LOGO

  MARCH 31, 2022

 

  

2022 Annual Report

 

 

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

· iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

· iShares Russell Top 200 Value ETF | IWX | NYSE Arca

· iShares Russell 1000 ETF | IWB | NYSE Arca

· iShares Russell 1000 Growth ETF | IWF | NYSE Arca

· iShares Russell 1000 Value ETF | IWD | NYSE Arca

· iShares Russell 2000 ETF | IWM | NYSE Arca

· iShares Russell 2000 Growth ETF | IWO | NYSE Arca

· iShares Russell 2000 Value ETF | IWN | 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

   23

Shareholder Expenses

   23

Schedules of Investments

   24

Financial Statements

  

Statements of Assets and Liabilities

   116

Statements of Operations

   119

Statements of Changes in Net Assets

   122

Financial Highlights

   127

Notes to Financial Statements

   136

Report of Independent Registered Public Accounting Firm

   150

Important Tax Information (Unaudited)

   151

Statement Regarding Liquidity Risk Management Program

   152

Supplemental Information

   153

Trustee and Officer Information

   155

General Information

   158

Glossary of Terms Used in this Report

   159

 

 

 


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® Russell Top 200 ETF

 

Investment Objective

The iShares Russell Top 200 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    15.48      16.87      14.98       15.48      117.99      303.93

Fund Market

    15.46        16.88        14.99         15.46        118.16        304.38  

Index

    15.66        17.04        15.16               15.66        119.58        310.33  

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 23 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          $      1,054.30          $      0.77               $      1,000.00          $      1,024.20          $      0.76          0.15

 

  (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® Russell Top 200 ETF

 

Portfolio Management Commentary

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 attract 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, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to all-time highs, boosting revenues.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. In addition, companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. As the coronavirus pandemic abated, 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.

Stocks in the financials sector contributed to the Index’s return as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company, which included notable investments in technology, insurance, railroad, and utilities companies.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    31.5

Health Care

    14.2  

Consumer Discretionary

    12.1  

Financials

    11.0  

Communication Services

    10.7  

Consumer Staples

    6.5  

Industrials

    6.4  

Energy

    3.1  

Utilities

    1.8  

Real Estate

    1.5  

Materials

    1.2  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 
            

Apple Inc.

    8.6  

Microsoft Corp.

    7.4    

Amazon.com Inc.

    4.5    

Tesla Inc.

    2.9    

Alphabet Inc., Class A

    2.7    

Alphabet Inc., Class C

    2.5    

NVIDIA Corp.

    2.1    

Berkshire Hathaway Inc., Class B

    2.1    

Meta Platforms Inc, Class A

    1.6    

UnitedHealth Group Inc.

    1.5    
  (a)

Excludes money market funds.

 

 

 

 

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Fund Summary as of March 31, 2022     iShares® Russell Top 200 Growth ETF

 

Investment Objective

The iShares Russell Top 200 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 Russell Top 200® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    18.58      22.12      17.81       18.58      171.60      414.82

Fund Market

    18.74        22.15        17.82         18.74        171.94        415.65  

Index

    18.83        22.34        18.04               18.83        174.05        425.05  

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 23 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          $      1,041.60          $      1.02               $      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

  7


Fund Summary as of March 31, 2022  (continued)    iShares® Russell Top 200 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 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, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

A strong rebound in consumer spending supported the consumer discretionary sector, which contributed notably 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 also contributed to the Index’s performance, buoyed by earnings growth. Pharmaceuticals companies developed successful antiviral medications and antibody therapies to treat COVID-19, 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

    48.4

Consumer Discretionary

    19.2  

Communication Services

    11.9  

Health Care

    7.3  

Consumer Staples

    4.7  

Industrials

    4.3  

Financials

    1.9  

Real Estate

    1.6  

Other (each representing less than 1%)

    0.7  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    15.0

Microsoft Corp.

    13.0  

Amazon.com Inc.

    7.9  

Tesla Inc.

    5.0  

Alphabet Inc., Class A

    4.0  

Alphabet Inc., Class C

    3.7  

NVIDIA Corp.

    3.6  

Meta Platforms Inc, Class A

    2.9  

Visa Inc., Class A

    2.1  

Home Depot Inc. (The)

    1.7  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022    iShares® Russell Top 200 Value ETF

 

Investment Objective

The iShares Russell Top 200 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 Russell Top 200® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    11.56      10.19      11.32       11.56      62.46      192.20

Fund Market

    11.43        10.20        11.33         11.43        62.55        192.46  

Index

    11.77        10.40        11.55               11.77        64.01        198.42  

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 23 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          $      1,070.90          $      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

  9


Fund Summary as of March 31, 2022  (continued)    iShares® Russell Top 200 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. The healthcare sector contributed the most to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. 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. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for health services and pharmaceuticals.

Stocks in the financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company. The rebounding economy helped the performance of the value-oriented firms represented in this company’s holdings, which included notable investments in the information technology sector, in addition to insurance, railroad, and utilities companies.

The energy sector was a notable contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The 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) 

Health Care

    23.3

Financials

    23.1  

Industrials

    9.3  

Information Technology

    9.2  

Communication Services

    9.1  

Consumer Staples

    8.8  

Energy

    7.0  

Utilities

    4.2  

Consumer Discretionary

    2.7  

Materials

    1.9  

Real Estate

    1.4  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Berkshire Hathaway Inc., Class B

    4.8

Johnson & Johnson

    3.4  

UnitedHealth Group Inc.

    3.3  

JPMorgan Chase & Co.

    2.9  

Procter & Gamble Co. (The)

    2.7  

Exxon Mobil Corp.

    2.6  

Chevron Corp.

    2.3  

Bank of America Corp.

    2.2  

Pfizer Inc.

    2.1  

Walt Disney Co. (The)

    1.7  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022    iShares® Russell 1000 ETF

 

Investment Objective

The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    13.09     15.67     14.39        13.09     107.02     283.49

Fund Market

    13.04       15.66       14.39          13.04       107.00       283.63  

Index

    13.27       15.82       14.53                13.27       108.42       288.41  

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 23 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          $      1,040.70          $       0.76                  $      1,000.00          $      1,024.20          $        0.76                     0.15

 

  (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® Russell 1000 ETF

 

Portfolio Management Commentary

Large- and mid-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 attract 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, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies to treat COVID-19 generated billions of dollars in sales for pharmaceuticals companies. As the coronavirus pandemic abated, 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.

Stocks in the financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company, which included notable investments in technology, insurance, railroad, and utilities companies.

Portfolio Information

 

 

ALLOCATION BY SECTOR

 

   

Sector

 

Percent of   

Total Investments(a)

Information Technology

  28.0%

Health Care

  13.3   

Consumer Discretionary

  11.9   

Financials

  11.5   

Communication Services

  8.8   

Industrials

  8.5   

Consumer Staples

  5.8   

Energy

  3.7   

Real Estate

  3.3   

Utilities

  2.7   

Materials

  2.5   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Apple Inc.

  6.4%

Microsoft Corp.

  5.5   

Amazon.com Inc.

  3.4   

Tesla Inc.

  2.1   

Alphabet Inc., Class A

  2.0   

Alphabet Inc., Class C

  1.8   

NVIDIA Corp.

  1.6   

Berkshire Hathaway Inc., Class B

  1.5   

Meta Platforms Inc, Class A

  1.2   

UnitedHealth Group Inc.

  1.1   
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022    iShares® Russell 1000 Growth ETF

 

Investment Objective

The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    14.77     20.65     16.82        14.77     155.68     373.42

Fund Market

    14.87       20.68       16.84          14.87       155.92       374.04  

Index

    14.98       20.88       17.04                14.98       158.14       382.40  

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 23 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          $      1,014.50          $       0.90                  $      1,000.00          $      1,024.00          $        0.91                     0.18

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary as of March 31, 2022  (continued)    iShares® Russell 1000 Growth ETF

 

Portfolio Management Commentary

Growth-oriented large- and mid-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 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, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth. Pharmaceuticals companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

A strong rebound in consumer spending supported the consumer discretionary sector, which also contributed 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.

Portfolio Information

 

 

ALLOCATION BY SECTOR

 

   

Sector

 

Percent of   

Total Investments(a)

Information Technology

  46.2%

Consumer Discretionary

  18.5   

Communication Services

  10.5   

Health Care

  8.9   

Industrials

  6.1   

Consumer Staples

  4.2   

Financials

  2.5   

Real Estate

  1.7   

Other (each representing less than 1%)

  1.4   

TEN LARGEST HOLDINGS

 

   
Security  

Percent of   

Total Investments(a)

Apple Inc.

  12.5%

Microsoft Corp.

  10.8   

Amazon.com Inc.

  6.6   

Tesla Inc.

  4.2   

Alphabet Inc., Class A

  3.4   

Alphabet Inc., Class C

  3.1   

NVIDIA Corp.

  3.0   

Meta Platforms Inc, Class A

  2.4   

Visa Inc., Class A

  1.7   

Home Depot Inc. (The)

  1.5   
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022    iShares® Russell 1000 Value ETF

 

Investment Objective

The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    11.45     10.11     11.50        11.45     61.87     196.98

Fund Market

    11.43       10.12       11.51          11.43       61.97       197.32  

Index

    11.67       10.29       11.70                11.67       63.17       202.35  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 23 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          $      1,068.60          $       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

  15


Fund Summary as of March 31, 2022  (continued)    iShares® Russell 1000 Value ETF

 

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return amid higher prices for energy commodities, as the rebounding economy accelerated demand for energy while supply remained constrained. 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.

Stocks in the financials sector contributed notably to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry rose, led by the strong gains of a multisector holding company. The rebounding economy helped the performance of this company’s value-oriented holdings, which included notable investments in technology, insurance, railroad, and utilities companies. Robust investment banking activity, especially initial public offerings and existing equity capital financings, drove gains in the capital markets industry despite modest trading activity. The insurance industry also advanced, as many insurers were able to increase insurance premiums in an environment of higher inflation.

The healthcare sector was a modest contributor to the Index’s performance, buoyed by earnings growth. Elective medical procedures, which represent an important source of revenue for care providers, increased from coronavirus pandemic-induced lows. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. On the downside, the communication services sector detracted marginally from the Index’s return, as disruptions from the Delta and Omicron COVID-19 variants weighed on the earnings of the entertainment industry.

Portfolio Information

 

 

ALLOCATION BY SECTOR

 

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Financials

    20.8

Health Care

    17.9  

Industrials

    11.0  

Information Technology

    9.3  

Consumer Staples

    7.4  

Communication Services

    7.1  

Energy

    7.1  

Utilities

    5.4  

Consumer Discretionary

    5.0  

Real Estate

    4.9  

Materials

    4.1  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 

   

Security

   

Percent of

Total Investments

 

(a) 

Berkshire Hathaway Inc., Class B

    3.1

Johnson & Johnson

    2.3  

UnitedHealth Group Inc.

    2.2  

JPMorgan Chase & Co.

    1.9  

Procter & Gamble Co. (The)

    1.8  

Exxon Mobil Corp.

    1.7  

Chevron Corp.

    1.5  

Bank of America Corp.

    1.4  

Pfizer Inc.

    1.4  

Walt Disney Co. (The)

    1.1  

 

 

 

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Fund Summary as of March 31, 2022      iShares® Russell 2000 ETF

 

Investment Objective

The iShares Russell 2000 ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (5.92 )%       9.67      11.03       (5.92 )%       58.66      184.77

Fund Market

    (6.20      9.68        11.02         (6.20      58.73        184.57  

Index

    (5.79      9.74        11.04               (5.79      59.19        185.00  

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 23 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          $        944.00          $       0.92               $      1,000.00          $      1,024.00          $        0.96          0.19

 

  (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® Russell 2000 ETF

 

Portfolio Management Commentary

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

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

On the upside, the energy sector contributed to the Index’s return. As the global economy rebounded, demand for energy accelerated while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices. 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) 

Health Care

    16.6

Financials

    15.9  

Industrials

    15.5  

Information Technology

    13.7  

Consumer Discretionary

    10.2  

Real Estate

    7.8  

Energy

    6.6  

Materials

    4.0  

Consumer Staples

    3.5  

Communication Services

    3.2  

Utilities

    3.0  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Ovintiv Inc.

    0.5

AMC Entertainment Holdings Inc., Class A

    0.5  

Avis Budget Group Inc.

    0.4  

BJ’s Wholesale Club Holdings Inc.

    0.3  

Tenet Healthcare Corp.

    0.3  

Chesapeake Energy Corp.

    0.3  

Tetra Tech Inc.

    0.3  

Antero Resources Corp.

    0.3  

Lattice Semiconductor Corp.

    0.3  

EastGroup Properties Inc.

    0.3  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022    iShares® Russell 2000 Growth ETF

 

Investment Objective

The iShares Russell 2000 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 Russell 2000® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (14.42 )%       10.28      11.26       (14.42 )%       63.09      190.74

Fund Market

    (14.68      10.27        11.25         (14.68      63.05        190.43  

Index

    (14.33      10.33        11.21               (14.33      63.46        189.39  

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 23 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          $        873.40          $      1.07               $      1,000.00          $      1,023.80          $      1.16          0.23

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  19


Fund Summary as of March 31, 2022  (continued)    iShares® Russell 2000 Growth ETF

 

Portfolio Management Commentary

Growth-oriented small-capitalization U.S. stocks declined for the reporting period despite strong economic growth and robust consumer spending. 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, which also weighed on growth stocks.

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

Stocks in the consumer discretionary sector detracted from the Index’s performance despite the 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 low inventory. Brick-and-mortar retailers declined as coronavirus pandemic trends increased competition from online sellers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured small capitalization technology stocks.

Portfolio Information

 

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Health Care

    25.1

Information Technology

    22.8  

Industrials

    15.7  

Consumer Discretionary

    13.6  

Financials

    5.5  

Consumer Staples

    4.1  

Materials

    3.5  

Energy

    3.4  

Real Estate

    3.3  

Communication Services

    2.7  

Utilities

    0.3  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Tetra Tech Inc.

    0.7

Lattice Semiconductor Corp.

    0.6  

EastGroup Properties Inc.

    0.6  

WillScot Mobile Mini Holdings Corp.

    0.6  

Synaptics Inc.

    0.6  

Southwestern Energy Co.

    0.6  

II-VI Inc.

    0.6  

Performance Food Group Co.

    0.5  

Shockwave Medical Inc.

    0.5  

BJ’s Wholesale Club Holdings Inc.

    0.5  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022    iShares® Russell 2000 Value ETF

 

Investment Objective

The iShares Russell 2000 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 Russell 2000® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    3.07      8.40      10.40       3.07      49.66      168.93

Fund Market

    2.83        8.41        10.40         2.83        49.77        168.86  

Index

    3.32        8.57        10.54               3.32        50.85        172.37  

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 23 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          $      1,017.20          $      1.16               $      1,000.00          $      1,023.80          $      1.16          0.23

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  21


Fund Summary as of March 31, 2022  (continued)    iShares® Russell 2000 Value ETF

 

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced modestly for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia, 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 real estate sector was a notable contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the sector, which relies heavily on debt financing.

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

Portfolio Information

 

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    25.4

Industrials

    15.3  

Real Estate

    11.9  

Energy

    9.6  

Health Care

    8.8  

Consumer Discretionary

    7.1  

Information Technology

    5.4  

Utilities

    5.4  

Materials

    4.5  

Communication Services

    3.6  

Consumer Staples

    3.0  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Ovintiv Inc.

    0.9

AMC Entertainment Holdings Inc., Class A

    0.9  

Avis Budget Group Inc.

    0.8  

Chesapeake Energy Corp.

    0.6  

Tenet Healthcare Corp.

    0.6  

Antero Resources Corp.

    0.5  

STAG Industrial Inc.

    0.5  

Macy’s Inc.

    0.5  

Range Resources Corp.

    0.5  

PDC Energy Inc.

    0.5  
  (a) 

Excludes money market funds.

 

 

 

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


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

  23


Schedule of Investments

March 31, 2022

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.7%

   

Boeing Co. (The)(a)

        17,652     $ 3,380,358  

General Dynamics Corp.

    8,189       1,975,023  

L3Harris Technologies Inc.

    6,454       1,603,625  

Lockheed Martin Corp.

    8,041       3,549,298  

Northrop Grumman Corp.

    4,847       2,167,675  

Raytheon Technologies Corp.

    49,465       4,900,498  
   

 

 

 
      17,576,477  
Air Freight & Logistics — 0.7%            

FedEx Corp.

    8,085       1,870,788  

United Parcel Service Inc., Class B

    23,880       5,121,305  
   

 

 

 
      6,992,093  
Automobiles — 3.3%            

Ford Motor Co.

    130,094       2,199,889  

General Motors Co.(a)

    45,336       1,982,997  

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

    4,743       238,288  

Tesla Inc.(a)

    27,505       29,639,388  
   

 

 

 
      34,060,562  
Banks — 3.8%            

Bank of America Corp.

    234,967       9,685,340  

Citigroup Inc.

    65,579       3,501,919  

JPMorgan Chase & Co.

    97,030       13,227,130  

PNC Financial Services Group Inc. (The)

    13,994       2,581,193  

Truist Financial Corp.

    43,926       2,490,604  

U.S. Bancorp

    44,223       2,350,452  

Wells Fargo & Co.

    128,431       6,223,766  
   

 

 

 
      40,060,404  
Beverages — 1.8%            

Coca-Cola Co. (The)

    128,278       7,953,236  

Constellation Brands Inc., Class A

    5,151       1,186,379  

Keurig Dr Pepper Inc.

    22,998       871,624  

Monster Beverage Corp.(a)

    12,389       989,881  

PepsiCo Inc.

    45,642       7,639,558  
   

 

 

 
      18,640,678  
Biotechnology — 2.3%            

AbbVie Inc.

    58,381       9,464,144  

Amgen Inc.

    18,491       4,471,494  

Biogen Inc.(a)

    4,878       1,027,307  

Gilead Sciences Inc.

    41,701       2,479,124  

Moderna Inc.(a)

    11,224       1,933,446  

Regeneron Pharmaceuticals Inc.(a)

    3,387       2,365,549  

Vertex Pharmaceuticals Inc.(a)

    8,416       2,196,323  
   

 

 

 
          23,937,387  
Building Products — 0.1%            

Johnson Controls International PLC

    23,233       1,523,388  
   

 

 

 
Capital Markets — 3.0%            

Bank of New York Mellon Corp. (The)

    24,388       1,210,377  

BlackRock Inc.(c)

    4,717       3,604,590  

Blackstone Inc., NVS

    23,214       2,946,785  

Charles Schwab Corp. (The)

    49,723       4,192,146  

CME Group Inc.

    11,827       2,813,170  

Goldman Sachs Group Inc. (The)

    10,828       3,574,323  

Intercontinental Exchange Inc.

    18,336       2,422,552  

Moody’s Corp.

    5,352       1,805,818  

Morgan Stanley

    43,801       3,828,208  

S&P Global Inc.

    11,429       4,687,947  
   

 

 

 
      31,085,916  

Security   Shares     Value  

Chemicals — 0.8%

   

Air Products and Chemicals Inc.

    7,291     $     1,822,094  

Dow Inc.

    24,255       1,545,528  

DuPont de Nemours Inc.

    17,002       1,251,007  

Ecolab Inc.

    8,244       1,455,561  

Sherwin-Williams Co. (The)

    7,942       1,982,482  
   

 

 

 
      8,056,672  
Commercial Services & Supplies — 0.2%  

Waste Management Inc.

    14,032       2,224,072  
   

 

 

 
Communications Equipment — 0.7%            

Cisco Systems Inc.

    139,624       7,785,434  
   

 

 

 
Consumer Finance — 0.5%            

American Express Co.

    20,409       3,816,483  

Capital One Financial Corp.

    13,612       1,787,119  
   

 

 

 
      5,603,602  
Diversified Financial Services — 2.1%  

Berkshire Hathaway Inc., Class B(a)

    60,613           21,390,934  
   

 

 

 
Diversified Telecommunication Services — 1.2%  

AT&T Inc.

    235,739       5,570,512  

Verizon Communications Inc.

    138,785       7,069,708  
   

 

 

 
      12,640,220  
Electric Utilities — 1.4%            

American Electric Power Co. Inc.

    16,517       1,647,901  

Constellation Energy Corp.

    10,729       603,506  

Duke Energy Corp.

    25,543       2,852,131  

Exelon Corp.

    32,182       1,532,829  

NextEra Energy Inc.

    64,801       5,489,293  

Southern Co. (The)

    34,859       2,527,626  
   

 

 

 
      14,653,286  
Electrical Equipment — 0.4%            

Eaton Corp. PLC

    13,125       1,991,850  

Emerson Electric Co.

    19,671       1,928,742  
   

 

 

 
      3,920,592  
Energy Equipment & Services — 0.2%  

Schlumberger NV

    46,122       1,905,300  
   

 

 

 
Entertainment — 1.6%            

Activision Blizzard Inc.

    25,464       2,039,921  

Electronic Arts Inc.

    9,257       1,171,103  

Netflix Inc.(a)

    14,272       5,346,149  

Walt Disney Co. (The)(a)

    60,000       8,229,600  
   

 

 

 
      16,786,773  
Equity Real Estate Investment Trusts (REITs) — 1.5%  

American Tower Corp.

    14,948       3,755,236  

Crown Castle International Corp.

    14,205       2,622,243  

Digital Realty Trust Inc.

    9,238       1,309,948  

Equinix Inc.

    2,964       2,198,162  

Prologis Inc.

    24,302       3,924,287  

Public Storage

    4,971       1,940,082  
   

 

 

 
      15,749,958  
Food & Staples Retailing — 1.7%            

Costco Wholesale Corp.

    14,609       8,412,593  

Sysco Corp.

    16,901       1,379,967  

Walgreens Boots Alliance Inc.

    23,629       1,057,870  

Walmart Inc.

    46,709       6,955,904  
   

 

 

 
      17,806,334  

 

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® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Food Products — 0.5%

    

General Mills Inc.

    19,985      $ 1,353,384  

Kraft Heinz Co. (The)

    22,893        901,756  

Mondelez International Inc., Class A

    45,654        2,866,158  
    

 

 

 
       5,121,298  
Health Care Equipment & Supplies — 2.7%  

Abbott Laboratories

    57,396        6,793,391  

Align Technology Inc.(a)

    2,591        1,129,676  

Baxter International Inc.

    16,573        1,285,071  

Becton Dickinson and Co.

    9,436        2,509,976  

Boston Scientific Corp.(a)

    46,773        2,071,576  

Edwards Lifesciences Corp.(a)

    20,376        2,398,663  

Intuitive Surgical Inc.(a)

    11,678        3,523,019  

Medtronic PLC

    44,474        4,934,390  

Stryker Corp.

    11,501        3,074,792  
    

 

 

 
           27,720,554  
Health Care Providers & Services — 3.1%  

Anthem Inc.

    8,081        3,969,549  

Centene Corp.(a)

    19,025        1,601,715  

Cigna Corp.

    10,760        2,578,204  

CVS Health Corp.

    43,602        4,412,958  

HCA Healthcare Inc.

    8,089        2,027,265  

Humana Inc.

    4,251        1,849,908  

UnitedHealth Group Inc.

    31,087        15,853,437  
    

 

 

 
       32,293,036  
Hotels, Restaurants & Leisure — 1.4%  

Booking Holdings Inc.(a)

    1,352        3,175,104  

Las Vegas Sands Corp.(a)

    10,893        423,411  

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

    9,014        1,584,211  

McDonald’s Corp.

    24,679        6,102,623  

Starbucks Corp.

    38,105        3,466,412  
    

 

 

 
       14,751,761  
Household Products — 1.5%             

Colgate-Palmolive Co.

    27,521        2,086,918  

Kimberly-Clark Corp.

    11,117        1,369,170  

Procter & Gamble Co. (The)

    79,528        12,151,878  
    

 

 

 
       15,607,966  
Industrial Conglomerates — 1.2%  

3M Co.

    18,878        2,810,557  

General Electric Co.

    36,121        3,305,072  

Honeywell International Inc.

    22,733        4,423,387  

Roper Technologies Inc.

    3,454        1,631,082  
    

 

 

 
       12,170,098  
Insurance — 1.6%             

Allstate Corp. (The)

    9,266        1,283,434  

American International Group Inc.

    27,437        1,722,220  

Aon PLC, Class A

    7,212        2,348,443  

Chubb Ltd.

    14,163        3,029,466  

Marsh & McLennan Companies Inc.

    16,859        2,873,111  

MetLife Inc.

    23,138        1,626,139  

Progressive Corp. (The)

    19,269        2,196,473  

Travelers Companies Inc. (The)

    7,977        1,457,637  
    

 

 

 
       16,536,923  
Interactive Media & Services — 6.7%  

Alphabet Inc., Class A(a)

    9,941        27,649,400  

Alphabet Inc., Class C, NVS(a)

    9,141        25,530,722  

Meta Platforms Inc, Class A(a)

    76,218        16,947,834  
    

 

 

 
       70,127,956  
Security   Shares      Value  

Internet & Direct Marketing Retail — 4.6%

 

Amazon.com Inc.(a)

    14,343      $     46,757,463  

eBay Inc.

    20,673        1,183,736  
    

 

 

 
       47,941,199  
IT Services — 5.0%             

Accenture PLC, Class A

    21,015        7,086,888  

Automatic Data Processing Inc.

    13,907        3,164,399  

Block Inc.(a)

    15,812        2,144,107  

Cognizant Technology Solutions Corp., Class A

    17,363        1,556,940  

Fidelity National Information Services Inc.

    20,102        2,018,643  

Fiserv Inc.(a)

    19,860        2,013,804  

Global Payments Inc.

    9,343        1,278,496  

International Business Machines Corp.

    29,475        3,832,340  

Kyndryl Holdings Inc.(a)

    7,404        97,140  

Mastercard Inc., Class A

    28,528        10,195,337  

PayPal Holdings Inc.(a)

    38,838        4,491,615  

Snowflake Inc., Class A(a)

    6,702        1,535,629  

Twilio Inc., Class A(a)

    5,481        903,324  

Visa Inc., Class A

    54,833        12,160,314  
    

 

 

 
       52,478,976  
Life Sciences Tools & Services — 1.5%  

Danaher Corp.

    20,933        6,140,277  

Illumina Inc.(a)

    4,810        1,680,614  

Thermo Fisher Scientific Inc.

    12,981        7,667,227  
    

 

 

 
       15,488,118  
Machinery — 1.0%             

Caterpillar Inc.

    17,890        3,986,250  

Deere & Co.

    9,222        3,831,372  

Illinois Tool Works Inc.

    10,361        2,169,593  
    

 

 

 
       9,987,215  
Media — 0.9%             

Charter Communications Inc., Class A(a)

    3,989        2,176,079  

Comcast Corp., Class A

    148,631        6,958,904  
    

 

 

 
       9,134,983  
Metals & Mining — 0.4%             

Freeport-McMoRan Inc.

    48,248        2,399,856  

Newmont Corp.

    26,432        2,100,022  

Southern Copper Corp.

    2,770        210,243  
    

 

 

 
       4,710,121  
Multi-Utilities — 0.4%             

Dominion Energy Inc.

    26,565        2,257,228  

Sempra Energy

    10,568        1,776,692  
    

 

 

 
       4,033,920  
Multiline Retail — 0.5%             

Dollar General Corp.

    7,704        1,715,141  

Target Corp.

    15,857        3,365,173  
    

 

 

 
       5,080,314  
Oil, Gas & Consumable Fuels — 2.9%  

Chevron Corp.

    63,929        10,409,559  

ConocoPhillips

    43,608        4,360,800  

EOG Resources Inc.

    19,237        2,293,628  

Exxon Mobil Corp.

    139,943        11,557,892  

Kinder Morgan Inc.

    64,142        1,212,925  
    

 

 

 
       29,834,804  
Personal Products — 0.2%             

Estee Lauder Companies Inc. (The), Class A

    7,545        2,054,654  
    

 

 

 
Pharmaceuticals — 4.6%             

Bristol-Myers Squibb Co.

    71,946        5,254,216  

 

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® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Pharmaceuticals (continued)

    

Eli Lilly & Co.

    28,010      $ 8,021,224  

Johnson & Johnson

    87,068        15,431,062  

Merck & Co. Inc.

    83,718        6,869,062  

Pfizer Inc.

    184,478        9,550,426  

Zoetis Inc.

    15,657        2,952,753  
    

 

 

 
           48,078,743  
Road & Rail — 1.2%             

CSX Corp.

    73,040        2,735,348  

Norfolk Southern Corp.

    7,924        2,260,083  

Uber Technologies Inc.(a)

    53,211        1,898,569  

Union Pacific Corp.

    21,243        5,803,800  
    

 

 

 
       12,697,800  
Semiconductors & Semiconductor Equipment — 6.7%  

Advanced Micro Devices Inc.(a)

    53,959        5,899,877  

Analog Devices Inc.

    17,370        2,869,177  

Applied Materials Inc.

    29,362        3,869,912  

Broadcom Inc.

    13,337        8,398,042  

Intel Corp.

    133,570        6,619,729  

KLA Corp.

    5,004        1,831,764  

Lam Research Corp.

    4,647        2,498,274  

Micron Technology Inc.

    36,964        2,879,126  

NVIDIA Corp.

    79,060        21,572,312  

NXP Semiconductors NV

    8,772        1,623,522  

QUALCOMM Inc.

    37,276        5,696,518  

Texas Instruments Inc.

    30,522        5,600,176  
    

 

 

 
       69,358,429  
Software — 10.4%             

Adobe Inc.(a)

    15,565        7,091,725  

Atlassian Corp. PLC, Class A(a)

    4,607        1,353,675  

Autodesk Inc.(a)

    7,263        1,556,824  

Intuit Inc.

    8,770        4,216,967  

Microsoft Corp.

    249,047        76,783,680  

Oracle Corp.

    53,152        4,397,265  

salesforce.com Inc.(a)

    30,903        6,561,325  

ServiceNow Inc.(a)

    6,612        3,682,157  

VMware Inc., Class A

    7,358        837,855  

Workday Inc., Class A(a)

    6,297        1,507,880  

Zoom Video Communications Inc., Class A(a)

    7,183        842,063  
    

 

 

 
       108,831,416  
Specialty Retail — 1.7%         

Home Depot Inc. (The)

    34,512        10,330,477  

Lowe’s Companies Inc.

    22,244        4,497,515  
Security   Shares      Value  

Specialty Retail (continued)

    

Ross Stores Inc.

    11,544      $ 1,044,270  

TJX Companies Inc. (The)

    39,397        2,386,670  
    

 

 

 
       18,258,932  
Technology Hardware, Storage & Peripherals — 8.6%  

Apple Inc.

    510,087        89,066,291  

Dell Technologies Inc., Class C(a)

    8,884        445,888  
    

 

 

 
       89,512,179  
Textiles, Apparel & Luxury Goods — 0.5%         

Nike Inc., Class B

    40,887        5,501,755  
    

 

 

 
Tobacco — 0.8%             

Altria Group Inc.

    60,425        3,157,206  

Philip Morris International Inc.

    51,358        4,824,571  
    

 

 

 
       7,981,777  
Wireless Telecommunication Services — 0.2%  

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

    19,419        2,492,429  
    

 

 

 

Total Common Stocks — 99.8%
(Cost: $826,317,695)

 

     1,040,187,438  
    

 

 

 

Short-Term Investments

    
Money Market Funds — 0.2%         

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

    249,953        249,903  

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

    1,385,000        1,385,000  
    

 

 

 
       1,634,903  
    

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $1,634,938)

 

     1,634,903  
    

 

 

 

Total Investments in Securities — 100.0%
(Cost: $827,952,633)

 

     1,041,822,341  

Other Assets, Less Liabilities — 0.0%

 

     266,887  
    

 

 

 

Net Assets — 100.0%

     $   1,042,089,228  
    

 

 

 

 

(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.

 

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® Russell Top 200 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

  $ 379,310     $     $ (127,019 )(a)    $ (2,353)     $ (35)     $ 249,903       249,953     $ 4,873 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,115,000       270,000 (a)                        1,385,000       1,385,000       377         

BlackRock Inc.

    3,510,438       1,119,975       (1,069,431)       408,450       (364,842)       3,604,590       4,717       78,710         
       

 

 

   

 

 

   

 

 

     

 

 

    

 

 

 
        $ 406,097     $ (364,877   $ 5,239,493       $ 83,960      $         —  
       

 

 

   

 

 

   

 

 

     

 

 

    

 

 

 

 

  (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

     8        06/17/22      $ 1,812      $ 98,524  
           

 

 

 

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)

   $ 98,524  
  

 

 

 

 

  (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

   $ 195,578  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 84,855  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 1,664,789      

 

 

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

 

 

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

  27


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell Top 200 ETF

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
    

Level 1

 

      

Level 2

 

      

Level 3

 

      

Total

 

 

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 1,040,187,438        $        $        $ 1,040,187,438  

Money Market Funds

     1,634,903                            1,634,903  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $

 

1,041,822,341

 

 

 

     $

 

            —

 

 

 

     $

 

            —

 

 

 

     $

 

1,041,822,341

 

 

 

  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $

 

98,524

 

 

 

     $

 

 

 

 

     $

 

 

 

 

     $

 

98,524

 

 

 

  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 0.6%

   

Lockheed Martin Corp.

    57,060     $ 25,186,284  

Northrop Grumman Corp.

    3,314       1,482,087  
   

 

 

 
      26,668,371  
Air Freight & Logistics — 1.0%            

FedEx Corp.

    28,623       6,623,076  

United Parcel Service Inc., Class B

    194,680       41,751,073  
   

 

 

 
      48,374,149  
Automobiles — 5.0%            

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

    9,554       479,993  

Tesla Inc.(a)

    223,622       240,975,067  
   

 

 

 
          241,455,060  
Beverages — 2.2%            

Coca-Cola Co. (The)

    735,809       45,620,158  

Monster Beverage Corp.(a)

    92,472       7,388,513  

PepsiCo Inc.

    307,899       51,536,134  
   

 

 

 
      104,544,805  
Biotechnology — 2.7%            

AbbVie Inc.

    474,672       76,949,078  

Amgen Inc.

    123,573       29,882,423  

Moderna Inc.(a)

    91,090       15,691,163  

Regeneron Pharmaceuticals Inc.(a)

    2,903       2,027,513  

Vertex Pharmaceuticals Inc.(a)

    27,338       7,134,398  
   

 

 

 
      131,684,575  
Capital Markets — 1.2%            

Blackstone Inc., NVS

    188,496       23,927,682  

Goldman Sachs Group Inc. (The)

    5,427       1,791,452  

Moody’s Corp.

    41,292       13,932,334  

S&P Global Inc.

    45,860       18,810,855  
   

 

 

 
      58,462,323  
Chemicals — 0.6%            

Dow Inc.

    14,469       921,965  

Ecolab Inc.

    59,077       10,430,635  

Sherwin-Williams Co. (The)

    64,646       16,136,934  
   

 

 

 
      27,489,534  
Commercial Services & Supplies — 0.1%            

Waste Management Inc.

    18,050       2,860,925  
   

 

 

 
Consumer Finance — 0.4%            

American Express Co.

    105,396       19,709,052  
   

 

 

 
Entertainment — 1.0%            

Netflix Inc.(a)

    115,940       43,429,965  

Walt Disney Co. (The)(a)

    24,875       3,411,855  
   

 

 

 
      46,841,820  
Equity Real Estate Investment Trusts (REITs) — 1.6%  

American Tower Corp.

    121,031       30,405,408  

Crown Castle International Corp.

    115,896       21,394,402  

Equinix Inc.

    16,975       12,588,999  

Public Storage

    30,921       12,067,848  
   

 

 

 
      76,456,657  
Food & Staples Retailing — 1.6%            

Costco Wholesale Corp.

    111,032       63,937,777  

Sysco Corp.

    137,427       11,220,915  
   

 

 

 
      75,158,692  
Health Care Equipment & Supplies — 2.0%            

Abbott Laboratories

    232,869       27,562,375  
Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Align Technology Inc.(a)

    21,150     $ 9,221,400  

Edwards Lifesciences Corp.(a)

    166,205       19,565,653  

Intuitive Surgical Inc.(a)

    94,980       28,653,566  

Stryker Corp.

    39,994       10,692,396  
   

 

 

 
      95,695,390  
Health Care Providers & Services — 0.5%            

HCA Healthcare Inc.

    65,813       16,494,054  

UnitedHealth Group Inc.

    17,461       8,904,586  
   

 

 

 
      25,398,640  
Hotels, Restaurants & Leisure — 1.6%            

Booking Holdings Inc.(a)

    10,987       25,802,420  

Las Vegas Sands Corp.(a)

    88,727       3,448,819  

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

    72,981       12,826,411  

McDonald’s Corp.

    35,723       8,833,583  

Starbucks Corp.

    309,468       28,152,304  
   

 

 

 
      79,063,537  
Household Products — 0.3%            

Colgate-Palmolive Co.

    118,767       9,006,102  

Kimberly-Clark Corp.

    45,525       5,606,859  
   

 

 

 
      14,612,961  
Industrial Conglomerates — 0.2%            

3M Co.

    22,014       3,277,445  

Honeywell International Inc.

    39,797       7,743,700  
   

 

 

 
      11,021,145  
Insurance — 0.3%            

Aon PLC, Class A

    34,608       11,269,403  

Marsh & McLennan Companies Inc.

    16,051       2,735,411  
   

 

 

 
      14,004,814  
Interactive Media & Services — 10.6%            

Alphabet Inc., Class A(a)

    69,573       193,506,864  

Alphabet Inc., Class C, NVS(a)

    63,991       178,726,223  

Meta Platforms Inc, Class A(a)

    619,676       137,791,155  
   

 

 

 
          510,024,242  
Internet & Direct Marketing Retail — 8.1%            

Amazon.com Inc.(a)

    116,619       380,172,109  

eBay Inc.

    168,283       9,635,885  
   

 

 

 
      389,807,994  
IT Services — 6.7%            

Accenture PLC, Class A

    137,257       46,287,178  

Automatic Data Processing Inc.

    103,902       23,641,861  

Block Inc.(a)(b)

    128,977       17,489,281  

Fiserv Inc.(a)(b)

    10,923       1,107,592  

Mastercard Inc., Class A

    231,929       82,886,786  

PayPal Holdings Inc.(a)

    316,105       36,557,544  

Snowflake Inc., Class A(a)

    51,194       11,730,081  

Twilio Inc., Class A(a)

    12,584       2,073,969  

Visa Inc., Class A

    445,808       98,866,840  
   

 

 

 
      320,641,132  
Life Sciences Tools & Services — 0.5%            

Danaher Corp.

    8,893       2,608,584  

Illumina Inc.(a)

    39,021       13,633,937  

Thermo Fisher Scientific Inc.

    9,530       5,628,895  
   

 

 

 
      21,871,416  
Machinery — 1.6%            

Caterpillar Inc.

    125,464       27,955,888  

Deere & Co.

    75,007       31,162,408  

 

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® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Machinery (continued)

   

Illinois Tool Works Inc.

    75,904     $ 15,894,298  
   

 

 

 
      75,012,594  
Media — 0.3%            

Charter Communications Inc., Class A(a)

    30,658       16,724,552  
   

 

 

 
Metals & Mining — 0.1%            

Freeport-McMoRan Inc.

    115,041       5,722,139  

Southern Copper Corp.

    20,604       1,563,844  
   

 

 

 
      7,285,983  
Multiline Retail — 0.4%            

Dollar General Corp.

    26,964       6,002,995  

Target Corp.

    57,698       12,244,670  
   

 

 

 
      18,247,665  
Oil, Gas & Consumable Fuels — 0.0%            

EOG Resources Inc.

    18,662       2,225,070  
   

 

 

 
Personal Products — 0.3%            

Estee Lauder Companies Inc. (The), Class A

    61,584       16,770,555  
   

 

 

 
Pharmaceuticals — 1.5%            

Eli Lilly & Co.

    179,805       51,490,758  

Zoetis Inc.

    121,067       22,832,025  
   

 

 

 
      74,322,783  
Road & Rail — 0.9%            

Uber Technologies Inc.(a)

    369,576       13,186,472  

Union Pacific Corp.

    108,935       29,762,131  
   

 

 

 
      42,948,603  
Semiconductors & Semiconductor Equipment — 9.3%  

Advanced Micro Devices Inc.(a)

    438,646       47,961,554  

Analog Devices Inc.

    56,171       9,278,326  

Applied Materials Inc.

    238,442       31,426,656  

Broadcom Inc.

    108,425       68,273,054  

KLA Corp.

    40,792       14,932,319  

Lam Research Corp.

    37,834       20,339,937  

Micron Technology Inc.

    41,490       3,231,656  

NVIDIA Corp.

    642,773       175,387,041  

NXP Semiconductors NV

    21,850       4,043,998  

QUALCOMM Inc.

    302,850       46,281,537  

Texas Instruments Inc.

    153,559       28,175,005  
   

 

 

 
          449,331,083  
Software — 17.3%            

Adobe Inc.(a)

    126,542       57,655,066  

Atlassian Corp. PLC, Class A(a)

    37,477       11,011,867  

Autodesk Inc.(a)

    58,872       12,619,213  

Intuit Inc.

    71,398       34,331,014  

Microsoft Corp.

    2,024,835       624,276,879  

Oracle Corp.

    404,223       33,441,369  
Security   Shares     Value  

Software (continued)

   

salesforce.com Inc.(a)

    48,292     $ 10,253,358  

ServiceNow Inc.(a)

    53,691       29,899,981  

VMware Inc., Class A

    22,228       2,531,102  

Workday Inc., Class A(a)

    51,563       12,347,276  

Zoom Video Communications Inc., Class A(a)

    58,480       6,855,610  
   

 

 

 
      835,222,735  
Specialty Retail — 3.1%            

Home Depot Inc. (The)

    280,603       83,992,896  

Lowe’s Companies Inc.

    180,970       36,590,324  

Ross Stores Inc.

    94,015       8,504,597  

TJX Companies Inc. (The)

    320,862       19,437,820  
   

 

 

 
      148,525,637  
Technology Hardware, Storage & Peripherals — 15.1%  

Apple Inc.

    4,147,182       724,139,449  

Dell Technologies Inc., Class C(a)

    34,793       1,746,261  
   

 

 

 
      725,885,710  
Textiles, Apparel & Luxury Goods — 0.9%            

Nike Inc., Class B

    332,568       44,750,350  
   

 

 

 
Tobacco — 0.3%            

Altria Group Inc.

    272,836       14,255,681  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $3,486,157,968)

      4,813,356,235  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.3%

   

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

    8,928,316       8,926,531  

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

    6,166,000       6,166,000  
   

 

 

 
          15,092,531  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $15,091,337)

 

    15,092,531  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $3,501,249,305)

 

    4,828,448,766  

Other Assets, Less Liabilities — (0.2)%

      (8,076,784
   

 

 

 

Net Assets — 100.0%

 

    $

 

  4,820,371,982

 

 

 

   

 

 

 

 

(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.

 

30  

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® Russell Top 200 Growth 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

   $ 10,766,773      $      $ (1,841,643 )(a)     $ 207      $ 1,194      $ 8,926,531        8,928,316      $ 26,293 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     4,416,000        1,750,000 (a)                            6,166,000        6,166,000        1,434         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $

 

207

 

 

 

   $

 

1,194

 

 

 

   $

 

15,092,531

 

 

 

      $

 

27,727

 

 

 

   $

 

 

 

 

           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

              

E-Mini Technology Select Sector Index

     7          06/17/22        $ 1,122     $ 90,493  

Nasdaq 100 E-Mini Index

     16          06/17/22          4,758       411,643  
              

 

 

 
               $

 

502,136

 

 

 

              

 

 

 

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)

 

   $

 

502,136

 

 

 

  

 

 

 

 

  (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

 

   $

 

269,740

 

 

 

  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

 

   $

 

454,262

 

 

 

  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

 

   $

 

5,320,912

 

 

 

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

 

 

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

  31


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell Top 200 Growth ETF

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
    

Level 1

 

      

Level 2

 

      

Level 3

 

      

Total

 

 

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 4,813,356,235        $        $        $ 4,813,356,235  

Money Market Funds

     15,092,531                            15,092,531  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $

 

4,828,448,766

 

 

 

     $

 

            —

 

 

 

     $

 

            —

 

 

 

     $

 

4,828,448,766

 

 

 

  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

 

   $

 

502,136

 

 

 

     $

 

 

 

 

     $

 

 

 

 

     $

 

502,136

 

 

 

  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

32  

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® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 3.2%

   

Boeing Co. (The)(a)

    50,732     $ 9,715,178  

General Dynamics Corp.

    23,605       5,693,054  

L3Harris Technologies Inc.

    18,511       4,599,428  

Lockheed Martin Corp.

    2,909       1,284,033  

Northrop Grumman Corp.

    12,648       5,656,438  

Raytheon Technologies Corp.

    141,815       14,049,612  
   

 

 

 
          40,997,743  
Air Freight & Logistics — 0.2%            

FedEx Corp.

    13,065       3,023,110  
   

 

 

 
Automobiles — 1.0%            

Ford Motor Co.

    370,617       6,267,133  

General Motors Co.(a)

    130,225       5,696,042  

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

    10,736       539,377  
   

 

 

 
      12,502,552  
Banks — 8.9%            

Bank of America Corp.

    673,642       27,767,523  

Citigroup Inc.

    187,959       10,037,011  

JPMorgan Chase & Co.

    278,179       37,921,361  

PNC Financial Services Group Inc. (The)

    40,192       7,413,415  

Truist Financial Corp.

    125,612       7,122,200  

U.S. Bancorp

    127,147       6,757,863  

Wells Fargo & Co.

    368,410       17,853,149  
   

 

 

 
      114,872,522  
Beverages — 1.3%            

Coca-Cola Co. (The)

    108,141       6,704,742  

Constellation Brands Inc., Class A

    14,767       3,401,135  

Keurig Dr Pepper Inc.

    66,262       2,511,330  

Monster Beverage Corp.(a)

    2,512       200,709  

PepsiCo Inc.

    22,295       3,731,737  
   

 

 

 
      16,549,653  
Biotechnology — 1.7%            

Amgen Inc.

    9,393       2,271,415  

Biogen Inc.(a)

    13,813       2,909,018  

Gilead Sciences Inc.

    118,927       7,070,210  

Regeneron Pharmaceuticals Inc.(a)

    8,637       6,032,254  

Vertex Pharmaceuticals Inc.(a)

    14,450       3,771,016  
   

 

 

 
      22,053,913  
Building Products — 0.3%            

Johnson Controls International PLC

    66,316       4,348,340  
   

 

 

 
Capital Markets — 5.3%            

Bank of New York Mellon Corp. (The)

    70,023       3,475,242  

BlackRock Inc.(c)

    13,544       10,349,918  

Charles Schwab Corp. (The)

    142,484       12,012,826  

CME Group Inc.

    33,957       8,077,012  

Goldman Sachs Group Inc. (The)

    29,150       9,622,415  

Intercontinental Exchange Inc.

    52,666       6,958,232  

Moody’s Corp.

    788       265,879  

Morgan Stanley

    125,265       10,948,161  

S&P Global Inc.

    16,679       6,841,392  
   

 

 

 
      68,551,077  
Chemicals — 1.0%            

Air Products and Chemicals Inc.

    20,935       5,231,866  

Dow Inc.

    64,555       4,113,444  

DuPont de Nemours Inc.

    48,483       3,567,379  
Security   Shares     Value  

Chemicals (continued)

 

Ecolab Inc.

    2,889     $ 510,082  
   

 

 

 
          13,422,771  
Commercial Services & Supplies — 0.4%            

Waste Management Inc.

    33,678       5,337,963  
   

 

 

 
Communications Equipment — 1.7%            

Cisco Systems Inc.

    400,362       22,324,185  
   

 

 

 
Consumer Finance — 0.7%            

American Express Co.

    21,194       3,963,278  

Capital One Financial Corp.

    38,888       5,105,606  
   

 

 

 
      9,068,884  
Diversified Financial Services — 4.8%            

Berkshire Hathaway Inc., Class B(a)

    173,776       61,327,288  
   

 

 

 
Diversified Telecommunication Services — 2.8%        

AT&T Inc.

    676,728       15,991,083  

Verizon Communications Inc.

    398,068       20,277,584  
   

 

 

 
      36,268,667  
Electric Utilities — 3.3%            

American Electric Power Co. Inc.

    47,472       4,736,281  

Constellation Energy Corp.

    30,963       1,741,669  

Duke Energy Corp.

    72,886       8,138,451  

Exelon Corp.

    92,439       4,402,870  

NextEra Energy Inc.

    185,779       15,737,339  

Southern Co. (The)

    100,198       7,265,357  
   

 

 

 
      42,021,967  
Electrical Equipment — 0.9%            

Eaton Corp. PLC

    37,708       5,722,566  

Emerson Electric Co.

    56,602       5,549,826  
   

 

 

 
      11,272,392  
Energy Equipment & Services — 0.4%            

Schlumberger NV

    132,720       5,482,663  
   

 

 

 
Entertainment — 2.5%            

Activision Blizzard Inc.

    73,275       5,870,060  

Electronic Arts Inc.

    26,432       3,343,912  

Walt Disney Co. (The)(a)

    163,242       22,390,273  
   

 

 

 
      31,604,245  
Equity Real Estate Investment Trusts (REITs) — 1.4%        

Digital Realty Trust Inc.

    26,621       3,774,858  

Equinix Inc.

    2,472       1,833,285  

Prologis Inc.

    69,824       11,275,179  

Public Storage

    3,337       1,302,364  
   

 

 

 
      18,185,686  
Food & Staples Retailing — 1.9%            

Costco Wholesale Corp.

    2,733       1,573,798  

Walgreens Boots Alliance Inc.

    67,793       3,035,093  

Walmart Inc.

    133,990       19,953,791  
   

 

 

 
      24,562,682  
Food Products — 1.1%            

General Mills Inc.

    57,248       3,876,835  

Kraft Heinz Co. (The)

    65,641       2,585,599  

Mondelez International Inc., Class A

    130,555       8,196,243  
   

 

 

 
      14,658,677  
Health Care Equipment & Supplies — 3.6%            

Abbott Laboratories

    82,276       9,738,188  

Baxter International Inc.

    47,669       3,696,254  

Becton Dickinson and Co.

    27,033       7,190,778  

 

 

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

  33


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Boston Scientific Corp.(a)

    134,363     $ 5,950,937  

Medtronic PLC

    127,196       14,112,396  

Stryker Corp.

    18,923       5,059,064  
   

 

 

 
      45,747,617  
Health Care Providers & Services — 6.5%            

Anthem Inc.

    23,204       11,398,269  

Centene Corp.(a)

    54,865       4,619,084  

Cigna Corp.

    30,827       7,386,458  

CVS Health Corp.

    124,692       12,620,077  

Humana Inc.

    12,213       5,314,731  

UnitedHealth Group Inc.

    82,976       42,315,271  
   

 

 

 
      83,653,890  
Hotels, Restaurants & Leisure — 1.1%            

McDonald’s Corp.

    58,159       14,381,558  
   

 

 

 
Household Products — 3.1%            

Colgate-Palmolive Co.

    37,097       2,813,065  

Kimberly-Clark Corp.

    15,894       1,957,505  

Procter & Gamble Co. (The)

    228,002       34,838,706  
   

 

 

 
      39,609,276  
Industrial Conglomerates — 2.4%            

3M Co.

    46,104       6,863,963  

General Electric Co.

    103,456       9,466,224  

Honeywell International Inc.

    50,967       9,917,159  

Roper Technologies Inc.

    9,930       4,689,244  
   

 

 

 
      30,936,590  
Insurance — 3.3%            

Allstate Corp. (The)

    26,605       3,685,058  

American International Group Inc.

    78,601       4,933,785  

Aon PLC, Class A

    8,498       2,767,204  

Chubb Ltd.

    40,615       8,687,548  

Marsh & McLennan Companies Inc.

    42,444       7,233,306  

MetLife Inc.

    66,067       4,643,189  

Progressive Corp. (The)

    55,330       6,307,067  

Travelers Companies Inc. (The)

    22,768       4,160,397  
   

 

 

 
      42,417,554  
Interactive Media & Services — 1.6%            

Alphabet Inc., Class A(a)

    3,962       11,019,709  

Alphabet Inc., Class C, NVS(a)

    3,644       10,177,655  
   

 

 

 
      21,197,364  
IT Services — 2.9%            

Accenture PLC, Class A

    11,834       3,990,780  

Automatic Data Processing Inc.

    3,200       728,128  

Cognizant Technology Solutions Corp., Class A

    49,980       4,481,707  

Fidelity National Information Services Inc.

    57,590       5,783,188  

Fiserv Inc.(a)

    52,803       5,354,224  

Global Payments Inc.

    26,705       3,654,312  

International Business Machines Corp.

    84,661       11,007,623  

Kyndryl Holdings Inc.(a)

    21,198       278,118  

Snowflake Inc., Class A(a)

    1,095       250,897  

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

    11,296       1,861,694  
   

 

 

 
      37,390,671  
Life Sciences Tools & Services — 2.8%            

Danaher Corp.

    56,945       16,703,677  

Thermo Fisher Scientific Inc.

    33,874       20,007,678  
   

 

 

 
      36,711,355  
Machinery — 0.2%            

Caterpillar Inc.

    7,094       1,580,685  
Security   Shares     Value  

Machinery (continued)

 

Illinois Tool Works Inc.

    3,035     $ 635,529  
   

 

 

 
      2,216,214  
Media — 1.6%            

Charter Communications Inc., Class A(a)

    610       332,767  

Comcast Corp., Class A

    426,318       19,960,209  
   

 

 

 
      20,292,976  
Metals & Mining — 0.9%            

Freeport-McMoRan Inc.

    98,123       4,880,638  

Newmont Corp.

    76,059       6,042,888  

Southern Copper Corp.

    697       52,902  
   

 

 

 
      10,976,428  
Multi-Utilities — 0.9%            

Dominion Energy Inc.

    76,283       6,481,766  

Sempra Energy

    30,331       5,099,248  
   

 

 

 
      11,581,014  
Multiline Retail — 0.6%            

Dollar General Corp.

    12,580       2,800,685  

Target Corp.

    25,018       5,309,320  
   

 

 

 
      8,110,005  
Oil, Gas & Consumable Fuels — 6.6%            

Chevron Corp.

    183,280       29,843,483  

ConocoPhillips

    124,997       12,499,700  

EOG Resources Inc.

    48,749       5,812,343  

Exxon Mobil Corp.

    401,209       33,135,851  

Kinder Morgan Inc.

    183,939       3,478,287  
   

 

 

 
      84,769,664  
Pharmaceuticals — 8.7%            

Bristol-Myers Squibb Co.

    206,592       15,087,414  

Eli Lilly & Co.

    16,866       4,829,916  

Johnson & Johnson

    249,621       44,240,330  

Merck & Co. Inc.

    240,013       19,693,067  

Pfizer Inc.

    528,886       27,380,428  

Zoetis Inc.

    2,311       435,831  
   

 

 

 
      111,666,986  
Road & Rail — 1.6%            

CSX Corp.

    209,384       7,841,431  

Norfolk Southern Corp.

    22,656       6,461,944  

Uber Technologies Inc.(a)

    21,800       777,824  

Union Pacific Corp.

    22,407       6,121,817  
   

 

 

 
      21,203,016  
Semiconductors & Semiconductor Equipment — 3.1%  

Analog Devices Inc.

    29,854       4,931,284  

Intel Corp.

    382,935       18,978,258  

Micron Technology Inc.

    91,489       7,126,078  

NXP Semiconductors NV

    17,322       3,205,956  

Texas Instruments Inc.

    33,252       6,101,077  
   

 

 

 
      40,342,653  
Software — 1.4%            

Oracle Corp.

    10,425       862,460  

salesforce.com Inc.(a)

    71,581       15,198,078  

VMware Inc., Class A

    13,255       1,509,347  
   

 

 

 
      17,569,885  
Technology Hardware, Storage & Peripherals — 0.1%  

Dell Technologies Inc., Class C(a)

    13,272       666,122  
   

 

 

 
Tobacco — 1.4%            

Altria Group Inc.

    76,545       3,999,476  

 

 

34  

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® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Tobacco (continued)

   

Philip Morris International Inc.

    147,521     $ 13,858,123  
   

 

 

 
      17,857,599  
Wireless Telecommunication Services — 0.6%        

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

    55,806       7,162,700  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $1,081,481,669)

      1,284,898,117  
   

 

 

 

Short-Term Investments

 

 

Money Market Funds — 0.2%

   

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

    1,179,006       1,178,770  

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

    1,740,000       1,740,000  
   

 

 

 
      2,918,770  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $2,918,965)

 

    2,918,770  
   

 

 

 

Total Investments in Securities — 100.0%
(Cost: $1,084,400,634)

 

    1,287,816,887  

Other Assets, Less Liabilities — (0.0)%

 

    (94,222
   

 

 

 

Net Assets — 100.0%

 

    $

 

  1,287,722,665

 

 

 

   

 

 

 
(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

   $ 144,852      $ 1,038,344 (a)     $      $ (4,231    $ (195    $ 1,178,770        1,179,006      $ 2,459 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,620,000        120,000 (a)                            1,740,000        1,740,000        479         

BlackRock Inc.

     10,425,759        4,262,295        (4,496,886      1,497,807        (1,339,057      10,349,918        13,544        225,333         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $

 

    1,493,576

 

 

 

   $

 

(1,339,252

 

 

   $

 

13,268,688

 

 

 

      $

 

228,271

 

 

 

   $

 

            —

 

 

 

           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

           

DIJA Mini e-CBOT Index

     7        06/17/22      $ 1,212      $ 44,147  

E-Mini Consumer Staples Index

     8        06/17/22        609        27,942  

 

 

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

  35


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell Top 200 Value ETF

 

Futures Contracts (continued)

 

 

 

Description

 

  

Number of
Contracts

 

    

Expiration

Date

 

    

Notional

Amount

(000)

 

    

Value/
Unrealized
Appreciation
(Depreciation)

 

 

 

 

E-Mini Financials Select Sector Index

     6        06/17/22      $ 708      $

 

24,041

 

 

 

           

 

 

 
            $

 

96,130

 

 

 

           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
    

Equity
Contracts

 

 

 

 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $

 

96,130

 

 

 

  

 

 

 

 

  (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

   $

 

305,393

 

 

 

  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $

 

78,971

 

 

 

  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

 

   $

 

2,312,295

 

 

 

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 1,284,898,117        $        $        $ 1,284,898,117  

Money Market Funds

     2,918,770                            2,918,770  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $

 

1,287,816,887

 

 

 

     $

 

            —

 

 

 

     $

 

            —

 

 

 

     $

 

1,287,816,887

 

 

 

  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $

 

96,130

 

 

 

     $

 

 

 

 

     $

 

 

 

 

     $

 

96,130

 

 

 

  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

36  

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® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.6%

   

Axon Enterprise Inc.(a)

    45,058     $ 6,205,838  

Boeing Co. (The)(a)

    383,981       73,532,361  

BWX Technologies Inc.

    65,958       3,552,498  

Curtiss-Wright Corp.

    28,886       4,337,522  

General Dynamics Corp.

    178,188       42,975,382  

HEICO Corp.

    31,616       4,854,321  

HEICO Corp., Class A

    54,978       6,972,860  

Hexcel Corp.

    61,225       3,641,051  

Howmet Aerospace Inc.

    273,575       9,832,285  

Huntington Ingalls Industries Inc.

    28,174       5,619,023  

L3Harris Technologies Inc.

    140,645       34,946,063  

Lockheed Martin Corp.

    174,471       77,011,499  

Mercury Systems Inc.(a)

    40,202       2,591,019  

Northrop Grumman Corp.

    105,131       47,016,686  

Raytheon Technologies Corp.

    1,074,707           106,471,222  

Spirit AeroSystems Holdings Inc., Class A

    78,012       3,814,007  

Textron Inc.

    161,588       12,018,915  

TransDigm Group Inc.(a)

    37,821       24,641,894  

Virgin Galactic Holdings Inc.(a)(b)

    127,917       1,263,820  

Woodward Inc.

    44,604       5,571,486  
   

 

 

 
          476,869,752  
Air Freight & Logistics — 0.6%            

CH Robinson Worldwide Inc.

    92,317       9,943,464  

Expeditors International of Washington Inc.

    119,266       12,303,481  

FedEx Corp.

    175,975       40,718,855  

GXO Logistics Inc.(a)

    69,104       4,929,879  

United Parcel Service Inc., Class B

    519,589       111,431,057  
   

 

 

 
          179,326,736  
Airlines — 0.2%            

Alaska Air Group Inc.(a)(b)

    86,529       5,019,547  

American Airlines Group Inc.(a)(b)

    445,754       8,135,010  

Copa Holdings SA, Class A, NVS(a)(b)

    22,552       1,886,249  

Delta Air Lines Inc.(a)

    456,441       18,061,370  

JetBlue Airways Corp.(a)

    226,487       3,385,981  

Southwest Airlines Co.(a)

    422,167       19,335,249  

United Airlines Holdings Inc.(a)(b)

    238,255       11,045,502  
   

 

 

 
          66,868,908  
Auto Components — 0.2%            

Aptiv PLC(a)

    194,067       23,231,761  

BorgWarner Inc.

    176,999       6,885,261  

Gentex Corp.

    177,530       5,178,550  

Lear Corp.

    43,856       6,253,427  

QuantumScape Corp.(a)(b)

    174,716       3,492,573  
   

 

 

 
          45,041,572  
Automobiles — 2.5%            

Ford Motor Co.

    2,808,600       47,493,426  

General Motors Co.(a)

    985,514       43,106,382  

Harley-Davidson Inc.

    107,170       4,222,498  

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

    109,005       5,476,411  

Tesla Inc.(a)

    597,561       643,931,734  

Thor Industries Inc.

    39,557       3,113,136  
   

 

 

 
          747,343,587  
Banks — 3.7%            

Bank of America Corp.

    5,105,002       210,428,182  

Bank of Hawaii Corp.

    27,394       2,298,904  

Bank OZK

    80,911       3,454,900  

BOK Financial Corp.

    21,569       2,026,408  
Security   Shares     Value  

Banks (continued)

   

Citigroup Inc.

    1,424,396     $ 76,062,746  

Citizens Financial Group Inc.

    302,901       13,730,502  

Comerica Inc.

    95,032       8,593,744  

Commerce Bancshares Inc.

    81,308       5,820,840  

Cullen/Frost Bankers Inc.

    40,546       5,611,972  

East West Bancorp. Inc.

    101,869       8,049,688  

Fifth Third Bancorp

    485,710       20,904,958  

First Citizens BancShares Inc./NC, Class A

    9,072       6,038,323  

First Hawaiian Inc.

    81,929       2,285,000  

First Horizon Corp.

    391,220       9,189,758  

First Republic Bank/CA

    128,082       20,762,092  

FNB Corp.

    245,609       3,057,832  

Huntington Bancshares Inc./OH

    1,031,504       15,080,588  

JPMorgan Chase & Co.

    2,108,101       287,376,328  

KeyCorp

    670,539       15,006,663  

M&T Bank Corp.

    92,290       15,643,155  

PacWest Bancorp

    83,265       3,591,219  

People’s United Financial Inc.

    303,929       6,075,541  

Pinnacle Financial Partners Inc.

    52,835       4,865,047  

PNC Financial Services Group Inc. (The)

    304,460       56,157,647  

Popular Inc.

    56,650       4,630,571  

Prosperity Bancshares Inc.

    62,692       4,349,571  

Regions Financial Corp.

    692,276       15,410,064  

Signature Bank/New York NY

    44,127       12,950,833  

SVB Financial Group(a)

    40,505       22,660,522  

Synovus Financial Corp.

    103,580       5,075,420  

Truist Financial Corp.

    954,594       54,125,480  

U.S. Bancorp

    967,237       51,408,647  

Umpqua Holdings Corp.

    163,366       3,081,083  

Webster Financial Corp.

    123,918       6,954,278  

Wells Fargo & Co.

    2,791,880       135,294,505  

Western Alliance Bancorp

    76,922       6,370,680  

Wintrust Financial Corp.

    40,507       3,764,316  

Zions Bancorp. N.A

    106,048       6,952,507  
   

 

 

 
          1,135,140,514  

Beverages — 1.4%

   

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

    6,052       2,351,020  

Brown-Forman Corp., Class A

    32,999       2,070,357  

Brown-Forman Corp., Class B, NVS

    131,445       8,809,444  

Coca-Cola Co. (The)

    2,787,497       172,824,814  

Constellation Brands Inc., Class A

    111,680       25,722,138  

Keurig Dr Pepper Inc.

    498,403       18,889,474  

Molson Coors Beverage Co., Class B

    126,864       6,772,000  

Monster Beverage Corp.(a)

    269,529       21,535,367  

PepsiCo Inc.

    991,944       166,031,587  
   

 

 

 
              425,006,201  

Biotechnology — 2.1%

   

AbbVie Inc.

    1,268,432       205,625,512  

Alnylam Pharmaceuticals Inc.(a)

    86,154       14,068,087  

Amgen Inc.

    401,420       97,071,384  

Biogen Inc.(a)

    105,229       22,161,227  

BioMarin Pharmaceutical Inc.(a)

    128,880       9,936,648  

CureVac NV(a)(b)

    25,992       509,703  

Exact Sciences Corp.(a)(b)

    125,293       8,760,487  

Exelixis Inc.(a)

    221,393       5,018,979  

Gilead Sciences Inc.

    899,920       53,500,244  

Horizon Therapeutics PLC(a)

    155,608       16,371,518  

Incyte Corp.(a)

    133,900       10,634,338  

Ionis Pharmaceuticals Inc.(a)(b)

    97,644       3,616,734  

 

 

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

  37


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Iovance Biotherapeutics Inc.(a)(b)

    106,510     $ 1,773,392  

Mirati Therapeutics Inc.(a)

    29,865       2,455,500  

Moderna Inc.(a)

    243,992       42,030,062  

Natera Inc.(a)(b)

    66,250       2,695,050  

Neurocrine Biosciences Inc.(a)

    65,168       6,109,500  

Novavax Inc.(a)(b)

    54,210       3,992,566  

Regeneron Pharmaceuticals Inc.(a)

    73,555       51,372,283  

Sage Therapeutics Inc.(a)

    40,912       1,354,187  

Sarepta Therapeutics Inc.(a)(b)

    58,691       4,584,941  

Seagen Inc.(a)

    95,224       13,717,017  

Ultragenyx Pharmaceutical Inc.(a)(b)

    45,414       3,297,965  

United Therapeutics Corp.(a)

    31,023       5,565,836  

Vertex Pharmaceuticals Inc.(a)

    182,500       47,627,025  
   

 

 

 
      633,850,185  
Building Products — 0.5%            

A O Smith Corp.

    92,997       5,941,578  

Advanced Drainage Systems Inc.(b)

    44,122       5,242,135  

Allegion PLC

    62,364       6,846,320  

Armstrong World Industries Inc.

    32,541       2,929,015  

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

    72,207       1,793,622  

Builders FirstSource Inc.(a)

    135,416       8,739,749  

Carlisle Companies Inc.

    37,817       9,299,957  

Carrier Global Corp.

    613,713       28,151,015  

Fortune Brands Home & Security Inc.

    100,204       7,443,153  

Hayward Holdings Inc.(a)(b)

    23,896       397,152  

Johnson Controls International PLC

    503,451       33,011,282  

Lennox International Inc.

    23,080       5,951,409  

Masco Corp.

    175,555       8,953,305  

Owens Corning

    71,386       6,531,819  

Trane Technologies PLC

    167,035       25,506,244  

Trex Co. Inc.(a)(b)

    85,285       5,571,669  
   

 

 

 
          162,309,424  
Capital Markets — 3.1%            

Affiliated Managers Group Inc.

    28,134       3,965,487  

Ameriprise Financial Inc.

    80,032       24,038,411  

Ares Management Corp., Class A

    101,921       8,279,043  

Bank of New York Mellon Corp. (The)

    530,056       26,306,679  

BlackRock Inc.(c)

    102,665       78,453,513  

Blackstone Inc., NVS

    504,535       64,045,673  

Carlyle Group Inc. (The)

    111,122       5,434,977  

Cboe Global Markets Inc.

    75,686       8,659,992  

Charles Schwab Corp. (The)

    1,079,773       91,035,662  

CME Group Inc.

    258,014       61,371,210  

Evercore Inc., Class A

    27,214       3,029,462  

FactSet Research Systems Inc.

    27,012       11,727,260  

Franklin Resources Inc.

    202,106       5,642,799  

Goldman Sachs Group Inc. (The)

    235,249       77,655,695  

Interactive Brokers Group Inc., Class A

    57,472       3,787,979  

Intercontinental Exchange Inc.

    400,811       52,955,149  

Invesco Ltd.

    229,165       5,284,545  

Janus Henderson Group PLC

    122,635       4,294,678  

Jefferies Financial Group Inc.

    161,161       5,294,139  

KKR & Co. Inc.

    398,297       23,288,426  

Lazard Ltd., Class A

    71,562       2,468,889  

LPL Financial Holdings Inc.

