LOGO

  MARCH 31, 2022

 

   2022 Annual Report

 

iShares Trust

· iShares S&P 100 ETF | OEF | NYSE Arca

· iShares S&P 500 Growth ETF | IVW | NYSE Arca

· iShares S&P 500 Value ETF | IVE | NYSE Arca

· iShares S&P Mid-Cap 400 Growth ETF | IJK | NYSE Arca

· iShares S&P Mid-Cap 400 Value ETF | IJJ | NYSE Arca

· iShares S&P Small-Cap 600 Growth ETF | IJT | NASDAQ

· iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

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

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of March 31, 2022

 

    

 

6-Month  

 

 

 

12-Month  

 

   

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

  5.92%   15.65%
   

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

  (5.55)   (5.79)
   

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

  (3.38)   1.16 
   

Emerging market equities
(MSCI Emerging Markets Index)

  (8.20)   (11.37)
   

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

  0.05    0.07 
   

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

  (6.04)   (3.31)
   

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

  (5.92)   (4.15)
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (5.55)   (4.47)
   

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

  (4.16)   (0.66)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     19  

Shareholder Expenses

     19  

Schedules of Investments

     20  

Financial Statements

  

Statements of Assets and Liabilities

     68  

Statements of Operations

     70  

Statements of Changes in Net Assets

     72  

Financial Highlights

     76  

Notes to Financial Statements

     83  

Report of Independent Registered Public Accounting Firm

     95  

Important Tax Information (Unaudited)

     96  

Statement Regarding Liquidity Risk Management Program

     97  

Supplemental Information

     98  

Trustee and Officer Information

     99  

General Information

     102  

Glossary of Terms Used in this Report

     103  

 

 

 


Market Overview

 

iShares Trust

Domestic Market Overview

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

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

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

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

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

 

 

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Fund Summary  as of March 31, 2022    iShares® S&P 100 ETF

 

Investment Objective

The iShares S&P 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    17.14      16.75      14.69       17.14      116.94      293.66

Fund Market

    17.29        16.79        14.71         17.29        117.25        294.36  

Index

    17.38        16.98        14.92               17.38        119.10        301.58  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
   

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
        $        1,000.00          $        1,061.00          $        1.03               $        1,000.00          $        1,023.90          $        1.01          0.20

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P 100 ETF

 

Portfolio Management Commentary

Mega-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the sector’s largest companies. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry led contributions amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers. Elevated demand allowed for product price increases, which further boosted stock prices in the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth as pharmaceuticals companies produced new products in response to the coronavirus pandemic. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales. In addition, companies developed successful antiviral medications and antibody therapies to treat COVID-19, which the U.S. government contracted for purchase, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of    

Total Investments(a)

Information Technology

  32.9%

Consumer Discretionary

  13.9   

Communication Services

  12.8   

Health Care

  12.6   

Financials

  9.7   

Consumer Staples

  6.8   

Industrials

  5.1   

Energy

  3.1   

Utilities

  1.5   

Materials

  1.0   

Real Estate

  0.6   

TEN LARGEST HOLDINGS

 

Security  

 

Percent of    

Total Investments(a)

Apple Inc.

  10.6%

Microsoft Corp.

  9.0   

Amazon.com Inc.

  5.6   

Tesla Inc.

  3.5   

Alphabet Inc., Class A

  3.3   

Alphabet Inc., Class C

  3.0   

NVIDIA Corp.

  2.7   

Berkshire Hathaway Inc., Class B

  2.5   

Meta Platforms Inc, Class A

  2.0   

UnitedHealth Group Inc.

  1.9   
  (a)

 Excludes money market funds.

 

 

 

6  

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Fund Summary  as of March 31, 2022    iShares® S&P 500 Growth ETF

 

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    17.94      19.70      16.59       17.94      145.74      364.22

Fund Market

    17.95        19.71        16.60         17.95        145.89        364.58  

Index

    18.16        19.92        16.80               18.16        147.96        372.67  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

  

   

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $      1,035.50          $        0.91               $      1,000.00          $      1,024.00          $      0.91          0.18

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P 500 Growth ETF

 

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers, moving away from more expensive in-house platforms. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors and strong consumer demand for products using semiconductors supported profits.

A strong rebound in consumer spending supported the consumer discretionary sector, which was a contributor to the Index’s return. The automobile manufacturing industry led the advance amid strong demand for electric vehicles. Despite semiconductor shortages that constrained production, electric car shipments continued to grow. Plans for additional manufacturing facilities also helped the industry amid strong growth in revenues and profits. The healthcare sector was another contributor to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of    
Total Investments(a)

 

Information Technology

    44.1%  

Consumer Discretionary

    17.2     

Communication Services

    12.0     

Health Care

    10.9     

Financials

    6.6     

Industrials

    3.2     

Real Estate

    2.1     

Consumer Staples

    1.5     

Materials

    1.3     

Energy

    1.0     

Utilities

    0.1     

TEN LARGEST HOLDINGS

 

Security  

 

Percent of    
Total Investments(a)

 

Apple Inc.

    14.0%  

Microsoft Corp.

    11.9     

Amazon.com Inc.

    7.4     

Tesla Inc.

    4.7     

Alphabet Inc., Class A

    4.3     

Alphabet Inc., Class C

    4.0     

NVIDIA Corp.

    3.5     

Meta Platforms Inc, Class A

    2.6     

Home Depot Inc. (The)

    1.2     

Thermo Fisher Scientific Inc.

   
1.2   
 
  (a) 

 Excludes money market funds.

 

 

 

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Fund Summary  as of March 31, 2022    iShares® S&P 500 Value ETF

 

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    12.39      10.96      11.71       12.39      68.22      202.61

Fund Market

    12.35        10.98        11.72         12.35        68.35        202.94  

Index

    12.58        11.14        11.89               12.58        69.56        207.68  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

     Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $      1,080.40          $      0.93               $      1,000.00          $      1,024.00          $      0.91          0.18

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P 500 Value ETF

 

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. Stocks in the financials sector contributed the most to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, as the rebounding economy led to strong gains of a multisector holding company. Robust investment banking activity, especially initial public offerings and existing equity capital financings, and rising assets under management for most of the reporting period drove gains in the capital markets industry despite modest trading activity and a sharp reversal in fee revenue and banking activity late in the reporting period.

The energy sector was also a solid contributor to the Index’s return amid higher prices for energy commodities, as the rebounding economy accelerated demand for energy while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The healthcare sector also contributed meaningfully, buoyed by earnings growth as pharmaceuticals companies produced new products in response to the coronavirus pandemic. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies generated billions of dollars in sales. Healthcare equipment and services companies benefited as elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of    
Total Investments(a)

 

Health Care

    16.4%  

Financials

    15.7     

Industrials

    12.6     

Information Technology

    11.5     

Consumer Staples

    10.7     

Energy

    6.9     

Consumer Discretionary

    6.7     

Communication Services

    6.7     

Utilities

    5.5     

Materials

    4.0     

Real Estate

    3.3     

TEN LARGEST HOLDINGS

 

Security  

 

Percent of    
Total Investments(a)

 

Berkshire Hathaway Inc., Class B

    3.4%  

Johnson & Johnson

    2.5     

Procter & Gamble Co. (The)

    1.9     

Exxon Mobil Corp.

    1.9     

Chevron Corp.

    1.7     

UnitedHealth Group Inc.

    1.5     

Walt Disney Co. (The)

    1.3     

Coca-Cola Co. (The)

    1.3     

JPMorgan Chase & Co.

    1.2     

Verizon Communications Inc.

    1.1     

 

  (a) 

 Excludes money market funds.

