/15/45 (Call 05/15/45)

    135       124,840  

5.25%, 05/15/50 (Call 11/15/49)(c)

    55       54,409  

Union Pacific Corp., 3.75%, 02/05/70 (Call 08/05/69)

    660       527,539  

United Parcel Service Inc.

   

3.05%, 11/15/27 (Call 08/15/27)

    140       136,237  

6.20%, 01/15/38

    525       617,192  
   

 

 

 
      2,413,695  
   

 

 

 

Total Long-Term Investments — 98.1%
(Cost: $178,568,769)

        161,911,380  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 3.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)

    4,810       4,811,238  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)

    1,533       1,533,000  
   

 

 

 

Total Short-Term Securities — 3.9%
(Cost: $6,340,982)

      6,344,238  
   

 

 

 

Total Investments in Securities — 102.0%
(Cost: $184,909,751)

      168,255,618  

Liabilities in Excess of Other Assets — (2.0)%

      (3,241,082
   

 

 

 

Net Assets — 100.0%

    $ 165,014,536  
   

 

 

 

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

Perpetual security with no stated maturity date.

(c) 

All or a portion of this security is on loan.

(d) 

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

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

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

 

 

18  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® Investment Grade Bond Factor ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 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

02/28/22

     Purchases
at Cost
    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/22

    

Shares

Held at

08/31/22

(000)

     Income     

Capital Gain

Distributions from
Underlying Funds

   

    

 
 

 

   

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 3,424,264      $ 1,385,061 (a)     $      $ 38      $ 1,875      $ 4,811,238        4,810      $ 6,779 (b)     $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     2,373,000               (840,000 )(a)                     1,533,000        1,533        7,548           
             

 

 

    

 

 

    

 

 

       

 

 

    

 

 

   
              $ 38      $ 1,875      $ 6,344,238         $ 14,327      $    
             

 

 

    

 

 

    

 

 

       

 

 

    

 

 

   

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value 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

           

Corporate Bonds & Notes

   $      $ 161,911,380      $             —      $ 161,911,380  

Money Market Funds

     6,344,238                      6,344,238  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   6,344,238      $ 161,911,380      $      $ 168,255,618  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  19



Schedule of Investments (unaudited) 

August 31, 2022

  

iShares® USD Bond Factor ETF

    (Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Collaterized Mortgage Obligations

   
Mortgage-Backed Securities — 1.3%            

Bank, Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)

  $ 40     $ 38,185  

COMM Mortgage Trust, 2.87%, 08/15/57 (Call 11/15/29)

    50       46,706  

Freddie Mac Multifamily Structured Pass Through Certificates, Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)

    47       39,491  

GS Mortgage Securities Trust, 2.91%, 02/13/53 (Call 01/13/30)

    75       67,363  

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)

    25       24,442  

Wells Fargo Commercial Mortgage Trust, 3.79%, 12/15/49 (Call 12/15/26)

    10       9,705  
   

 

 

 
      225,892  
   

 

 

 

Total Collaterized Mortgage Obligations — 1.3%
(Cost: $259,710)

      225,892  
   

 

 

 

Corporate Bonds & Notes

   
Advertising — 0.0%            

Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a)(b)

    3       2,580  
   

 

 

 
Aerospace & Defense — 1.3%            

Boeing Co. (The)

   

4.88%, 05/01/25 (Call 04/01/25)

    10       10,028  

5.04%, 05/01/27 (Call 03/01/27)

    70       69,789  

5.71%, 05/01/40 (Call 11/01/39)

    10       9,538  

Bombardier Inc., 7.88%, 04/15/27 (Call 10/03/22)(a)

    5       4,788  

L3Harris Technologies Inc. 4.40%, 06/15/28 (Call 03/15/28)

    50       49,149  

Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)

    35       33,212  

Raytheon Technologies Corp., 4.13%, 11/16/28 (Call 08/16/28)

    35       34,274  

Spirit AeroSystems Inc., 7.50%, 04/15/25 (Call 10/03/22)(a)

    5       4,890  <