    56,668       10,352,110  

MarketAxess Holdings Inc.

    26,809       9,120,422  

Moody’s Corp.

    116,440       39,288,020  

Morgan Stanley

    948,709       82,917,167  

Morningstar Inc.

    15,837       4,326,193  
Security   Shares     Value  

Capital Markets (continued)

   

MSCI Inc.

    56,880     $ 28,603,814  

Nasdaq Inc.

    84,960       15,139,872  

Northern Trust Corp.

    149,478       17,406,713  

Raymond James Financial Inc.

    132,422       14,554,502  

S&P Global Inc.

    248,820       102,060,988  

SEI Investments Co.

    77,715       4,679,220  

State Street Corp.

    261,264       22,761,320  

Stifel Financial Corp.

    72,614       4,930,491  

T Rowe Price Group Inc.

    164,151       24,817,990  

Tradeweb Markets Inc., Class A

    74,688       6,562,835  

Virtu Financial Inc., Class A

    60,532       2,253,001  
   

 

 

 
      956,794,326  
Chemicals — 1.3%            

Air Products and Chemicals Inc.

    158,684       39,656,718  

Albemarle Corp.

    82,158       18,169,242  

Ashland Global Holdings Inc.

    34,428       3,388,059  

Axalta Coating Systems Ltd.(a)

    135,389       3,327,862  

Celanese Corp.

    78,318       11,189,293  

CF Industries Holdings Inc.

    153,333       15,802,499  

Chemours Co. (The)

    113,476       3,572,224  

Corteva Inc.

    521,053       29,950,126  

Diversey Holdings Ltd.(a)

    54,937       415,873  

Dow Inc.

    529,871       33,763,380  

DuPont de Nemours Inc.

    369,520       27,189,282  

Eastman Chemical Co.

    98,508       11,038,806  

Ecolab Inc.

    179,412       31,676,983  

Element Solutions Inc.

    165,589       3,626,399  

FMC Corp.

    92,879       12,220,090  

Huntsman Corp.

    149,184       5,595,892  

International Flavors & Fragrances Inc.

    184,612       24,245,094  

LyondellBasell Industries NV, Class A

    186,249       19,150,122  

Mosaic Co. (The)

    262,570       17,460,905  

NewMarket Corp.

    3,775       1,224,535  

Olin Corp.

    97,542       5,099,496  

PPG Industries Inc.

    168,062       22,027,886  

RPM International Inc.

    94,627       7,706,423  

Scotts Miracle-Gro Co. (The)

    29,280       3,600,269  

Sherwin-Williams Co. (The)

    173,340       43,269,131  

Valvoline Inc.

    133,961       4,227,809  

Westlake Chemical Corp.

    23,724       2,927,542  
   

 

 

 
      401,521,940  
Commercial Services & Supplies — 0.4%            

Cintas Corp.

    62,602       26,630,265  

Clean Harbors Inc.(a)

    36,170       4,038,019  

Copart Inc.(a)

    148,818       18,672,194  

Driven Brands Holdings Inc.(a)(b)

    46,684       1,226,856  

IAA Inc.(a)

    96,390       3,686,917  

MSA Safety Inc.

    26,237       3,481,650  

Republic Services Inc.

    149,776       19,845,320  

Rollins Inc.

    156,465       5,484,098  

Stericycle Inc.(a)

    64,615       3,807,116  

Waste Management Inc.

    302,944       48,016,624  
   

 

 

 
          134,889,059  
Communications Equipment — 0.8%            

Arista Networks Inc.(a)

    171,681       23,860,225  

Ciena Corp.(a)

    107,588       6,523,061  

Cisco Systems Inc.

    3,034,040       169,178,070  

CommScope Holding Co. Inc.(a)(b)

    143,561       1,131,261  

F5 Inc.(a)

    43,993       9,192,337  

 

 

38  

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® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Communications Equipment (continued)

 

Juniper Networks Inc.

    228,642     $ 8,496,337  

Lumentum Holdings Inc.(a)(b)

    54,245       5,294,312  

Motorola Solutions Inc.

    118,265       28,643,783  

Ubiquiti Inc.

    3,574       1,040,606  

Viasat Inc.(a)(b)

    55,596       2,713,085  
   

 

 

 
      256,073,077  
Construction & Engineering — 0.1%            

AECOM

    93,748       7,200,784  

MasTec Inc.(a)

    43,195       3,762,285  

MDU Resources Group Inc.

    149,308       3,979,058  

Quanta Services Inc.

    99,499       13,095,063  

Valmont Industries Inc.

    15,245       3,637,457  
   

 

 

 
      31,674,647  
Construction Materials — 0.1%            

Eagle Materials Inc.

    27,633       3,546,972  

Martin Marietta Materials Inc.

    44,183       17,005,595  

Vulcan Materials Co.

    95,725       17,584,682  
   

 

 

 
      38,137,249  
Consumer Finance — 0.6%            

Ally Financial Inc.

    240,902       10,474,419  

American Express Co.

    441,938       82,642,406  

Capital One Financial Corp.

    295,764       38,830,856  

Credit Acceptance Corp.(a)(b)

    5,159       2,839,359  

Discover Financial Services

    206,970       22,806,024  

OneMain Holdings Inc.

    73,550       3,487,005  

SLM Corp.

    193,991       3,561,675  

Synchrony Financial

    374,058       13,020,959  

Upstart Holdings Inc.(a)(b)

    34,345       3,746,696  
   

 

 

 
      181,409,399  
Containers & Packaging — 0.4%            

Amcor PLC

    1,082,070       12,259,853  

AptarGroup Inc.

    46,456       5,458,580  

Ardagh Group SA(a)

    12,001       201,677  

Ardagh Metal Packaging SA(a)(b)

    64,028       520,547  

Avery Dennison Corp.

    60,272       10,485,520  

Ball Corp.

    228,131       20,531,790  

Berry Global Group Inc.(a)

    99,303       5,755,602  

Crown Holdings Inc.

    88,235       11,037,316  

Graphic Packaging Holding Co.

    194,474       3,897,259  

International Paper Co.

    283,136       13,066,726  

Packaging Corp. of America

    67,299       10,506,047  

Sealed Air Corp.

    110,053       7,369,149  

Silgan Holdings Inc.

    57,491       2,657,809  

Sonoco Products Co.

    74,003       4,629,628  

Westrock Co.

    182,627       8,588,948  
   

 

 

 
          116,966,451  
Distributors — 0.1%            

Genuine Parts Co.

    101,075       12,737,472  

LKQ Corp.

    192,728       8,751,778  

Pool Corp.

    27,960       11,822,886  
   

 

 

 
      33,312,136  
Diversified Consumer Services — 0.1%            

ADT Inc.

    102,181       775,554  

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

    43,188       5,730,616  

Chegg Inc.(a)(b)

    93,860       3,405,241  

frontdoor Inc.(a)

    59,052       1,762,702  

Grand Canyon Education Inc.(a)(b)

    29,410       2,856,005  

H&R Block Inc.

    114,890       2,991,736  
Security   Shares     Value  

Diversified Consumer Services (continued)

 

Mister Car Wash Inc.(a)(b)

    54,902     $ 812,001  

Service Corp. International

    119,314       7,853,247  

Terminix Global Holdings Inc.(a)

    85,048       3,880,740  
   

 

 

 
      30,067,842  
Diversified Financial Services — 1.6%            

Apollo Global Management Inc.

    264,812       16,415,696  

Berkshire Hathaway Inc., Class B(a)

    1,316,903       464,748,238  

Equitable Holdings Inc.

    243,668       7,531,778  

Voya Financial Inc.

    75,250       4,992,837  
   

 

 

 
      493,688,549  
Diversified Telecommunication Services — 0.9%        

AT&T Inc.

    5,128,398       121,184,045  

Lumen Technologies Inc.

    756,507       8,525,834  

Verizon Communications Inc.

    3,016,648       153,668,049  
   

 

 

 
      283,377,928  
Electric Utilities — 1.7%            

Alliant Energy Corp.

    181,486       11,339,245  

American Electric Power Co. Inc.

    359,141       35,831,498  

Avangrid Inc.

    40,884       1,910,918  

Constellation Energy Corp.

    233,989       13,161,881  

Duke Energy Corp.

    551,258       61,553,468  

Edison International

    265,962       18,643,936  

Entergy Corp.

    144,149       16,829,396  

Evergy Inc.

    163,762       11,191,495  

Eversource Energy

    244,509       21,563,249  

Exelon Corp.

    701,978       33,435,212  

FirstEnergy Corp.

    391,815       17,968,636  

Hawaiian Electric Industries Inc.

    73,065       3,091,380  

IDACORP Inc.

    38,450       4,435,592  

NextEra Energy Inc.

    1,407,873       119,260,922  

NRG Energy Inc.

    169,503       6,502,135  

OGE Energy Corp.

    141,976       5,789,781  

PG&E Corp.(a)

    1,430,656       17,082,033  

Pinnacle West Capital Corp.

    81,803       6,388,815  

PPL Corp.

    548,921       15,677,184  

Southern Co. (The)

    759,314       55,057,858  

Xcel Energy Inc.

    385,830       27,845,351  
   

 

 

 
      504,559,985  
Electrical Equipment — 0.6%            

Acuity Brands Inc.(b)

    26,130       4,946,409  

AMETEK Inc.

    164,274       21,878,011  

ChargePoint Holdings Inc.(a)(b)

    177,131       3,521,364  

Eaton Corp. PLC

    285,755       43,366,179  

Emerson Electric Co.

    428,188       41,983,833  

Fluence Energy Inc.(a)(b)

    24,270       318,180  

Generac Holdings Inc.(a)

    44,161       13,127,299  

Hubbell Inc.

    38,654       7,103,446  

nVent Electric PLC

    119,135       4,143,515  

Plug Power Inc.(a)(b)

    373,872       10,696,478  

Regal Rexnord Corp.

    48,327       7,190,091  

Rockwell Automation Inc.

    82,439       23,085,393  

Sensata Technologies Holding PLC(a)(b)

    111,314       5,660,317  

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

    73,961       1,260,296  

Sunrun Inc.(a)(b)

    141,120       4,285,814  

Vertiv Holdings Co.

    229,779       3,216,906  
   

 

 

 
          195,783,531  
Electronic Equipment, Instruments & Components — 0.6%  

Amphenol Corp., Class A

    416,515       31,384,405  

Arrow Electronics Inc.(a)

    49,986       5,929,839  

 

 

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

  39


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

Avnet Inc.

    70,129     $ 2,846,536  

CDW Corp./DE

    98,162       17,560,200  

Cognex Corp.

    120,266       9,278,522  

Coherent Inc.(a)(b)

    17,429       4,764,391  

Corning Inc.

    543,588       20,063,833  

IPG Photonics Corp.(a)

    24,139       2,649,497  

Jabil Inc.

    100,522       6,205,223  

Keysight Technologies Inc.(a)

    130,754       20,655,209  

Littelfuse Inc.

    16,558       4,129,731  

National Instruments Corp.

    90,430       3,670,554  

TD SYNNEX Corp.

    30,027       3,099,087  

Teledyne Technologies Inc.(a)

    33,247       15,713,530  

Trimble Inc.(a)

    181,083       13,063,328  

Vontier Corp.(b)

    120,056       3,048,222  

Zebra Technologies Corp., Class A(a)

    37,738       15,612,210  
   

 

 

 
      179,674,317  
Energy Equipment & Services — 0.3%            

Baker Hughes Co.

    528,640       19,247,783  

Halliburton Co.

    634,900       24,043,663  

NOV Inc.

    279,189       5,474,896  

Schlumberger NV

    1,003,975       41,474,207  
   

 

 

 
      90,240,549  
Entertainment — 1.4%            

Activision Blizzard Inc.

    552,617       44,270,148  

Electronic Arts Inc.

    200,568       25,373,858  

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

    15,635       987,037  

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

    146,327       10,219,478  

Live Nation Entertainment Inc.(a)

    98,795       11,622,244  

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

    12,655       2,269,801  

Netflix Inc.(a)

    310,082       116,153,616  

Playtika Holding Corp.(a)(b)

    74,322       1,436,644  

Roku Inc.(a)(b)

    82,358       10,316,986  

Skillz Inc.(a)(b)

    148,172       444,516  

Spotify Technology SA(a)

    99,291       14,994,927  

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

    83,023       12,763,956  

Walt Disney Co. (The)(a)

        1,303,573       178,798,073  

World Wrestling Entertainment Inc., Class A

    33,752       2,107,475  

Zynga Inc., Class A(a)

    734,350       6,785,394  
   

 

 

 
      438,544,153  
Equity Real Estate Investment Trusts (REITs) — 3.2%  

Alexandria Real Estate Equities Inc.

    119,762       24,102,103  

American Campus Communities Inc.

    98,532       5,514,836  

American Homes 4 Rent, Class A

    212,193       8,494,086  

American Tower Corp.

    324,916       81,625,398  

Americold Realty Trust

    187,288       5,221,589  

Apartment Income REIT Corp.

    111,938       5,984,206  

AvalonBay Communities Inc.

    99,504       24,713,809  

Boston Properties Inc.

    112,508       14,491,030  

Brixmor Property Group Inc.

    211,853       5,467,926  

Camden Property Trust

    69,619       11,570,678  

Cousins Properties Inc.

    105,059       4,232,827  

Crown Castle International Corp.

    309,087       57,057,460  

CubeSmart

    156,451       8,140,146  

Digital Realty Trust Inc.

    201,870       28,625,166  

Douglas Emmett Inc.

    112,464       3,758,547  

Duke Realty Corp.

    273,091       15,855,663  

EPR Properties

    52,927       2,895,636  
Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

 

Equinix Inc.

    64,066     $ 47,512,627  

Equity LifeStyle Properties Inc.

    127,229       9,730,474  

Equity Residential

    264,345       23,769,902  

Essex Property Trust Inc.

    46,219       15,967,740  

Extra Space Storage Inc.

    93,079       19,137,042  

Federal Realty Investment Trust

    56,360       6,879,865  

First Industrial Realty Trust Inc.

    91,385       5,657,645  

Gaming and Leisure Properties Inc.

    172,154       8,079,187  

Healthcare Trust of America Inc., Class A

    147,929       4,636,095  

Healthpeak Properties Inc.

    390,657       13,411,255  

Highwoods Properties Inc.

    77,052       3,524,359  

Host Hotels & Resorts Inc.

    521,502       10,132,784  

Hudson Pacific Properties Inc.

    110,887       3,077,114  

Invitation Homes Inc.

    434,255       17,448,366  

Iron Mountain Inc.

    201,496       11,164,893  

JBG SMITH Properties

    85,392       2,495,154  

Kilroy Realty Corp.

    82,980       6,341,332  

Kimco Realty Corp.

    406,943       10,051,492  

Lamar Advertising Co., Class A

    61,618       7,158,779  

Life Storage Inc.

    60,469       8,491,662  

Medical Properties Trust Inc.

    422,651       8,934,842  

Mid-America Apartment Communities Inc.

    83,098       17,404,876  

National Retail Properties Inc.

    131,440       5,906,914  

Omega Healthcare Investors Inc.

    165,733       5,164,240  

Orion Office REIT Inc.

    39,514       553,196  

Park Hotels & Resorts Inc.

    165,024       3,222,919  

Prologis Inc.

    528,706       85,375,445  

Public Storage

    108,467       42,332,501  

Rayonier Inc.

    101,351       4,167,553  

Realty Income Corp.

    406,843       28,194,220  

Regency Centers Corp.

    123,707       8,825,257  

Rexford Industrial Realty Inc.

    115,536       8,617,830  

SBA Communications Corp.

    77,122       26,537,680  

Simon Property Group Inc.

    232,531       30,591,778  

SL Green Realty Corp.

    51,544       4,184,342  

Spirit Realty Capital Inc.

    94,571       4,352,157  

STORE Capital Corp.

    167,251       4,888,747  

Sun Communities Inc.

    83,600       14,654,244  

UDR Inc.

    227,607       13,057,814  

Ventas Inc.

    282,587       17,452,573  

VICI Properties Inc.

    460,626       13,109,416  

Vornado Realty Trust

    121,443       5,503,797  

Welltower Inc.

    312,355       30,029,810  

Weyerhaeuser Co.

    544,517       20,637,194  

WP Carey Inc.

    136,049       10,998,201  
   

 

 

 
      957,116,419  
Food & Staples Retailing — 1.4%            

Albertsons Companies Inc., Class A

    119,585       3,976,201  

Casey’s General Stores Inc.

    26,524       5,256,261  

Costco Wholesale Corp.

    317,403       182,776,518  

Grocery Outlet Holding Corp.(a)(b)

    62,190       2,038,588  

Kroger Co. (The)

    522,898       29,998,658  

Sysco Corp.

    365,752       29,863,651  

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

    157,210       5,915,813  

Walgreens Boots Alliance Inc.

    512,217       22,931,955  

Walmart Inc.

        1,015,411       151,215,006  
   

 

 

 
      433,972,651  
Food Products — 1.0%            

Archer-Daniels-Midland Co.

    397,726       35,898,749  

 

 

40  

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® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Food Products (continued)

   

Beyond Meat Inc.(a)(b)

    40,871     $ 1,974,478  

Bunge Ltd.

    100,831       11,173,083  

Campbell Soup Co.

    134,425       5,991,322  

Conagra Brands Inc.

    334,209       11,219,396  

Darling Ingredients Inc.(a)

    117,938       9,479,856  

Flowers Foods Inc.

    142,923       3,674,550  

Freshpet Inc.(a)(b)

    29,253       3,002,528  

General Mills Inc.

    434,283       29,409,645  

Hain Celestial Group Inc. (The)(a)

    55,164       1,897,642  

Hershey Co. (The)

    106,159       22,997,224  

Hormel Foods Corp.

    208,407       10,741,297  

Ingredion Inc.

    47,981       4,181,544  

JM Smucker Co. (The)

    73,893       10,005,851  

Kellogg Co.

    182,485       11,768,458  

Kraft Heinz Co. (The)

    499,212       19,663,961  

Lamb Weston Holdings Inc.

    104,430       6,256,401  

McCormick & Co. Inc./MD, NVS

    178,284       17,792,743  

Mondelez International Inc., Class A

    992,134       62,286,173  

Pilgrim’s Pride Corp.(a)

    34,175       857,793  

Post Holdings Inc.(a)

    44,987       3,115,800  

Seaboard Corp.

    129       542,508  

Tyson Foods Inc., Class A

    206,710       18,527,417  
   

 

 

 
      302,458,419  
Gas Utilities — 0.1%            

Atmos Energy Corp.

    96,400       11,518,836  

National Fuel Gas Co.

    64,501       4,431,219  

UGI Corp.

    150,679       5,457,593  
   

 

 

 
      21,407,648  
Health Care Equipment & Supplies — 2.8%            

Abbott Laboratories

    1,247,028       147,598,234  

ABIOMED Inc.(a)

    31,913       10,570,862  

Align Technology Inc.(a)

    56,376       24,579,936  

Baxter International Inc.

    358,950       27,832,983  

Becton Dickinson and Co.

    204,542       54,408,172  

Boston Scientific Corp.(a)

    1,020,629       45,203,658  

Cooper Companies Inc. (The)(b)

    34,466       14,392,657  

DENTSPLY SIRONA Inc.

    158,970       7,824,503  

Dexcom Inc.(a)(b)

    69,153       35,378,675  

Edwards Lifesciences Corp.(a)

    443,503       52,209,173  

Envista Holdings Corp.(a)(b)

    115,073       5,605,206  

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

    54,286       1,168,235  

Globus Medical Inc., Class A(a)

    53,760       3,966,413  

Hologic Inc.(a)

    176,702       13,574,248  

ICU Medical Inc.(a)(b)

    15,366       3,421,086  

IDEXX Laboratories Inc.(a)

    60,677       33,193,960  

Insulet Corp.(a)

    47,668       12,698,278  

Integra LifeSciences Holdings Corp.(a)

    50,677       3,256,504  

Intuitive Surgical Inc.(a)

    254,007       76,628,832  

Masimo Corp.(a)

    36,735       5,346,412  

Medtronic PLC

    963,831       106,937,049  

Novocure Ltd.(a)(b)

    73,393       6,080,610  

Penumbra Inc.(a)

    23,589       5,239,824  

Quidel Corp.(a)

    24,172       2,718,383  

ResMed Inc.

    102,970       24,971,255  

STERIS PLC

    62,317       15,066,381  

Stryker Corp.

    250,151       66,877,870  

Tandem Diabetes Care Inc.(a)

    45,341       5,272,705  

Teleflex Inc.

    33,460       11,872,612  

Zimmer Biomet Holdings Inc.

    150,438       19,241,020  
Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Zimvie Inc.(a)

    14,802     $ 338,078  
   

 

 

 
      843,473,814  
Health Care Providers & Services — 2.8%            

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

    62,377       4,087,565  

agilon health Inc.(a)(b)

    119,327       3,024,939  

Amedisys Inc.(a)

    22,882       3,942,340  

AmerisourceBergen Corp.

    106,120       16,417,825  

Anthem Inc.

    175,683       86,299,003  

Cardinal Health Inc.

    196,358       11,133,499  

Centene Corp.(a)

    416,175       35,037,773  

Chemed Corp.

    10,895       5,518,862  

Cigna Corp.

    233,461       55,939,590  

CVS Health Corp.

    944,952       95,638,592  

DaVita Inc.(a)

    45,462       5,142,207  

Encompass Health Corp.

    73,856       5,251,900  

Guardant Health Inc.(a)(b)

    60,073       3,979,236  

HCA Healthcare Inc.

    175,685       44,030,175  

Henry Schein Inc.(a)(b)

    101,129       8,817,438  

Humana Inc.

    92,553       40,276,289  

Laboratory Corp. of America Holdings(a)

    66,977       17,659,156  

McKesson Corp.

    107,946       33,045,509  

Molina Healthcare Inc.(a)

    41,955       13,995,768  

Oak Street Health Inc.(a)(b)

    64,004       1,720,428  

Premier Inc., Class A

    78,980       2,810,898  

Quest Diagnostics Inc.

    89,247       12,214,344  

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

    45,102       818,601  

UnitedHealth Group Inc.

    675,418       344,442,917  

Universal Health Services Inc., Class B(b)

    52,288       7,579,146  
   

 

 

 
      858,824,000  
Health Care Technology — 0.2%            

Cerner Corp.

    210,250       19,670,990  

Certara Inc.(a)(b)

    91,452       1,964,389  

Change Healthcare Inc.(a)

    179,067       3,903,661  

Definitive Healthcare Corp.(a)(b)

    25,380       625,617  

Teladoc Health Inc.(a)(b)

    108,349       7,815,213  

Veeva Systems Inc., Class A(a)

    100,538       21,360,303  
   

 

 

 
      55,340,173  
Hotels, Restaurants & Leisure — 1.9%            

Aramark

    166,388       6,256,189  

Booking Holdings Inc.(a)

    29,412       69,072,611  

Boyd Gaming Corp.

    55,833       3,672,695  

Caesars Entertainment Inc.(a)

    149,622       11,574,758  

Carnival Corp.(a)

    624,380       12,624,964  

Chipotle Mexican Grill Inc.(a)

    20,177       31,920,619  

Choice Hotels International Inc.

    25,679       3,640,255  

Churchill Downs Inc.

    27,588       6,118,467  

Darden Restaurants Inc.

    89,832       11,943,164  

Domino’s Pizza Inc.

    26,395       10,743,029  

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

    208,092       4,051,551  

Expedia Group Inc.(a)

    105,313       20,606,595  

Hilton Worldwide Holdings Inc.(a)

    195,488       29,663,349  

Hyatt Hotels Corp., Class A(a)

    34,480       3,291,116  

Las Vegas Sands Corp.(a)

    237,046       9,213,978  

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

    196,378       34,513,433  

Marriott Vacations Worldwide Corp.

    28,478       4,490,981  

McDonald’s Corp.

    536,187       132,588,321  

MGM Resorts International(b)

    270,644       11,350,809  

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

    260,142       5,691,907  

Penn National Gaming Inc.(a)

    114,821       4,870,707  

 

 

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

  41


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

   

Planet Fitness Inc., Class A(a)

    59,589     $ 5,034,079  

Royal Caribbean Cruises Ltd.(a)(b)

    156,894       13,144,579  

Six Flags Entertainment Corp.(a)

    54,747       2,381,495  

Starbucks Corp.

    828,176       75,339,171  

Travel + Leisure Co.

    60,609       3,511,685  

Vail Resorts Inc.

    29,646       7,715,964  

Wendy’s Co. (The)

    127,650       2,804,471  

Wyndham Hotels & Resorts Inc.

    63,230       5,354,949  

Wynn Resorts Ltd.(a)

    78,266       6,240,931  

Yum China Holdings Inc.

    304,949       12,667,581  

Yum! Brands Inc.

    207,561       24,602,205  
   

 

 

 
          586,696,608  
Household Durables — 0.3%            

DR Horton Inc.

    237,427       17,690,686  

Garmin Ltd.

    109,200       12,952,212  

Leggett & Platt Inc.

    93,121       3,240,611  

Lennar Corp., Class A

    185,031       15,018,966  

Lennar Corp., Class B

    11,861       810,699  

Mohawk Industries Inc.(a)

    40,478       5,027,368  

Newell Brands Inc.

    263,309       5,637,446  

NVR Inc.(a)

    2,294       10,247,917  

PulteGroup Inc.

    173,889       7,285,949  

Tempur Sealy International Inc.

    127,210       3,551,703  

Toll Brothers Inc.

    73,628       3,461,989  

TopBuild Corp.(a)

    23,936       4,341,751  

Whirlpool Corp.

    40,744       7,039,748  
   

 

 

 
      96,307,045  
Household Products — 1.2%            

Church & Dwight Co. Inc.

    174,145       17,306,530  

Clorox Co. (The)

    86,367       12,007,604  

Colgate-Palmolive Co.

    598,670       45,397,146  

Kimberly-Clark Corp.

    242,474       29,863,098  

Procter & Gamble Co. (The)

    1,727,857       264,016,550  

Reynolds Consumer Products Inc.

    31,674       929,315  

Spectrum Brands Holdings Inc.

    27,442       2,434,654  
   

 

 

 
      371,954,897  
Independent Power and Renewable Electricity Producers — 0.1%  

AES Corp. (The)

    478,923       12,322,689  

Brookfield Renewable Corp., Class A

    88,486       3,875,687  

Vistra Corp.

    341,529       7,940,549  
   

 

 

 
      24,138,925  
Industrial Conglomerates — 0.9%            

3M Co.

    409,581       60,978,419  

General Electric Co.

    782,996       71,644,134  

Honeywell International Inc.

    491,958       95,725,188  

Roper Technologies Inc.

    75,244       35,532,474  
   

 

 

 
      263,880,215  
Insurance — 2.2%            

Aflac Inc.

    462,988       29,811,797  

Alleghany Corp.(a)

    9,597       8,128,659  

Allstate Corp. (The)

    201,375       27,892,451  

American Financial Group Inc./OH

    46,941       6,835,548  

American International Group Inc.

    594,540       37,319,276  

Aon PLC, Class A

    156,444       50,942,860  

Arch Capital Group Ltd.(a)

    272,198       13,179,827  

Arthur J Gallagher & Co.

    146,613       25,598,630  

Assurant Inc.

    39,373       7,159,193  

Assured Guaranty Ltd.

    48,170       3,066,502  

Axis Capital Holdings Ltd.

    58,554       3,540,760  
Security   Shares     Value  

Insurance (continued)

   

Brighthouse Financial Inc.(a)

    59,031     $ 3,049,542  

Brown & Brown Inc.

    167,820       12,128,351  

Chubb Ltd.

    307,780       65,834,142  

Cincinnati Financial Corp.

    108,115       14,699,315  

CNA Financial Corp.

    18,874       917,654  

Erie Indemnity Co., Class A, NVS

    17,502       3,082,627  

Everest Re Group Ltd.

    27,555       8,304,526  

Fidelity National Financial Inc.

    195,113       9,529,319  

First American Financial Corp.

    80,199       5,198,499  

Globe Life Inc.

    69,421       6,983,753  

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

    220,031       259,637  

Hanover Insurance Group Inc. (The)

    23,902       3,573,827  

Hartford Financial Services Group Inc. (The)

    238,972       17,160,579  

Kemper Corp.

    39,143       2,213,145  

Lemonade Inc.(a)(b)

    17,642       465,220  

Lincoln National Corp.

    130,033       8,498,957  

Loews Corp.

    150,405       9,749,252  

Markel Corp.(a)

    9,654       14,241,967  

Marsh & McLennan Companies Inc.

    364,424       62,105,138  

Mercury General Corp.

    19,047       1,047,585  

MetLife Inc.

    502,830       35,338,892  

Old Republic International Corp.

    210,799       5,453,370  

Primerica Inc.

    28,979       3,964,907  

Principal Financial Group Inc.

    185,578       13,623,281  

Progressive Corp. (The)

    419,288       47,794,639  

Prudential Financial Inc.

    273,286       32,294,207  

Reinsurance Group of America Inc.

    45,570       4,988,092  

RenaissanceRe Holdings Ltd.

    32,950       5,222,905  

Travelers Companies Inc. (The)

    173,400       31,685,382  

Unum Group

    137,477       4,331,900  

W R Berkley Corp.

    150,723       10,036,645  

White Mountains Insurance Group Ltd.(b)

    2,098       2,383,832  

Willis Towers Watson PLC

    90,033       21,267,595  
   

 

 

 
      680,904,185  
Interactive Media & Services — 5.2%            

Alphabet Inc., Class A(a)

    215,952           600,638,095  

Alphabet Inc., Class C, NVS(a)

    198,618       554,738,088  

IAC/InterActiveCorp.(a)(b)

    53,440       5,358,963  

Match Group Inc.(a)

    203,617       22,141,313  

Meta Platforms Inc, Class A(a)

    1,655,935       368,213,707  

Pinterest Inc., Class A(a)

    417,738       10,280,532  

TripAdvisor Inc.(a)

    73,046       1,981,007  

Twitter Inc.(a)

    555,449       21,490,322  

Vimeo Inc.(a)(b)

    102,847       1,221,822  
   

 

 

 
      1,586,063,849  
Internet & Direct Marketing Retail — 3.5%            

Amazon.com Inc.(a)

    311,627       1,015,888,439  

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

    105,245       12,333,662  

eBay Inc.

    453,308       25,956,416  

Etsy Inc.(a)

    89,447       11,116,473  

Qurate Retail Inc., Series A

    297,208       1,414,710  

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

    53,044       5,876,214  
   

 

 

 
      1,072,585,914  
IT Services — 4.6%            

Accenture PLC, Class A

    456,575       153,970,787  

Akamai Technologies Inc.(a)(b)

    115,079       13,739,282  

Alliance Data Systems Corp.

    38,513       2,162,505  

Amdocs Ltd.

    88,408       7,268,022  

Automatic Data Processing Inc.

    301,782       68,667,476  

 

 

42  

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® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

IT Services (continued)

   

Block Inc.(a)(b)

    344,163     $ 46,668,503  

Broadridge Financial Solutions Inc.

    82,983       12,921,283  

Cloudflare Inc., Class A(a)

    188,415       22,553,276  

Cognizant Technology Solutions Corp., Class A

    375,923       33,709,015  

Concentrix Corp.

    31,550       5,254,968  

DXC Technology Co.(a)

    175,201       5,716,809  

EPAM Systems Inc.(a)

    38,542       11,431,943  

Euronet Worldwide Inc.(a)(b)

    37,149       4,834,942  

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

    87,135       1,514,406  

Fidelity National Information Services Inc.

    437,768       43,960,663  

Fiserv Inc.(a)

    429,346       43,535,684  

FleetCor Technologies Inc.(a)

    58,039       14,455,193  

Gartner Inc.(a)

    58,252       17,327,640  

Genpact Ltd.

    127,206       5,534,733  

Global Payments Inc.

    202,833       27,755,668  

Globant SA(a)(b)

    28,933       7,582,471  

GoDaddy Inc., Class A(a)

    119,507       10,002,736  

International Business Machines Corp.

    641,025       83,346,070  

Jack Henry & Associates Inc.

    52,058       10,258,029  

Kyndryl Holdings Inc.(a)

    160,351       2,103,805  

Mastercard Inc., Class A

    619,793       221,501,622  

MongoDB Inc.(a)

    45,523       20,193,548  

Okta Inc.(a)

    90,315       13,633,952  

Paychex Inc.

    229,649       31,340,199  

PayPal Holdings Inc.(a)

    843,639       97,566,850  

Paysafe Ltd.(a)(b)

    257,879       874,210  

Sabre Corp.(a)

    229,755       2,626,100  

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

    28,475       1,763,457  

Snowflake Inc., Class A(a)

    144,642       33,141,821  

SolarWinds Corp.

    24,758       329,529  

StoneCo Ltd., Class A(a)

    158,225       1,851,233  

Switch Inc., Class A

    81,585       2,514,450  

Thoughtworks Holding Inc.(a)(b)

    16,994       353,645  

Twilio Inc., Class A(a)

    119,331       19,666,942  

VeriSign Inc.(a)

    70,781       15,745,941  

Visa Inc., Class A

    1,191,321       264,199,258  

Western Union Co. (The)

    281,490       5,275,123  

WEX Inc.(a)

    31,968       5,704,690  

Wix.com Ltd.(a)

    38,194       3,989,745  
   

 

 

 
          1,398,548,224  
Leisure Products — 0.1%            

Brunswick Corp./DE

    57,271       4,632,651  

Hasbro Inc.

    92,717       7,595,377  

Mattel Inc.(a)

    260,878       5,794,100  

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

    214,089       5,656,231  

Polaris Inc.

    39,478       4,157,823  

YETI Holdings Inc.(a)

    57,712       3,461,566  
   

 

 

 
          31,297,748  
Life Sciences Tools & Services — 1.8%            

10X Genomics Inc., Class A(a)

    57,208       4,351,813  

Adaptive Biotechnologies Corp.(a)(b)

    77,472       1,075,311  

Agilent Technologies Inc.

    215,753       28,550,594  

Avantor Inc.(a)

    439,095       14,850,193  

Azenta Inc.

    52,176       4,324,347  

Bio-Rad Laboratories Inc., Class A(a)

    14,753       8,309,332  

Bio-Techne Corp.

    27,820       12,047,173  

Bruker Corp.

    73,157       4,703,995  

Charles River Laboratories International Inc.(a)

    35,314       10,028,117  

Danaher Corp.

    455,209       133,526,456  
Security   Shares     Value  

Life Sciences Tools & Services (continued)

   

Illumina Inc.(a)

    104,936     $ 36,664,638  

IQVIA Holdings Inc.(a)

    136,813       31,632,534  

Maravai LifeSciences Holdings Inc., Class A(a)

    73,208       2,582,046  

Mettler-Toledo International Inc.(a)

    16,358       22,462,642  

PerkinElmer Inc.(b)

    91,869       16,027,466  

QIAGEN NV(a)

    160,771       7,877,779  

Repligen Corp.(a)

    37,833       7,116,009  

Sotera Health Co.(a)(b)

    71,084       1,539,679  

Syneos Health Inc.(a)

    71,143       5,759,026  

Thermo Fisher Scientific Inc.

    282,074       166,607,008  

Waters Corp.(a)

    43,374       13,462,856  

West Pharmaceutical Services Inc.

    52,348       21,499,847  
   

 

 

 
          554,998,861  
Machinery — 1.6%            

AGCO Corp.

    46,671       6,815,366  

Allison Transmission Holdings Inc.

    71,741       2,816,552  

Caterpillar Inc.

    388,479       86,560,891  

Colfax Corp.(a)

    100,014       3,979,557  

Crane Co.

    37,734       4,085,837  

Cummins Inc.

    104,150       21,362,206  

Deere & Co.

    200,209       83,178,831  

Donaldson Co. Inc.

    90,665       4,708,233  

Dover Corp.

    102,071       16,014,940  

Flowserve Corp.

    91,572       3,287,435  

Fortive Corp.

    231,900       14,129,667  

Gates Industrial Corp. PLC(a)(b)

    65,973       993,553  

Graco Inc.

    120,179       8,378,880  

IDEX Corp.

    55,238       10,590,782  

Illinois Tool Works Inc.

    225,787       47,279,798  

Ingersoll Rand Inc.

    282,913       14,244,670  

ITT Inc.

    62,601       4,708,221  

Lincoln Electric Holdings Inc.

    40,570       5,590,952  

Middleby Corp. (The)(a)

    40,973       6,717,114  

Nordson Corp.

    41,176       9,350,246  

Oshkosh Corp.

    49,862       5,018,610  

Otis Worldwide Corp.

    302,398       23,269,526  

PACCAR Inc.

    245,263       21,600,312  

Parker-Hannifin Corp.

    92,467       26,238,436  

Pentair PLC

    114,465       6,205,148  

Snap-on Inc.

    38,918       7,996,871  

Stanley Black & Decker Inc.

    117,419       16,414,002  

Timken Co. (The)

    44,706       2,713,654  

Toro Co. (The)

    72,063       6,160,666  

Westinghouse Air Brake Technologies Corp.

    128,911       12,397,371  

Xylem Inc./NY

    126,502       10,785,560  
   

 

 

 
      493,593,887  
Marine — 0.0%            

Kirby Corp.(a)

    41,750       3,013,933  
   

 

 

 

Media — 1.1%

   

Altice USA Inc., Class A(a)

    150,044       1,872,549  

Cable One Inc.

    3,810       5,578,754  

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

    86,658       47,273,672  

Comcast Corp., Class A

    3,230,736       151,263,060  

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

    113,602       2,830,962  

Discovery Inc., Class C, NVS(a)

    225,762       5,637,277  

DISH Network Corp., Class A(a)

    177,843       5,628,731  

Fox Corp., Class A, NVS

    223,720       8,825,754  

Fox Corp., Class B

    113,571       4,120,356  

Interpublic Group of Companies Inc. (The)

    279,450       9,906,503  

 

 

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

  43


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Media (continued)

   

Liberty Broadband Corp., Class A(a)

    18,539     $ 2,429,721  

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

    102,953       13,931,600  

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

    66,450       3,037,430  

Liberty Media Corp.-Liberty SiriusXM,

   

Class C, NVS(a)

    115,424       5,278,340  

Loyalty Ventures Inc.(a)

    13,525       223,568  

New York Times Co. (The), Class A

    124,174       5,692,136  

News Corp., Class A, NVS

    276,279       6,119,580  

News Corp., Class B

    82,841       1,865,579  

Nexstar Media Group Inc., Class A

    28,461       5,364,329  

Omnicom Group Inc.

    146,308       12,418,623  

Paramount Global, Class B, NVS

    417,864       15,799,438  

Sirius XM Holdings Inc.(b)

    654,683       4,334,001  
   

 

 

 
          319,431,963  
Metals & Mining — 0.6%            

Alcoa Corp.

    129,807       11,686,524  

Cleveland-Cliffs Inc.(a)

    320,315       10,317,346  

Freeport-McMoRan Inc.

    1,054,207       52,436,256  

Newmont Corp.

    574,058       45,608,908  

Nucor Corp.

    195,912       29,122,319  

Reliance Steel & Aluminum Co.

    45,577       8,356,543  

Royal Gold Inc.

    45,859       6,478,960  

Southern Copper Corp.

    59,285       4,499,732  

Steel Dynamics Inc.

    135,361       11,293,168  

United States Steel Corp.

    186,014       7,020,168  
   

 

 

 
      186,819,924  
Mortgage Real Estate Investment — 0.1%            

AGNC Investment Corp.

    389,775       5,106,052  

Annaly Capital Management Inc.

    989,619       6,966,918  

New Residential Investment Corp.

    323,206       3,548,802  

Starwood Property Trust Inc.

    206,990       5,002,948  
   

 

 

 
      20,624,720  
Multi-Utilities — 0.8%            

Ameren Corp.

    181,649       17,031,410  

CenterPoint Energy Inc.

    425,243       13,029,446  

CMS Energy Corp.

    209,647       14,662,711  

Consolidated Edison Inc.

    256,675       24,301,989  

Dominion Energy Inc.

    578,196       49,129,314  

DTE Energy Co.

    137,384       18,163,539  

NiSource Inc.

    279,714       8,894,905  

Public Service Enterprise Group Inc.

    364,007       25,480,490  

Sempra Energy

    229,452       38,575,470  

WEC Energy Group Inc.

    227,192       22,676,034  
   

 

 

 
      231,945,308  
Multiline Retail — 0.5%            

Dollar General Corp.

    168,409       37,492,896  

Dollar Tree Inc.(a)

    161,209       25,817,621  

Kohl’s Corp.

    99,321       6,004,948  

Nordstrom Inc.

    79,094       2,144,238  

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

    42,605       1,830,311  

Target Corp.

    344,640       73,139,501  
   

 

 

 
      146,429,515  
Oil, Gas & Consumable Fuels — 3.4%            

Antero Midstream Corp.

    224,211       2,437,174  

APA Corp.

    262,051       10,830,568  

Cheniere Energy Inc.

    167,156       23,176,179  

Chevron Corp.

    1,388,951       226,162,891  

ConocoPhillips

    947,255       94,725,500  

Continental Resources Inc./OK

    46,294       2,839,211  
Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

 

Coterra Energy Inc.

    572,369     $ 15,436,792  

Devon Energy Corp.

    483,084       28,564,757  

Diamondback Energy Inc.

    129,424       17,741,442  

DTE Midstream LLC(a)

    69,116       3,750,234  

EOG Resources Inc.

    417,462       49,773,994  

EQT Corp.

    217,763       7,493,225  

Exxon Mobil Corp.

    3,040,458       251,111,426  

Hess Corp.

    199,930       21,400,507  

HF Sinclair Corp.

    114,630       4,568,006  

Kinder Morgan Inc.

    1,384,044       26,172,272  

Marathon Oil Corp.

    565,421       14,197,721  

Marathon Petroleum Corp.

    440,922       37,698,831  

New Fortress Energy Inc.

    18,852       803,284  

Occidental Petroleum Corp.

    608,648       34,534,688  

ONEOK Inc.

    319,713       22,581,329  

Phillips 66

    334,899       28,931,925  

Pioneer Natural Resources Co.

    154,795       38,703,394  

Targa Resources Corp.

    162,569       12,269,082  

Texas Pacific Land Corp.

    4,202       5,681,566  

Valero Energy Corp.

    292,150       29,664,911  

Williams Companies Inc. (The)

    865,705       28,923,204  
   

 

 

 
      1,040,174,113  
Paper & Forest Products — 0.0%            

Louisiana-Pacific Corp.

    62,723       3,896,353  

Sylvamo Corp.(a)

    17,505       582,566  
   

 

 

 
      4,478,919  
Personal Products — 0.2%            

Coty Inc., Class A(a)

    251,295       2,259,142  

Estee Lauder Companies Inc. (The), Class A

    164,102       44,688,257  

Herbalife Nutrition Ltd.(a)

    76,429       2,320,384  

Olaplex Holdings Inc.(a)

    57,704       901,914  
   

 

 

 
      50,169,697  
Pharmaceuticals — 3.6%            

Bristol-Myers Squibb Co.

    1,565,615       114,336,863  

Catalent Inc.(a)

    124,535       13,810,932  

Elanco Animal Health Inc.(a)

    319,044       8,323,858  

Eli Lilly & Co.

    608,563       174,274,186  

Jazz Pharmaceuticals PLC(a)

    41,854       6,515,412  

Johnson & Johnson

    1,891,672       335,261,029  

Merck & Co. Inc.

    1,818,864       149,237,791  

Nektar Therapeutics(a)(b)

    82,113       442,589  

Organon & Co.

    181,564       6,342,031  

Perrigo Co. PLC

    98,391       3,781,166  

Pfizer Inc.

    4,008,033       207,495,868  

Royalty Pharma PLC, Class A

    239,961       9,348,881  

Viatris Inc.

    884,293       9,621,108  

Zoetis Inc.

    340,331       64,183,023  
   

 

 

 
          1,102,974,737  
Professional Services — 0.5%            

Booz Allen Hamilton Holding Corp.

    91,819       8,065,381  

CACI International Inc., Class A(a)

    17,517       5,277,171  

Clarivate PLC(a)

    334,602       5,607,930  

CoStar Group Inc.(a)

    280,482       18,682,906  

Dun & Bradstreet Holdings Inc.(a)

    114,582       2,007,477  

Equifax Inc.

    86,050       20,402,455  

FTI Consulting Inc.(a)(b)

    25,773       4,052,031  

Jacobs Engineering Group Inc.

    93,751       12,919,825  

Legalzoomcom Inc.(a)(b)

    68,633       970,471  

Leidos Holdings Inc.

    98,953       10,688,903  

 

44  

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® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Professional Services (continued)

 

ManpowerGroup Inc.

    37,242     $ 3,497,769  

Nielsen Holdings PLC

    256,870       6,997,139  

Robert Half International Inc.

    76,830       8,772,449  

Science Applications International Corp.

    39,073       3,601,358  

TransUnion

    137,424       14,201,396  

Verisk Analytics Inc.

    113,004       24,254,049  
   

 

 

 
      149,998,710  
Real Estate Management & Development — 0.1%        

CBRE Group Inc., Class A(a)

    237,534       21,739,112  

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

    27,991       2,900,147  

Jones Lang LaSalle Inc.(a)

    35,145       8,415,822  

Opendoor Technologies Inc.(a)(b)

    306,700       2,652,955  

Zillow Group Inc., Class A(a)(b)

    40,060       1,932,094  

Zillow Group Inc., Class C, NVS(a)(b)

    115,391       5,687,622  
   

 

 

 
      43,327,752  
Road & Rail — 1.1%            

AMERCO

    6,441       3,844,891  

CSX Corp.

    1,586,751       59,423,825  

JB Hunt Transport Services Inc.

    60,475       12,142,775  

Knight-Swift Transportation Holdings Inc.

    119,743       6,042,232  

Landstar System Inc.

    27,511       4,149,484  

Lyft Inc., Class A(a)

    206,197       7,917,965  

Norfolk Southern Corp.

    171,862       49,018,480  

Old Dominion Freight Line Inc.

    73,233       21,873,232  

Ryder System Inc.

    37,072       2,940,922  

Schneider National Inc., Class B

    41,951       1,069,750  

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

    94,761       1,156,084  

Uber Technologies Inc.(a)

    1,155,672       41,234,377  

Union Pacific Corp.

    461,543       126,098,163  

XPO Logistics Inc.(a)

    69,070       5,028,296  
   

 

 

 
      341,940,476  
Semiconductors & Semiconductor Equipment — 5.7%        

Advanced Micro Devices Inc.(a)

    1,172,928       128,247,948  

Allegro MicroSystems Inc.(a)

    28,703       815,165  

Analog Devices Inc.

    376,892       62,255,021  

Applied Materials Inc.

    637,381       84,006,816  

Broadcom Inc.

    289,816       182,491,339  

Cirrus Logic Inc.(a)

    38,951       3,302,655  

Enphase Energy Inc.(a)

    93,617       18,890,038  

Entegris Inc.

    97,370       12,780,786  

First Solar Inc.(a)

    73,260       6,134,792  

GLOBALFOUNDRIES Inc.(a)(b)

    37,438       2,336,880  

Intel Corp.

    2,901,723       143,809,392  

KLA Corp.

    108,536       39,730,688  

Lam Research Corp.

    101,247       54,431,400  

Marvell Technology Inc.

    605,241       43,401,832  

Microchip Technology Inc.

    389,765       29,286,942  

Micron Technology Inc.

    803,229       62,563,507  

MKS Instruments Inc.

    38,536       5,780,400  

Monolithic Power Systems Inc.

    32,602       15,834,139  

NVIDIA Corp.

    1,717,660       468,680,708  

NXP Semiconductors NV

    189,701       35,109,861  

ON Semiconductor Corp.(a)

    303,435       18,998,065  

Qorvo Inc.(a)

    77,792       9,653,987  

QUALCOMM Inc.

    809,577       123,719,557  

Skyworks Solutions Inc.

    116,993       15,592,827  

Teradyne Inc.

    118,992       14,068,424  

Texas Instruments Inc.

    663,129       121,670,909  

Universal Display Corp.

    30,944       5,166,101  
Security   Shares     Value  

Semiconductors & Semiconductor Equipment (continued)

 

Wolfspeed Inc.(a)(b)

    85,197     $ 9,700,531  
   

 

 

 
          1,718,460,710  
Software — 9.7%            

Adobe Inc.(a)

    338,269       154,122,122  

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

    42,069       3,009,196  

Anaplan Inc.(a)

    98,810       6,427,591  

ANSYS Inc.(a)

    61,961       19,681,912  

Aspen Technology Inc.(a)

    48,419       8,007,050  

Atlassian Corp. PLC, Class A(a)

    99,751       29,309,836  

Autodesk Inc.(a)

    158,041       33,876,088  

Avalara Inc.(a)

    59,235       5,894,475  

Bentley Systems Inc., Class B(b)

    101,523       4,485,286  

Bill.com Holdings Inc.(a)

    67,151       15,229,175  

Black Knight Inc.(a)

    111,936       6,491,169  

C3.ai Inc., Class A(a)(b)

    42,409       962,684  

Cadence Design Systems Inc.(a)

    197,517       32,483,646  

CDK Global Inc.

    78,093       3,801,567  

Ceridian HCM Holding Inc.(a)(b)

    90,526       6,188,357  

Citrix Systems Inc.

    89,407       9,021,166  

Coupa Software Inc.(a)

    55,850       5,676,036  

Crowdstrike Holdings Inc., Class A(a)

    142,879       32,444,963  

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

    183,581       27,807,014  

Datto Holding Corp.(a)(b)

    17,235       460,519  

DocuSign Inc.(a)

    138,332       14,818,124  

Dolby Laboratories Inc., Class A

    48,029       3,756,828  

DoubleVerify Holdings Inc.(a)(b)

    48,748       1,226,987  

Dropbox Inc., Class A(a)

    209,852       4,879,059  

Duck Creek Technologies Inc.(a)

    42,369       937,202  

Dynatrace Inc.(a)

    147,661       6,954,833  

Elastic NV(a)

    53,714       4,777,860  

Everbridge Inc.(a)

    32,092       1,400,495  

Fair Isaac Corp.(a)

    18,313       8,542,282  

Five9 Inc.(a)

    46,895       5,177,208  

Fortinet Inc.(a)

    95,517       32,641,980  

Guidewire Software Inc.(a)(b)

    62,121       5,877,889  

HubSpot Inc.(a)

    32,352       15,365,259  

Informatica Inc.(a)(b)

    23,902       471,826  

Intuit Inc.

    190,582       91,639,449  

Jamf Holding Corp.(a)(b)

    37,142       1,292,913  

Mandiant Inc.(a)

    164,753       3,675,639  

Manhattan Associates Inc.(a)

    43,798       6,075,221  

Microsoft Corp.

    5,410,887       1,668,230,571  

N-able Inc.(a)(b)

    27,617       251,315  

nCino Inc.(a)(b)

    43,479       1,781,769  

NCR Corp.(a)

    93,901       3,773,881  

New Relic Inc.(a)(b)

    33,630       2,249,174  

NortonLifeLock Inc.

    392,978       10,421,777  

Nutanix Inc., Class A(a)

    162,889       4,368,683  

Oracle Corp.

    1,159,437       95,920,223  

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

    1,189,421       16,330,750  

Palo Alto Networks Inc.(a)(b)

    69,209       43,083,295  

Paycom Software Inc.(a)

    35,153       12,176,296  

Paycor HCM Inc.(a)(b)

    33,862       985,723  

Paylocity Holding Corp.(a)

    29,583       6,087,294  

Pegasystems Inc.

    26,364       2,126,257  

Procore Technologies Inc.(a)(b)

    42,514       2,464,112  

PTC Inc.(a)

    75,065       8,086,002  

RingCentral Inc., Class A(a)

    58,768       6,888,197  

salesforce.com Inc.(a)

    671,412       142,554,196  

ServiceNow Inc.(a)(b)

    143,543       79,937,661  

 

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

  45


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Software (continued)

   

Smartsheet Inc., Class A(a)

    87,356     $ 4,785,362  

Splunk Inc.(a)

    112,111       16,660,816  

SS&C Technologies Holdings Inc.

    159,721       11,982,269  

Synopsys Inc.(a)

    108,830       36,269,774  

Teradata Corp.(a)

    77,118       3,801,146  

Trade Desk Inc. (The), Class A(a)

    314,337       21,767,837  

Tyler Technologies Inc.(a)

    28,271       12,577,485  

Unity Software Inc.(a)(b)

    108,048       10,719,442  

VMware Inc., Class A

    161,919       18,437,717  

Workday Inc., Class A(a)

    137,556       32,939,160  

Zendesk Inc.(a)(b)

    86,329       10,384,515  

Zoom Video Communications Inc.,
Class A(a)

    157,869       18,506,983  

Zscaler Inc.(a)

    56,533       13,640,282  
   

 

 

 
          2,935,080,870  
Specialty Retail — 2.0%  

Advance Auto Parts Inc.

    43,626       9,028,837  

AutoNation Inc.(a)(b)

    29,563       2,943,884  

AutoZone Inc.(a)

    14,826       30,312,943  

Bath & Body Works Inc.

    168,559       8,057,120  

Best Buy Co. Inc.

    172,734       15,701,521  

Burlington Stores Inc.(a)(b)

    46,388       8,450,502  

CarMax Inc.(a)(b)

    117,962       11,380,974  

Carvana Co.(a)(b)

    55,960       6,675,468  

Dick’s Sporting Goods Inc.

    42,343       4,235,147  

Five Below Inc.(a)

    37,801       5,986,544  

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

    70,609       5,719,329  

Foot Locker Inc.

    57,615       1,708,861  

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

    45,949       7,654,185  

Gap Inc. (The)

    143,489       2,020,325  

Home Depot Inc. (The)

    749,821       224,443,920  

Leslie’s Inc.(a)(b)

    121,600       2,354,176  

Lithia Motors Inc.

    21,291       6,389,855  

Lowe’s Companies Inc.

    484,040       97,868,048  

O’Reilly Automotive Inc.(a)

    48,090       32,939,726  

Penske Automotive Group Inc.

    22,703       2,127,725  

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

    39,570       774,385  

RH(a)

    11,948       3,896,123  

Ross Stores Inc.

    249,603       22,579,087  

TJX Companies Inc. (The)

    858,691       52,019,501  

Tractor Supply Co.

    82,357       19,219,653  

Ulta Salon Cosmetics & Fragrance Inc.(a)

    37,285       14,847,633  

Victoria’s Secret & Co.(a)

    52,331       2,687,720  

Williams-Sonoma Inc.

    53,473       7,753,585  
   

 

 

 
      609,776,777  
Technology Hardware, Storage & Peripherals — 6.7%  

Apple Inc.

    11,082,322       1,935,084,244  

Dell Technologies Inc., Class C(a)

    192,534       9,663,282  

Hewlett Packard Enterprise Co.

    947,865       15,838,824  

HP Inc.

    776,574       28,189,636  

NetApp Inc.

    160,036       13,282,988  

Pure Storage Inc., Class A(a)(b)

    202,993       7,167,683  

Western Digital Corp.(a)

    223,232       11,083,469  

Xerox Holdings Corp.

    91,138       1,838,253  
   

 

 

 
      2,022,148,379  
Textiles, Apparel & Luxury Goods — 0.7%  

Capri Holdings Ltd.(a)(b)

    100,351       5,157,038  

Carter’s Inc.

    26,900       2,474,531  

Columbia Sportswear Co.

    25,362       2,296,022  

Deckers Outdoor Corp.(a)

    18,914       5,178,086  
Security   Shares     Value  

Textiles, Apparel & Luxury Goods (continued)

 

Hanesbrands Inc.

    234,284     $ 3,488,489  

Lululemon Athletica Inc.(a)

    81,130       29,631,110  

Nike Inc., Class B

    889,487       119,689,371  

PVH Corp.

    49,256       3,773,502  

Ralph Lauren Corp.

    32,647       3,703,475  

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

    94,105       3,835,720  

Tapestry Inc.

    189,986       7,057,980  

Under Armour Inc., Class A(a)(b)

    138,895       2,363,993  

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

    136,243       2,119,941  

VF Corp.

    234,747       13,347,714  
   

 

 

 
      204,116,972  
Thrifts & Mortgage Finance — 0.0%            

MGIC Investment Corp.

    239,138       3,240,320  

New York Community Bancorp. Inc.

    330,899       3,547,237  

Rocket Companies Inc., Class A(b)

    95,728       1,064,495  

TFS Financial Corp.

    28,383       471,158  

UWM Holdings Corp.

    65,296       295,791  
   

 

 

 
      8,619,001  
Tobacco — 0.6%            

Altria Group Inc.

    1,307,539       68,318,913  

Philip Morris International Inc.

    1,117,793       105,005,474  
   

 

 

 
      173,324,387  
Trading Companies & Distributors — 0.3%        

Air Lease Corp.

    73,599       3,286,195  

Core & Main Inc., Class A(a)(b)

    40,207       972,607  

Fastenal Co.

    407,725       24,218,865  

MSC Industrial Direct Co. Inc., Class A

    34,312       2,923,726  

SiteOne Landscape Supply Inc.(a)

    33,085       5,349,514  

United Rentals Inc.(a)

    52,014       18,475,893  

Univar Solutions Inc.(a)

    122,463       3,935,961  

Watsco Inc.

    23,482       7,153,556  

WW Grainger Inc.

    33,121       17,083,481  
   

 

 

 
      83,399,798  
Water Utilities — 0.1%            

American Water Works Co. Inc.

    129,186       21,384,158  

Essential Utilities Inc.

    164,799       8,426,173  
   

 

 

 
      29,810,331  
Wireless Telecommunication Services — 0.2%  

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

    422,785       54,264,455  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $22,178,061,706)

      30,352,366,946  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 1.4%            

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

    382,115,872       382,039,449  

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

    49,500,000       49,500,000  
   

 

 

 
      431,539,449  
   

 

 

 

Total Short-Term Investments — 1.4%
(Cost: $431,448,703)

 

    431,539,449  
   

 

 

 

Total Investments in Securities — 101.2%
(Cost: $22,609,510,409)

 

    30,783,906,395  

Other Assets, Less Liabilities — (1.2)%

 

    (363,437,917
   

 

 

 

Net Assets — 100.0%

    $   30,420,468,478  
   

 

 

 

 

46  

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® Russell 1000 ETF

 

(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

  $ 259,515,588     $ 122,794,278 (a)    $     $ (137,152   $ (133,265   $ 382,039,449       382,115,872     $ 964,946 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    21,460,000       28,040,000 (a)                        49,500,000       49,500,000       10,772          
 

BlackRock Inc.

    80,120,313       16,965,775       (20,408,673     9,283,549       (7,507,451     78,453,513       102,665       1,782,316          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 9,146,397     $ (7,640,716   $ 509,992,962       $ 2,758,034     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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

     276        06/17/22      $ 62,524      $ 2,968,640  

S&P Mid 400 E-Mini Index

     18        06/17/22        4,841        139,850  
           

 

 

 
            $ 3,108,490  
           

 

 

 

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)

   $ 3,108,490  
  

 

 

 

 

  (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

  47


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 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

   $ 4,730,107  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 2,764,762  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 56,449,291      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 30,352,165,269        $ 201,677        $                 —        $ 30,352,366,946  

Money Market Funds

     431,539,449                            431,539,449  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 30,783,704,718        $         201,677        $        $ 30,783,906,395  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 3,108,490        $        $        $ 3,108,490  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

48  

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® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

    
Aerospace & Defense — 0.6%             

Axon Enterprise Inc.(a)

    212,459      $ 29,261,978  

BWX Technologies Inc.

    229,707        12,372,019  

HEICO Corp.(b)

    46,996        7,215,766  

HEICO Corp., Class A

    88,140        11,178,796  

Howmet Aerospace Inc.

    92,491        3,324,126  

Lockheed Martin Corp.

    696,569        307,465,557  

Northrop Grumman Corp.

    40,851        18,269,384  

Spirit AeroSystems Holdings Inc., Class A(b)

    99,617        4,870,275  

TransDigm Group Inc.(a)(b)

    48,902        31,861,609  

Virgin Galactic Holdings Inc.(a)(b)

    569,495        5,626,611  
    

 

 

 
       431,446,121  
Air Freight & Logistics — 0.9%             

CH Robinson Worldwide Inc.

    83,912        9,038,162  

Expeditors International of Washington Inc.

    398,764        41,136,494  

FedEx Corp.

    350,547        81,113,070  

GXO Logistics Inc.(a)

    270,135        19,271,431  

United Parcel Service Inc., Class B

    2,377,399        509,856,990  
    

 

 

 
       660,416,147  
Airlines — 0.1%             

Delta Air Lines Inc.(a)

    2,082,681        82,411,687  
    

 

 

 
Auto Components — 0.0%             

Aptiv PLC(a)

    166,705        19,956,255  

QuantumScape Corp.(a)(b)

    571,116        11,416,609  
    

 

 

 
       31,372,864  
Automobiles — 4.2%             

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

    132,297        6,646,601  

Tesla Inc.(a)(b)

    2,734,198        2,946,371,765  

Thor Industries Inc.

    70,577        5,554,410  
    

 

 

 
       2,958,572,776  
Banks — 0.0%             

Citizens Financial Group Inc.

    258,329        11,710,053  

Synovus Financial Corp.

    21,845        1,070,405  

Western Alliance Bancorp.

    180,741        14,968,970  
    

 

 

 
       27,749,428  
Beverages — 1.9%             

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

    32,181        12,501,353  

Brown-Forman Corp., Class A

    62,501        3,921,313  

Brown-Forman Corp., Class B, NVS

    306,530        20,543,640  

Coca-Cola Co. (The)

    9,004,568        558,283,216  

Monster Beverage Corp.(a)

    1,131,353        90,395,105  

PepsiCo Inc.

    3,767,111        630,539,039  
    

 

 

 
           1,316,183,666  
Biotechnology — 2.8%             

AbbVie Inc.

    5,803,777        940,850,289  

Alnylam Pharmaceuticals Inc.(a)

    392,695        64,123,167  

Amgen Inc.

    1,510,059        365,162,467  

CureVac NV(a)(b)

    173,072        3,393,942  

Exact Sciences Corp.(a)(b)

    533,450        37,298,824  

Exelixis Inc.(a)

    888,222        20,135,993  

Horizon Therapeutics PLC(a)

    139,426        14,669,009  

Incyte Corp.(a)

    523,493        41,575,814  

Ionis Pharmaceuticals Inc.(a)(b)

    421,154        15,599,544  

Iovance Biotherapeutics Inc.(a)(b)

    135,691        2,259,255  

Mirati Therapeutics Inc.(a)(b)

    113,922        9,366,667  

Moderna Inc.(a)

    1,109,700        191,156,922  

Natera Inc.(a)

    266,764        10,851,960  
Security   Shares      Value  
Biotechnology (continued)             

Neurocrine Biosciences Inc.(a)

    310,536      $ 29,112,750  

Novavax Inc.(a)(b)

    253,973        18,705,111  

Regeneron Pharmaceuticals Inc.(a)

    35,194        24,580,194  

Sarepta Therapeutics Inc.(a)

    268,558        20,979,751  

Seagen Inc.(a)

    397,639        57,279,898  

Ultragenyx Pharmaceutical Inc.(a)(b)

    155,682        11,305,627  

Vertex Pharmaceuticals Inc.(a)

    335,077        87,445,045  
    

 

 

 
       1,965,852,229  
Building Products — 0.3%             

Advanced Drainage Systems Inc.(b)

    199,726        23,729,446  

Allegion PLC

    224,447        24,639,792  

Armstrong World Industries Inc.

    74,815        6,734,098  

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

    221,435        5,500,445  

Carlisle Companies Inc.

    66,831        16,435,080  

Carrier Global Corp.

    1,311,982        60,180,614  

Fortune Brands Home & Security Inc.

    115,334        8,567,010  

Trane Technologies PLC

    371,630        56,747,901  

Trex Co. Inc.(a)(b)

    375,159        24,509,137  
    

 

 

 
       227,043,523  
Capital Markets — 1.6%             

Ameriprise Financial Inc.

    207,049        62,189,238  

Ares Management Corp., Class A

    408,863        33,211,941  

Blackstone Inc., NVS

    2,303,187        292,366,558  

FactSet Research Systems Inc.

    108,260        47,001,079  

Goldman Sachs Group Inc. (The)

    67,494        22,279,769  

LPL Financial Holdings Inc.

    263,529        48,141,478  

MarketAxess Holdings Inc.

    121,420        41,307,084  

Moody’s Corp.

    506,188        170,792,893  

Morningstar Inc.

    69,271        18,922,759  

MSCI Inc.

    183,793        92,425,824  

Raymond James Financial Inc.

    24,235        2,663,669  

S&P Global Inc.

    560,142        229,759,046  

T Rowe Price Group Inc.

    246,913        37,330,776  
    

 

 

 
           1,098,392,114  
Chemicals — 0.7%             

Axalta Coating Systems Ltd.(a)

    92,211        2,266,547  

Celanese Corp.

    128,905        18,416,657  

Chemours Co. (The)

    275,644        8,677,273  

Diversey Holdings Ltd.(a)

    194,158        1,469,776  

Dow Inc.

    164,300        10,469,196  

Ecolab Inc.

    722,239        127,518,518  

FMC Corp.

    105,097        13,827,612  

LyondellBasell Industries NV, Class A

    98,787        10,157,279  

Olin Corp.

    22,971        1,200,924  

PPG Industries Inc.

    324,591        42,544,142  

RPM International Inc.

    251,910        20,515,551  

Scotts Miracle-Gro Co. (The)

    139,294        17,127,590  

Sherwin-Williams Co. (The)

    790,795        197,398,248  

Westlake Chemical Corp.

    21,595        2,664,823  
    

 

 

 
       474,254,136  
Commercial Services & Supplies — 0.4%  

Cintas Corp.

    269,714        114,733,639  

Copart Inc.(a)

    686,686        86,158,492  

IAA Inc.(a)(b)

    456,651        17,466,901  

MSA Safety Inc.

    34,279        4,548,823  

Rollins Inc.

    700,428        24,550,001  

Waste Management Inc.

    223,168        35,372,128  
    

 

 

 
       282,829,984  

 

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

  49


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Communications Equipment — 0.2%

    

Arista Networks Inc.(a)

    707,544      $ 98,334,465  

CommScope Holding Co. Inc.(a)

    653,852        5,152,354  

Ubiquiti Inc.(b)

    16,515        4,808,507  
    

 

 

 
       108,295,326  
Consumer Finance — 0.5%             

American Express Co.

    1,287,597        240,780,639  

Discover Financial Services

    518,247        57,105,637  

Synchrony Financial

    304,051        10,584,015  

Upstart Holdings Inc.(a)(b)

    158,815        17,325,129  
    

 

 

 
       325,795,420  
Containers & Packaging — 0.1%             

Avery Dennison Corp.

    146,748        25,529,749  

Ball Corp.

    307,473        27,672,570  

Crown Holdings Inc.

    54,074        6,764,117  

Graphic Packaging Holding Co.

    260,847        5,227,374  

Sealed Air Corp.

    257,530        17,244,209  
    

 

 

 
       82,438,019  
Distributors — 0.1%             

Pool Corp.

    126,725        53,585,666  
    

 

 

 
Diversified Consumer Services — 0.1%  

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

    157,204        20,859,399  

Chegg Inc.(a)(b)

    335,779        12,182,062  

frontdoor Inc.(a)(b)

    166,883        4,981,458  

H&R Block Inc.

    427,082        11,121,215  

Mister Car Wash Inc.(a)(b)

    159,524        2,359,360  
    

 

 

 
       51,503,494  
Diversified Financial Services — 0.1%  

Apollo Global Management Inc.

    774,565        48,015,284  
    

 

 

 
Electric Utilities — 0.0%             

NRG Energy Inc.

    376,960        14,460,186  
    

 

 

 
Electrical Equipment — 0.3%             

Fluence Energy Inc.(a)(b)

    45,439        595,705  

Generac Holdings Inc.(a)(b)

    199,968        59,442,488  

Plug Power Inc.(a)(b)

    1,691,543        48,395,045  

Regal Rexnord Corp.

    46,530        6,922,733  

Rockwell Automation Inc.

    229,517        64,271,646  

Vertiv Holdings Co.

    1,095,930        15,343,020  
    

 

 

 
           194,970,637  
Electronic Equipment, Instruments & Components — 0.6%  

Amphenol Corp., Class A

    1,362,532        102,666,786  

CDW Corp./DE

    447,536        80,059,715  

Cognex Corp.

    565,075        43,595,536  

Coherent Inc.(a)

    70,576        19,292,655  

Corning Inc.

    854,413        31,536,384  

IPG Photonics Corp.(a)

    5,800        636,608  

Jabil Inc.

    360,087        22,228,171  

Keysight Technologies Inc.(a)(b)

    261,245        41,268,873  

Vontier Corp.(b)

    298,013        7,566,550  

Zebra Technologies Corp., Class A(a)

    174,854        72,337,100  
    

 

 

 
       421,188,378  
Energy Equipment & Services — 0.0%  

Halliburton Co.

