LOGO

  JANUARY 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares U.S. ETF Trust

 

·  

iShares Evolved U.S. Consumer Staples ETF  |  IECS  |  Cboe BZX

·  

iShares Evolved U.S. Discretionary Spending ETF  |  IEDI  |  Cboe BZX

·  

iShares Evolved U.S. Financials ETF  |  IEFN  |  Cboe BZX

·  

iShares Evolved U.S. Healthcare Staples ETF  |  IEHS  |  Cboe BZX

·  

iShares Evolved U.S. Innovative Healthcare ETF  |  IEIH  |  Cboe BZX

·  

iShares Evolved U.S. Media and Entertainment ETF  |  IEME  |  Cboe BZX

·  

iShares Evolved U.S. Technology ETF  |  IETC  |  Cboe BZX


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

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

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

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

  3.44%   23.29%

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

  (8.41)     (1.21)  

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

  (3.43)     7.03  

Emerging market equities
(MSCI Emerging Markets Index)

  (4.59)     (7.23)  

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

  0.01     0.04  

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

  (3.87)     (4.43)  

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

  (3.17)     (2.97)  

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

  (2.56)     (1.22)  

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

  (1.55)     2.05  

 

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

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     11  

Shareholder Expenses

     11  

Schedules of Investments

     12  

Financial Statements:

  

Statements of Assets and Liabilities

     36  

Statements of Operations

     38  

Statements of Changes in Net Assets

     40  

Financial Highlights

     44  

Notes to Financial Statements

     51  

Statement Regarding Liquidity Risk Management Program

     59  

Supplemental Information

     60  

General Information

     61  

Glossary of Terms Used in this Report

     62  

 

 

 

  3


Fund Summary as of January 31, 2022

  

iShares® Evolved U.S. Consumer Staples ETF

 

Investment Objective

The iShares Evolved U.S. Consumer Staples ETF (the “Fund”) seeks to provide access to U.S. companies with consumer staples exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
    

6 Months

    

1 Year

    

Since

Inception

          

1 Year

    

Since

Inception

 

Fund NAV

    4.75      19.06      11.92       19.06      54.62

Fund Market

    4.87        18.70        11.92         18.70        54.60  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

Actual

         

Hypothetical 5% Return

          
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,047.50        $ 0.93             $ 1,000.00        $ 1,024.30        $ 0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Beverages

    30.7

Food

    24.0  

Agriculture

    12.3  

Cosmetics & Personal Care

    10.8  

Retail

    10.0  

Packaging & Containers

    3.0  

Household Products & Wares

    2.2  

Chemicals

    2.0  

Pharmaceuticals

    1.7  

Other (each representing less than 1%)

    3.3  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Coca-Cola Co. (The)

    11.2

PepsiCo Inc.

    10.8  

Procter & Gamble Co. (The)

    8.6  

Philip Morris International Inc.

    5.0  

Mondelez International Inc., Class A

    4.7  

Altria Group Inc.

    4.2  

Starbucks Corp.

    3.7  

General Mills Inc.

    3.4  

McDonald’s Corp.

    2.7  

Monster Beverage Corp.

    2.6  

 

 

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 January 31, 2022    iShares® Evolved U.S. Discretionary Spending ETF

 

Investment Objective

The iShares Evolved U.S. Discretionary Spending ETF (the “Fund”) seeks to provide access to U.S. companies with discretionary spending exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

             Average Annual Total Returns               Cumulative Total Returns    
    

 

 

     

 

 

 
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (1.58 )%       13.34      17.55       13.34      86.94

Fund Market

    (1.60      13.03        17.54         13.03        86.85  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized  
Expense  
Ratio  
 
 
 
  $ 1,000.00          $ 984.20          $ 0.90               $ 1,000.00          $ 1,024.30          $ 0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Retail

    53.2

Internet

    22.3  

Apparel

    7.2  

Cosmetics & Personal Care

    4.0  

Lodging

    2.4  

Commercial Services

    1.5  

Food

    1.5  

Entertainment

    1.2  

Computers

    1.0  

Other (each representing less than 1%)

    5.7  

 

  (a)

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Amazon.com Inc.

    17.4

Home Depot Inc. (The)

    8.7  

Costco Wholesale Corp.

    6.0  

Walmart Inc.

    5.6  

Nike Inc., Class B

    4.4  

Lowe’s Companies Inc.

    3.5  

Target Corp.

    3.3  

McDonald’s Corp.

    3.1  

Procter & Gamble Co. (The)

    2.6  

TJX Companies Inc. (The)

    2.4  

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of January 31, 2022    iShares® Evolved U.S. Financials ETF

 

Investment Objective

The iShares Evolved U.S. Financials ETF (the “Fund”) seeks to provide access to U.S. companies with financials exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    8.47      36.49      10.20       36.49      45.59

Fund Market

    8.53        36.19        10.21         36.19        45.66  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,084.70        $ 1.00             $ 1,000.00        $ 1,024.20        $ 0.97          0.19

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Banks

    42.5

Insurance

    23.0  

Diversified Financial Services

    17.9  

Commercial Services

    3.9  

Health Care - Services

    3.2  

Software

    2.4  

Pharmaceuticals

    1.8  

Private Equity

    1.4  

Machinery

    1.1  

Savings & Loans

    1.1  

Other (each representing less than 1%)

    1.7  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Bank of America Corp.

    4.7

Wells Fargo & Co.

    4.6  

JPMorgan Chase & Co.

    4.5  

Morgan Stanley

    3.2  

Charles Schwab Corp. (The)

    3.1  

Berkshire Hathaway Inc., Class B

    3.0  

Goldman Sachs Group Inc. (The)

    2.8  

Citigroup Inc.

    2.6  

Truist Financial Corp.

    2.2  

UnitedHealth Group Inc.

    2.1  

 

 

6  

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


Fund Summary as of January 31, 2022    iShares® Evolved U.S. Healthcare Staples ETF

 

Investment Objective

The iShares Evolved U.S. Healthcare Staples ETF (the “Fund”) seeks to provide access to U.S. companies with healthcare staples exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (2.95 )%       11.24      15.79       11.24      76.29

Fund Market

    (2.98      10.86        15.78         10.86        76.29  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 970.50        $ 0.89             $ 1,000.00        $ 1,024.30        $ 0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Health Care - Products

    45.8

Health Care - Services

    27.2  

Pharmaceuticals

    20.1  

Biotechnology

    1.9  

Real Estate Investment Trusts

    1.2  

Electronics

    1.1  

Software

    1.0  

Other (each representing less than 1%)

    1.7  

 

  (a)

Excludes money market funds.

 
   

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

UnitedHealth Group Inc.

    13.9

Abbott Laboratories

    8.4  

Medtronic PLC

    4.8  

Danaher Corp.

    4.8  

Johnson & Johnson

    4.5  

Thermo Fisher Scientific Inc.

    3.9  

Intuitive Surgical Inc.

    3.7  

CVS Health Corp.

    3.6  

Anthem Inc.

    3.0  

AbbVie Inc.