 

 

 

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Fund Summary  as of March 31, 2022    iShares® S&P Mid-Cap 400 Growth ETF

 

Investment Objective

The iShares S&P Mid-Cap 400 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P MidCap 400 Growth IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (0.54 )%       11.17      11.75       (0.54 )%       69.76      203.83

Fund Market

    (0.81      11.13        11.73         (0.81      69.47        203.31  

Index

    (0.38      11.40        11.98               (0.38      71.56        209.92  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
   

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
         

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $        981.70          $        0.84               $        1,000.00          $        1,024.10          $        0.86          0.17

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P Mid-Cap 400 Growth ETF

 

Portfolio Management Commentary

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

The consumer discretionary sector detracted the most from the Index’s performance despite an overall increase in consumer spending. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers. Supply chain difficulties also weighed on some retailers, leading to increased transportation costs and difficulty keeping inventory in stock. Brick-and-mortar retailers declined as coronavirus pandemic trends increased competition from online sellers.

The healthcare sector also detracted from the Index’s return, as the stocks of many smaller companies in the sector declined. The healthcare equipment industry was negatively impacted by a proposed acquisition that investors believed to be too far from the industry’s core competencies.

On the upside, the real estate sector contributed the most to the Index’s return amid a nationwide rise in commercial property prices and historically low but rising borrowing costs. Specialized real estate investment trusts that invest in data centers benefited from strong demand for data storage and services.

The energy sector also contributed to the Index’s performance amid higher prices for energy commodities as demand for energy accelerated while supply remained constrained. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of    

Total Investments(a)

Information Technology

  18.1%

Industrials

  18.0   

Consumer Discretionary

  15.1   

Health Care

  11.6   

Financials

  11.4   

Real Estate

  8.9   

Materials

  8.0   

Energy

  4.0   

Communication Services

  2.1   

Consumer Staples

  1.6   

Utilities

  1.2   

 

  (a) 

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security  

 

Percent of    

Total Investments(a)

Targa Resources Corp.

  1.5%

Camden Property Trust

  1.5   

Steel Dynamics Inc.

  1.4   

Cleveland-Cliffs Inc.

  1.4   

Darling Ingredients Inc.

  1.2   

Carlisle Companies Inc.

  1.1   

Builders FirstSource Inc.

  1.1   

Rexford Industrial Realty Inc.

  1.1   

Life Storage Inc.

  1.0   

East West Bancorp. Inc.

  1.0   

 

 

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Fund Summary  as of March 31, 2022    iShares® S&P Mid-Cap 400 Value ETF

 

Investment Objective

The iShares S&P Mid-Cap 400 Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P MidCap 400 Value IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    9.42      10.13      11.88       9.42      61.97      207.25

Fund Market

    9.41        10.16        11.89         9.41        62.22        207.67  

Index

    9.66        10.37        12.12               9.66        63.76        213.80  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
   

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
         

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $        1,072.00          $        0.93               $        1,000.00          $        1,024.00          $        0.91          0.18

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P Mid-Cap 400 Value ETF

 

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The real estate sector was the top contributor to the Index’s return amid low but rising borrowing costs and a nationwide rise in both residential and commercial property prices. Strong demand for temporary storage, billboard advertisement, and entertainment properties boosted specialized real estate investment trusts (“REITs”). Residential rents increased as young workers sought new rental housing, supporting residential REITs. As workers began returning to the office, investment in commercial property increased, which helped office REITs.

Stocks in the financials sector contributed meaningfully to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The insurance industry gained, as many insurers were able to increase insurance rates in an environment of higher inflation. Regional bank stocks also advanced as the recovering economy lowered the probability of loan defaults and interest rates increased, which allows banks to charge more for loans.

The industrials and materials sectors also contributed to the Index’s performance. Industrials stocks gained as industrial activity rebounded. Higher consumer spending combined with supply chain disruptions and transportation delays led many companies to increase their inventory levels. Consequently, factory orders rose, spurring industrial production and significantly boosting earnings. The materials sector was also supported by the global economic recovery, which drove increased demand for a wide variety of raw materials, pushing commodities prices higher. Companies rebuilding their stocks of materials further boosted demand, leading to strong earnings growth for materials companies.

On the downside, the consumer discretionary sector detracted from the Index’s return despite an overall increase in consumer spending. Supply chain disruptions limited production of automobiles, pressuring the earnings of auto components manufacturers.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of    

Total Investments(a)

Industrials

  19.4%

Financials

  16.9   

Consumer Discretionary

  13.0   

Real Estate

  11.3   

Information Technology

  10.3   

Materials

  6.9   

Health Care

  6.8   

Consumer Staples

  5.5   

Utilities

  5.4   

Energy

  3.1   

Communication Services

  1.4   

TEN LARGEST HOLDINGS

 

Security  

 

Percent of    

Total Investments(a)

Medical Properties Trust Inc.

  1.1%

First Horizon Corp.

  1.1   

Alleghany Corp.

  1.0   

Reliance Steel & Aluminum Co.

  1.0   

AECOM

  0.9   

EQT Corp.

  0.9   

Alcoa Corp.

  0.8   

United States Steel Corp.

  0.8   

Jazz Pharmaceuticals PLC

  0.8   

Owens Corning

  0.8   
  (a) 

 Excludes money market funds.

 

 

 

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Fund Summary  as of March 31, 2022    iShares® S&P Small-Cap 600 Growth ETF

 

Investment Objective

The iShares S&P Small-Cap 600 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P SmallCap 600 Growth IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (1.35 )%       11.29      12.80       (1.35 )%       70.74      233.56

Fund Market

    (1.74      11.27        12.78         (1.74      70.57        232.97  

Index

    (1.17      11.57        13.00               (1.17      72.84        239.50  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
   

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
         

 



 

 

Beginning
Account Value
(10/01/21)

 


 
 

      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $        966.00          $        0.88               $        1,000.00          $        1,024.00          $        0.91          0.18

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  15


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P Small-Cap 600 Growth ETF

 

Portfolio Management Commentary

Growth-oriented small-capitalization U.S. stocks, which derive a significant portion of their prices from investors’ expectations of future growth, declined modestly for the reporting period. Growth stocks’ relatively high valuations are particularly sensitive to rising interest rates and slower growth expectations that characterized the market environment in the second half of the reporting period.

The healthcare sector detracted the most from the Index’s return, as small-capitalization healthcare stocks declined. Healthcare facilities faced headwinds amid staffing shortages, as high rates of employee illness and a tight labor market limited the ability of some healthcare providers to scale up. The healthcare equipment and supplies industry also declined as a decision from the Centers for Medicare and Medicaid Services limited fees for a procedure that used the industry’s equipment. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas, slowing merger and acquisition activity, and an abrupt leadership departure at a cancer diagnostics company.

Stocks in the consumer discretionary sector detracted from the Index’s performance despite an overall increase in consumer spending. A semiconductor shortage and other supply chain constraints weighed on some specialty retailers, leading to production and delivery delays. The household durables industry declined amid investor expectations of a downturn in the housing market.

In contrast, the energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending. The real estate sector also contributed amid rising rents and high occupancy rates, as younger workers moved out of family homes and into rental properties, boosting demand.

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

Sector  

 

Percent of    

Total Investments(a)

 

Information Technology

    19.5%  

Financials

    15.9     

Health Care

    14.7     

Industrials

    13.7     

Consumer Discretionary

    11.7     

Real Estate

    8.5     

Energy

    5.2     

Consumer Staples

    4.5     

Materials

    3.6     

Communication Services

    1.4     

Utilities

    1.3     

TEN LARGEST HOLDINGS

 

 

Security  

 

Percent of    

Total Investments(a)

 

Matador Resources Co.