    153,066        5,796,609  
    

 

 

 
Entertainment — 1.1%             

Live Nation Entertainment Inc.(a)

    168,872        19,866,102  

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

    23,610        4,234,690  

Netflix Inc.(a)

    1,418,792        531,465,295  
Security   Shares      Value  
Entertainment (continued)  

Playtika Holding Corp.(a)

    339,913      $ 6,570,518  

Roku Inc.(a)(b)

    385,842        48,334,427  

Skillz Inc.(a)(b)

    824,295        2,472,885  

Spotify Technology SA(a)

    453,653        68,510,676  

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

    74,384        11,435,796  

Walt Disney Co. (The)(a)

    302,491        41,489,666  

World Wrestling Entertainment Inc., Class A

    112,967        7,053,660  

Zynga Inc., Class A(a)

    1,596,217        14,749,045  
    

 

 

 
       756,182,760  
Equity Real Estate Investment Trusts (REITs) — 1.7%  

American Tower Corp.

    1,482,183        372,354,013  

Crown Castle International Corp.

    1,416,870        261,554,202  

Equinix Inc.

    207,884        154,170,932  

Equity LifeStyle Properties Inc.

    307,677        23,531,137  

Extra Space Storage Inc.

    34,543        7,102,041  

Iron Mountain Inc.

    671,505        37,208,092  

Lamar Advertising Co., Class A

    246,595        28,649,407  

Public Storage

    379,421        148,080,428  

SBA Communications Corp.

    61,099        21,024,166  

Simon Property Group Inc.

    933,252        122,778,633  
    

 

 

 
       1,176,453,051  
Food & Staples Retailing — 1.3%             

Costco Wholesale Corp.

    1,357,899        781,946,139  

Sysco Corp.

    1,683,253        137,437,608  
    

 

 

 
       919,383,747  
Food Products — 0.2%             

Beyond Meat Inc.(a)(b)

    174,030        8,407,389  

Darling Ingredients Inc.(a)

    18,823        1,512,993  

Freshpet Inc.(a)(b)

    140,326        14,403,061  

Hershey Co. (The)

    409,732        88,760,243  

Kellogg Co.

    374,517        24,152,601  

Lamb Weston Holdings Inc.

    140,792        8,434,849  

Pilgrim’s Pride Corp.(a)

    37,833        949,608  
    

 

 

 
           146,620,744  
Health Care Equipment & Supplies — 2.5%  

Abbott Laboratories

    2,854,863        337,901,585  

ABIOMED Inc.(a)

    144,543        47,878,423  

Align Technology Inc.(a)

    259,417        113,105,812  

Dexcom Inc.(a)(b)

    317,220        162,289,752  

Edwards Lifesciences Corp.(a)

    2,027,503        238,677,653  

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

    28        603  

Globus Medical Inc., Class A(a)

    6        443  

IDEXX Laboratories Inc.(a)

    278,358        152,278,527  

Insulet Corp.(a)(b)

    215,490        57,404,381  

Intuitive Surgical Inc.(a)

    1,163,586        351,030,624  

Masimo Corp.(a)

    122,610        17,844,659  

Novocure Ltd.(a)(b)

    330,639        27,393,441  

Penumbra Inc.(a)

    112,351        24,956,528  

ResMed Inc.

    425,318        103,143,868  

STERIS PLC

    35,335        8,542,943  

Stryker Corp.

    491,210        131,324,994  

Tandem Diabetes Care Inc.(a)

    186,302        21,665,060  

Teleflex Inc.

    26,899        9,544,572  
    

 

 

 
       1,804,983,868  
Health Care Providers & Services — 0.7%  

agilon health Inc.(a)(b)

    534,984        13,561,844  

Amedisys Inc.(a)(b)

    96,040        16,546,732  

Cardinal Health Inc.

    528,350        29,957,445  

Chemed Corp.

    13,391        6,783,211  

 

50  

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® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Health Care Providers & Services (continued)

 

DaVita Inc.(a)(b)

    144,577      $ 16,353,105  

Encompass Health Corp.

    191,867        13,643,662  

Guardant Health Inc.(a)(b)

    302,930        20,066,083  

HCA Healthcare Inc.

    804,917        201,728,299  

McKesson Corp.

    70,243        21,503,490  

Molina Healthcare Inc.(a)

    28,515        9,512,319  

Oak Street Health Inc.(a)(b)

    298,223        8,016,234  

UnitedHealth Group Inc.

    213,194        108,722,544  
    

 

 

 
       466,394,968  
Health Care Technology — 0.1%             

Certara Inc.(a)(b)

    231,377        4,969,978  

Definitive Healthcare Corp.(a)(b)

    12        296  

Veeva Systems Inc., Class A(a)

    454,115        96,481,273  
    

 

 

 
       101,451,547  
Hotels, Restaurants & Leisure — 2.3%  

Booking Holdings Inc.(a)

    134,842        316,669,695  

Boyd Gaming Corp.

    56,955        3,746,500  

Caesars Entertainment Inc.(a)(b)

    422,996        32,722,971  

Chipotle Mexican Grill Inc.(a)(b)

    91,893        145,377,483  

Choice Hotels International Inc.

    114,240        16,194,662  

Churchill Downs Inc.

    123,366        27,360,111  

Darden Restaurants Inc.

    281,527        37,429,015  

Domino’s Pizza Inc.

    81,914        33,339,817  

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

    980,034        19,081,262  

Expedia Group Inc.(a)

    478,207        93,570,764  

Hilton Worldwide Holdings Inc.(a)

    599,244        90,929,285  

Las Vegas Sands Corp.(a)

    1,074,694        41,773,356  

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

    891,373        156,658,805  

McDonald’s Corp.

    436,357        107,902,359  

Penn National Gaming Inc.(a)(b)

    28,732        1,218,811  

Planet Fitness Inc., Class A(a)

    194,453        16,427,389  

Six Flags Entertainment Corp.(a)

    96,241        4,186,483  

Starbucks Corp.

    3,781,337        343,988,227  

Travel + Leisure Co.

    183,110        10,609,393  

Vail Resorts Inc.

    130,357        33,928,016  

Wendy’s Co. (The)

    611,243        13,429,009  

Wyndham Hotels & Resorts Inc.

    196,224        16,618,211  

Wynn Resorts Ltd.(a)(b)

    352,415        28,101,572  

Yum China Holdings Inc.

    100,633        4,180,295  

Yum! Brands Inc.

    82,765        9,810,135  
    

 

 

 
           1,605,253,626  
Household Durables — 0.2%             

DR Horton Inc.

    449,808        33,515,194  

NVR Inc.(a)

    6,801        30,381,903  

PulteGroup Inc.

    248,335        10,405,237  

Tempur Sealy International Inc.

    597,763        16,689,543  

Toll Brothers Inc.

    150,456        7,074,441  

TopBuild Corp.(a)

    89,193        16,178,718  
    

 

 

 
       114,245,036  
Household Products — 0.3%             

Church & Dwight Co. Inc.

    35,485        3,526,499  

Clorox Co. (The)

    330,945        46,011,284  

Colgate-Palmolive Co.

    1,460,469        110,747,364  

Kimberly-Clark Corp.

    552,777        68,080,015  
    

 

 

 
       228,365,162  
Independent Power and Renewable Electricity Producers — 0.0%  

Brookfield Renewable Corp., Class A

    104,423        4,573,727  
    

 

 

 
Security   Shares      Value  

Industrial Conglomerates — 0.2%

 

3M Co.

    272,148      $ 40,517,394  

Honeywell International Inc.

    486,394        94,642,545  
    

 

 

 
       135,159,939  
Insurance — 0.3%             

Alleghany Corp.(a)

    4,741        4,015,627  

Aon PLC, Class A

    423,914        138,039,116  

Arch Capital Group Ltd.(a)(b)

    287,196        13,906,030  

Brown & Brown Inc.

    44,067        3,184,722  

Erie Indemnity Co., Class A, NVS

    60,490        10,654,104  

Everest Re Group Ltd.

    26,581        8,010,982  

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

    52        61  

Lemonade Inc.(a)(b)

    6        158  

Lincoln National Corp.

    88,813        5,804,818  

Markel Corp.(a)(b)

    7,738        11,415,407  

Marsh & McLennan Companies Inc.

    199,841        34,056,903  

RenaissanceRe Holdings Ltd.

    61,067        9,679,730  
    

 

 

 
       238,767,658  
Interactive Media & Services — 9.1%  

Alphabet Inc., Class A(a)

    850,755        2,366,247,419  

Alphabet Inc., Class C, NVS(a)

    782,507        2,185,534,226  

Match Group Inc.(a)(b)

    932,823        101,435,173  

Meta Platforms Inc, Class A(a)

    7,576,830        1,684,783,919  

Pinterest Inc., Class A(a)

    1,869,342        46,004,506  

TripAdvisor Inc.(a)(b)

    222,756        6,041,143  

Twitter Inc.(a)

    267,588        10,352,980  

Vimeo Inc.(a)(b)

    432,924        5,143,137  
    

 

 

 
       6,405,542,503  
Internet & Direct Marketing Retail — 6.9%  

Amazon.com Inc.(a)

    1,425,834        4,648,147,548  

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

    423,079        49,580,628  

eBay Inc.

    2,063,076        118,131,732  

Etsy Inc.(a)(b)

    411,427        51,132,148  

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

    140,821        15,600,150  
    

 

 

 
           4,882,592,206  
IT Services — 6.6%             

Accenture PLC, Class A

    1,679,657        566,430,730  

Automatic Data Processing Inc.

    1,269,388        288,836,545  

Block Inc.(a)(b)

    1,574,800        213,542,880  

Broadridge Financial Solutions Inc.

    341,922        53,240,675  

Cloudflare Inc., Class A(a)

    809,401        96,885,300  

EPAM Systems Inc.(a)

    174,364        51,718,106  

Euronet Worldwide Inc.(a)(b)

    121,987        15,876,608  

Fiserv Inc.(a)(b)

    139,469        14,142,157  

FleetCor Technologies Inc.(a)

    60,071        14,961,283  

Gartner Inc.(a)(b)

    263,506        78,382,495  

Genpact Ltd.

    12        522  

Globant SA(a)(b)

    134,852        35,340,664  

GoDaddy Inc., Class A(a)

    55,793        4,669,874  

Jack Henry & Associates Inc.

    59,147        11,654,916  

Mastercard Inc., Class A

    2,835,912        1,013,498,230  

MongoDB Inc.(a)(b)

    209,339        92,860,687  

Okta Inc.(a)

    415,917        62,786,830  

Paychex Inc.

    926,729        126,470,707  

PayPal Holdings Inc.(a)

    3,859,319        446,330,242  

Sabre Corp.(a)

    1,034,588        11,825,341  

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

    139,871        8,662,211  

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

    624,931        143,190,440  

StoneCo Ltd., Class A(a)(b)

    714,298        8,357,287  

Switch Inc., Class A

    374,118        11,530,317  

 

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

  51


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

IT Services (continued)

   

Thoughtworks Holding Inc.(a)

    18     $ 375  

Twilio Inc., Class A(a)

    153,578       25,311,190  

Visa Inc., Class A

    5,450,966       1,208,860,730  

Western Union Co. (The)

    288,588       5,408,139  

WEX Inc.(a)(b)

    97,611       17,418,683  

Wix.com Ltd.(a)

    170,227       17,781,912  
   

 

 

 
       4,645,976,076  
Leisure Products — 0.1%            

Brunswick Corp./DE

    24,863       2,011,168  

Mattel Inc.(a)(b)

    1,162,779       25,825,322  

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

    968,557       25,589,276  

Polaris Inc.

    125,245       13,190,803  

YETI Holdings Inc.(a)(b)

    288,373       17,296,613  
   

 

 

 
      83,913,182  
Life Sciences Tools & Services — 1.4%            

10X Genomics Inc., Class A(a)

    277,089       21,078,160  

Adaptive Biotechnologies Corp.(a)(b)

    315,886       4,384,498  

Agilent Technologies Inc.

    881,601       116,662,260  

Avantor Inc.(a)(b)

    1,984,565       67,117,988  

Azenta Inc.

    204,961       16,987,168  

Bio-Techne Corp.

    129,668       56,151,431  

Bruker Corp.(b)

    342,507       22,023,200  

Charles River Laboratories International Inc.(a)

    151,942       43,146,970  

Danaher Corp.

    109,727       32,186,221  

Illumina Inc.(a)

    477,741       166,922,705  

IQVIA Holdings Inc.(a)(b)

    306,931       70,965,517  

Maravai LifeSciences Holdings Inc., Class A(a)

    369,753       13,041,188  

Mettler-Toledo International Inc.(a)

    74,557       102,380,927  

Repligen Corp.(a)

    167,349       31,476,673  

Sotera Health Co.(a)(b)

    292,028       6,325,327  

Syneos Health Inc.(a)

    42,751       3,460,693  

Thermo Fisher Scientific Inc.

    115,410       68,166,917  

Waters Corp.(a)

    185,421       57,552,824  

West Pharmaceutical Services Inc.

    239,823       98,497,704  
   

 

 

 
      998,528,371  
Machinery — 1.5%            

AGCO Corp.

    20,034       2,925,565  

Allison Transmission Holdings Inc.

    253,420       9,949,269  

Caterpillar Inc.

    1,531,131       341,166,610  

Deere & Co.

    915,617       380,402,239  

Donaldson Co. Inc.

    47,397       2,461,326  

Graco Inc.

    349,213       24,347,130  

Illinois Tool Works Inc.

    926,681       194,047,002  

Lincoln Electric Holdings Inc.

    187,752       25,874,103  

Middleby Corp. (The)(a)

    57,907       9,493,274  

Nordson Corp.

    32,336       7,342,859  

Parker-Hannifin Corp.

    69,753       19,793,111  

Toro Co. (The)

    318,625       27,239,251  

Xylem Inc./NY

    383,162       32,668,392  
   

 

 

 
      1,077,710,131  
Media — 0.3%            

Altice USA Inc., Class A(a)

    495,287       6,181,182  

Cable One Inc.

    9,770       14,305,625  

Charter Communications Inc., Class A(a)

    374,601       204,352,337  

Nexstar Media Group Inc., Class A

    8,758       1,650,708  
   

 

 

 
      226,489,852  
Metals & Mining — 0.1%            

Freeport-McMoRan Inc.

    1,404,344       69,852,071  

Southern Copper Corp.

    259,639       19,706,600  
Security   Shares     Value  

Metals & Mining (continued)

   

Steel Dynamics Inc.

    115,154     $ 9,607,298  
   

 

 

 
      99,165,969  
Multiline Retail — 0.3%            

Dollar General Corp.

    330,409       73,558,956  

Nordstrom Inc.

    303,498       8,227,831  

Target Corp.

    704,414       149,490,739  
   

 

 

 
      231,277,526  
Oil, Gas & Consumable Fuels — 0.5%            

Cheniere Energy Inc.

    765,527       106,140,319  

Continental Resources Inc./OK

    8       491  

Coterra Energy Inc.

    443,794       11,969,124  

Diamondback Energy Inc.

    279,528       38,317,698  

EOG Resources Inc.

    232,981       27,778,325  

Hess Corp.

    61,461       6,578,786  

New Fortress Energy Inc.

    86,292       3,676,902  

Occidental Petroleum Corp.

    362,464       20,566,207  

Pioneer Natural Resources Co.

    315,567       78,901,217  

Texas Pacific Land Corp.

    19,721       26,664,961  
   

 

 

 
        320,594,030  
Paper & Forest Products — 0.0%            

Louisiana-Pacific Corp.

    22,781       1,415,156  
   

 

 

 

Personal Products — 0.3%

   

Estee Lauder Companies Inc. (The), Class A

    751,735       204,712,475  

Herbalife Nutrition Ltd.(a)(b)

    59,380       1,802,777  

Olaplex Holdings Inc.(a)

    20       313  
   

 

 

 
      206,515,565  
Pharmaceuticals — 1.3%            

Catalent Inc.(a)

    130,896       14,516,367  

Eli Lilly & Co.

    2,199,787       629,953,003  

Royalty Pharma PLC, Class A

    629,993       24,544,527  

Zoetis Inc.

    1,478,173       278,768,646  
   

 

 

 
      947,782,543  
Professional Services — 0.4%            

Booz Allen Hamilton Holding Corp.

    428,737       37,660,258  

CoStar Group Inc.(a)

    988,874       65,868,897  

Equifax Inc.

    153,780       36,461,238  

Legalzoomcom Inc.(a)(b)

    171,615       2,426,636  

Robert Half International Inc.

    314,736       35,936,557  

TransUnion

    426,251       44,048,778  

Verisk Analytics Inc.

    329,761       70,776,604  
   

 

 

 
      293,178,968  
Real Estate Management & Development — 0.1%        

CBRE Group Inc., Class A(a)

    50,310       4,604,371  

Opendoor Technologies Inc.(a)(b)

    246,525       2,132,441  

Zillow Group Inc., Class A(a)(b)

    202,033       9,744,052  

Zillow Group Inc., Class C, NVS(a)(b)

    541,070       26,669,340  
   

 

 

 
      43,150,204  
Road & Rail — 1.0%            

JB Hunt Transport Services Inc.

    244,492       49,091,548  

Landstar System Inc.

    110,490       16,665,207  

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

    978,928       37,590,835  

Old Dominion Freight Line Inc.

    310,363       92,699,221  

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

    99,874       1,218,463  

Uber Technologies Inc.(a)

    4,532,353       161,714,355  

Union Pacific Corp.

    1,333,789       364,404,493  

XPO Logistics Inc.(a)

    276,401       20,121,993  
   

 

 

 
      743,506,115  

 

52  

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® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Semiconductors & Semiconductor Equipment — 8.5%

 

Advanced Micro Devices Inc.(a)

    5,366,813     $ 586,807,333  

Allegro MicroSystems Inc.(a)(b)

    107,126       3,042,378  

Analog Devices Inc.

    685,541       113,237,662  

Applied Materials Inc.

    2,913,869       384,047,934  

Broadcom Inc.

    1,326,062       834,994,720  

Enphase Energy Inc.(a)

    426,431       86,045,247  

Entegris Inc.(b)

    439,505       57,689,426  

GLOBALFOUNDRIES Inc.(a)(b)

    80,651       5,034,235  

KLA Corp.

    498,895       182,625,504  

Lam Research Corp.

    462,516       248,653,227  

Microchip Technology Inc.

    1,511,659       113,586,057  

Micron Technology Inc.

    505,930       39,406,888  

MKS Instruments Inc.

    150,171       22,525,650  

Monolithic Power Systems Inc.

    149,454       72,586,819  

NVIDIA Corp.

    7,859,261       2,144,477,957  

NXP Semiconductors NV

    270,090       49,988,257  

ON Semiconductor Corp.(a)

    760,100       47,589,861  

QUALCOMM Inc.

    3,705,663       566,299,420  

Skyworks Solutions Inc.

    258,124       34,402,767  

Teradyne Inc.

    539,278       63,758,838  

Texas Instruments Inc.

    1,883,735       345,627,698  

Universal Display Corp.

    141,807       23,674,679  
   

 

 

 
        6,026,102,557  
Software — 17.5%            

Adobe Inc.(a)

    1,547,794       705,205,902  

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

    192,454       13,766,235  

Anaplan Inc.(a)

    459,148       29,867,577  

ANSYS Inc.(a)

    120,247       38,196,460  

Aspen Technology Inc.(a)(b)

    221,331       36,601,507  

Atlassian Corp. PLC, Class A(a)(b)

    458,925       134,845,933  

Autodesk Inc.(a)

    724,080       155,206,548  

Avalara Inc.(a)(b)

    280,875       27,949,871  

Bentley Systems Inc., Class B(b)

    451,584       19,950,981  

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

    305,700       69,329,703  

C3.ai Inc., Class A(a)(b)

    20       454  

Cadence Design Systems Inc.(a)

    901,293       148,226,647  

CDK Global Inc.(b)

    58,482       2,846,904  

Citrix Systems Inc.

    150,192       15,154,373  

Coupa Software Inc.(a)(b)

    244,258       24,823,941  

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

    653,998       148,509,866  

Datadog Inc., Class A(a)

    836,654       126,727,981  

DocuSign Inc.(a)(b)

    632,664       67,770,968  

DoubleVerify Holdings Inc.(a)

    196,196       4,938,253  

Dropbox Inc., Class A(a)

    992,735       23,081,089  

Duck Creek Technologies Inc.(a)

    54,743       1,210,915  

Dynatrace Inc.(a)

    621,711       29,282,588  

Elastic NV(a)

    248,884       22,138,232  

Everbridge Inc.(a)

    133,751       5,836,894  

Fair Isaac Corp.(a)

    83,249       38,832,328  

Five9 Inc.(a)(b)

    216,574       23,909,770  

Fortinet Inc.(a)

    439,220       150,099,043  

HubSpot Inc.(a)(b)

    148,702       70,624,528  

Informatica Inc.(a)(b)

    42,118       831,409  

Intuit Inc.

    871,690       419,143,420  

Jamf Holding Corp.(a)(b)

    141,688       4,932,159  

Mandiant Inc.(a)

    223,724       4,991,282  

Manhattan Associates Inc.(a)

    114,858       15,931,953  

Microsoft Corp.

    24,757,875       7,633,100,441  

nCino Inc.(a)(b)

    167,454       6,862,265  

NCR Corp.(a)(b)

    141,166       5,673,462  
Security   Shares     Value  

Software (continued)

   

New Relic Inc.(a)(b)

    179,444     $ 12,001,215  

NortonLifeLock Inc.

    500,188       13,264,986  

Nutanix Inc., Class A(a)

    717,566       19,245,120  

Oracle Corp.

    4,933,837       408,176,335  

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

    5,492,989       75,418,739  

Palo Alto Networks Inc.(a)(b)

    317,401       197,585,296  

Paycom Software Inc.(a)

    159,929       55,396,207  

Paycor HCM Inc.(a)(b)

    103,634       3,016,786  

Paylocity Holding Corp.(a)(b)

    130,857       26,926,445  

Pegasystems Inc.

    120,746       9,738,165  

Procore Technologies Inc.(a)(b)

    128,756       7,462,698  

PTC Inc.(a)(b)

    342,764       36,922,538  

RingCentral Inc., Class A(a)

    268,082       31,421,891  

salesforce.com Inc.(a)

    591,062       125,494,284  

ServiceNow Inc.(a)

    655,430       365,002,413  

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

    387,574       21,231,304  

Splunk Inc.(a)(b)

    519,485       77,200,666  

Synopsys Inc.(a)(b)

    316,014       105,317,986  

Teradata Corp.(a)

    287,431       14,167,474  

Trade Desk Inc. (The), Class A(a)(b)

    1,433,280       99,254,640  

Tyler Technologies Inc.(a)(b)

    113,359       50,432,285  

Unity Software Inc.(a)(b)

    501,000       49,704,210  

VMware Inc., Class A

    274,272       31,231,353  

Workday Inc., Class A(a)

    629,499       150,739,830  

Zendesk Inc.(a)(b)

    390,335       46,953,397  

Zoom Video Communications Inc., Class A(a)

    717,723       84,138,667  

Zscaler Inc.(a)(b)

    260,734       62,909,899  
   

 

 

 
        12,406,756,711  
Specialty Retail — 3.3%            

AutoZone Inc.(a)

    14,328       29,294,742  

Bath & Body Works Inc.

    439,135       20,990,653  

Best Buy Co. Inc.

    178,261       16,203,925  

Burlington Stores Inc.(a)(b)

    202,595       36,906,731  

CarMax Inc.(a)(b)

    45,913       4,429,686  

Carvana Co.(a)(b)

    255,983       30,536,212  

Five Below Inc.(a)(b)

    183,608       29,077,999  

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

    337,885       27,368,685  

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

    210,216       35,017,781  

Home Depot Inc. (The)

    3,430,826       1,026,949,147  

Leslie’s Inc.(a)(b)

    449,518       8,702,669  

Lithia Motors Inc.

    8,582       2,575,630  

Lowe’s Companies Inc.

    2,214,686       447,787,362  

O’Reilly Automotive Inc.(a)

    67,519       46,247,814  

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

    16       313  

RH(a)

    56,469       18,413,976  

Ross Stores Inc.

    1,155,159       104,495,683  

TJX Companies Inc. (The)

    3,919,704       237,455,668  

Tractor Supply Co.

    374,586       87,417,135  

Ulta Salon Cosmetics & Fragrance Inc.(a)

    172,402       68,653,925  

Victoria’s Secret & Co.(a)(b)

    138,239       7,099,955  

Vroom Inc.(a)(b)

    36       96  

Williams-Sonoma Inc.

    179,718       26,059,110  
   

 

 

 
      2,311,684,897  

Technology Hardware, Storage & Peripherals — 12.7%

 

Apple Inc.

    50,707,832       8,854,094,546  

Dell Technologies Inc., Class C(a)

    429,086       21,535,826  

HP Inc.

    1,229,314       44,624,098  

NetApp Inc.

    487,792       40,486,736  

 

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

  53


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Technology Hardware, Storage & Peripherals (continued)

 

Pure Storage Inc., Class A(a)(b)

    837,804     $ 29,582,859  
   

 

 

 
      8,990,324,065  
Textiles, Apparel & Luxury Goods — 1.0%  

Columbia Sportswear Co.

    4       362  

Deckers Outdoor Corp.(a)

    12,775       3,497,412  

Hanesbrands Inc.

    719,641       10,715,454  

Lululemon Athletica Inc.(a)

    376,190       137,395,874  

Nike Inc., Class B

    4,068,287       547,428,699  

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

    30,938       1,261,033  

Tapestry Inc.

    72,936       2,709,572  

VF Corp.

    675,541       38,411,261  
   

 

 

 
      741,419,667  
Thrifts & Mortgage Finance — 0.0%            

Rocket Companies Inc., Class A(b)

    499,346       5,552,727  

UWM Holdings Corp.

    148,828       674,191  
   

 

 

 
      6,226,918  
Tobacco — 0.2%            

Altria Group Inc.

    3,331,657       174,079,078  
   

 

 

 

Trading Companies & Distributors — 0.3%

 

Core & Main Inc., Class A(a)(b)

    95,053       2,299,332  

Fastenal Co.

    1,670,251       99,212,909  

SiteOne Landscape Supply Inc.(a)

    74,409       12,031,191  

United Rentals Inc.(a)

    82,141       29,177,305  

WW Grainger Inc.

    125,329       64,643,445  
   

 

 

 
      207,364,182  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $46,309,989,557)

      70,631,705,999  
   

 

 

 
Security   Shares     Value  

Short-Term Investments

 

Money Market Funds — 1.8%

 

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

    1,167,710,788     $ 1,167,477,245  

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

    91,770,000       91,770,000  
   

 

 

 
      1,259,247,245  
   

 

 

 

Total Short-Term Investments — 1.8%
(Cost: $1,259,122,285)

 

    1,259,247,245  
   

 

 

 

Total Investments in Securities — 101.6%
(Cost: $47,569,111,842)

 

    71,890,953,244  

Other Assets, Less Liabilities — (1.6)%

 

    (1,156,195,643
   

 

 

 

Net Assets — 100.0%

 

  $   70,734,757,601  
   

 

 

 

 

(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

  $ 986,160,919     $ 182,162,326 (a)    $     $ (189,977   $ (656,023   $ 1,167,477,245       1,167,710,788     $ 2,902,955 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    77,470,000       14,300,000 (a)                        91,770,000       91,770,000       21,993          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (189,977   $ (656,023   $ 1,259,247,245       $ 2,924,948     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 

 

 

54  

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® Russell 1000 Growth ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

Nasdaq 100 E-Mini Index

     260        06/17/22        $77,317      $ 7,030,778  

S&P 500 E-Mini Index

     72        06/17/22        16,311        1,034,375  
           

 

 

 
            $ 8,065,153  
           

 

 

 

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)

   $ 8,065,153  
  

 

 

 

 

  (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

   $ 2,992,559  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 7,130,233  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 102,038,704      

 

 

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

   $ 70,631,705,999        $        $        $ 70,631,705,999  

Money Market Funds

     1,259,247,245                            1,259,247,245  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 71,890,953,244        $                 —        $                 —        $ 71,890,953,244  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 8,065,153        $        $        $ 8,065,153  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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

  55


Schedule of Investments

March 31, 2022

  

iShares® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 2.6%

   

Boeing Co. (The)(a)

    1,492,625     $ 285,837,687  

BWX Technologies Inc.

    63,176       3,402,659  

Curtiss-Wright Corp.

    111,612       16,759,658  

General Dynamics Corp.

    691,744       166,834,818  

HEICO Corp.(b)

    84,292       12,942,194  

HEICO Corp., Class A

    146,590       18,592,010  

Hexcel Corp.

    230,883       13,730,612  

Howmet Aerospace Inc.

    982,493       35,310,798  

Huntington Ingalls Industries Inc.

    110,666       22,071,227  

L3Harris Technologies Inc.

    543,887       135,139,603  

Lockheed Martin Corp.

    85,397       37,694,236  

Mercury Systems Inc.(a)(b)

    156,163       10,064,705  

Northrop Grumman Corp.

    372,686       166,672,633  

Raytheon Technologies Corp.

    4,169,817       413,103,770  

Spirit AeroSystems Holdings Inc., Class A(b)

    206,250       10,083,563  

Textron Inc.

    615,131       45,753,444  

TransDigm Group Inc.(a)(b)

    103,528       67,452,633  

Virgin Galactic Holdings Inc.(a)(b)

    24       237  

Woodward Inc.

    171,934       21,476,276  
   

 

 

 
      1,482,922,763  
Air Freight & Logistics — 0.2%            

CH Robinson Worldwide Inc.

    290,799       31,321,960  

Expeditors International of Washington Inc.

    127,942       13,198,497  

FedEx Corp.

    384,678       89,010,642  

GXO Logistics Inc.(a)(b)

    37,950       2,707,353  
   

 

 

 
      136,238,452  
Airlines — 0.3%            

Alaska Air Group Inc.(a)

    343,985       19,954,570  

American Airlines Group Inc.(a)(b)

    1,773,492       32,366,229  

Copa Holdings SA, Class A, NVS(a)(b)

    82,612       6,909,668  

JetBlue Airways Corp.(a)

    870,775       13,018,086  

Southwest Airlines Co.(a)

    1,641,719       75,190,730  

United Airlines Holdings Inc.(a)(b)

    891,731       41,340,649  
   

 

 

 
      188,779,932  
Auto Components — 0.2%            

Aptiv PLC(a)

    611,756       73,233,311  

BorgWarner Inc.

    654,659       25,466,235  

Gentex Corp.

    662,137       19,314,536  

Lear Corp.

    164,056       23,392,745  

QuantumScape Corp.(a)(b)

    193,640       3,870,864  
   

 

 

 
      145,277,691  
Automobiles — 0.7%            

Ford Motor Co.

    10,915,164       184,575,423  

General Motors Co.(a)

    3,823,654       167,246,626  

Harley-Davidson Inc.

    433,152       17,066,189  

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

    311,953       15,672,519  

Thor Industries Inc.

    85,322       6,714,841  
   

 

 

 
      391,275,598  
Banks — 7.6%            

Bank of America Corp.

    19,801,265       816,208,143  

Bank of Hawaii Corp.

    106,008       8,896,191  

Bank OZK

    323,456       13,811,571  

BOK Financial Corp.

    84,763       7,963,484  

Citigroup Inc.

    5,518,856       294,706,910  

Citizens Financial Group Inc.

    980,644       44,452,593  

Comerica Inc.

    366,482       33,140,967  

Commerce Bancshares Inc.

    307,141       21,988,224  
Security   Shares     Value  

Banks (continued)

   

Cullen/Frost Bankers Inc.

    158,630     $ 21,955,978  

East West Bancorp. Inc.

    387,016       30,582,004  

Fifth Third Bancorp

    1,894,003       81,517,889  

First Citizens BancShares Inc./NC, Class A

    33,718       22,442,701  

First Hawaiian Inc.

    350,496       9,775,333  

First Horizon Corp.

    1,464,022       34,389,877  

First Republic Bank/CA

    493,793       80,043,845  

FNB Corp.

    942,921       11,739,367  

Huntington Bancshares Inc./OH

    3,990,463       58,340,569  

JPMorgan Chase & Co.

    8,176,887       1,114,673,236  

KeyCorp

    2,578,696       57,711,217  

M&T Bank Corp.

    358,774       60,812,193  

PacWest Bancorp

    332,370       14,335,118  

People’s United Financial Inc.

    1,174,343       23,475,117  

Pinnacle Financial Partners Inc.

    203,991       18,783,491  

PNC Financial Services Group Inc. (The)

    1,183,107       218,224,086  

Popular Inc.

    219,406       17,934,246  

Prosperity Bancshares Inc.

    245,467       17,030,501  

Regions Financial Corp.

    2,689,194       59,861,459  

Signature Bank/New York NY

    171,178       50,239,031  

SVB Financial Group(a)

    157,762       88,259,951  

Synovus Financial Corp.

    383,351       18,784,199  

Truist Financial Corp.

    3,697,997       209,676,430  

U.S. Bancorp

    3,743,693       198,977,283  

Umpqua Holdings Corp.

    625,229       11,791,819  

Webster Financial Corp.

    501,923       28,167,919  

Wells Fargo & Co.

    10,829,159       524,781,045  

Western Alliance Bancorp

    136,792       11,329,113  

Wintrust Financial Corp.

    155,893       14,487,137  

Zions Bancorp. N.A

    415,309       27,227,658  
   

 

 

 
      4,378,517,895  
Beverages — 0.9%            

Brown-Forman Corp., Class A

    55,807       3,501,331  

Brown-Forman Corp., Class B, NVS

    259,305       17,378,621  

Coca-Cola Co. (The)

    3,175,259       196,866,058  

Constellation Brands Inc., Class A

    433,379       99,815,851  

Keurig Dr Pepper Inc.

    1,942,249       73,611,237  

Molson Coors Beverage Co., Class B

    499,349       26,655,250  

Monster Beverage Corp.(a)(b)

    72,139       5,763,906  

PepsiCo Inc.

    653,354       109,358,393  
   

 

 

 
      532,950,647  
Biotechnology — 1.4%            

Amgen Inc.

    275,070       66,517,427  

Biogen Inc.(a)(b)

    405,078       85,309,427  

BioMarin Pharmaceutical Inc.(a)

    513,124       39,561,860  

Exact Sciences Corp.(a)

    35,811       2,503,905  

Exelixis Inc.(a)

    122,020       2,766,193  

Gilead Sciences Inc.

    3,491,970       207,597,616  

Horizon Therapeutics PLC(a)

    492,748       51,842,017  

Incyte Corp.(a)

    72,951       5,793,768  

Ionis Pharmaceuticals Inc.(a)(b)

    30,285       1,121,756  

Iovance Biotherapeutics Inc.(a)(b)

    311,344       5,183,878  

Mirati Therapeutics Inc.(a)(b)

    19,581       1,609,950  

Natera Inc.(a)

    15,429       627,652  

Regeneron Pharmaceuticals Inc.(a)

    254,511       177,755,573  

Sage Therapeutics Inc.(a)(b)

    130,245       4,311,110  

Seagen Inc.(a)

    40,087       5,774,532  

Ultragenyx Pharmaceutical Inc.(a)(b)

    43,659       3,170,517  

United Therapeutics Corp.(a)

    120,521       21,622,673  

 

56  

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® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Vertex Pharmaceuticals Inc.(a)

    424,612     $ 110,810,994  
   

 

 

 
      793,880,848  
Building Products — 0.8%            

A O Smith Corp.

    360,649       23,041,864  

Allegion PLC

    55,644       6,108,598  

Armstrong World Industries Inc.

    73,676       6,631,577  

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

    158,512       3,937,438  

Builders FirstSource Inc.(a)

    529,303       34,161,216  

Carlisle Companies Inc.

    87,828       21,598,662  

Carrier Global Corp.

    1,267,144       58,123,895  

Fortune Brands Home & Security Inc.

    283,067       21,026,217  

Hayward Holdings Inc.(a)(b)

    137,466       2,284,685  

Johnson Controls International PLC

    1,955,545       128,225,086  

Lennox International Inc.

    92,351       23,813,629  

Masco Corp.

    660,974       33,709,674  

Owens Corning

    282,493       25,848,109  

Trane Technologies PLC

    332,689       50,801,610  
   

 

 

 
      439,312,260  
Capital Markets — 4.8%            

Affiliated Managers Group Inc.

    114,129       16,086,483  

Ameriprise Financial Inc.

    138,480       41,593,853  

Ares Management Corp., Class A

    45,619       3,705,631  

Bank of New York Mellon Corp. (The)

    2,055,843       102,031,488  

BlackRock Inc.(c)

    397,613       303,843,926  

Carlyle Group Inc. (The)

    443,546       21,693,835  

Cboe Global Markets Inc.

    292,520       33,470,138  

Charles Schwab Corp. (The)

    4,190,081       353,265,729  

CME Group Inc.

    999,464       237,732,507  

Evercore Inc., Class A

    104,341       11,615,240  

FactSet Research Systems Inc.

    14,304       6,210,082  

Franklin Resources Inc.

    789,169       22,033,599  

Goldman Sachs Group Inc. (The)

    857,618       283,099,702  

Interactive Brokers Group Inc., Class A

    220,299       14,519,907  

Intercontinental Exchange Inc.

    1,546,413       204,312,086  

Invesco Ltd.

    913,236       21,059,222  

Janus Henderson Group PLC

    473,667       16,587,818  

Jefferies Financial Group Inc.

    597,403       19,624,689  

KKR & Co. Inc.

    1,542,567       90,193,893  

Lazard Ltd., Class A

    276,800       9,549,600  

Moody’s Corp.

    23,822       8,037,781  

Morgan Stanley

    3,684,375       322,014,375  

Morningstar Inc.

    5,961       1,628,366  

MSCI Inc.

    63,833       32,100,339  

Nasdaq Inc.

    322,864       57,534,365  

Northern Trust Corp.

    570,490       66,433,561  

Raymond James Financial Inc.

    486,910       53,516,278  

S&P Global Inc.

    489,756       200,888,116  

SEI Investments Co.

    300,183       18,074,018  

State Street Corp.

    1,012,203       88,183,125  

Stifel Financial Corp.

    278,713       18,924,613  

T Rowe Price Group Inc.

    424,818       64,228,233  

Tradeweb Markets Inc., Class A(b)

    287,067       25,224,577  

Virtu Financial Inc., Class A

    249,718       9,294,504  
   

 

 

 
          2,778,311,679  
Chemicals — 2.0%            

Air Products and Chemicals Inc.

    614,772       153,637,671  

Albemarle Corp.

    322,418       71,302,741  

Ashland Global Holdings Inc.

    143,570       14,128,724  

Axalta Coating Systems Ltd.(a)(b)

    469,438       11,538,786  
Security   Shares     Value  

Chemicals (continued)

   

Celanese Corp.

    194,531     $ 27,792,644  

CF Industries Holdings Inc.

    594,098       61,227,740  

Chemours Co. (The)

    214,918       6,765,619  

Corteva Inc.

    2,028,577       116,602,606  

Diversey Holdings Ltd.(a)

    44       333  

Dow Inc.

    1,904,003       121,323,071  

DuPont de Nemours Inc.

    1,433,192       105,454,267  

Eastman Chemical Co.

    371,666       41,648,892  

Ecolab Inc.

    83,531       14,748,233  

Element Solutions Inc.

    642,765       14,076,553  

FMC Corp.

    263,022       34,605,805  

Huntsman Corp.

    586,971       22,017,282  

International Flavors & Fragrances Inc.

    708,043       92,987,287  

LyondellBasell Industries NV, Class A

    633,658       65,152,716  

Mosaic Co. (The)

    1,031,211       68,575,531  

NewMarket Corp.

    18,531       6,011,086  

Olin Corp.

    364,856       19,074,672  

PPG Industries Inc.

    380,257       49,840,285  

RPM International Inc.

    144,543       11,771,582  

Valvoline Inc.

    493,940       15,588,746  

Westlake Chemical Corp.

    73,896       9,118,766  
   

 

 

 
          1,154,991,638  
Commercial Services & Supplies — 0.5%            

Cintas Corp.

    15,417       6,558,238  

Clean Harbors Inc.(a)

    139,505       15,574,338  

Driven Brands Holdings Inc.(a)(b)

    142,990       3,757,777  

MSA Safety Inc.

    71,225       9,451,558  

Republic Services Inc.

    584,546       77,452,345  

Rollins Inc.

    44,699       1,566,700  

Stericycle Inc.(a)(b)

    258,897       15,254,211  

Waste Management Inc.

    987,152       156,463,592  
   

 

 

 
      286,078,759  
Communications Equipment — 1.6%            

Arista Networks Inc.(a)(b)

    69,042       9,595,457  

Ciena Corp.(a)

    422,933       25,642,428  

Cisco Systems Inc.

    11,768,434       656,207,880  

F5 Inc.(a)

    167,345       34,966,738  

Juniper Networks Inc.

    890,918       33,106,513  

Lumentum Holdings Inc.(a)(b)

    205,055       20,013,368  

Motorola Solutions Inc.

    461,846       111,859,101  

Ubiquiti Inc.(b)

    1,965       572,129  

Viasat Inc.(a)(b)

    204,271       9,968,425  
   

 

 

 
      901,932,039  
Construction & Engineering — 0.2%            

AECOM

    372,956       28,646,750  

MasTec Inc.(a)(b)

    160,339       13,965,527  

MDU Resources Group Inc.

    567,026       15,111,243  

Quanta Services Inc.

    394,737       51,951,336  

Valmont Industries Inc.

    59,343       14,159,240  
   

 

 

 
      123,834,096  
Construction Materials — 0.3%            

Eagle Materials Inc.

    105,314       13,518,105  

Martin Marietta Materials Inc.

    172,230       66,289,605  

Vulcan Materials Co.

    369,648       67,904,337  
   

 

 

 
      147,712,047  
Consumer Finance — 0.7%            

Ally Financial Inc.

    941,207       40,923,680  

American Express Co.

    626,118       117,084,066  

Capital One Financial Corp.

    1,142,779       150,035,455  

 

 

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

  57


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Consumer Finance (continued)

   

Credit Acceptance Corp.(a)(b)

    20,367     $ 11,209,386  

Discover Financial Services

    358,334       39,484,823  

OneMain Holdings Inc.

    297,400       14,099,734  

SLM Corp.

    767,436       14,090,125  

Synchrony Financial

    1,179,487       41,057,943  
   

 

 

 
      427,985,212  
Containers & Packaging — 0.7%            

Amcor PLC

    4,219,723       47,809,461  

AptarGroup Inc.

    184,307       21,656,072  

Ardagh Group SA(a)

    42,326       711,288  

Ardagh Metal Packaging SA(a)(b)

    309,582       2,516,902  

Avery Dennison Corp.

    109,604       19,067,808  

Ball Corp.

    620,545       55,849,050  

Berry Global Group Inc.(a)(b)

    369,470       21,414,481  

Crown Holdings Inc.

    301,209       37,678,234  

Graphic Packaging Holding Co.

    555,232       11,126,849  

International Paper Co.

    1,080,919       49,884,412  

Packaging Corp. of America

    257,836       40,250,778  

Sealed Air Corp.

    190,233       12,738,002  

Silgan Holdings Inc.

    225,209       10,411,412  

Sonoco Products Co.

    265,875       16,633,140  

Westrock Co.

    723,088       34,006,829  
   

 

 

 
      381,754,718  
Distributors — 0.1%            

Genuine Parts Co.

    390,033       49,151,959  

LKQ Corp.

    748,133       33,972,719  
   

 

 

 
      83,124,678  
Diversified Consumer Services — 0.1%            

ADT Inc.

    439,417       3,335,175  

Bright Horizons Family Solutions Inc.(a)

    33,679       4,468,867  

Chegg Inc.(a)(b)

    78,818       2,859,517  

frontdoor Inc.(a)

    74,453       2,222,422  

Grand Canyon Education Inc.(a)(b)

    109,667       10,649,762  

H&R Block Inc.

    75,220       1,958,729  

Mister Car Wash Inc.(a)(b)

    42,667       631,045  

Service Corp. International

    448,556       29,523,956  

Terminix Global Holdings Inc.(a)

    338,694       15,454,607  
   

 

 

 
      71,104,080  
Diversified Financial Services — 3.2%            

Apollo Global Management Inc.

    365,850       22,679,041  

Berkshire Hathaway Inc., Class B(a)

    5,107,993       1,802,661,810  

Equitable Holdings Inc.

    977,078       30,201,481  

Voya Financial Inc.

    310,825       20,623,239  
   

 

 

 
          1,876,165,571  
Diversified Telecommunication Services — 1.9%  

AT&T Inc.

    19,894,638       470,110,296  

Lumen Technologies Inc.

    2,874,876       32,399,852  

Verizon Communications Inc.

    11,700,968       596,047,310  
   

 

 

 
      1,098,557,458  
Electric Utilities — 3.4%            

Alliant Energy Corp.

    704,227       44,000,103  

American Electric Power Co. Inc.

    1,391,519       138,831,851  

Avangrid Inc.

    150,855       7,050,963  

Constellation Energy Corp.

    914,249       51,426,506  

Duke Energy Corp.

    2,140,081       238,961,444  

Edison International

    1,036,333       72,646,943  

Entergy Corp.

    556,948       65,023,679  

Evergy Inc.

    643,799       43,997,224  
Security   Shares     Value  

Electric Utilities (continued)

   

Eversource Energy

    952,984     $ 84,043,659  

Exelon Corp.

    2,714,147       129,274,822  

FirstEnergy Corp.

    1,511,779       69,330,185  

Hawaiian Electric Industries Inc.

    288,900       12,223,359  

IDACORP Inc.

    138,217       15,944,713  

NextEra Energy Inc.

    5,461,793       462,668,485  

NRG Energy Inc.

    372,075       14,272,797  

OGE Energy Corp.

    548,281       22,358,899  

PG&E Corp.(a)(b)

    5,533,699       66,072,366  

Pinnacle West Capital Corp.

    315,436       24,635,551  

PPL Corp.

    2,105,937       60,145,561  

Southern Co. (The)

    2,941,988       213,323,550  

Xcel Energy Inc.

    1,496,458       107,999,374  
   

 

 

 
          1,944,232,034  
Electrical Equipment — 1.0%            

Acuity Brands Inc.(b)

    97,920       18,536,256  

AMETEK Inc.

    639,985       85,233,202  

ChargePoint Holdings Inc.(a)(b)

    645,149       12,825,562  

Eaton Corp. PLC

    1,107,143       168,020,022  

Emerson Electric Co.

    1,659,020       162,666,911  

Fluence Energy Inc.(a)(b)

    55,883       732,626  

Hubbell Inc.

    150,902       27,731,261  

nVent Electric PLC

    463,468       16,119,417  

Regal Rexnord Corp.

    149,844       22,293,790  

Rockwell Automation Inc.

    125,157       35,047,715  

Sensata Technologies Holding PLC(a)(b)

    436,644       22,203,347  

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

    311,245       5,303,615  

Sunrun Inc.(a)(b)

    562,813       17,092,631  
   

 

 

 
      593,806,355  
Electronic Equipment, Instruments & Components — 0.6%  

Amphenol Corp., Class A

    469,038       35,342,013  

Arrow Electronics Inc.(a)

    187,028       22,187,132  

Avnet Inc.

    267,026       10,838,585  

Coherent Inc.(a)

    5,435       1,485,712  

Corning Inc.

    1,389,799       51,297,481  

IPG Photonics Corp.(a)

    90,485       9,931,634  

Jabil Inc.

    81,063       5,004,019  

Keysight Technologies Inc.(a)

    285,079       45,033,930  

Littelfuse Inc.

    66,950       16,697,999  

National Instruments Corp.

    369,401       14,993,987  

TD SYNNEX Corp.

    118,128       12,191,991  

Teledyne Technologies Inc.(a)(b)

    127,661       60,336,418  

Trimble Inc.(a)

    695,852       50,198,763  

Vontier Corp.(b)

    206,678       5,247,554  
   

 

 

 
      340,787,218  
Energy Equipment & Services — 0.6%            

Baker Hughes Co.

    2,048,242       74,576,491  

Halliburton Co.

    2,334,624       88,412,211  

NOV Inc.

    1,094,011       21,453,556  

Schlumberger NV

    3,889,972       160,694,743  
   

 

 

 
      345,137,001  
Entertainment — 1.8%            

Activision Blizzard Inc.

    2,147,621       172,045,918  

Electronic Arts Inc.

    781,936       98,922,723  

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

    68,853       4,346,690  

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

    553,479       38,654,973  

Live Nation Entertainment Inc.(a)(b)

    240,732       28,319,713  

 

 

58  

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® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Entertainment (continued)

   

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

    29,972     $ 5,375,778  

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

    257,263       39,551,614  

Walt Disney Co. (The)(a)

    4,798,436       658,153,482  

World Wrestling Entertainment Inc., Class A(b)

    16,252       1,014,775  

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

    1,458,989       13,481,058  
   

 

 

 
          1,059,866,724  
Equity Real Estate Investment Trusts (REITs) — 4.7%  

Alexandria Real Estate Equities Inc.

    462,500       93,078,125  

American Campus Communities Inc.

    375,868       21,037,332  

American Homes 4 Rent, Class A

    821,034       32,865,991  

Americold Realty Trust

    753,885       21,018,314  

Apartment Income REIT Corp.

    429,342       22,952,623  

AvalonBay Communities Inc.

    389,119       96,645,486  

Boston Properties Inc.

    433,175       55,792,940  

Brixmor Property Group Inc.

    824,219       21,273,092  

Camden Property Trust

    274,627       45,643,007  

Cousins Properties Inc.

    406,754       16,388,119  

CubeSmart

    611,253       31,803,494  

Digital Realty Trust Inc.

    780,042       110,609,956  

Douglas Emmett Inc.

    456,088       15,242,461  

Duke Realty Corp.

    1,055,065       61,257,074  

EPR Properties

    206,048       11,272,886  

Equinix Inc.

    72,065       53,444,845  

Equity LifeStyle Properties Inc.

    239,154       18,290,498  

Equity Residential

    1,029,360       92,560,051  

Essex Property Trust Inc.

    180,070       62,210,584  

Extra Space Storage Inc.

    331,962       68,251,387  

Federal Realty Investment Trust

    218,573       26,681,206  

First Industrial Realty Trust Inc.

    353,154       21,863,764  

Gaming and Leisure Properties Inc.

    649,791       30,494,692  

Healthcare Trust of America Inc., Class A

    596,424       18,691,928  

Healthpeak Properties Inc.

    1,487,815       51,076,689  

Highwoods Properties Inc.

    281,671       12,883,632  

Host Hotels & Resorts Inc.

    1,955,898       38,003,098  

Hudson Pacific Properties Inc.

    412,293       11,441,131  

Invitation Homes Inc.

    1,668,653       67,046,478  

Iron Mountain Inc.

    232,583       12,887,424  

JBG SMITH Properties

    329,435       9,626,091  

Kilroy Realty Corp.

    322,459       24,642,317  

Kimco Realty Corp.

    1,613,991       39,865,578  

Lamar Advertising Co., Class A

    26,440       3,071,799  

Life Storage Inc.

    227,170       31,901,483  

Medical Properties Trust Inc.

    1,641,788       34,707,398  

Mid-America Apartment Communities Inc.

    322,492       67,545,949  

National Retail Properties Inc.

    485,976       21,839,761  

Omega Healthcare Investors Inc.

    657,462       20,486,516  

Orion Office REIT Inc.

    155,357       2,174,998  

Park Hotels & Resorts Inc.

    652,210       12,737,661  

Prologis Inc.

    2,053,710       331,633,091  

Public Storage

    98,132       38,298,957  

Rayonier Inc.

    390,008       16,037,129  

Realty Income Corp.

    1,571,922       108,934,195  

Regency Centers Corp.

    470,686       33,578,739  

Rexford Industrial Realty Inc.

    448,074       33,421,840  

SBA Communications Corp.

    252,313       86,820,903  

Simon Property Group Inc.

    116,815       15,368,181  

SL Green Realty Corp.

    182,893       14,847,254  

Spirit Realty Capital Inc.

    354,974       16,335,904  

STORE Capital Corp.

    682,371       19,945,704  

Sun Communities Inc.

    319,367       55,981,841  
Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

UDR Inc.

    882,790     $ 50,645,662  

Ventas Inc.

    1,106,583       68,342,566  

VICI Properties Inc.

    1,747,712       49,739,884  

Vornado Realty Trust

    482,556       21,869,438  

Welltower Inc.

    1,210,221       116,350,647  

Weyerhaeuser Co.

    2,080,550       78,852,845  

WP Carey Inc.

    527,141       42,614,078  
   

 

 

 
          2,710,926,716  
Food & Staples Retailing — 1.6%            

Albertsons Companies Inc., Class A

    459,941       15,293,038  

Casey’s General Stores Inc.

    102,951       20,401,800  

Costco Wholesale Corp.

    80,261       46,218,297  

Grocery Outlet Holding Corp.(a)(b)

    240,131       7,871,494  

Kroger Co. (The)

    2,036,290       116,821,957  

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

    619,687       23,318,822  

Walgreens Boots Alliance Inc.

    1,994,473       89,292,556  

Walmart Inc.

    3,938,568       586,531,547  
   

 

 

 
      905,749,511  
Food Products — 1.8%            

Archer-Daniels-Midland Co.

    1,547,541       139,681,051  

Beyond Meat Inc.(a)(b)

    23,941       1,156,590  

Bunge Ltd.

    381,581       42,282,991  

Campbell Soup Co.

    547,391       24,397,217  

Conagra Brands Inc.

    1,317,442       44,226,528  

Darling Ingredients Inc.(a)(b)

    421,020       33,841,587  

Flowers Foods Inc.

    514,727       13,233,631  

General Mills Inc.

    1,680,986       113,836,372  

Hain Celestial Group Inc. (The)(a)

    245,958       8,460,955  

Hershey Co. (The)

    57,200       12,391,236  

Hormel Foods Corp.

    796,179       41,035,066  

Ingredion Inc.

    185,792       16,191,773  

JM Smucker Co. (The)

    291,267       39,440,464  

Kellogg Co.

    392,546       25,315,291  

Kraft Heinz Co. (The)

    1,930,523       76,043,301  

Lamb Weston Holdings Inc.

    288,169       17,264,205  

McCormick & Co. Inc./MD, NVS

    693,343       69,195,631  

Mondelez International Inc., Class A

    3,835,748       240,808,259  

Pilgrim’s Pride Corp.(a)

    94,458       2,370,896  

Post Holdings Inc.(a)

    159,310       11,033,811  

Seaboard Corp.

    622       2,615,815  

Tyson Foods Inc., Class A

    798,165       71,539,529  
   

 

 

 
      1,046,362,199  
Gas Utilities — 0.1%            

Atmos Energy Corp.

    373,927       44,680,537  

National Fuel Gas Co.

    244,012       16,763,624  

UGI Corp.

    585,563       21,209,092  
   

 

 

 
      82,653,253  
Health Care Equipment & Supplies — 3.0%  

Abbott Laboratories

    2,420,727       286,517,248  

Baxter International Inc.

    1,397,743       108,380,992  

Becton Dickinson and Co.

    795,944       211,721,104  

Boston Scientific Corp.(a)

    3,945,153       174,730,826  

Cooper Companies Inc. (The)

    134,922       56,342,078  

DENTSPLY SIRONA Inc.

    605,894       29,822,103  

Envista Holdings Corp.(a)(b)

    451,438       21,989,545  

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

    157,681       3,393,295  

Globus Medical Inc., Class A(a)

    207,048       15,276,001  

Hologic Inc.(a)

    688,453       52,886,959  

ICU Medical Inc.(a)(b)

    54,746       12,188,649  

 

 

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

  59


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Integra LifeSciences Holdings Corp.(a)

    195,645     $ 12,572,148  

Masimo Corp.(a)

    35,879       5,221,830  

Medtronic PLC

    3,739,940       414,946,343  

Quidel Corp.(a)(b)

    97,603       10,976,433  

ResMed Inc.

    38,141       9,249,574  

STERIS PLC

    206,619       49,954,276  

Stryker Corp.

    555,657       148,554,899  

Tandem Diabetes Care Inc.(a)(b)

    9,947       1,156,737  

Teleflex Inc.

    107,223       38,045,937  

Zimmer Biomet Holdings Inc.

    579,563       74,126,108  

Zimvie Inc.(a)

    57,974       1,324,126  
   

 

 

 
          1,739,377,211  
Health Care Providers & Services — 5.1%  

Acadia Healthcare Co. Inc.(a)

    244,674       16,033,487  

agilon health Inc.(a)(b)

    28,752       728,863  

Amedisys Inc.(a)(b)

    7,610       1,311,127  

AmerisourceBergen Corp.

    415,503       64,282,469  

Anthem Inc.

    681,254       334,645,590  

Cardinal Health Inc.

    308,845       17,511,511  

Centene Corp.(a)(b)

    1,608,314       135,403,956  

Chemed Corp.

    30,462       15,430,526  

Cigna Corp.

    905,160       216,885,388  

CVS Health Corp.

    3,666,855       371,122,395  

DaVita Inc.(a)(b)

    57,324       6,483,918  

Encompass Health Corp.

    115,132       8,187,037  

Henry Schein Inc.(a)(b)

    385,681       33,627,526  

Humana Inc.

    358,589       156,047,175  

Laboratory Corp. of America Holdings(a)

    258,408       68,131,853  

McKesson Corp.

    357,732       109,512,497  

Molina Healthcare Inc.(a)

    135,825       45,309,862  

Oak Street Health Inc.(a)(b)

    26,158       703,127  

Premier Inc., Class A

    329,807       11,737,831  

Quest Diagnostics Inc.

    342,001       46,806,257  

Signify Health Inc., Class A(a)(b)

    207,586       3,767,686  

UnitedHealth Group Inc.

    2,439,057       1,243,845,898  

Universal Health Services Inc., Class B(b)

    200,541       29,068,418  
   

 

 

 
      2,936,584,397  
Health Care Technology — 0.2%            

Cerner Corp.

    811,397       75,914,303  

Certara Inc.(a)(b)

    153,724       3,301,991  

Change Healthcare Inc.(a)(b)

    700,740       15,276,132  

Definitive Healthcare Corp.(a)(b)

    47,767       1,177,457  

Teladoc Health Inc.(a)(b)

    419,824       30,281,905  
   

 

 

 
      125,951,788  
Hotels, Restaurants & Leisure — 1.6%            

Aramark

    630,807       23,718,343  

Boyd Gaming Corp.

    178,737       11,757,320  

Caesars Entertainment Inc.(a)(b)

    211,786       16,383,765  

Carnival Corp.(a)(b)

    2,410,671       48,743,767  

Darden Restaurants Inc.

    111,782       14,861,417  

Domino’s Pizza Inc.

    32,597       13,267,305  

Hilton Worldwide Holdings Inc.(a)

    248,597       37,722,109  

Hyatt Hotels Corp., Class A(a)

    137,560       13,130,102  

Marriott Vacations Worldwide Corp.

    118,739       18,725,140  

McDonald’s Corp.

    1,710,038       422,858,197  

MGM Resorts International

    1,053,004       44,162,988  

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

    1,011,350       22,128,338  

Penn National Gaming Inc.(a)(b)

    422,446       17,920,159  

Planet Fitness Inc., Class A(a)(b)

    77,893       6,580,401  
Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

 

Royal Caribbean Cruises Ltd.(a)(b)

    608,983     $ 51,020,596  

Six Flags Entertainment Corp.(a)

    131,003       5,698,630  

Travel + Leisure Co.

    87,504       5,069,982  

Wyndham Hotels & Resorts Inc.

    93,541       7,921,987  

Yum China Holdings Inc.

    1,107,028       45,985,943  

Yum! Brands Inc.

    738,728       87,561,430  
   

 

 

 
      915,217,919  
Household Durables — 0.5%            

DR Horton Inc.

    538,530       40,125,870  

Garmin Ltd.

    421,872       50,038,238  

Leggett & Platt Inc.

    377,680       13,143,264  

Lennar Corp., Class A

    717,624       58,249,540  

Lennar Corp., Class B

    38,242       2,613,841  

Mohawk Industries Inc.(a)

    155,295       19,287,639  

Newell Brands Inc.

    1,042,303       22,315,707  

NVR Inc.(a)

    2,877       12,852,336  

PulteGroup Inc.

    481,253       20,164,501  

Toll Brothers Inc.

    187,364       8,809,855  

TopBuild Corp.(a)

    14,990       2,719,036  

Whirlpool Corp.

    159,959       27,637,716  
   

 

 

 
      277,957,543  
Household Products — 2.2%            

Church & Dwight Co. Inc.

    637,900       63,394,502  

Clorox Co. (The)

    66,041       9,181,680  

Colgate-Palmolive Co.

    1,089,906       82,647,572  

Kimberly-Clark Corp.

    465,848       57,373,840  

Procter & Gamble Co. (The)

    6,702,004       1,024,066,211  

Reynolds Consumer Products Inc.

    150,738       4,422,653  

Spectrum Brands Holdings Inc.

    111,659       9,906,386  
   

 

 

 
          1,250,992,844  
Independent Power and Renewable Electricity Producers — 0.2%  

AES Corp. (The)

    1,858,457       47,818,098  

Brookfield Renewable Corp., Class A

    271,846       11,906,855  

Vistra Corp.

    1,330,172       30,926,499  
   

 

 

 
      90,651,452  
Industrial Conglomerates — 1.6%            

3M Co.

    1,353,669       201,534,241  

General Electric Co.

    3,043,845       278,511,818  

Honeywell International Inc.

    1,496,466       291,182,354  

Roper Technologies Inc.

    291,544       137,675,823  
   

 

 

 
      908,904,236  
Insurance — 4.2%            

Aflac Inc.

    1,797,714       115,754,804  

Alleghany Corp.(a)

    33,185       28,107,695  

Allstate Corp. (The)

    781,022       108,179,357  

American Financial Group Inc./OH

    185,873       27,066,826  

American International Group Inc.

    2,312,222       145,138,175  

Aon PLC, Class A

    249,711       81,313,393  

Arch Capital Group Ltd.(a)

    791,066       38,303,416  

Arthur J Gallagher & Co.

    571,310       99,750,726  

Assurant Inc.

    157,278       28,597,859  

Assured Guaranty Ltd.

    190,234       12,110,296  

Axis Capital Holdings Ltd.

    214,931       12,996,878  

Brighthouse Financial Inc.(a)

    223,208       11,530,925  

Brown & Brown Inc.

    613,566       44,342,415  

Chubb Ltd.

    1,195,251       255,664,189  

Cincinnati Financial Corp.

    415,669       56,514,357  

CNA Financial Corp.

    68,280       3,319,774  

Erie Indemnity Co., Class A, NVS

    21,255       3,743,643  

 

60  

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® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Insurance (continued)

   

Everest Re Group Ltd.

    84,464     $ 25,455,760  

Fidelity National Financial Inc.

    749,832       36,621,795  

First American Financial Corp.

    291,969       18,925,431  

Globe Life Inc.

    283,211       28,491,027  

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

    96       113  

Hanover Insurance Group Inc. (The)

    98,293       14,696,769  

Hartford Financial Services Group Inc. (The)

    933,046       67,002,033  

Kemper Corp.

    166,468       9,412,101  

Lemonade Inc.(a)(b)

    95,197       2,510,345  

Lincoln National Corp.

    430,723       28,152,055  

Loews Corp.

    581,567       37,697,173  

Markel Corp.(a)(b)

    31,566       46,567,426  

Marsh & McLennan Companies Inc.

    1,249,633       212,962,456  

Mercury General Corp.

    68,510       3,768,050  

MetLife Inc.

    1,942,005       136,484,111  

Old Republic International Corp.

    789,504       20,424,468  

Primerica Inc.

    106,852       14,619,491  

Principal Financial Group Inc.

    714,155       52,426,119  

Progressive Corp. (The)

    1,624,530       185,180,175  

Prudential Financial Inc.

    1,051,135       124,212,623  

Reinsurance Group of America Inc.

    190,753       20,879,823  

RenaissanceRe Holdings Ltd.

    67,680       10,727,957  

Travelers Companies Inc. (The)

    672,538       122,892,869  

Unum Group

    552,400       17,406,124  

W R Berkley Corp.

    577,529       38,457,656  

White Mountains Insurance Group Ltd.(b)

    8,358       9,496,694  

Willis Towers Watson PLC

    344,842       81,458,577  
   

 

 

 
          2,439,363,949  
Interactive Media & Services — 1.2%  

Alphabet Inc., Class A(a)

    116,309       323,496,037  

Alphabet Inc., Class C, NVS(a)

    106,963       298,746,590  

IAC/InterActiveCorp.(a)(b)

    214,787       21,538,840  

TripAdvisor Inc.(a)

    126,633       3,434,287  

Twitter Inc.(a)

    1,940,330       75,071,368  

Vimeo Inc.(a)(b)

    24       285  
   

 

 

 
      722,287,407  
Internet & Direct Marketing Retail — 0.0%  

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

    44,611       5,227,963  

Qurate Retail Inc., Series A

    994,664       4,734,601  

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

    94,440       10,462,063  
   

 

 

 
          20,424,627  
IT Services — 2.6%            

Accenture PLC, Class A

    346,735       116,929,444  

Akamai Technologies Inc.(a)(b)

    450,700       53,809,073  

Alliance Data Systems Corp.

    141,575       7,949,436  

Amdocs Ltd.

    342,887       28,188,740  

Automatic Data Processing Inc.

    91,470       20,813,084  

Broadridge Financial Solutions Inc.

    28,575       4,449,413  

Cloudflare Inc., Class A(a)

    41,494       4,966,832  

Cognizant Technology Solutions Corp., Class A

    1,464,443       131,316,604  

Concentrix Corp.

    114,819       19,124,253  

DXC Technology Co.(a)

    678,528       22,140,369  

Euronet Worldwide Inc.(a)(b)

    37,878       4,929,822  

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

    267,204       4,644,006  

Fidelity National Information Services Inc.

    1,692,071       169,917,770  

Fiserv Inc.(a)(b)

    1,550,391       157,209,647  

FleetCor Technologies Inc.(a)

    171,072       42,607,192  

Genpact Ltd.

    489,390       21,293,359  

Global Payments Inc.

    788,067       107,839,088  
Security   Shares     Value  

IT Services (continued)

   

GoDaddy Inc., Class A(a)

    420,160     $ 35,167,392  

International Business Machines Corp.

    2,485,799       323,203,586  

Jack Henry & Associates Inc.

    146,201       28,808,907  

Kyndryl Holdings Inc.(a)

    656,608       8,614,697  

Paychex Inc.

    113,092       15,433,665  

Paysafe Ltd.(a)(b)

    1,000,717       3,392,431  

Snowflake Inc., Class A(a)

    33,185       7,603,679  

SolarWinds Corp.

    95,659       1,273,221  

StoneCo Ltd., Class A(a)(b)

    41,810       489,177  

Thoughtworks Holding Inc.(a)(b)

    52,100       1,084,201  

Twilio Inc., Class A(a)

    332,779       54,845,307  

VeriSign Inc.(a)

    271,094       60,307,571  

Western Union Co. (The)

    822,642       15,416,311  

WEX Inc.(a)

    40,310       7,193,319  
   

 

 

 
      1,480,961,596  
Leisure Products — 0.1%            

Brunswick Corp./DE

    191,939       15,525,946  

Hasbro Inc.

    356,248       29,183,836  

Polaris Inc.

    48,199       5,076,319  
   

 

 

 
      49,786,101  
Life Sciences Tools & Services — 2.3%  

Adaptive Biotechnologies Corp.(a)(b)

    32,561       451,947  

Agilent Technologies Inc.

    90,486       11,974,012  

Azenta Inc.

    35,283       2,924,255  

Bio-Rad Laboratories Inc., Class A(a)

    59,872       33,721,707  

Charles River Laboratories International Inc.(a)(b)

    8,049       2,285,675  

Danaher Corp.

      1,673,994       491,032,660  

IQVIA Holdings Inc.(a)

    267,874       61,935,148  

PerkinElmer Inc.(b)

    352,729       61,537,101  

QIAGEN NV(a)(b)

    632,715       31,003,035  

Repligen Corp.(a)

    6,755       1,270,548  

Syneos Health Inc.(a)

    250,275       20,259,761  

Thermo Fisher Scientific Inc.

    995,633       588,070,631  

Waters Corp.(a)

    10,887       3,379,216  
   

 

 

 
          1,309,845,696  
Machinery — 1.7%            

AGCO Corp.

    156,108       22,796,451  

Allison Transmission Holdings Inc.

    69,503       2,728,688  

Caterpillar Inc.

    207,518       46,239,161  

Colfax Corp.(a)

    387,901       15,434,581  

Crane Co.

    133,190       14,421,813  

Cummins Inc.

    398,837       81,805,457  

Donaldson Co. Inc.

    307,308       15,958,504  

Dover Corp.

    398,779       62,568,425  

Flowserve Corp.

    369,724       13,273,092  

Fortive Corp.

    907,906       55,318,713  

Gates Industrial Corp. PLC(a)(b)

    250,106       3,766,596  

Graco Inc.

    173,536       12,098,930  

IDEX Corp.

    213,572       40,948,160  

Illinois Tool Works Inc.