    2.9  

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of January 31, 2022     iShares® Evolved U.S. Innovative Healthcare ETF

 

Investment Objective

The iShares Evolved U.S. Innovative Healthcare ETF (the “Fund”) seeks to provide access to U.S. companies with innovative healthcare exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (5.69 )%       1.06      10.51       1.06      47.21

Fund Market

    (5.59      0.73        10.51         0.73        47.20  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 943.10        $ 0.88             $ 1,000.00        $ 1,024.30        $ 0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Pharmaceuticals

    48.9

Biotechnology

    45.4  

Health Care - Products

    3.4  

Health Care - Services

    2.0  

Other (each representing less than 1%)

    0.3  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Johnson & Johnson

    10.3

Pfizer Inc.

    6.3  

AbbVie Inc.

    5.9  

Eli Lilly & Co.

    5.7  

Merck & Co. Inc.

    5.4  

Bristol-Myers Squibb Co.

    4.8  

Moderna Inc.

    4.7  

Gilead Sciences Inc.

    4.7  

Vertex Pharmaceuticals Inc.

    4.5  

Regeneron Pharmaceuticals Inc.

    4.2  

 

 

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


Fund Summary as of January 31, 2022     iShares® Evolved U.S. Media and Entertainment ETF

 

Investment Objective

The iShares Evolved U.S. Media and Entertainment ETF (the “Fund”) seeks to provide access to U.S. companies with media and entertainment exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (12.37 )%       (5.69 )%       9.16       (5.69 )%       40.34

Fund Market

    (12.33      (5.97      9.13         (5.97      40.21  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 876.30        $ 0.85             $ 1,000.00        $ 1,024.30        $ 0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Media

    54.7

Internet

    17.0  

Software

    10.9  

Entertainment

    9.0  

Toys, Games & Hobbies

    3.0  

Commercial Services

    1.5  

Real Estate Investment Trusts

    1.2  

Retail

    1.0  

Other (each representing less than 1%)

    1.7  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Fox Corp., Class A

    5.0

Comcast Corp., Class A

    5.0  

Walt Disney Co. (The)

    4.8  

ViacomCBS Inc., Class B

    4.5  

Netflix Inc.

    4.5  

Charter Communications Inc., Class A

    4.2  

Activision Blizzard Inc.

    3.9  

Electronic Arts Inc.

    3.8  

Liberty Broadband Corp., Class C

    3.4  

Nexstar Media Group Inc., Class A

    3.1  

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of January 31, 2022     iShares® Evolved U.S. Technology ETF

 

Investment Objective

The iShares Evolved U.S. Technology ETF (the “Fund”) seeks to provide access to U.S. companies with technology exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (0.41 )%       20.02      24.59       20.02      134.06

Fund Market

    (0.61      19.84        24.55         19.84        133.76  

S&P Total Market IndexTM

    0.73        18.50        15.31               18.50        73.24  

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 995.90        $ 0.91             $ 1,000.00        $ 1,024.30        $ 0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Software

    31.0

Internet

    24.5  

Computers

    16.6  

Semiconductors

    12.8  

Diversified Financial Services

    5.3  

Commercial Services

    3.9  

Telecommunications

    2.1  

Other (each representing less than 1%)

    3.8  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Microsoft Corp.

    14.8

Apple Inc.

    11.9  

Amazon.com Inc.

    5.4  

Meta Platforms Inc, Class A

    5.0  

Alphabet Inc., Class A

    4.9  

Alphabet Inc., Class C

    4.8  

NVIDIA Corp.

    4.5  

Visa Inc., Class A

    2.3  

Mastercard Inc., Class A

    1.9  

Adobe Inc.

    1.9  

 

 

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


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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

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

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

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

 

 

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

  11


 

Schedule of Investments  (unaudited) 

January 31, 2022

  

iShares® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Agriculture — 12.2%            

Altria Group Inc.

    14,153     $ 720,105  

Archer-Daniels-Midland Co.

    4,818       361,350  

Bunge Ltd.

    912       90,160  

Darling Ingredients Inc.(a)

    870       55,480  

Fresh Del Monte Produce Inc.

    169       4,703  

Philip Morris International Inc.

    8,303       853,964  

Universal Corp./VA

    124       6,749  

Vector Group Ltd.

    377       4,188  
   

 

 

 
      2,096,699  
Beverages — 30.5%            

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

    70       29,458  

Brown-Forman Corp., Class A

    372       23,302  

Brown-Forman Corp., Class B, NVS

    2,797       188,602  

Celsius Holdings Inc.(a)

    447       21,335  

Coca-Cola Co. (The)

    31,375       1,914,189  

Coca-Cola Consolidated Inc.

    51       29,223  

Constellation Brands Inc., Class A

    982       233,470  

Keurig Dr Pepper Inc.

    10,314       391,416  

MGP Ingredients Inc.

    110       8,323  

Molson Coors Beverage Co., Class B

    1,500       71,490  

Monster Beverage Corp.(a)

    5,133       445,134  

National Beverage Corp.

    300       13,401  

PepsiCo Inc.

    10,612       1,841,394  

Primo Water Corp.

    1,508       25,184  
   

 

 

 
      5,235,921  
Biotechnology — 0.8%            

Corteva Inc.

    2,899       139,384  
   

 

 

 
Chemicals — 2.0%            

Balchem Corp.

    162       23,804  

Ecolab Inc.

    142       26,902  

FMC Corp.

    63       6,953  

International Flavors & Fragrances Inc.

    1,842       242,997  

Mosaic Co. (The)

    361       14,422  

Sensient Technologies Corp.

    240       20,338  
   

 

 

 
      335,416  
Commercial Services — 0.1%            

Medifast Inc.

    59       11,724  

WW International Inc.(a)(b)

    180       2,268  
   

 

 

 
      13,992  
Computers — 0.1%            

ExlService Holdings Inc.(a)

    99       11,932  
   

 

 

 
Cosmetics & Personal Care — 10.8%            

Colgate-Palmolive Co.

    4,372       360,472  

Coty Inc., Class A(a)

    1,840       15,603  

Edgewell Personal Care Co.

    150       6,870  

Procter & Gamble Co. (The)

    9,107       1,461,218  
   

 

 

 
      1,844,163  
Diversified Financial Services — 0.0%            

Jefferies Financial Group Inc.

    2       73  
   

 

 

 
Electrical Components & Equipment — 0.1%            

Energizer Holdings Inc.

    380       14,292  
   

 

 

 
Food — 23.8%            

B&G Foods Inc.

    770       23,947  

BellRing Brands Inc., Class A(a)

    278       6,772  

Security   Shares     Value  
Food (continued)            

Beyond Meat Inc.(a)(b)

    389     $ 25,336  

Calavo Growers Inc.

    110       4,555  

Cal-Maine Foods Inc.

    200       7,800  

Campbell Soup Co.

    2,223       98,079  

Conagra Brands Inc.

    5,429       188,712  

Flowers Foods Inc.

    1,190       33,475  

General Mills Inc.

    8,314       571,005  

Hain Celestial Group Inc. (The)(a)

    1,040       37,991  

Hershey Co. (The)

    1,753       345,464  

Hormel Foods Corp.

    2,439       115,779  

Hostess Brands Inc.(a)

    650       13,338  

Ingredion Inc.

    504       47,729  

J&J Snack Foods Corp.

    130       19,720  

JM Smucker Co. (The)

    1,248       175,444  

John B Sanfilippo & Son Inc.

    90       7,119  

Kellogg Co.