    1.2%  

Independence Realty Trust Inc.

    1.2     

Omnicell Inc.

    1.2     

Exponent Inc.

    1.2     

Innovative Industrial Properties Inc.

    1.1     

Vonage Holdings Corp.

    1.1     

Southwestern Energy Co.

    1.1     

Rogers Corp.

    1.1     

Matson Inc.

    1.1     

AMN Healthcare Services Inc.

    1.0     
  (a) 

  Excludes money market funds.

 

 

 

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Fund Summary  as of March 31, 2022    iShares® S&P Small-Cap 600 Value ETF

 

Investment Objective

The iShares S&P Small-Cap 600 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P SmallCap 600 Value IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

   

    Average Annual Total Returns

 

         

Cumulative Total Returns

 

 
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    3.38      9.76      11.77       3.38      59.33      204.22

Fund Market

    3.17        9.78        11.77         3.17        59.46        204.25  

Index

    3.73        9.98        11.96               3.73        60.90        209.61  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $      1,025.40          $        0.91               $      1,000.00          $      1,024.00          $      0.91          0.18

 

  (a)

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

 

 

 

F U N D   S U M M A R Y

  17


Fund Summary  as of March 31, 2022   (continued)    iShares® S&P Small-Cap 600 Value ETF

 

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further price increases as sanctions on Russia, the world’s third-largest supplier of oil, led to increased supply uncertainty. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending. The energy equipment and services industry gained, as investors anticipated that higher oil prices and sanctions on the export of oil refining equipment to Russia could prompt a significant increase in investment in other markets.

The real estate sector was another significant contributor to the Index’s return amid a nationwide rise in commercial property prices. The recovering economy and rising COVID-19 vaccination rates led to a return to in-person work, driving strong investment in commercial property, which reached a record high in 2021.

On the downside, stocks in the consumer discretionary sector detracted from the Index’s performance despite an overall increase in consumer spending. The restaurants industry declined despite rebounding consumer demand. Labor shortages, higher wages, and rising prices for food and linens cut into restaurant profits. The household durables industry also declined amid investor expectations of a downturn in the housing market.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of    

Total Investments(a)

Financials

  19.7%

Industrials

  18.4   

Consumer Discretionary

  11.9   

Health Care

  9.2   

Real Estate

  9.1   

Information Technology

  8.0   

Materials

  7.3   

Energy

  6.7   

Consumer Staples

  5.0   

Utilities

  2.6   

Communication Services

  2.1   

TEN LARGEST HOLDINGS

 

Security  

 

Percent of    

Total Investments(a)

Helmerich & Payne Inc.

  0.9%

South Jersey Industries Inc.

  0.8   

Insight Enterprises Inc.

  0.7   

BankUnited Inc.

  0.7   

First Hawaiian Inc.

  0.7   

Resideo Technologies Inc.

  0.7   

Mr Cooper Group Inc.

  0.7   

Patterson-UTI Energy Inc.

  0.6   

Owens & Minor Inc.

  0.6   

American Equity Investment Life Holding Co.

  0.6   
  (a) 

 Excludes money market funds.

 

 

 

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About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

 

 

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

  19


Schedule of Investments  

March 31, 2022

  

iShares® S&P 100 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.6%        

Boeing Co. (The)(a)

    187,186     $ 35,846,119  

General Dynamics Corp.

    78,865       19,020,661  

Lockheed Martin Corp.

    82,792       36,544,389  

Raytheon Technologies Corp.

    509,744       50,500,338  
   

 

 

 
      141,911,507  
Air Freight & Logistics — 0.8%  

FedEx Corp.

    83,327       19,281,035  

United Parcel Service Inc., Class B

    249,064       53,414,265  
   

 

 

 
      72,695,300  
Automobiles — 4.0%            

Ford Motor Co.

    1,341,840       22,690,514  

General Motors Co.(a)

    496,270       21,706,850  

Tesla Inc.(a)

    285,947       308,136,487  
   

 

 

 
      352,533,851  
Banks — 4.1%            

Bank of America Corp.

    2,428,075       100,085,252  

Citigroup Inc.

    678,228       36,217,375  

JPMorgan Chase & Co.

    1,009,438       137,606,588  

U.S. Bancorp.

    461,278       24,516,926  

Wells Fargo & Co.

    1,327,294       64,320,667  
   

 

 

 
      362,746,808  
Beverages — 1.8%            

Coca-Cola Co. (The)

    1,327,864       82,327,568  

PepsiCo Inc.

    472,551       79,095,586  
   

 

 

 
      161,423,154  
Biotechnology — 1.9%            

AbbVie Inc.

    603,864       97,892,393  

Amgen Inc.

    192,580       46,569,696  

Gilead Sciences Inc.

    428,461       25,472,006  
   

 

 

 
      169,934,095  
Capital Markets — 2.0%            

Bank of New York Mellon Corp. (The)

    253,329       12,572,718  

BlackRock Inc.(b)

    48,665       37,188,333  

Charles Schwab Corp. (The)

    513,514       43,294,365  

Goldman Sachs Group Inc. (The)

    116,049       38,307,775  

Morgan Stanley

    484,214       42,320,304  
   

 

 

 
          173,683,495  
Chemicals — 1.0%            

Dow Inc.

    251,940       16,053,617  

DuPont de Nemours Inc.

    175,638       12,923,444  

Linde PLC

    175,078       55,925,165  
   

 

 

 
      84,902,226  
Communications Equipment — 0.9%        

Cisco Systems Inc.

    1,440,629       80,329,473  
   

 

 

 
Consumer Finance — 0.7%            

American Express Co.

    210,093       39,287,391  

Capital One Financial Corp.

    141,094       18,524,231  
   

 

 

 
      57,811,622  
Diversified Financial Services — 2.5%  

Berkshire Hathaway Inc., Class B(a)(c)

    625,550       220,762,851  
   

 

 

 
Diversified Telecommunication Services — 1.5%  

AT&T Inc.

    2,439,180       57,637,824  

Verizon Communications Inc.

    1,433,932       73,044,496  
   

 

 

 
      130,682,320  
Security   Shares     Value  
Electric Utilities — 1.5%            

Duke Energy Corp.

    263,006     $ 29,367,250  

Exelon Corp.

    334,551       15,934,664  

NextEra Energy Inc.

    670,216       56,773,997  

Southern Co. (The)

    361,997       26,248,403  
   

 

 

 
      128,324,314  
Electrical Equipment — 0.2%            

Emerson Electric Co.

    202,506       19,855,713  
   

 

 

 
Entertainment — 1.6%            

Netflix Inc.(a)

    151,650       56,806,574  

Walt Disney Co. (The)(a)

    621,877       85,296,649  
   

 

 

 
      142,103,223  
Equity Real Estate Investment Trusts (REITs) — 0.6%  

American Tower Corp.

    155,693       39,113,196  

Simon Property Group Inc.

    112,240       14,766,294  
   

 

 

 
      53,879,490  
Food & Staples Retailing — 1.9%  

Costco Wholesale Corp.

    151,467       87,222,272  

Walgreens Boots Alliance Inc.

    244,529       10,947,563  

Walmart Inc.

    483,214       71,960,229  
   

 

 

 
      170,130,064  
Food Products — 0.5%            

Kraft Heinz Co. (The)

    242,132       9,537,580  

Mondelez International Inc., Class A

    473,971       29,755,899  
   

 

 

 
      39,293,479  
Health Care Equipment & Supplies — 1.4%        

Abbott Laboratories

    604,005       71,490,032  

Medtronic PLC

    459,268       50,955,784  
   

 

 

 
      122,445,816  
Health Care Providers & Services — 2.4%        

CVS Health Corp.