    88,657       18,564,776  

Ingersoll Rand Inc.(b)

    1,094,279       55,096,948  

ITT Inc.

    235,238       17,692,250  

Middleby Corp. (The)(a)

    105,556       17,304,851  

Nordson Corp.

    132,293       30,041,094  

Oshkosh Corp.

    184,983       18,618,539  

Otis Worldwide Corp.

    1,180,986       90,876,873  

PACCAR Inc.

    946,193       83,331,217  

Parker-Hannifin Corp.

    299,664       85,032,657  

Pentair PLC

    460,765       24,978,071  

 

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

  61


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Machinery (continued)

   

Snap-on Inc.

    146,149     $ 30,030,696  

Stanley Black & Decker Inc.

    448,103       62,640,318  

Timken Co. (The)

    172,712       10,483,618  

Toro Co. (The)

    15,912       1,360,317  

Westinghouse Air Brake Technologies Corp.

    497,479       47,842,555  

Xylem Inc./NY

    173,298       14,775,387  
   

 

 

 
      996,028,738  
Marine — 0.0%            

Kirby Corp.(a)

    164,282       11,859,518  
   

 

 

 
Media — 1.8%            

Altice USA Inc., Class A(a)

    187,517       2,340,212  

Cable One Inc.

    6,921       10,134,005  

Charter Communications Inc., Class A(a)

    17,492       9,542,236  

Comcast Corp., Class A

    12,531,383       586,719,352  

Discovery Inc., Class A(a)(b)

    445,690       11,106,595  

Discovery Inc., Class C, NVS(a)

    881,700       22,016,049  

DISH Network Corp., Class A(a)(b)

    679,491       21,505,890  

Fox Corp., Class A, NVS

    868,478       34,261,457  

Fox Corp., Class B

    401,644       14,571,644  

Interpublic Group of Companies Inc. (The)

    1,092,360       38,724,162  

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

    67,909       8,900,153  

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

    390,330       52,819,456  

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

    269,920       12,338,043  

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

    437,331       19,999,147  

Loyalty Ventures Inc.(a)(b)

    44,368       733,403  

New York Times Co. (The), Class A

    463,070       21,227,129  

News Corp., Class A, NVS

    1,092,565       24,200,315  

News Corp., Class B

    321,779       7,246,463  

Nexstar Media Group Inc., Class A

    102,052       19,234,761  

Omnicom Group Inc.

    576,278       48,914,477  

Paramount Global, Class B, NVS

    1,620,176       61,258,855  

Sirius XM Holdings Inc.(b)

    2,471,868       16,363,766  

ViacomCBS Inc., Class A

    16,874       681,878  
   

 

 

 
          1,044,839,448  
Metals & Mining — 1.1%            

Alcoa Corp.

    511,350       46,036,840  

Cleveland-Cliffs Inc.(a)

    1,244,889       40,097,875  

Freeport-McMoRan Inc.

    2,876,161       143,060,248  

Newmont Corp.

    2,236,582       177,696,440  

Nucor Corp.

    759,852       112,952,000  

Reliance Steel & Aluminum Co.

    175,446       32,168,024  

Royal Gold Inc.

    182,483       25,781,198  

Southern Copper Corp.

    20,315       1,541,909  

Steel Dynamics Inc.

    424,901       35,449,490  

United States Steel Corp.

    711,528       26,853,067  
   

 

 

 
      641,637,091  
Mortgage Real Estate Investment — 0.1%  

AGNC Investment Corp.

    1,430,731       18,742,576  

Annaly Capital Management Inc.

    3,980,538       28,022,988  

New Residential Investment Corp.

    1,185,852       13,020,655  

Starwood Property Trust Inc.

    816,096       19,725,040  
   

 

 

 
      79,511,259  
Multi-Utilities — 1.5%            

Ameren Corp.

    707,343       66,320,480  

CenterPoint Energy Inc.

    1,638,060       50,190,158  

CMS Energy Corp.

    802,129       56,100,902  

Consolidated Edison Inc.

    985,025       93,262,167  
Security   Shares     Value  

Multi-Utilities (continued)

   

Dominion Energy Inc.

    2,240,269     $ 190,355,657  

DTE Energy Co.

    536,860       70,978,261  

NiSource Inc.

    1,105,815       35,164,917  

Public Service Enterprise Group Inc.

    1,403,241       98,226,870  

Sempra Energy

    889,004       149,459,353  

WEC Energy Group Inc.

    876,530       87,486,459  
   

 

 

 
      897,545,224  
Multiline Retail — 0.6%            

Dollar General Corp.

    371,112       82,620,664  

Dollar Tree Inc.(a)(b)

    618,793       99,099,699  

Kohl’s Corp.

    385,245       23,291,913  

Nordstrom Inc.

    47,884       1,298,135  

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

    175,199       7,526,549  

Target Corp.

    735,045       155,991,250  
   

 

 

 
      369,828,210  
Oil, Gas & Consumable Fuels — 6.5%            

Antero Midstream Corp.

    918,765       9,986,976  

APA Corp.

    1,011,119       41,789,548  

Chevron Corp.

    5,387,463       877,240,600  

ConocoPhillips

    3,676,012       367,601,200  

Continental Resources Inc./OK

    162,674       9,976,796  

Coterra Energy Inc.

    1,848,934       49,865,750  

Devon Energy Corp.

    1,873,577       110,784,608  

Diamondback Energy Inc.

    261,713       35,875,618  

DTE Midstream LLC(a)

    278,506       15,111,736  

EOG Resources Inc.

    1,428,722       170,346,524  

EQT Corp.

    845,010       29,076,794  

Exxon Mobil Corp.

    11,793,335       974,011,538  

Hess Corp.

    719,089       76,971,287  

HF Sinclair Corp.

    415,433       16,555,005  

Kinder Morgan Inc.

    5,434,996       102,775,774  

Marathon Oil Corp.

    2,151,796       54,031,598  

Marathon Petroleum Corp.

    1,709,174       146,134,377  

Occidental Petroleum Corp.

    2,050,478       116,344,122  

ONEOK Inc.

    1,232,875       87,077,961  

Phillips 66

    1,298,611       112,187,004  

Pioneer Natural Resources Co.

    333,960       83,500,019  

Targa Resources Corp.

    633,836       47,835,603  

Valero Energy Corp.

    1,131,402       114,882,559  

Williams Companies Inc. (The)

    3,393,171       113,365,843  
   

 

 

 
          3,763,328,840  
Paper & Forest Products — 0.0%            

Louisiana-Pacific Corp.

    233,064       14,477,936  

Sylvamo Corp.(a)

    98,212       3,268,495  
   

 

 

 
      17,746,431  
Personal Products — 0.0%            

Coty Inc., Class A(a)

    1,019,979       9,169,611  

Herbalife Nutrition Ltd.(a)(b)

    230,487       6,997,586  

Olaplex Holdings Inc.(a)(b)

    181,410       2,835,438  
   

 

 

 
      19,002,635  
Pharmaceuticals — 6.0%            

Bristol-Myers Squibb Co.

    6,074,031       443,586,484  

Catalent Inc.(a)(b)

    365,998       40,589,178  

Elanco Animal Health Inc.(a)(b)

    1,236,747       32,266,729  

Eli Lilly & Co.

    495,158       141,798,397  

Jazz Pharmaceuticals PLC(a)(b)

    169,677       26,413,619  

Johnson & Johnson

    7,337,439       1,300,414,314  

Merck & Co. Inc.

    7,055,018       578,864,227  

Nektar Therapeutics(a)(b)

    499,501       2,692,310  

 

62  

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® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Pharmaceuticals (continued)

   

Organon & Co.

    709,352     $ 24,777,665  

Perrigo Co. PLC

    377,347       14,501,445  

Pfizer Inc.

    15,546,340       804,834,022  

Royalty Pharma PLC, Class A

    364,243       14,190,907  

Viatris Inc.

    3,357,419       36,528,719  

Zoetis Inc.

    67,347       12,700,971  
   

 

 

 
          3,474,158,987  
Professional Services — 0.6%            

CACI International Inc., Class A(a)(b)

    65,569       19,753,317  

Clarivate PLC(a)(b)

    1,297,690       21,749,284  

CoStar Group Inc.(a)

    244,104       16,259,767  

Dun & Bradstreet Holdings Inc.(a)(b)

    435,280       7,626,106  

Equifax Inc.

    208,078       49,335,294  

FTI Consulting Inc.(a)(b)

    92,191       14,494,269  

Jacobs Engineering Group Inc.

    362,798       49,997,192  

Legalzoomcom Inc.(a)(b)

    107,518       1,520,305  

Leidos Holdings Inc.

    392,208       42,366,308  

ManpowerGroup Inc.

    153,301       14,398,030  

Nielsen Holdings PLC

    1,002,443       27,306,547  

Robert Half International Inc.

    37,009       4,225,688  

Science Applications International Corp.

    158,554       14,613,922  

TransUnion

    171,272       17,699,249  

Verisk Analytics Inc.

    160,594       34,468,290  
   

 

 

 
      335,813,568  
Real Estate Management & Development — 0.2%  

CBRE Group Inc., Class A(a)

    884,031       80,906,517  

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

    116,122       12,031,400  

Jones Lang LaSalle Inc.(a)

    140,710       33,694,417  

Opendoor Technologies Inc.(a)(b)

    1,014,653       8,776,749  
   

 

 

 
      135,409,083  
Road & Rail — 1.2%            

AMERCO

    25,548       15,250,623  

CSX Corp.

    6,163,540       230,824,573  

JB Hunt Transport Services Inc.

    28,490       5,720,507  

Knight-Swift Transportation Holdings Inc.

    441,210       22,263,457  

Landstar System Inc.

    8,759       1,321,120  

Norfolk Southern Corp.

    666,598       190,127,082  

Old Dominion Freight Line Inc.

    22,064       6,590,076  

Ryder System Inc.

    148,987       11,819,139  

Schneider National Inc., Class B

    163,323       4,164,736  

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

    323,967       3,952,397  

Uber Technologies Inc.(a)

    634,338       22,633,180  

Union Pacific Corp.

    658,078       179,793,490  

XPO Logistics Inc.(a)

    37,975       2,764,580  
   

 

 

 
      697,224,960  
Semiconductors & Semiconductor Equipment — 2.7%  

Analog Devices Inc.

    879,845       145,332,797  

Cirrus Logic Inc.(a)

    158,851       13,468,976  

First Solar Inc.(a)

    296,944       24,866,091  

GLOBALFOUNDRIES Inc.(a)(b)

    69,133       4,315,282  

Intel Corp.

    11,256,147       557,854,645  

Marvell Technology Inc.

    2,343,959       168,085,300  

Microchip Technology Inc.

    239,917       18,027,363  

Micron Technology Inc.

    2,693,517       209,798,039  

MKS Instruments Inc.

    23,333       3,499,950  

NXP Semiconductors NV

    513,149       94,973,617  

ON Semiconductor Corp.(a)(b)

    534,447       33,461,727  

Qorvo Inc.(a)

    301,732       37,444,941  

Skyworks Solutions Inc.

    242,007       32,254,693  
Security   Shares     Value  

Semiconductors & Semiconductor Equipment (continued)

 

Texas Instruments Inc.

    976,350     $ 179,140,698  

Wolfspeed Inc.(a)(b)

    324,895       36,992,545  
   

 

 

 
          1,559,516,664  
Software — 1.5%            

ANSYS Inc.(a)

    141,342       44,897,286  

Black Knight Inc.(a)

    422,231       24,485,176  

C3.ai Inc., Class A(a)(b)

    144,754       3,285,916  

CDK Global Inc.

    268,152       13,053,639  

Ceridian HCM Holding Inc.(a)(b)

    369,624       25,267,497  

Citrix Systems Inc.

    222,122       22,412,110  

Datto Holding Corp.(a)(b)

    65,226       1,742,839  

Dolby Laboratories Inc., Class A

    185,351       14,498,155  

Duck Creek Technologies Inc.(a)

    181,620       4,017,434  

Dynatrace Inc.(a)

    41,218       1,941,368  

Guidewire Software Inc.(a)(b)

    228,335       21,605,058  

Informatica Inc.(a)(b)

    25,945       512,154  

Jamf Holding Corp.(a)(b)

    22,136       770,554  

Mandiant Inc.(a)

    462,089       10,309,206  

Manhattan Associates Inc.(a)(b)

    80,699       11,193,758  

N-able Inc.(a)(b)

    147,734       1,344,379  

NCR Corp.(a)

    230,531       9,265,041  

NortonLifeLock Inc.

    1,107,773       29,378,140  

Oracle Corp.

    303,894       25,141,151  

Paycor HCM Inc.(a)(b)

    36,510       1,062,806  

Pegasystems Inc.

    6,277       506,240  

Procore Technologies Inc.(a)(b)

    46,129       2,673,637  

salesforce.com Inc.(a)

    2,104,478       446,822,769  

SS&C Technologies Holdings Inc.

    628,522       47,151,720  

Synopsys Inc.(a)

    156,045       52,005,117  

Teradata Corp.(a)

    43,496       2,143,918  

Tyler Technologies Inc.(a)

    15,310       6,811,266  

VMware Inc., Class A

    391,568       44,587,848  
   

 

 

 
      868,886,182  
Specialty Retail — 0.7%            

Advance Auto Parts Inc.

    171,484       35,490,329  

AutoNation Inc.(a)(b)

    119,199       11,869,836  

AutoZone Inc.(a)(b)

    45,139       92,290,297  

Bath & Body Works Inc.

    279,480       13,359,144  

Best Buy Co. Inc.

    515,944       46,899,310  

Burlington Stores Inc.(a)(b)

    11,442       2,084,389  

CarMax Inc.(a)(b)

    414,142       39,956,420  

Dick’s Sporting Goods Inc.

    168,240       16,827,365  

Foot Locker Inc.

    242,003       7,177,809  

Gap Inc. (The)

    576,786       8,121,147  

Leslie’s Inc.(a)(b)

    59,233       1,146,751  

Lithia Motors Inc.

    74,274       22,291,113  

O’Reilly Automotive Inc.(a)

    128,670       88,133,803  

Penske Automotive Group Inc.

    84,993       7,965,544  

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

    136,271       2,666,823  

Victoria’s Secret & Co.(a)(b)

    82,691       4,247,010  

Vroom Inc.(a)(b)

    236,164       628,196  

Williams-Sonoma Inc.

    49,740       7,212,300  
   

 

 

 
      408,367,586  
Technology Hardware, Storage & Peripherals — 0.4%  

Dell Technologies Inc., Class C(a)

    381,741       19,159,581  

Hewlett Packard Enterprise Co.

    3,637,973       60,790,529  

HP Inc.

    1,968,428       71,453,936  

NetApp Inc.

    211,669       17,568,527  

Pure Storage Inc., Class A(a)

    48,336       1,706,744  

 

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

  63


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Technology Hardware, Storage & Peripherals (continued)

 

Western Digital Corp.(a)

    876,090     $ 43,497,869  

Xerox Holdings Corp.

    353,441       7,128,905  
   

 

 

 
          221,306,091  
Textiles, Apparel & Luxury Goods — 0.3%            

Capri Holdings Ltd.(a)(b)

    402,460       20,682,419  

Carter’s Inc.

    114,538       10,536,351  

Columbia Sportswear Co.

    102,647       9,292,633  

Deckers Outdoor Corp.(a)

    64,590       17,682,804  

Hanesbrands Inc.

    379,203       5,646,333  

PVH Corp.

    193,818       14,848,397  

Ralph Lauren Corp.

    126,615       14,363,206  

Skechers U.S.A. Inc., Class A(a)(b)

    319,342       13,016,380  

Tapestry Inc.

    663,176       24,636,988  

Under Armour Inc., Class A(a)(b)

    545,856       9,290,469  

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

    537,300       8,360,388  

VF Corp.

    326,974       18,591,742  
   

 

 

 
      166,948,110  
Thrifts & Mortgage Finance — 0.0%            

MGIC Investment Corp.

    882,870       11,962,888  

New York Community Bancorp. Inc.

    1,280,907       13,731,323  

TFS Financial Corp.

    123,144       2,044,190  

UWM Holdings Corp.

    130,803       592,538  
   

 

 

 
      28,330,939  
Tobacco — 0.9%            

Altria Group Inc.

    2,246,703       117,390,232  

Philip Morris International Inc.

    4,337,789       407,491,898  
   

 

 

 
      524,882,130  
Trading Companies & Distributors — 0.2%            

Air Lease Corp.

    293,044       13,084,415  

Core & Main Inc., Class A(a)(b)

    75,538       1,827,264  

Fastenal Co.

    176,635       10,492,119  

MSC Industrial Direct Co. Inc., Class A

    122,736       10,458,335  

SiteOne Landscape Supply Inc.(a)(b)

    59,302       9,588,540  

United Rentals Inc.(a)

    131,228       46,613,498  

Univar Solutions Inc.(a)

    463,089       14,883,680  
Security   Shares     Value  

Trading Companies & Distributors (continued)

 

Watsco Inc.

    91,570     $ 27,895,885  

WW Grainger Inc.

    22,054       11,375,233  
   

 

 

 
      146,218,969  
Water Utilities — 0.2%            

American Water Works Co. Inc.

    507,681       84,036,436  

Essential Utilities Inc.

    642,967       32,874,903  
   

 

 

 
      116,911,339  
Wireless Telecommunication Services — 0.4%  

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

    1,643,134       210,896,249  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $47,242,885,789)

      57,854,734,089  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 1.2%            

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

    555,483,114       555,372,018  

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

    115,810,000       115,810,000  
   

 

 

 
      671,182,018  
   

 

 

 

Total Short-Term Investments — 1.2%
(Cost: $671,106,509)

 

    671,182,018  
   

 

 

 

Total Investments in Securities — 101.0%
(Cost: $47,913,992,298)

 

    58,525,916,107  

Other Assets, Less Liabilities — (1.0)%

 

    (560,398,222
   

 

 

 

Net Assets — 100.0%

    $   57,965,517,885  
   

 

 

 

 

(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

  $ 337,957,467     $ 217,805,969 (a)    $     $ (171,202   $ (220,216   $ 555,372,018       555,483,114     $ 1,196,893 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    70,950,000       44,860,000 (a)                        115,810,000       115,810,000       22,845        

BlackRock Inc.

    297,510,354       87,749,483       (84,695,625     31,828,868       (28,549,154     303,843,926       397,613       6,789,561        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 31,657,666     $ (28,769,370   $ 975,025,944       $ 8,009,299     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

64  

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® Russell 1000 Value ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

                 

DIJA Mini e-CBOT Index

     328          06/17/22        $ 56,773        $ 2,587,023  

S&P 500 E-Mini Index

     44          06/17/22          9,968          621,605  

S&P Mid 400 E-Mini Index

     116          06/17/22          31,195          1,221,804  
                 

 

 

 
                  $ 4,430,432  
                 

 

 

 

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)

   $ 4,430,432  
  

 

 

 

 

  (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

   $ 5,497,462  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 3,945,636  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 117,462,002  

 

 

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

Fair Value Hierarchy as of Period End

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

 

 

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

  65


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 1000 Value ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 57,854,022,801        $ 711,288        $             —        $ 57,854,734,089  

Money Market Funds

     671,182,018                            671,182,018  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 58,525,204,819        $ 711,288        $        $ 58,525,916,107  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 4,430,432        $        $        $ 4,430,432  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

66  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 0.8%

   

AAR Corp.(a)

    776,003     $ 37,581,825  

Aerojet Rocketdyne Holdings Inc.(a)

    1,690,363       66,515,784  

Aerovironment Inc.(a)(b)

    509,585       47,972,332  

AerSale Corp.(a)(b)

    319,128       5,016,692  

Astronics Corp.(a)(b)

    557,153       7,203,988  

Byrna Technologies Inc.(a)(b)

    415,902       3,397,919  

Cadre Holdings Inc.

    128,046       3,144,810  

Ducommun Inc.(a)(b)

    244,657       12,817,580  

Kaman Corp.

    616,439       26,802,768  

Kratos Defense & Security Solutions Inc.(a)(b)

    2,764,996       56,627,118  

Maxar Technologies Inc.(b)

    1,636,644       64,581,972  

Moog Inc., Class A

    671,553       58,962,354  

National Presto Industries Inc.

    115,590       8,894,651  

Park Aerospace Corp.

    448,832       5,857,258  

Parsons Corp.(a)(b)

    589,267       22,804,633  

Triumph Group Inc.(a)(b)

    1,448,744       36,624,248  

Vectrus Inc.(a)

    258,912       9,284,584  
   

 

 

 
      474,090,516  
Air Freight & Logistics — 0.4%            

Air Transport Services Group Inc.(a)(b)

    1,333,942       44,620,360  

Atlas Air Worldwide Holdings Inc.(a)(b)

    649,015       56,055,426  

Forward Air Corp.

    618,139       60,441,631  

Hub Group Inc., Class A(a)(b)

    750,178       57,921,243  

Radiant Logistics Inc.(a)

    883,106       5,625,385  
   

 

 

 
      224,664,045  
Airlines — 0.3%            

Allegiant Travel Co.(a)

    346,312       56,237,606  

Frontier Group Holdings Inc.(a)(b)

    804,022       9,109,569  

Hawaiian Holdings Inc.(a)(b)

    1,142,117       22,499,705  

Mesa Air Group Inc.(a)(b)

    850,307       3,741,351  

SkyWest Inc.(a)

    1,126,292       32,493,524  

Spirit Airlines Inc.(a)(b)

    2,218,949       48,528,415  

Sun Country Airlines Holdings Inc.(a)(b)

    734,036       19,217,062  
   

 

 

 
      191,827,232  
Auto Components — 1.2%            

Adient PLC(a)(b)

    2,140,683       87,275,646  

American Axle & Manufacturing Holdings Inc.(a)

    2,564,119       19,897,563  

Cooper-Standard Holdings Inc.(a)(b)

    381,474       3,345,527  

Dana Inc.

    3,284,758       57,713,198  

Dorman Products Inc.(a)(b)

    599,106       56,933,043  

Fox Factory Holding Corp.(a)(b)

    956,068       93,646,861  

Gentherm Inc.(a)(b)

    752,061       54,930,535  

Goodyear Tire & Rubber Co. (The)(a)(b)

    6,243,632       89,221,501  

LCI Industries

    561,758       58,316,098  

Modine Manufacturing Co.(a)(b)

    1,136,833       10,242,865  

Motorcar Parts of America Inc.(a)(b)

    416,887       7,433,095  

Patrick Industries Inc.

    512,596       30,909,539  

Standard Motor Products Inc.

    475,537       20,514,666  

Stoneridge Inc.(a)(b)

    584,968       12,143,936  

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

    1,543,156       28,270,618  

Visteon Corp.(a)(b)

    623,828       68,078,350  

XL Fleet Corp.(a)(b)

    2,540,911       5,056,413  

XPEL Inc.(a)(b)

    406,557       21,388,964  
   

 

 

 
      725,318,418  
Automobiles — 0.2%            

Arcimoto Inc.(a)(b)

    617,315       4,080,452  

Canoo Inc.(a)(b)

    2,424,085       13,380,949  
Security   Shares     Value  

Automobiles (continued)

   

Fisker Inc.(a)(b)

    3,702,074     $ 47,756,755  

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

    3,631,909       12,384,810  

Winnebago Industries Inc.

    723,166       39,072,659  

Workhorse Group Inc.(a)(b)

    3,462,113       17,310,565  
   

 

 

 
      133,986,190  
Banks — 8.8%            

1st Source Corp.

    394,341       18,238,271  

Allegiance Bancshares Inc.

    422,668       18,884,806  

Amalgamated Financial Corp.

    328,364       5,900,701  

Amerant Bancorp Inc.

    609,206       19,244,818  

American National Bankshares Inc.

    247,641       9,331,113  

Ameris Bancorp

    1,474,729       64,711,109  

Arrow Financial Corp.

    318,825       10,336,307  

Associated Banc-Corp.

    3,407,812       77,561,801  

Atlantic Union Bankshares Corp.

    1,738,254       63,776,539  

Banc of California Inc.

    1,257,251       24,340,379  

BancFirst Corp.

    404,727       33,677,334  

Bancorp. Inc. (The)(a)

    1,143,268       32,388,782  

Bank First Corp.

    154,318       11,109,353  

Bank of Marin Bancorp., Class A

    382,635       13,419,009  

Bank of NT Butterfield & Son Ltd. (The)

    1,163,695       41,753,377  

BankUnited Inc.

    1,866,786       82,063,913  

Banner Corp.

    688,510       40,298,490  

Bar Harbor Bankshares

    339,342       9,711,968  

Berkshire Hills Bancorp. Inc.

    974,265       28,224,457  

Blue Ridge Bankshares Inc.

    407,273       6,178,331  

Brookline Bancorp. Inc.

    1,705,863       26,986,753  

Business First Bancshares Inc.

    454,557       11,059,372  

Byline Bancorp Inc.

    600,560       16,022,941  

Cadence Bank

    3,760,243       110,024,710  

Cambridge Bancorp

    157,935       13,424,475  

Camden National Corp.

    357,077       16,796,902  

Capital Bancorp Inc./MD

    200,164       4,575,749  

Capital City Bank Group Inc.

    314,438       8,288,586  

Capstar Financial Holdings Inc.

    486,604       10,257,612  

Carter Bankshares Inc.(a)(b)

    604,314       10,496,934  

Cathay General Bancorp

    1,670,026       74,733,663  

CBTX Inc.

    443,844       13,759,164  

Central Pacific Financial Corp.

    550,458       15,357,778  

Citizens & Northern Corp.

    356,009       8,679,499  

City Holding Co.

    331,877       26,118,720  

Civista Bancshares Inc.

    332,202       8,006,068  

CNB Financial Corp./PA

    375,803       9,891,135  

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

    232,457       10,634,908  

Columbia Banking System Inc.

    1,745,698       56,333,674  

Community Bank System Inc.

    1,172,947       82,282,232  

Community Trust Bancorp. Inc.

    383,869       15,815,403  

ConnectOne Bancorp. Inc.

    870,624       27,868,674  

CrossFirst Bankshares Inc.(a)(b)

    1,090,692       17,189,306  

Customers Bancorp. Inc.(a)

    704,245       36,719,334  

CVB Financial Corp.

    3,086,455       71,636,621  

Dime Community Bancshares Inc.

    790,418       27,324,750  

Eagle Bancorp. Inc.

    703,132       40,085,555  

Eastern Bankshares Inc.

    3,947,236       85,023,463  

Enterprise Bancorp. Inc./MA

    205,428       8,241,771  

Enterprise Financial Services Corp.

    807,015       38,179,880  

Equity Bancshares Inc., Class A

    321,211       10,378,327  

Farmers National Banc Corp.

    731,235       12,474,869  

FB Financial Corp.

    778,088       34,562,669  

Fidelity D&D Bancorp. Inc.(b)

    97,460       4,525,068  

 

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

  67


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Banks (continued)

   

Financial Institutions Inc.

    374,714     $ 11,290,133  

First Bancorp. Inc. (The)

    237,506       7,144,180  

First BanCorp./Puerto Rico

    4,282,407       56,185,180  

First Bancorp./Southern Pines NC

    782,358       32,679,094  

First Bancshares Inc. (The)

    484,491       16,307,967  

First Bank/Hamilton NJ

    362,209       5,150,612  

First Busey Corp.

    1,184,433       30,013,532  

First Commonwealth Financial Corp.

    2,010,661       30,481,621  

First Community Bankshares Inc.

    387,806       10,940,007  

First Financial Bancorp

    2,038,212       46,980,787  

First Financial Bankshares Inc.

    2,967,019       130,904,878  

First Financial Corp./IN

    274,573       11,883,519  

First Foundation Inc.

    1,132,978       27,520,036  

First Internet Bancorp

    223,829       9,626,885  

First Interstate BancSystem Inc., Class A

    2,014,272       74,064,781  

First Merchants Corp.

    1,295,990       53,913,184  

First Mid Bancshares Inc.

    384,064       14,782,623  

First of Long Island Corp. (The)

    530,297       10,319,580  

Five Star Bancorp

    239,345       6,773,464  

Flushing Financial Corp.

    701,531       15,679,218  

Fulton Financial Corp.

    3,656,967       60,778,792  

German American Bancorp. Inc.

    584,228       22,194,822  

Glacier Bancorp. Inc.

    2,510,163       126,210,996  

Great Southern Bancorp. Inc.

    246,110       14,522,951  

Guaranty Bancshares Inc./TX

    182,800       6,398,000  

Hancock Whitney Corp.

    1,975,359       103,014,972  

Hanmi Financial Corp.

    640,061       15,751,901  

HarborOne Bancorp Inc.

    1,158,791       16,246,250  

HBT Financial Inc.

    214,520       3,899,974  

Heartland Financial USA Inc.

    928,936       44,431,009  

Heritage Commerce Corp.

    1,352,330       15,213,712  

Heritage Financial Corp./WA

    762,866       19,117,422  

Hilltop Holdings Inc.

    1,438,506       42,292,076  

Home BancShares Inc./AR

    3,506,746       79,252,460  

HomeStreet Inc.

    408,743       19,366,243  

HomeTrust Bancshares Inc.

    366,920       10,835,148  

Hope Bancorp Inc.

    2,553,370       41,058,190  

Horizon Bancorp Inc./IN

    1,035,874       19,339,768  

Independent Bank Corp.

    1,014,565       82,879,815  

Independent Bank Corp./MI

    489,141       10,761,102  

Independent Bank Group Inc.

    856,944       60,980,135  

International Bancshares Corp.

    1,242,966       52,465,595  

Investors Bancorp. Inc.

    5,194,700       77,556,871  

Lakeland Bancorp. Inc.

    1,440,112       24,049,870  

Lakeland Financial Corp.

    568,873       41,527,729  

Live Oak Bancshares Inc.(b)

    728,915       37,094,484  

Macatawa Bank Corp.

    610,693       5,502,344  

Mercantile Bank Corp.

    371,182       13,147,266  

Meta Financial Group Inc.

    677,932       37,232,025  

Metrocity Bankshares Inc.

    447,376       10,504,388  

Metropolitan Bank Holding Corp.(a)(b)

    235,173       23,933,556  

Mid Penn Bancorp. Inc.

    326,432       8,751,642  

Midland States Bancorp. Inc.

    500,324       14,439,351  

MidWestOne Financial Group Inc.

    337,646       11,176,083  

MVB Financial Corp.

    229,187       9,511,261  

National Bank Holdings Corp., Class A

    663,972       26,744,792  

NBT Bancorp. Inc.

    932,209       33,680,711  

Nicolet Bankshares Inc.(a)(b)

    286,522       26,809,864  

Northrim Bancorp. Inc.

    137,839       6,005,645  

Northwest Bancshares Inc.

    2,643,639       35,715,563  
Security   Shares     Value  

Banks (continued)

   

OceanFirst Financial Corp.

    1,357,232     $ 27,280,363  

OFG Bancorp

    1,087,048       28,958,959  

Old National Bancorp./IN

    6,720,794       110,086,606  

Old Second Bancorp. Inc.

    662,996       9,620,072  

Origin Bancorp Inc.

    527,350       22,301,631  

Orrstown Financial Services Inc.

    248,827       5,705,603  

Pacific Premier Bancorp. Inc.

    2,030,659       71,783,796  

Park National Corp.

    327,643       43,045,737  

Peapack Gladstone Financial Corp.

    427,438       14,853,471  

Peoples Bancorp. Inc./OH

    606,088       18,976,615  

Peoples Financial Services Corp.

    162,122       8,183,919  

Preferred Bank/Los Angeles CA

    217,251       16,096,127  

Premier Financial Corp.

    853,168       25,876,585  

Primis Financial Corp.

    569,175       7,957,067  

QCR Holdings Inc.(b)

    374,737       21,206,367  

RBB Bancorp

    338,348       7,947,795  

Red River Bancshares Inc.

    105,460       5,579,889  

Renasant Corp.

    1,225,642       40,997,725  

Republic Bancorp. Inc./KY, Class A

    227,743       10,234,770  

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

    969,491       5,002,574  

S&T Bancorp. Inc.

    794,390       23,498,056  

Sandy Spring Bancorp. Inc.

    1,023,075       45,956,529  

Seacoast Banking Corp. of Florida

    1,239,854       43,419,687  

ServisFirst Bancshares Inc.

    1,139,991       108,629,742  

Sierra Bancorp

    327,873       8,190,268  

Silvergate Capital Corp., Class A(a)(b)

    632,826       95,284,611  

Simmons First National Corp., Class A

    2,525,088       66,207,807  

SmartFinancial Inc.

    320,256       8,192,148  

South Plains Financial Inc.

    249,728       6,637,770  

South State Corp.

    1,753,319       143,053,297  

Southern First Bancshares Inc.(a)(b)

    178,795       9,089,938  

Southside Bancshares Inc.

    680,863       27,799,636  

Spirit of Texas Bancshares Inc.

    328,636       8,636,554  

Stock Yards Bancorp. Inc.

    569,590       30,131,311  

Summit Financial Group Inc.

    261,444       6,690,352  

Texas Capital Bancshares Inc.(a)(b)

    1,161,775       66,581,325  

Third Coast Bancshares Inc.(a)(b)

    42,566       983,275  

Tompkins Financial Corp.

    328,480       25,710,130  

Towne Bank/Portsmouth VA

    1,544,427       46,240,144  

TriCo Bancshares

    657,137       26,305,194  

TriState Capital Holdings Inc.(a)(b)

    668,958       22,229,474  

Triumph Bancorp. Inc.(a)(b)

    542,379       50,994,474  

Trustmark Corp.

    1,358,441       41,283,022  

UMB Financial Corp.

    998,678       97,031,554  

United Bankshares Inc./WV

    3,006,230       104,857,302  

United Community Banks Inc./GA

    2,231,660       77,661,768  

Univest Financial Corp.

    690,102       18,467,130  

Valley National Bancorp

    9,115,513       118,683,979  

Veritex Holdings Inc.

    1,080,408       41,239,173  

Washington Trust Bancorp. Inc.

    403,904       21,204,960  

WesBanco Inc.

    1,400,896       48,134,787  

West Bancorp. Inc.

    372,941       10,147,725  

Westamerica Bancorp

    581,412       35,175,426  
   

 

 

 
      5,473,987,701  
Beverages — 0.4%            

Celsius Holdings Inc.(a)(b)

    1,218,348       67,228,443  

Coca-Cola Consolidated Inc.

    106,408       52,868,815  

Duckhorn Portfolio Inc. (The)(a)(b)

    814,996       14,824,777  

MGP Ingredients Inc.

    319,706       27,363,636  

National Beverage Corp.

    531,123       23,103,850  

 

68  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Beverages (continued)

   

Primo Water Corp.

    3,541,295     $ 50,463,454  

Zevia PBC, Class A(a)(b)

    232,393       1,062,036  
   

 

 

 
      236,915,011  
Biotechnology — 6.9%            

2seventy bio Inc.(a)(b)

    521,008       8,888,396  

4D Molecular Therapeutics Inc.(a)

    659,462       9,971,065  

89bio Inc.(a)(b)

    221,975       836,846  

ACADIA Pharmaceuticals Inc.(a)(b)

    2,710,207       65,641,214  

Acumen Pharmaceuticals Inc.(a)(b)

    640,328       2,503,682  

Adagio Therapeutics Inc.(a)(b)

    1,304,220       5,947,243  

Adicet Bio Inc.(a)

    573,853       11,459,844  

Adverum Biotechnologies Inc.(a)(b)

    1,940,604       2,542,191  

Aeglea BioTherapeutics Inc.(a)

    908,187       2,088,830  

Aerovate Therapeutics Inc.(a)(b)

    228,190       4,182,723  

Affimed NV(a)

    2,656,931       11,610,788  

Agenus Inc.(a)(b)

    5,040,529       12,399,701  

Agios Pharmaceuticals Inc.(a)(b)

    1,227,256       35,725,422  

Akebia Therapeutics Inc.(a)(b)

    3,952,890       2,837,780  

Akero Therapeutics Inc.(a)(b)

    585,087       8,302,385  

Akouos Inc.(a)(b)

    556,494       2,643,346  

Alaunos Therapeutics Inc.(a)(b)

    4,765,138       3,108,776  

Albireo Pharma Inc.(a)(b)

    380,732       11,357,236  

Aldeyra Therapeutics Inc.(a)(b)

    1,107,473       4,922,717  

Alector Inc.(a)(b)

    1,324,143       18,869,038  

Aligos Therapeutics Inc.(a)(b)

    475,788       1,022,944  

Alkermes PLC(a)

    3,637,850       95,711,833  

Allakos Inc.(a)

    800,128       4,560,730  

Allogene Therapeutics Inc.(a)(b)

    1,541,097       14,039,394  

Allovir Inc.(a)

    671,908       4,535,379  

Alpine Immune Sciences Inc.(a)

    264,014       2,368,206  

Altimmune Inc.(a)(b)

    907,935       5,529,324  

ALX Oncology Holdings Inc.(a)(b)

    401,317       6,782,257  

Amicus Therapeutics Inc.(a)(b)

    5,960,029       56,441,475  

AnaptysBio Inc.(a)(b)

    440,483       10,897,549  

Anavex Life Sciences Corp.(a)(b)

    1,540,175       18,959,554  

Anika Therapeutics Inc.(a)(b)

    328,644       8,252,251  

Annexon Inc.(a)(b)

    708,968       1,935,483  

Apellis Pharmaceuticals Inc.(a)(b)

    1,767,925       89,828,269  

Applied Molecular Transport Inc.(a)(b)

    564,212       4,242,874  

Applied Therapeutics Inc.(a)(b)

    402,575       849,433  

AquaBounty Technologies Inc.(a)(b)

    1,555,701       2,909,161  

Arbutus Biopharma Corp.(a)(b)

    2,071,582       6,173,314  

Arcellx Inc.(a)(b)

    178,030       2,495,981  

Arcturus Therapeutics Holdings Inc.(a)(b)

    479,650       12,931,364  

Arcus Biosciences Inc.(a)(b)

    1,007,539       31,797,931  

Arcutis Biotherapeutics Inc.(a)(b)

    629,366       12,121,589  

Ardelyx Inc.(a)(b)

    1,975,360       2,113,635  

Arrowhead Pharmaceuticals Inc.(a)(b)

    2,320,664       106,727,337  

Atara Biotherapeutics Inc.(a)(b)

    1,985,463       18,444,951  

Athenex Inc.(a)(b)

    1,968,105       1,632,543  

Athersys Inc.(a)(b)

    4,582,372       2,774,626  

Atossa Therapeutics Inc.(a)(b)

    2,661,305       3,326,631  

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

    574,573       1,821,396  

Aura Biosciences Inc.(a)(b)

    87,831       1,932,282  

Avalo Therapeutics Inc.(a)(b)

    1,200,134       869,737  

Avid Bioservices Inc.(a)(b)

    1,380,700       28,124,859  

Avidity Biosciences Inc.(a)(b)

    853,408       15,762,446  

Avita Medical Inc.(a)(b)

    542,663       4,601,782  

Avrobio Inc.(a)(b)

    843,194       1,113,016  

Beam Therapeutics Inc.(a)(b)

    1,156,410       66,262,293  
Security   Shares     Value  

Biotechnology (continued)

   

Beyondspring Inc.(a)(b)

    513,533     $ 1,129,773  

BioAtla Inc.(a)(b)

    349,564       1,747,820  

BioCryst Pharmaceuticals Inc.(a)(b)

    4,047,863       65,818,252  

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

    1,256,723       149,009,646  

Biomea Fusion Inc.(a)(b)

    414,395       1,848,202  

Bioxcel Therapeutics Inc.(a)(b)

    409,880       8,570,591  

Black Diamond Therapeutics Inc.(a)(b)

    518,091       1,435,112  

Bluebird Bio Inc.(a)(b)

    1,533,455       7,437,257  

Blueprint Medicines Corp.(a)(b)

    1,322,578       84,486,283  

Bolt Biotherapeutics Inc.(a)(b)

    516,208       1,414,410  

Bridgebio Pharma Inc.(a)(b)

    2,397,335       24,332,950  

Brooklyn ImmunoTherapeutics Inc.(a)(b)

    672,439       1,378,500  

C4 Therapeutics Inc.(a)(b)

    888,725       21,560,468  

Cardiff Oncology Inc.(a)(b)

    847,006       2,100,575  

CareDx Inc.(a)(b)

    1,144,795       42,345,967  

Caribou Biosciences Inc.(a)(b)

    1,118,929       10,271,768  

Catalyst Pharmaceuticals Inc.(a)(b)

    2,182,906       18,096,291  

Celcuity Inc.(a)(b)

    217,863       2,037,019  

Celldex Therapeutics Inc.(a)(b)

    1,043,164       35,530,166  

CEL-SCI Corp.(a)(b)

    813,178       3,195,790  

Century Therapeutics Inc.(a)(b)

    366,526       4,614,562  

Cerevel Therapeutics Holdings Inc.(a)(b)

    915,787       32,061,703  

ChemoCentryx Inc.(a)(b)

    1,225,099       30,713,232  

Chimerix Inc.(a)(b)

    1,665,708       7,628,943  

Chinook Therapeutics Inc.(a)(b)

    912,277       14,924,852  

Clene Inc.(a)(b)

    429,444       1,692,009  

Clovis Oncology Inc.(a)(b)

    2,543,130       5,137,123  

Codiak Biosciences Inc.(a)(b)

    356,921       2,237,895  

Cogent Biosciences Inc.(a)

    846,668       6,341,543  

Coherus Biosciences Inc.(a)(b)

    1,511,444       19,512,742  

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

    13,273       13,605  

Cortexyme Inc.(a)(b)

    454,325       2,812,272  

Crinetics Pharmaceuticals Inc.(a)(b)

    1,056,043       23,180,144  

Cue Biopharma Inc.(a)(b)

    696,573       3,399,276  

Cullinan Oncology Inc.(a)(b)

    584,618       6,120,950  

Curis Inc.(a)(b)

    1,981,904       4,716,931  

Cyteir Therapeutics Inc.(a)(b)

    189,886       715,870  

Cytokinetics Inc.(a)(b)

    1,796,813       66,140,687  

CytomX Therapeutics Inc.(a)(b)

    1,482,714       3,958,846  

Day One Biopharmaceuticals Inc.(a)(b)

    471,251       4,674,810  

Deciphera Pharmaceuticals Inc.(a)(b)

    898,388       8,328,057  

Denali Therapeutics Inc.(a)(b)

    2,064,163       66,404,124  

DermTech Inc.(a)(b)

    549,279       8,063,416  

Design Therapeutics Inc.(a)(b)

    576,626       9,312,510  

Dynavax Technologies Corp.(a)(b)

    2,439,282       26,441,817  

Dyne Therapeutics Inc.(a)(b)

    682,634       6,580,592  

Eagle Pharmaceuticals Inc./DE(a)

    265,999       13,164,290  

Editas Medicine Inc.(a)(b)

    1,542,083       29,330,419  

Eiger BioPharmaceuticals Inc.(a)(b)

    755,367       6,269,546  

Eliem Therapeutics Inc.(a)(b)

    159,695       1,339,841  

Emergent BioSolutions Inc.(a)(b)

    1,111,165       45,624,435  

Enanta Pharmaceuticals Inc.(a)(b)

    447,713       31,868,211  

Entrada Therapeutics Inc.(a)(b)

    195,806       1,838,618  

Epizyme Inc.(a)(b)

    3,089,671       3,553,122  

Erasca Inc.(a)(b)

    1,379,004       11,859,434  

Evelo Biosciences Inc.(a)(b)

    692,517       2,347,633  

Exagen Inc.(a)(b)

    246,261       1,977,476  

Fate Therapeutics Inc.(a)(b)

    1,844,818       71,523,594  

FibroGen Inc.(a)(b)

    1,953,640       23,482,753  

Finch Therapeutics Group Inc.(a)

    172,093       865,628  

 

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

  69


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Foghorn Therapeutics Inc.(a)(b)

    444,601     $ 6,771,273  

Forma Therapeutics Holdings Inc.(a)(b)

    766,774       7,130,998  

Forte Biosciences Inc.(a)(b)

    303,566       443,206  

Fortress Biotech Inc.(a)(b)

    1,628,486       2,214,741  

Frequency Therapeutics Inc.(a)(b)

    728,101       1,543,574  

G1 Therapeutics Inc.(a)(b)

    894,984       6,801,878  

Gemini Therapeutics Inc.(a)(b)

    497,908       692,092  

Generation Bio Co.(a)(b)

    990,843       7,272,788  

Geron Corp.(a)(b)

    6,854,033       9,321,485  

Global Blood Therapeutics Inc.(a)(b)

    1,399,491       48,478,368  

Gossamer Bio Inc.(a)(b)

    1,418,334       12,311,139  

Graphite Bio Inc.(a)(b)

    606,929       3,095,338  

Greenwich Lifesciences Inc.(a)(b)

    91,750       1,800,135  

Gritstone bio Inc.(a)(b)

    935,279       3,853,349  

GT Biopharma Inc.(a)(b)

    398,052       1,146,390  

Halozyme Therapeutics Inc.(a)(b)

    3,128,471         124,763,423  

Harpoon Therapeutics Inc.(a)(b)

    425,441       2,114,442  

Heron Therapeutics Inc.(a)(b)

    2,085,682       11,930,101  

Homology Medicines Inc.(a)(b)

    954,883       2,902,844  

Hookipa Pharma Inc.(a)

    436,327       994,826  

Humanigen Inc.(a)(b)

    1,072,588       3,228,490  

iBio Inc.(a)(b)

    4,900,589       2,098,432  

Icosavax Inc.(a)

    519,052       3,654,126  

Ideaya Biosciences Inc.(a)(b)

    742,523       8,308,832  

IGM Biosciences Inc.(a)(b)

    184,141       4,922,089  

Imago Biosciences Inc.(a)(b)

    440,118       8,481,074  

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

    429,888       2,781,375  

Immunic Inc.(a)(b)

    422,684       4,776,329  

ImmunityBio Inc.(a)(b)

    1,538,555       8,631,294  

ImmunoGen Inc.(a)(b)

    4,874,593       23,203,063  

Immunovant Inc.(a)(b)

    903,784       4,979,850  

Impel Neuropharma Inc.(a)(b)

    123,370       785,867  

Infinity Pharmaceuticals Inc.(a)(b)

    2,013,509       2,295,400  

Inhibrx Inc.(a)(b)

    636,764       14,187,102  

Inovio Pharmaceuticals Inc.(a)(b)

    4,728,384       16,974,899  

Inozyme Pharma Inc.(a)(b)

    327,078       1,337,749  

Insmed Inc.(a)(b)

    2,671,174       62,772,589  

Instil Bio Inc.(a)(b)

    1,250,362       13,441,391  

Intellia Therapeutics Inc.(a)(b)

    1,573,192       114,323,863  

Intercept Pharmaceuticals Inc.(a)(b)

    569,701       9,269,035  

Ironwood Pharmaceuticals Inc.(a)(b)

    3,334,325       41,945,808  

iTeos Therapeutics Inc.(a)

    461,618       14,854,867  

IVERIC bio Inc.(a)(b)

    2,621,602       44,121,562  

Janux Therapeutics Inc.(a)(b)

    374,355       5,368,251  

Jounce Therapeutics Inc.(a)(b)

    756,898       5,139,337  

KalVista Pharmaceuticals Inc.(a)(b)

    508,336       7,492,873  

Karuna Therapeutics Inc.(a)(b)

    506,619       64,234,223  

Karyopharm Therapeutics Inc.(a)(b)

    1,616,292       11,912,072  

Keros Therapeutics Inc.(a)(b)

    354,989       19,304,302  

Kezar Life Sciences Inc.(a)(b)

    856,052       14,227,584  

Kiniksa Pharmaceuticals Ltd., Class A(a)(b)

    661,511       6,575,419  

Kinnate Biopharma Inc.(a)

    580,518       6,536,633  

Kodiak Sciences Inc.(a)

    758,748       5,857,535  

Kronos Bio Inc.(a)(b)

    883,526       6,387,893  

Krystal Biotech Inc.(a)(b)

    454,580       30,247,753  

Kura Oncology Inc.(a)(b)

    1,437,206       23,110,272  

Kymera Therapeutics Inc.(a)(b)

    778,863       32,961,482  

Lexicon Pharmaceuticals Inc.(a)(b)

    1,555,673       3,251,357  

Ligand Pharmaceuticals Inc.(a)(b)

    342,136       38,486,879  

Lineage Cell Therapeutics Inc.(a)(b)

    2,850,248       4,389,382  
Security   Shares     Value  

Biotechnology (continued)

   

Lyell Immunopharma Inc.(a)(b)

    3,356,959     $ 16,952,643  

MacroGenics Inc.(a)(b)

    1,361,443       11,994,313  

Madrigal Pharmaceuticals Inc.(a)(b)

    267,101           26,207,950  

Magenta Therapeutics Inc.(a)(b)

    680,021       1,972,061  

MannKind Corp.(a)(b)

    5,579,870       20,533,922  

MEI Pharma Inc.(a)(b)

    2,412,252       1,453,382  

MeiraGTx Holdings PLC(a)(b)

    677,329       9,381,007  

Mersana Therapeutics Inc.(a)(b)

    1,627,841       6,495,086  

MiMedx Group Inc.(a)(b)

    2,649,812       12,480,614  

Mirum Pharmaceuticals Inc.(a)

    81,924       1,803,966  

Molecular Templates Inc.(a)(b)

    840,452       2,899,559  

Monte Rosa Therapeutics Inc.(a)(b)

    630,573       8,840,633  

Morphic Holding Inc.(a)(b)

    488,892       19,629,014  

Mustang Bio Inc.(a)(b)

    1,581,964       1,597,784  

Myriad Genetics Inc.(a)(b)

    1,826,304       46,022,861  

Neoleukin Therapeutics Inc.(a)(b)

    800,643       1,505,209  

NexImmune Inc.(a)(b)

    398,646       1,678,300  

Nkarta Inc.(a)(b)

    319,269       3,633,281  

Nurix Therapeutics Inc.(a)(b)

    710,765       9,957,818  

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

    397,403       5,519,928  

Ocugen Inc.(a)(b)

    4,185,429       13,811,916  

Olema Pharmaceuticals Inc.(a)(b)

    568,449       2,421,593  

Omega Therapeutics Inc.(a)(b)

    503,987       3,144,879  

Oncocyte Corp.(a)(b)

    1,352,795       2,015,665  

Oncorus Inc.(a)(b)

    464,228       826,326  

Oncternal Therapeutics Inc.(a)(b)

    1,005,919       1,398,227  

OPKO Health Inc.(a)(b)

    9,073,883       31,214,157  

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

    1,535,362       11,699,458  

ORIC Pharmaceuticals Inc.(a)(b)

    713,724       3,811,286  

Outlook Therapeutics Inc.(a)(b)

    2,510,902       4,469,406  

Oyster Point Pharma Inc.(a)(b)

    252,549       2,939,670  

Passage Bio Inc.(a)(b)

    844,320       2,617,392  

PDL BioPharma Inc.(a)(c)

    11,853       20,494  

PMV Pharmaceuticals Inc.(a)(b)

    596,110       12,411,010  

Portage Biotech Inc.(a)(b)

    83,924       551,381  

Poseida Therapeutics Inc.(a)(b)

    653,739       2,928,751  

Praxis Precision Medicines Inc.(a)(b)

    790,424       8,070,229  

Precigen Inc.(a)(b)

    2,166,787       4,571,921  

Precision BioSciences Inc.(a)(b)

    1,121,110       3,453,019  

Prelude Therapeutics Inc.(a)(b)

    246,107       1,698,138  

Prometheus Biosciences Inc.(a)(b)

    678,320       25,613,363  

Protagonist Therapeutics Inc.(a)

    1,015,216       24,040,315  

Prothena Corp. PLC(a)(b)

    814,893       29,800,637  

PTC Therapeutics Inc.(a)(b)

    1,565,880       58,422,983  

Puma Biotechnology Inc.(a)(b)

    758,894       2,185,615  

Pyxis Oncology Inc.(a)

    182,548       737,494  

Radius Health Inc.(a)(b)

    1,072,746       9,472,347  

Rallybio Corp.(a)(b)

    409,489       2,858,233  

RAPT Therapeutics Inc.(a)(b)

    482,925       10,619,521  

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

    2,618,749       18,750,243  

REGENXBIO Inc.(a)(b)

    893,520       29,655,929  

Relay Therapeutics Inc.(a)(b)

    1,591,125       47,622,371  

Reneo Pharmaceuticals Inc.(a)(b)

    148,328       436,084  

Replimune Group Inc.(a)(b)

    672,457       11,418,320  

REVOLUTION Medicines Inc.(a)(b)

    1,364,330       34,804,058  

Rhythm Pharmaceuticals Inc.(a)(b)

    1,001,928       11,542,211  

Rigel Pharmaceuticals Inc.(a)(b)

    3,888,672       11,627,129  

Rocket Pharmaceuticals Inc.(a)(b)

    920,230       14,594,848  

Rubius Therapeutics Inc.(a)(b)

    1,043,870       5,751,724  

Sana Biotechnology Inc.(a)(b)

    1,956,457       16,160,335  

 

70  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Sangamo Therapeutics Inc.(a)(b)

    2,690,331     $ 15,630,823  

Scholar Rock Holding Corp.(a)(b)

    629,603       8,115,583  

Selecta Biosciences Inc.(a)(b)

    2,045,229       2,515,632  

Sensei Biotherapeutics Inc.(a)(b)

    471,894       1,090,075  

Sera Prognostics Inc., Class A(a)(b)

    107,451       407,239  

Seres Therapeutics Inc.(a)(b)

    1,585,954       11,291,992  

Sesen Bio Inc.(a)(b)

    4,483,792       2,702,381  

Shattuck Labs Inc.(a)

    604,714       2,576,082  

Sigilon Therapeutics Inc.(a)(b)

    343,083       504,332  

Silverback Therapeutics Inc.(a)(b)

    462,382       1,622,961  

Solid Biosciences Inc.(a)

    1,355,304       1,626,365  

Sorrento Therapeutics Inc.(a)(b)

    6,941,297       16,173,222  

Spectrum Pharmaceuticals Inc.(a)(b)

    3,740,880       4,825,735  

Spero Therapeutics Inc.(a)(b)

    551,306       4,796,362  

SpringWorks Therapeutics Inc.(a)(b)

    659,097       37,199,435  

Spruce Biosciences Inc.(a)(b)

    197,392       396,758  

SQZ Biotechnologies Co.(a)(b)

    517,465       2,489,007  

Stoke Therapeutics Inc.(a)(b)

    433,876       9,133,090  

Summit Therapeutics Inc.(a)(b)

    510,900       1,251,705  

Surface Oncology Inc.(a)(b)

    786,748       2,313,039  

Sutro Biopharma Inc.(a)(b)

    977,644       8,036,234  

Syndax Pharmaceuticals Inc.(a)(b)

    1,105,934       19,221,133  

Syros Pharmaceuticals Inc.(a)(b)

    1,310,125       1,559,049  

Talaris Therapeutics Inc.(a)(b)

    425,680       4,188,691  

Taysha Gene Therapies Inc.(a)(b)

    505,999       3,299,113  

TCR2 Therapeutics Inc.(a)(b)

    698,802       1,928,693  

Tenaya Therapeutics Inc.(a)(b)

    646,820       7,619,540  

TG Therapeutics Inc.(a)(b)

    2,946,528       28,021,481  

Tonix Pharmaceuticals Holding Corp.(a)(b)

    12,214,150       2,811,697  

Travere Therapeutics Inc.(a)(b)

    1,345,216       34,666,216  

Trevena Inc.(a)(b)

    3,717,200       2,044,088  

Turning Point Therapeutics Inc.(a)(b)

    1,040,608       27,940,325  

Twist Bioscience Corp.(a)(b)

    1,252,513       61,849,092  

Tyra Biosciences Inc.(a)(b)

    260,991       2,792,604  

UroGen Pharma Ltd.(a)(b)

    434,667       3,785,950  

Vanda Pharmaceuticals Inc.(a)

    1,225,984       13,865,879  

Vaxart Inc.(a)(b)

    2,745,678       13,838,217  

Vaxcyte Inc.(a)(b)

    962,697       23,249,133  

VBI Vaccines Inc.(a)(b)

    4,272,541       7,092,418  

Vera Therapeutics Inc.(a)(b)

    294,831       6,925,580  

Veracyte Inc.(a)(b)

    1,530,761       42,203,081  

Verastem Inc.(a)(b)

    3,925,045       5,534,313  

Vericel Corp.(a)(b)

    1,053,581       40,267,866  

Verve Therapeutics Inc.(a)(b)

    816,673       18,636,478  

Vigil Neuroscience Inc.(a)(b)

    110,611       777,595  

Viking Therapeutics Inc.(a)(b)

    1,531,039       4,593,117  

Vincerx Pharma Inc.(a)

    294,581       1,178,324  

Vir Biotechnology Inc.(a)(b)

    1,363,348       35,065,311  

Viracta Therapeutics Inc.(a)(b)

    824,037       3,922,416  

VistaGen Therapeutics Inc.(a)(b)

    4,371,958       5,421,228  

Vor BioPharma Inc.(a)(b)

    427,847       2,584,196  

Werewolf Therapeutics Inc.(a)(b)

    546,058       2,402,655  

XBiotech Inc.

    348,862       3,014,168  

Xencor Inc.(a)(b)

    1,295,031       34,551,427  

Xilio Therapeutics Inc.(a)(b)

    132,499       936,768  

XOMA Corp.(a)(b)

    137,481       3,846,718  

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

    797,810       9,477,983  

Zentalis Pharmaceuticals Inc.(a)(b)

    825,851       38,104,765  
   

 

 

 
        4,267,357,495  
Security   Shares     Value  

Building Products — 1.2%

   

AAON Inc.

    944,645     $ 52,645,066  

American Woodmark Corp.(a)

    369,807       18,102,053  

Apogee Enterprises Inc.

    559,453       26,551,639  

Caesarstone Ltd.

    531,015       5,586,278  

Cornerstone Building Brands Inc.(a)

    1,235,829       30,055,361  

CSW Industrials Inc.

    340,550       40,045,274  

Gibraltar Industries Inc.(a)

    740,203       31,791,719  

Griffon Corp.

    1,126,278       22,559,348  

Insteel Industries Inc.

    425,425       15,736,471  

JELD-WEN Holding Inc.(a)(b)

    2,080,091       42,184,245  

Masonite International Corp.(a)(b)

    540,086       48,035,249  

PGT Innovations Inc.(a)(b)

    1,296,051       23,302,997  

Quanex Building Products Corp.

    741,764       15,569,626  

Resideo Technologies Inc.(a)(b)

    3,272,308       77,979,100  

Simpson Manufacturing Co. Inc.

    984,539       107,354,133  

UFP Industries Inc.

    1,359,320       104,885,131  

View Inc.(a)(b)

    2,427,796       4,467,145  

Zurn Water Solutions Corp.(b)

    2,742,313       97,077,880  
   

 

 

 
          763,928,715  
Capital Markets — 1.5%            

Artisan Partners Asset Management Inc., Class A

    1,327,572       52,239,958  

Assetmark Financial Holdings Inc.(a)

    434,773       9,673,699  

Associated Capital Group Inc., Class A(b)

    38,334       1,606,578  

B. Riley Financial Inc.

    459,284       32,131,509  

BGC Partners Inc., Class A

    7,172,099       31,557,236  

Blucora Inc.(a)

    1,113,677       21,772,385  

BrightSphere Investment Group Inc.

    762,268       18,484,999  

Cohen & Steers Inc.

    570,924       49,036,662  

Cowen Inc., Class A

    604,457       16,380,785  

Diamond Hill Investment Group Inc.

    70,470       13,199,031  

Donnelley Financial Solutions Inc.(a)

    669,118       22,254,865  

Federated Hermes Inc.

    2,112,367       71,947,220  

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

    1,455,946       66,594,970  

GAMCO Investors Inc., Class A(b)

    133,396       2,949,385  

GCM Grosvenor Inc., Class A(b)

    1,013,454       9,840,638  

Greenhill & Co. Inc.

    350,712       5,425,515  

Hamilton Lane Inc., Class A

    792,174       61,227,128  

Houlihan Lokey Inc.

    1,156,600       101,549,480  

Moelis & Co., Class A

    1,391,893       65,349,376  

Open Lending Corp., Class A(a)(b)

    2,354,600       44,525,486  

Oppenheimer Holdings Inc., Class A, NVS

    205,333       8,948,412  

Piper Sandler Cos

    395,839       51,953,869  

PJT Partners Inc., Class A

    543,617       34,313,105  

Pzena Investment Management Inc., Class A

    365,600       2,932,112  

Sculptor Capital Management Inc.

    501,263       6,982,594  

StepStone Group Inc., Class A

    1,016,577       33,608,036  

StoneX Group Inc.(a)

    388,942       28,871,165  

Value Line Inc.

    25,707       1,722,369  

Virtus Investment Partners Inc.

    169,047       40,569,589  

WisdomTree Investments Inc.

    3,034,716       17,813,783  
   

 

 

 
      925,461,939  
Chemicals — 2.0%            

AdvanSix Inc.

    625,476       31,955,569  

American Vanguard Corp.

    662,393       13,459,826  

Amyris Inc.(a)(b)

    4,085,586       17,813,155  

Aspen Aerogels Inc.(a)(b)

    500,662       17,262,826  

Avient Corp.

    2,064,179       99,080,592  

Balchem Corp.

    734,062       100,346,275  

Cabot Corp.

    1,278,350       87,451,923  

 

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

  71


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

   

Chase Corp.

    167,352     $ 14,544,562  

Danimer Scientific Inc.(a)(b)

    2,065,958       12,106,514  

Ecovyst Inc.

    1,284,051       14,843,630  

Ferro Corp.(a)(b)

    1,845,725       40,126,062  

FutureFuel Corp.

    611,664       5,951,491  

GCP Applied Technologies Inc.(a)(b)

    1,511,576       47,493,718  

Hawkins Inc.

    435,980       20,011,482  

HB Fuller Co.

    1,188,023       78,492,680  

Ingevity Corp.(a)(b)

    895,022       57,344,060  

Innospec Inc.

    549,317       50,839,288  

Intrepid Potash Inc.(a)(b)

    219,609       18,038,683  

Koppers Holdings Inc.

    463,387       12,752,410  

Kronos Worldwide Inc.

    509,600       7,908,992  

Livent Corp.(a)(b)

    3,679,032       95,912,364  

Marrone Bio Innovations Inc.(a)(b)

    2,277,287       2,459,470  

Minerals Technologies Inc.

    751,638       49,720,854  

Orion Engineered Carbons SA

    1,377,613       22,000,480  

PureCycle Technologies Inc.(a)(b)

    1,288,102       10,304,816  

Quaker Chemical Corp.(b)

    310,753       53,701,226  

Rayonier Advanced Materials Inc.(a)(b)

    1,395,562       9,168,842  

Sensient Technologies Corp.

    957,303       80,365,587  

Stepan Co.

    480,124       47,441,052  

Tredegar Corp.

    583,978       7,001,896  

Trinseo PLC

    881,087       42,221,689  

Tronox Holdings PLC, Class A

    2,572,810       50,915,910  

Valhi Inc.

    55,474       1,625,943  

Zymergen Inc.(a)(b)

    1,889,670       5,461,146  
   

 

 

 
          1,226,125,013  
Commercial Services & Supplies — 1.8%  

ABM Industries Inc.

    1,524,530       70,189,361  

ACCO Brands Corp.

    2,096,910       16,775,280  

Aris Water Solution Inc., A

    359,910       6,550,362  

Brady Corp., Class A, NVS

    1,067,937       49,413,445  

BrightView Holdings Inc.(a)(b)

    997,512       13,576,138  

Brink’s Co. (The)

    1,086,635       73,891,180  

Casella Waste Systems Inc., Class A(a)(b)

    1,113,918       97,634,913  

CECO Environmental Corp.(a)(b)

    695,565       3,818,652  

Cimpress PLC(a)(b)

    398,954       25,369,485  

CompX International Inc.

    40,536       953,407  

CoreCivic Inc.(a)

    2,748,228       30,697,707  

Deluxe Corp.

    960,810       29,054,894  

Ennis Inc.

    565,614       10,446,891  

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

    2,595,671       17,157,385  

Harsco Corp.(a)

    1,764,745       21,600,479  

Healthcare Services Group Inc.

    1,698,335       31,538,081  

Heritage-Crystal Clean Inc.(a)(b)

    356,922       10,568,460  

HNI Corp.

    985,390       36,508,699  

Interface Inc.

    1,322,191       17,942,132  

KAR Auction Services Inc.(a)(b)

    2,749,441       49,627,410  

Kimball International Inc., Class B

    827,471       6,992,130  

Matthews International Corp., Class A

    714,919       23,134,779  

MillerKnoll Inc.

    1,689,234       58,379,927  

Montrose Environmental Group Inc.(a)(b)

    598,283       31,667,119  

NL Industries Inc.

    205,237       1,475,654  

Pitney Bowes Inc.

    2,823,565       14,682,538  

SP Plus Corp.(a)(b)

    524,727       16,455,439  

Steelcase Inc., Class A

    1,939,439       23,176,296  

Team Inc.(a)(b)

    601,700       1,329,757  

Tetra Tech Inc.

    1,220,599       201,325,599  

U.S. Ecology Inc.(a)(b)

    705,691       33,788,485  
Security   Shares     Value  

Commercial Services & Supplies (continued)

 

UniFirst Corp./MA

    342,003     $ 63,024,313  

Viad Corp.(a)

    464,635       16,559,591  

VSE Corp.

    242,333       11,169,128  
   

 

 

 
      1,116,475,116  
Communications Equipment — 0.7%            

ADTRAN Inc.

    1,095,806       20,217,621  

Aviat Networks Inc.(a)(b)

    180,767       5,562,201  

CalAmp Corp.(a)(b)

    808,217       5,908,066  

Calix Inc.(a)(b)

    1,255,218       53,861,404  

Cambium Networks Corp.(a)

    241,704       5,713,883  

Casa Systems Inc.(a)(b)

    674,408       3,048,324  

Clearfield Inc.(a)(b)

    260,684       17,001,810  

Comtech Telecommunications Corp.

    591,452       9,279,882  

Digi International Inc.(a)(b)

    774,986       16,677,699  

DZS Inc.(a)(b)

    389,194       5,398,121  

EMCORE Corp.(a)(b)

    835,267       3,090,488  

Extreme Networks Inc.(a)

    2,876,413       35,121,003  

Harmonic Inc.(a)(b)

    2,044,339       18,991,909  

Infinera Corp.(a)(b)

    4,178,966       36,231,635  

Inseego Corp.(a)(b)

    1,908,412       7,729,069  

KVH Industries Inc.(a)(b)

    312,113       2,840,228  

NETGEAR Inc.(a)(b)

    656,528       16,203,111  

NetScout Systems Inc.(a)(b)

    1,594,474       51,150,726  

Plantronics Inc.(a)(b)

    957,698       37,733,301  

Ribbon Communications Inc.(a)(b)

    1,583,564       4,893,213  

Viavi Solutions Inc.(a)(b)

    5,266,567       84,686,397  
   

 

 

 
      441,340,091  
Construction & Engineering — 1.6%            

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

    701,260       55,750,170  

API Group Corp.(a)(b)

    4,552,609       95,741,367  

Arcosa Inc.

    1,097,503       62,832,047  

Argan Inc.

    346,282       14,055,586  

Comfort Systems USA Inc.

    800,914       71,289,355  

Concrete Pumping Holdings Inc.(a)(b)

    546,177       3,659,386  

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

    866,928       22,696,175  

Dycom Industries Inc.(a)(b)

    662,188       63,080,029  

EMCOR Group Inc.

    1,200,868       135,253,763  

Fluor Corp.(a)(b)

    3,212,254       92,159,567  

Granite Construction Inc.

    1,035,067       33,950,198  

Great Lakes Dredge & Dock Corp.(a)(b)

    1,456,044       20,428,297  

IES Holdings Inc.(a)(b)

    196,814       7,911,923  

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

    618,885       7,333,787  

INNOVATE Corp.(a)(b)

    1,085,544       4,005,657  

Matrix Service Co.(a)

    586,436       4,820,504  

MYR Group Inc.(a)

    372,249       35,006,296  

Northwest Pipe Co.(a)(b)

    229,249       5,834,387  

NV5 Global Inc.(a)(b)

    298,986       39,854,834  

Primoris Services Corp.

    1,208,130       28,777,657  

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

    624,430       16,734,724  

Tutor Perini Corp.(a)(b)

    949,842       10,258,294  

WillScot Mobile Mini Holdings Corp.(a)(b)

    4,720,049       184,695,517  
   

 

 

 
          1,016,129,520  
Construction Materials — 0.1%            

Summit Materials Inc., Class A(a)(b)

    2,694,900       83,703,594  

United States Lime & Minerals Inc.

    47,481       5,509,695  
   

 

 

 
      89,213,289  
Consumer Finance — 0.7%            

Atlanticus Holdings Corp.(a)(b)

    112,493       5,826,012  

Curo Group Holdings Corp.