    3,153       198,639  

Kraft Heinz Co. (The)

    6,041       216,268  

Kroger Co. (The)

    1,836       80,031  

Lamb Weston Holdings Inc.

    1,198       76,924  

Lancaster Colony Corp.

    170       26,991  

McCormick & Co. Inc./MD, NVS

    2,141       214,764  

Mondelez International Inc., Class A

    11,941       800,405  

Performance Food Group Co.(a)

    711       29,997  

Pilgrim’s Pride Corp.(a)

    300       8,391  

Post Holdings Inc.(a)

    687       72,698  

Sanderson Farms Inc.

    120       22,080  

Seaboard Corp.

    1       3,820  

Simply Good Foods Co. (The)(a)

    718       25,295  

Sprouts Farmers Market Inc.(a)

    450       12,213  

Sysco Corp.

    3,186       248,986  

Tootsie Roll Industries Inc.

    154       5,228  

TreeHouse Foods Inc.(a)

    640       24,787  

Tyson Foods Inc., Class A

    2,728       247,948  

U.S. Foods Holding Corp.(a)

    1,052       37,093  

United Natural Foods Inc.(a)

    220       8,532  
   

 

 

 
      4,083,355  
Health Care - Products — 0.1%            

Neogen Corp.(a)

    540       19,694  
   

 

 

 
Holding Companies - Diversified — 0.0%            

Cannae Holdings Inc.(a)

    298       8,901  
   

 

 

 
Household Products & Wares — 2.2%            

ACCO Brands Corp.

    2       16  

Church & Dwight Co. Inc.

    1,148       117,842  

Clorox Co. (The)

    563       94,505  

Helen of Troy Ltd.(a)

    50       10,467  

Kimberly-Clark Corp.

    1,048       144,257  

WD-40 Co.

    23       5,112  
   

 

 

 
      372,199  
Housewares — 0.2%            

Newell Brands Inc.

    264       6,127  

Scotts Miracle-Gro Co. (The)

    140       21,168  
   

 

 

 
      27,295  
Insurance — 0.1%            

Reinsurance Group of America Inc.

    158       18,143  
   

 

 

 
Machinery — 0.3%            

AGCO Corp.

    230       26,956  

 

 

12  

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


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Machinery (continued)            

Middleby Corp. (The)(a)

    170     $ 31,484  
   

 

 

 
      58,440  
Manufacturing — 0.1%            

John Bean Technologies Corp.

    120       16,200  
   

 

 

 
Oil & Gas — 0.7%            

ConocoPhillips

    1,378       122,118  
   

 

 

 
Packaging & Containers — 3.0%            

Amcor PLC

    1,537       18,459  

AptarGroup Inc.

    39       4,575  

Ball Corp.

    2,379       231,001  

Berry Global Group Inc.(a)

    619       41,733  

Crown Holdings Inc.

    911       104,218  

Graphic Packaging Holding Co.

    1,924       36,383  

O-I Glass Inc.(a)

    780       10,382  

Packaging Corp. of America

    106       15,967  

Sealed Air Corp.

    243       16,504  

Silgan Holdings Inc.

    370       16,569  

Sonoco Products Co.

    420       23,789  
   

 

 

 
      519,580  
Pharmaceuticals — 1.7%            

Elanco Animal Health Inc.(a)

    1,468       38,227  

Herbalife Nutrition Ltd.(a)

    459       19,512  

Perrigo Co. PLC

    131       4,987  

Prestige Consumer Healthcare Inc.(a)

    220       12,419  

Zoetis Inc.

    1,072       214,175  
   

 

 

 
      289,320  
Real Estate Investment Trusts — 0.6%            

Americold Realty Trust

    841       23,926  

Douglas Elliman Inc., NVS

    188       1,459  

Equinix Inc.

    100       72,490  
   

 

 

 
      97,875  
Retail — 10.0%            

BJ’s Restaurants Inc.(a)

    61       1,835  

BJ’s Wholesale Club Holdings Inc.(a)

    264       16,228  

Casey’s General Stores Inc.

    110       20,659  

Cheesecake Factory Inc. (The)(a)

    140       4,995  

Chipotle Mexican Grill Inc.(a)

    150       222,837  

Cracker Barrel Old Country Store Inc.

    50       5,957  

Darden Restaurants Inc.

    177       24,757  
Security   Shares     Value  
Retail (continued)            

Domino’s Pizza Inc.

    82     $ 37,281  

Freshpet Inc.(a)

    262       24,374  

Jack in the Box Inc.

    90       8,195  

McDonald’s Corp.

    1,763       457,410  

Shake Shack Inc., Class A(a)

    101       6,673  

Starbucks Corp.

    6,383       627,577  

Texas Roadhouse Inc.

    84       7,173  

Wendy’s Co. (The)

    710       16,351  

Wingstop Inc.

    90       13,793  

Yum China Holdings Inc.

    1,341       64,596  

Yum! Brands Inc.

    1,164       145,698  
   

 

 

 
      1,706,389  
Toys, Games & Hobbies — 0.1%            

Mattel Inc.(a)

    677       14,163  
   

 

 

 

Total Common Stocks — 99.5%
(Cost: $15,257,566)

      17,045,544  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.4%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.08%(c)(d)(e)

    6,122       6,124  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.00%(c)(d)

    70,000       70,000  
   

 

 

 
      76,124  
   

 

 

 

Total Short-Term Investments — 0.4%
(Cost: $76,121)

      76,124  
   

 

 

 

Total Investments in Securities — 99.9%
(Cost: $15,333,687)

      17,121,668  

Other Assets, Less Liabilities — 0.1%

      13,224  
   

 

 

 

Net Assets — 100.0%

    $ 17,134,892  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c)

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

 

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)

January 31, 2022

  

iShares® Evolved U.S. Consumer Staples ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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
07/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/22
     Shares
Held at
01/31/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 15,208      $      $ (9,077 )(a)     $ (6    $ (1    $ 6,124        6,122      $ 178 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     140,000               (70,000 )(a)                     70,000        70,000        3         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (6    $ (1    $ 76,124         $ 181      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

                 

Common Stocks

   $ 17,045,544        $        $        $ 17,045,544  

Money Market Funds

     76,124                            76,124  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 17,121,668        $        $        $ 17,121,668  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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)

January 31, 2022

  

iShares® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Advertising — 0.1%            

Interpublic Group of Companies Inc. (The)

    647     $ 22,994  
   

 

 

 
Airlines — 0.2%            

Alaska Air Group Inc.(a)

    312       17,079  

JetBlue Airways Corp.(a)(b)

    828       12,114  

Southwest Airlines Co.(a)

    390       17,456  
   

 

 

 
      46,649  
Apparel — 7.1%            

Capri Holdings Ltd.(a)

    790       47,455  

Carter’s Inc.

    420       39,111  

Columbia Sportswear Co.

    216       20,060  

Crocs Inc.(a)

    408       41,869  

Deckers Outdoor Corp.(a)

    193       61,804  

Hanesbrands Inc.

    2,208       35,549  

Kontoor Brands Inc.

    261       12,865  

Levi Strauss & Co., Class A

    395       8,662  

Nike Inc., Class B

    7,799       1,154,798  

Oxford Industries Inc.

    144       11,864  

PVH Corp.