    448,321       45,374,568  

UnitedHealth Group Inc.

    321,708       164,061,429  
   

 

 

 
      209,435,997  
Hotels, Restaurants & Leisure — 1.5%            

Booking Holdings Inc.(a)

    14,023       32,932,314  

McDonald’s Corp.

    255,235       63,114,511  

Starbucks Corp.

    392,896       35,741,749  
   

 

 

 
      131,788,574  
Household Products — 1.7%            

Colgate-Palmolive Co.

    287,879       21,829,865  

Procter & Gamble Co. (The)

    818,774       125,108,667  
   

 

 

 
          146,938,532  
Industrial Conglomerates — 1.2%            

3M Co.

    194,972       29,027,432  

General Electric Co.

    375,496       34,357,884  

Honeywell International Inc.

    234,254       45,581,143  
   

 

 

 
      108,966,459  
Insurance — 0.4%            

American International Group Inc.

    283,842       17,816,762  

MetLife Inc.

    239,020       16,798,326  
   

 

 

 
      34,615,088  
Interactive Media & Services — 8.3%        

Alphabet Inc., Class A(a)

    102,732       285,733,648  

Alphabet Inc., Class C, NVS(a)

    94,875       264,984,926  

Meta Platforms Inc, Class A(a)

    788,722       175,380,224  
   

 

 

 
      726,098,798  
Internet & Direct Marketing Retail — 5.6%        

Amazon.com Inc.(a)

    149,473       487,274,506  
   

 

 

 

 

 

20  

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


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 100 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
IT Services — 4.4%            

Accenture PLC, Class A

    215,873     $ 72,798,852  

International Business Machines Corp.

    306,571       39,860,361  

Mastercard Inc., Class A

    294,795       105,353,837  

PayPal Holdings Inc.(a)

    397,938       46,021,530  

Visa Inc., Class A

    566,472       125,626,495  
   

 

 

 
          389,661,075  
Life Sciences Tools & Services — 1.6%        

Danaher Corp.(c)

    217,356       63,757,036  

Thermo Fisher Scientific Inc.

    134,597       79,499,718  
   

 

 

 
      143,256,754  
Machinery — 0.5%            

Caterpillar Inc.

    184,574       41,126,779  
   

 

 

 
Media — 1.1%            

Charter Communications Inc., Class A(a)(c)

    40,665       22,183,571  

Comcast Corp., Class A

    1,545,206       72,346,545  
   

 

 

 
      94,530,116  
Multiline Retail — 0.4%            

Target Corp.

    163,653       34,730,440  
   

 

 

 
Oil, Gas & Consumable Fuels — 3.1%        

Chevron Corp.

    658,449       107,215,251  

ConocoPhillips

    444,813       44,481,300  

Exxon Mobil Corp.

    1,446,075       119,431,334  
   

 

 

 
      271,127,885  
Pharmaceuticals — 5.3%            

Bristol-Myers Squibb Co.

    744,538       54,373,610  

Eli Lilly & Co.

    271,195       77,662,112  

Johnson & Johnson

    899,232       159,370,888  

Merck & Co. Inc.

    862,798       70,792,576  

Pfizer Inc.

    1,917,212       99,254,065  
   

 

 

 
      461,453,251  
Road & Rail — 0.7%            

Union Pacific Corp.

    217,546       59,435,743  
   

 

 

 
Semiconductors & Semiconductor Equipment — 5.8%  

Broadcom Inc.

    141,024       88,799,992  

Intel Corp.

    1,390,892       68,932,607  

NVIDIA Corp.

    853,931       233,003,613  

QUALCOMM Inc.

    384,952       58,828,365  

Texas Instruments Inc.

    315,462       57,880,968  
   

 

 

 
      507,445,545  
Software — 11.2%            

Adobe Inc.(a)

    161,117       73,408,127  

Microsoft Corp.

    2,560,741       789,502,058  
Security   Shares     Value  
Software (continued)            

Oracle Corp.

    538,172     $ 44,522,969  

salesforce.com Inc.(a)

    336,452       71,435,489  
   

 

 

 
      978,868,643  
Specialty Retail — 1.7%            

Home Depot Inc. (The)

    356,687       106,767,120  

Lowe’s Companies Inc.

    230,132       46,530,389  
   

 

 

 
      153,297,509  
Technology Hardware, Storage & Peripherals — 10.5%  

Apple Inc.

    5,295,585       924,662,097  
   

 

 

 
Textiles, Apparel & Luxury Goods — 0.7%  

Nike Inc., Class B

    435,952       58,661,701  
   

 

 

 
Tobacco — 0.9%            

Altria Group Inc.

    622,651       32,533,515  

Philip Morris International Inc.

    529,377       49,729,675  
   

 

 

 
      82,263,190  
Wireless Telecommunication Services — 0.3%  

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

    200,544       25,739,822  
   

 

 

 
Total Common Stocks — 99.8%
    (Cost: $6,525,116,681)
        8,756,827,305  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.3%            

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

    9,417,645       9,415,762  

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

    16,943,000       16,943,000  
   

 

 

 
      26,358,762  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $26,358,771)

 

    26,358,762  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $6,551,475,452)

      8,783,186,067  

Other Assets, Less Liabilities — (0.1)%

      (5,737,770
   

 

 

 

Net Assets — 100.0%

    $  8,777,448,297  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Affiliate of the Fund.

(c) 

All or a portion of this security is on loan.

(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

  21


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 100 ETF

 

Affiliates

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

 

                   
       

Affiliated Issuer

 

  

Value at
03/31/21

 

    

Purchases

at Cost

 

   

Proceeds
from Sales

 

    

Net Realized
Gain (Loss)

 

    

Change in
Unrealized
Appreciation
(Depreciation)

 

    

Value at
03/31/22

 

    

Shares

Held at
03/31/22

 

    

Income

 

   

Capital

Gain
Distributions
from
Underlying
Funds

 

          
  

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 8,872,450      $ 534,572 (a)    $      $ 8,749      $ (9    $ 9,415,762        9,417,645      $ 12,761 (b)    $    
  

BlackRock Cash Funds: Treasury, SL Agency Shares

     4,763,000        12,180,000 (a)                           16,943,000        16,943,000        4,789          
  

BlackRock Inc.

     33,490,149        9,722,828       (5,547,688      2,354,805        (2,831,761      37,188,333        48,665        814,712          
             

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   
              $ 2,363,554      $ (2,831,770    $ 63,547,095         $ 832,262     $    
             

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

                 

S&P 500 E-Mini Index

     91          06/17/22        $ 20,615        $ 1,125,645  
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
     Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 1,125,645  
  

 

 

 

 

  (a) 

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

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 1,887,877  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 1,054,986  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 17,432,350      

 

 

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

Fair Value Hierarchy as of Period End

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

 

 

22  

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


Schedule of Investments  (continued)

March 31, 2022

   iShares® S&P 100 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

   $ 8,756,827,305      $      $      $ 8,756,827,305  

Money Market Funds

     26,358,762                      26,358,762  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 8,783,186,067      $      $      $ 8,783,186,067  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 1,125,645      $                 —      $                 —      $ 1,125,645  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

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

  23


Schedule of Investments

March 31, 2022

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 0.2%            

L3Harris Technologies Inc.

    156,673     $ 38,928,540  

TransDigm Group Inc.(a)

    44,260       28,837,161  
   

 

 

 
      67,765,701  
Air Freight & Logistics — 0.4%            

Expeditors International of Washington Inc.