    488,472       6,374,560  

 

72  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Consumer Finance (continued)

   

Encore Capital Group Inc.(a)(b)

    563,446     $ 35,344,967  

Enova International Inc.(a)

    833,701       31,655,627  

EZCORP Inc., Class A, NVS(a)(b)

    1,157,202       6,989,500  

FirstCash Holdings Inc.

    902,062       63,451,041  

Green Dot Corp., Class A(a)

    1,202,206       33,036,621  

LendingClub Corp.(a)(b)

    2,278,597       35,956,261  

LendingTree Inc.(a)(b)

    267,387       31,998,202  

Navient Corp.

    3,434,464       58,523,266  

Nelnet Inc., Class A

    384,395       32,669,731  

Oportun Financial Corp.(a)

    487,691       7,003,243  

PRA Group Inc.(a)(b)

    977,545       44,067,729  

PROG Holdings Inc.(a)

    1,282,280       36,891,196  

Regional Management Corp.

    176,373       8,566,437  

World Acceptance Corp.(a)(b)

    95,998       18,416,256  
   

 

 

 
      456,770,649  
Containers & Packaging — 0.3%            

Greif Inc., Class A, NVS

    586,733       38,172,849  

Greif Inc., Class B

    132,291       8,434,874  

Myers Industries Inc.

    825,555       17,831,988  

O-I Glass Inc.(a)

    3,533,031       46,565,349  

Pactiv Evergreen Inc.

    986,097       9,920,136  

Ranpak Holdings Corp.(a)(b)

    853,657       17,440,212  

TriMas Corp.

    970,026       31,128,134  
   

 

 

 
      169,493,542  
Distributors — 0.0%            

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

    607,879       10,485,913  

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

    552,398       309,343  
   

 

 

 
      10,795,256  
Diversified Consumer Services — 0.7%            

2U Inc.(a)(b)

    1,660,657       22,053,525  

Adtalem Global Education Inc.(a)(b)

    1,119,221       33,252,056  

American Public Education Inc.(a)

    422,896       8,982,311  

Carriage Services Inc.

    341,682       18,221,901  

Coursera Inc.(a)(b)

    1,673,142       38,549,192  

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

    296,620       8,768,087  

Graham Holdings Co., Class B

    88,203       53,933,488  

Houghton Mifflin Harcourt Co.(a)

    2,905,351       61,041,425  

Laureate Education Inc., Class A

    2,272,848       26,933,249  

OneSpaWorld Holdings Ltd.(a)(b)

    1,226,876       12,514,135  

Perdoceo Education Corp.(a)

    1,532,109       17,588,611  

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

    986,487       16,286,900  

Regis Corp.(a)(b)

    889,618       1,885,990  

StoneMor Inc.(a)(b)

    731,295       1,908,680  

Strategic Education Inc.

    561,567       37,276,818  

Stride Inc.(a)(b)

    932,345       33,872,094  

Udemy Inc.(a)(b)

    308,220       3,840,421  

Vivint Smart Home Inc.(a)(b)

    2,085,708       14,099,386  

WW International Inc.(a)(b)

    1,182,657       12,098,581  
   

 

 

 
          423,106,850  
Diversified Financial Services — 0.1%            

Alerus Financial Corp.

    351,492       9,715,239  

A-Mark Precious Metals Inc.

    200,585       15,513,244  

Banco Latinoamericano de Comercio Exterior SA, Class E

    730,905       11,387,500  

Cannae Holdings Inc.(a)(b)

    1,941,170       46,432,786  
   

 

 

 
      83,048,769  
Diversified Telecommunication Services — 0.6%  

Anterix Inc.(a)(b)

    260,202       15,065,696  

ATN International Inc.

    252,711       10,078,115  
Security   Shares     Value  

Diversified Telecommunication Services (continued)

 

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

    523,780     $ 16,965,234  

Cogent Communications Holdings Inc.

    962,886       63,887,486  

Consolidated Communications Holdings
Inc.(a)

    1,657,438       9,778,884  

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

    853,410       20,772,000  

Globalstar Inc.(a)(b)

    13,849,346       20,358,539  

IDT Corp., Class B(a)(b)

    336,288       11,464,058  

Iridium Communications Inc.(a)(b)

    2,669,676       107,641,336  

Liberty Latin America Ltd., Class A(a)(b)

    979,089       9,497,163  

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

    3,468,969       33,267,413  

Ooma Inc.(a)(b)

    495,766       7,431,532  

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

    1,587,511       22,669,657  

Telesat Corp.(a)

    188,422       3,108,963  
   

 

 

 
      351,986,076  
Electric Utilities — 0.7%            

ALLETE Inc.

    1,197,337       80,197,632  

MGE Energy Inc.

    824,013       65,747,997  

Otter Tail Corp.

    942,687       58,917,938  

PNM Resources Inc.

    1,941,824       92,566,750  

Portland General Electric Co.

    2,042,168       112,625,565  

Via Renewables Inc.

    286,389       2,359,846  
   

 

 

 
      412,415,728  
Electrical Equipment — 1.0%            

Advent Technologies Holdings Inc.(a)(b)

    388,106       900,406  

Allied Motion Technologies Inc.

    264,454       7,891,307  

American Superconductor Corp.(a)(b)

    625,071       4,756,790  

Array Technologies Inc.(a)(b)

    2,907,134       32,763,400  

Atkore Inc.(a)(b)

    1,014,670       99,884,115  

AZZ Inc.

    548,381       26,453,899  

Babcock & Wilcox Enterprises Inc.(a)

    1,272,893       10,386,807  

Beam Global(a)(b)

    200,267       4,095,460  

Blink Charging Co.(a)(b)

    829,022       21,935,922  

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

    3,209,206       77,502,325  

Encore Wire Corp.(b)

    444,564       50,711,416  

EnerSys

    944,114       70,402,581  

Eos Energy Enterprises Inc.(a)(b)

    985,311       4,118,600  

FTC Solar Inc.(a)(b)

    880,720       4,341,950  

FuelCell Energy Inc.(a)(b)

    8,355,604       48,128,279  

GrafTech International Ltd.

    4,508,128       43,368,191  

Powell Industries Inc.

    215,069       4,176,640  

Preformed Line Products Co.

    71,203       4,515,694  

Romeo Power Inc.(a)(b)

    2,312,644       3,445,840  

Stem Inc.(a)(b)

    2,598,750       28,612,238  

Thermon Group Holdings Inc.(a)(b)

    739,698       11,983,108  

TPI Composites Inc.(a)(b)

    821,550       11,550,993  

Vicor Corp.(a)(b)

    478,353       33,747,804  
   

 

 

 
          605,673,765  
Electronic Equipment, Instruments & Components — 2.3%  

908 Devices Inc.(a)(b)

    468,430       8,904,854  

Advanced Energy Industries Inc.

    856,566       73,733,201  

Aeva Technologies Inc.(a)(b)

    2,384,389       10,324,404  

Akoustis Technologies Inc.(a)(b)

    1,144,313       7,438,035  

Arlo Technologies Inc.(a)

    1,951,354       17,288,996  

Badger Meter Inc.

    656,616       65,471,181  

Belden Inc.(b)

    992,843       55,003,502  

Benchmark Electronics Inc.

    797,699       19,974,383  

CTS Corp.

    728,753       25,754,131  

Daktronics Inc.(a)(b)

    837,424       3,215,708  

ePlus Inc.(a)(b)

    595,546       33,386,309  

Fabrinet(a)

    836,169       87,906,447  

 

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

  73


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

FARO Technologies Inc.(a)

    411,587     $ 21,369,597  

Identiv Inc.(a)(b)

    485,476       7,850,147  

II-VI Inc.(a)(b)

    2,398,127       173,840,226  

Insight Enterprises Inc.(a)(b)

    791,175       84,908,901  

Iteris Inc.(a)(b)

    953,083       2,840,187  

Itron Inc.(a)(b)

    1,017,321       53,592,470  

Kimball Electronics Inc.(a)(b)

    548,835       10,971,212  

Knowles Corp.(a)(b)

    2,023,924       43,575,084  

Luna Innovations Inc.(a)(b)

    724,616       5,586,789  

Methode Electronics Inc.

    842,294       36,429,215  

MicroVision Inc.(a)(b)

    3,778,304       17,644,680  

Napco Security Technologies Inc.(a)(b)

    659,198       13,526,743  

nLight Inc.(a)(b)

    975,323       16,912,101  

Novanta Inc.(a)(b)

    798,277       113,586,834  

OSI Systems Inc.(a)(b)

    374,093       31,842,796  

Ouster Inc.(a)(b)

    3,042,315       13,690,418  

PAR Technology Corp.(a)(b)

    581,328       23,450,772  

PC Connection Inc.

    255,145       13,367,047  

Plexus Corp.(a)(b)

    643,206       52,620,683  

Rogers Corp.(a)

    422,904       114,903,017  

Sanmina Corp.(a)

    1,413,467       57,132,336  

ScanSource Inc.(a)(b)

    570,302       19,840,807  

TTM Technologies Inc.(a)(b)

    2,340,695       34,689,100  

Velodyne Lidar Inc.(a)

    1,704,189       4,362,724  

Vishay Intertechnology Inc.

    3,000,725       58,814,210  

Vishay Precision Group Inc.(a)

    278,459       8,952,457  
   

 

 

 
          1,444,701,704  
Energy Equipment & Services — 1.2%            

Archrock Inc.

    3,074,586       28,378,429  

Bristow Group Inc.(a)

    538,259       19,958,644  

Cactus Inc., Class A

    1,247,876       70,804,484  

ChampionX Corp.(a)

    4,590,805       112,382,906  

DMC Global Inc.(a)

    422,590       12,888,995  

Dril-Quip Inc.(a)(b)

    796,831       29,761,638  

Expro Group Holdings NV(a)(b)

    1,075,978       19,130,889  

Helix Energy Solutions Group Inc.(a)

    3,348,715       16,006,858  

Helmerich & Payne Inc.

    2,333,852       99,842,189  

Liberty Oilfield Services Inc., Class A(a)(b)

    2,087,467       30,936,261  

Nabors Industries Ltd.(a)(b)

    159,967       24,430,160  

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

    855,118       7,182,991  

Newpark Resources Inc.(a)(b)

    2,095,788       7,670,584  

NexTier Oilfield Solutions Inc.(a)(b)

    3,940,507       36,410,285  

Oceaneering International Inc.(a)

    2,250,116       34,111,759  

Oil States International Inc.(a)

    1,401,155       9,738,027  

Patterson-UTI Energy Inc.

    4,224,151       65,389,858  

ProPetro Holding Corp.(a)

    1,995,624       27,799,042  

RPC Inc.(a)(b)

    1,535,775       16,386,719  

Select Energy Services Inc., Class A(a)

    1,391,421       11,924,478  

Solaris Oilfield Infrastructure Inc., Class A

    710,955       8,026,682  

TETRA Technologies Inc.(a)

    2,801,220       11,513,014  

Tidewater Inc.(a)(b)

    928,383       20,183,046  

U.S. Silica Holdings Inc.(a)

    1,678,609       31,322,844  
   

 

 

 
          752,180,782  
Entertainment — 0.8%            

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

    11,645,427       286,943,321  

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

    159,739       1,276,315  

Cinemark Holdings Inc.(a)(b)

    2,452,016       42,370,836  

CuriosityStream Inc.(a)(b)

    591,485       1,715,307  

Eros STX Global Corp.(a)(b)

    362,839       1,012,321  
Security   Shares     Value  

Entertainment (continued)

   

IMAX Corp.(a)(b)

    1,136,406     $ 21,512,166  

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

    227,473       6,546,673  

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

    824,617       23,015,060  

Lions Gate Entertainment Corp., Class A(a)(b)

    1,397,590       22,710,837  

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

    2,590,693       38,938,116  

LiveOne Inc.(a)(b)

    1,265,427       1,032,588  

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

    590,776       49,217,549  

Marcus Corp. (The)(a)(b)

    531,703       9,411,143  
   

 

 

 
      505,702,232  
Equity Real Estate Investment Trusts (REITs) — 7.1%  

Acadia Realty Trust

    1,987,370       43,066,308  

Agree Realty Corp.

    1,585,081           105,185,975  

Alexander & Baldwin Inc.

    1,640,578       38,045,004  

Alexander’s Inc.

    48,306       12,377,446  

American Assets Trust Inc.

    1,129,903       42,812,025  

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

    3,417,121       25,013,326  

Apple Hospitality REIT Inc.

    4,874,381       87,592,627  

Armada Hoffler Properties Inc.

    1,454,727       21,239,014  

Ashford Hospitality Trust Inc.(a)(b)

    387,169       3,949,124  

Braemar Hotels & Resorts Inc.(b)

    1,185,142       7,324,178  

Brandywine Realty Trust

    3,870,261       54,725,491  

Broadstone Net Lease Inc.

    3,578,841       77,947,157  

BRT Apartments Corp.

    254,830       6,108,275  

CareTrust REIT Inc.

    2,198,791       42,436,666  

CatchMark Timber Trust Inc., Class A

    1,112,392       9,121,614  

Centerspace

    322,655       31,658,909  

Chatham Lodging Trust(a)

    1,082,623       14,929,371  

City Office REIT Inc.

    963,888       17,022,262  

Clipper Realty Inc.

    277,353       2,515,592  

Community Healthcare Trust Inc.

    550,206       23,224,195  

Corporate Office Properties Trust

    2,577,817       73,570,897  

CTO Realty Growth Inc.

    132,765       8,804,975  

DiamondRock Hospitality Co.(a)

    4,703,893       47,509,319  

DigitalBridge Group Inc.(a)

    10,929,478       78,692,242  

Diversified Healthcare Trust

    5,388,108       17,241,946  

Easterly Government Properties Inc.

    1,964,716       41,534,096  

EastGroup Properties Inc.

    915,459       186,094,506  

Empire State Realty Trust Inc., Class A

    3,238,632       31,803,366  

Equity Commonwealth(a)

    2,476,142       69,851,966  

Essential Properties Realty Trust Inc.

    2,760,231       69,833,844  

Farmland Partners Inc.

    646,456       8,888,770  

Four Corners Property Trust Inc.

    1,775,579       48,011,656  

Franklin Street Properties Corp., Class C

    2,254,404       13,300,984  

Getty Realty Corp.

    931,183       26,650,457  

Gladstone Commercial Corp.

    809,811       17,832,038  

Gladstone Land Corp.

    703,368       25,616,663  

Global Medical REIT Inc.

    1,348,360       22,005,235  

Global Net Lease Inc.

    2,354,781       37,040,705  

Healthcare Realty Trust Inc.

    3,341,072       91,812,659  

Hersha Hospitality Trust, Class A(a)

    736,850       6,690,598  

Independence Realty Trust Inc.

    4,942,407       130,677,241  

Indus Realty Trust Inc.

    116,008       8,479,025  

Industrial Logistics Properties Trust

    1,475,407       33,447,477  

Innovative Industrial Properties Inc.

    535,387       109,968,490  

iStar Inc.

    1,522,896       35,650,995  

Kite Realty Group Trust

    4,929,539       112,245,603  

LTC Properties Inc.

    892,471       34,333,359  

LXP Industrial Trust

    6,321,089       99,241,097  

 

74  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Macerich Co. (The)

    4,846,713     $ 75,802,591  

National Health Investors Inc.

    995,426       58,740,088  

National Storage Affiliates Trust

    1,840,946       115,537,771  

Necessity Retail REIT Inc.

    2,722,570       21,535,529  

NETSTREIT Corp.

    892,275       20,022,651  

NexPoint Residential Trust Inc.

    506,759       45,765,405  

Office Properties Income Trust

    1,089,273       28,026,994  

One Liberty Properties Inc.

    365,270       11,246,663  

Outfront Media Inc.

    3,300,610       93,836,342  

Paramount Group Inc.

    4,202,252       45,846,569  

Pebblebrook Hotel Trust(b)

    2,953,325       72,297,396  

Phillips Edison & Co. Inc.(b)

    2,539,580       87,336,156  

Physicians Realty Trust

    5,024,473       88,129,256  

Piedmont Office Realty Trust Inc., Class A

    2,864,666       49,329,549  

Plymouth Industrial REIT Inc.

    697,820       18,910,922  

Postal Realty Trust Inc., Class A

    298,577       5,022,065  

PotlatchDeltic Corp.

    1,494,921       78,827,184  

Preferred Apartment Communities Inc., Class A

    1,174,730       29,297,766  

PS Business Parks Inc.

    452,965       76,134,357  

Retail Opportunity Investments Corp.

    2,731,159       52,957,173  

Retail Value Inc.

    468,475       1,433,534  

RLJ Lodging Trust

    3,759,148       52,928,804  

RPT Realty

    1,829,221       25,188,373  

Ryman Hospitality Properties Inc.(a)(b)

    1,211,203       112,363,302  

Sabra Health Care REIT Inc.

    5,208,438       77,553,642  

Safehold Inc.

    464,470       25,754,862  

Saul Centers Inc.

    266,044       14,020,519  

Seritage Growth Properties, Class A(a)(b)

    842,898       10,671,089  

Service Properties Trust

    3,640,142       32,142,454  

SITE Centers Corp.

    3,949,640       65,998,484  

STAG Industrial Inc.

    4,019,747       166,216,538  

Summit Hotel Properties Inc.(a)

    2,361,400       23,519,544  

Sunstone Hotel Investors Inc.(a)

    4,934,413       58,127,385  

Tanger Factory Outlet Centers Inc.

    2,339,776       40,220,749  

Terreno Realty Corp.

    1,668,477       123,550,722  

UMH Properties Inc.

    971,787       23,896,242  

Uniti Group Inc.

    4,460,848       61,381,269  

Universal Health Realty Income Trust

    295,120       17,226,154  

Urban Edge Properties

    2,636,875       50,364,313  

Urstadt Biddle Properties Inc., Class A

    679,371       12,778,969  

Veris Residential Inc.(a)

    1,985,520       34,528,193  

Washington Real Estate Investment Trust

    1,945,318       49,605,609  

Whitestone REIT

    1,048,670       13,894,878  

Xenia Hotels & Resorts Inc.(a)

    2,584,861       49,861,969  
   

 

 

 
          4,370,954,792  
Food & Staples Retailing — 1.2%            

Andersons Inc. (The)

    714,809       35,926,300  

BJ’s Wholesale Club Holdings Inc.(a)(b)

    3,100,041       209,593,772  

Chefs’ Warehouse Inc. (The)(a)(b)

    730,034       23,799,108  

HF Foods Group Inc.(a)(b)

    754,763       5,026,722  

Ingles Markets Inc., Class A

    311,698       27,756,707  

MedAvail Holdings Inc.(a)(b)

    266,396       258,697  

Natural Grocers by Vitamin Cottage Inc.

    195,078       3,823,529  

Performance Food Group Co.(a)(b)

    3,434,529       174,851,871  

PriceSmart Inc.

    543,264       42,847,232  

Rite Aid Corp.(a)(b)

    1,247,757       10,917,874  

SpartanNash Co.

    820,289       27,061,334  

Sprouts Farmers Market Inc.(a)(b)

    2,550,147       81,553,701  

United Natural Foods Inc.(a)

    1,298,290       53,684,291  

Village Super Market Inc., Class A

    187,172       4,585,714  
Security   Shares     Value  

Food & Staples Retailing (continued)

   

Weis Markets Inc.

    367,147     $ 26,221,639  
   

 

 

 
          727,908,491  
Food Products — 1.0%            

AppHarvest Inc.(a)(b)

    1,573,926       8,459,852  

B&G Foods Inc.(b)

    1,447,341       39,049,260  

Calavo Growers Inc.

    397,884       14,502,872  

Cal-Maine Foods Inc.

    923,129       50,975,183  

Fresh Del Monte Produce Inc.

    757,853       19,635,971  

Hostess Brands Inc.(a)(b)

    3,122,914       68,516,733  

J&J Snack Foods Corp.

    335,848       52,090,025  

John B Sanfilippo & Son Inc.

    199,840       16,674,650  

Laird Superfood Inc.(a)(b)

    140,897       508,638  

Lancaster Colony Corp.

    431,174       64,309,602  

Landec Corp.(a)(b)

    572,899       6,634,170  

Limoneira Co.

    356,903       5,239,336  

Mission Produce Inc.(a)

    842,924       10,662,989  

Sanderson Farms Inc.

    456,218       85,536,313  

Seneca Foods Corp., Class A(a)

    140,012       7,216,219  

Simply Good Foods Co. (The)(a)(b)

    1,932,735       73,347,293  

Sovos Brands Inc.(a)(b)

    569,708       8,078,459  

Tattooed Chef Inc.(a)(b)

    1,071,250       13,476,325  

Tootsie Roll Industries Inc.

    346,008       12,096,452  

TreeHouse Foods Inc.(a)(b)

    1,185,910       38,257,457  

Utz Brands Inc.

    1,352,995       19,997,266  

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

    214,479       1,921,732  

Vital Farms Inc.(a)(b)

    563,619       6,966,331  

Whole Earth Brands Inc.(a)(b)

    849,939       6,085,563  
   

 

 

 
      630,238,691  
Gas Utilities — 1.1%            

Brookfield Infrastructure Corp., Class A

    1,435,837       108,319,543  

Chesapeake Utilities Corp.

    376,592       51,879,314  

New Jersey Resources Corp.

    2,193,402       100,589,416  

Northwest Natural Holding Co.

    705,525       36,489,753  

ONE Gas Inc.

    1,197,178       105,638,987  

South Jersey Industries Inc.

    2,328,159       80,437,893  

Southwest Gas Holdings Inc.

    1,491,747       116,788,873  

Spire Inc.

    1,149,815       82,510,724  
   

 

 

 
      682,654,503  
Health Care Equipment & Supplies — 3.5%            

Accelerate Diagnostics Inc.(a)(b)

    749,858       1,079,796  

Accuray Inc.(a)(b)

    2,077,903       6,877,859  

Acutus Medical Inc.(a)(b)

    431,036       599,140  

Alphatec Holdings Inc.(a)(b)

    1,595,583       18,349,204  

AngioDynamics Inc.(a)(b)

    848,702       18,281,041  

Apyx Medical Corp.(a)(b)

    710,791       4,641,465  

Artivion Inc.(a)(b)

    865,026       18,494,256  

Asensus Surgical Inc.(a)(b)

    5,356,633       3,357,538  

Aspira Women’s Health Inc.(a)(b)

    1,652,492       1,718,592  

AtriCure Inc.(a)(b)

    1,021,761       67,099,045  

Atrion Corp.

    31,480       22,445,240  

Avanos Medical Inc.(a)(b)

    1,087,752       36,439,692  

Axogen Inc.(a)(b)

    866,988       6,883,885  

Axonics Inc.(a)(b)

    1,047,639       65,582,201  

BioLife Solutions Inc.(a)

    249,066       5,661,270  

Bioventus Inc., Class A(a)

    630,445       8,889,274  

Butterfly Network Inc.(a)(b)

    2,839,430       13,515,687  

Cardiovascular Systems Inc.(a)

    894,668       20,219,497  

Cerus Corp.(a)(b)

    3,861,884       21,201,743  

ClearPoint Neuro Inc.(a)(b)

    427,703       4,452,388  

 

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

  75


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

CONMED Corp.

    658,671     $ 97,845,577  

CryoPort Inc.(a)(b)

    920,225       32,125,055  

Cue Health Inc.(a)(b)

    352,459       2,273,361  

Cutera Inc.(a)(b)

    396,503       27,358,707  

CVRx Inc.(a)(b)

    184,148       1,103,047  

CytoSorbents Corp.(a)(b)

    905,368       2,888,124  

DarioHealth Corp.(a)(b)

    306,410       1,789,434  

Eargo Inc.(a)(b)

    791,067       4,184,744  

Glaukos Corp.(a)(b)

    1,034,961       59,841,445  

Haemonetics Corp.(a)(b)

    1,136,516       71,850,542  

Heska Corp.(a)

    221,290       30,599,981  

Inari Medical Inc.(a)(b)

    776,937       70,421,570  

Inogen Inc.(a)(b)

    441,517       14,313,981  

Integer Holdings Corp.(a)

    748,558       60,311,318  

Intersect ENT Inc.(a)

    752,957       21,090,326  

Invacare Corp.(a)

    755,711       1,065,552  

iRadimed Corp.

    144,155       6,463,910  

iRhythm Technologies Inc.(a)(b)

    668,504           105,269,325  

Lantheus Holdings Inc.(a)

    1,524,790       84,336,135  

LeMaitre Vascular Inc.

    425,918       19,792,409  

LivaNova PLC(a)(b)

    1,207,959       98,847,285  

Meridian Bioscience Inc.(a)(b)

    965,427       25,062,485  

Merit Medical Systems Inc.(a)

    1,160,295       77,182,823  

Mesa Laboratories Inc.(b)

    111,908       28,523,111  

Natus Medical Inc.(a)(b)

    760,163       19,977,084  

Neogen Corp.(a)(b)

    2,453,251       75,658,261  

Neuronetics Inc.(a)(b)

    573,409       1,737,429  

NeuroPace Inc.(a)(b)

    158,303       1,299,668  

Nevro Corp.(a)(b)

    779,667       56,393,314  

NuVasive Inc.(a)(b)

    1,172,280       66,468,276  

OraSure Technologies Inc.(a)(b)

    1,638,998       11,112,406  

Ortho Clinical Diagnostics Holdings PLC(a)

    2,719,447       50,744,881  

Orthofix Medical Inc.(a)(b)

    426,644       13,951,259  

OrthoPediatrics Corp.(a)(b)

    315,366       17,026,610  

Outset Medical Inc.(a)(b)

    1,065,981       48,395,537  

Paragon 28 Inc.(a)(b)

    194,792       3,260,818  

PAVmed Inc.(a)(b)

    1,644,836       2,171,184  

PROCEPT BioRobotics Corp.(a)(b)

    170,004       5,948,440  

Pulmonx Corp.(a)(b)

    611,394       15,168,685  

Pulse Biosciences Inc.(a)(b)

    302,979       1,472,478  

Quotient Ltd.(a)(b)

    1,783,655       2,140,386  

Retractable Technologies Inc.(a)(b)

    395,722       1,879,679  

RxSight Inc.(a)(b)

    355,736       4,404,012  

SeaSpine Holdings Corp.(a)(b)

    721,723       8,776,152  

Senseonics Holdings Inc.(a)(b)

    9,786,472       19,279,350  

Shockwave Medical Inc.(a)(b)

    764,774       158,583,537  

SI-BONE Inc.(a)(b)

    756,079       17,087,385  

Sientra Inc.(a)(b)

    1,306,806       2,901,109  

Sight Sciences Inc.(a)(b)

    476,310       5,506,144  

Silk Road Medical Inc.(a)(b)

    782,969       32,328,790  

STAAR Surgical Co.(a)(b)

    1,076,592       86,030,467  

Stereotaxis Inc.(a)(b)

    1,129,270       4,212,177  

Surmodics Inc.(a)

    307,428       13,935,711  

Tactile Systems Technology Inc.(a)(b)

    435,818       8,786,091  

Talis Biomedical Corp.(a)(b)

    328,396       463,038  

TransMedics Group Inc.(a)(b)

    592,391       15,959,014  

Treace Medical Concepts Inc.(a)(b)

    673,572       12,737,247  

UFP Technologies Inc.(a)(b)

    157,378       10,413,702  

Utah Medical Products Inc.

    76,563       6,879,951  

Vapotherm Inc.(a)(b)

    519,485       7,220,841  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Varex Imaging Corp.(a)(b)

    874,238     $ 18,612,527  

ViewRay Inc.(a)(b)

    3,133,878       12,284,802  

Zynex Inc.(b)

    531,830       3,313,301  
   

 

 

 
      2,134,850,803  
Health Care Providers & Services — 3.0%            

1Life Healthcare Inc.(a)(b)

    2,625,699       29,092,745  

Accolade Inc.(a)(b)

    1,174,852       20,630,401  

AdaptHealth Corp.(a)(b)

    1,622,300       26,005,469  

Addus HomeCare Corp.(a)

    352,002       32,838,267  

Agiliti Inc.(a)(b)

    530,950       11,203,045  

AirSculpt Technologies Inc.(a)(b)

    73,985       1,012,115  

Alignment Healthcare Inc.(a)(b)

    1,822,102       20,462,206  

AMN Healthcare Services Inc.(a)

    1,065,089       111,120,735  

Apollo Medical Holdings Inc.(a)(b)

    854,970       41,440,396  

Aveanna Healthcare Holdings Inc.(a)(b)

    879,479       2,999,023  

Biodesix Inc.(a)(b)

    279,180       471,814  

Brookdale Senior Living Inc.(a)(b)

    4,174,784       29,432,227  

Castle Biosciences Inc.(a)(b)

    480,114       21,537,914  

Community Health Systems Inc.(a)

    2,814,318       33,405,955  

Contra Zogenix Inc., NVS(b)

    1,280,909       871,018  

CorVel Corp.(a)

    196,436       33,087,680  

Covetrus Inc.(a)(b)

    2,348,807       39,436,470  

Cross Country Healthcare Inc.(a)(b)

    796,664       17,263,709  

Ensign Group Inc. (The)

    1,190,312       107,139,983  

Fulgent Genetics Inc.(a)(b)

    476,197       29,719,455  

Hanger Inc.(a)

    840,680       15,409,664  

HealthEquity Inc.(a)(b)

    1,848,003       124,629,322  

InfuSystem Holdings Inc.(a)(b)

    407,585       3,994,333  

Innovage Holding Corp.(a)(b)

    416,654       2,674,919  

Invitae Corp.(a)(b)

    4,522,022       36,040,515  

Joint Corp. (The)(a)

    315,210       11,155,282  

LHC Group Inc.(a)(b)

    691,196       116,535,646  

LifeStance Health Group Inc.(a)(b)

    1,595,473       16,130,232  

MEDNAX Inc.(a)(b)

    1,708,319       40,111,330  

ModivCare Inc.(a)

    280,692       32,389,050  

National HealthCare Corp.

    288,961       20,293,731  

National Research Corp.

    308,751       12,241,977  

Ontrak Inc.(a)(b)

    200,703       454,592  

Option Care Health Inc.(a)(b)

    3,585,186       102,392,912  

Owens & Minor Inc.(b)

    1,640,433       72,211,861  

Patterson Companies Inc.

    1,940,371       62,809,809  

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

    583,533       10,871,220  

PetIQ Inc.(a)(b)

    607,573       14,824,781  

Privia Health Group Inc.(a)(b)

    924,984       24,724,822  

Progyny Inc.(a)(b)

    1,451,672       74,615,941  

R1 RCM Inc.(a)(b)

    2,681,718       71,762,774  

RadNet Inc.(a)(b)

    1,027,758       22,990,947  

Select Medical Holdings Corp.

    2,500,064       59,976,535  

Sharps Compliance Corp.(a)(b)

    326,527       1,926,509  

SOC Telemed Inc.(a)

    1,368,788       4,092,676  

Surgery Partners Inc.(a)(b)

    766,941       42,220,102  

Tenet Healthcare Corp.(a)

    2,399,587       206,268,499  

Tivity Health Inc.(a)

    997,026       32,074,326  

U.S. Physical Therapy Inc.(b)

    290,074       28,847,859  

Viemed Healthcare Inc.(a)(b)

    826,053       4,113,744  
   

 

 

 
          1,877,956,537  
Health Care Technology — 1.0%            

Allscripts Healthcare Solutions Inc.(a)(b)

    2,734,032       61,570,401  

American Well Corp., Class A(a)(b)

    4,148,505       17,465,206  

 

76  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Technology (continued)

   

Computer Programs & Systems Inc.(a)(b)

    320,632     $ 11,045,772  

Convey Health Solutions Holdings Inc.(a)(b)

    304,787       1,993,307  

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

    1,808,947       58,428,988  

Forian Inc.(a)(b)

    412,540       2,871,278  

Health Catalyst Inc.(a)(b)

    1,209,301       31,599,035  

HealthStream Inc.(a)

    578,212       11,517,983  

Icad Inc.(a)(b)

    497,811       2,220,237  

Inspire Medical Systems Inc.(a)(b)

    610,071       156,599,125  

Multiplan Corp.(a)(b)

    7,438,990       34,814,473  

NantHealth Inc.(a)(b)

    644,699       485,845  

NextGen Healthcare Inc.(a)

    1,279,532       26,755,014  

Omnicell Inc.(a)(b)

    991,185       128,348,546  

OptimizeRx Corp.(a)

    389,281       14,679,787  

Phreesia Inc.(a)(b)

    1,124,973       29,654,288  

Schrodinger Inc.(a)(b)

    1,029,360       35,121,763  

Simulations Plus Inc.(b)

    347,772       17,729,417  

Tabula Rasa HealthCare Inc.(a)(b)

    510,919       2,942,894  
   

 

 

 
      645,843,359  
Hotels, Restaurants & Leisure — 2.4%            

Accel Entertainment Inc.(a)(b)

    1,270,547       15,475,262  

Bally’s Corp.(a)(b)

    754,783       23,202,029  

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

    18,482       2,672,682  

BJ’s Restaurants Inc.(a)

    522,559       14,788,420  

Bloomin’ Brands Inc.

    2,007,677       44,048,433  

Bluegreen Vacations Holding Corp.(a)(b)

    326,583       9,657,059  

Brinker International Inc.(a)(b)

    1,008,825       38,496,762  

Carrols Restaurant Group Inc.

    762,918       1,724,195  

Century Casinos Inc.(a)(b)

    604,431       7,222,950  

Cheesecake Factory Inc. (The)(a)(b)

    1,031,459       41,041,754  

Chuy’s Holdings Inc.(a)(b)

    456,646       12,329,442  

Cracker Barrel Old Country Store Inc.

    538,975       63,992,502  

Dave & Buster’s Entertainment Inc.(a)

    994,605       48,835,106  

Denny’s Corp.(a)(b)

    1,382,627       19,785,392  

Dine Brands Global Inc.

    368,430       28,719,119  

Drive Shack Inc.(a)(b)

    1,924,359       2,963,513  

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

    440,916       5,123,444  

Esports Technologies Inc.(a)(b)

    250,502       1,688,383  

Everi Holdings Inc.(a)(b)

    1,936,032       40,656,672  

F45 Training Holdings Inc.(a)(b)

    694,063       7,426,474  

Fiesta Restaurant Group Inc.(a)

    393,015       2,937,787  

First Watch Restaurant Group Inc.(a)

    226,098       2,950,579  

Full House Resorts Inc.(a)(b)

    751,849       7,225,269  

GAN Ltd.(a)(b)

    919,699       4,432,949  

Golden Entertainment Inc.(a)(b)

    382,577       22,216,246  

Golden Nugget Online Gaming Inc.(a)(b)

    899,826       6,397,763  

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

    1,255,823       1,393,964  

Hilton Grand Vacations Inc.(a)(b)

    1,937,330         100,760,533  

International Game Technology PLC

    2,263,938       55,873,990  

Jack in the Box Inc.

    480,624       44,895,088  

Krispy Kreme Inc.(b)

    1,858,624       27,600,566  

Kura Sushi USA Inc., Class A(a)(b)

    101,293       5,586,309  

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

    879,817       12,792,539  

Lindblad Expeditions Holdings Inc.(a)(b)

    699,340       10,546,047  

Monarch Casino & Resort Inc.(a)(b)

    297,604       25,959,997  

Nathan’s Famous Inc.

    61,757       3,345,377  

NEOGAMES SA(a)

    227,937       3,517,068  

Noodles & Co.(a)(b)

    924,458       5,519,014  

ONE Group Hospitality Inc. (The)(a)

    465,950       4,897,135  

Papa John’s International Inc.

    746,391       78,580,044  

PlayAGS Inc.(a)(b)

    624,559       4,165,809  
Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

   

Portillo’s Inc., Class A(a)(b)

    525,416     $ 12,904,217  

RCI Hospitality Holdings Inc.(b)

    199,678       12,272,210  

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

    364,698       6,148,808  

Red Rock Resorts Inc., Class A

    1,211,521       58,831,460  

Rush Street Interactive Inc.(a)(b)

    1,213,988       8,825,693  

Ruth’s Hospitality Group Inc.

    769,447       17,604,947  

Scientific Games Corp./DE, Class A(a)

    2,175,661       127,820,084  

SeaWorld Entertainment Inc.(a)(b)

    1,139,872       84,852,072  

Shake Shack Inc., Class A(a)(b)

    847,858       57,569,558  

Sweetgreen Inc.(a)

    251,770       8,054,122  

Target Hospitality Corp.(a)(b)

    567,198       3,403,188  

Texas Roadhouse Inc.

    1,583,400       132,578,082  

Wingstop Inc.

    673,025       78,979,484  

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

    264,799       6,206,889  
   

 

 

 
          1,477,494,480  
Household Durables — 1.6%            

Aterian Inc.(a)(b)

    591,277       1,436,803  

Bassett Furniture Industries Inc.

    222,292       3,681,155  

Beazer Homes USA Inc.(a)(b)

    670,126       10,199,318  

Cavco Industries Inc.(a)

    208,346       50,180,134  

Century Communities Inc.

    676,621       36,246,587  

Ethan Allen Interiors Inc.

    548,422       14,297,361  

Flexsteel Industries Inc.

    152,387       2,941,069  

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

    2,877,334       24,543,659  

Green Brick Partners Inc.(a)(b)

    691,249       13,659,080  

Hamilton Beach Brands Holding Co., Class A

    170,311       1,980,717  

Helen of Troy Ltd.(a)(b)

    544,677       106,669,544  

Hooker Furnishings Corp.

    263,706       4,994,592  

Hovnanian Enterprises Inc., Class A(a)(b)

    116,347       6,876,108  

Installed Building Products Inc.

    535,142       45,214,148  

iRobot Corp.(a)(b)

    603,739       38,277,053  

KB Home

    1,792,197       58,031,339  

Landsea Homes Corp.(a)(b)

    242,202       2,070,827  

La-Z-Boy Inc.

    994,654       26,229,026  

Legacy Housing Corp.(a)(b)

    185,211       3,974,628  

LGI Homes Inc.(a)(b)

    483,839       47,261,393  

Lifetime Brands Inc.

    292,167       3,751,424  

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

    289,038       15,625,394  

M/I Homes Inc.(a)

    642,699       28,503,701  

MDC Holdings Inc.

    1,289,281       48,786,393  

Meritage Homes Corp.(a)

    830,641       65,811,686  

Purple Innovation Inc., Class A(a)(b)

    1,296,817       7,586,379  

Skyline Champion Corp.(a)(b)

    1,180,584       64,790,450  

Snap One Holdings Corp.(a)(b)

    402,445       5,936,064  

Sonos Inc.(a)(b)

    2,890,570       81,571,885  

Taylor Morrison Home Corp.(a)(b)

    2,702,105       73,551,298  

Traeger Inc.(a)(b)

    673,306       5,009,397  

Tri Pointe Homes Inc.(a)(b)

    2,480,785       49,814,163  

Tupperware Brands Corp.(a)(b)

    1,121,350       21,810,257  

Universal Electronics Inc.(a)

    293,596       9,171,939  

VOXX International Corp.(a)(b)

    367,748       3,666,448  

Vuzix Corp.(a)(b)

    1,336,703       8,822,240  

Weber Inc., Class A(b)

    445,796       4,382,175  
   

 

 

 
      997,355,834  
Household Products — 0.3%            

Central Garden & Pet Co.(a)(b)

    221,669       9,744,569  

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

    927,584       37,826,876  

Energizer Holdings Inc.

    1,518,232       46,700,816  

Oil-Dri Corp. of America

    123,503       3,538,361  

 

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

  77


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Household Products (continued)

   

WD-40 Co.(b)

    308,827     $ 56,586,371  
   

 

 

 
      154,396,993  
Independent Power and Renewable Electricity Producers — 0.4%  

Clearway Energy Inc., Class A

    799,864       26,651,469  

Clearway Energy Inc., Class C

    1,838,797       67,134,478  

Ormat Technologies Inc.

    1,024,023       83,795,802  

Sunnova Energy International Inc.(a)(b)

    1,948,173       44,924,869  
   

 

 

 
      222,506,618  
Insurance — 1.9%            

Ambac Financial Group Inc.(a)

    1,071,027       11,138,681  

American Equity Investment Life Holding Co.

    1,880,224       75,039,740  

American National Group Inc.

    171,478       32,424,775  

AMERISAFE Inc.

    447,032       22,204,080  

Argo Group International Holdings Ltd.

    723,733       29,875,698  

Bright Health Group Inc.(a)(b)

    5,773,045       11,141,977  

BRP Group Inc., Class A(a)

    1,101,804       29,561,401  

Citizens Inc./TX(a)(b)

    1,189,233       5,042,348  

CNO Financial Group Inc.

    2,765,620       69,389,406  

Crawford & Co., Class A, NVS

    372,374       2,815,148  

Donegal Group Inc., Class A

    335,979       4,505,478  

eHealth Inc.(a)(b)

    568,839       7,059,292  

Employers Holdings Inc.

    621,467       25,492,576  

Enstar Group Ltd.(a)(b)

    285,018       74,432,451  

Genworth Financial Inc., Class A(a)

    11,078,471       41,876,620  

Goosehead Insurance Inc., Class A

    412,099       32,378,619  

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

    609,095       4,306,302  

HCI Group Inc.

    127,398       8,685,996  

Heritage Insurance Holdings Inc.

    628,660       4,488,632  

Horace Mann Educators Corp.

    911,757       38,138,795  

Investors Title Co.

    29,547       6,004,246  

James River Group Holdings Ltd.

    817,834       20,233,213  

Kinsale Capital Group Inc.(b)

    488,268       111,334,869  

Maiden Holdings Ltd.(a)(b)

    1,589,856       3,831,553  

MBIA Inc.(a)(b)

    1,072,970       16,513,008  

MetroMile Inc.(a)(b)

    2,162,279       2,854,208  

National Western Life Group Inc., Class A(b)

    61,822       13,007,349  

NI Holdings Inc.(a)(b)

    201,968       3,425,377  

Palomar Holdings Inc.(a)(b)

    560,006       35,834,784  

ProAssurance Corp.

    1,159,638       31,171,070  

RLI Corp.

    913,634       101,075,329  

Safety Insurance Group Inc.

    319,405       29,017,944  

Selective Insurance Group Inc.

    1,354,206       121,011,848  

Selectquote Inc.(a)(b)

    3,090,138       8,621,485  

SiriusPoint Ltd.(a)

    2,085,401       15,598,800  

Stewart Information Services Corp.

    583,144       35,344,358  

Tiptree Inc.

    528,929       6,796,738  

Trean Insurance Group Inc.(a)(b)

    418,848       1,964,397  

Trupanion Inc.(a)(b)

    867,974       77,353,843  

United Fire Group Inc.

    473,687       14,717,455  

United Insurance Holdings Corp.

    525,369       1,738,971  

Universal Insurance Holdings Inc.

    658,674       8,885,512  
   

 

 

 
          1,196,334,372  
Interactive Media & Services — 0.6%            

Cargurus Inc.(a)(b)

    2,160,863       91,750,243  

Cars.com Inc.(a)

    1,559,393       22,502,041  

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

    1,750,369       25,852,950  

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

    431,878       6,987,786  

fuboTV Inc.(a)(b)

    3,037,527       19,956,552  

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

    1,704,666       3,494,565  
Security   Shares     Value  

Interactive Media & Services (continued)

   

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

    475,290     $ 7,866,050  

Outbrain Inc.(a)(b)

    487,564       5,231,562  

QuinStreet Inc.(a)(b)

    1,128,369       13,089,080  

TrueCar Inc.(a)(b)

    2,148,010       8,484,639  

Yelp Inc.(a)(b)

    1,625,688       55,452,218  

Ziff Davis Inc.(a)(b)

    982,933       95,128,256  
   

 

 

 
      355,795,942  
Internet & Direct Marketing Retail — 0.4%            

1-800-Flowers.com Inc., Class A(a)(b)

    612,431       7,814,620  

1stdibs.com Inc.(a)(b)

    423,058       3,380,233  

aka Brands Holding Corp.(a)(b)

    160,636       710,011  

CarParts.com Inc.(a)(b)

    1,115,096       7,471,143  

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

    275,989       3,375,345  

Groupon Inc.(a)(b)

    542,504       10,432,352  

Lands’ End Inc.(a)(b)

    329,081       5,568,051  

Liquidity Services Inc.(a)

    534,401       9,148,945  

Lulu’s Fashion Lounge Holdings Inc.(a)(b)

    20,393       138,265  

Overstock.com Inc.(a)(b)

    972,496       42,794,687  

PetMed Express Inc.

    455,161       11,743,154  

Porch Group Inc.(a)(b)

    1,763,437       12,247,070  

Quotient Technology Inc.(a)(b)

    2,104,181       13,424,675  

RealReal Inc. (The)(a)(b)

    1,781,367       12,932,724  

Rent the Runway Inc.(a)(b)

    437,999       3,017,813  

Revolve Group Inc.(a)(b)

    808,678       43,417,922  

Shutterstock Inc.

    527,855       49,132,743  

Stitch Fix Inc., Class A(a)(b)

    1,839,488       18,523,644  

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

    551,455       20,265,971  
   

 

 

 
          275,539,368  
IT Services — 1.5%            

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

    1,097,103       24,037,527  

Brightcove Inc.(a)(b)

    916,154       7,146,001  

Cantaloupe Inc.(a)(b)

    1,324,864       8,969,329  

Cass Information Systems Inc.

    325,123       12,000,290  

Conduent Inc.(a)(b)

    3,818,779       19,704,900  

CSG Systems International Inc.

    732,202       46,546,081  

DigitalOcean Holdings Inc.(a)(b)

    1,145,830       66,286,265  

EVERTEC Inc.

    1,371,804       56,147,938  

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

    1,075,499       24,833,272  

ExlService Holdings Inc.(a)(b)

    744,226       106,625,259  

Flywire Corp.(a)(b)

    1,272,190       38,903,570  

GreenBox POS(a)(b)

    409,276       1,727,145  

Grid Dynamics Holdings Inc.(a)(b)

    1,008,966       14,206,241  

Hackett Group Inc. (The)

    539,826       12,448,388  

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

    471,874       13,146,410  

IBEX Holdings Ltd.(a)

    128,784       2,052,817  

International Money Express Inc.(a)

    727,733       14,998,577  

Limelight Networks Inc.(a)(b)

    2,835,910       14,803,450  

LiveRamp Holdings Inc.(a)(b)

    1,501,642       56,146,394  

Maximus Inc.

    1,402,881       105,145,931  

MoneyGram International Inc.(a)(b)

    2,036,651       21,507,035  

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

    1,877,681       11,003,211  

Perficient Inc.(a)(b)

    733,707       80,773,804  

Priority Technology Holdings Inc.(a)(b)

    226,773       1,303,945  

Rackspace Technology Inc.(a)(b)

    1,237,324       13,808,536  

Remitly Global Inc.(a)(b)

    267,601       2,641,222  

Repay Holdings Corp.(a)(b)

    1,951,548       28,824,364  

StarTek Inc.(a)(b)

    382,189       1,693,097  

TTEC Holdings Inc.

    417,949       34,489,151  

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

    216,460       14,784,218  

 

78  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

IT Services (continued)

   

Unisys Corp.(a)(b)

    1,480,309     $ 31,989,477  

Verra Mobility Corp.(a)(b)

    3,390,179       55,192,114  
   

 

 

 
      943,885,959  
Leisure Products — 0.5%            

Acushnet Holdings Corp.

    768,210       30,928,135  

American Outdoor Brands Inc.(a)(b)

    330,051       4,333,570  

AMMO Inc.(a)(b)

    1,977,910       9,493,968  

Callaway Golf Co.(a)

    2,604,879       61,006,266  

Clarus Corp.(b)

    604,061       13,760,509  

Escalade Inc.

    227,460       3,002,472  

Genius Brands International Inc.(a)(b)

    6,424,263       6,552,748  

Johnson Outdoors Inc., Class A

    116,803       9,079,097  

Latham Group Inc.(a)(b)

    954,513       12,637,752  

Malibu Boats Inc., Class A(a)(b)

    463,785       26,904,168  

Marine Products Corp.

    187,151       2,161,594  

MasterCraft Boat Holdings Inc.(a)(b)

    429,189       10,562,341  

Nautilus Inc.(a)(b)

    695,906       2,867,133  

Smith & Wesson Brands Inc.

    1,058,145       16,009,734  

Solo Brands Inc., Class A(a)(b)

    297,637       2,538,844  

Sturm Ruger & Co. Inc.

    386,019       26,874,643  

Vista Outdoor Inc.(a)

    1,284,605       45,847,552  
   

 

 

 
      284,560,526  
Life Sciences Tools & Services — 0.6%            

Absci Corp.(a)(b)

    1,213,109       10,226,509  

Aduro Biotech Inc., NVS(b)(c)

    272,340       817,020  

Akoya Biosciences Inc.(a)(b)

    274,031       3,011,601  

Alpha Teknova Inc.(a)(b)

    157,626       2,176,815  

Berkeley Lights Inc.(a)(b)

    1,100,737       7,826,240  

BioNano Genomics Inc.(a)(b)

    6,526,761       16,839,043  

ChromaDex Corp.(a)(b)

    1,066,104       2,622,616  

Codex DNA Inc.(a)(b)

    175,548       942,693  

Codexis Inc.(a)(b)

    1,355,267       27,945,606  

Cytek Biosciences Inc.(a)(b)

    2,148,044       23,155,914  

Fluidigm Corp.(a)(b)

    1,719,212       6,171,971  

Harvard Bioscience Inc.(a)(b)

    882,024       5,477,369  

Inotiv Inc.(a)(b)

    390,662       10,227,531  

IsoPlexis Corp(a)(b)

    24,280       83,280  

MaxCyte Inc.(a)(b)

    2,222,793       15,537,323  

Medpace Holdings Inc.(a)(b)

    654,468       107,064,420  

NanoString Technologies Inc.(a)(b)

    1,026,028       35,654,473  

NeoGenomics Inc.(a)(b)

    2,557,487       31,073,467  

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

    4,388,535       39,935,668  

Personalis Inc.(a)(b)

    847,167       6,938,298  

Quanterix Corp.(a)(b)

    695,393       20,298,522  

Rapid Micro Biosystems Inc., Cass A(a)(b)

    318,449       2,162,269  

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

    939,903       14,324,122  

Singular Genomics Systems Inc.(a)(b)

    1,024,124       6,462,222  
   

 

 

 
          396,974,992  
Machinery — 3.7%            

AgEagle Aerial Systems Inc.(a)(b)

    1,517,221       1,805,493  

Alamo Group Inc.

    224,210       32,239,156  

Albany International Corp., Class A

    700,971       59,105,875  

Altra Industrial Motion Corp.

    1,474,657       57,408,397  

Astec Industries Inc.

    513,950       22,099,850  

Barnes Group Inc.

    1,076,383       43,259,833  

Blue Bird Corp.(a)(b)

    391,535       7,368,689  

Chart Industries Inc.(a)(b)

    828,227       142,264,552  

CIRCOR International Inc.(a)(b)

    420,836       11,202,654  

Columbus McKinnon Corp./NY(b)

    625,858       26,536,379  
Security   Shares     Value  

Machinery (continued)

   

Commercial Vehicle Group Inc.(a)(b)

    728,612     $ 6,156,771  

Desktop Metal Inc., Class A(a)

    4,292,281       20,345,412  

Douglas Dynamics Inc.

    514,932       17,811,498  

Energy Recovery Inc.(a)(b)

    931,233       18,755,033  

Enerpac Tool Group Corp.(b)

    1,365,266       29,885,673  

EnPro Industries Inc.

    468,571       45,793,444  

ESCO Technologies Inc.

    576,993       40,343,351  

Evoqua Water Technologies Corp.(a)(b)

    2,614,119       122,811,311  

Federal Signal Corp.

    1,371,296       46,281,240  

Franklin Electric Co. Inc.

    1,053,222       87,459,555  

Gorman-Rupp Co. (The)

    502,499       18,029,664  

Greenbrier Companies Inc. (The)

    714,505       36,804,153  

Helios Technologies Inc.

    727,994       58,421,518  

Hillenbrand Inc.

    1,651,316       72,938,628  

Hydrofarm Holdings Group Inc.(a)(b)

    920,686       13,948,393  

Hyliion Holdings Corp.(a)(b)

    2,651,166       11,744,665  

Hyster-Yale Materials Handling Inc.

    228,032       7,572,943  

Ideanomics Inc.(a)(b)

    10,990,853       12,309,755  

John Bean Technologies Corp.

    708,062       83,884,105  

Kadant Inc.(b)

    258,258       50,151,121  

Kennametal Inc.

    1,906,529       54,545,795  

Lindsay Corp.

    245,645       38,568,721  

Luxfer Holdings PLC

    619,618       10,409,582  

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

    794,416       11,979,793  

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

    203,999       1,911,471  

Meritor Inc.(a)(b)

    1,529,035       54,387,775  

Miller Industries Inc./TN

    250,450       7,052,672  

Mueller Industries Inc.

    1,265,260       68,539,134  

Mueller Water Products Inc., Class A

    3,541,685       45,758,570  

Nikola Corp.(a)(b)

    5,144,802       55,100,829  

NN Inc.(a)(b)

    996,276       2,869,275  

Omega Flex Inc.

    70,528       9,159,471  

Park-Ohio Holdings Corp.

    185,860       2,615,050  

Proto Labs Inc.(a)(b)

    627,648       33,202,579  

RBC Bearings Inc.(a)(b)

    633,060       122,737,673  

REV Group Inc.

    753,645       10,098,843  

Shyft Group Inc. (The)(b)

    799,801       28,880,814  

SPX Corp.(a)

    989,053       48,869,109  

SPX FLOW Inc.

    948,280       81,760,702  

Standex International Corp.

    268,884       26,866,889  

Tennant Co.

    415,850       32,768,980  

Terex Corp.

    1,571,571       56,042,222  

Titan International Inc.(a)

    1,157,525       17,050,343  

Trinity Industries Inc.

    1,740,154       59,791,691  

Wabash National Corp.

    1,101,726       16,349,614  

Watts Water Technologies Inc., Class A

    621,887       86,809,206  

Welbilt Inc.(a)(b)

    2,951,929       70,108,314  
   

 

 

 
          2,258,974,228  
Marine — 0.3%            

Costamare Inc.

    1,211,052       20,648,436  

Eagle Bulk Shipping Inc.

    202,079       13,763,601  

Genco Shipping & Trading Ltd.

    715,676       16,904,267  

Matson Inc.

    938,910       113,251,324  

Safe Bulkers Inc.(b)

    1,435,488       6,832,923  
   

 

 

 
      171,400,551  
Media — 1.0%            

Advantage Solutions Inc.(a)(b)

    1,745,755       11,137,917  

AMC Networks Inc., Class A(a)(b)

    664,857       27,013,140  

Audacy Inc(a)

    2,666,957       7,707,506  

 

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

  79


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Media (continued)

   

Boston Omaha Corp., Class A(a)(b)

    450,022     $ 11,417,058  

Cardlytics Inc.(a)(b)

    731,928       40,241,401  

Clear Channel Outdoor Holdings Inc.(a)(b)

    8,214,068       28,420,675  

comScore Inc.(a)

    1,598,087       4,650,433  

Daily Journal Corp.(a)(b)

    27,736       8,653,355  

Digital Media Solutions Inc., Class A(a)(b)

    68,472       249,238  

Emerald Holding Inc.(a)(b)

    601,829       2,046,219  

Entravision Communications Corp., Class A

    1,384,462       8,874,401  

EW Scripps Co. (The), Class A(a)

    1,303,253       27,094,630  

Fluent Inc.(a)(b)

    1,008,870       2,098,450  

Gannett Co. Inc.(a)(b)

    3,186,408       14,370,700  

Gray Television Inc.

    1,931,949       42,638,114  

Hemisphere Media Group Inc.(a)(b)

    362,289       1,655,661  

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

    2,542,385       48,127,348  

Integral Ad Science Holding Corp.(a)

    702,323       9,692,057  

John Wiley & Sons Inc., Class A

    978,983       51,915,469  

Magnite Inc.(a)(b)

    2,942,089       38,864,996  

National CineMedia Inc.

    1,364,069       3,464,735  

Scholastic Corp.

    602,316       24,261,289  

Sinclair Broadcast Group Inc., Class A

    1,047,814       29,359,748  

Stagwell Inc.(a)(b)

    1,418,185       10,267,659  

TechTarget Inc.(a)(b)

    593,970       48,277,882  

TEGNA Inc.

    4,995,439       111,897,834  

Thryv Holdings Inc.(a)(b)

    172,560       4,852,387  

WideOpenWest Inc.(a)(b)

    1,165,030       20,318,123  
   

 

 

 
          639,568,425  
Metals & Mining — 1.5%            

Allegheny Technologies Inc.(a)(b)

    2,866,202       76,928,862  

Arconic Corp.(a)(b)

    2,404,262       61,597,192  

Carpenter Technology Corp.

    1,075,537       45,151,043  

Century Aluminum Co.(a)(b)

    1,162,556       30,586,848  

Coeur Mining Inc.(a)(b)

    5,769,473       25,674,155  

Commercial Metals Co.

    2,702,213       112,466,105  

Compass Minerals International Inc.

    771,857       48,464,901  

Constellium SE(a)

    2,808,016       50,544,288  

Ferroglobe PLC

    1,289,900       13  

Gatos Silver Inc.(a)(b)

    1,045,036       4,514,556  

Haynes International Inc.

    281,194       11,978,864  

Hecla Mining Co.

    12,012,667       78,923,222  

Kaiser Aluminum Corp.

    355,968       33,517,947  

Materion Corp.

    458,143       39,281,181  

MP Materials Corp.(a)(b)

    1,714,293       98,297,561  

NovaGold Resources Inc.(a)(b)

    5,344,777       41,315,126  

Olympic Steel Inc.

    220,343       8,474,392  

Perpetua Resources Corp.(a)

    609,192       2,497,687  

PolyMet Mining Corp.(a)(b)

    656,234       2,749,621  

Ryerson Holding Corp.

    370,767       12,984,260  

Schnitzer Steel Industries Inc., Class A

    579,753       30,112,371  

SunCoke Energy Inc.

    1,907,049       16,991,807  

TimkenSteel Corp.(a)(b)

    1,029,556       22,526,685  

Warrior Met Coal Inc.

    1,153,696       42,813,659  

Worthington Industries Inc.

    744,147       38,256,597  
   

 

 

 
      936,648,943  
Mortgage Real Estate Investment — 1.3%            

AFC Gamma Inc.

    292,542       5,593,403  

Angel Oak Mortgage Inc.

    210,462       3,453,681  

Apollo Commercial Real Estate Finance Inc.

    3,162,716       44,056,634  

Arbor Realty Trust Inc.

    3,227,807       55,066,387  

Ares Commercial Real Estate Corp.

    985,039       15,287,805  
Security   Shares      Value  

Mortgage Real Estate Investment (continued)

 

ARMOUR Residential REIT Inc.

    1,991,590      $ 16,729,356  

Blackstone Mortgage Trust Inc., Class A

    3,547,576        112,777,441  

BrightSpire Capital Inc.

    1,912,585        17,691,411  

Broadmark Realty Capital Inc.

    2,897,616        25,064,378  

Chicago Atlantic Real Estate Finance Inc., NVS

    99,615        1,766,174  

Chimera Investment Corp.

    5,316,197        64,007,012  

Dynex Capital Inc.

    830,696        13,457,275  

Ellington Financial Inc.

    1,209,290        21,464,898  

Franklin BSP Realty Trust Inc.

    739,182        10,333,764  

Granite Point Mortgage Trust Inc.

    1,292,761        14,375,502  

Great Ajax Corp.

    512,026        6,006,065  

Hannon Armstrong Sustainable Infrastructure Capital Inc.

    1,733,751        82,231,810  

Invesco Mortgage Capital Inc.

    7,179,395        16,369,021  

KKR Real Estate Finance Trust Inc.

    782,270        16,122,585  

Ladder Capital Corp.

    2,566,784        30,467,726  

MFA Financial Inc.

    10,071,360        40,587,581  

New York Mortgage Trust Inc.

    8,449,630        30,841,150  

Orchid Island Capital Inc.(b)

    3,097,534        10,066,986  

PennyMac Mortgage Investment Trust

    2,213,034        37,378,144  

Ready Capital Corp.

    1,476,446        22,235,277  

Redwood Trust Inc.

    2,603,453        27,414,360  

TPG RE Finance Trust Inc.

    1,380,854        16,307,886  

Two Harbors Investment Corp.

    7,696,583        42,562,104  
    

 

 

 
       799,715,816  
Multi-Utilities — 0.5%             

Avista Corp.

    1,640,113        74,051,102  

Black Hills Corp.

    1,452,817        111,895,965  

NorthWestern Corp.

    1,213,921        73,430,081  

Unitil Corp.

    352,972        17,606,244  
    

 

 

 
           276,983,392  
Multiline Retail — 0.4%             

Big Lots Inc.(b)

    689,745        23,865,177  

Dillard’s Inc., Class A(b)

    122,583        32,900,052  

Franchise Group Inc.

    645,621        26,748,078  

Macy’s Inc.

    6,817,548        166,075,469  
    

 

 

 
       249,588,776  
Oil, Gas & Consumable Fuels — 5.4%         

Aemetis Inc.(a)(b)

    619,734        7,852,030  

Alto Ingredients Inc.(a)(b)

    1,753,352        11,957,861  

Antero Resources Corp.(a)(b)

    6,464,379        197,357,491  

Arch Resources Inc.(b)

    340,879        46,829,957  

Berry Corp.

    1,500,884        15,489,123  

Brigham Minerals Inc., Class A

    993,442        25,382,443  

California Resources Corp.

    1,831,510        81,923,442  

Callon Petroleum Co.(a)(b)

    1,092,117        64,522,272  

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

    4,146,997        33,466,266  

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

    223,650        7,537,005  

Chesapeake Energy Corp.

    2,367,564        205,978,068  

Civitas Resources Inc.

    983,042        58,697,438  

Clean Energy Fuels Corp.(a)(b)

    3,516,994        27,924,932  

CNX Resources Corp.(a)(b)

    4,546,153        94,196,290  

Comstock Resources Inc.(a)(b)

    2,081,745        27,166,772  

CONSOL Energy Inc.(a)(b)

    784,385        29,516,408  

Crescent Energy Inc.

    671,211        11,638,799  

CVR Energy Inc.

    720,995        18,414,212  

Delek U.S. Holdings Inc.(a)

    1,552,205        32,937,790  

Denbury Inc.(a)(b)

    1,140,518        89,610,499  

 

80  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

 

DHT Holdings Inc.

    3,260,346     $ 18,910,007  

Dorian LPG Ltd.

    696,076       10,086,141  

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

    673,355       8,504,474  

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

    3,537,578       32,368,839  

Equitrans Midstream Corp.

    9,233,034       77,926,807  

Escrow PetroCorp.(a)(c)

    26,106        

Falcon Minerals Corp.

    940,299       6,337,615  

Frontline Ltd./Bermuda(a)

    2,839,995       24,991,956  

Gevo Inc.(a)(b)

    4,616,833       21,606,778  

Golar LNG Ltd.(a)(b)

    2,300,856       57,015,212  

Green Plains Inc.(a)(b)

    800,530       24,824,435  

HighPeak Energy Inc.(b)

    113,294       2,515,127  

International Seaways Inc.

    1,031,193       18,602,722  

Kinetik Holdings Inc.

    74,113       4,818,086  

Kosmos Energy Ltd.(a)

    10,172,235       73,138,370  

Laredo Petroleum Inc.(a)(b)

    288,522       22,833,631  

Magnolia Oil & Gas Corp., Class A

    3,246,572       76,781,428  

Matador Resources Co.(b)

    2,501,878       132,549,496  

Murphy Oil Corp.

    3,325,894       134,332,859  

Nordic American Tankers Ltd.

    3,833,757       8,165,902  

Northern Oil and Gas Inc.

    1,361,666       38,385,365  

Oasis Petroleum Inc.

    446,256       65,287,253  

Ovintiv Inc.

    5,923,503       320,283,807  

Par Pacific Holdings Inc.(a)

    1,050,839       13,681,924  

PBF Energy Inc., Class A(a)

    2,177,866       53,074,594  

PDC Energy Inc.

    2,204,661       160,234,761  

Peabody Energy Corp.(a)(b)

    2,007,340       49,240,050  

Range Resources Corp.(a)

    5,401,755       164,105,317  

Ranger Oil Corp.(a)

    474,333       16,378,718  

Renewable Energy Group Inc.(a)

    1,017,147       61,689,966  

REX American Resources Corp.(a)

    129,491       12,897,304  

Riley Exploration Permian Inc.(b)

    217,222       5,447,928  

Scorpio Tankers Inc.

    1,111,590       23,765,794  

SFL Corp. Ltd.

    2,833,079       28,840,744  

SM Energy Co.(b)

    2,711,873       105,627,453  

Southwestern Energy Co.(a)(b)

    22,963,329       164,647,069  

Talos Energy Inc.(a)(b)

    845,112       13,344,318  

Teekay Corp.(a)(b)

    1,578,680       5,004,416  

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

    542,084       7,502,443  

Tellurian Inc.(a)(b)

    8,361,329       44,315,044  

Uranium Energy Corp.(a)(b)

    6,036,820       27,709,004  

Ur-Energy Inc.(a)(b)

    4,166,296       6,666,074  

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

    2,088,880       7,979,522  

Whiting Petroleum Corp.

    889,940       72,539,009  

World Fuel Services Corp.

    1,454,577       39,331,762  
   

 

 

 
          3,352,688,622  
Paper & Forest Products — 0.1%            

Clearwater Paper Corp.(a)

    376,874       10,563,778  

Glatfelter Corp.

    1,004,539       12,436,193  

Neenah Inc.

    384,424       15,246,256  

Schweitzer-Mauduit International Inc.

    714,619       19,652,022  
   

 

 

 
      57,898,249  
Personal Products — 0.6%            

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

    1,973,998       33,321,086  

BellRing Brands Inc.(a)

    2,554,254       58,952,182  

Edgewell Personal Care Co.

    1,223,281       44,857,714  

elf Beauty Inc.(a)(b)

    1,083,768       27,993,728  

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

    1,855,287       9,666,045  

Inter Parfums Inc.

    404,336       35,601,785  
Security   Shares     Value  

Personal Products (continued)

   

Medifast Inc.