    512       48,645  

Ralph Lauren Corp.

    361       40,013  

Skechers U.S.A. Inc., Class A(a)

    1,008       42,336  

Steven Madden Ltd.

    670       27,564  

Tapestry Inc.

    2,220       84,249  

Under Armour Inc., Class A(a)

    1,212       22,822  

Under Armour Inc., Class C, NVS(a)

    1,236       19,764  

Urban Outfitters Inc.(a)

    600       17,232  

VF Corp.

    2,305       150,309  

Wolverine World Wide Inc.

    372       9,854  
   

 

 

 
      1,896,825  
Beverages — 0.2%            

Constellation Brands Inc., Class A

    234       55,633  
   

 

 

 
Building Materials — 0.1%            

American Woodmark Corp.(a)

    48       2,877  

Masco Corp.

    491       31,095  
   

 

 

 
      33,972  
Chemicals — 0.1%            

Valvoline Inc.

    504       16,602  
   

 

 

 
Commercial Services — 1.5%            

Avis Budget Group Inc.(a)

    121       21,318  

Block Inc.(a)

    753       92,084  

Bright Horizons Family Solutions Inc.(a)

    60       7,705  

Cintas Corp.

    216       84,570  

Euronet Worldwide Inc.(a)

    120       16,067  

Grand Canyon Education Inc.(a)

    108       9,037  

H&R Block Inc.

    672       15,362  

ManpowerGroup Inc.

    180       18,877  

Monro Inc.

    204       10,145  

PayPal Holdings Inc.(a)

    380       65,337  

PROG Holdings Inc.(a)

    403       16,043  

Rent-A-Center Inc./TX

    347       14,626  

Rollins Inc.

    540       16,659  

Terminix Global Holdings Inc.(a)

    408       17,601  

WW International Inc.(a)(b)

    108       1,361  
   

 

 

 
      406,792  
Computers — 1.0%            

Apple Inc.

    1,537       268,637  
   

 

 

 

Security   Shares     Value  
Cosmetics & Personal Care — 3.9%  

Colgate-Palmolive Co.

    127     $ 10,471  

Coty Inc., Class A(a)

    359       3,045  

Estee Lauder Companies Inc. (The), Class A

    1,071       333,927  

Inter Parfums Inc.

    94       9,303  

Procter & Gamble Co. (The)

    4,293       688,812  
   

 

 

 
      1,045,558  
Distribution & Wholesale — 0.9%            

Fastenal Co.

    1,119       63,425  

G-III Apparel Group Ltd.(a)

    348       9,455  

Leslie’s Inc.(a)

    493       10,269  

LKQ Corp.

    326       17,894  

Pool Corp.

    115       54,769  

SiteOne Landscape Supply Inc.(a)

    108       19,453  

WW Grainger Inc.

    144       71,296  
   

 

 

 
      246,561  
Diversified Financial Services — 0.7%            

LendingTree Inc.(a)

    12       1,462  

Mastercard Inc., Class A

    243       93,890  

Visa Inc., Class A

    451       102,003  
   

 

 

 
      197,355  
Entertainment — 1.2%            

AMC Entertainment Holdings Inc., Class A(a)

    2,233       35,862  

Caesars Entertainment Inc.(a)

    788       59,998  

Churchill Downs Inc.

    119       25,026  

Cinemark Holdings Inc.(a)

    384       5,798  

DraftKings Inc., Class A(a)

    713       15,750  

Live Nation Entertainment Inc.(a)

    540       59,136  

Madison Square Garden Sports Corp.(a)

    60       9,964  

Marriott Vacations Worldwide Corp.

    107       17,375  

Penn National Gaming Inc.(a)

    399       18,198  

Red Rock Resorts Inc., Class A

    348       15,493  

Scientific Games Corp./DE, Class A(a)

    132       7,616  

Six Flags Entertainment Corp.(a)

    204       8,056  

Vail Resorts Inc.

    156       43,228  
   

 

 

 
      321,500  
Food — 1.5%            

Beyond Meat Inc.(a)(b)

    99       6,448  

Flowers Foods Inc.

    540       15,190  

Grocery Outlet Holding Corp.(a)(b)

    674       17,106  

Kroger Co. (The)

    5,305       231,245  

Performance Food Group Co.(a)

    463       19,534  

Sprouts Farmers Market Inc.(a)

    756       20,518  

Sysco Corp.

    839       65,568  

U.S. Foods Holding Corp.(a)

    648       22,848  
   

 

 

 
      398,457  
Food Service — 0.1%            

Aramark

    960       32,918  
   

 

 

 
Holding Companies - Diversified — 0.0%            

Cannae Holdings Inc.(a)

    180       5,377  
   

 

 

 
Home Builders — 0.1%            

Taylor Morrison Home Corp.(a)

    240       7,365  

Toll Brothers Inc.

    312       18,399  
   

 

 

 
      25,764  
Home Furnishings — 0.2%            

Sleep Number Corp.(a)(b)

    142       10,153  

Tempur Sealy International Inc.

    816       32,485  
   

 

 

 
      42,638  

 

 

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)

January 31, 2022

  

iShares® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Household Products & Wares — 0.2%  

Helen of Troy Ltd.(a)

    61     $ 12,769  

Kimberly-Clark Corp.

    312       42,947  
   

 

 

 
      55,716  
Housewares — 0.2%            

Newell Brands Inc.

    1,138       26,413  

Scotts Miracle-Gro Co. (The)

    96       14,515  

Tupperware Brands Corp.(a)

    132       2,036  
   

 

 

 
      42,964  
Internet — 22.2%            

Airbnb Inc., Class A(a)

    1,283       197,543  

Amazon.com Inc.(a)

    1,536       4,594,898  

Booking Holdings Inc.(a)

    129       316,841  

Cars.com Inc.(a)

    180       2,804  

Chewy Inc., Class A(a)(b)

    273       12,998  

DoorDash Inc., Class A(a)

    926       105,092  

eBay Inc.

    1,477       88,723  

Etsy Inc.(a)

    348       54,664  

Expedia Group Inc.(a)

    445       81,564  

Groupon Inc.(a)

    72       2,199  

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

    886       8,771  

Lyft Inc., Class A(a)

    590       22,727  

Match Group Inc.(a)

    115       12,960  

MercadoLibre Inc.(a)(b)

    145       164,149  

Overstock.com Inc.(a)

    151       7,239  

Pinterest Inc., Class A(a)

    1,773       52,410  

Stitch Fix Inc., Class A(a)

    166       2,727  

Uber Technologies Inc.(a)

    2,745       102,663  

Wayfair Inc., Class A(a)(b)

    493       76,869  
   

 

 

 
      5,907,841  
Leisure Time — 0.9%            

Carnival Corp.(a)

    3,139       62,184  

Norwegian Cruise Line Holdings Ltd.(a)

    1,094       22,788  

Peloton Interactive Inc., Class A(a)

    873       23,859  

Planet Fitness Inc., Class A(a)

    624       55,311  

Polaris Inc.

    84       9,458  

Royal Caribbean Cruises Ltd.(a)

    469       36,493  

YETI Holdings Inc.(a)

    295       19,346  
   

 

 

 
      229,439  
Lodging — 2.4%            

Boyd Gaming Corp.(a)

    250       14,865  

Choice Hotels International Inc.