    322,815       33,301,596  

United Parcel Service Inc., Class B

    593,970       127,382,806  
   

 

 

 
      160,684,402  
Auto Components — 0.1%            

Aptiv PLC(a)

    211,646       25,336,143  
   

 

 

 
Automobiles — 4.6%            

Tesla Inc.(a)

    1,585,732       1,708,784,803  
   

 

 

 
Banks — 2.1%            

Bank of America Corp.

    5,924,188       244,195,029  

Comerica Inc.

    108,663       9,826,395  

First Republic Bank/CA

    338,718       54,906,188  

JPMorgan Chase & Co.

    2,574,788       350,995,100  

Regions Financial Corp.

    800,993       17,830,104  

Signature Bank/New York NY

    119,257       35,000,737  

SVB Financial Group(a)

    111,772       62,530,845  

Zions Bancorp. N.A

    137,867       9,038,561  
   

 

 

 
      784,322,959  
Beverages — 0.6%            

Monster Beverage Corp.(a)

    371,877       29,712,972  

PepsiCo Inc.

    1,099,923       184,105,112  
   

 

 

 
      213,818,084  
Biotechnology — 2.0%            

AbbVie Inc.

    1,808,282       293,140,595  

Amgen Inc.

    438,367       106,005,908  

Incyte Corp.(a)(b)

    153,793       12,214,240  

Moderna Inc.(a)(b)

    668,033       115,075,364  

Regeneron Pharmaceuticals Inc.(a)

    201,914       141,020,776  

Vertex Pharmaceuticals Inc.(a)

    289,874       75,648,418  
   

 

 

 
      743,105,301  
Building Products — 0.2%            

A O Smith Corp.

    121,593       7,768,577  

Fortune Brands Home & Security Inc.

    116,148       8,627,473  

Johnson Controls International PLC

    811,343       53,199,761  

Masco Corp.

    216,466       11,039,766  
   

 

 

 
      80,635,577  
Capital Markets — 3.2%            

Ameriprise Financial Inc.

    127,536       38,306,714  

BlackRock Inc.(c)

    140,591       107,435,424  

Cboe Global Markets Inc.

    114,679       13,121,571  

Charles Schwab Corp. (The)

    1,935,271       163,162,698  

FactSet Research Systems Inc.

    41,507       18,020,264  

Franklin Resources Inc.

    240,728       6,721,126  

Goldman Sachs Group Inc. (The)

    642,924       212,229,212  

Intercontinental Exchange Inc.

    606,599       80,143,860  

MarketAxess Holdings Inc.

    34,005       11,568,501  

Moody’s Corp.

    202,016       68,162,219  

Morgan Stanley

    1,317,661       115,163,571  

MSCI Inc.

    154,155       77,521,466  

Nasdaq Inc.

    173,916       30,991,831  

Raymond James Financial Inc.

    211,307       23,224,752  

S&P Global Inc.

    408,898       167,721,782  
Security   Shares     Value  
Capital Markets (continued)            

T Rowe Price Group Inc.

    304,461     $ 46,031,459  
   

 

 

 
      1,179,526,450  
Chemicals — 0.8%            

Albemarle Corp.

    151,585       33,523,023  

Celanese Corp.

    86,644       12,378,828  

CF Industries Holdings Inc.

    240,868       24,823,856  

Linde PLC

    495,729       158,350,714  

Sherwin-Williams Co. (The)

    241,950       60,395,559  
   

 

 

 
      289,471,980  
Commercial Services & Supplies — 0.4%            

Cintas Corp.

    77,163       32,824,368  

Copart Inc.(a)

    276,246       34,660,586  

Republic Services Inc.

    172,498       22,855,985  

Rollins Inc.

    188,773       6,616,494  

Waste Management Inc.

    371,016       58,806,036  
   

 

 

 
      155,763,469  
Communications Equipment — 0.9%            

Arista Networks Inc.(a)

    423,879       58,910,703  

Cisco Systems Inc.

    3,593,656       200,382,259  

F5 Inc.(a)

    62,798       13,121,642  

Motorola Solutions Inc.

    189,734       45,953,575  
   

 

 

 
      318,368,179  
Construction & Engineering — 0.1%            

Quanta Services Inc.

    143,567       18,894,853  
   

 

 

 
Construction Materials — 0.1%            

Martin Marietta Materials Inc.

    67,911       26,138,265  

Vulcan Materials Co.

    119,227       21,902,000  
   

 

 

 
      48,040,265  
Consumer Finance — 0.6%            

American Express Co.

    513,268       95,981,116  

Capital One Financial Corp.

    376,808       49,471,123  

Discover Financial Services

    546,359       60,203,298  

Synchrony Financial

    563,683       19,621,805  
   

 

 

 
      225,277,342  
Containers & Packaging — 0.1%            

Avery Dennison Corp.

    78,315       13,624,460  

Sealed Air Corp.

    160,278       10,732,215  
   

 

 

 
      24,356,675  
Distributors — 0.1%            

LKQ Corp.

    212,044       9,628,918  

Pool Corp.

    76,506       32,350,562  
   

 

 

 
      41,979,480  
Electric Utilities — 0.0%            

NRG Energy Inc.

    456,646       17,516,940  
   

 

 

 
Electrical Equipment — 0.2%            

Generac Holdings Inc.(a)

    119,975       35,663,768  

Rockwell Automation Inc.

    115,087       32,227,813  
   

 

 

 
      67,891,581  
Electronic Equipment, Instruments & Components — 0.4%  

Amphenol Corp., Class A

    602,795       45,420,603  

CDW Corp./DE

    152,586       27,296,110  

Keysight Technologies Inc.(a)

    258,518       40,838,088  

Trimble Inc.(a)

    262,299       18,922,250  

Zebra Technologies Corp., Class A(a)

    72,929       30,170,727  
   

 

 

 
      162,647,778  

 

 

24  

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


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Entertainment — 0.9%            

Live Nation Entertainment Inc.(a)

    107,445     $ 12,639,830  

Netflix Inc.(a)

    840,816           314,961,265  

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

    135,938       20,899,108  
   

 

 

 
      348,500,203  
Equity Real Estate Investment Trusts (REITs) — 2.0%        

American Tower Corp.

    440,642       110,698,083  

AvalonBay Communities Inc.

    111,796       27,766,773  

Crown Castle International Corp.

    367,404       67,822,778  

Duke Realty Corp.

    464,531       26,970,670  

Equinix Inc.

    78,192       57,988,751  

Essex Property Trust Inc.

    53,723       18,560,222  

Extra Space Storage Inc.

    254,535       52,332,396  

Federal Realty Investment Trust

    56,639       6,913,923  

Iron Mountain Inc.

    328,935       18,226,288  

Mid-America Apartment Communities Inc.

    135,746       28,432,000  

Prologis Inc.

    856,284       138,272,740  

Public Storage

    171,095       66,774,957  

SBA Communications Corp.

    116,092       39,947,257  

Simon Property Group Inc.

    375,345       49,380,388  

UDR Inc.

    311,906       17,894,047  

Weyerhaeuser Co.

    589,299       22,334,432  
   

 

 

 
      750,315,705  
Food & Staples Retailing — 0.7%            

Costco Wholesale Corp.

    428,213       246,586,456  
   

 

 

 
Food Products — 0.1%            

Hershey Co. (The)

    123,028       26,651,556  
   

 

 

 
Health Care Equipment & Supplies — 2.2%        

Abbott Laboratories

    1,775,021       210,091,486  

ABIOMED Inc.(a)

    46,702       15,469,571  

Align Technology Inc.(a)

    138,643       60,448,348  

Dexcom Inc.(a)(b)

    183,142       93,695,447  

Edwards Lifesciences Corp.(a)(b)

    743,498       87,524,585  

Hologic Inc.(a)(b)

    349,144       26,821,242  

IDEXX Laboratories Inc.(a)

    110,955       60,699,042  

Intuitive Surgical Inc.(a)

    468,355       141,293,336  

ResMed Inc.