    262,068     $ 44,755,973  

Nature’s Sunshine Products Inc.(a)

    276,337       4,647,988  

NewAge Inc.(a)(b)

    3,026,427       1,758,354  

Nu Skin Enterprises Inc., Class A

    1,129,111       54,061,835  

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

    162,512       1,311,472  

USANA Health Sciences Inc.(a)(b)

    268,532       21,334,868  

Veru Inc.(a)(b)

    1,455,004       7,027,669  
   

 

 

 
          345,290,699  
Pharmaceuticals — 1.5%            

9 Meters Biopharma Inc.(a)(b)

    4,983,810       2,986,797  

Aclaris Therapeutics Inc.(a)(b)

    1,155,995       19,929,354  

Aerie Pharmaceuticals Inc.(a)(b)

    962,692       8,760,497  

Amneal Pharmaceuticals Inc.(a)(b)

    2,229,413       9,296,652  

Amphastar Pharmaceuticals Inc.(a)(b)

    839,904       30,152,554  

Ampio Pharmaceuticals Inc.(a)(b)

    4,369,520       2,053,674  

Amylyx Pharmaceuticals Inc.(a)(b)

    208,948       2,684,982  

Angion Biomedica Corp.(a)(b)

    492,072       1,043,193  

ANI Pharmaceuticals Inc.(a)(b)

    241,941       6,800,962  

Antares Pharma Inc.(a)

    3,788,815       15,534,141  

Arvinas Inc.(a)(b)

    1,067,379       71,834,607  

Atea Pharmaceuticals Inc.(a)(b)

    1,461,448       10,551,655  

Athira Pharma Inc.(a)(b)

    734,385       9,914,197  

Axsome Therapeutics Inc.(a)(b)

    632,057       26,160,839  

Cara Therapeutics Inc.(a)(b)

    1,003,911       12,197,519  

Cassava Sciences Inc.(a)(b)

    867,153       32,206,062  

CinCor Pharma Inc.(a)(b)

    240,740       4,222,580  

Citius Pharmaceuticals Inc.(a)(b)

    2,594,838       4,644,760  

Collegium Pharmaceutical Inc.(a)(b)

    791,515       16,115,245  

Corcept Therapeutics Inc.(a)(b)

    1,990,006       44,814,935  

CorMedix Inc.(a)(b)

    862,605       4,727,075  

Cymabay Therapeutics Inc.(a)(b)

    1,523,441       4,737,902  

DICE Therapeutics Inc.(a)(b)

    308,442       5,900,495  

Durect Corp.(a)(b)

    5,142,451       3,444,928  

Edgewise Therapeutics Inc.(a)

    853,645       8,280,356  

Endo International PLC(a)(b)

    5,358,563       12,378,281  

Esperion Therapeutics Inc.(a)(b)

    1,260,192       5,847,291  

Evolus Inc.(a)(b)

    740,188       8,304,909  

EyePoint Pharmaceuticals Inc.(a)(b)

    550,657       6,690,483  

Fulcrum Therapeutics Inc.(a)(b)

    637,861       15,085,413  

Harmony Biosciences Holdings Inc.(a)

    514,430       25,027,019  

Ikena Oncology Inc.(a)(b)

    557,841       3,402,830  

Innoviva Inc.(a)(b)

    982,872       19,018,573  

Intra-Cellular Therapies Inc.(a)(b)

    1,819,487       111,334,410  

Kala Pharmaceuticals Inc.(a)(b)

    1,099,057       1,516,699  

Kaleido Biosciences Inc.(a)(b)

    440,325       726,536  

KemPharm Inc.(a)(b)

    649,922       3,269,108  

Landos Biopharma Inc.(a)

    103,129       152,115  

Marinus Pharmaceuticals Inc.(a)(b)

    839,550       7,849,793  

Mind Medicine MindMed Inc.(a)(b)

    7,866,363       8,731,663  

NGM Biopharmaceuticals Inc.(a)(b)

    721,248       10,999,032  

Nuvation Bio Inc.(a)(b)

    3,642,244       19,158,203  

Ocular Therapeutix Inc.(a)(b)

    1,749,461       8,659,832  

Omeros Corp.(a)(b)

    1,355,599       8,147,150  

Oramed Pharmaceuticals Inc.(a)(b)

    837,044       7,240,431  

Pacira BioSciences Inc.(a)

    1,003,629       76,596,965  

Paratek Pharmaceuticals Inc.(a)(b)

    1,057,483       3,140,725  

Phathom Pharmaceuticals Inc.(a)(b)

    460,922       6,273,148  

Phibro Animal Health Corp., Class A

    466,685       9,310,366  

Pliant Therapeutics Inc.(a)(b)

    537,798       3,769,964  

Prestige Consumer Healthcare Inc.(a)

    1,137,024       60,194,051  

 

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

  81


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Pharmaceuticals (continued)

 

Provention Bio Inc.(a)(b)

    1,266,180     $ 9,268,438  

Rain Therapeutics Inc.(a)(b)

    301,335       1,527,768  

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

    630,761       20,663,730  

Relmada Therapeutics Inc.(a)(b)

    553,611       14,941,961  

Revance Therapeutics Inc.(a)(b)

    1,585,366       30,914,637  

Seelos Therapeutics Inc.(a)(b)

    2,212,473       1,853,610  

SIGA Technologies Inc.(a)(b)

    1,125,478       7,979,639  

Supernus Pharmaceuticals Inc.(a)(b)

    1,114,345       36,015,630  

Tarsus Pharmaceuticals Inc.(a)(b)

    191,613       3,222,931  

Terns Pharmaceuticals Inc.(a)(b)

    309,156       918,193  

TherapeuticsMD Inc.(a)(b)

    8,685,219       3,300,383  

Theravance Biopharma Inc.(a)(b)

    1,350,264       12,908,524  

Theseus Pharmaceuticals Inc.(a)(b)

    232,113       2,676,263  

Ventyx Biosciences Inc.(a)(b)

    215,815       2,928,610  

Verrica Pharmaceuticals Inc.(a)(b)

    283,968       2,302,980  

WaVe Life Sciences Ltd.(a)

    855,916       1,711,832  
   

 

 

 
      954,956,080  
Professional Services — 1.8%            

Acacia Research Corp.(a)(b)

    1,114,405       5,025,966  

ASGN Inc.(a)

    1,151,440       134,384,562  

Atlas Technical Consultants Inc.(a)(b)

    308,104       3,709,572  

Barrett Business Services Inc.

    172,514       13,364,659  

CBIZ Inc.(a)(b)

    1,100,719       46,197,176  

CRA International Inc.

    164,103       13,827,319  

Exponent Inc.

    1,174,582       126,913,585  

First Advantage Corp.(a)(b)

    1,255,220       25,342,892  

Forrester Research Inc.(a)(b)

    248,940       14,045,195  

Franklin Covey Co.(a)

    283,410       12,815,800  

Heidrick & Struggles International Inc.

    439,359       17,389,829  

HireQuest Inc.(b)

    115,849       2,215,033  

HireRight Holdings Corp.(a)(b)

    434,126       7,423,555  

Huron Consulting Group Inc.(a)

    491,507       22,515,936  

ICF International Inc.

    414,993       39,067,441  

Insperity Inc.

    822,374       82,582,797  

KBR Inc.

    3,202,285       175,261,058  

Kelly Services Inc., Class A, NVS

    814,806       17,673,142  

Kforce Inc.

    456,178       33,743,487  

Korn Ferry

    1,236,640       80,307,402  

ManTech International Corp./VA, Class A

    614,699       52,980,907  

Mistras Group Inc.(a)(b)

    455,144       3,008,502  

Resources Connection Inc.

    706,312       12,106,188  

Sterling Check Corp.(a)(b)

    358,895       9,485,595  

TriNet Group Inc.(a)(b)

    916,225       90,119,891  

TrueBlue Inc.(a)(b)

    786,875       22,732,819  

Upwork Inc.(a)(b)

    2,653,056       61,657,021  

Willdan Group Inc.(a)(b)

    250,484       7,687,354  
   

 

 

 
          1,133,584,683  
Real Estate Management & Development — 0.7%  

Cushman & Wakefield PLC(a)(b)

    3,144,957       64,503,068  

Douglas Elliman Inc., NVS

    1,627,712       11,882,298  

eXp World Holdings Inc.(b)

    1,422,447       30,113,203  

Fathom Holdings Inc.(a)(b)

    129,278       1,383,275  

Forestar Group Inc.(a)(b)

    393,193       6,983,108  

FRP Holdings Inc.(a)(b)

    156,092       9,022,118  

Kennedy-Wilson Holdings Inc.

    2,705,725       65,992,633  

Marcus & Millichap Inc.

    535,473       28,208,718  

Newmark Group Inc., Class A(b)

    3,770,672       60,029,098  

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

    223,414       560,769  

RE/MAX Holdings Inc., Class A

    423,017       11,730,261  
Security   Shares     Value  

Real Estate Management & Development (continued)

 

Realogy Holdings Corp.(a)(b)

    2,617,399     $ 41,040,816  

Redfin Corp.(a)(b)

    2,321,802       41,885,308  

RMR Group Inc. (The), Class A

    354,053       11,011,048  

St Joe Co. (The)(b)

    750,556       44,462,937  

Tejon Ranch Co.(a)(b)

    461,055       8,418,864  
   

 

 

 
          437,227,522  
Road & Rail — 0.9%            

ArcBest Corp.

    570,344       45,912,692  

Avis Budget Group Inc.(a)(b)

    934,417       246,031,996  

Covenant Logistics Group Inc., Class A

    268,177       5,773,851  

Daseke Inc.(a)(b)

    906,591       9,129,371  

Heartland Express Inc.

    1,022,564       14,387,475  

HyreCar Inc.(a)(b)

    392,437       934,000  

Marten Transport Ltd.

    1,354,302       24,052,404  

PAM Transportation Services Inc.(a)(b)

    167,748       5,829,243  

Saia Inc.(a)(b)

    600,186       146,337,351  

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

    632,418       2,453,782  

Universal Logistics Holdings Inc.(b)

    173,279       3,491,572  

Werner Enterprises Inc.

    1,366,216       56,014,856  

Yellow Corp.(a)(b)

    1,148,934       8,054,027  
   

 

 

 
          568,402,620  
Semiconductors & Semiconductor Equipment — 3.3%  

Alpha & Omega Semiconductor Ltd.(a)

    482,831       26,386,714  

Ambarella Inc.(a)

    796,747       83,594,695  

Amkor Technology Inc.

    2,316,630       50,317,204  

Atomera Inc.(a)(b)

    461,326       6,024,918  

Axcelis Technologies Inc.(a)

    745,530       56,309,881  

AXT Inc.(a)(b)

    890,537       6,251,570  

CEVA Inc.(a)

    507,130       20,614,835  

CMC Materials Inc.

    641,655       118,962,837  

Cohu Inc.(a)

    1,085,710       32,137,016  

Credo Technology Group Holdings(a)(b)

    455,350       6,934,981  

Diodes Inc.(a)(b)

    996,362       86,673,530  

FormFactor Inc.(a)

    1,758,032       73,890,085  

Ichor Holdings Ltd.(a)(b)

    636,085       22,657,348  

Impinj Inc.(a)(b)

    432,800       27,500,112  

Kopin Corp.(a)(b)

    1,770,982       4,480,584  

Kulicke & Soffa Industries Inc.

    1,379,884       77,301,102  

Lattice Semiconductor Corp.(a)

    3,069,071       187,059,877  

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

    1,113,595       66,670,933  

MaxLinear Inc.(a)

    1,606,610       93,745,693  

Meta Materials Inc.(a)(b)

    4,613,086       7,703,854  

NeoPhotonics Corp.(a)(b)

    1,166,077       17,736,031  

NVE Corp.

    110,987       6,045,462  

Onto Innovation Inc.(a)(b)

    1,101,972       95,750,347  

PDF Solutions Inc.(a)(b)

    671,984       18,728,194  

Photronics Inc.(a)

    1,346,766       22,854,619  

Power Integrations Inc.

    1,332,508       123,496,841  

Rambus Inc.(a)

    2,469,322       78,746,679  

Semtech Corp.(a)

    1,462,106       101,382,430  

Silicon Laboratories Inc.(a)(b)

    857,999       128,871,450  

SiTime Corp.(a)(b)

    364,939       90,439,183  

SkyWater Technology Inc.(a)(b)

    181,360       1,964,129  

SMART Global Holdings Inc.(a)(b)

    1,085,664       28,042,701  

SunPower Corp.(a)(b)

    1,813,563       38,955,333  

Synaptics Inc.(a)(b)

    895,911       178,734,244  

Ultra Clean Holdings Inc.(a)(b)

    1,004,797       42,593,345  

 

82  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Semiconductors & Semiconductor Equipment (continued)

 

Veeco Instruments Inc.(a)(b)

    1,130,839     $ 30,747,512  
   

 

 

 
          2,060,306,269  
Software — 5.5%            

8x8 Inc.(a)

    2,548,983       32,091,696  

A10 Networks Inc.

    1,350,854       18,844,413  

ACI Worldwide Inc.(a)(b)

    2,704,510       85,165,020  

Agilysys Inc.(a)

    474,769       18,933,788  

Alarm.com Holdings Inc.(a)

    1,079,244       71,726,556  

Alkami Technology Inc.(a)(b)

    640,086       9,159,631  

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

    1,058,964       68,197,282  

American Software Inc./GA, Class A

    719,949       15,003,737  

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

    431,792       48,883,172  

Appian Corp.(a)(b)

    892,179       54,262,327  

Arteris Inc.(a)(b)

    101,055       1,313,715  

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

    1,656,629       66,215,461  

Avaya Holdings Corp.(a)(b)

    1,873,194       23,733,368  

AvidXchange Holdings Inc.(a)(b)

    606,341       4,881,045  

Benefitfocus Inc.(a)(b)

    569,608       7,188,453  

Blackbaud Inc.(a)(b)

    1,084,140       64,907,462  

Blackline Inc.(a)(b)

    1,222,926       89,542,642  

Bottomline Technologies DE Inc.(a)

    1,001,613       56,771,425  

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

    3,100,220       90,092,393  

BTRS Holdings Inc.(a)(b)

    2,055,531       15,375,372  

Cerence Inc.(a)(b)

    878,805       31,724,860  

ChannelAdvisor Corp.(a)(b)

    670,771       11,114,675  

Cleanspark Inc.(a)(b)

    898,288       11,111,823  

CommVault Systems Inc.(a)(b)

    1,012,837       67,201,735  

Consensus Cloud Solutions Inc.(a)(b)

    360,613       21,683,660  

CoreCard Corp.(a)(b)

    171,315       4,694,031  

Couchbase Inc.(a)(b)

    517,857       9,021,069  

CS Disco Inc.(a)(b)

    345,989       11,753,246  

Digimarc Corp.(a)(b)

    291,569       7,688,674  

Digital Turbine Inc.(a)(b)

    2,041,049       89,418,357  

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

    646,675       32,702,355  

E2open Parent Holdings Inc.(a)(b)

    4,492,848       39,581,991  

Ebix Inc.(b)

    607,750       20,146,912  

eGain Corp.(a)(b)

    465,617       5,391,845  

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

    472,633       6,011,892  

EngageSmart Inc.(a)(b)

    375,909       8,010,621  

Envestnet Inc.(a)(b)

    1,178,862       87,754,487  

EverCommerce Inc.(a)(b)

    630,490       8,322,468  

GTY Technology Holdings Inc.(a)(b)

    733,739       2,369,977  

Instructure Holdings Inc.(a)(b)

    271,592       5,448,135  

Intapp Inc.(a)(b)

    298,899       7,176,565  

InterDigital Inc.

    700,864       44,715,123  

JFrog Ltd.(a)(b)

    1,201,418       32,378,215  

Kaltura Inc.(a)(b)

    1,073,938       1,922,349  

LivePerson Inc.(a)(b)

    1,479,091       36,119,402  

Marathon Digital Holdings Inc.(a)(b)

    2,163,883       60,480,530  

MeridianLink Inc.(a)(b)

    460,361       8,332,534  

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

    212,644       103,413,030  

Mimecast Ltd.(a)

    1,401,620       111,512,887  

Mitek Systems Inc.(a)(b)

    969,287       14,219,440  

Model N Inc.(a)(b)

    828,179       22,278,015  

Momentive Global Inc.(a)

    2,993,818       48,679,481  

ON24 Inc.(a)(b)

    654,464       8,606,202  

OneSpan Inc.(a)(b)

    802,524       11,588,447  

PagerDuty Inc.(a)(b)

    1,876,815       64,168,305  

Ping Identity Holding Corp.(a)(b)

    1,371,195       37,611,879  

Progress Software Corp.

    997,688       46,981,128  
Security   Shares     Value  

Software (continued)

   

PROS Holdings Inc.(a)(b)

    905,641     $ 30,166,902  

Q2 Holdings Inc.(a)(b)

    1,246,780       76,863,987  

Qualys Inc.(a)(b)

    771,638       109,888,968  

Rapid7 Inc.(a)(b)

    1,273,103       141,619,978  

Rekor Systems Inc.(a)(b)

    738,054       3,365,526  

Rimini Street Inc.(a)(b)

    1,004,707       5,827,301  

Riot Blockchain Inc.(a)(b)

    2,429,657       51,435,839  

SailPoint Technologies Holdings Inc.(a)(b)

    2,065,429       105,708,656  

Sapiens International Corp. NV

    703,173       17,853,562  

SecureWorks Corp., Class A(a)

    230,528       3,054,496  

ShotSpotter Inc.(a)(b)

    198,296       5,496,765  

Smith Micro Software Inc.(a)(b)

    1,023,396       3,858,203  

Sprout Social Inc., Class A(a)(b)

    1,023,748       82,022,690  

SPS Commerce Inc.(a)(b)

    817,500       107,256,000  

Stronghold Digital Mining Inc.(a)(b)

    160,128       936,749  

Sumo Logic Inc.(a)(b)

    2,012,860       23,490,076  

Telos Corp.(a)(b)

    903,034       9,003,249  

Tenable Holdings Inc.(a)

    2,089,313       120,741,398  

Upland Software Inc.(a)(b)

    651,368       11,470,590  

UserTesting Inc.(a)

    179,794       1,921,998  

Varonis Systems Inc.(a)(b)

    2,432,891       115,659,638  

Verint Systems Inc.(a)(b)

    1,457,634       75,359,678  

Veritone Inc.(a)(b)

    649,315       11,869,478  

Viant Technology Inc., Class A(a)(b)

    259,657       1,700,753  

VirnetX Holding Corp.(a)

    1,502,252       2,448,671  

Vonage Holdings Corp.(a)

    5,735,884       116,381,086  

Workiva Inc.(a)(b)

    971,236       114,605,848  

Xperi Holding Corp.

    2,379,505       41,213,027  

Yext Inc.(a)(b)

    2,677,256       18,446,294  

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

    2,575,224       38,576,855  
   

 

 

 
          3,431,869,564  
Specialty Retail — 2.2%            

Aaron’s Co. Inc. (The)

    712,103       14,299,028  

Abercrombie & Fitch Co., Class A(a)

    1,264,990       40,467,030  

Academy Sports & Outdoors Inc.(b)

    1,769,307       69,710,696  

American Eagle Outfitters Inc.

    3,432,591       57,667,529  

America’s Car-Mart Inc./TX(a)(b)

    134,460       10,832,098  

Arko Corp.

    1,904,155       17,327,811  

Asbury Automotive Group Inc.(a)(b)

    524,276       83,989,015  

Barnes & Noble Education Inc.(a)(b)

    993,285       3,555,960  

Bed Bath & Beyond Inc.(a)(b)

    2,193,591       49,421,605  

Big 5 Sporting Goods Corp.(b)

    449,594       7,710,537  

Boot Barn Holdings Inc.(a)

    657,627       62,336,463  

Buckle Inc. (The)

    681,197       22,506,749  

Caleres Inc.

    848,727       16,405,893  

Camping World Holdings Inc., Class A(b)

    942,062       26,330,633  

CarLotz Inc.(a)(b)

    1,614,059       2,211,261  

Cato Corp. (The), Class A

    480,407       7,042,767  

Chico’s FAS Inc.(a)

    2,796,339       13,422,427  

Children’s Place Inc. (The)(a)(b)

    312,088       15,385,938  

Citi Trends Inc.(a)(b)

    176,701       5,411,468  

Conn’s Inc.(a)(b)

    414,881       6,393,316  

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

    733,857       5,995,612  

Designer Brands Inc. , Class A(a)

    1,385,004       18,711,404  

Genesco Inc.(a)(b)

    326,707       20,781,832  

Group 1 Automotive Inc.

    376,416       63,173,897  

GrowGeneration Corp.(a)(b)

    1,274,727       11,740,236  

Guess? Inc.(b)

    928,151       20,280,099  

Haverty Furniture Companies Inc.

    359,990       9,870,926  

Hibbett Inc.

    310,640       13,773,778  

 

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

  83


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Specialty Retail (continued)

   

JOANN Inc.(b)

    273,500     $ 3,120,635  

Kirkland’s Inc.(a)(b)

    326,921       3,037,096  

Lazydays Holdings Inc.(a)(b)

    167,465       3,379,444  

LL Flooring Holdings Inc.(a)(b)

    651,704       9,136,890  

MarineMax Inc.(a)(b)

    478,708       19,272,784  

Monro Inc.

    752,682       33,373,920  

Murphy USA Inc.

    525,555       105,089,978  

National Vision Holdings Inc.(a)(b)

    1,877,949       81,822,238  

ODP Corp. (The)(a)(b)

    1,041,516       47,732,678  

OneWater Marine Inc., Class A

    236,590       8,150,526  

Party City Holdco Inc.(a)(b)

    2,542,651       9,102,691  

Rent-A-Center Inc./TX

    1,498,380       37,744,192  

Sally Beauty Holdings Inc.(a)(b)

    2,482,670       38,804,132  

Shift Technologies Inc.(a)(b)

    1,410,807       3,103,775  

Shoe Carnival Inc.

    393,091       11,462,534  

Signet Jewelers Ltd.

    1,189,981       86,511,619  

Sleep Number Corp.(a)(b)

    506,134       25,666,055  

Sonic Automotive Inc., Class A

    488,239       20,755,040  

Sportsman’s Warehouse Holdings Inc.(a)(b)

    993,531       10,620,846  

Tilly’s Inc., Class A

    507,029       4,745,791  

Torrid Holdings Inc.(a)(b)

    387,531       2,348,438  

TravelCenters of America Inc.(a)(b)

    286,181       12,294,336  

Urban Outfitters Inc.(a)(b)

    1,544,259       38,776,343  

Winmark Corp.

    77,015       16,943,300  

Zumiez Inc.(a)

    442,689       16,915,147  
   

 

 

 
      1,346,666,436  
Technology Hardware, Storage & Peripherals — 0.3%  

3D Systems Corp.(a)(b)

    2,824,289       47,109,140  

Avid Technology Inc.(a)(b)

    821,430       28,643,264  

Corsair Gaming Inc.(a)(b)

    625,864       13,243,282  

Diebold Nixdorf Inc.(a)(b)

    1,668,394       11,228,292  

Eastman Kodak Co.(a)(b)

    1,026,427       6,723,097  

Quantum Corp.(a)(b)

    1,359,228       3,085,448  

Super Micro Computer Inc.(a)(b)

    1,018,817       38,786,363  

Turtle Beach Corp.(a)(b)

    346,135       7,369,214  
   

 

 

 
      156,188,100  
Textiles, Apparel & Luxury Goods — 0.6%  

Crocs Inc.(a)(b)

    1,315,743       100,522,765  

Fossil Group Inc.(a)(b)

    1,099,387       10,598,091  

G-III Apparel Group Ltd.(a)(b)

    1,015,236       27,462,134  

Kontoor Brands Inc.

    1,174,583       48,569,007  

Movado Group Inc.

    347,859       13,583,894  

Oxford Industries Inc.

    360,140       32,592,670  

PLBY Group Inc.(a)(b)

    682,417       8,932,839  

Rocky Brands Inc.

    151,396       6,296,560  

Steven Madden Ltd.

    1,820,793       70,355,441  

Superior Group of Companies Inc.

    262,739       4,689,891  

Unifi Inc.(a)

    304,238       5,506,708  

Vera Bradley Inc.(a)(b)

    620,535       4,759,503  

Wolverine World Wide Inc.

    1,831,788       41,325,137  
   

 

 

 
      375,194,640  
Thrifts & Mortgage Finance — 1.5%            

Axos Financial Inc.(a)(b)

    1,266,263       58,741,941  

Blue Foundry Bancorp(a)(b)

    680,488       9,220,612  

Bridgewater Bancshares Inc.(a)(b)

    500,690       8,351,509  

Capitol Federal Financial Inc.

    2,964,238       32,250,909  

Columbia Financial Inc.(a)(b)

    907,685       19,524,304  

Essent Group Ltd.

    2,482,552       102,305,968  

Federal Agricultural Mortgage Corp., Class C, NVS

    211,119       22,902,189  
Security   Shares     Value  

Thrifts & Mortgage Finance (continued)

 

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

    532,579     $ 1,619,040  

Flagstar Bancorp. Inc.

    1,138,947       48,291,353  

FS Bancorp. Inc.

    168,138       5,212,278  

Hingham Institution For Savings (The)

    33,849       11,616,977  

Home Bancorp. Inc.

    174,462       7,116,305  

Home Point Capital Inc.

    175,387       545,454  

Kearny Financial Corp./MD

    1,577,341       20,316,152  

Luther Burbank Corp.

    362,974       4,823,925  

Merchants Bancorp./IN

    366,615       10,037,919  

Mr Cooper Group Inc.(a)(b)

    1,400,800       63,974,536  

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

    1,918,012       39,549,407  

Northfield Bancorp. Inc.

    1,021,383       14,667,060  

Ocwen Financial Corp.(a)(b)

    201,583       4,789,612  

PCSB Financial Corp.

    304,038       5,810,166  

PennyMac Financial Services Inc.

    695,501       37,000,653  

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

    265,263       2,790,567  

Provident Bancorp. Inc.

    356,302       5,779,218  

Provident Financial Services Inc.

    1,658,436       38,807,402  

Radian Group Inc.

    4,116,674       91,431,330  

Southern Missouri Bancorp. Inc.

    177,821       8,882,159  

TrustCo Bank Corp. NY

    411,892       13,151,712  

Velocity Financial Inc.(a)(b)

    197,035       2,155,563  

Walker & Dunlop Inc.

    669,264       86,616,147  

Washington Federal Inc.

    1,503,865       49,356,849  

Waterstone Financial Inc.

    506,975       9,804,897  

WSFS Financial Corp.

    1,430,250       66,678,255  
   

 

 

 
      904,122,368  
Tobacco — 0.1%            

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

    3,603,731       8,360,656  

Turning Point Brands Inc.

    326,685       11,110,557  

Universal Corp./VA

    537,931       31,237,653  

Vector Group Ltd.

    3,255,424       39,195,305  
   

 

 

 
      89,904,171  
Trading Companies & Distributors — 1.7%  

Alta Equipment Group Inc.(a)

    429,762       5,311,858  

Applied Industrial Technologies Inc.

    868,219       89,131,363  

Beacon Roofing Supply Inc.(a)(b)

    1,261,256       74,767,256  

BlueLinx Holdings Inc.(a)(b)

    210,878       15,157,911  

Boise Cascade Co.

    887,295       61,640,384  

Custom Truck One Source Inc.(a)(b)

    1,278,171       10,723,855  

DXP Enterprises Inc./TX(a)(b)

    407,617       11,042,344  

EVI Industries Inc.(a)(b)

    129,993       2,416,570  

GATX Corp.

    794,790       98,021,451  

Global Industrial Co.

    285,572       9,203,986  

GMS Inc.(a)

    968,725       48,213,443  

H&E Equipment Services Inc.

    723,842       31,501,604  

Herc Holdings Inc.

    566,317       94,625,907  

Karat Packaging Inc.(a)(b)

    104,210       2,068,568  

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

    110,604       4,262,678  

McGrath RentCorp

    543,680       46,201,926  

MRC Global Inc.(a)(b)

    1,825,721       21,744,337  

NOW Inc.(a)

    2,476,127       27,311,681  

Rush Enterprises Inc., Class A

    941,514       47,932,478  

Rush Enterprises Inc., Class B

    149,613       7,233,789  

Textainer Group Holdings Ltd.

    1,058,465       40,295,763  

Titan Machinery Inc.(a)

    435,643       12,311,271  

Transcat Inc.(a)(b)

    163,228       13,244,320  

Triton International Ltd.

    1,505,007       105,621,391  

Veritiv Corp.(a)(b)

    323,808       43,257,511  

 

84  

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® Russell 2000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Trading Companies & Distributors (continued)

 

WESCO International Inc.(a)(b)

    1,006,002     $ 130,921,100  

Willis Lease Finance Corp.(a)(b)

    68,408       2,202,053  
   

 

 

 
      1,056,366,798  
Water Utilities — 0.4%            

American States Water Co.

    837,365       74,542,232  

Artesian Resources Corp., Class A, NVS

    186,946       9,076,228  

Cadiz Inc.(a)(b)

    497,338       1,029,490  

California Water Service Group

    1,191,406       70,626,548  

Global Water Resources Inc.

    287,501       4,784,016  

Middlesex Water Co.

    377,518       39,703,568  

Pure Cycle Corp.(a)(b)

    437,504       5,258,798  

SJW Group

    628,591       43,737,362  

York Water Co. (The)

    296,078       13,314,628  
   

 

 

 
      262,072,870  
Wireless Telecommunication Services — 0.2%  

Gogo Inc.(a)(b)

    1,338,533       25,512,439  

Shenandoah Telecommunications Co.

    1,067,634       25,174,810  

Telephone and Data Systems Inc.

    2,294,136       43,313,288  

U.S. Cellular Corp.(a)

    347,488       10,504,562  
   

 

 

 
      104,505,099  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $79,187,864,155)

 

        61,868,072,825  
   

 

 

 

Rights

   
Technology Hardware, Storage & Peripherals — 0.0%  

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

    1,373,178       11,605  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

 

    11,605  
   

 

 

 

Warrants

   
Oil, Gas & Consumable Fuels — 0.0%            

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

    92,645       1,899,222  
Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

 

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

    46,322     $ 690,661  
   

 

 

 
          2,589,883  
   

 

 

 

Total Warrants — 0.0%
(Cost: $11,350,881)

 

    2,589,883  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 9.7%            

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

    5,978,672,281       5,977,476,546  

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

    60,200,000       60,200,000  
   

 

 

 
          6,037,676,546  
   

 

 

 

Total Short-Term Investments — 9.7%
(Cost: $6,037,747,097)

 

    6,037,676,546  
   

 

 

 

Total Investments in Securities — 109.6%
(Cost: $85,236,962,133)

 

    67,908,350,859  

Other Assets, Less Liabilities — (9.6)%

      (5,955,076,193
   

 

 

 

Net Assets — 100.0%

    $ 61,953,274,666  
   

 

 

 

 

(a) 

Non-income producing security.

 
(b) 

All or a portion of this security is on loan.

 
(c) 

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

 
(d) 

Affiliate of the Fund.

 
(e) 

Annualized 7-day yield as of period end.

 
(f) 

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

 

Affiliates

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

 

 

 

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

 

    

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 5,965,909,856     $ 16,254,822 (a)    $     $ (1,383,328   $ (3,304,804   $ 5,977,476,546       5,978,672,281     $ 36,913,936 (b)    $  
 

BlackRock Cash Funds: Treasury,
SL Agency Shares

    85,040,000             (24,840,000 )(a)                  60,200,000       60,200,000       31,455        
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
          $ (1,383,328   $ (3,304,804   $ 6,037,676,546       $ 36,945,391     $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

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

  85


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

Russell 2000 E-Mini Index

     883        06/17/22      $ 91,232      $ 3,118,385  
           

 

 

 

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)

   $ 3,118,385  
  

 

 

 

 

  (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

   $ (6,016,216
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 4,933,206  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 125,109,910  

 

 

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

   $ 61,866,350,675        $ 871,031        $ 851,119        $ 61,868,072,825  

Rights

              11,605                   11,605  

Warrants

     2,589,883                            2,589,883  

Money Market Funds

     6,037,676,546                            6,037,676,546  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 67,906,617,104        $             882,636        $             851,119        $ 67,908,350,859  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 3,118,385        $        $        $ 3,118,385  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

86  

2 0 2 2   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® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 0.4%

   

Aerojet Rocketdyne Holdings Inc.(a)

    494,400     $ 19,454,640  

Aerovironment Inc.(a)(b)

    186,625       17,568,877  

Byrna Technologies Inc.(a)(b)

    152,511       1,246,015  

Cadre Holdings Inc.

    20,171       495,400  

Kratos Defense & Security Solutions Inc.(a)

    229,966       4,709,704  
   

 

 

 
      43,474,636  
Air Freight & Logistics — 0.2%            

Forward Air Corp.

    223,029       21,807,776  
   

 

 

 
Airlines — 0.3%            

Allegiant Travel Co.(a)

    127,550       20,712,844  

Frontier Group Holdings Inc.(a)(b)

    293,044       3,320,189  

Sun Country Airlines Holdings Inc.(a)(b)

    267,537       7,004,119  
   

 

 

 
      31,037,152  
Auto Components — 1.6%            

Adient PLC(a)(b)

    100,714       4,106,110  

American Axle & Manufacturing Holdings Inc.(a)(b)

    466,548       3,620,412  

Dana Inc.

    648,139       11,387,802  

Dorman Products Inc.(a)

    218,179       20,733,550  

Fox Factory Holding Corp.(a)

    350,923       34,372,908  

Gentherm Inc.(a)(b)

    275,301       20,107,985  

LCI Industries

    206,233       21,409,048  

Modine Manufacturing Co.(a)

    46,328       417,415  

Patrick Industries Inc.

    188,825       11,386,148  

Stoneridge Inc.(a)(b)

    34,962       725,811  

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

    517,276       9,476,496  

Visteon Corp.(a)(b)

    230,279       25,130,347  

XL Fleet Corp.(a)(b)

    119,951       238,703  

XPEL Inc.(a)(b)

    149,126       7,845,519  
   

 

 

 
          170,958,254  
Automobiles — 0.3%            

Arcimoto Inc.(a)(b)

    234,922       1,552,835  

Canoo Inc.(a)(b)

    410,508       2,266,004  

Fisker Inc.(a)(b)

    1,242,671       16,030,456  

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

    127,503       434,785  

Winnebago Industries Inc.

    268,398       14,501,544  

Workhorse Group Inc.(a)(b)

    125,097       625,485  
   

 

 

 
      35,411,109  
Banks — 1.9%            

Cadence Bank

    176,382       5,160,937  

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

    57,196       2,616,717  

CrossFirst Bankshares Inc.(a)

    191,720       3,021,507  

Customers Bancorp. Inc.(a)(b)

    19,655       1,024,812  

Eastern Bankshares Inc.

    310,563       6,689,527  

FB Financial Corp.

    25,973       1,153,721  

First Financial Bankshares Inc.

    1,004,284       44,309,010  

Five Star Bancorp

    39,116       1,106,983  

Glacier Bancorp. Inc.

    111,044       5,583,292  

Investors Bancorp. Inc.

    688,646       10,281,485  

Lakeland Financial Corp.

    12,812       935,276  

Live Oak Bancshares Inc.(b)

    264,767       13,473,993  

Meta Financial Group Inc.

    68,327       3,752,519  

Metrocity Bankshares Inc.

    39,136       918,913  

Metropolitan Bank Holding Corp.(a)

    5,817       591,996  

Origin Bancorp Inc.

    36,650       1,549,928  

Pacific Premier Bancorp. Inc.

    92,050       3,253,967  

RBB Bancorp

    12,847       301,776  

ServisFirst Bancshares Inc.

    346,528       33,020,653  
Security   Shares     Value  

Banks (continued)

   

Silvergate Capital Corp., Class A(a)

    232,026     $ 34,936,155  

Southern First Bancshares Inc.(a)

    21,064       1,070,894  

Stock Yards Bancorp. Inc.

    38,797       2,052,361  

Texas Capital Bancshares Inc.(a)

    160,434       9,194,473  

Triumph Bancorp. Inc.(a)(b)

    184,233       17,321,587  

Veritex Holdings Inc.

    54,954       2,097,594  

West Bancorp. Inc.

    27,896       759,050  
   

 

 

 
          206,179,126  
Beverages — 0.6%            

Celsius Holdings Inc.(a)(b)

    446,978       24,664,246  

Coca-Cola Consolidated Inc.(b)

    38,971       19,362,741  

Duckhorn Portfolio Inc. (The)(a)(b)

    199,357       3,626,304  

MGP Ingredients Inc.

    98,553       8,435,151  

National Beverage Corp.

    194,490       8,460,315  

Zevia PBC, Class A(a)(b)

    62,478       285,525  
   

 

 

 
      64,834,282  
Biotechnology — 10.0%            

4D Molecular Therapeutics Inc.(a)

    22,714       343,436  

ACADIA Pharmaceuticals Inc.(a)(b)

    991,795       24,021,275  

Acumen Pharmaceuticals Inc.(a)(b)

    127,275       497,645  

Adagio Therapeutics Inc.(a)(b)

    276,115       1,259,084  

Aerovate Therapeutics Inc.(a)(b)

    59,984       1,099,507  

Affimed NV(a)

    960,615       4,197,888  

Agenus Inc.(a)(b)

    1,815,969       4,467,284  

Akebia Therapeutics Inc.(a)(b)

    618,919       444,322  

Akero Therapeutics Inc.(a)

    157,353       2,232,839  

Alaunos Therapeutics Inc.(a)(b)

    1,751,527       1,142,696  

Albireo Pharma Inc.(a)(b)

    110,010       3,281,598  

Aldeyra Therapeutics Inc.(a)(b)

    404,960       1,800,047  

Alector Inc.(a)(b)

    482,929       6,881,738  

Aligos Therapeutics Inc.(a)

    173,593       373,225  

Alkermes PLC(a)(b)

    1,330,282       34,999,719  

Allakos Inc.(a)

    294,483       1,678,553  

Allogene Therapeutics Inc.(a)(b)

    227,823       2,075,468  

Allovir Inc.(a)

    245,863       1,659,575  

Alpine Immune Sciences Inc.(a)(b)

    97,791       877,185  

ALX Oncology Holdings Inc.(a)(b)

    145,426       2,457,699  

Amicus Therapeutics Inc.(a)(b)

    2,180,562       20,649,922  

Anavex Life Sciences Corp.(a)(b)

    557,666       6,864,868  

Apellis Pharmaceuticals Inc.(a)(b)

    648,658       32,958,313  

Applied Molecular Transport Inc.(a)(b)

    206,962       1,556,354  

Applied Therapeutics Inc.(a)(b)

    112,276       236,902  

AquaBounty Technologies Inc.(a)(b)

    210,006       392,711  

Arbutus Biopharma Corp.(a)(b)

    67,034       199,761  

Arcellx Inc.(a)(b)

    40,010       560,940  

Arcutis Biotherapeutics Inc.(a)

    23,304       448,835  

Ardelyx Inc.(a)(b)

    650,074       695,579  

Arrowhead Pharmaceuticals Inc.(a)(b)

    850,644       39,121,118  

Atara Biotherapeutics Inc.(a)(b)

    58,423       542,750  

Athenex Inc.(a)(b)

    427,965       354,997  

Athersys Inc.(a)(b)

    1,455,107       881,067  

Atossa Therapeutics Inc.(a)(b)

    151,574       189,468  

Aura Biosciences Inc.(a)

    26,343       579,546  

Avalo Therapeutics Inc.(a)(b)

    420,290       304,584  

Avid Bioservices Inc.(a)(b)

    471,361       9,601,624  

Avidity Biosciences Inc.(a)(b)

    52,546       970,525  

Avita Medical Inc.(a)(b)

    200,971       1,704,234  

Beam Therapeutics Inc.(a)(b)

    424,343       24,314,854  

Beyondspring Inc.(a)(b)

    195,166       429,365  

 

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

  87


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

BioAtla Inc.(a)

    128,274     $ 641,370  

BioCryst Pharmaceuticals Inc.(a)(b)

    151,231       2,459,016  

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

    309,755           36,727,650  

Biomea Fusion Inc.(a)(b)

    180,057       803,054  

Bioxcel Therapeutics Inc.(a)(b)

    141,409       2,956,862  

Blueprint Medicines Corp.(a)(b)

    453,301       28,956,868  

Bridgebio Pharma Inc.(a)(b)

    591,101       5,999,675  

Brooklyn ImmunoTherapeutics Inc.(a)(b)

    213,202       437,064  

C4 Therapeutics Inc.(a)(b)

    320,943       7,786,077  

CareDx Inc.(a)(b)

    420,215       15,543,753  

Caribou Biosciences Inc.(a)(b)

    239,194       2,195,801  

Celcuity Inc.(a)

    78,064       729,898  

Celldex Therapeutics Inc.(a)(b)

    300,193       10,224,574  

CEL-SCI Corp.(a)(b)

    284,782       1,119,193  

Century Therapeutics Inc.(a)(b)

    79,856       1,005,387  

Cerevel Therapeutics Holdings Inc.(a)(b)

    336,441       11,778,799  

ChemoCentryx Inc.(a)(b)

    30,446       763,281  

Chimerix Inc.(a)

    440,560       2,017,765  

Clene Inc.(a)(b)

    112,018       441,351  

Clovis Oncology Inc.(a)(b)

    974,358       1,968,203  

Codiak Biosciences Inc.(a)

    134,297       842,042  

Cogent Biosciences Inc.(a)

    89,106       667,404  

Coherus Biosciences Inc.(a)

    542,419       7,002,629  

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

    6,020       6,171  

Cortexyme Inc.(a)(b)

    167,492       1,036,776  

Crinetics Pharmaceuticals Inc.(a)

    328,147       7,202,827  

Cue Biopharma Inc.(a)

    259,239       1,265,086  

Cullinan Oncology Inc.(a)(b)

    13,248       138,707  

Curis Inc.(a)(b)

    634,953       1,511,188  

Cyteir Therapeutics Inc.(a)(b)

    74,686       281,566  

Cytokinetics Inc.(a)(b)

    609,633       22,440,591  

CytomX Therapeutics Inc.(a)

    464,545       1,240,335  

Day One Biopharmaceuticals Inc.(a)(b)

    112,594       1,116,933  

Deciphera Pharmaceuticals Inc.(a)(b)

    282,479       2,618,580  

Denali Therapeutics Inc.(a)(b)

    754,199       24,262,582  

DermTech Inc.(a)(b)

    199,541       2,929,262  

Design Therapeutics Inc.(a)

    128,545       2,076,002  

Dynavax Technologies Corp.(a)(b)

    895,417       9,706,320  

Eagle Pharmaceuticals Inc./DE(a)

    45,470       2,250,310  

Editas Medicine Inc.(a)(b)

    568,009       10,803,531  

Eliem Therapeutics Inc.(a)

    32,068       269,051  

Enanta Pharmaceuticals Inc.(a)

    17,536       1,248,213  

Entrada Therapeutics Inc.(a)(b)

    44,270       415,695  

Epizyme Inc.(a)(b)

    1,136,212       1,306,644  

Erasca Inc.(a)(b)

    308,366       2,651,948  

Evelo Biosciences Inc.(a)(b)

    258,799       877,329  

Exagen Inc.(a)(b)

    29,064       233,384  

Fate Therapeutics Inc.(a)(b)

    672,995       26,092,016  

FibroGen Inc.(a)(b)

    653,699       7,857,462  

Finch Therapeutics Group Inc.(a)(b)

    25,067       126,087  

Foghorn Therapeutics Inc.(a)(b)

    24,525       373,516  

Forte Biosciences Inc.(a)

    93,068       135,879  

Fortress Biotech Inc.(a)(b)

    621,432       845,148  

G1 Therapeutics Inc.(a)(b)

    192,525       1,463,190  

Gemini Therapeutics Inc.(a)(b)

    102,424       142,369  

Generation Bio Co.(a)(b)

    348,724       2,559,634  

Global Blood Therapeutics Inc.(a)(b)

    514,950       17,837,868  

Graphite Bio Inc.(a)

    133,357       680,121  

Greenwich Lifesciences Inc.(a)(b)

    33,962       666,334  

GT Biopharma Inc.(a)(b)

    153,345       441,634  
Security   Shares     Value  

Biotechnology (continued)

   

Halozyme Therapeutics Inc.(a)(b)

    1,148,556     $ 45,804,413  

Harpoon Therapeutics Inc.(a)(b)

    157,428       782,417  

Heron Therapeutics Inc.(a)(b)

    779,512       4,458,809  

Hookipa Pharma Inc.(a)(b)

    97,776       222,929  

Humanigen Inc.(a)(b)

    409,083       1,231,340  

Icosavax Inc.(a)

    113,000       795,520  

Ideaya Biosciences Inc.(a)(b)

    64,666       723,613  

IGM Biosciences Inc.(a)(b)

    68,806       1,839,184  

Imago Biosciences Inc.(a)(b)

    94,357       1,818,259  

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

    82,326       532,649  

ImmunityBio Inc.(a)(b)

    63,068       353,812  

ImmunoGen Inc.(a)

    960,000       4,569,600  

Immunovant Inc.(a)(b)

    218,317       1,202,927  

Impel Neuropharma Inc.(a)(b)

    30,406       193,686  

Infinity Pharmaceuticals Inc.(a)(b)

    662,349       755,078  

Inhibrx Inc.(a)(b)

    231,100       5,148,908  

Insmed Inc.(a)(b)

    980,186       23,034,371  

Instil Bio Inc.(a)(b)

    208,817       2,244,783  

Intellia Therapeutics Inc.(a)(b)

    578,051       42,006,966  

Intercept Pharmaceuticals Inc.(a)(b)

    207,411       3,374,577  

Ironwood Pharmaceuticals Inc.(a)(b)

    1,216,993       15,309,772  

IVERIC bio Inc.(a)(b)

    189,757       3,193,610  

Janux Therapeutics Inc.(a)(b)

    81,840       1,173,586  

KalVista Pharmaceuticals Inc.(a)(b)

    186,095       2,743,040  

Karuna Therapeutics Inc.(a)

    184,202       23,354,972  

Karyopharm Therapeutics Inc.(a)(b)

    602,031       4,436,968  

Keros Therapeutics Inc.(a)

    129,370       7,035,141  

Kiniksa Pharmaceuticals Ltd., Class A(a)

    112,656       1,119,801  

Kinnate Biopharma Inc.(a)

    11,181       125,898  

Kodiak Sciences Inc.(a)

    280,646       2,166,587  

Kronos Bio Inc.(a)(b)

    39,184       283,300  

Krystal Biotech Inc.(a)

    59,446       3,955,537  

Kymera Therapeutics Inc.(a)

    284,934           12,058,407  

Lexicon Pharmaceuticals Inc.(a)(b)

    229,719       480,113  

Ligand Pharmaceuticals Inc.(a)(b)

    14,405       1,620,418  

Lyell Immunopharma Inc.(a)(b)

    702,999       3,550,145  

MacroGenics Inc.(a)

    452,704       3,988,322  

Madrigal Pharmaceuticals Inc.(a)(b)

    98,051       9,620,764  

Magenta Therapeutics Inc.(a)

    224,884       652,164  

MannKind Corp.(a)(b)

    212,003       780,171  

MEI Pharma Inc.(a)(b)

    1,082,305       652,089  

MeiraGTx Holdings PLC(a)

    15,811       218,982  

Mersana Therapeutics Inc.(a)(b)

    418,063       1,668,071  

MiMedx Group Inc.(a)(b)

    637,515       3,002,696  

Mirum Pharmaceuticals Inc.(a)

    12,310       271,066  

Molecular Templates Inc.(a)(b)

    311,213       1,073,685  

Monte Rosa Therapeutics Inc.(a)(b)

    135,974       1,906,356  

Morphic Holding Inc.(a)(b)

    176,887       7,102,013  

Neoleukin Therapeutics Inc.(a)

    69,345       130,369  

NexImmune Inc.(a)

    101,724       428,258  

Nurix Therapeutics Inc.(a)

    233,928       3,277,331  

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

    84,218       1,169,788  

Ocugen Inc.(a)(b)

    1,547,965       5,108,285  

Olema Pharmaceuticals Inc.(a)

    100,574       428,445  

Omega Therapeutics Inc.(a)(b)

    97,690       609,586  

Oncocyte Corp.(a)(b)

    381,477       568,401  

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

    569,193       4,337,251  

ORIC Pharmaceuticals Inc.(a)

    34,002       181,571  

Outlook Therapeutics Inc.(a)(b)

    925,199       1,646,854  

Oyster Point Pharma Inc.(a)(b)

    9,420       109,649  

 

88  

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® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

PMV Pharmaceuticals Inc.(a)(b)

    217,701     $ 4,532,535  

Portage Biotech Inc.(a)(b)

    19,032       125,040  

Praxis Precision Medicines Inc.(a)(b)

    23,332       238,220  

Precigen Inc.(a)

    690,330       1,456,596  

Precision BioSciences Inc.(a)(b)

    438,737       1,351,310  

Prelude Therapeutics Inc.(a)(b)

    91,108       628,645  

Prometheus Biosciences Inc.(a)

    32,106       1,212,323  

Protagonist Therapeutics Inc.(a)

    371,530       8,797,830  

Prothena Corp. PLC(a)(b)

    231,102       8,451,400  

PTC Therapeutics Inc.(a)(b)

    575,985       21,490,000  

Puma Biotechnology Inc.(a)(b)

    268,926       774,507  

Pyxis Oncology Inc.(a)

    51,397       207,644  

Radius Health Inc.(a)

    385,208       3,401,387  

Rallybio Corp.(a)(b)

    79,008       551,476  

RAPT Therapeutics Inc.(a)(b)

    175,104       3,850,537  

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

    642,338       4,599,140  

REGENXBIO Inc.(a)

    171,544       5,693,545  

Relay Therapeutics Inc.(a)(b)

    517,780       15,497,155  

Reneo Pharmaceuticals Inc.(a)(b)

    35,620       104,723  

Replimune Group Inc.(a)(b)

    176,013       2,988,701  

REVOLUTION Medicines Inc.(a)(b)

    70,463       1,797,511  

Rigel Pharmaceuticals Inc.(a)(b)

    1,424,039       4,257,877  

Rocket Pharmaceuticals Inc.(a)(b)

    344,126       5,457,838  

Rubius Therapeutics Inc.(a)(b)

    386,093       2,127,372  

Sana Biotechnology Inc.(a)(b)

    678,373       5,603,361  

Sangamo Therapeutics Inc.(a)(b)

    879,220       5,108,268  

Scholar Rock Holding Corp.(a)(b)

    199,011       2,565,252  

Selecta Biosciences Inc.(a)

    75,941       93,407  

Sera Prognostics Inc., Class A(a)

    14,001       53,064  

Seres Therapeutics Inc.(a)(b)

    585,780       4,170,754  

Sesen Bio Inc.(a)(b)

    1,633,065       984,248  

Shattuck Labs Inc.(a)

    183,596       782,119  

Sorrento Therapeutics Inc.(a)(b)

    2,243,007       5,226,206  

Spectrum Pharmaceuticals Inc.(a)(b)

    1,358,943       1,753,036  

Spero Therapeutics Inc.(a)(b)

    190,875       1,660,613  

SpringWorks Therapeutics Inc.(a)(b)

    242,501       13,686,756  

Stoke Therapeutics Inc.(a)

    157,159       3,308,197  

Summit Therapeutics Inc.(a)(b)

    213,885       524,018  

Sutro Biopharma Inc.(a)(b)

    24,794       203,807  

Syndax Pharmaceuticals Inc.(a)(b)

    98,556       1,712,903  

Syros Pharmaceuticals Inc.(a)(b)

    234,502       279,057  

Talaris Therapeutics Inc.(a)(b)

    118,780       1,168,795  

Taysha Gene Therapies Inc.(a)(b)

    155,125       1,011,415  

Tenaya Therapeutics Inc.(a)(b)

    141,311       1,664,644  

TG Therapeutics Inc.(a)(b)

    1,073,634       10,210,259  

Travere Therapeutics Inc.(a)(b)

    32,875       847,189  

Trevena Inc.(a)(b)

    463,838       255,065  

Turning Point Therapeutics Inc.(a)(b)

    43,195       1,159,786  

Twist Bioscience Corp.(a)(b)

    459,418       22,686,061  

Tyra Biosciences Inc.(a)(b)

    58,769       628,828  

UroGen Pharma Ltd.(a)(b)

    121,125       1,054,999  

Vaxart Inc.(a)(b)

    932,623       4,700,420  

Vaxcyte Inc.(a)

    101,550       2,452,433  

VBI Vaccines Inc.(a)(b)

    1,396,428       2,318,071  

Vera Therapeutics Inc.(a)

    64,280       1,509,937  

Verastem Inc.(a)(b)

    1,435,137       2,023,543  

Vericel Corp.(a)(b)

    386,152       14,758,729  

Verve Therapeutics Inc.(a)(b)

    173,507       3,959,430  

Vigil Neuroscience Inc.(a)(b)

    25,356       178,253  

Vincerx Pharma Inc.(a)

    117,438       469,752  
Security   Shares     Value  

Biotechnology (continued)

   

Vir Biotechnology Inc.(a)(b)

    498,145     $ 12,812,289  

Viracta Therapeutics Inc.(a)(b)

    66,193       315,079  

VistaGen Therapeutics Inc.(a)

    1,347,768       1,671,232  

Vor BioPharma Inc.(a)(b)

    17,535       105,911  

Werewolf Therapeutics Inc.(a)(b)

    147,179       647,588  

Xencor Inc.(a)

    465,835       12,428,478  

Xilio Therapeutics Inc.(a)(b)

    35,861       253,537  

XOMA Corp.(a)

    5,243       146,699  

Y-mAbs Therapeutics Inc.(a)

    290,256       3,448,241  

Zentalis Pharmaceuticals Inc.(a)(b)

    303,208       13,990,017  
   

 

 

 
      1,078,345,466  
Building Products — 1.6%            

AAON Inc.

    348,834       19,440,519  

Cornerstone Building Brands Inc.(a)

    453,846       11,037,535  

CSW Industrials Inc.

    124,185       14,602,914  

Gibraltar Industries Inc.(a)

    79,694       3,422,857  

Insteel Industries Inc.

    13,608       503,360  

JELD-WEN Holding Inc.(a)(b)

    302,487       6,134,436  

Masonite International Corp.(a)(b)

    197,693       17,582,815  

PGT Innovations Inc.(a)

    227,009       4,081,622  

Resideo Technologies Inc.(a)(b)

    140,521       3,348,616  

Simpson Manufacturing Co. Inc.

    361,732       39,443,257  

UFP Industries Inc.

    452,005       34,876,706  

Zurn Water Solutions Corp.

    530,921       18,794,603  
   

 

 

 
      173,269,240  
Capital Markets — 1.9%            

Artisan Partners Asset Management Inc., Class A

    489,529       19,262,966  

Blucora Inc.(a)(b)

    150,374       2,939,812  

BrightSphere Investment Group Inc.

    271,074       6,573,545  

Cohen & Steers Inc.

    206,245       17,714,383  

Donnelley Financial Solutions Inc.(a)

    14,899       495,541  

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

    539,156       24,660,996  

GAMCO Investors Inc., Class A

    41,138       909,561  

GCM Grosvenor Inc., Class A

    335,961       3,262,181  

Greenhill & Co. Inc.

    120,862       1,869,735  

Hamilton Lane Inc., Class A

    289,721       22,392,536  

Houlihan Lokey Inc.

    370,675       32,545,265  

Moelis & Co., Class A

    280,457       13,167,456  

Open Lending Corp., Class A(a)(b)

    864,186       16,341,757  

PJT Partners Inc., Class A

    165,459       10,443,772  

Pzena Investment Management Inc., Class A

    142,165       1,140,163  

StepStone Group Inc., Class A

    378,800       12,523,128  

StoneX Group Inc.(a)

    13,187       978,871  

Value Line Inc.

    6,975       467,325  

Virtus Investment Partners Inc.

    60,824       14,597,152  

WisdomTree Investments Inc.

    834,067       4,895,973  
   

 

 

 
      207,182,118  
Chemicals — 2.2%            

American Vanguard Corp.

    59,597       1,211,011  

Amyris Inc.(a)(b)

    164,180       715,825  

Aspen Aerogels Inc.(a)(b)

    185,050       6,380,524  

Avient Corp.

    80,752       3,876,096  

Balchem Corp.

    267,390       36,552,213  

Cabot Corp.

    465,466       31,842,529  

Chase Corp.

    16,230       1,410,549  

Danimer Scientific Inc.(a)(b)

    752,225       4,408,038  

Ferro Corp.(a)

    560,885       12,193,640  

Hawkins Inc.

    104,812       4,810,871  

HB Fuller Co.

    78,987       5,218,671  

 

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

  89


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Chemicals (continued)

    

Ingevity Corp.(a)

    329,514      $ 21,111,962  

Innospec Inc.

    63,212        5,850,271  

Kronos Worldwide Inc.

    27,160        421,523  

Livent Corp.(a)(b)

    1,346,999        35,116,264  

Marrone Bio Innovations Inc.(a)

    843,278        910,740  

Orion Engineered Carbons SA(b)

    501,819        8,014,049  

PureCycle Technologies Inc.(a)(b)

    473,334        3,786,672  

Quaker Chemical Corp.

    111,784        19,317,393  

Sensient Technologies Corp.

    180,349        15,140,299  

Stepan Co.

    16,602        1,640,444  

Tredegar Corp.

    178,934        2,145,419  

Trinseo PLC

    322,939        15,475,237  

Zymergen Inc.(a)(b)

    130,509        377,171  
    

 

 

 
       237,927,411  
Commercial Services & Supplies — 1.7%  

Aris Water Solution Inc., A

    72,077        1,311,801  

Brink’s Co. (The)

    398,954        27,128,872  

Casella Waste Systems Inc., Class A(a)(b)

    376,829        33,029,062  

Cimpress PLC(a)(b)

    145,975        9,282,550  

Harsco Corp.(a)

    276,302        3,381,936  

Healthcare Services Group Inc.

    332,364        6,172,000  

Heritage-Crystal Clean Inc.(a)

    50,943        1,508,422  

HNI Corp.

    37,595        1,392,895  

Interface Inc.

    109,892        1,491,234  

Montrose Environmental Group Inc.(a)(b)

    217,093        11,490,733  

Pitney Bowes Inc.

    556,049        2,891,455  

SP Plus Corp.(a)

    193,967        6,082,805  

Tetra Tech Inc.

    447,517        73,813,454  

U.S. Ecology Inc.(a)

    28,777        1,377,843  

Viad Corp.(a)

    168,656        6,010,900  
    

 

 

 
       186,365,962  
Communications Equipment — 0.8%  

ADTRAN Inc.

    27,916        515,050  

CalAmp Corp.(a)(b)

    293,593        2,146,165  

Calix Inc.(a)(b)

    378,504        16,241,607  

Cambium Networks Corp.(a)

    92,453        2,185,589  

Casa Systems Inc.(a)(b)

    279,032        1,261,225  

Clearfield Inc.(a)(b)

    94,648        6,172,942  

DZS Inc.(a)(b)

    67,050        929,983  

EMCORE Corp.(a)(b)

    29,884        110,571  

Extreme Networks Inc.(a)(b)

    1,063,765        12,988,571  

Harmonic Inc.(a)(b)

    139,045        1,291,728  

Infinera Corp.(a)(b)

    1,521,708        13,193,208  

Inseego Corp.(a)(b)

    148,039        599,558  

Plantronics Inc.(a)

    146,254        5,762,408  

Viavi Solutions Inc.(a)(b)

    1,700,695        27,347,175  
    

 

 

 
       90,745,780  
Construction & Engineering — 1.5%             

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

    256,214        20,369,013  

Comfort Systems USA Inc.

    295,655        26,316,252  

Construction Partners Inc., Class A(a)

    330,173        8,643,929  

Dycom Industries Inc.(a)(b)

    199,044        18,960,931  

EMCOR Group Inc.

    44,009        4,956,734  

IES Holdings Inc.(a)(b)

    72,687        2,922,017  

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

    91,500        1,084,275  

MYR Group Inc.(a)

    102,237        9,614,368  

NV5 Global Inc.(a)(b)

    26,835        3,577,106  

Sterling Construction Co. Inc.(a)

    46,859        1,255,821  
Security   Shares      Value  

Construction & Engineering (continued)

 

WillScot Mobile Mini Holdings Corp.(a)(b)

    1,730,495      $ 67,714,269  
    

 

 

 
       165,414,715  
Construction Materials — 0.0%  

United States Lime & Minerals Inc.

    974        113,023  
    

 

 

 
Consumer Finance — 0.2%             

Atlanticus Holdings Corp.(a)(b)

    40,810        2,113,550  

Curo Group Holdings Corp.

    177,128        2,311,520  

FirstCash Holdings Inc.

    24,040        1,690,974  

Green Dot Corp., Class A(a)

    43,543        1,196,562  

LendingTree Inc.(a)(b)

    96,463        11,543,727  

PROG Holdings Inc.(a)

    74,232        2,135,655  

Regional Management Corp.

    24,802        1,204,633  
    

 

 

 
       22,196,621  
Containers & Packaging — 0.2%             

Greif Inc., Class A, NVS

    32,550        2,117,703  

Greif Inc., Class B

    7,063        450,337  

Myers Industries Inc.

    138,051        2,981,902  

O-I Glass Inc.(a)

    1,292,003        17,028,599  

Ranpak Holdings Corp.(a)(b)

    50,067        1,022,869  
    

 

 

 
       23,601,410  
Distributors — 0.0%             

Funko Inc., Class A(a)

    221,904        3,827,844  

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

    369,607        206,980  
    

 

 

 
       4,034,824  
Diversified Consumer Services — 0.4%             

2U Inc.(a)(b)

    512,976        6,812,321  

Carriage Services Inc.

    24,141        1,287,440  

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

    51,208        1,513,708  

Houghton Mifflin Harcourt Co.(a)

    995,996        20,925,876  

OneSpaWorld Holdings Ltd.(a)(b)

    220,200        2,246,040  

PowerSchool Holdings Inc., Class A(a)

    66,645        1,100,309  

Regis Corp.(a)(b)

    316,394        670,755  

Stride Inc.(a)(b)

    17,953        652,233  

Udemy Inc.(a)(b)

    21,239        264,638  

Vivint Smart Home Inc.(a)(b)

    203,924        1,378,526  

WW International Inc.(a)(b)

    134,166        1,372,518  
    

 

 

 
       38,224,364  
Diversified Telecommunication Services — 0.7%  

Anterix Inc.(a)(b)

    28,096        1,626,758  

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

    190,191        6,160,287  

Cogent Communications Holdings Inc.

    354,323        23,509,331  

Globalstar Inc.(a)(b)

    4,404,596        6,474,756  

IDT Corp., Class B(a)

    90,826        3,096,258  

Iridium Communications Inc.(a)

    739,319        29,809,342  

Ooma Inc.(a)(b)

    106,512        1,596,615  

Telesat Corp.(a)

    60,847        1,003,976  
    

 

 

 
       73,277,323  
Electric Utilities — 0.0%             

Via Renewables Inc.

    92,560        762,694  
    

 

 

 
Electrical Equipment — 1.3%             

Advent Technologies Holdings Inc.(a)(b)

    222,870        517,058  

Allied Motion Technologies Inc.

    90,203        2,691,658  

Array Technologies Inc.(a)(b)

    253,846        2,860,844  

Atkore Inc.(a)

    372,800        36,698,432  

Babcock & Wilcox Enterprises Inc.(a)

    138,267        1,128,259  

Beam Global(a)(b)

    63,503        1,298,636  

Blink Charging Co.(a)(b)

    302,447        8,002,748  

 

90  

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® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electrical Equipment (continued)

   

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

    1,179,487     $ 28,484,611  

EnerSys

    37,661       2,808,381  

Eos Energy Enterprises Inc.(a)(b)

    387,002       1,617,668  

FTC Solar Inc.(a)(b)

    349,440       1,722,739  

FuelCell Energy Inc.(a)(b)

    2,363,241       13,612,268  

GrafTech International Ltd.(b)

    1,470,407       14,145,315  

Romeo Power Inc.(a)(b)

    638,280       951,037  

Stem Inc.(a)(b)

    941,747       10,368,635  

TPI Composites Inc.(a)(b)

    304,941       4,287,471  

Vicor Corp.(a)

    175,698       12,395,494  
   

 

 

 
      143,591,254  
Electronic Equipment, Instruments & Components — 3.0%  

908 Devices Inc.(a)(b)

    172,542       3,280,023  

Advanced Energy Industries Inc.

    312,606       26,909,125  

Akoustis Technologies Inc.(a)(b)

    424,231       2,757,502  

Arlo Technologies Inc.(a)

    703,259       6,230,875  

Badger Meter Inc.

    241,924       24,122,242  

CTS Corp.(b)

    59,932       2,117,997  

Fabrinet(a)(b)

    263,684       27,721,099  

FARO Technologies Inc.(a)

    75,209       3,904,851  

Identiv Inc.(a)(b)

    168,898       2,731,081  

II-VI Inc.(a)(b)

    816,560       59,192,434  

Insight Enterprises Inc.(a)(b)

    101,988       10,945,352  

Iteris Inc.(a)(b)

    351,096       1,046,266  

Itron Inc.(a)(b)

    310,380       16,350,818  

Kimball Electronics Inc.(a)(b)

    10,573       211,354  

Luna Innovations Inc.(a)(b)

    256,432       1,977,091  

MicroVision Inc.(a)(b)

        1,378,064       6,435,559  

Napco Security Technologies Inc.(a)(b)

    238,923       4,902,700  

nLight Inc.(a)(b)

    363,989       6,311,569  

Novanta Inc.(a)(b)

    292,921       41,679,729  

OSI Systems Inc.(a)(b)

    13,843       1,178,316  

Ouster Inc.(a)(b)

    1,070,648       4,817,916  

PAR Technology Corp.(a)(b)

    210,494       8,491,328  

Plexus Corp.(a)(b)

    205,920       16,846,315  

Rogers Corp.(a)

    136,651       37,128,077  

Velodyne Lidar Inc.(a)(b)

    634,659       1,624,727  

Vishay Intertechnology Inc.

    164,211       3,218,536  
   

 

 

 
          322,132,882  
Energy Equipment & Services — 0.4%            

Cactus Inc., Class A

    458,794       26,031,971  

ChampionX Corp.(a)

    306,944       7,513,989  

DMC Global Inc.(a)

    157,294       4,797,467  

Expro Group Holdings NV(a)(b)

    54,823       974,753  

Liberty Oilfield Services Inc., Class A(a)(b)

    262,851       3,895,452  

NexTier Oilfield Solutions Inc.(a)(b)

    155,769       1,439,306  

Solaris Oilfield Infrastructure Inc., Class A

    71,623       808,624  

TETRA Technologies Inc.(a)

    786,044       3,230,641  
   

 

 

 
      48,692,203  
Entertainment — 0.2%            

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

    16,880       134,871  

Cinemark Holdings Inc.(a)(b)

    743,316       12,844,500  

CuriosityStream Inc.(a)(b)

    38,566       111,841  

IMAX Corp.(a)(b)

    40,676       769,997  

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

    84,097       2,420,312  

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

    305,858       8,536,497  

LiveOne Inc(a)(b)

    485,576       396,230  
   

 

 

 
      25,214,248  
Security   Shares      Value  

Equity Real Estate Investment Trusts (REITs) — 2.4%

 

Alexander’s Inc.

    18,066      $ 4,629,051  

CatchMark Timber Trust Inc., Class A

    296,590        2,432,038  

Clipper Realty Inc.

    90,773        823,311  

Community Healthcare Trust Inc.

    129,607        5,470,712  

EastGroup Properties Inc.

    334,951        68,088,839  

Gladstone Commercial Corp.

    88,531        1,949,453  

Gladstone Land Corp.

    152,912        5,569,055  

Indus Realty Trust Inc.

    36,659        2,679,406  

Innovative Industrial Properties Inc.

    103,042        21,164,827  

National Storage Affiliates Trust

    674,947        42,359,674  

Necessity Retail REIT Inc.

    68,564        542,341  

NexPoint Residential Trust Inc.

    35,311        3,188,936  

Outfront Media Inc.

    241,289        6,859,846  

Phillips Edison & Co. Inc.(b)

    117,377        4,036,595  

PS Business Parks Inc.

    141,335        23,755,587  

Ryman Hospitality Properties Inc.(a)

    409,959        38,031,896  

Safehold Inc.(b)

    115,589        6,409,410  

Saul Centers Inc.

    92,980        4,900,046  

Tanger Factory Outlet Centers Inc.

    235,620        4,050,308  

UMH Properties Inc.

    309,059        7,599,761  

Universal Health Realty Income Trust

    100,749        5,880,719  
    

 

 

 
           260,421,811  
Food & Staples Retailing — 1.3%             

Andersons Inc. (The)

    107,194        5,387,570  

BJ’s Wholesale Club Holdings Inc.(a)

    848,245        57,349,845  

Chefs’ Warehouse Inc. (The)(a)(b)

    18,272        595,667  

MedAvail Holdings Inc.(a)(b)

    98,664        95,813  

Performance Food Group Co.(a)(b)

    1,146,401        58,363,275  

PriceSmart Inc.

    14,803        1,167,513  

Sprouts Farmers Market Inc.(a)(b)

    417,930        13,365,401  

United Natural Foods Inc.(a)(b)

    29,338        1,213,126  
    

 

 

 
       137,538,210  
Food Products — 0.9%             

AppHarvest Inc.(a)(b)

    574,992        3,090,582  

Calavo Growers Inc.

    144,374        5,262,432  

J&J Snack Foods Corp.

    122,338        18,974,624  

John B Sanfilippo & Son Inc.

    48,824        4,073,875  

Laird Superfood Inc.(a)(b)

    37,891        136,786  

Lancaster Colony Corp.

    138,297        20,626,997  

Limoneira Co.

    40,397        593,028  

Mission Produce Inc.(a)

    33,781        427,330  

Sanderson Farms Inc.

    144,481        27,088,743  

Simply Good Foods Co. (The)(a)

    43,628        1,655,683  

Sovos Brands Inc.(a)(b)

    91,450        1,296,761  

Tattooed Chef Inc.(a)(b)

    390,030        4,906,577  

Utz Brands Inc.

    498,078        7,361,593  

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

    65,296        585,052  

Vital Farms Inc.(a)(b)

    198,543        2,453,991  
    

 

 

 
       98,534,054  
Health Care Equipment & Supplies — 5.9%  

Accelerate Diagnostics Inc.(a)(b)

    277,647        399,812  

Accuray Inc.(a)(b)

    748,543        2,477,677  

Acutus Medical Inc.(a)

    156,670        217,771  

Alphatec Holdings Inc.(a)(b)

    540,310        6,213,565  

Apyx Medical Corp.(a)

    262,496        1,714,099  

Artivion Inc.(a)(b)

    278,231        5,948,579  

Asensus Surgical Inc.(a)(b)

    606,576        380,202  

Aspira Women’s Health Inc.(a)(b)

    611,885        636,360  

AtriCure Inc.(a)

    371,015        24,364,555  

 

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

  91


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Health Care Equipment & Supplies (continued)

 

Atrion Corp.

    11,571      $ 8,250,123  

Axogen Inc.(a)(b)

    318,555        2,529,327  

Axonics Inc.(a)(b)

    379,979        23,786,685  

BioLife Solutions Inc.(a)(b)

    86,264        1,960,781  

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

    168,821        2,380,376  

Butterfly Network Inc.(a)(b)

    1,103,103        5,250,770  

Cardiovascular Systems Inc.(a)

    332,135        7,506,251  

Cerus Corp.(a)(b)

    1,397,038        7,669,739  

ClearPoint Neuro Inc.(a)(b)

    158,235        1,647,226  

CONMED Corp.