    192       27,533  

Hilton Grand Vacations Inc.(a)

    252       12,313  

Hilton Worldwide Holdings Inc.(a)

    1,330       192,996  

Hyatt Hotels Corp., Class A(a)

    192       17,589  

Las Vegas Sands Corp.(a)

    1,571       68,810  

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

    859       138,402  

MGM Resorts International

    1,329       56,775  

Travel + Leisure Co.

    492       27,946  

Wyndham Hotels & Resorts Inc.

    575       48,271  

Wynn Resorts Ltd.(a)

    300       25,635  
   

 

 

 
      631,135  
Oil & Gas — 0.6%            

ConocoPhillips

    1,890       167,492  
   

 

 

 
Pharmaceuticals — 0.0%            

Herbalife Nutrition Ltd.(a)

    286       12,158  
   

 

 

 
Real Estate — 0.0%            

RE/MAX Holdings Inc., Class A

    84       2,500  
   

 

 

 
Security   Shares     Value  
Real Estate Investment Trusts — 0.2%  

Apple Hospitality REIT Inc.

    504     $ 8,130  

Host Hotels & Resorts Inc.(a)

    1,596       27,675  

Macerich Co. (The)

    272       4,499  

Park Hotels & Resorts Inc.(a)

    360       6,552  

Ruth’s Hospitality Group Inc.(a)

    216       4,326  

Ryman Hospitality Properties Inc.(a)

    96       8,486  
   

 

 

 
      59,668  
Retail — 52.9%            

Abercrombie & Fitch Co., Class A(a)

    623       24,297  

Academy Sports & Outdoors Inc.(a)

    525       20,422  

Advance Auto Parts Inc.

    432       100,012  

American Eagle Outfitters Inc.

    1,404       32,053  

AutoNation Inc.(a)(b)

    252       27,468  

AutoZone Inc.(a)

    132       262,198  

Bath & Body Works Inc.

    1,883       105,580  

Bed Bath & Beyond Inc.(a)(b)

    1,029       16,711  

Best Buy Co. Inc.

    1,273       126,383  

Big Lots Inc.

    372       15,591  

BJ’s Restaurants Inc.(a)

    108       3,250  

BJ’s Wholesale Club Holdings Inc.(a)

    841       51,696  

Bloomin’ Brands Inc.(a)

    576       11,710  

Boot Barn Holdings Inc.(a)

    261       24,004  

Brinker International Inc.(a)

    315       10,461  

Buckle Inc. (The)

    228       8,582  

Burlington Stores Inc.(a)

    543       128,653  

CarMax Inc.(a)

    723       80,376  

Carvana Co., Class A(a)(b)

    314       50,887  

Casey’s General Stores Inc.

    252       47,328  

Cheesecake Factory Inc. (The)(a)

    252       8,991  

Chipotle Mexican Grill Inc.(a)

    140       207,981  

Costco Wholesale Corp.

    3,168       1,600,252  

Cracker Barrel Old Country Store Inc.

    168       20,016  

Darden Restaurants Inc.

    804       112,455  

Dave & Buster’s Entertainment Inc.(a)

    253       9,055  

Dick’s Sporting Goods Inc.

    517       59,662  

Dollar General Corp.

    1,872       390,275  

Dollar Tree Inc.(a)

    1,825       239,476  

Domino’s Pizza Inc.

    250       113,662  

FirstCash Holdings Inc.

    228       15,892  

Five Below Inc.(a)

    468       76,752  

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

    657       71,429  

Foot Locker Inc.

    768       34,314  

Freshpet Inc.(a)

    119       11,071  

GameStop Corp., Class A(a)

    365       39,759  

Gap Inc. (The)

    2,508       45,320  

Genuine Parts Co.

    372       49,562  

Home Depot Inc. (The)

    6,287       2,307,203  

Jack in the Box Inc.

    134       12,201  

Kohl’s Corp.

    1,369       81,743  

La-Z-Boy Inc.

    216       7,929  

Lithia Motors Inc.

    84       24,539  

Lowe’s Companies Inc.

    3,900       925,665  

Lululemon Athletica Inc.(a)

    1,002       334,428  

Macy’s Inc.

    1,817       46,515  

McDonald’s Corp.

    3,115       808,187  

MSC Industrial Direct Co. Inc., Class A

    120       9,797  

Murphy USA Inc.

    144       28,319  

National Vision Holdings Inc.(a)

    300       12,264  

Nordstrom Inc.(a)

    937       21,082  

Ollie’s Bargain Outlet Holdings Inc.(a)

    490       23,491  

 

 

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)

January 31, 2022

  

iShares® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Retail (continued)  

O’Reilly Automotive Inc.(a)

    479     $ 312,188  

Papa John’s International Inc.

    142       17,530  

PriceSmart Inc.

    168       11,997  

Qurate Retail Inc. Series A

    635       4,464  

RH(a)

    134       53,978  

Ross Stores Inc.

    2,824       276,046  

Sally Beauty Holdings Inc.(a)

    972       16,689  

Shake Shack Inc., Class A(a)

    144       9,514  

Signet Jewelers Ltd.

    431       37,122  

Starbucks Corp.

    4,419       434,476  

Target Corp.

    4,013       884,586  

Texas Roadhouse Inc.

    432       36,888  

TJX Companies Inc. (The)

    8,774       631,465  

Tractor Supply Co.

    827       180,542  

Ulta Beauty Inc.(a)

    459       166,957  

Victoria’s Secret & Co.(a)

    627       35,005  

Walgreens Boots Alliance Inc.

    2,937       146,145  

Walmart Inc.

    10,543       1,474,017  

Wendy’s Co. (The)

    1,020       23,491  

Williams-Sonoma Inc.

    548       87,976  

Wingstop Inc.

    144       22,068  

Yum China Holdings Inc.

    2,056       99,038  

Yum! Brands Inc.

    1,775       222,177  
   

 

 

 
      14,081,308  
Software — 0.2%            

Intuit Inc.

    60       33,314  

Take-Two Interactive Software Inc.(a)

    58       9,474  
   

 

 

 
      42,788  
Textiles — 0.0%  

UniFirst Corp./MA

    48       9,124  
   

 

 

 
Toys, Games & Hobbies — 0.2%  

Hasbro Inc.

    288       26,634  
Security   Shares     Value  
Toys, Games & Hobbies (continued)  

Mattel Inc.(a)

    910     $ 19,037  
   

 

 

 
      45,671  
Transportation — 0.5%            

FedEx Corp.

    504       123,913  
   

 

 

 

Total Common Stocks — 99.4%
(Cost: $22,393,566)

      26,475,949  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 1.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)

    348,320       348,424  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    145,000       145,000  
   

 

 

 
      493,424  
   

 

 

 

Total Short-Term Investments — 1.9%
(Cost: $493,422)

      493,424  
   

 

 

 

Total Investments in Securities — 101.3%
(Cost: $22,886,988)

      26,969,373  

Other Assets, Less Liabilities — (1.3)%

      (341,343
   

 

 

 

Net Assets — 100.0%

    $ 26,628,030  
   

 

 

 

 

(a) 

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

(e)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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
07/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/22
     Shares
Held at
01/31/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 168,573      $ 179,908 (a)     $      $ (56    $ (1    $ 348,424        348,320      $ 212 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     205,000               (60,000 )(a)                     145,000        145,000        7         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (56    $ (1    $ 493,424         $ 219      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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.