    160,963       39,035,137  

STERIS PLC

    78,644       19,013,760  

Stryker Corp.

    260,120       69,543,082  
   

 

 

 
      823,635,036  
Health Care Providers & Services — 1.4%            

HCA Healthcare Inc.

    262,639       65,822,586  

Laboratory Corp. of America Holdings(a)

    93,672       24,697,560  

Molina Healthcare Inc.(a)

    54,298       18,113,270  

Quest Diagnostics Inc.

    103,893       14,218,796  

UnitedHealth Group Inc.

    749,321       382,131,230  
   

 

 

 
      504,983,442  
Hotels, Restaurants & Leisure — 1.1%            

Caesars Entertainment Inc.(a)(b)

    255,879       19,794,799  

Chipotle Mexican Grill Inc.(a)(b)

    35,652       56,402,533  

Domino’s Pizza Inc.

    46,673       18,996,378  

Hilton Worldwide Holdings Inc.(a)

    217,489       33,001,781  

McDonald’s Corp.

    637,792       157,713,206  

Starbucks Corp.

    1,112,901       101,240,604  

Yum! Brands Inc.

    256,473       30,399,745  
   

 

 

 
      417,549,046  
Household Durables — 0.2%            

DR Horton Inc.

    320,569       23,885,596  

Garmin Ltd.

    144,511       17,140,450  
Security   Shares     Value  
Household Durables (continued)            

Newell Brands Inc.

    381,817     $ 8,174,702  

NVR Inc.(a)

    2,878       12,856,803  
   

 

 

 
      62,057,551  
Insurance — 0.7%            

Aon PLC, Class A

    244,354       79,568,993  

Arthur J Gallagher & Co.

    174,441       30,457,399  

Brown & Brown Inc.

    302,482       21,860,374  

Cincinnati Financial Corp.

    131,589       17,890,840  

Marsh & McLennan Companies Inc.

    583,481       99,436,832  
   

 

 

 
      249,214,438  
Interactive Media & Services — 11.0%            

Alphabet Inc., Class A(a)

    569,615       1,584,298,680  

Alphabet Inc., Class C, NVS(a)

    526,218       1,469,721,612  

Meta Platforms Inc, Class A(a)

    4,373,598       972,513,251  

Twitter Inc.(a)(b)

    730,876       28,277,593  
   

 

 

 
      4,054,811,136  
Internet & Direct Marketing Retail — 7.6%            

Amazon.com Inc.(a)

    828,849       2,702,006,298  

eBay Inc.

    916,902       52,501,808  

Etsy Inc.(a)

    242,086       30,086,448  
   

 

 

 
      2,784,594,554  
IT Services — 3.3%            

Accenture PLC, Class A

    694,196       234,103,717  

Akamai Technologies Inc.(a)(b)

    126,773       15,135,428  

Automatic Data Processing Inc.

    421,735       95,961,582  

Broadridge Financial Solutions Inc.

    97,544       15,188,576  

EPAM Systems Inc.(a)

    108,406       32,154,304  

Gartner Inc.(a)

    156,362       46,511,441  

Mastercard Inc., Class A

    768,382       274,604,359  

Paychex Inc.

    323,301       44,120,887  

PayPal Holdings Inc.(a)

    1,193,349       138,010,812  

VeriSign Inc.(a)

    84,996       18,908,210  

Visa Inc., Class A

    1,350,649       299,533,429  
   

 

 

 
      1,214,232,745  
Life Sciences Tools & Services — 2.9%            

Agilent Technologies Inc.

    341,102       45,138,028  

Bio-Rad Laboratories Inc., Class A(a)

    22,691       12,780,252  

Bio-Techne Corp.

    75,056       32,502,250  

Charles River Laboratories International Inc.(a)

    96,344       27,358,806  

Danaher Corp.

    819,558       240,400,948  

Illumina Inc.(a)

    145,637       50,885,568  

IQVIA Holdings Inc.(a)

    263,576       60,941,407  

Mettler-Toledo International Inc.(a)

    27,303       37,492,207  

PerkinElmer Inc.(b)

    240,068       41,882,263  

Thermo Fisher Scientific Inc.

    746,512       440,927,313  

Waters Corp.(a)

    86,150       26,740,098  

West Pharmaceutical Services Inc.

    140,234       57,595,506  
   

 

 

 
      1,074,644,646  
Machinery — 0.7%            

Deere & Co.

    244,474       101,569,168  

Dover Corp.

    123,768       19,419,199  

IDEX Corp.

    57,552       11,034,445  

Illinois Tool Works Inc.

    222,970       46,689,918  

Nordson Corp.

    63,109       14,330,792  

Otis Worldwide Corp.

    318,561       24,513,269  

Pentair PLC

    176,770       9,582,701  

Xylem Inc./NY

    136,665       11,652,058  
   

 

 

 
      238,791,550  

 

 

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

  25


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Metals & Mining — 0.3%            

Freeport-McMoRan Inc.

    1,225,942     $ 60,978,355  

Nucor Corp.

    280,290       41,665,108  
   

 

 

 
      102,643,463  
Multiline Retail — 0.3%            

Target Corp.

    499,874       106,083,260  
   

 

 

 
Oil, Gas & Consumable Fuels — 1.0%            

APA Corp.

    370,459       15,311,070  

Devon Energy Corp.

    1,191,720       70,466,404  

Diamondback Energy Inc.

    324,182       44,438,869  

EOG Resources Inc.

    508,780       60,661,839  

Hess Corp.

    373,648       39,995,282  

Occidental Petroleum Corp.

    685,327       38,885,454  

ONEOK Inc.

    359,362       25,381,738  

Pioneer Natural Resources Co.

    241,769       60,449,503  
   

 

 

 
      355,590,159  
Personal Products — 0.2%            

Estee Lauder Companies Inc. (The), Class A

    259,374       70,632,728  
   

 

 

 
Pharmaceuticals — 2.3%            

Catalent Inc.(a)

    203,821       22,603,749  

Eli Lilly & Co.

    1,503,814       430,647,215  

Pfizer Inc.

    5,740,895       297,206,134  

Zoetis Inc.

    592,479       111,735,615  
   

 

 

 
      862,192,713  
Professional Services — 0.3%            

Equifax Inc.

    232,296       55,077,382  

Jacobs Engineering Group Inc.

    106,544       14,682,829  

Robert Half International Inc.

    141,301       16,133,748  

Verisk Analytics Inc.

    156,318       33,550,532  
   

 

 

 
      119,444,491  
Real Estate Management & Development — 0.1%  

CBRE Group Inc., Class A(a)

    318,482       29,147,473  
   

 

 

 
Road & Rail — 0.6%            

JB Hunt Transport Services Inc.

    95,635       19,202,552  

Old Dominion Freight Line Inc.

    175,995       52,566,186  

Union Pacific Corp.

    495,204       135,294,685  
   

 

 

 
      207,063,423  
Semiconductors & Semiconductor Equipment — 8.6%  

Advanced Micro Devices Inc.(a)

    3,096,621       338,584,540  

Applied Materials Inc.

    1,681,787       221,659,527  

Broadcom Inc.

    445,670       280,629,486  

Enphase Energy Inc.(a)(b)

    252,588       50,967,207  

KLA Corp.

    285,973       104,683,276  

Lam Research Corp.

    264,475       142,184,405  

Microchip Technology Inc.

    506,630       38,068,178  

Monolithic Power Systems Inc.