    240,684        35,753,608  

CryoPort Inc.(a)(b)

    335,740        11,720,683  

Cue Health Inc.(a)(b)

    70,474        454,557  

Cutera Inc.(a)

    146,160        10,085,040  

CVRx Inc.(a)(b)

    58,532        350,607  

CytoSorbents Corp.(a)(b)

    347,055        1,107,105  

Eargo Inc.(a)(b)

    250,252        1,323,833  

Glaukos Corp.(a)(b)

    377,476        21,825,662  

Haemonetics Corp.(a)(b)

    286,203        18,093,754  

Heska Corp.(a)(b)

    81,184        11,226,124  

Inari Medical Inc.(a)(b)

    285,354        25,864,487  

Inogen Inc.(a)

    166,043        5,383,114  

Intersect ENT Inc.(a)

    275,371        7,713,142  

iRadimed Corp.

    51,898        2,327,106  

iRhythm Technologies Inc.(a)(b)

    244,609        38,518,579  

Lantheus Holdings Inc.(a)

    80,288        4,440,729  

LeMaitre Vascular Inc.

    156,449        7,270,185  

LivaNova PLC(a)(b)

    356,695        29,188,352  

Meridian Bioscience Inc.(a)(b)

    40,225        1,044,241  

Merit Medical Systems Inc.(a)(b)

    378,737        25,193,585  

Neogen Corp.(a)(b)

    840,197        25,911,676  

Neuronetics Inc.(a)(b)

    197,051        597,065  

NeuroPace Inc.(a)(b)

    58,597        481,081  

Nevro Corp.(a)(b)

    286,739        20,739,832  

NuVasive Inc.(a)(b)

    429,816        24,370,567  

Ortho Clinical Diagnostics Holdings PLC(a)

    1,000,297        18,665,542  

OrthoPediatrics Corp.(a)(b)

    116,426        6,285,840  

Outset Medical Inc.(a)(b)

    389,542        17,685,207  

Paragon 28 Inc.(a)(b)

    61,532        1,030,046  

PAVmed Inc.(a)(b)

    599,423        791,238  

PROCEPT BioRobotics Corp.(a)(b)

    49,054        1,716,400  

Pulmonx Corp.(a)(b)

    215,462        5,345,612  

Pulse Biosciences Inc.(a)(b)

    117,084        569,028  

Quotient Ltd.(a)(b)

    673,871        808,645  

Retractable Technologies Inc.(a)(b)

    145,887        692,963  

RxSight Inc.(a)(b)

    121,686        1,506,473  

SeaSpine Holdings Corp.(a)(b)

    135,245        1,644,579  

Senseonics Holdings Inc.(a)(b)

    3,563,412        7,019,922  

Shockwave Medical Inc.(a)(b)

    279,732        58,005,228  

SI-BONE Inc.(a)

    268,421        6,066,315  

Sientra Inc.(a)(b)

    422,711        938,418  

Sight Sciences Inc.(a)(b)

    153,257        1,771,651  

Silk Road Medical Inc.(a)(b)

    284,795        11,759,186  

STAAR Surgical Co.(a)(b)

    395,202        31,580,592  

Stereotaxis Inc.(a)

    422,923        1,577,503  

Surmodics Inc.(a)

    112,900        5,117,757  

Tactile Systems Technology Inc.(a)

    159,871        3,222,999  

TransMedics Group Inc.(a)(b)

    216,113        5,822,084  

Treace Medical Concepts Inc.(a)(b)

    249,807        4,723,850  

UFP Technologies Inc.(a)

    3,860        255,416  

Utah Medical Products Inc.

    3,604        323,855  
Security   Shares      Value  

Health Care Equipment & Supplies (continued)

 

Vapotherm Inc.(a)(b)

    189,607      $ 2,635,537  

Varex Imaging Corp.(a)

    42,931        914,001  

ViewRay Inc.(a)

    1,236,880        4,848,570  

Zynex Inc.

    176,677        1,100,698  
    

 

 

 
       638,743,767  
Health Care Providers & Services — 4.3%  

1Life Healthcare Inc.(a)(b)

    956,077        10,593,333  

Accolade Inc.(a)(b)

    423,107        7,429,759  

Addus HomeCare Corp.(a)

    53,997        5,037,380  

Agiliti Inc.(a)(b)

    196,055        4,136,761  

AirSculpt Technologies Inc.(a)

    36,289        496,434  

Alignment Healthcare Inc.(a)(b)

    658,918        7,399,649  

AMN Healthcare Services Inc.(a)(b)

    390,834        40,775,711  

Apollo Medical Holdings Inc.(a)(b)

    312,211        15,132,867  

Aveanna Healthcare Holdings Inc.(a)(b)

    336,488        1,147,424  

Biodesix Inc.(a)(b)

    103,361        174,680  

Castle Biosciences Inc.(a)

    162,468        7,288,314  

Community Health Systems Inc.(a)

    896,156        10,637,372  

CorVel Corp.(a)

    71,944        12,118,247  

Cross Country Healthcare Inc.(a)(b)

    37,023        802,288  

Ensign Group Inc. (The)

    436,088        39,252,281  

Fulgent Genetics Inc.(a)(b)

    21,503        1,342,002  

Hanger Inc.(a)

    311,569        5,711,060  

HealthEquity Inc.(a)(b)

    678,536        45,760,468  

InfuSystem Holdings Inc.(a)(b)

    153,153        1,500,899  

Innovage Holding Corp.(a)(b)

    154,260        990,349  

Invitae Corp.(a)(b)

    433,388        3,454,102  

Joint Corp. (The)(a)

    112,888        3,995,106  

LHC Group Inc.(a)

    253,670        42,768,762  

LifeStance Health Group Inc.(a)(b)

    370,395        3,744,693  

MEDNAX Inc.(a)(b)

    334,775        7,860,517  

ModivCare Inc.(a)(b)

    34,152        3,940,799  

National Research Corp.

    117,117        4,643,689  

Ontrak Inc.(a)(b)

    75,976        172,086  

Owens & Minor Inc.(b)

    496,816        21,869,840  

Patterson Companies Inc.

    185,348        5,999,715  

Pennant Group Inc. (The)(a)

    213,760        3,982,349  

PetIQ Inc.(a)

    226,830        5,534,652  

Privia Health Group Inc.(a)(b)

    348,131        9,305,542  

Progyny Inc.(a)(b)

    533,593        27,426,680  

R1 RCM Inc.(a)(b)

    985,185        26,363,551  

RadNet Inc.(a)(b)

    377,358        8,441,498  

Select Medical Holdings Corp.

    919,745        22,064,683  

Sharps Compliance Corp.(a)(b)

    145,411        857,925  

SOC Telemed Inc.(a)(b)

    400,240        1,196,718  

Surgery Partners Inc.(a)(b)

    284,473        15,660,239  

Tenet Healthcare Corp.(a)(b)

    105,381        9,058,551  

Tivity Health Inc.(a)(b)

    215,286        6,925,751  

U.S. Physical Therapy Inc.

    106,053        10,546,971  

Viemed Healthcare Inc.(a)(b)

    47,652        237,307  
    

 

 

 
       463,779,004  
Health Care Technology — 1.5%             

Convey Health Solutions Holdings Inc.(a)(b)

    79,142        517,589  

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

    134,703        4,350,907  

Forian Inc.(a)(b)

    140,245        976,105  

Health Catalyst Inc.(a)(b)

    434,163        11,344,679  

Icad Inc.(a)(b)

    185,486        827,268  

Inspire Medical Systems Inc.(a)

    222,923        57,222,105  

Multiplan Corp.(a)(b)

    426,926        1,998,014  

 

92  

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® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Health Care Technology (continued)

    

NantHealth Inc.(a)(b)

    123,514      $ 93,080  

Omnicell Inc.(a)

    362,702        46,966,282  

OptimizeRx Corp.(a)

    141,681        5,342,791  

Phreesia Inc.(a)(b)

    414,890        10,936,500  

Schrodinger Inc.(a)(b)

    376,577        12,848,807  

Simulations Plus Inc.(b)

    126,479        6,447,899  

Tabula Rasa HealthCare Inc.(a)

    201,800        1,162,368  
    

 

 

 
       161,034,394  
Hotels, Restaurants & Leisure — 4.4%             

Accel Entertainment Inc.(a)(b)

    476,571        5,804,635  

Bally’s Corp.(a)(b)

    271,236        8,337,795  

BJ’s Restaurants Inc.(a)(b)

    173,301        4,904,418  

Bloomin’ Brands Inc.

    735,015        16,126,229  

Brinker International Inc.(a)(b)

    367,369        14,018,801  

Century Casinos Inc.(a)

    229,257        2,739,621  

Cheesecake Factory Inc. (The)(a)

    381,737        15,189,315  

Chuy’s Holdings Inc.(a)(b)

    78,209        2,111,643  

Cracker Barrel Old Country Store Inc.

    196,587        23,340,774  

Dave & Buster’s Entertainment Inc.(a)

    168,852        8,290,633  

Denny’s Corp.(a)(b)

    391,373        5,600,548  

Dine Brands Global Inc.

    135,025        10,525,199  

Drive Shack Inc.(a)(b)

    335,841        517,195  

Esports Technologies Inc.(a)(b)

    105,958        714,157  

Everi Holdings Inc.(a)(b)

    709,739        14,904,519  

F45 Training Holdings Inc.(a)(b)

    144,671        1,547,980  

First Watch Restaurant Group Inc.(a)

    63,734        831,729  

Full House Resorts Inc.(a)(b)

    269,854        2,593,297  

GAN Ltd.(a)(b)

    35,771        172,416  

Golden Entertainment Inc.(a)(b)

    141,752        8,231,539  

Golden Nugget Online Gaming Inc.(a)(b)

    337,860        2,402,185  

Hilton Grand Vacations Inc.(a)(b)

    709,398        36,895,790  

International Game Technology PLC

    834,881        20,604,863  

Jack in the Box Inc.

    24,437        2,282,660  

Krispy Kreme Inc.(b)

    493,359        7,326,381  

Kura Sushi USA Inc., Class A(a)(b)

    36,602        2,018,600  

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

    183,238        2,664,281  

Lindblad Expeditions Holdings Inc.(a)(b)

    257,126        3,877,460  

Monarch Casino & Resort Inc.(a)(b)

    87,472        7,630,183  

Nathan’s Famous Inc.

    18,280        990,228  

NEOGAMES SA(a)

    85,919        1,325,730  

Noodles & Co.(a)(b)

    342,334        2,043,734  

ONE Group Hospitality Inc. (The)(a)(b)

    176,328        1,853,207  

Papa John’s International Inc.

    275,038        28,956,001  

PlayAGS Inc.(a)(b)

    231,232        1,542,317  

Portillo’s Inc., Class A(a)(b)

    132,309        3,249,509  

RCI Hospitality Holdings Inc.

    72,477        4,454,436  

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

    131,125        2,210,767  

Red Rock Resorts Inc., Class A

    444,944        21,606,481  

Rush Street Interactive Inc.(a)(b)

    436,604        3,174,111  

Ruth’s Hospitality Group Inc.

    274,039        6,270,012  

Scientific Games Corp./DE, Class A(a)(b)

    797,082        46,828,567  

SeaWorld Entertainment Inc.(a)

    229,819        17,107,726  

Shake Shack Inc., Class A(a)(b)

    309,314        21,002,421  

Sweetgreen Inc.(a)(b)

    71,471        2,286,357  

Target Hospitality Corp.(a)(b)

    143,331        859,986  

Texas Roadhouse Inc.

    581,015        48,648,386  

Wingstop Inc.

    247,956        29,097,637  

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

    55,966        1,311,843  
    

 

 

 
       477,024,302  
Security   Shares      Value  

Household Durables — 1.9%

    

Aterian Inc.(a)(b)

    215,512      $ 523,694  

Cavco Industries Inc.(a)

    53,803        12,958,452  

Century Communities Inc.

    160,564        8,601,413  

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

    1,066,961        9,101,177  

Green Brick Partners Inc.(a)

    73,496        1,452,281  

Hamilton Beach Brands Holding Co., Class A

    27,227        316,650  

Helen of Troy Ltd.(a)(b)

    199,786        39,126,090  

Hooker Furnishings Corp.

    7,223        136,804  

Installed Building Products Inc.

    196,894        16,635,574  

iRobot Corp.(a)(b)

    201,814        12,795,008  

KB Home

    119,561        3,871,385  

LGI Homes Inc.(a)(b)

    178,677        17,453,169  

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

    105,177        5,685,869  

MDC Holdings Inc.

    131,514        4,976,490  

Meritage Homes Corp.(a)

    18,043        1,429,547  

Purple Innovation Inc., Class A(a)(b)

    483,052        2,825,854  

Skyline Champion Corp.(a)

    436,286        23,943,376  

Snap One Holdings Corp.(a)(b)

    69,948        1,031,733  

Sonos Inc.(a)(b)

    1,065,939        30,080,799  

Taylor Morrison Home Corp.(a)(b)

    119,273        3,246,611  

Traeger Inc.(a)(b)

    81,843        608,912  

Tri Pointe Homes Inc.(a)(b)

    70,417        1,413,973  

Vuzix Corp.(a)(b)

    499,665        3,297,789  

Weber Inc., Class A(b)

    60,107        590,852  
    

 

 

 
       202,103,502  
Household Products — 0.4%             

Central Garden & Pet Co.(a)(b)

    31,860        1,400,566  

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

    127,809        5,212,051  

Energizer Holdings Inc.

    558,657        17,184,289  

WD-40 Co.

    113,200        20,741,636  
    

 

 

 
       44,538,542  
Independent Power and Renewable Electricity Producers — 0.1%  

Clearway Energy Inc., Class A

    77,789        2,591,929  

Clearway Energy Inc., Class C

    170,178        6,213,199  

Sunnova Energy International Inc.(a)(b)

    107,901        2,488,197  
    

 

 

 
       11,293,325  
Insurance — 1.3%             

Bright Health Group Inc.(a)(b)

    1,481,475        2,859,247  

BRP Group Inc., Class A(a)

    392,123        10,520,660  

eHealth Inc.(a)

    60,753        753,945  

Goosehead Insurance Inc., Class A

    24,079        1,891,887  

Heritage Insurance Holdings Inc.

    15,519        110,805  

Investors Title Co.

    1,585        322,088  

James River Group Holdings Ltd.

    42,582        1,053,479  

Kinsale Capital Group Inc.

    178,350        40,667,367  

Palomar Holdings Inc.(a)(b)

    204,115        13,061,319  

RLI Corp.

    307,640        34,034,213  

Selectquote Inc.(a)(b)

    1,123,813        3,135,438  

Trupanion Inc.(a)(b)

    316,624        28,217,531  
    

 

 

 
       136,627,979  
Interactive Media & Services — 1.1%             

Cargurus Inc.(a)(b)

    791,596        33,611,166  

Cars.com Inc.(a)(b)

    78,422        1,131,630  

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

    638,337        9,428,238  

EverQuote Inc., Class A(a)

    166,012        2,686,074  

fuboTV Inc.(a)(b)

    1,121,157        7,366,002  

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

    473,459        970,591  

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

    163,995        2,714,117  

Outbrain Inc.(a)(b)

    86,860        932,008  

 

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

  93


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Interactive Media & Services (continued)

 

QuinStreet Inc.(a)

    413,562      $ 4,797,319  

Society Pass Inc.(a)(b)

    66,289        196,878  

Yelp Inc.(a)(b)

    548,739        18,717,487  

Ziff Davis Inc.(a)(b)

    360,253        34,865,285  
    

 

 

 
       117,416,795  
Internet & Direct Marketing Retail — 0.8%  

1-800-Flowers.com Inc., Class A(a)(b)

    224,901        2,869,737  

1stdibs.com Inc.(a)

    124,723        996,537  

aka Brands Holding Corp.(a)(b)

    49,835        220,271  

CarParts.com Inc.(a)(b)

    399,970        2,679,799  

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

    102,212        1,250,053  

Groupon Inc.(a)(b)

    165,467        3,181,930  

Liquidity Services Inc.(a)(b)

    192,752        3,299,914  

Lulu’s Fashion Lounge Holdings Inc.(a)

    30,322        205,583  

Overstock.com Inc.(a)(b)

    356,320        15,679,862  

PetMed Express Inc.

    145,158        3,745,076  

Porch Group Inc.(a)(b)

    635,133        4,410,999  

Quotient Technology Inc.(a)(b)

    703,553        4,488,668  

RealReal Inc. (The)(a)(b)

    663,830        4,819,406  

Rent the Runway Inc.(a)(b)

    89,634        617,578  

Revolve Group Inc.(a)(b)

    187,627        10,073,694  

Shutterstock Inc.

    195,481        18,195,371  

Stitch Fix Inc., Class A(a)(b)

    674,948        6,796,726  

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

    158,668        5,831,049  
    

 

 

 
       89,362,253  
IT Services — 2.6%             

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

    399,940        8,762,685  

Brightcove Inc.(a)(b)

    337,224        2,630,347  

Cantaloupe Inc.(a)

    488,019        3,303,889  

Cass Information Systems Inc.

    19,406        716,275  

CSG Systems International Inc.

    125,613        7,985,218  

DigitalOcean Holdings Inc.(a)(b)

    397,721        23,008,160  

EVERTEC Inc.

    500,927        20,502,942  

Evo Payments Inc., Class A(a)

    393,509        9,086,123  

ExlService Holdings Inc.(a)(b)

    272,080        38,980,902  

Flywire Corp.(a)(b)

    393,359        12,028,918  

GreenBox POS(a)(b)

    157,505        664,671  

Grid Dynamics Holdings Inc.(a)(b)

    374,414        5,271,749  

Hackett Group Inc. (The)

    190,313        4,388,618  

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

    179,293        4,995,103  

IBEX Holdings Ltd.(a)(b)

    47,660        759,700  

International Money Express Inc.(a)

    272,051        5,606,971  

Maximus Inc.

    509,161        38,161,617  

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

    709,022        4,154,869  

Perficient Inc.(a)(b)

    269,943        29,718,025  

Priority Technology Holdings Inc.(a)(b)

    83,964        482,793  

Rackspace Technology Inc.(a)(b)

    332,558        3,711,347  

Remitly Global Inc.(a)(b)

    85,737        846,224  

Repay Holdings Corp.(a)(b)

    313,297        4,627,397  

TTEC Holdings Inc.

    154,884        12,781,028  

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

    80,845        5,521,713  

Unisys Corp.(a)(b)

    429,124        9,273,370  

Verra Mobility Corp.(a)(b)

    1,257,152        20,466,435  
    

 

 

 
       278,437,089  
Leisure Products — 0.5%             

Acushnet Holdings Corp.

    84,038        3,383,370  

AMMO Inc.(a)(b)

    735,152        3,528,730  

Clarus Corp.

    224,881        5,122,789  

Escalade Inc.

    29,922        394,970  
Security   Shares      Value  

Leisure Products (continued)

    

Johnson Outdoors Inc., Class A

    27,350      $ 2,125,916  

Latham Group Inc.(a)(b)

    351,972        4,660,109  

Malibu Boats Inc., Class A(a)(b)

    171,439        9,945,176  

Marine Products Corp.

    70,057        809,158  

MasterCraft Boat Holdings Inc.(a)

    152,310        3,748,349  

Nautilus Inc.(a)(b)

    66,177        272,649  

Smith & Wesson Brands Inc.

    396,865        6,004,568  

Solo Brands Inc., Class A(a)(b)

    65,979        562,801  

Sturm Ruger & Co. Inc.

    132,573        9,229,732  
    

 

 

 
       49,788,317  
Life Sciences Tools & Services — 1.1%  

Absci Corp.(a)(b)

    261,886        2,207,699  

Aduro Biotech Inc., NVS(c)

    105,692        317,076  

Akoya Biosciences Inc.(a)

    111,457        1,224,912  

Alpha Teknova Inc.(a)(b)

    35,630        492,050  

Berkeley Lights Inc.(a)(b)

    408,954        2,907,663  

BioNano Genomics Inc.(a)(b)

    2,419,676        6,242,764  

ChromaDex Corp.(a)(b)

    405,241        996,893  

Codex DNA Inc.(a)(b)

    41,738        224,133  

Codexis Inc.(a)

    498,774        10,284,720  

Cytek Biosciences Inc.(a)(b)

    660,873        7,124,211  

Fluidigm Corp.(a)(b)

    56,501        202,839  

Harvard Bioscience Inc.(a)(b)

    281,672        1,749,183  

Inotiv Inc.(a)(b)

    142,761        3,737,483  

IsoPlexis Corp(a)(b)

    36,894        126,546  

MaxCyte Inc.(a)(b)

    482,092        3,369,823  

Medpace Holdings Inc.(a)

    240,142        39,284,830  

NanoString Technologies Inc.(a)(b)

    345,813        12,017,002  

NeoGenomics Inc.(a)(b)

    935,119        11,361,696  

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

    738,114        6,716,837  

Personalis Inc.(a)(b)

    23,056        188,829  

Quanterix Corp.(a)(b)

    254,931        7,441,436  

Rapid Micro Biosystems Inc., Cass A(a)(b)

    71,473        485,302  

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

    129,690        1,976,476  

Singular Genomics Systems Inc.(a)(b)

    219,892        1,387,518  
    

 

 

 
       122,067,921  
Machinery — 4.2%             

AgEagle Aerial Systems Inc.(a)(b)

    358,422        426,522  

Alamo Group Inc.

    72,994        10,495,807  

Albany International Corp., Class A

    51,554        4,347,033  

Blue Bird Corp.(a)(b)

    70,529        1,327,356  

Chart Industries Inc.(a)(b)

    182,127        31,283,955  

CIRCOR International Inc.(a)

    152,957        4,071,715  

Commercial Vehicle Group Inc.(a)(b)

    99,822        843,496  

Desktop Metal Inc., Class A(a)

    1,023,710        4,852,385  

Douglas Dynamics Inc.

    187,644        6,490,606  

Energy Recovery Inc.(a)

    345,375        6,955,853  

Enerpac Tool Group Corp.(b)

    500,552        10,957,083  

ESCO Technologies Inc.

    18,410        1,287,227  

Evoqua Water Technologies Corp.(a)(b)

    961,053        45,150,270  

Federal Signal Corp.

    500,459        16,890,491  

Franklin Electric Co. Inc.

    385,793        32,036,251  

Gorman-Rupp Co. (The)

    34,961        1,254,401  

Helios Technologies Inc.

    269,263        21,608,356  

Hillenbrand Inc.

    332,586        14,690,324  

Hydrofarm Holdings Group Inc.(a)(b)

    329,701        4,994,970  

Hyliion Holdings Corp.(a)(b)

    189,469        839,348  

John Bean Technologies Corp.(b)

    260,866        30,904,795  

Kadant Inc.

    95,683        18,580,682  

 

94  

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® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Machinery (continued)

    

Lindsay Corp.

    81,618      $ 12,814,842  

Luxfer Holdings PLC

    97,565        1,639,092  

Meritor Inc.(a)

    478,421        17,017,435  

Miller Industries Inc./TN

    4,692        132,127  

Mueller Industries Inc.

    179,790        9,739,224  

Mueller Water Products Inc., Class A

    94,755        1,224,235  

Nikola Corp.(a)(b)

    1,894,249        20,287,407  

Omega Flex Inc.

    25,851        3,357,269  

Proto Labs Inc.(a)(b)

    37,480        1,982,692  

RBC Bearings Inc.(a)(b)

    32,941        6,386,601  

REV Group Inc.

    44,461        595,777  

Shyft Group Inc. (The)(b)

    285,965        10,326,196  

SPX Corp.(a)

    305,181        15,078,993  

SPX FLOW Inc.

    29,110        2,509,864  

Tennant Co.

    152,881        12,047,023  

Terex Corp.

    567,448        20,235,196  

Titan International Inc.(a)

    68,401        1,007,547  

Wabash National Corp.

    36,366        539,671  

Watts Water Technologies Inc., Class A

    128,003        17,867,939  

Welbilt Inc.(a)(b)

    1,087,465        25,827,294  
    

 

 

 
       450,905,350  
Media — 0.7%             

AMC Networks Inc., Class A(a)(b)

    123,565        5,020,446  

Cardlytics Inc.(a)(b)

    268,163        14,743,602  

Clear Channel Outdoor Holdings Inc.(a)

    262,918        909,696  

Digital Media Solutions Inc., Class A(a)(b)

    12,805        46,610  

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

    424,667        8,038,946  

Integral Ad Science Holding Corp.(a)

    119,473        1,648,727  

Magnite Inc.(a)(b)

    1,076,904        14,225,902  

National CineMedia Inc.

    42,008        106,700  

Sinclair Broadcast Group Inc., Class A

    61,429        1,721,241  

Stagwell Inc.(a)(b)

    45,756        331,274  

TechTarget Inc.(a)(b)

    216,907        17,630,201  

Thryv Holdings Inc.(a)(b)

    54,306        1,527,085  

WideOpenWest Inc.(a)(b)

    272,132        4,745,982  
    

 

 

 
       70,696,412  
Metals & Mining — 1.1%             

Allegheny Technologies Inc.(a)(b)

    642,687        17,249,719  

Century Aluminum Co.(a)(b)

    23,771        625,415  

Coeur Mining Inc.(a)(b)

    1,442,856        6,420,709  

Compass Minerals International Inc.

    283,917        17,827,149  

Gatos Silver Inc.(a)(b)

    331,488        1,432,028  

Hecla Mining Co.

    1,299,187        8,535,659  

Kaiser Aluminum Corp.

    16,875        1,588,950  

Materion Corp.

    65,469        5,613,312  

MP Materials Corp.(a)(b)

    630,736        36,166,402  

NovaGold Resources Inc.(a)(b)

    1,965,040        15,189,759  

Perpetua Resources Corp.(a)

    253,448        1,039,137  

PolyMet Mining Corp.(a)(b)

    82,123        344,095  

Ryerson Holding Corp.

    87,519        3,064,916  

Schnitzer Steel Industries Inc., Class A

    17,969        933,310  

Warrior Met Coal Inc.

    43,311        1,607,271  
    

 

 

 
       117,637,831  
Mortgage Real Estate Investment — 0.0%  

Hannon Armstrong Sustainable Infrastructure Capital Inc.

    36,911        1,750,689  

PennyMac Mortgage Investment Trust

    160,718        2,714,527  
    

 

 

 
       4,465,216  
Security   Shares      Value  

Multiline Retail — 0.0%

    

Franchise Group Inc.

    32,938      $ 1,364,621  
    

 

 

 
Oil, Gas & Consumable Fuels — 3.0%             

Antero Resources Corp.(a)

    287,187        8,767,819  

Arch Resources Inc.(b)

    24,617        3,381,884  

Callon Petroleum Co.(a)(b)

    346,301        20,459,463  

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

    193,573        1,562,134  

Chesapeake Energy Corp.

    51,482        4,478,934  

Civitas Resources Inc.

    54,371        3,246,492  

Crescent Energy Inc.(b)

    248,368        4,306,701  

Denbury Inc.(a)(b)

    419,220        32,938,115  

Dorian LPG Ltd.

    46,653        676,002  

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

    42,872        541,473  

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

    1,105,503        10,115,353  

Falcon Minerals Corp.

    277,734        1,871,927  

Kinetik Holdings Inc.

    2,907        188,984  

Kosmos Energy Ltd.(a)

    3,721,321        26,756,298  

Laredo Petroleum Inc.(a)(b)

    28,700        2,271,318  

Magnolia Oil & Gas Corp., Class A

    1,198,256        28,338,754  

Matador Resources Co.(b)

    917,374        48,602,475  

Oasis Petroleum Inc.

    139,789        20,451,131  

Ovintiv Inc.

    121,581        6,573,885  

Par Pacific Holdings Inc.(a)

    323,644        4,213,845  

Riley Exploration Permian Inc.

    9,487        237,934  

Southwestern Energy Co.(a)(b)

    8,429,834        60,441,910  

Talos Energy Inc.(a)

    47,763        754,178  

Tellurian Inc.(a)(b)

    3,072,661        16,285,103  

Uranium Energy Corp.(a)(b)

    2,186,317        10,035,195  

Ur-Energy Inc.(a)(b)

    1,407,239        2,251,582  
    

 

 

 
       319,748,889  
Personal Products — 0.8%             

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

    661,146        11,160,145  

BellRing Brands Inc.(a)(b)

    618,067        14,264,986  

elf Beauty Inc.(a)

    396,295        10,236,300  

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

    501,621        2,613,445  

Inter Parfums Inc.

    148,021        13,033,249  

Medifast Inc.

    95,391        16,290,875  

NewAge Inc.(a)(b)

    632,053        367,223  

Nu Skin Enterprises Inc., Class A

    184,126        8,815,953  

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

    20,608        166,307  

Thorne HealthTech Inc.(a)(b)

    23,414        148,913  

USANA Health Sciences Inc.(a)

    98,663        7,838,775  

Veru Inc.(a)(b)

    380,859        1,839,549  
    

 

 

 
       86,775,720  
Pharmaceuticals — 2.3%             

9 Meters Biopharma Inc.(a)(b)

    1,886,528        1,130,596  

Aclaris Therapeutics Inc.(a)(b)

    421,871        7,273,056  

Aerie Pharmaceuticals Inc.(a)(b)

    352,994        3,212,245  

Amneal Pharmaceuticals Inc.(a)

    828,207        3,453,623  

Amphastar Pharmaceuticals Inc.(a)(b)

    92,265        3,312,314  

Ampio Pharmaceuticals Inc.(a)(b)

    1,600,939        752,441  

Amylyx Pharmaceuticals Inc.(a)(b)

    44,412        570,694  

Angion Biomedica Corp.(a)(b)

    186,661        395,721  

Antares Pharma Inc.(a)

    1,395,324        5,720,828  

Arvinas Inc.(a)

    390,420        26,275,266  

Atea Pharmaceuticals Inc.(a)

    48,260        348,437  

Axsome Therapeutics Inc.(a)(b)

    230,772        9,551,653  

Cassava Sciences Inc.(a)(b)

    317,784        11,802,498  

CinCor Pharma Inc.(a)(b)

    52,767        925,533  

 

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

  95


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Pharmaceuticals (continued)

    

Collegium Pharmaceutical Inc.(a)

    286,697      $ 5,837,151  

Corcept Therapeutics Inc.(a)

    725,375        16,335,445  

CorMedix Inc.(a)(b)

    29,953        164,142  

DICE Therapeutics Inc.(a)(b)

    67,335        1,288,119  

Durect Corp.(a)(b)

    1,904,097        1,275,555  

Edgewise Therapeutics Inc.(a)

    320,819        3,111,944  

Esperion Therapeutics Inc.(a)(b)

    468,718        2,174,852  

Evolus Inc.(a)

    271,469        3,045,882  

Harmony Biosciences Holdings Inc.(a)(b)

    192,068        9,344,108  

Ikena Oncology Inc.(a)

    17,225        105,073  

Innoviva Inc.(a)(b)

    42,021        813,106  

Intra-Cellular Therapies Inc.(a)

    665,847        40,743,178  

Kala Pharmaceuticals Inc.(a)(b)

    271,837        375,135  

Kaleido Biosciences Inc.(a)(b)

    154,229        254,478  

KemPharm Inc.(a)(b)

    115,172        579,315  

Landos Biopharma Inc.(a)

    43,044        63,490  

Marinus Pharmaceuticals Inc.(a)(b)

    310,847        2,906,419  

Mind Medicine MindMed Inc.(a)(b)

    2,694,380        2,990,762  

NGM Biopharmaceuticals Inc.(a)(b)

    25,200        384,300  

Nuvation Bio Inc.(a)(b)

    1,112,722        5,852,918  

Ocular Therapeutix Inc.(a)(b)

    645,206        3,193,770  

Omeros Corp.(a)(b)

    504,066        3,029,437  

Oramed Pharmaceuticals Inc.(a)

    304,801        2,636,529  

Pacira BioSciences Inc.(a)

    366,029        27,935,333  

Paratek Pharmaceuticals Inc.(a)(b)

    402,177        1,194,466  

Phathom Pharmaceuticals Inc.(a)(b)

    167,843        2,284,343  

Phibro Animal Health Corp., Class A

    169,799        3,387,490  

Pliant Therapeutics Inc.(a)

    183,597        1,287,015  

Rain Therapeutics Inc.(a)

    88,672        449,567  

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

    198,062        6,488,511  

Relmada Therapeutics Inc.(a)(b)

    203,203        5,484,449  

Revance Therapeutics Inc.(a)(b)

    582,976        11,368,032  

Seelos Therapeutics Inc.(a)(b)

    798,818        669,250  

SIGA Technologies Inc.(a)(b)

    400,559        2,839,963  

Tarsus Pharmaceuticals Inc.(a)(b)

    56,828        955,847  

Terns Pharmaceuticals Inc.(a)(b)

    70,347        208,931  

TherapeuticsMD Inc.(a)(b)

    3,425,927        1,301,852  

Theravance Biopharma Inc.(a)(b)

    455,986        4,359,226  

Theseus Pharmaceuticals Inc.(a)(b)

    55,638        641,506  

Ventyx Biosciences Inc.(a)(b)

    50,501        685,299  

Verrica Pharmaceuticals Inc.(a)(b)

    106,138        860,779  

WaVe Life Sciences Ltd.(a)(b)

    367,986        735,972  
    

 

 

 
       254,367,844  
Professional Services — 2.6%             

ASGN Inc.(a)(b)

    377,831        44,096,656  

Atlas Technical Consultants Inc.(a)(b)

    19,699        237,176  

CRA International Inc.

    50,194        4,229,346  

Exponent Inc.

    431,342        46,606,503  

First Advantage Corp.(a)(b)

    417,864        8,436,674  

Forrester Research Inc.(a)

    95,024        5,361,254  

Franklin Covey Co.(a)(b)

    104,022        4,703,875  

Heidrick & Struggles International Inc.

    69,571        2,753,620  

HireQuest Inc.

    37,804        722,812  

HireRight Holdings Corp.(a)(b)

    82,525        1,411,178  

Huron Consulting Group Inc.(a)

    19,528        894,578  

Insperity Inc.

    301,594        30,286,069  

KBR Inc.

    1,026,848        56,199,391  

Kforce Inc.

    167,517        12,391,233  

Sterling Check Corp.(a)(b)

    60,997        1,612,151  

TriNet Group Inc.(a)(b)

    336,759        33,123,615  
Security   Shares      Value  

Professional Services (continued)

    

Upwork Inc.(a)(b)

    977,840      $ 22,725,002  

Willdan Group Inc.(a)(b)

    73,211        2,246,846  
    

 

 

 
       278,037,979  
Real Estate Management & Development — 0.9%  

Cushman & Wakefield PLC(a)(b)

    1,151,254        23,612,219  

Douglas Elliman Inc., NVS

    88,049        642,758  

eXp World Holdings Inc.(b)

    520,256        11,013,819  

Fathom Holdings Inc.(a)(b)

    51,131        547,102  

Forestar Group Inc.(a)(b)

    36,650        650,904  

Marcus & Millichap Inc.

    20,065        1,057,024  

Newmark Group Inc., Class A(b)

    1,394,655        22,202,908  

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

    78,511        197,063  

Redfin Corp.(a)(b)

    854,201        15,409,786  

RMR Group Inc. (The), Class A

    13,071        406,508  

St Joe Co. (The)

    276,800        16,397,632  
    

 

 

 
       92,137,723  
Road & Rail — 0.6%             

Daseke Inc.(a)(b)

    336,712        3,390,690  

HyreCar Inc.(a)(b)

    147,522        351,102  

PAM Transportation Services Inc.(a)(b)

    10,926        379,679  

Saia Inc.(a)(b)

    220,188        53,686,238  

Universal Logistics Holdings Inc.

    50,430        1,016,165  

Werner Enterprises Inc.

    60,412        2,476,892  

Yellow Corp.(a)(b)

    23,723        166,298  
    

 

 

 
       61,467,064  
Semiconductors & Semiconductor Equipment — 5.8%  

Alpha & Omega Semiconductor Ltd.(a)(b)

    147,405        8,055,683  

Ambarella Inc.(a)

    292,784        30,718,897  

Amkor Technology Inc.

    177,319        3,851,369  

Atomera Inc.(a)(b)

    163,719        2,138,170  

Axcelis Technologies Inc.(a)

    273,047        20,623,240  

CEVA Inc.(a)

    187,202        7,609,761  

CMC Materials Inc.

    235,373        43,638,154  

Cohu Inc.(a)

    345,548        10,228,221  

Credo Technology Group Holdings(a)(b)

    126,459        1,925,971  

Diodes Inc.(a)(b)

    279,675        24,328,928  

FormFactor Inc.(a)

    564,296        23,717,361  

Ichor Holdings Ltd.(a)

    153,795        5,478,178  

Impinj Inc.(a)(b)

    157,002        9,975,907  

Kopin Corp.(a)(b)

    653,197        1,652,588  

Kulicke & Soffa Industries Inc.

    507,925        28,453,959  

Lattice Semiconductor Corp.(a)

    1,125,020        68,569,969  

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

    409,379        24,509,521  

MaxLinear Inc.(a)

    588,272        34,325,671  

Meta Materials Inc.(a)(b)

    1,682,486        2,809,752  

NVE Corp.

    37,994        2,069,533  

Onto Innovation Inc.(a)(b)

    127,135        11,046,760  

Power Integrations Inc.

    488,561        45,279,833  

Semtech Corp.(a)(b)

    536,376        37,192,312  

Silicon Laboratories Inc.(a)(b)

    314,344        47,214,469  

SiTime Corp.(a)

    133,908        33,185,081  

SkyWater Technology Inc.(a)(b)

    65,508        709,452  

SMART Global Holdings Inc.(a)(b)

    408,465        10,550,651  

SunPower Corp.(a)(b)

    528,177        11,345,242  

Synaptics Inc.(a)(b)

    329,237        65,682,781  

Ultra Clean Holdings Inc.(a)

    368,285        15,611,601  
    

 

 

 
       632,499,015  

 

96  

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® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Software — 10.2%

    

8x8 Inc.(a)

    938,227      $ 11,812,278  

A10 Networks Inc.

    415,767        5,799,950  

ACI Worldwide Inc.(a)(b)

    979,610        30,847,919  

Agilysys Inc.(a)(b)

    157,486        6,280,542  

Alarm.com Holdings Inc.(a)

    393,451        26,148,753  

Alkami Technology Inc.(a)(b)

    220,579        3,156,485  

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

    385,789        24,844,812  

American Software Inc./GA, Class A

    208,485        4,344,827  

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

    158,532        17,947,408  

Appian Corp.(a)(b)

    326,416        19,852,621  

Arteris Inc.(a)(b)

    25,685        333,905  

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

    556,903        22,259,413  

Avaya Holdings Corp.(a)(b)

    694,464        8,798,859  

AvidXchange Holdings Inc.(a)(b)

    176,810        1,423,320  

Benefitfocus Inc.(a)(b)

    162,911        2,055,937  

Blackbaud Inc.(a)

    398,207        23,840,653  

Blackline Inc.(a)(b)

    450,899        33,014,825  

Bottomline Technologies DE Inc.(a)

    64,861        3,676,321  

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

    1,134,345        32,964,066  

BTRS Holdings Inc.(a)(b)

    788,781        5,900,082  

Cerence Inc.(a)(b)

    325,612        11,754,593  

ChannelAdvisor Corp.(a)

    176,580        2,925,931  

CommVault Systems Inc.(a)

    369,864        24,540,476  

Consensus Cloud Solutions Inc.(a)(b)

    133,535        8,029,460  

CoreCard Corp.(a)(b)

    61,486        1,684,716  

Couchbase Inc.(a)(b)

    141,636        2,467,299  

CS Disco Inc.(a)(b)

    56,132        1,906,804  

Digimarc Corp.(a)(b)

    107,059        2,823,146  

Digital Turbine Inc.(a)(b)

    752,767        32,978,722  

Domo Inc., Class B(a)

    237,055        11,987,871  

eGain Corp.(a)(b)

    83,938        972,002  

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

    137,364        1,747,270  

EngageSmart Inc.(a)(b)

    101,273        2,158,128  

Envestnet Inc.(a)(b)

    398,743        29,682,429  

EverCommerce Inc.(a)(b)

    185,444        2,447,861  

Instructure Holdings Inc.(a)(b)

    16,891        338,833  

Intapp Inc.(a)(b)

    86,049        2,066,036  

InterDigital Inc.

    104,761        6,683,752  

JFrog Ltd.(a)(b)

    445,288        12,000,512  

Kaltura Inc.(a)(b)

    214,466        383,894  

LivePerson Inc.(a)

    545,718        13,326,434  

Marathon Digital Holdings Inc.(a)(b)

    48,208        1,347,414  

MeridianLink Inc.(a)(b)

    143,499        2,597,332  

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

    77,964        37,915,452  

Mimecast Ltd.(a)

    513,772        40,875,700  

Mitek Systems Inc.(a)(b)

    360,210        5,284,281  

Model N Inc.(a)

    274,964        7,396,532  

Momentive Global Inc.(a)(b)

    1,096,303        17,825,887  

ON24 Inc.(a)

    152,732        2,008,426  

OneSpan Inc.(a)

    305,065        4,405,139  

PagerDuty Inc.(a)(b)

    688,025        23,523,575  

Progress Software Corp.

    367,648        17,312,544  

PROS Holdings Inc.(a)(b)

    332,010        11,059,253  

Q2 Holdings Inc.(a)(b)

    454,775        28,036,879  

Qualys Inc.(a)

    282,839        40,279,102  

Rapid7 Inc.(a)(b)

    467,428        51,996,691  

Rekor Systems Inc.(a)(b)

    190,015        866,468  

Rimini Street Inc.(a)(b)

    367,176        2,129,621  

Riot Blockchain Inc.(a)(b)

    890,093        18,843,269  

SailPoint Technologies Holdings Inc.(a)(b)

    759,686        38,880,729  
Security   Shares      Value  

Software (continued)

    

Sapiens International Corp. NV

    260,523      $ 6,614,679  

ShotSpotter Inc.(a)(b)

    70,157        1,944,752  

Sprout Social Inc., Class A(a)(b)

    375,269        30,066,552  

SPS Commerce Inc.(a)

    299,324        39,271,309  

Stronghold Digital Mining Inc.(a)(b)

    45,389        265,526  

Sumo Logic Inc.(a)

    740,834        8,645,533  

Telos Corp.(a)(b)

    334,968        3,339,631  

Tenable Holdings Inc.(a)(b)

    766,083        44,271,937  

Upland Software Inc.(a)

    245,958        4,331,320  

UserTesting Inc.(a)(b)

    53,499        571,904  

Varonis Systems Inc.(a)(b)

    889,512        42,287,400  

Veritone Inc.(a)(b)

    240,158        4,390,088  

Viant Technology Inc., Class A(a)(b)

    100,339        657,220  

Vonage Holdings Corp.(a)

    2,101,193        42,633,206  

Weave Communications Inc.(a)(b)

    29,508        175,868  

Workiva Inc.(a)(b)

    355,344        41,930,592  

Yext Inc.(a)(b)

    940,994        6,483,449  

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

    936,644        14,030,927  
    

 

 

 
       1,102,705,332  
Specialty Retail — 2.8%             

Abercrombie & Fitch Co., Class A(a)

    38,114        1,219,267  

American Eagle Outfitters Inc.

    1,262,068        21,202,742  

America’s Car-Mart Inc./TX(a)

    42,109        3,392,301  

Arko Corp.(b)

    714,570        6,502,587  

Asbury Automotive Group Inc.(a)

    192,123        30,778,105  

Bed Bath & Beyond Inc.(a)

    90,584        2,040,857  

Boot Barn Holdings Inc.(a)

    241,886        22,928,374  

Buckle Inc. (The)

    232,992        7,698,056  

Caleres Inc.

    306,087        5,916,662  

Camping World Holdings Inc., Class A(b)

    346,541        9,685,821  

Chico’s FAS Inc.(a)

    216,692        1,040,122  

Children’s Place Inc. (The)(a)(b)

    114,040        5,622,172  

Citi Trends Inc.(a)(b)

    66,513        2,036,961  

Designer Brands Inc. , Class A(a)

    507,198        6,852,245  

GrowGeneration Corp.(a)(b)

    464,512        4,278,155  

Guess? Inc.

    45,669        997,868  

Haverty Furniture Companies Inc.

    57,553        1,578,103  

Hibbett Inc.

    94,244        4,178,779  

JOANN Inc.(b)

    95,371        1,088,183  

Kirkland’s Inc.(a)(b)

    100,771        936,163  

MarineMax Inc.(a)(b)

    90,915        3,660,238  

Monro Inc.

    169,626        7,521,217  

Murphy USA Inc.

    193,663        38,724,853  

National Vision Holdings Inc.(a)(b)

    689,431        30,038,509  

OneWater Marine Inc., Class A

    89,665        3,088,959  

Party City Holdco Inc.(a)(b)

    911,249        3,262,271  

Rent-A-Center Inc./TX

    511,022        12,872,644  

Sally Beauty Holdings Inc.(a)(b)

    911,316        14,243,869  

Shift Technologies Inc.(a)(b)

    103,965        228,723  

Shoe Carnival Inc.

    132,788        3,872,098  

Signet Jewelers Ltd.

    341,306        24,812,946  

Sleep Number Corp.(a)(b)

    89,030        4,514,711  

Sportsman’s Warehouse Holdings Inc.(a)(b)

    359,719        3,845,396  

Torrid Holdings Inc.(a)(b)

    38,076        230,741  

Urban Outfitters Inc.(a)(b)

    401,194        10,073,981  

Winmark Corp.

    10,137        2,230,140  
    

 

 

 
       303,194,819  
Technology Hardware, Storage & Peripherals — 0.4%  

3D Systems Corp.(a)(b)

    938,536        15,654,781  

 

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

  97


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Technology Hardware, Storage & Peripherals (continued)

 

Avid Technology Inc.(a)

    300,308     $ 10,471,740  

Corsair Gaming Inc.(a)(b)

    232,781       4,925,646  

Diebold Nixdorf Inc.(a)(b)

    625,791       4,211,573  

Eastman Kodak Co.(a)(b)

    354,636       2,322,866  

Turtle Beach Corp.(a)(b)

    109,467       2,330,552  
   

 

 

 
      39,917,158  
Textiles, Apparel & Luxury Goods — 0.9%  

Crocs Inc.(a)

    482,829       36,888,136  

Kontoor Brands Inc.

    430,772       17,812,422  

Oxford Industries Inc.

    10,397       940,928  

PLBY Group Inc.(a)(b)

    246,364       3,224,905  

Rocky Brands Inc.

    3,026       125,851  

Steven Madden Ltd.

    674,701       26,070,447  

Superior Group of Companies Inc.

    16,566       295,703  

Wolverine World Wide Inc.

    675,368       15,236,302  
   

 

 

 
          100,594,694  
Thrifts & Mortgage Finance — 0.1%  

Axos Financial Inc.(a)

    44,326       2,056,283  

Blue Foundry Bancorp(a)(b)

    13,445       182,180  

Bridgewater Bancshares Inc.(a)

    38,986       650,286  

Columbia Financial Inc.(a)(b)

    124,830       2,685,093  

Hingham Institution For Savings (The)

    870       298,584  

Kearny Financial Corp./MD

    178,835       2,303,395  

Luther Burbank Corp.

    17,909       238,011  

NMI Holdings Inc., Class A(a)

    42,609       878,598  

Walker & Dunlop Inc.

    25,614       3,314,964  

Waterstone Financial Inc.

    22,322       431,707  
   

 

 

 
      13,039,101  
Tobacco — 0.1%  

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

    1,328,985       3,083,245  

Turning Point Brands Inc.(b)

    120,991       4,114,904  

Vector Group Ltd.

    176,099       2,120,232  
   

 

 

 
      9,318,381  
Trading Companies & Distributors — 1.3%  

Alta Equipment Group Inc.(a)(b)

    28,945       357,760  

Applied Industrial Technologies Inc.

    319,362       32,785,703  

Beacon Roofing Supply Inc.(a)(b)

    346,405       20,534,888  

BlueLinx Holdings Inc.(a)(b)

    76,515       5,499,898  

Boise Cascade Co.

    71,241       4,949,112  

Custom Truck One Source Inc.(a)(b)

    152,813       1,282,101  

EVI Industries Inc.(a)(b)

    41,279       767,377  

Global Industrial Co.

    82,439       2,657,009  

H&E Equipment Services Inc.

    267,205       11,628,762  

Herc Holdings Inc.

    207,538       34,677,524  

Karat Packaging Inc.(a)(b)

    38,606       766,329  

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

    40,033       1,542,872  
Security   Shares     Value  

Trading Companies & Distributors (continued)

 

McGrath RentCorp

    137,830     $ 11,712,793  

Textainer Group Holdings Ltd.

    54,438       2,072,455  

Transcat Inc.(a)

    58,934       4,781,905  

WESCO International Inc.(a)

    65,434       8,515,581  

Willis Lease Finance Corp.(a)(b)

    6,079       195,683  
   

 

 

 
      144,727,752  
Water Utilities — 0.2%  

American States Water Co.

    158,185       14,081,629  

Cadiz Inc.(a)(b)

    64,251       133,000  

Global Water Resources Inc.

    106,474       1,771,727  

Middlesex Water Co.

    49,281       5,182,883  

Pure Cycle Corp.(a)

    144,022       1,731,144  

York Water Co. (The)

    66,002       2,968,110  
   

 

 

 
      25,868,493  
Wireless Telecommunication Services — 0.0%  

Gogo Inc.(a)(b)

    35,336       673,504  

Shenandoah Telecommunications Co.(b)

    132,140       3,115,861  
   

 

 

 
      3,789,365  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $11,778,783,410)

 

    10,816,763,897  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 15.0%  

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

    1,616,406,921       1,616,083,640  

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

    11,160,000       11,160,000  
   

 

 

 
      1,627,243,640  
   

 

 

 

Total Short-Term Investments — 15.0%
(Cost: $1,627,225,639)

 

    1,627,243,640  
   

 

 

 

Total Investments in Securities — 114.9%
(Cost: $13,406,009,049)

 

    12,444,007,537  

Other Assets, Less Liabilities — (14.9)%

 

    (1,613,188,580
   

 

 

 

Net Assets — 100.0%

 

  $   10,830,818,957  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

98  

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® Russell 2000 Growth 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

  $ 1,625,108,435     $     $ (7,847,645 )(a)    $ (256,537   $ (920,613   $ 1,616,083,640       1,616,406,921     $ 9,499,679 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    10,470,000       690,000 (a)                        11,160,000       11,160,000       3,669          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (256,537   $ (920,613   $ 1,627,243,640       $ 9,503,348     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

           

Russell 2000 E-Mini Index

     126        06/17/22      $ 13,018      $ 436,318  
           

 

 

 

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)

   $ 436,318  
  

 

 

 

 

  (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

   $ (847,766
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 849,977  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 17,302,127      

 

 

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

 

 

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

  99


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Growth ETF

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 10,816,440,650        $        $ 323,247        $ 10,816,763,897  

Money Market Funds

     1,627,243,640                            1,627,243,640  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 12,443,684,290        $                 —        $           323,247        $ 12,444,007,537  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 436,318        $        $        $ 436,318  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

100  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 1.1%

   

AAR Corp.(a)

    348,169     $ 16,861,825  

Aerojet Rocketdyne Holdings Inc.(a)

    156,417       6,155,009  

AerSale Corp.(a)(b)

    165,566       2,602,697  

Astronics Corp.(a)

    257,174       3,325,260  

Cadre Holdings Inc.

    39,657       973,976  

Ducommun Inc.(a)(b)

    110,274       5,777,255  

Kaman Corp.

    282,713       12,292,361  

Kratos Defense & Security Solutions Inc.(a)

    966,271       19,789,230  

Maxar Technologies Inc.(b)

    741,391       29,255,289  

Moog Inc., Class A

    293,838       25,798,976  

National Presto Industries Inc.

    51,718       3,979,700  

Park Aerospace Corp.

    193,883       2,530,173  

Parsons Corp.(a)(b)

    270,191       10,456,392  

Triumph Group Inc.(a)(b)

    653,456       16,519,368  

Vectrus Inc.(a)

    116,566       4,180,057  
   

 

 

 
          160,497,568  
Air Freight & Logistics — 0.5%            

Air Transport Services Group Inc.(a)(b)

    602,134       20,141,382  

Atlas Air Worldwide Holdings Inc.(a)

    294,228       25,412,472  

Hub Group Inc., Class A(a)(b)

    339,117       26,183,224  

Radiant Logistics Inc.(a)

    404,106       2,574,155  
   

 

 

 
      74,311,233  
Airlines — 0.3%            

Hawaiian Holdings Inc.(a)(b)

    518,498       10,214,411  

Mesa Air Group Inc.(a)

    375,960       1,654,224  

SkyWest Inc.(a)

    508,056       14,657,416  

Spirit Airlines Inc.(a)(b)

    1,004,034       21,958,223  
   

 

 

 
      48,484,274  
Auto Components — 0.8%            

Adient PLC(a)(b)

    845,121       34,455,583  

American Axle & Manufacturing Holdings Inc.(a)

    572,554       4,443,019  

Cooper-Standard Holdings Inc.(a)(b)

    171,034       1,499,968  

Dana Inc.

    688,864       12,103,341  

Goodyear Tire & Rubber Co. (The)(a)(b)

    2,827,013       40,398,016  

Modine Manufacturing Co.(a)

    459,408       4,139,266  

Motorcar Parts of America Inc.(a)

    191,698       3,417,975  

Standard Motor Products Inc.

    214,610       9,258,275  

Stoneridge Inc.(a)(b)

    227,905       4,731,308  

Tenneco Inc., Class A(a)

    62,197       1,139,449  

XL Fleet Corp.(a)(b)

    1,096,942       2,182,915  
   

 

 

 
      117,769,115  
Automobiles — 0.1%            

Canoo Inc.(a)(b)

    593,960       3,278,659  

Fisker Inc.(a)(b)

    140,164       1,808,116  

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

    1,409,366       4,805,938  

Workhorse Group Inc.(a)(b)

    1,422,439       7,112,195  
   

 

 

 
      17,004,908  
Banks — 15.1%            

1st Source Corp.

    173,396       8,019,565  

Allegiance Bancshares Inc.

    194,632       8,696,158  

Amalgamated Financial Corp.

    144,374       2,594,401  

Amerant Bancorp Inc.

    268,587       8,484,663  

American National Bankshares Inc.

    110,867       4,177,469  

Ameris Bancorp

    679,677       29,824,227  

Arrow Financial Corp.

    144,631       4,688,937  

Associated Banc-Corp.

    1,519,426       34,582,136  

Atlantic Union Bankshares Corp.

    773,776       28,389,841  
Security   Shares     Value  

Banks (continued)

   

Banc of California Inc.

    560,861     $     10,858,269  

BancFirst Corp.

    176,520       14,688,229  

Bancorp. Inc. (The)(a)

    540,391       15,309,277  

Bank First Corp.

    65,655       4,726,503  

Bank of Marin Bancorp., Class A

    158,056       5,543,024  

Bank of NT Butterfield & Son Ltd. (The)

    513,518       18,425,026  

BankUnited Inc.

    874,546       38,445,042  

Banner Corp.

    339,328       19,860,868  

Bar Harbor Bankshares

    152,346       4,360,143  

Berkshire Hills Bancorp. Inc.

    503,718       14,592,710  

Blue Ridge Bankshares Inc.

    175,855       2,667,720  

Brookline Bancorp. Inc.

    763,687       12,081,528  

Business First Bancshares Inc.

    196,932       4,791,356  

Byline Bancorp Inc.

    257,089       6,859,135  

Cadence Bank

    1,539,707       45,051,827  

Cambridge Bancorp

    68,905       5,856,925  

Camden National Corp.

    150,108       7,061,080  

Capital Bancorp Inc./MD

    83,335       1,905,038  

Capital City Bank Group Inc.

    139,343       3,673,081  

Capstar Financial Holdings Inc.

    215,146       4,535,278  

Carter Bankshares Inc.(a)(b)

    267,288       4,642,793  

Cathay General Bancorp

    744,456       33,314,406  

CBTX Inc.

    190,913       5,918,303  

Central Pacific Financial Corp.

    249,654       6,965,347  

Citizens & Northern Corp.

    156,174       3,807,522  

City Holding Co.

    156,265       12,298,056  

Civista Bancshares Inc.

    153,908       3,709,183  

CNB Financial Corp./PA

    170,982       4,500,246  

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

    32,468       1,485,411  

Columbia Banking System Inc.

    809,890       26,135,150  

Community Bank System Inc.

    547,275       38,391,341  

Community Trust Bancorp. Inc.

    158,898       6,546,598  

ConnectOne Bancorp. Inc.

    383,543       12,277,211  

CrossFirst Bankshares Inc.(a)(b)

    242,416       3,820,476  

Customers Bancorp. Inc.(a)(b)

    289,085       15,072,892  

CVB Financial Corp.

    1,370,971       31,820,237  

Dime Community Bancshares Inc.

    344,031       11,893,152  

Eagle Bancorp. Inc.

    326,865       18,634,574  

Eastern Bankshares Inc.

    1,389,554       29,930,993  

Enterprise Bancorp. Inc./MA

    98,062       3,934,247  

Enterprise Financial Services Corp.

    354,868       16,788,805  

Equity Bancshares Inc., Class A

    143,423       4,633,997  

Farmers National Banc Corp.

    315,865       5,388,657  

FB Financial Corp.

    311,114       13,819,684  

Fidelity D&D Bancorp. Inc.(b)

    43,352       2,012,833  

Financial Institutions Inc.

    159,692       4,811,520  

First Bancorp. Inc. (The)

    112,550       3,385,504  

First BanCorp./Puerto Rico

    2,050,844       26,907,073  

First Bancorp./Southern Pines NC

    354,994       14,828,099  

First Bancshares Inc. (The)

    209,690       7,058,165  

First Bank/Hamilton NJ

    162,186       2,306,285  

First Busey Corp.

    515,772       13,069,663  

First Commonwealth Financial Corp.

    944,088       14,312,374  

First Community Bankshares Inc.

    175,594       4,953,507  

First Financial Bancorp

    959,413       22,114,470  

First Financial Bankshares Inc.

    94,767       4,181,120  

First Financial Corp./IN

    116,027       5,021,649  

First Foundation Inc.

    506,974       12,314,398  

First Internet Bancorp

    96,210       4,137,992  

First Interstate BancSystem Inc., Class A

    894,973       32,908,157  

 

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

  101


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Banks (continued)

   

First Merchants Corp.

    585,570     $ 24,359,712  

First Mid Bancshares Inc.

    173,425       6,675,128  

First of Long Island Corp. (The)

    234,614       4,565,588  

Five Star Bancorp

    73,483       2,079,569  

Flushing Financial Corp.

    298,561       6,672,838  

Fulton Financial Corp.

    1,632,354       27,129,724  

German American Bancorp. Inc.

    253,262       9,621,423  

Glacier Bancorp. Inc.

    993,099       49,933,018  

Great Southern Bancorp. Inc.

    104,208       6,149,314  

Guaranty Bancshares Inc./TX

    82,845       2,899,575  

Hancock Whitney Corp.

    882,642       46,029,780  

Hanmi Financial Corp.

    298,593       7,348,374  

HarborOne Bancorp Inc.

    487,859       6,839,783  

HBT Financial Inc.

    103,917       1,889,211  

Heartland Financial USA Inc.

    415,337       19,865,569  

Heritage Commerce Corp.

    594,833       6,691,871  

Heritage Financial Corp./WA

    360,904       9,044,254  

Hilltop Holdings Inc.

    631,864       18,576,802  

Home BancShares Inc./AR

    1,560,458       35,266,351  

HomeStreet Inc.

    194,376       9,209,535  

HomeTrust Bancshares Inc.

    152,806       4,512,361  

Hope Bancorp Inc.

    1,203,391       19,350,527  

Horizon Bancorp Inc./IN

    436,164       8,143,182  

Independent Bank Corp.

    468,223       38,249,137  

Independent Bank Corp./MI

    208,139       4,579,058  

Independent Bank Group Inc.

    380,513       27,077,305  

International Bancshares Corp.

    551,035       23,259,187  

Investors Bancorp. Inc.

    1,498,512       22,372,784  

Lakeland Bancorp. Inc.

    631,005       10,537,784  

Lakeland Financial Corp.

    237,900       17,366,700  

Macatawa Bank Corp.

    275,064       2,478,327  

Mercantile Bank Corp.

    162,909       5,770,237  

Meta Financial Group Inc.

    214,767       11,795,004  

Metrocity Bankshares Inc.

    149,817       3,517,703  

Metropolitan Bank Holding Corp.(a)

    95,418       9,710,690  

Mid Penn Bancorp. Inc.

    144,526       3,874,742  

Midland States Bancorp. Inc.

    219,378       6,331,249  

MidWestOne Financial Group Inc.

    149,155       4,937,031  

MVB Financial Corp.

    105,276       4,368,954  

National Bank Holdings Corp., Class A

    297,448       11,981,205  

NBT Bancorp. Inc.

    439,454       15,877,473  

Nicolet Bankshares Inc.(a)(b)

    125,177       11,712,812  

Northrim Bancorp. Inc.

    61,749       2,690,404  

Northwest Bancshares Inc.

    1,273,051       17,198,919  

OceanFirst Financial Corp.

    597,410       12,007,941  

OFG Bancorp

    506,719       13,498,994  

Old National Bancorp./IN

    3,009,567       49,296,707  

Old Second Bancorp. Inc.

    284,512       4,128,269  

Origin Bancorp Inc.

    188,942       7,990,357  

Orrstown Financial Services Inc.

    112,235       2,573,549  

Pacific Premier Bancorp. Inc.

    823,975           29,127,516  

Park National Corp.

    145,961       19,176,356  

Peapack Gladstone Financial Corp.

    179,657       6,243,081  

Peoples Bancorp. Inc./OH

    258,776       8,102,277  

Peoples Financial Services Corp.

    73,220       3,696,146  

Preferred Bank/Los Angeles CA

    99,774       7,392,256  

Premier Financial Corp.

    366,347       11,111,305  

Primis Financial Corp.

    256,599       3,587,254  

QCR Holdings Inc.

    169,334       9,582,611  

RBB Bancorp

    134,425       3,157,643  
Security   Shares     Value  

Banks (continued)

   

Red River Bancshares Inc.

    47,693     $ 2,523,437  

Renasant Corp.

    566,612       18,953,171  

Republic Bancorp. Inc./KY, Class A

    96,136       4,320,352  

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

    471,457       2,432,718  

S&T Bancorp. Inc.

    366,977       10,855,180  

Sandy Spring Bancorp. Inc.

    453,236       20,359,361  

Seacoast Banking Corp. of Florida

    560,223       19,619,009  

ServisFirst Bancshares Inc.

    86,211       8,215,046  

Sierra Bancorp

    148,981       3,721,545  

Simmons First National Corp., Class A

    1,141,943       29,941,745  

SmartFinancial Inc.

    144,404       3,693,854  

South Plains Financial Inc.

    111,433       2,961,889  

South State Corp.

    785,681       64,103,713  

Southern First Bancshares Inc.(a)(b)

    53,130       2,701,129  

Southside Bancshares Inc.

    324,752       13,259,624  

Spirit of Texas Bancshares Inc.

    133,687       3,513,294  

Stock Yards Bancorp. Inc.

    203,765       10,779,169  

Summit Financial Group Inc.

    120,742       3,089,788  

Texas Capital Bancshares Inc.(a)

    322,871       18,503,737  

Third Coast Bancshares Inc.(a)(b)

    34,363       793,785  

Tompkins Financial Corp.

    145,386       11,379,362  

Towne Bank/Portsmouth VA

    689,281       20,637,073  

TriCo Bancshares

    284,268       11,379,248  

TriState Capital Holdings Inc.(a)

    301,557       10,020,739  

Triumph Bancorp. Inc.(a)(b)

    16,791       1,578,690  

Trustmark Corp.

    638,028       19,389,671  

UMB Financial Corp.

    449,288       43,652,822  

United Bankshares Inc./WV

    1,349,928       47,085,489  

United Community Banks Inc./GA

    1,069,952       37,234,330  

Univest Financial Corp.

    296,497       7,934,260  

Valley National Bancorp

    4,101,438       53,400,723  

Veritex Holdings Inc.

    415,095       15,844,176  

Washington Trust Bancorp. Inc.

    174,966       9,185,715  

WesBanco Inc.

    616,526       21,183,833  

West Bancorp. Inc.

    141,919       3,861,616  

Westamerica Bancorp

    270,559       16,368,820  
   

 

 

 
          2,214,492,115  
Beverages — 0.2%            

Duckhorn Portfolio Inc. (The)(a)(b)

    125,061       2,274,860  

MGP Ingredients Inc.

    22,679       1,941,096  

Primo Water Corp.