 

 

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)

January 31, 2022

  

iShares® Evolved U.S. Discretionary Spending ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 26,475,949        $        $        $ 26,475,949  

Money Market Funds

     493,424                            493,424  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 26,969,373        $        $        $ 26,969,373  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

18  

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


Schedule of Investments  (unaudited) 

January 31, 2022

  

iShares® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Banks — 42.2%            

Ameris Bancorp

    64     $ 3,156  

Associated Banc-Corp.

    521       12,452  

Atlantic Union Bankshares Corp.

    210       8,551  

BancFirst Corp.

    70       5,246  

Bank of America Corp.

    10,235       472,243  

Bank of Hawaii Corp.

    142       12,222  

Bank of New York Mellon Corp. (The)

    1,789       106,016  

Bank OZK

    340       15,929  

BankUnited Inc.

    187       7,807  

Banner Corp.

    52       3,230  

BOK Financial Corp.

    79       8,101  

Cathay General Bancorp

    270       12,193  

Citigroup Inc.

    3,929       255,856  

Citizens Financial Group Inc.

    1,187       61,095  

City Holding Co.

    40       3,208  

Columbia Banking System Inc.

    153       5,320  

Comerica Inc.

    396       36,741  

Commerce Bancshares Inc.

    318       21,913  

Community Bank System Inc.

    114       8,142  

ConnectOne Bancorp. Inc.

    114       3,649  

Cullen/Frost Bankers Inc.

    178       25,100  

CVB Financial Corp.

    243       5,353  

Eagle Bancorp. Inc.

    67       4,018  

East West Bancorp. Inc.

    396       34,191  

Eastern Bankshares Inc.

    423       9,006  

Enterprise Financial Services Corp.

    88       4,360  

Fifth Third Bancorp

    1,921       85,734  

First BanCorp./Puerto Rico

    372       5,413  

First Bancorp./Southern Pines NC

    71       3,118  

First Busey Corp.

    168       4,684  

First Citizens BancShares Inc./NC, Class A

    31       24,151  

First Commonwealth Financial Corp.

    268       4,438  

First Financial Bancorp

    210       5,294  

First Financial Bankshares Inc.

    426       20,018  

First Hawaiian Inc.

    391       11,085  

First Horizon Corp.

    1,609       27,530  

First Interstate BancSystem Inc., Class A

    125       4,594  

First Midwest Bancorp. Inc.

    230       4,777  

Flagstar Bancorp. Inc.

    62       2,806  

FNB Corp.

    1,043       13,476  

Fulton Financial Corp.

    574       10,303  

Glacier Bancorp. Inc.

    258       13,398  

Goldman Sachs Group Inc. (The)

    784       278,069  

Great Western Bancorp. Inc.

    127       3,922  

Hancock Whitney Corp.

    253       13,338  

Hanmi Financial Corp.

    78       2,097  

Heartland Financial USA Inc.

    107       5,567  

Heritage Financial Corp./WA

    75       1,820  

Hilltop Holdings Inc.

    240       7,927  

Home BancShares Inc./AR

    478       11,262  

Hope Bancorp Inc.

    282       4,723  

Huntington Bancshares Inc./OH

    3,984       59,999  

Independent Bank Corp.

    89       7,507  

Independent Bank Group Inc.

    54       4,100  

International Bancshares Corp.

    202       8,490  

JPMorgan Chase & Co.

    3,027       449,812  

KeyCorp

    2,758       69,115  

Lakeland Bancorp. Inc.

    198       3,748  

Security   Shares     Value  
Banks (continued)  

Lakeland Financial Corp.

    67     $ 5,355  

Live Oak Bancshares Inc.

    83       4,885  

M&T Bank Corp.

    205       34,723  

Meta Financial Group Inc.

    57       3,389  

Morgan Stanley

    3,064       314,183  

National Bank Holdings Corp., Class A

    71       3,223  

NBT Bancorp. Inc.

    113       4,371  

Northern Trust Corp.

    526       61,353  

OFG Bancorp

    94       2,601  

Old National Bancorp./IN

    329       6,031  

PacWest Bancorp

    343       15,925  

Park National Corp.

    33       4,470  

Pinnacle Financial Partners Inc.

    221       21,373  

Popular Inc.

    234       20,866  

Prosperity Bancshares Inc.

    259       18,972  

Regions Financial Corp.

    2,663       61,089  

Renasant Corp.

    114       4,193  

S&T Bancorp. Inc.

    84       2,588  

Sandy Spring Bancorp. Inc.

    118       5,583  

Seacoast Banking Corp. of Florida

    99       3,613  

ServisFirst Bancshares Inc.

    142       12,052  

Silvergate Capital Corp., Class A(a)

    104       11,205  

Simmons First National Corp., Class A

    177       5,062  

South State Corp.

    199       16,798  

Southside Bancshares Inc.

    85       3,561  

State Street Corp.

    895       84,577  

SVB Financial Group(a)

    159       92,840  

Synovus Financial Corp.

    445       22,143  

Texas Capital Bancshares Inc.(a)

    82       5,141  

Tompkins Financial Corp.

    58       4,614  

Triumph Bancorp. Inc.(a)(b)

    35       3,062  

Truist Financial Corp.

    3,562       223,765  

Trustmark Corp.

    72       2,346  

U.S. Bancorp

    3,607       209,891  

UMB Financial Corp.

    142       13,980  

Umpqua Holdings Corp.

    598       12,127  

United Bankshares Inc./WV

    363       12,825  

United Community Banks Inc./GA

    128       4,530  

Valley National Bancorp

    892       12,417  

Veritex Holdings Inc.

    64       2,570  

Walker & Dunlop Inc.

    54       7,150  

Webster Financial Corp.

    280       15,907  

Wells Fargo & Co.

    8,574       461,281  

WesBanco Inc.

    155       5,501  

Westamerica Bancorp

    61       3,543  

Western Alliance Bancorp

    203       20,136  

Wintrust Financial Corp.

    174       17,064  

Zions Bancorp. NA

    490       33,232  
   

 

 

 
      4,235,519  
Commercial Services — 3.9%  

Automatic Data Processing Inc.

    268       55,254  

Equifax Inc.

    118       28,292  

Euronet Worldwide Inc.(a)

    37       4,954  

EVERTEC Inc.

    100       4,364  

FleetCor Technologies Inc.(a)

    58       13,819  

FTI Consulting Inc.(a)

    31       4,520  

Global Payments Inc.

    235       35,222  

Grand Canyon Education Inc.(a)

    35       2,929  

Green Dot Corp., Class A(a)

    57       1,807  

HealthEquity Inc.(a)

    55       2,939  

 

 

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

  19


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Commercial Services (continued)            

Insperity Inc.

    43     $ 4,624  

MarketAxess Holdings Inc.

    43       14,813  

Moody’s Corp.

    196       67,228  

Morningstar Inc.

    25       7,185  

S&P Global Inc.

    210       87,196  

Service Corp. International

    167       10,307  

Verisk Analytics Inc.

    191       37,461  

WEX Inc.(a)

    37       5,956  
   

 

 

 
      388,870  
Computers — 0.0%            

Genpact Ltd.