    82,636       40,134,653  

NVIDIA Corp.(b)

    4,735,335       1,292,083,508  

NXP Semiconductors NV

    317,893       58,835,636  

Qorvo Inc.(a)(b)

    100,011       12,411,365  

QUALCOMM Inc.

    2,134,750       326,232,495  

Skyworks Solutions Inc.

    145,019       19,328,132  

SolarEdge Technologies Inc.(a)(b)

    75,201       24,242,546  

Teradyne Inc.

    310,658       36,729,095  

Texas Instruments Inc.

    856,444       157,140,345  
   

 

 

 
      3,143,914,394  
Software — 16.7%            

Adobe Inc.(a)

    893,513       407,102,393  

ANSYS Inc.(a)

    103,226       32,789,739  

Security   Shares     Value  
Software (continued)            

Autodesk Inc.(a)

    266,195     $ 57,058,898  

Cadence Design Systems Inc.(a)

    526,177       86,535,069  

Ceridian HCM Holding Inc.(a)(b)

    106,241       7,262,635  

Fortinet Inc.(a)

    256,776       87,750,630  

Intuit Inc.

    536,438       257,940,848  

Microsoft Corp.

    14,199,990       4,377,998,917  

Oracle Corp.

    2,984,141       246,877,985  

Paycom Software Inc.(a)

    67,619       23,421,869  

PTC Inc.(a)

    97,371       10,488,804  

salesforce.com Inc.(a)

    1,138,018       241,623,982  

ServiceNow Inc.(a)

    378,676       210,880,878  

Synopsys Inc.(a)

    194,943       64,968,654  

Tyler Technologies Inc.(a)

    47,491       21,128,271  
   

 

 

 
      6,133,829,572  
Specialty Retail — 2.7%            

Advance Auto Parts Inc.

    56,129       11,616,458  

AutoZone Inc.(a)

    39,124       79,992,148  

Bath & Body Works Inc.

    317,751       15,188,498  

CarMax Inc.(a)(b)

    160,325       15,468,156  

Home Depot Inc. (The)

    1,503,171       449,944,175  

Lowe’s Companies Inc.

    1,276,287       258,052,468  

O’Reilly Automotive Inc.(a)

    127,374       87,246,095  

Tractor Supply Co.

    216,248       50,465,796  

Ulta Salon Cosmetics & Fragrance Inc.(a)

    57,003       22,699,735  
   

 

 

 
      990,673,529  
Technology Hardware, Storage & Peripherals — 14.2%  

Apple Inc.

    29,365,119       5,127,443,429  

HP Inc.

    1,026,891       37,276,143  

NetApp Inc.

    297,934       24,728,522  

Seagate Technology Holdings PLC

    277,892       24,982,491  
   

 

 

 
      5,214,430,585  
Textiles, Apparel & Luxury Goods — 0.5%            

Nike Inc., Class B

    1,305,536       175,672,924  

Under Armour Inc., Class A(a)(b)

    153,568       2,613,728  

Under Armour Inc., Class C, NVS(a)

    175,863       2,736,428  
   

 

 

 
      181,023,080  
Trading Companies & Distributors — 0.2%        

Fastenal Co.

    525,400       31,208,760  

United Rentals Inc.(a)

    81,565       28,972,704  
   

 

 

 
      60,181,464  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $23,310,314,929)

      36,707,606,360  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.3%

   

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

    67,667,192       67,653,659  

 

 

26  

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


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Money Market Funds (continued)            

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

    48,780,000     $ 48,780,000  
   

 

 

 
      116,433,659  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $116,417,537)

 

    116,433,659  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $23,426,732,466)

 

    36,824,040,019  

Other Assets, Less Liabilities — (0.2)%

 

    (65,628,023
   

 

 

 

Net Assets — 100.0%

    $   36,758,411,996  
   

 

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

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

 

 

 

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

Shares

Held at

03/31/22

    Income    

Capital

Gain
Distributions
from
Underlying
Funds

   

      

 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 52,646,251     $ 15,049,044 (a)    $     $ 5,379     $ (47,015   $ 67,653,659       67,667,192     $ 176,725 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    37,060,000       11,720,000 (a)                        48,780,000       48,780,000       10,496          
 

BlackRock Inc.

    135,626,849       30,062,047       (65,950,721     13,098,400       (5,401,151     107,435,424       140,591       2,879,130          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 13,103,779     $ (5,448,166   $ 223,869,083       $ 3,066,351     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 

 

  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

S&P 500 E-Mini Index

     201        06/17/22      $ 45,534      $ 2,883,806  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
    

Equity

Contracts

 

 

 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 2,883,806  
  

 

 

 

 

  (a) 

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

 

 

 

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

  27


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 500 Growth ETF

 

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

 

 

 
    

 

Equity

Contracts

 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 5,013,314  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 2,511,104  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 43,338,022      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 36,707,606,360        $        $        $ 36,707,606,360  

Money Market Funds

     116,433,659                            116,433,659  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 36,824,040,019        $        $        $ 36,824,040,019  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 2,883,806        $       —        $       —        $ 2,883,806  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

28  

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


Schedule of Investments

March 31, 2022

  

iShares® S&P 500 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 3.0%            

Boeing Co. (The)(a)

    748,342     $ 143,307,493  

General Dynamics Corp.

    314,985       75,968,082  

Howmet Aerospace Inc.

    512,616       18,423,419  

Huntington Ingalls Industries Inc.

    55,646       11,098,038  

L3Harris Technologies Inc.

    155,426       38,618,698  

Lockheed Martin Corp.

    330,941       146,077,358  

Northrop Grumman Corp.

    200,362       89,605,894  

Raytheon Technologies Corp.

    2,037,851       201,889,899  

Textron Inc.

    299,395       22,269,000  

TransDigm Group Inc.(a)

    40,321       26,270,744  
   

 

 

 
      773,528,625  
Air Freight & Logistics — 0.8%            

CH Robinson Worldwide Inc.

    175,731       18,927,986  

FedEx Corp.

    332,875       77,023,946  

United Parcel Service Inc., Class B

    567,564       121,719,776  
   

 

 

 
      217,671,708  
Airlines — 0.5%            

Alaska Air Group Inc.(a)

    174,807       10,140,554  

American Airlines Group Inc.(a)(b)

    894,779       16,329,717  

Delta Air Lines Inc.(a)

    873,974       34,583,151  

Southwest Airlines Co.(a)

    808,855       37,045,559  

United Airlines Holdings Inc.(a)(b)

    438,916       20,348,146  
   

 

 

 
      118,447,127  
Auto Components — 0.2%            

Aptiv PLC(a)(b)

    217,968       26,092,949  

BorgWarner Inc.

    332,332       12,927,715  
   

 

 

 
      39,020,664  
Automobiles — 0.7%            

Ford Motor Co.

    5,371,158       90,826,282  

General Motors Co.(a)

    1,984,128       86,785,759  
   

 

 

 
      177,612,041  
Banks — 5.5%            

Bank of America Corp.

    5,435,836       224,065,160  

Citigroup Inc.

    2,709,738       144,700,009  

Citizens Financial Group Inc.

    581,992       26,381,697  

Comerica Inc.

    97,807       8,844,687  

Fifth Third Bancorp.

    933,710       40,186,879  

Huntington Bancshares Inc./OH

    1,965,087       28,729,572  

JPMorgan Chase & Co.

    2,179,176       297,065,272  

KeyCorp

    1,263,961       28,287,447  

M&T Bank Corp.

    175,760       29,791,320  

People’s United Financial Inc.

    593,239       11,858,848  

PNC Financial Services Group Inc. (The)

    573,504       105,782,813  

Regions Financial Corp.

    703,208       15,653,410  

Truist Financial Corp.

    1,822,844       103,355,255  

U.S. Bancorp.

    1,844,055       98,011,523  

Wells Fargo & Co.

    5,306,192       257,138,064  

Zions Bancorp. N.A.

    106,788       7,001,021  
   

 

 

 
      1,426,852,977  
Beverages — 2.4%            

Brown-Forman Corp., Class B, NVS

    252,245       16,905,460  

Coca-Cola Co. (The)

    5,308,498       329,126,876  

Constellation Brands Inc., Class A

    224,175       51,631,986  

Molson Coors Beverage Co., Class B

    260,757       13,919,209  

Monster Beverage Corp.(a)

    244,279       19,517,892  

PepsiCo Inc.

    1,095,688       183,396,257  
   

 

 

 
      614,497,680  
Security   Shares     Value  
Biotechnology — 1.9%            

AbbVie Inc.

    1,110,497     $      180,022,669  

Amgen Inc.

    453,783       109,733,805  

Biogen Inc.(a)

    200,572       42,240,463  

Gilead Sciences Inc.

    1,712,909       101,832,440  

Incyte Corp.(a)

    148,838       11,820,714  

Vertex Pharmaceuticals Inc.(a)

    139,289       36,350,250  
   

 

 

 
      482,000,341  
Building Products — 0.6%            

A O Smith Corp.

    86,654       5,536,324  

Allegion PLC

    122,492       13,447,172  

Carrier Global Corp.

    1,167,623       53,558,867  

Fortune Brands Home & Security Inc.

    104,231       7,742,278  

Johnson Controls International PLC

    371,565       24,363,517  

Masco Corp.

    166,439       8,488,389  

Trane Technologies PLC

    319,137       48,732,220  
   

 

 

 
      161,868,767  
Capital Markets — 2.7%            

Ameriprise Financial Inc.

    58,477       17,564,152  

Bank of New York Mellon Corp. (The)

    1,011,137       50,182,729  

BlackRock Inc.(c)

    93,454       71,414,743  

Cboe Global Markets Inc.

    60,795       6,956,164  

Charles Schwab Corp. (The)

    656,802       55,374,977  

CME Group Inc.

    490,791       116,739,547  

FactSet Research Systems Inc.

    21,349       9,268,668  

Franklin Resources Inc.

    209,801       5,857,644  

Intercontinental Exchange Inc.

    329,899       43,586,256  

Invesco Ltd.

    475,384       10,962,355  

MarketAxess Holdings Inc.

    27,541       9,369,448  

Moody’s Corp.

    74,578       25,163,363  

Morgan Stanley

    987,260       86,286,524  

Nasdaq Inc.

    35,120       6,258,384  

Northern Trust Corp.

    283,692       33,035,933  

Raymond James Financial Inc.

    105,589       11,605,287  

S&P Global Inc.

    188,642       77,377,176  

State Street Corp.

    499,187       43,489,172  

T Rowe Price Group Inc.

    93,689       14,164,840  
   

 

 

 
      694,657,362  
Chemicals — 2.7%            

Air Products and Chemicals Inc.

    302,762       75,663,251  

Albemarle Corp.

    52,120       11,526,338  

Celanese Corp.

    84,070       12,011,081  

CF Industries Holdings Inc.

    116,807       12,038,129  

Corteva Inc.

    992,749       57,063,213  

Dow Inc.

    1,004,589       64,012,411  

DuPont de Nemours Inc.

    699,835       51,493,859  

Eastman Chemical Co.

    175,321       19,646,471  

Ecolab Inc.

    340,429       60,106,144  

FMC Corp.

    172,301       22,669,643  

International Flavors & Fragrances Inc.

    347,556       45,644,530  

Linde PLC

    342,951       109,548,838  

LyondellBasell Industries NV, Class A

    359,002       36,912,586  

Mosaic Co. (The)

    505,000       33,582,500  

PPG Industries Inc.

    323,963       42,461,830  

Sherwin-Williams Co. (The)

    154,838       38,650,662  
   

 

 

 
      693,031,486  
Commercial Services & Supplies — 0.4%            

Cintas Corp.

    65,040       27,667,366  

Copart Inc.(a)

    94,774       11,891,294  

Republic Services Inc.

    158,628       21,018,210  

 

 

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

  29


Schedule of Investments  (continued)

March 31, 2022

  

iShares® S&P 500 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Commercial Services & Supplies (continued)  

Rollins Inc.

    172,082     $ 6,031,474  

Waste Management Inc.

    257,488       40,811,848  
   

 

 

 
      107,420,192  
Communications Equipment — 0.9%  

Cisco Systems Inc.

    3,167,598       176,625,264  

F5 Inc.(a)

    39,883       8,333,553  

Juniper Networks Inc.

    449,142       16,690,117  

Motorola Solutions Inc.

    93,990       22,764,378  
   

 

 

 
          224,413,312  
Construction & Engineering — 0.0%  

Quanta Services Inc.(b)

    89,210       11,740,928  
   

 

 

 
Construction Materials — 0.1%  

Martin Marietta Materials Inc.

    36,329       13,982,669  

Vulcan Materials Co.

    93,665       17,206,260  
   

 

 

 
      31,188,929  
Consumer Finance — 0.5%  

American Express Co.

    470,330       87,951,710  

Capital One Financial Corp.

    293,869       38,582,061  

Synchrony Financial

    302,865       10,542,731  
   

 

 

 
      137,076,502  
Containers & Packaging — 0.5%  

Amcor PLC

    2,054,132       23,273,316  

Avery Dennison Corp.

    55,206       9,604,188  

Ball Corp.

    442,290       39,806,100  

International Paper Co.

    526,266       24,287,176  

Packaging Corp. of America

    130,690       20,402,016  

Sealed Air Corp.

    90,490       6,059,210  

Westrock Co.

    357,315       16,804,524  
   

 

 

 
      140,236,530  
Distributors — 0.1%  

Genuine Parts Co.

    195,403       24,624,686  

LKQ Corp.

    212,903       9,667,925  
   

 

 

 
      34,292,611  
Diversified Financial Services — 3.4%  

Berkshire Hathaway Inc., Class B(a)(b)

    2,500,818       882,563,680  
   

 

 

 
Diversified Telecommunication Services — 2.1%  

AT&T Inc.

    9,751,269       230,422,486  

Lumen Technologies Inc.

    1,274,967       14,368,878  

Verizon Communications Inc.

    5,732,504       292,013,754  
   

 

 

 
      536,805,118  
Electric Utilities — 3.4%  

Alliant Energy Corp.

    339,042       21,183,344  

American Electric Power Co. Inc.

    687,767       68,618,514  

Constellation Energy Corp.

    445,365       25,051,781  

Duke Energy Corp.

    1,050,408       117,288,557  

Edison International

    518,780       36,366,478  

Entergy Corp.

    275,574       32,173,264  

Evergy Inc.

    310,409       21,213,351  

Eversource Energy

    468,347       41,303,522  

Exelon Corp.

    1,337,101       63,686,121  

FirstEnergy Corp.

    777,939       35,676,283  

NextEra Energy Inc.

    2,679,344       226,967,230  

Pinnacle West Capital Corp.

    156,636       12,233,272  

PPL Corp.

    1,029,291       29,396,551  

Southern Co. (The)

    1,447,197       104,936,254  

Xcel Energy Inc.

    735,575       53,086,448  
   

 

 

 
      889,180,970  
Security   Shares     Value  
Electrical Equipment — 0.9%  

AMETEK Inc.

    315,884     $ 42,069,431  

Eaton Corp. PLC

    544,321       82,606,155  

Emerson Electric Co.

    811,136       79,531,885  

Rockwell Automation Inc.

    76,621       21,456,179