    100       4,975  
   

 

 

 
Diversified Financial Services — 17.8%            

Affiliated Managers Group Inc.

    91       13,305  

Alliance Data Systems Corp.

    30       2,071  

Ally Financial Inc.

    686       32,736  

American Express Co.

    1,139       204,815  

Ameriprise Financial Inc.

    281       85,511  

Apollo Global Management Inc.

    998       69,860  

Ares Management Corp., Class A

    207       16,502  

Artisan Partners Asset Management Inc., Class A

    106       4,580  

BGC Partners Inc., Class A

    325       1,372  

Capital One Financial Corp.

    1,006       147,610  

Cboe Global Markets Inc.

    151       17,898  

Charles Schwab Corp. (The)

    3,572       313,264  

CME Group Inc.

    336       77,112  

Cohen & Steers Inc.

    54       4,511  

Credit Acceptance Corp.(a)

    24       12,949  

Discover Financial Services

    559       64,704  

Evercore Inc., Class A

    58       7,240  

Federated Hermes Inc.

    198       6,556  

Franklin Resources Inc.

    558       17,839  

Hamilton Lane Inc., Class A

    36       3,257  

Houlihan Lokey Inc.

    60       6,377  

Interactive Brokers Group Inc., Class A

    107       7,296  

Intercontinental Exchange Inc.

    658       83,342  

Invesco Ltd.

    504       11,421  

Janus Henderson Group PLC

    418       15,424  

Jefferies Financial Group Inc.

    367       13,447  

KKR & Co. Inc.

    1,058       75,287  

LendingClub Corp.(a)

    248       4,653  

LendingTree Inc.(a)

    7       853  

LPL Financial Holdings Inc.

    156       26,882  

Mastercard Inc., Class A

    92       35,547  

Moelis & Co., Class A

    61       3,445  

Mr Cooper Group Inc.(a)

    133       5,340  

Nasdaq Inc.

    157       28,136  

Navient Corp.

    407       7,094  

OneMain Holdings Inc.

    174       8,989  

PennyMac Financial Services Inc.

    100       6,270  

Piper Sandler Cos

    37       5,706  

Raymond James Financial Inc.

    466       49,335  

SEI Investments Co.

    229       13,422  

SLM Corp.

    931       17,075  

SoFi Technologies Inc.(a)

    383       4,780  

Stifel Financial Corp.

    276       20,672  

Synchrony Financial

    1,061       45,188  

T Rowe Price Group Inc.

    407       62,853  

Tradeweb Markets Inc., Class A

    82       6,951  

Upstart Holdings Inc.(a)

    91       9,920  
Security   Shares     Value  
Diversified Financial Services (continued)            

Virtu Financial Inc., Class A

    151     $ 4,670  

Virtus Investment Partners Inc.

    17       4,449  

Visa Inc., Class A

    378       85,492  

Western Union Co. (The)

    432       8,169  
   

 

 

 
      1,782,177  
Electric — 0.1%            

Hawaiian Electric Industries Inc.

    209       8,882  
   

 

 

 
Engineering & Construction — 0.0%            

frontdoor Inc.(a)

    83       3,013  
   

 

 

 
Forest Products & Paper — 0.2%            

International Paper Co.

    329       15,874  

Sylvamo Corp.(a)

    29       864  
   

 

 

 
      16,738  
Health Care - Services — 3.2%            

Anthem Inc.

    180       79,378  

Centene Corp.(a)

    163       12,675  

Humana Inc.

    7       2,747  

Molina Healthcare Inc.(a)

    42       12,200  

UnitedHealth Group Inc.

    445       210,294  
   

 

 

 
      317,294  
Home Builders — 0.2%            

MDC Holdings Inc.

    76       3,852  

NVR Inc.(a)

    4       21,309  
   

 

 

 
      25,161  
Household Products & Wares — 0.0%            

Spectrum Brands Holdings Inc.

    12       1,073  
   

 

 

 
Insurance — 22.9%            

Aflac Inc.

    1,692       106,291  

Alleghany Corp.(a)

    40       26,560  

Allstate Corp. (The)

    714       86,158  

American Financial Group Inc./OH

    209       27,229  

American International Group Inc.

    2,236       129,129  

American National Group Inc.

    34       6,419  

Aon PLC, Class A

    259       71,598  

Arch Capital Group Ltd.(a)

    845       39,140  

Argo Group International Holdings Ltd.

    84       4,770  

Arthur J Gallagher & Co.

    413       65,229  

Assurant Inc.

    89       13,573  

Assured Guaranty Ltd.

    127       6,768  

Axis Capital Holdings Ltd.

    202       11,510  

Berkshire Hathaway Inc., Class B(a)

    965       302,064  

Brighthouse Financial Inc.(a)

    232       12,632  

Brown & Brown Inc.

    497       32,941  

Cincinnati Financial Corp.

    415       48,899  

CNA Financial Corp.

    100       4,591  

CNO Financial Group Inc.

    313       7,806  

Employers Holdings Inc.

    56       2,190  

Enstar Group Ltd.(a)

    29       7,687  

Equitable Holdings Inc.

    904       30,411  

Erie Indemnity Co., Class A, NVS

    41       7,548  

Essent Group Ltd.

    275       12,551  

Everest Re Group Ltd.

    107       30,324  

Fidelity National Financial Inc.

    624       31,418  

First American Financial Corp.

    286       21,310  

Genworth Financial Inc., Class A(a)

    1,014       3,955  

Globe Life Inc.

    280       28,644  

Hanover Insurance Group Inc. (The)

    121       16,693  

 

 

20  

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


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Insurance (continued)            

Hartford Financial Services Group Inc. (The)

    955     $ 68,636  

Horace Mann Educators Corp.

    85       3,231  

James River Group Holdings Ltd.

    48       1,359  

Kemper Corp.

    181       10,856  

Kinsale Capital Group Inc.

    59       11,819  

Lincoln National Corp.

    510       35,690  

Loews Corp.

    319       19,032  

Markel Corp.(a)

    29       35,750  

Marsh & McLennan Companies Inc.

    947       145,497  

Mercury General Corp.

    90       4,919  

MetLife Inc.

    1,090       73,095  

MGIC Investment Corp.

    979       14,861  

NMI Holdings Inc., Class A(a)

    209       5,171  

Old Republic International Corp.

    569       14,584  

Palomar Holdings Inc.(a)

    59       3,112  

Primerica Inc.

    84       12,965  

Principal Financial Group Inc.

    755       55,160  

ProAssurance Corp.

    105       2,516  

Progressive Corp. (The)

    1,529       166,141  

Prudential Financial Inc.

    1,066       118,934  

Radian Group Inc.

    481       10,770  

RenaissanceRe Holdings Ltd.

    113       17,760  

RLI Corp.

    136       14,250  

Safety Insurance Group Inc.

    33       2,717  

Selective Insurance Group Inc.

    168       13,255  

Travelers Companies Inc. (The)

    655       108,848  

Trupanion Inc.(a)

    37       3,524  

Universal Insurance Holdings Inc.

    64       1,103  

Unum Group

    592       15,025  

Voya Financial Inc.

    319       21,679  

W R Berkley Corp.

    394       33,293  

White Mountains Insurance Group Ltd.

    10       10,410  

Willis Towers Watson PLC

    182       42,581  
   

 

 

 
      2,294,581  
Leisure Time — 0.0%            

Harley-Davidson Inc.

    119       4,114  
   

 

 

 
Machinery — 1.1%            

Caterpillar Inc.

    518       104,408  

Vertiv Holdings Co.

    294       6,133  
   

 

 

 
      110,541  
Media — 0.2%            

FactSet Research Systems Inc.

    24       10,125  

New York Times Co. (The), Class A

    218       8,727  
   

 

 

 
      18,852  
Packaging & Containers — 0.1%            

Berry Global Group Inc.(a)

    99       6,675  
   

 

 

 
Pharmaceuticals — 1.7%            

Cigna Corp.

    275       63,377  

CVS Health Corp.

    844       89,894  

Viatris Inc.

    1,467       21,961  
   

 

 

 
      175,232  
Private Equity — 1.4%            

Blackstone Inc., NVS

    920       121,413  

Carlyle Group Inc. (The)

    306       15,621  
   

 

 

 
      137,034  
Real Estate Investment Trusts — 0.5%            

AGNC Investment Corp.

    319       4,750  
Security   Shares     Value  
Real Estate Investment Trusts (continued)            

Annaly Capital Management Inc.

    1,396     $ 11,029  

New Residential Investment Corp.

    402       4,281  

Two Harbors Investment Corp.

    188       1,081  

Weyerhaeuser Co.

    738       29,837  
   

 

 

 
      50,978  
Retail — 0.3%            

FirstCash Holdings Inc.

    46       3,206  

McDonald’s Corp.

    101       26,205  
   

 

 

 
      29,411  
Savings & Loans — 1.1%            

Axos Financial Inc.(a)

    95       4,892  

Berkshire Hills Bancorp. Inc.

    75       2,219  

Brookline Bancorp. Inc.

    175       2,993  

Capitol Federal Financial Inc.

    292       3,250  

Investors Bancorp. Inc.

    501       8,176  

New York Community Bancorp. Inc.

    1,405       16,382  

Northwest Bancshares Inc.

    224       3,161  

OceanFirst Financial Corp.

    145       3,291  

Pacific Premier Bancorp. Inc.

    95       3,634  

People’s United Financial Inc.

    1,139       22,074  

Provident Financial Services Inc.

    140       3,384  

Sterling Bancorp./DE

    676       17,772  

Washington Federal Inc.

    262       9,175  

WSFS Financial Corp.

    189       9,900  
   

 

 

 
      110,303  
Software — 2.4%            

Avalara Inc.(a)

    29       3,179  

Black Knight Inc.(a)

    72       5,371  

Broadridge Financial Solutions Inc.

    136       21,654  

Fidelity National Information Services Inc.

    744       89,220  

Fiserv Inc.(a)

    415       43,866  

Loyalty Ventures Inc.(a)

    18       528  

MSCI Inc.

    66       35,384  

Paychex Inc.

    233       27,438  

SS&C Technologies Holdings Inc.

    137       10,942  
   

 

 

 
      237,582  
   

 

 

 

Total Common Stocks — 99.3%
(Cost: $8,182,420)

      9,959,005  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)

    2,902       2,903  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    60,000       60,000  
   

 

 

 
      62,903  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $62,903)

 

    62,903  
   

 

 

 

Total Investments in Securities — 99.9%
(Cost: $8,245,323)

      10,021,908  

Other Assets, Less Liabilities — 0.1%

 

    12,563  
   

 

 

 

Net Assets — 100.0%

    $ 10,034,471  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

 

 

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

  21


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Evolved U.S. Financials ETF

 

(d)

Annualized 7-day yield as of period end.

(e)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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
07/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/22
     Shares
Held at
01/31/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 4,412      $      $ (1,509 )(a)     $      $      $ 2,903        2,902      $ 8 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     60,000        0 (a)                             60,000        60,000        4         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $      $      $ 62,903         $ 12      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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

                 

Common Stocks

   $ 9,959,005        $        $        $ 9,959,005  

Money Market Funds

     62,903                            62,903  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 10,021,908        $        $        $ 10,021,908  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

22  

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


Schedule of Investments  (unaudited)

January 31, 2022

  

iShares® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Biotechnology — 1.9%

   

Amgen Inc.

    365     $ 82,906  

Bio-Rad Laboratories Inc., Class A(a)

    190       113,949  

Guardant Health Inc.(a)

    892       62,039  

Illumina Inc.(a)

    1,215       423,816  

Myriad Genetics Inc.(a)

    874       22,977  

NeoGenomics Inc.(a)

    1,404       31,646  

Veracyte Inc.(a)

    665       20,223  
   

 

 

 
      757,556  
Commercial Services — 0.4%            

AMN Healthcare Services Inc.(a)

    476       48,238  

Bright Horizons Family Solutions Inc.(a)

    304       39,036  

Grand Canyon Education Inc.(a)

    287       24,016  

Progyny Inc.(a)

    498       20,169  

R1 RCM Inc.(a)

    928       22,068  

Strategic Education Inc.

    95       5,668  
   

 

 

 
      159,195  
Computers — 0.1%            

Maximus Inc.

    403       31,160  
   

 

 

 
Cosmetics & Personal Care — 0.1%            

Procter & Gamble Co. (The)

    228       36,583  
   

 

 

 
Electrical Components & Equipment — 0.1%            

Novanta Inc.(a)

    341       47,092  
   

 

 

 
Electronics — 1.1%            

Agilent Technologies Inc.

    2,112       294,244  

Fortive Corp.

    1,758       124,009  

OSI Systems Inc.(a)

    81       6,718  
   

 

 

 
      424,971  
Environmental Control — 0.0%            

Stericycle Inc.(a)

    265       15,566  
   

 

 

 
Food Service — 0.0%            

Healthcare Services Group Inc.

    683       12,424  
   

 

 

 
Health Care - Products — 45.6%            

10X Genomics Inc., Class A(a)

    248       23,875  

Abbott Laboratories

    25,993       3,313,068  

ABIOMED Inc.(a)

    589       174,267  

Adaptive Biotechnologies Corp.(a)

    552       9,627  

Align Technology Inc.(a)

    402       198,974  

AngioDynamics Inc.(a)

    456       9,863  

AtriCure Inc.(a)

    456       29,932  

Avanos Medical Inc.(a)

    380       11,499  

Avantor Inc.(a)

    1,395       52,075  

Axogen Inc.(a)

    209       1,820  

Baxter International Inc.

    3,572       305,192  

Bio-Techne Corp.

    321       120,828  

Boston Scientific Corp.(a)

    19,857       851,865  

Bruker Corp.

    722       48,085  

Cardiovascular Systems Inc.(a)

    399       7,010  

CareDx Inc.(a)(b)

    515       21,527  

Cooper Companies Inc. (The)

    627       249,734  

Cutera Inc.(a)

    133       4,842  

Danaher Corp.

    6,635       1,896,217  

DENTSPLY SIRONA Inc.

    1,595       85,205  

Edwards Lifesciences Corp.(a)

    8,721       952,333  

Envista Holdings Corp.(a)

    1,080       46,699  
Security   Shares     Value  
Health Care - Products (continued)            

Exact Sciences Corp.(a)

    1,885     $ 143,939  

Glaukos Corp.(a)