    1,607,174       22,902,229  

Zevia PBC, Class A(a)(b)

    43,515       198,863  
   

 

 

 
      27,317,048  
Biotechnology — 4.1%            

2seventy bio Inc.(a)(b)

    239,589       4,087,388  

4D Molecular Therapeutics Inc.(a)

    260,877       3,944,460  

89bio Inc.(a)(b)

    103,103       388,698  

Acumen Pharmaceuticals Inc.(a)(b)

    109,760       429,162  

Adagio Therapeutics Inc.(a)(b)

    248,155       1,131,587  

Adicet Bio Inc.(a)(b)

    261,493       5,222,015  

Adverum Biotechnologies Inc.(a)(b)

    882,111       1,155,565  

Aeglea BioTherapeutics Inc.(a)(b)

    391,598       900,675  

Aerovate Therapeutics Inc.(a)(b)

    57,230       1,049,026  

Agios Pharmaceuticals Inc.(a)(b)

    555,884       16,181,783  

Akebia Therapeutics Inc.(a)(b)

    1,051,774       755,069  

Akero Therapeutics Inc.(a)(b)

    64,733       918,561  

Akouos Inc.(a)(b)

    246,199       1,169,445  

Albireo Pharma Inc.(a)(b)

    31,896       951,458  

Allogene Therapeutics Inc.(a)(b)

    411,111       3,745,221  

 

102  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

Altimmune Inc.(a)

    417,615     $ 2,543,275  

AnaptysBio Inc.(a)(b)

    198,147       4,902,157  

Anika Therapeutics Inc.(a)

    148,784       3,735,966  

Annexon Inc.(a)

    318,518       869,554  

Applied Therapeutics Inc.(a)(b)

    43,793       92,403  

AquaBounty Technologies Inc.(a)(b)

    438,622       820,223  

Arbutus Biopharma Corp.(a)(b)

    834,193       2,485,895  

Arcellx Inc.(a)

    45,229       634,111  

Arcturus Therapeutics Holdings Inc.(a)(b)

    214,151       5,773,511  

Arcus Biosciences Inc.(a)(b)

    457,730       14,445,959  

Arcutis Biotherapeutics Inc.(a)(b)

    257,529       4,960,009  

Ardelyx Inc.(a)

    207,708       222,248  

Atara Biotherapeutics Inc.(a)(b)

    817,908       7,598,365  

Athenex Inc.(a)(b)

    363,437       301,471  

Athersys Inc.(a)(b)

    290,393       175,833  

Atossa Therapeutics Inc.(a)(b)

    1,105,686       1,382,108  

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

    260,181       824,774  

Aura Biosciences Inc.(a)(b)

    19,871       437,162  

Avid Bioservices Inc.(a)(b)

    38,202       778,175  

Avidity Biosciences Inc.(a)

    318,865       5,889,437  

Avrobio Inc.(a)(b)

    377,966       498,915  

BioCryst Pharmaceuticals Inc.(a)(b)

    1,655,795       26,923,227  

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

    187,740       22,260,332  

Black Diamond Therapeutics Inc.(a)(b)

    231,354       640,851  

Bluebird Bio Inc.(a)(b)

    687,387       3,333,827  

Blueprint Medicines Corp.(a)(b)

    38,721       2,473,497  

Bolt Biotherapeutics Inc.(a)

    237,181       649,876  

Bridgebio Pharma Inc.(a)(b)

    363,605       3,690,591  

Brooklyn ImmunoTherapeutics Inc.(a)(b)

    30,381       62,281  

Cardiff Oncology Inc.(a)

    381,095       945,116  

Caribou Biosciences Inc.(a)(b)

    228,573       2,098,300  

Catalyst Pharmaceuticals Inc.(a)

    996,003       8,256,865  

Celldex Therapeutics Inc.(a)(b)

    99,296       3,382,022  

CEL-SCI Corp.(a)

    36       141  

Century Therapeutics Inc.(a)(b)

    70,413       886,500  

ChemoCentryx Inc.(a)(b)

    514,428       12,896,710  

Chimerix Inc.(a)

    221,074       1,012,519  

Chinook Therapeutics Inc.(a)

    413,482       6,764,566  

Clene Inc.(a)(b)

    73,092       287,982  

Cogent Biosciences Inc.(a)

    271,477       2,033,363  

Crinetics Pharmaceuticals Inc.(a)

    64,823       1,422,865  

Cullinan Oncology Inc.(a)(b)

    251,872       2,637,100  

Curis Inc.(a)

    112,606       268,002  

Cyteir Therapeutics Inc.(a)(b)

    71,877       270,976  

Cytokinetics Inc.(a)(b)

    60,952       2,243,643  

CytomX Therapeutics Inc.(a)(b)

    98,202       262,199  

Day One Biopharmaceuticals Inc.(a)(b)

    92,967       922,233  

Deciphera Pharmaceuticals Inc.(a)(b)

    57,570       533,674  

Design Therapeutics Inc.(a)(b)

    116,343       1,878,939  

Dyne Therapeutics Inc.(a)(b)

    308,568       2,974,596  

Eagle Pharmaceuticals Inc./DE(a)

    59,407       2,940,052  

Eiger BioPharmaceuticals Inc.(a)(b)

    334,683       2,777,869  

Eliem Therapeutics Inc.(a)(b)

    27,449       230,297  

Emergent BioSolutions Inc.(a)(b)

    500,109           20,534,476  

Enanta Pharmaceuticals Inc.(a)

    180,302       12,833,896  

Entrada Therapeutics Inc.(a)(b)

    36,713       344,735  

Erasca Inc.(a)(b)

    266,684       2,293,482  

Exagen Inc.(a)(b)

    66,793       536,348  

FibroGen Inc.(a)(b)

    78,950       948,979  

Finch Therapeutics Group Inc.(a)(b)

    73,287       368,634  
Security   Shares     Value  

Biotechnology (continued)

   

Foghorn Therapeutics Inc.(a)(b)

    169,049     $ 2,574,616  

Forma Therapeutics Holdings Inc.(a)

    354,904       3,300,607  

Frequency Therapeutics Inc.(a)(b)

    307,007       650,855  

G1 Therapeutics Inc.(a)(b)

    166,985       1,269,086  

Gemini Therapeutics Inc.(a)(b)

    175,744       244,284  

Generation Bio Co.(a)(b)

    34,769       255,204  

Geron Corp.(a)(b)

    3,136,484       4,265,618  

Gossamer Bio Inc.(a)(b)

    633,710       5,500,603  

Graphite Bio Inc.(a)(b)

    119,446       609,175  

Gritstone bio Inc.(a)(b)

    431,677       1,778,509  

Homology Medicines Inc.(a)(b)

    417,148       1,268,130  

Hookipa Pharma Inc.(a)(b)

    48,277       110,072  

iBio Inc.(a)(b)

    2,154,679       922,634  

Icosavax Inc.(a)

    100,048       704,338  

Ideaya Biosciences Inc.(a)(b)

    256,085       2,865,591  

Imago Biosciences Inc.(a)(b)

    84,565       1,629,568  

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

    75,657       489,501  

Immunic Inc.(a)(b)

    194,489       2,197,726  

ImmunityBio Inc.(a)(b)

    627,385       3,519,630  

ImmunoGen Inc.(a)

    1,007,563       4,796,000  

Immunovant Inc.(a)(b)

    152,592       840,782  

Impel Neuropharma Inc.(a)(b)

    15,714       100,098  

Infinity Pharmaceuticals Inc.(a)(b)

    82,191       93,698  

Inovio Pharmaceuticals Inc.(a)(b)

    2,113,163       7,586,255  

Inozyme Pharma Inc.(a)(b)

    138,446       566,244  

Instil Bio Inc.(a)(b)

    298,857       3,212,713  

iTeos Therapeutics Inc.(a)

    207,271       6,669,981  

IVERIC bio Inc.(a)(b)

    938,883       15,801,401  

Janux Therapeutics Inc.(a)(b)

    72,876       1,045,042  

Jounce Therapeutics Inc.(a)

    348,764       2,368,108  

Kezar Life Sciences Inc.(a)(b)

    387,087       6,433,386  

Kiniksa Pharmaceuticals Ltd., Class A(a)

    161,412       1,604,435  

Kinnate Biopharma Inc.(a)(b)

    244,867       2,757,202  

Kronos Bio Inc.(a)

    363,446       2,627,715  

Krystal Biotech Inc.(a)(b)

    131,988       8,782,482  

Kura Oncology Inc.(a)(b)

    654,666       10,527,029  

Lexicon Pharmaceuticals Inc.(a)(b)

    403,850       844,047  

Ligand Pharmaceuticals Inc.(a)(b)

    135,552       15,248,245  

Lineage Cell Therapeutics Inc.(a)(b)

    1,252,095       1,928,226  

Lyell Immunopharma Inc.(a)(b)

    649,802       3,281,500  

MacroGenics Inc.(a)

    46,304       407,938  

Magenta Therapeutics Inc.(a)

    17,522       50,814  

MannKind Corp.(a)(b)

    2,279,705       8,389,314  

MeiraGTx Holdings PLC(a)

    292,986       4,057,856  

Mersana Therapeutics Inc.(a)(b)

    224,278       894,869  

MiMedx Group Inc.(a)(b)

    394,679       1,858,938  

Mirum Pharmaceuticals Inc.(a)

    22,223       489,350  

Monte Rosa Therapeutics Inc.(a)(b)

    121,026       1,696,785  

Mustang Bio Inc.(a)(b)

    703,401       710,435  

Myriad Genetics Inc.(a)(b)

    813,680           20,504,736  

Neoleukin Therapeutics Inc.(a)(b)

    265,086       498,362  

NexImmune Inc.(a)(b)

    62,775       264,283  

Nkarta Inc.(a)(b)

    146,513       1,667,318  

Nurix Therapeutics Inc.(a)

    26,338       368,995  

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

    76,852       1,067,474  

Olema Pharmaceuticals Inc.(a)

    134,665       573,673  

Omega Therapeutics Inc.(a)(b)

    89,042       555,622  

Oncocyte Corp.(a)(b)

    177,647       264,694  

Oncorus Inc.(a)

    201,743       359,103  

Oncternal Therapeutics Inc.(a)(b)

    442,437       614,987  

 

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

  103


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

   

OPKO Health Inc.(a)(b)

    4,078,152     $     14,028,843  

ORIC Pharmaceuticals Inc.(a)

    277,497       1,481,834  

Oyster Point Pharma Inc.(a)(b)

    114,919       1,337,657  

Passage Bio Inc.(a)(b)

    383,180       1,187,858  

Portage Biotech Inc.(a)(b)

    38,538       253,195  

Poseida Therapeutics Inc.(a)(b)

    284,432       1,274,255  

Praxis Precision Medicines Inc.(a)(b)

    312,650       3,192,157  

Precigen Inc.(a)(b)

    123,480       260,543  

Prometheus Biosciences Inc.(a)

    268,470       10,137,427  

Prothena Corp. PLC(a)(b)

    87,841       3,212,345  

Pyxis Oncology Inc.(a)

    38,864       157,011  

Rallybio Corp.(a)(b)

    72,532       506,273  

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

    393,996       2,821,011  

REGENXBIO Inc.(a)(b)

    192,141       6,377,160  

Relay Therapeutics Inc.(a)(b)

    77,183       2,310,087  

Reneo Pharmaceuticals Inc.(a)(b)

    20,766       61,052  

Replimune Group Inc.(a)

    90,000       1,528,200  

REVOLUTION Medicines Inc.(a)(b)

    525,734       13,411,474  

Rhythm Pharmaceuticals Inc.(a)(b)

    451,307       5,199,057  

Sana Biotechnology Inc.(a)(b)

    46,410       383,347  

Sangamo Therapeutics Inc.(a)(b)

    126,897       737,272  

Scholar Rock Holding Corp.(a)(b)

    43,808       564,685  

Selecta Biosciences Inc.(a)(b)

    841,355       1,034,867  

Sensei Biotherapeutics Inc.(a)(b)

    211,561       488,706  

Shattuck Labs Inc.(a)

    48,864       208,161  

Sigilon Therapeutics Inc.(a)(b)

    126,326       185,699  

Silverback Therapeutics Inc.(a)(b)

    204,342       717,240  

Solid Biosciences Inc.(a)(b)

    598,295       717,954  

Sorrento Therapeutics Inc.(a)(b)

    301,938       703,516  

Spero Therapeutics Inc.(a)(b)

    25,409       221,058  

Spruce Biosciences Inc.(a)(b)

    80,808       162,424  

SQZ Biotechnologies Co.(a)

    225,389       1,084,121  

Surface Oncology Inc.(a)(b)

    353,209       1,038,434  

Sutro Biopharma Inc.(a)(b)

    413,533       3,399,241  

Syndax Pharmaceuticals Inc.(a)(b)

    378,938       6,585,942  

Syros Pharmaceuticals Inc.(a)(b)

    302,366       359,816  

Talaris Therapeutics Inc.(a)

    65,410       643,634  

Taysha Gene Therapies Inc.(a)(b)

    39,546       257,840  

TCR2 Therapeutics Inc.(a)(b)

    314,525       868,089  

Tenaya Therapeutics Inc.(a)(b)

    130,981       1,542,956  

Tonix Pharmaceuticals Holding Corp.(a)(b)

    5,115,878       1,177,675  

Travere Therapeutics Inc.(a)(b)

    562,706       14,500,934  

Trevena Inc.(a)(b)

    1,076,418       591,922  

Turning Point Therapeutics Inc.(a)(b)

    420,201       11,282,397  

Tyra Biosciences Inc.(a)(b)

    48,349       517,334  

UroGen Pharma Ltd.(a)(b)

    51,293       446,762  

Vanda Pharmaceuticals Inc.(a)

    558,317       6,314,565  

Vaxart Inc.(a)(b)

    114,631       577,740  

Vaxcyte Inc.(a)(b)

    309,641       7,477,830  

VBI Vaccines Inc.(a)(b)

    238,912       396,594  

Vera Therapeutics Inc.(a)(b)

    57,233       1,344,403  

Veracyte Inc.(a)(b)

    691,432       19,062,780  

Verve Therapeutics Inc.(a)(b)

    155,316       3,544,311  

Vigil Neuroscience Inc.(a)(b)

    24,302       170,843  

Viking Therapeutics Inc.(a)(b)

    705,706       2,117,118  

Viracta Therapeutics Inc.(a)(b)

    293,973       1,399,311  

VistaGen Therapeutics Inc.(a)

    296,801       368,033  

Vor BioPharma Inc.(a)(b)

    177,080       1,069,563  

Werewolf Therapeutics Inc.(a)(b)

    83,036       365,358  

XBiotech Inc.

    148,266       1,281,018  
Security   Shares     Value  

Biotechnology (continued)

   

Xilio Therapeutics Inc.(a)(b)

    27,792     $ 196,489  

XOMA Corp.(a)

    57,417       1,606,528  
   

 

 

 
          600,241,056  
Building Products — 0.9%            

American Woodmark Corp.(a)(b)

    169,335       8,288,948  

Apogee Enterprises Inc.

    250,213       11,875,109  

Caesarstone Ltd.

    228,335       2,402,084  

Gibraltar Industries Inc.(a)

    239,286       10,277,334  

Griffon Corp.

    527,469       10,565,204  

Insteel Industries Inc.

    174,476       6,453,867  

JELD-WEN Holding Inc.(a)(b)

    564,066       11,439,259  

PGT Innovations Inc.(a)

    310,451       5,581,909  

Quanex Building Products Corp.

    342,394       7,186,850  

Resideo Technologies Inc.(a)

    1,306,015       31,122,337  

UFP Industries Inc.

    59,097       4,559,925  

View Inc.(a)(b)

    1,037,733       1,909,429  

Zurn Water Solutions Corp.

    585,165       20,714,841  
   

 

 

 
      132,377,096  
Capital Markets — 1.1%            

Assetmark Financial Holdings Inc.(a)

    186,831       4,156,990  

Associated Capital Group Inc., Class A

    19,154       802,744  

B. Riley Financial Inc.

    206,267       14,430,439  

BGC Partners Inc., Class A

    3,239,133       14,252,185  

Blucora Inc.(a)

    313,953       6,137,781  

Cowen Inc., Class A

    267,862       7,259,060  

Diamond Hill Investment Group Inc.

    31,260       5,854,998  

Donnelley Financial Solutions Inc.(a)

    284,959       9,477,737  

Federated Hermes Inc.

    953,200       32,465,992  

GCM Grosvenor Inc., Class A

    53,006       514,688  

Houlihan Lokey Inc.

    66,858       5,870,133  

Moelis & Co., Class A

    284,217       13,343,988  

Oppenheimer Holdings Inc., Class A, NVS

    94,221       4,106,151  

Piper Sandler Cos

    179,074       23,503,463  

PJT Partners Inc., Class A

    39,414       2,487,812  

Sculptor Capital Management Inc.

    225,655       3,143,374  

StoneX Group Inc.(a)(b)

    162,161       12,037,211  

WisdomTree Investments Inc.

    341,545       2,004,869  
   

 

 

 
      161,849,615  
Chemicals — 1.8%            

AdvanSix Inc.

    277,836       14,194,641  

American Vanguard Corp.

    230,051       4,674,636  

Amyris Inc.(a)(b)

    1,624,153       7,081,307  

Avient Corp.

    833,720       40,018,560  

Chase Corp.

    55,815       4,850,882  

Ecovyst Inc.

    607,922       7,027,578  

Ferro Corp.(a)

    136,057       2,957,879  

FutureFuel Corp.

    288,081       2,803,028  

GCP Applied Technologies Inc.(a)

    684,871       21,518,647  

Hawkins Inc.

    65,216       2,993,414  

HB Fuller Co.

    440,248       29,087,185  

Innospec Inc.

    173,419       16,049,929  

Intrepid Potash Inc.(a)(b)

    102,912       8,453,192  

Koppers Holdings Inc.

    211,416       5,818,168  

Kronos Worldwide Inc.

    193,659       3,005,588  

Minerals Technologies Inc.

    335,828       22,215,022  

Rayonier Advanced Materials Inc.(a)

    638,382       4,194,170  

Sensient Technologies Corp.

    209,072       17,551,594  

Stepan Co.

    200,354       19,796,979  

Tredegar Corp.

    55,115       660,829  

 

104  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

   

Tronox Holdings PLC, Class A

    1,172,344     $ 23,200,688  

Valhi Inc.

    23,592       691,482  

Zymergen Inc.(a)(b)

    683,303       1,974,746  
   

 

 

 
          260,820,144  

Commercial Services & Supplies — 1.9%

   

ABM Industries Inc.

    689,096       31,725,980  

ACCO Brands Corp.

    945,695       7,565,560  

Aris Water Solution Inc., A

    115,443       2,101,063  

Brady Corp., Class A, NVS

    482,482       22,324,442  

BrightView Holdings Inc.(a)(b)

    481,259       6,549,935  

Casella Waste Systems Inc., Class A(a)

    40,683       3,565,865  

CECO Environmental Corp.(a)(b)

    315,679       1,733,078  

CompX International Inc.

    10,997       258,649  

CoreCivic Inc.(a)

    1,226,005       13,694,476  

Deluxe Corp.

    436,288       13,193,349  

Ennis Inc.

    257,626       4,758,352  

GEO Group Inc. (The)(a)

    1,218,065       8,051,410  

Harsco Corp.(a)

    463,829       5,677,267  

Healthcare Services Group Inc.

    365,885       6,794,484  

Heritage-Crystal Clean Inc.(a)

    97,120       2,875,723  

HNI Corp.

    400,527       14,839,525  

Interface Inc.

    467,118       6,338,791  

KAR Auction Services Inc.(a)

    1,232,609       22,248,592  

Kimball International Inc., Class B

    368,270       3,111,882  

Matthews International Corp., Class A

    315,775       10,218,479  

MillerKnoll Inc.

    760,115       26,269,574  

NL Industries Inc.

    88,814       638,573  

Steelcase Inc., Class A

    879,679       10,512,164  

Team Inc.(a)

    270,116       596,956  

U.S. Ecology Inc.(a)(b)

    285,562       13,672,709  

UniFirst Corp./MA

    154,452       28,462,415  

VSE Corp.

    107,188       4,940,295  
   

 

 

 
      272,719,588  

Communications Equipment — 0.6%

   

ADTRAN Inc.

    460,181       8,490,340  

Aviat Networks Inc.(a)(b)

    100,440       3,090,539  

Calix Inc.(a)(b)

    98,024       4,206,210  

Comtech Telecommunications Corp.

    262,727       4,122,187  

Digi International Inc.(a)(b)

    354,972       7,638,997  

DZS Inc.(a)(b)

    101,120       1,402,534  

EMCORE Corp.(a)(b)

    320,527       1,185,950  

Harmonic Inc.(a)(b)

    760,499       7,065,036  

Inseego Corp.(a)(b)

    680,481       2,755,948  

KVH Industries Inc.(a)

    152,282       1,385,766  

NETGEAR Inc.(a)(b)

    297,818       7,350,148  

NetScout Systems Inc.(a)

    717,837       23,028,211  

Plantronics Inc.(a)

    253,704       9,995,938  

Ribbon Communications Inc.(a)

    722,048       2,231,128  

Viavi Solutions Inc.(a)

    269,678       4,336,422  
   

 

 

 
      88,285,354  

Construction & Engineering — 1.7%

   

API Group Corp.(a)(b)

    2,056,318       43,244,368  

Arcosa Inc.

    495,722       28,380,084  

Argan Inc.

    152,766       6,200,772  

Concrete Pumping Holdings Inc.(a)(b)

    256,087       1,715,783  

Dycom Industries Inc.(a)(b)

    55,119       5,250,636  

EMCOR Group Inc.

    489,597       55,143,310  

Fluor Corp.(a)(b)

    1,452,607       41,675,295  

Granite Construction Inc.

    468,102       15,353,746  
Security   Shares     Value  

Construction & Engineering (continued)

   

Great Lakes Dredge & Dock Corp.(a)

    659,080     $ 9,246,892  

Infrastructure and Energy Alternatives Inc.(a)

    162,350       1,923,847  

INNOVATE Corp.(a)(b)

    479,929       1,770,938  

Matrix Service Co.(a)

    279,541       2,297,827  

MYR Group Inc.(a)

    42,673       4,012,969  

Northwest Pipe Co.(a)

    99,021       2,520,084  

NV5 Global Inc.(a)(b)

    102,492       13,662,184  

Primoris Services Corp.

    546,582       13,019,583  

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

    228,361       6,120,075  

Tutor Perini Corp.(a)

    428,401       4,626,731  
   

 

 

 
          256,165,124  

Construction Materials — 0.3%

   

Summit Materials Inc., Class A(a)(b)

    1,208,386       37,532,469  

United States Lime & Minerals Inc.

    19,228       2,231,217  
   

 

 

 
      39,763,686  

Consumer Finance — 1.2%

   

Encore Capital Group Inc.(a)(b)

    253,650       15,911,464  

Enova International Inc.(a)(b)

    371,771       14,116,145  

EZCORP Inc., Class A, NVS(a)

    525,778       3,175,699  

FirstCash Holdings Inc.

    376,392       26,475,413  

Green Dot Corp., Class A(a)

    493,662       13,565,832  

LendingClub Corp.(a)

    1,030,059       16,254,331  

Navient Corp.

    1,547,594       26,371,002  

Nelnet Inc., Class A

    173,527       14,748,060  

Oportun Financial Corp.(a)

    221,656       3,182,980  

PRA Group Inc.(a)(b)

    439,849       19,828,393  

PROG Holdings Inc.(a)

    487,318       14,020,139  

Regional Management Corp.

    48,181       2,340,151  

World Acceptance Corp.(a)(b)

    43,430       8,331,611  
   

 

 

 
      178,321,220  

Containers & Packaging — 0.3%

   

Greif Inc., Class A, NVS

    223,838       14,562,900  

Greif Inc., Class B

    54,813       3,494,877  

Myers Industries Inc.

    200,511       4,331,038  

Pactiv Evergreen Inc.

    439,267       4,419,026  

Ranpak Holdings Corp.(a)(b)

    319,236       6,521,991  

TriMas Corp.

    441,368       14,163,499  
   

 

 

 
      47,493,331  

Diversified Consumer Services — 1.0%

   

2U Inc.(a)

    121,342       1,611,422  

Adtalem Global Education Inc.(a)(b)

    505,987       15,032,874  

American Public Education Inc.(a)

    191,255       4,062,256  

Carriage Services Inc.

    128,196       6,836,693  

Coursera Inc.(a)(b)

    747,977       17,233,390  

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

    73,533       2,173,636  

Graham Holdings Co., Class B

    39,045       23,874,846  

Houghton Mifflin Harcourt Co.(a)

    83,526       1,754,881  

Laureate Education Inc., Class A

    1,012,968       12,003,671  

OneSpaWorld Holdings Ltd.(a)(b)

    267,966       2,733,253  

Perdoceo Education Corp.(a)

    712,082       8,174,701  

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

    360,164       5,946,308  

Regis Corp.(a)(b)

    36,802       78,020  

StoneMor Inc.(a)(b)

    329,974       861,232  

Strategic Education Inc.

    249,080       16,533,930  

Stride Inc.(a)(b)

    401,559       14,588,638  

Udemy Inc.(a)(b)

    122,536       1,526,799  

Vivint Smart Home Inc.(a)(b)

    687,932       4,650,420  

WW International Inc.(a)(b)

    369,143       3,776,333  
   

 

 

 
      143,453,303  

 

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

  105


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Diversified Financial Services — 0.3%

   

Alerus Financial Corp.

    159,587     $ 4,410,985  

A-Mark Precious Metals Inc.

    91,705       7,092,465  

Banco Latinoamericano de Comercio Exterior SA, Class E

    314,302       4,896,825  

Cannae Holdings Inc.(a)(b)

    867,810       20,758,015  
   

 

 

 
      37,158,290  
Diversified Telecommunication Services — 0.5%  

Anterix Inc.(a)

    83,961       4,861,342  

ATN International Inc.

    111,979       4,465,722  

Consolidated Communications Holdings
Inc.(a)

    739,607       4,363,681  

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

    384,890       9,368,223  

Globalstar Inc.(a)(b)

    771,001       1,133,371  

IDT Corp., Class B(a)

    37,463       1,277,114  

Iridium Communications Inc.(a)(b)

    296,544       11,956,654  

Liberty Latin America Ltd., Class A(a)

    435,168       4,221,130  

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

    1,562,547       14,984,826  

Ooma Inc.(a)(b)

    90,840       1,361,692  

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

    730,115       10,426,042  
   

 

 

 
      68,419,797  
Electric Utilities — 1.3%            

ALLETE Inc.

    535,095       35,840,663  

MGE Energy Inc.

    372,091       29,689,141  

Otter Tail Corp.

    422,046       26,377,875  

PNM Resources Inc.

    872,537       41,593,839  

Portland General Electric Co.

    919,788       50,726,308  

Via Renewables Inc.

    16,866       138,976  
   

 

 

 
          184,366,802  
Electrical Equipment — 0.7%            

Advent Technologies Holdings Inc.(a)(b)

    82,793       192,080  

Allied Motion Technologies Inc.

    8,678       258,952  

American Superconductor Corp.(a)(b)

    282,236       2,147,816  

Array Technologies Inc.(a)(b)

    1,000,821       11,279,253  

AZZ Inc.

    250,776       12,097,434  

Babcock & Wilcox Enterprises Inc.(a)(b)

    408,061       3,329,778  

Beam Global(a)(b)

    11,801       241,330  

Encore Wire Corp.(b)

    201,441       22,978,375  

EnerSys

    373,920       27,883,214  

FuelCell Energy Inc.(a)(b)

    856,184       4,931,620  

GrafTech International Ltd.

    230,387       2,216,323  

Powell Industries Inc.

    92,738       1,800,972  

Preformed Line Products Co.

    29,718       1,884,716  

Romeo Power Inc.(a)(b)

    260,854       388,672  

Thermon Group Holdings Inc.(a)(b)

    340,992       5,524,070  
   

 

 

 
      97,154,605  
Electronic Equipment, Instruments & Components — 1.7%  

Aeva Technologies Inc.(a)(b)

    1,082,003       4,685,073  

Belden Inc.

    452,393       25,062,572  

Benchmark Electronics Inc.

    360,441       9,025,443  

CTS Corp.(b)

    253,407       8,955,403  

Daktronics Inc.(a)(b)

    384,513       1,476,530  

ePlus Inc.(a)

    271,992       15,247,872  

Fabrinet(a)

    53,568       5,631,604  

FARO Technologies Inc.(a)

    92,146       4,784,220  

Identiv Inc.(a)(b)

    17,151       277,332  

II-VI Inc.(a)(b)

    75,461       5,470,168  

Insight Enterprises Inc.(a)(b)

    229,714       24,652,906  

Itron Inc.(a)(b)

    82,039       4,321,815  

Kimball Electronics Inc.(a)(b)

    231,394       4,625,566  

Knowles Corp.(a)

    898,751       19,350,109  
Security   Shares      Value  

Electronic Equipment, Instruments & Components (continued)

 

Methode Electronics Inc.

    378,776      $ 16,382,062  

OSI Systems Inc.(a)

    152,716        12,999,186  

PC Connection Inc.

    114,764        6,012,486  

Plexus Corp.(a)

    32,276        2,640,500  

Rogers Corp.(a)(b)

    23,389        6,354,791  

Sanmina Corp.(a)(b)

    638,329        25,801,258  

ScanSource Inc.(a)

    258,991        9,010,297  

TTM Technologies Inc.(a)

    1,063,403        15,759,632  

Vishay Intertechnology Inc.

    1,175,652        23,042,779  

Vishay Precision Group Inc.(a)

    123,414        3,967,760  
    

 

 

 
       255,537,364  
Energy Equipment & Services — 1.9%             

Archrock Inc.

    1,375,614        12,696,917  

Bristow Group Inc.(a)

    241,476        8,953,930  

ChampionX Corp.(a)

    1,688,017        41,322,656  

Dril-Quip Inc.(a)(b)

    359,373        13,422,582  

Expro Group Holdings NV(a)(b)

    408,302        7,259,610  

Helix Energy Solutions Group Inc.(a)

    1,424,703        6,810,080  

Helmerich & Payne Inc.

    1,052,376        45,020,645  

Liberty Oilfield Services Inc.,
Class A(a)(b)

    624,491        9,254,957  

Nabors Industries Ltd.(a)

    72,719        11,105,646  

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

    385,799        3,240,712  

Newpark Resources Inc.(a)(b)

    939,925        3,440,125  

NexTier Oilfield Solutions Inc.(a)

    1,590,052        14,692,080  

Oceaneering International Inc.(a)

    1,019,901        15,461,699  

Oil States International Inc.(a)

    633,336        4,401,685  

Patterson-UTI Energy Inc.

    1,908,335        29,541,026  

ProPetro Holding Corp.(a)

    882,489        12,293,072  

RPC Inc.(a)

    692,741        7,391,546  

Select Energy Services Inc., Class A(a)

    650,108        5,571,426  

Solaris Oilfield Infrastructure Inc., Class A

    230,182        2,598,755  

TETRA Technologies Inc.(a)(b)

    294,807        1,211,657  

Tidewater Inc.(a)(b)

    421,346        9,160,062  

U.S. Silica Holdings Inc.(a)

    754,368        14,076,507  
    

 

 

 
           278,927,375  
Entertainment — 1.3%             

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

    5,275,375        129,985,240  

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

    55,169        440,800  

Cinemark Holdings Inc.(a)(b)

    191,681        3,312,248  

CuriosityStream Inc.(a)(b)

    213,456        619,022  

Eros STX Global Corp.(a)(b)

    163,524        456,232  

IMAX Corp.(a)

    451,491        8,546,725  

Lions Gate Entertainment Corp., Class A(a)(b)

    600,914        9,764,853  

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

    1,201,672        18,061,130  

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

    267,337        22,271,845  

Marcus Corp. (The)(a)

    234,430        4,149,411  
    

 

 

 
       197,607,506  
Equity Real Estate Investment Trusts (REITs) — 11.3%  

Acadia Realty Trust

    887,621        19,234,747  

Agree Realty Corp.

    720,027        47,780,992  

Alexander & Baldwin Inc.

    741,701        17,200,046  

American Assets Trust Inc.

    507,868        19,243,119  

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

    1,550,376        11,348,752  

Apple Hospitality REIT Inc.

    2,181,492        39,201,411  

Armada Hoffler Properties Inc.

    674,887        9,853,350  

Ashford Hospitality Trust Inc.(a)(b)

    180,222        1,838,264  

Braemar Hotels & Resorts Inc.(b)

    583,706        3,607,303  

Brandywine Realty Trust

    1,737,865        24,573,411  

Broadstone Net Lease Inc.

    1,612,111        35,111,778  

 

106  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

BRT Apartments Corp.

    119,484     $ 2,864,031  

CareTrust REIT Inc.

    986,434       19,038,176  

CatchMark Timber Trust Inc., Class A

    152,504       1,250,533  

Centerspace

    145,667       14,292,846  

Chatham Lodging Trust(a)

    485,710       6,697,941  

City Office REIT Inc.

    440,519       7,779,566  

Clipper Realty Inc.

    29,732       269,669  

Community Healthcare Trust Inc.

    86,518       3,651,925  

Corporate Office Properties Trust

    1,155,634       32,981,794  

CTO Realty Growth Inc.

    59,256       3,929,858  

DiamondRock Hospitality Co.(a)

    2,145,253           21,667,055  

DigitalBridge Group Inc.(a)

    4,964,335       35,743,212  

Diversified Healthcare Trust

    2,425,265       7,760,848  

Easterly Government Properties Inc.

    886,856       18,748,136  

Empire State Realty Trust Inc., Class A

    1,464,478       14,381,174  

Equity Commonwealth(a)

    1,114,114       31,429,156  

Essential Properties Realty Trust Inc.

    1,229,736       31,112,321  

Farmland Partners Inc.

    289,312       3,978,040  

Four Corners Property Trust Inc.

    782,456       21,157,610  

Franklin Street Properties Corp., Class C

    1,041,152       6,142,797  

Getty Realty Corp.

    416,292       11,914,277  

Gladstone Commercial Corp.

    275,880       6,074,878  

Gladstone Land Corp.

    132,102       4,811,155  

Global Medical REIT Inc.

    613,402       10,010,721  

Global Net Lease Inc.

    1,066,142       16,770,414  

Healthcare Realty Trust Inc.

    1,509,579       41,483,231  

Hersha Hospitality Trust, Class A(a)

    334,855       3,040,483  

Independence Realty Trust Inc.

    2,256,618       59,664,980  

Indus Realty Trust Inc.

    13,813       1,009,592  

Industrial Logistics Properties Trust

    666,332       15,105,746  

Innovative Industrial Properties Inc.

    114,846       23,589,368  

iStar Inc.

    681,126       15,945,160  

Kite Realty Group Trust

    2,211,726       50,361,001  

LTC Properties Inc.

    398,559       15,332,565  

LXP Industrial Trust

    2,860,277       44,906,349  

Macerich Co. (The)

    2,187,314       34,209,591  

National Health Investors Inc.

    447,073       26,381,778  

Necessity Retail REIT Inc.

    1,203,219       9,517,462  

NETSTREIT Corp.

    406,880       9,130,387  

NexPoint Residential Trust Inc.

    184,543       16,666,078  

Office Properties Income Trust

    489,540       12,595,864  

One Liberty Properties Inc.

    164,532       5,065,940  

Outfront Media Inc.

    1,187,552       33,762,103  

Paramount Group Inc.

    1,904,271       20,775,597  

Pebblebrook Hotel Trust(b)

    1,322,349       32,371,104  

Phillips Edison & Co. Inc.

    1,018,748       35,034,744  

Physicians Realty Trust

    2,254,852       39,550,104  

Piedmont Office Realty Trust Inc., Class A

    1,265,995       21,800,434  

Plymouth Industrial REIT Inc.

    316,660       8,581,486  

Postal Realty Trust Inc., Class A

    161,032       2,708,558  

PotlatchDeltic Corp.

    676,100       35,650,753  

Preferred Apartment Communities Inc., Class A

    531,337       13,251,545  

PS Business Parks Inc.

    30,874       5,189,302  

Retail Opportunity Investments Corp.

    1,215,055       23,559,916  

Retail Value Inc.

    181,583       555,644  

RLJ Lodging Trust

    1,693,236       23,840,763  

RPT Realty

    856,240       11,790,425  

Ryman Hospitality Properties Inc.(a)(b)

    45,450       4,216,397  

Sabra Health Care REIT Inc.

    2,333,516       34,746,053  

Safehold Inc.

    71,943       3,989,239  
Security   Shares      Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Saul Centers Inc.

    8,336      $ 439,307  

Seritage Growth Properties, Class A(a)

    378,885        4,796,684  

Service Properties Trust

    1,683,243        14,863,036  

SITE Centers Corp.

    1,771,663        29,604,489  

STAG Industrial Inc.

    1,830,654        75,697,543  

Summit Hotel Properties Inc.(a)

    1,060,334        10,560,927  

Sunstone Hotel Investors Inc.(a)

    2,227,834        26,243,885  

Tanger Factory Outlet Centers Inc.

    758,315        13,035,435  

Terreno Realty Corp.

    753,993        55,833,182  

UMH Properties Inc.

    60,834        1,495,908  

Uniti Group Inc.

    2,012,099        27,686,482  

Universal Health Realty Income Trust

    9,503        554,690  

Urban Edge Properties

    1,176,330        22,467,903  

Urstadt Biddle Properties Inc., Class A

    304,465        5,726,987  

Veris Residential Inc.(a)

    892,862        15,526,870  

Washington Real Estate Investment Trust

    861,511        21,968,530  

Whitestone REIT

    470,856        6,238,842  

Xenia Hotels & Resorts Inc.(a)

    1,158,346        22,344,494  
    

 

 

 
           1,653,916,242  
Food & Staples Retailing — 1.1%             

Andersons Inc. (The)

    189,785        9,538,594  

BJ’s Wholesale Club Holdings
Inc.(a)(b)

    354,821        23,989,448  

Chefs’ Warehouse Inc. (The)(a)(b)

    299,212        9,754,311  

HF Foods Group Inc.(a)(b)

    369,918        2,463,654  

Ingles Markets Inc., Class A

    144,002        12,823,378  

Natural Grocers by Vitamin Cottage Inc.

    98,415        1,928,934  

Performance Food Group Co.(a)(b)

    136,638        6,956,241  

PriceSmart Inc.

    232,689        18,352,181  

Rite Aid Corp.(a)(b)

    567,253        4,963,464  

SpartanNash Co.

    367,737        12,131,644  

Sprouts Farmers Market Inc.(a)

    640,387        20,479,576  

United Natural Foods Inc.(a)(b)

    551,158        22,790,383  

Village Super Market Inc., Class A

    88,496        2,168,152  

Weis Markets Inc.

    167,978        11,996,989  
    

 

 

 
       160,336,949  
Food Products — 1.1%             

B&G Foods Inc.(b)

    650,586        17,552,810  

Cal-Maine Foods Inc.

    415,260        22,930,657  

Fresh Del Monte Produce Inc.

    345,627        8,955,196  

Hostess Brands Inc.(a)

    1,412,063        30,980,662  

John B Sanfilippo & Son Inc.

    29,699        2,478,085  

Laird Superfood Inc.(a)

    60,697        219,116  

Lancaster Colony Corp.

    23,300        3,475,195  

Landec Corp.(a)

    266,604        3,087,274  

Limoneira Co.

    124,777        1,831,726  

Mission Produce Inc.(a)

    333,686        4,221,128  

Sanderson Farms Inc.

    29,241        5,482,395  

Seneca Foods Corp., Class A(a)

    62,156        3,203,520  

Simply Good Foods Co. (The)(a)

    813,085        30,856,576  

Sovos Brands Inc.(a)(b)

    144,382        2,047,337  

Tootsie Roll Industries Inc.(b)

    162,008        5,663,797  

TreeHouse Foods Inc.(a)(b)

    528,623        17,053,378  

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

    39,721        355,900  

Whole Earth Brands Inc.(a)

    380,809        2,726,593  
    

 

 

 
       163,121,345  
Gas Utilities — 2.1%             

Brookfield Infrastructure Corp., Class A

    648,811        48,946,302  

Chesapeake Utilities Corp.

    178,554        24,597,599  

New Jersey Resources Corp.

    985,679        45,203,239  

 

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

  107


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Gas Utilities (continued)

   

Northwest Natural Holding Co.

    311,875     $ 16,130,175  

ONE Gas Inc.

    539,776       47,629,834  

South Jersey Industries Inc.

    1,053,415       36,395,488  

Southwest Gas Holdings Inc.

    673,809       52,752,507  

Spire Inc.

    518,097       37,178,641  
   

 

 

 
      308,833,785  
Health Care Equipment & Supplies — 1.2%        

Alphatec Holdings Inc.(a)(b)

    63,480       730,020  

AngioDynamics Inc.(a)(b)

    384,260       8,276,960  

Artivion Inc.(a)(b)

    46,542       995,068  

Asensus Surgical Inc.(a)(b)

    1,680,659       1,053,437  

Avanos Medical Inc.(a)

    491,865       16,477,477  

Bioventus Inc., Class A(a)

    78,343       1,104,636  

Cue Health Inc.(a)(b)

    57,604       371,546  

CVRx Inc.(a)(b)

    11,904       71,305  

DarioHealth Corp.(a)(b)

    142,422       831,744  

Haemonetics Corp.(a)(b)

    164,242       10,383,379  

Integer Holdings Corp.(a)

    332,602       26,797,743  

Invacare Corp.(a)

    343,919       484,926  

Lantheus Holdings Inc.(a)

    589,363       32,597,668  

LivaNova PLC(a)(b)

    107,264       8,777,413  

Lucid Diagnostics Inc.(a)(b)

    25,431       85,448  

Meridian Bioscience Inc.(a)

    386,990       10,046,260  

Merit Medical Systems Inc.(a)

    58,036       3,860,555  

Mesa Laboratories Inc.

    50,686       12,918,848  

Natus Medical Inc.(a)

    343,571       9,029,046  

Neogen Corp.(a)

    68,515       2,113,003  

Neuronetics Inc.(a)(b)

    23,357       70,772  

OraSure Technologies Inc.(a)

    731,004       4,956,207  

Orthofix Medical Inc.(a)

    195,314       6,386,768  

Paragon 28 Inc.(a)(b)

    20,904       349,933  

PROCEPT BioRobotics Corp.(a)(b)

    11,589       405,499  

RxSight Inc.(a)(b)

    34,533       427,519  

SeaSpine Holdings Corp.(a)(b)

    164,350       1,998,496  

Sientra Inc.(a)(b)

    77,177       171,333  

Sight Sciences Inc.(a)(b)

    40,542       468,665  

Talis Biomedical Corp.(a)(b)

    142,147       200,427  

UFP Technologies Inc.(a)(b)

    63,469       4,199,744  

Utah Medical Products Inc.

    30,416       2,733,182  

Varex Imaging Corp.(a)

    340,726       7,254,057  
   

 

 

 
          176,629,084  
Health Care Providers & Services — 1.9%            

AdaptHealth Corp.(a)(b)

    730,799       11,714,708  

Addus HomeCare Corp.(a)

    89,985       8,394,701  

AirSculpt Technologies Inc.(a)

    22,563       308,662  

Brookdale Senior Living Inc.(a)(b)

    1,878,959       13,246,661  

Castle Biosciences Inc.(a)(b)

    17,404       780,743  

Community Health Systems Inc.(a)

    165,660       1,966,384  

Contra Zogenix Inc., NVS(b)

    583,774       396,966  

Covetrus Inc.(a)

    1,056,702       17,742,027  

Cross Country Healthcare Inc.(a)(b)

    323,361       7,007,233  

Fulgent Genetics Inc.(a)(b)

    186,682       11,650,824  

Invitae Corp.(a)(b)

    1,525,221       12,156,011  

LifeStance Health Group Inc.(a)(b)

    271,477       2,744,632  

MEDNAX Inc.(a)(b)

    362,338       8,507,696  

ModivCare Inc.(a)

    85,656       9,883,846  

National HealthCare Corp.

    127,753       8,972,093  

Option Care Health Inc.(a)(b)

    1,624,586       46,398,176  

Owens & Minor Inc.(b)

    129,333       5,693,239  
Security   Shares     Value  

Health Care Providers & Services (continued)

 

Patterson Companies Inc.

    653,700     $ 21,160,269  

SOC Telemed Inc.(a)

    146,296       437,425  

Tenet Healthcare Corp.(a)

    956,280       82,201,829  

Tivity Health Inc.(a)(b)

    183,997       5,919,184  

Viemed Healthcare Inc.(a)(b)

    289,084       1,439,638  
   

 

 

 
          278,722,947  
Health Care Technology — 0.6%            

Allscripts Healthcare Solutions Inc.(a)

    1,260,440       28,385,109  

American Well Corp., Class A(a)(b)

    1,892,205       7,966,183  

Computer Programs & Systems Inc.(a)

    142,357       4,904,199  

Convey Health Solutions Holdings Inc.(a)(b)

    37,208       243,340  

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

    650,992       21,027,042  

Forian Inc.(a)(b)

    14,870       103,495  

HealthStream Inc.(a)

    264,085       5,260,573  

Multiplan Corp.(a)(b)

    2,828,322       13,236,547  

NantHealth Inc.(a)(b)

    89,438       67,400  

NextGen Healthcare Inc.(a)(b)

    575,712       12,038,138  
   

 

 

 
      93,232,026  
Hotels, Restaurants & Leisure — 0.6%            

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

    8,195       1,185,079  

BJ’s Restaurants Inc.(a)(b)

    18,074       511,494  

Bluegreen Vacations Holding Corp.(a)(b)

    149,206       4,412,021  

Carrols Restaurant Group Inc.

    339,628       767,559  

Chuy’s Holdings Inc.(a)

    109,870       2,966,490  

Dave & Buster’s Entertainment Inc.(a)

    239,541       11,761,463  

Denny’s Corp.(a)

    153,312       2,193,895  

Drive Shack Inc.(a)(b)

    461,718       711,046  

El Pollo Loco Holdings Inc.(a)

    192,612       2,238,152  

F45 Training Holdings Inc.(a)(b)

    138,396       1,480,837  

Fiesta Restaurant Group Inc.(a)

    179,137       1,339,049  

First Watch Restaurant Group Inc.(a)

    38,968       508,532  

GAN Ltd.(a)(b)

    362,578       1,747,626  

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

    551,159       611,787  

Jack in the Box Inc.

    186,862       17,454,779  

Krispy Kreme Inc.(b)

    267,142       3,967,059  

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

    171,676       2,496,169  

Monarch Casino & Resort Inc.(a)(b)

    25,306       2,207,442  

Nathan’s Famous Inc.

    9,877       535,037  

Portillo’s Inc., Class A(a)(b)

    63,957       1,570,784  

SeaWorld Entertainment Inc.(a)(b)

    231,520       17,234,349  

Sweetgreen Inc.(a)(b)

    35,950       1,150,041  

Target Hospitality Corp.(a)(b)

    76,022       456,132  

Xponential Fitness Inc., Class A(a)

    53,521       1,254,532  
   

 

 

 
      80,761,354  
Household Durables — 1.4%            

Bassett Furniture Industries Inc.

    94,427       1,563,711  

Beazer Homes USA Inc.(a)(b)

    298,902       4,549,288  

Cavco Industries Inc.(a)

    28,043       6,754,157  

Century Communities Inc.

    108,182       5,795,310  

Ethan Allen Interiors Inc.

    228,652       5,960,958  

Flexsteel Industries Inc.

    67,508       1,302,904  

Green Brick Partners Inc.(a)

    226,177       4,469,257  

Hamilton Beach Brands Holding Co., Class A

    44,749       520,431  

Hooker Furnishings Corp.

    112,336       2,127,644  

Hovnanian Enterprises Inc., Class A(a)(b)

    53,974       3,189,863  

iRobot Corp.(a)(b)

    26,552       1,683,397  

KB Home

    665,742       21,556,726  

Landsea Homes Corp.(a)

    99,412       849,973  

La-Z-Boy Inc.

    450,032       11,867,344  

 

108  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Household Durables (continued)

   

Legacy Housing Corp.(a)

    82,744     $ 1,775,686  

Lifetime Brands Inc.

    125,611       1,612,845  

M/I Homes Inc.(a)

    292,067       12,953,171  

MDC Holdings Inc.

    425,756       16,110,607  

Meritage Homes Corp.(a)

    355,659       28,178,863  

Snap One Holdings Corp.(a)(b)

    95,160       1,403,610  

Taylor Morrison Home Corp.(a)(b)

    1,072,192       29,185,066  

Traeger Inc.(a)(b)

    210,937       1,569,371  

Tri Pointe Homes Inc.(a)(b)

    1,043,493       20,953,339  

Tupperware Brands Corp.(a)(b)

    501,017       9,744,781  

Universal Electronics Inc.(a)

    132,042       4,124,992  

VOXX International Corp.(a)(b)

    157,649       1,571,761  

Weber Inc., Class A(b)

    144,206       1,417,545  
   

 

 

 
          202,792,600  
Household Products — 0.1%            

Central Garden & Pet Co.(a)(b)

    62,322       2,739,675  

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

    251,788       10,267,915  

Oil-Dri Corp. of America

    53,542       1,533,978  
   

 

 

 
      14,541,568  
Independent Power and Renewable Electricity Producers — 0.6%  

Clearway Energy Inc., Class A

    273,310       9,106,689  

Clearway Energy Inc., Class C

    624,058       22,784,358  

Ormat Technologies Inc.(b)

    463,839       37,955,945  

Sunnova Energy International Inc.(a)(b)

    751,455       17,328,552  
   

 

 

 
      87,175,544  
Insurance — 2.5%            

Ambac Financial Group Inc.(a)

    471,495       4,903,548  

American Equity Investment Life Holding Co.

    848,816       33,876,247  

American National Group Inc.

    76,956       14,551,610  

AMERISAFE Inc.

    197,543       9,811,961  

Argo Group International Holdings Ltd.

    324,527       13,396,475  

Bright Health Group Inc.(a)(b)

    793,570       1,531,590  

Citizens Inc./TX(a)(b)

    516,769       2,191,101  

CNO Financial Group Inc.

    1,227,952       30,809,316  

Crawford & Co., Class A, NVS

    191,131       1,444,950  

Donegal Group Inc., Class A

    157,210       2,108,186  

eHealth Inc.(a)(b)

    178,601       2,216,438  

Employers Holdings Inc.

    282,849       11,602,466  

Enstar Group Ltd.(a)(b)

    126,816       33,117,998  

Genworth Financial Inc., Class A(a)

    5,181,965       19,587,828  

Goosehead Insurance Inc., Class A

    155,508       12,218,264  

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

    278,632       1,969,928  

HCI Group Inc.

    59,022       4,024,120  

Heritage Insurance Holdings Inc.

    246,553       1,760,388  

Horace Mann Educators Corp.

    426,627       17,845,807  

Investors Title Co.

    11,045       2,244,454  

James River Group Holdings Ltd.

    317,464       7,854,059  

Maiden Holdings Ltd.(a)(b)

    680,260       1,639,427  

MBIA Inc.(a)

    491,454       7,563,477  

MetroMile Inc.(a)(b)

    1,132,939       1,495,479  

National Western Life Group Inc., Class A

    26,400       5,554,560  

NI Holdings Inc.(a)(b)

    87,611       1,485,883  

ProAssurance Corp.

    555,987       14,944,931  

RLI Corp.

    32,139       3,555,538  

Safety Insurance Group Inc.

    149,413       13,574,171  

Selective Insurance Group Inc.

    608,349       54,362,067  

SiriusPoint Ltd.(a)

    915,253       6,846,092  

Stewart Information Services Corp.

    271,872       16,478,162  

Tiptree Inc.

    240,595       3,091,646  
Security   Shares     Value  

Insurance (continued)

   

Trean Insurance Group Inc.(a)(b)

    170,516     $ 799,720  

United Fire Group Inc.

    216,716       6,733,366  

United Insurance Holdings Corp.

    219,948       728,028  

Universal Insurance Holdings Inc.

    286,062       3,858,976  
   

 

 

 
          371,778,257  
Interactive Media & Services — 0.1%            

Cars.com Inc.(a)

    605,462       8,736,817  

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

    184,034       377,270  

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

    18,871       312,315  

Outbrain Inc.(a)(b)

    126,452       1,356,830  

TrueCar Inc.(a)(b)

    963,717       3,806,682  

Yelp Inc.(a)(b)

    53,250       1,816,357  
   

 

 

 
      16,406,271  
Internet & Direct Marketing Retail — 0.1%            

1stdibs.com Inc.(a)

    44,263       353,661  

aka Brands Holding Corp.(a)(b)

    34,638       153,100  

Groupon Inc.(a)(b)

    35,001       673,069  

Lands’ End Inc.(a)(b)

    148,643       2,515,040  

Lulu’s Fashion Lounge Holdings Inc.(a)

    39,624       268,651  

PetMed Express Inc.

    30,122       777,148  

Rent the Runway Inc.(a)(b)

    59,717       411,450  

Revolve Group Inc.(a)(b)

    137,019       7,356,550  

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

    54,806       2,014,120  
   

 

 

 
      14,522,789  
IT Services — 0.6%            

Cass Information Systems Inc.

    117,485       4,336,371  

Conduent Inc.(a)(b)

    1,727,389       8,913,327  

CSG Systems International Inc.

    175,270       11,141,914  

DigitalOcean Holdings Inc.(a)(b)

    28,946       1,674,526  

Flywire Corp.(a)(b)

    93,943       2,872,777  

Hackett Group Inc. (The)

    15,282       352,403  

Limelight Networks Inc.(a)

    1,283,002       6,697,270  

LiveRamp Holdings Inc.(a)

    675,668       25,263,227  

MoneyGram International Inc.(a)(b)

    921,553       9,731,600  

Rackspace Technology Inc.(a)(b)

    157,603       1,758,850  

Remitly Global Inc.(a)(b)

    18,874       186,286  

Repay Holdings Corp.(a)(b)

    494,309       7,300,944  

StarTek Inc.(a)(b)

    177,705       787,233  

Unisys Corp.(a)(b)

    144,968       3,132,759  
   

 

 

 
      84,149,487  
Leisure Products — 0.5%            

Acushnet Holdings Corp.

    246,074       9,906,939  

American Outdoor Brands Inc.(a)(b)

    142,709       1,873,769  

Callaway Golf Co.(a)

    1,183,285       27,712,535  

Escalade Inc.

    79,976       1,055,683  

Genius Brands International Inc.(a)(b)

    2,836,707       2,893,441  

Johnson Outdoors Inc., Class A

    20,645       1,604,736  

Nautilus Inc.(a)

    223,101       919,176  

Solo Brands Inc., Class A(a)(b)

    61,744       526,676  

Sturm Ruger & Co. Inc.

    11,420       795,061  

Vista Outdoor Inc.(a)

    576,710       20,582,780  
   

 

 

 
      67,870,796  
Life Sciences Tools & Services — 0.2%            

Absci Corp.(a)(b)

    232,956       1,963,819  

Aduro Biotech Inc., NVS(c)

    19,180       57,540  

Alpha Teknova Inc.(a)(b)

    30,469       420,777  

Codex DNA Inc.(a)(b)

    37,176       199,635  

Cytek Biosciences Inc.(a)(b)

    180,442       1,945,165  

Fluidigm Corp.(a)(b)

    693,038       2,488,007  

 

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

  109


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Life Sciences Tools & Services (continued)

 

Harvard Bioscience Inc.(a)(b)

    60,442     $ 375,345  

IsoPlexis Corp.(a)(b)

    44,993       154,326  

MaxCyte Inc.(a)(b)

    435,497       3,044,124  

NanoString Technologies Inc.(a)(b)

    37,255       1,294,611  

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

    1,069,044       9,728,300  

Personalis Inc.(a)(b)

    338,687       2,773,847  

Rapid Micro Biosystems Inc., Cass A(a)(b)

    62,325       423,187  

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

    268,210       4,087,520  

Singular Genomics Systems Inc.(a)(b)

    196,885       1,242,344  
   

 

 

 
      30,198,547  
Machinery — 3.2%            

AgEagle Aerial Systems Inc.(a)(b)

    239,431       284,923  

Alamo Group Inc.

    11,940       1,716,853  

Albany International Corp., Class A

    251,405       21,198,470  

Altra Industrial Motion Corp.

    663,242       25,820,011  

Astec Industries Inc.

    231,154       9,939,622  

Barnes Group Inc.

    483,962       19,450,433  

Blue Bird Corp.(a)(b)

    89,429       1,683,054  

Chart Industries Inc.(a)(b)

    151,260       25,981,930  

Columbus McKinnon Corp./NY(b)

    284,840       12,077,216  

Commercial Vehicle Group Inc.(a)(b)

    207,934       1,757,042  

Desktop Metal Inc., Class A(a)

    679,830       3,222,394  

EnPro Industries Inc.

    209,754       20,499,258  

ESCO Technologies Inc.

    236,996       16,570,760  

Gorman-Rupp Co. (The)

    189,526       6,800,193  

Greenbrier Companies Inc. (The)

    325,698       16,776,704  

Hillenbrand Inc.

    336,603       14,867,755  

Hyliion Holdings Corp.(a)(b)

    981,466       4,347,894  

Hyster-Yale Materials Handling Inc.

    102,130       3,391,737  

Ideanomics Inc.(a)(b)

    4,938,268       5,530,860  

Kennametal Inc.

    846,442       24,216,706  

Lindsay Corp.

    10,795       1,694,923  

Luxfer Holdings PLC

    159,485       2,679,348  

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

    352,327       5,313,091  

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

    91,712       859,342  

Meritor Inc.(a)

    106,420       3,785,359  

Miller Industries Inc./TN

    104,740       2,949,478  

Mueller Industries Inc.

    352,186       19,077,916  

Mueller Water Products Inc., Class A

    1,472,676       19,026,974  

NN Inc.(a)(b)

    430,835       1,240,805  

Park-Ohio Holdings Corp.

    86,262       1,213,706  

Proto Labs Inc.(a)(b)

    238,861       12,635,747  

RBC Bearings Inc.(a)(b)

    244,530       47,409,476  

REV Group Inc.

    299,630       4,015,042  

SPX Corp.(a)

    72,824       3,598,234  

SPX FLOW Inc.

    394,179       33,986,113  

Standex International Corp.

    122,265       12,216,719  

Titan International Inc.(a)

    442,996       6,525,331  

Trinity Industries Inc.

    789,257       27,118,871  

Wabash National Corp.

    463,798       6,882,762  

Watts Water Technologies Inc., Class A

    124,061       17,317,675  
   

 

 

 
          465,680,727  
Marine — 0.5%            

Costamare Inc.

    542,903       9,256,496  

Eagle Bulk Shipping Inc.

    92,301       6,286,621  

Genco Shipping & Trading Ltd.

    330,666       7,810,331  

Matson Inc.

    425,262       51,295,103  

Safe Bulkers Inc.

    652,033       3,103,677  
   

 

 

 
      77,752,228  
Security   Shares     Value  

Media — 1.4%

   

Advantage Solutions Inc.(a)(b)

    778,290     $ 4,965,490  

AMC Networks Inc., Class A(a)(b)

    147,228       5,981,874  

Audacy Inc.(a)

    1,200,446       3,469,289  

Boston Omaha Corp., Class A(a)(b)

    209,231       5,308,190  

Clear Channel Outdoor Holdings Inc.(a)

    3,391,723       11,735,361  

comScore Inc.(a)(b)

    724,568       2,108,493  

Daily Journal Corp.(a)(b)

    12,263       3,825,933  

Emerald Holding Inc.(a)(b)

    273,145       928,693  

Entravision Communications Corp., Class A

    627,219       4,020,474  

EW Scripps Co. (The), Class A(a)

    586,810       12,199,780  

Fluent Inc.(a)(b)

    447,661       931,135  

Gannett Co. Inc.(a)(b)

    1,439,911       6,493,999  

Gray Television Inc.

    865,302       19,097,215  

Hemisphere Media Group Inc.(a)(b)

    167,916       767,376  

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

    623,188       11,796,949  

Integral Ad Science Holding Corp.(a)

    175,276       2,418,809  

John Wiley & Sons Inc., Class A

    440,969       23,384,586  

National CineMedia Inc.

    540,297       1,372,354  

Scholastic Corp.

    281,963       11,357,470  

Sinclair Broadcast Group Inc., Class A

    398,492       11,165,746  

Stagwell Inc.(a)(b)

    576,582       4,174,454  

TEGNA Inc.

    2,253,210       50,471,904  

Thryv Holdings Inc.(a)(b)

    16,001       449,948  

WideOpenWest Inc.(a)(b)

    200,824       3,502,370  
   

 

 

 
          201,927,892  
Metals & Mining — 1.9%            

Allegheny Technologies Inc.(a)(b)

    508,667       13,652,622  

Arconic Corp.(a)(b)

    1,091,206       27,956,698  

Carpenter Technology Corp.

    485,976       20,401,273  

Century Aluminum Co.(a)

    498,912       13,126,375  

Coeur Mining Inc.(a)(b)

    831,194       3,698,813  

Commercial Metals Co.

    1,227,479       51,087,676  

Constellium SE(a)

    1,261,179       22,701,222  

Ferroglobe PLC

    532,035       5  

Gatos Silver Inc.(a)(b)

    81,156       350,594  

Haynes International Inc.

    125,758       5,357,291  

Hecla Mining Co.

    3,827,826       25,148,817  

Kaiser Aluminum Corp.

    141,770       13,349,063  

Materion Corp.

    127,404       10,923,619  

Olympic Steel Inc.

    97,068       3,733,235  

PolyMet Mining Corp.(a)(b)

    165,564       693,713  

Ryerson Holding Corp.

    62,654       2,194,143  

Schnitzer Steel Industries Inc., Class A

    246,046       12,779,629  

SunCoke Energy Inc.

    843,352       7,514,266  

TimkenSteel Corp.(a)(b)

    471,617       10,318,980  

Warrior Met Coal Inc.

    473,837       17,584,091  

Worthington Industries Inc.

    336,118       17,279,827  
   

 

 

 
      279,851,952  
Mortgage Real Estate Investment — 2.4%            

AFC Gamma Inc.

    146,814       2,807,084  

Angel Oak Mortgage Inc.

    89,139       1,462,771  

Apollo Commercial Real Estate Finance Inc.

    1,434,701       19,985,385  

Arbor Realty Trust Inc.

    1,474,110       25,148,317  

Ares Commercial Real Estate Corp.

    426,410       6,617,883  

ARMOUR Residential REIT Inc.

    903,751       7,591,508  

Blackstone Mortgage Trust Inc., Class A

    1,611,697       51,235,848  

BrightSpire Capital Inc.

    854,402       7,903,219  

Broadmark Realty Capital Inc.

    1,299,590       11,241,453  

Chicago Atlantic Real Estate Finance Inc., NVS

    54,469       965,735  

 

110  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Mortgage Real Estate Investment (continued)  

Chimera Investment Corp.

    2,404,150     $ 28,945,966  

Dynex Capital Inc.

    357,336       5,788,843  

Ellington Financial Inc.

    543,274       9,643,114  

Franklin BSP Realty Trust Inc.

    368,087       5,145,856  

Granite Point Mortgage Trust Inc.

    548,304       6,097,140  

Great Ajax Corp.

    208,595       2,446,819  

Hannon Armstrong Sustainable Infrastructure Capital Inc.

    739,145       35,057,647  

Invesco Mortgage Capital Inc.

    3,232,467       7,370,025  

KKR Real Estate Finance Trust Inc.

    363,613       7,494,064  

Ladder Capital Corp.

    1,148,810       13,636,375  

MFA Financial Inc.

    4,510,612       18,177,766  

New York Mortgage Trust Inc.

    3,857,254       14,078,977  

Orchid Island Capital Inc.

    1,404,994       4,566,231  

PennyMac Mortgage Investment Trust

    795,551       13,436,856  

Ready Capital Corp.

    680,775       10,252,472  

Redwood Trust Inc.

    1,179,324       12,418,282  

TPG RE Finance Trust Inc.

    612,702       7,236,011  

Two Harbors Investment Corp.

    3,498,404       19,346,174  
   

 

 

 
          356,097,821  
Multi-Utilities — 0.9%            

Avista Corp.

    733,071       33,098,156  

Black Hills Corp.

    653,376       50,323,020  

NorthWestern Corp.

    555,284       33,589,129  

Unitil Corp.

    158,863       7,924,086  
   

 

 

 
      124,934,391  
Multiline Retail — 0.8%            

Big Lots Inc.

    309,389       10,704,859  

Dillard’s Inc., Class A(b)

    55,515       14,899,671  

Franchise Group Inc.

    251,236       10,408,708  

Macy’s Inc.

    3,075,094       74,909,290  
   

 

 

 
      110,922,528  
Oil, Gas & Consumable Fuels — 7.6%  

Aemetis Inc.(a)(b)

    280,568       3,554,797  

Alto Ingredients Inc.(a)(b)

    763,781       5,208,986  

Antero Resources Corp.(a)(b)

    2,566,018       78,340,530  

Arch Resources Inc.(b)

    123,709       16,995,142  

Berry Corp.

    686,530       7,084,990  

Brigham Minerals Inc., Class A

    449,456       11,483,601  

California Resources Corp.

    829,786       37,116,328  

Callon Petroleum Co.(a)

    67,128       3,965,922  

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

    1,652,397       13,334,844  

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

    100,810       3,397,297  

Chesapeake Energy Corp.

    1,009,195       87,799,965  

Civitas Resources Inc.

    376,271       22,467,141  

Clean Energy Fuels Corp.(a)(b)

    1,590,011       12,624,687  

CNX Resources Corp.(a)(b)

    2,050,376       42,483,791  

Comstock Resources Inc.(a)(b)

    939,642       12,262,328  

CONSOL Energy Inc.(a)

    348,418       13,110,969  

CVR Energy Inc.

    311,495       7,955,582  

Delek U.S. Holdings Inc.(a)

    686,091       14,558,851  

DHT Holdings Inc.

    1,440,351       8,354,036  

Dorian LPG Ltd.

    264,873       3,838,010  

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

    259,390       3,276,096  

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

    227,740       2,083,821  

Equitrans Midstream Corp.

    4,184,246       35,315,036  

Escrow PetroCorp.(a)(c)

    19,086        

Falcon Minerals Corp.

    68,102       459,007  
Security   Shares     Value  

 

 
Oil, Gas & Consumable Fuels (continued)  

Frontline Ltd./Bermuda(a)

    1,273,445     $ 11,206,316  

Gevo Inc.(a)(b)

    2,053,397       9,609,898  

Golar LNG Ltd.(a)(b)

    1,046,052       25,921,169  

Green Plains Inc.(a)(b)

    384,107       11,911,158  

HighPeak Energy Inc.(b)

    53,132       1,179,530  

International Seaways Inc.

    467,250       8,429,190  

Kinetik Holdings Inc.

    31,686       2,059,907  

Laredo Petroleum Inc.(a)(b)

    93,047       7,363,740  

Murphy Oil Corp.

    1,497,705       60,492,305  

Nordic American Tankers Ltd.

    1,699,180       3,619,253  

Northern Oil and Gas Inc.

    625,937       17,645,164  

Oasis Petroleum Inc.

    29,879       4,371,298  

Ovintiv Inc.

    2,529,009       136,743,517  

Par Pacific Holdings Inc.(a)

    82,350       1,072,197  

PBF Energy Inc., Class A(a)

    983,992       23,979,885  

PDC Energy Inc.

    996,368       72,416,026  

Peabody Energy Corp.(a)(b)

    909,422       22,308,122  

Range Resources Corp.(a)

    2,439,409       74,109,245  

Ranger Oil Corp.(a)

    217,426       7,507,720  

Renewable Energy Group Inc.(a)

    456,639       27,695,155  

REX American Resources Corp.(a)

    55,671       5,544,832  

Riley Exploration Permian Inc.

    97,463       2,444,372  

Scorpio Tankers Inc.

    501,514       10,722,369  

SFL Corp. Ltd.

    1,274,190       12,971,254  

SM Energy Co.

    1,227,449       47,809,139  

Talos Energy Inc.(a)

    322,715       5,095,670  

Teekay Corp.(a)(b)

    705,720       2,237,132  

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

    245,924       3,403,588  

Ur-Energy Inc.(a)(b)

    140,775       225,240  

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

    964,648       3,684,955  

Whiting Petroleum Corp.

    402,772       32,829,946  

World Fuel Services Corp.

    649,114       17,552,043  
   

 

 

 
          1,121,233,092  
Paper & Forest Products — 0.2%            

Clearwater Paper Corp.(a)(b)

    167,628       4,698,613  

Glatfelter Corp.

    449,763       5,568,066  

Neenah Inc.

    173,844       6,894,653  

Schweitzer-Mauduit International Inc.

    313,883       8,631,782  
   

 

 

 
      25,793,114  
Personal Products — 0.3%            

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

    74,227       1,252,952  

BellRing Brands Inc.(a)(b)

    392,338       9,055,161  

Edgewell Personal Care Co.

    554,809       20,344,846  

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

    247,884       1,291,476  

Nature’s Sunshine Products Inc.(a)

    111,891       1,882,006  

NewAge Inc.(a)(b)

    573,109       332,976  

Nu Skin Enterprises Inc., Class A

    281,083       13,458,254  

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

    69,512       560,962  

Thorne HealthTech Inc.(a)(b)

    22,919       145,765  

Veru Inc.(a)(b)

    177,366       856,678  
   

 

 

 
      49,181,076  
Pharmaceuticals — 0.8%  

Amphastar Pharmaceuticals Inc.(a)(b)

    262,584       9,426,766  

Amylyx Pharmaceuticals Inc.(a)(b)

    40,206       516,647  

ANI Pharmaceuticals Inc.(a)

    113,453       3,189,164  

Atea Pharmaceuticals Inc.(a)

    598,231       4,319,228  

Athira Pharma Inc.(a)(b)

    326,869       4,412,731  

Cara Therapeutics Inc.(a)(b)

    460,859       5,599,437  

CinCor Pharma Inc.(a)(b)

    47,246       828,695  

 

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

  111


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Pharmaceuticals (continued)            

Citius Pharmaceuticals Inc.(a)(b)

    1,278,004     $ 2,287,627  

CorMedix Inc.(a)(b)

    361,906       1,983,245  

Cymabay Therapeutics Inc.(a)

    820,313       2,551,173  

DICE Therapeutics Inc.(a)(b)

    64,991       1,243,278  

Endo International PLC(a)(b)

    2,334,208       5,392,020  

EyePoint Pharmaceuticals Inc.(a)(b)

    251,883       3,060,378  

Fulcrum Therapeutics Inc.(a)

    282,684       6,685,477  

Ikena Oncology Inc.(a)(b)

    248,281       1,514,514  

Innoviva Inc.(a)

    386,884       7,486,205  

Kala Pharmaceuticals Inc.(a)(b)

    162,929       224,842  

KemPharm Inc.(a)(b)

    174,287       876,664  

NGM Biopharmaceuticals Inc.(a)

    286,221       4,364,870  

Nuvation Bio Inc.(a)(b)

    248,910       1,309,267  

Pliant Therapeutics Inc.(a)

    22,780       159,688  

Prestige Consumer Healthcare Inc.(a)

    512,576       27,135,773  

Provention Bio Inc.(a)(b)

    563,655       4,125,955  

Rain Therapeutics Inc.(a)(b)

    48,000       243,360  

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

    36,623       1,199,769  

Supernus Pharmaceuticals Inc.(a)(b)

    503,937       16,287,244  

Tarsus Pharmaceuticals Inc.(a)(b)

    19,240       323,617  

Terns Pharmaceuticals Inc.(a)(b)

    35,399       105,135  

Theravance Biopharma Inc.(a)

    48,551       464,148  

Theseus Pharmaceuticals Inc.(a)(b)

    44,306       510,848  

Ventyx Biosciences Inc.(a)(b)

    40,824       553,982  
   

 

 

 
          118,381,747  
Professional Services — 1.2%            

Acacia Research Corp.(a)(b)

    499,110       2,250,986  

ASGN Inc.(a)

    55,412       6,467,135  

Atlas Technical Consultants Inc.(a)(b)

    127,981       1,540,891  

Barrett Business Services Inc.

    77,182       5,979,290  

CBIZ Inc.(a)(b)

    501,970       21,067,681  

CRA International Inc.

    11,524       971,012  

First Advantage Corp.(a)(b)

    47,690       962,861  

Heidrick & Struggles International Inc.

    115,313       4,564,089  

HireQuest Inc.

    7,512       143,629  

HireRight Holdings Corp.(a)(b)

    124,305       2,125,615  

Huron Consulting Group Inc.(a)

    196,298       8,992,411  

ICF International Inc.

    187,462       17,647,673  

KBR Inc.

    179,395       9,818,288  

Kelly Services Inc., Class A, NVS

    361,145       7,833,235  

Korn Ferry

    548,486       35,618,681  

ManTech International Corp./VA, Class A

    280,654       24,189,568  

Mistras Group Inc.(a)(b)

    202,913       1,341,255  

Resources Connection Inc.

    324,693       5,565,238  

Sterling Check Corp.(a)(b)

    93,684       2,476,068  

TrueBlue Inc.(a)(b)

    357,174       10,318,757  

Willdan Group Inc.(a)(b)

    22,852       701,328  
   

 

 

 
      170,575,691  
Real Estate Management & Development — 0.6%  

Douglas Elliman Inc., NVS(b)

    645,136       4,709,493  

Forestar Group Inc.(a)(b)

    124,980       2,219,645  

FRP Holdings Inc.(a)(b)

    68,377       3,952,191  

Kennedy-Wilson Holdings Inc.

    1,215,432       29,644,386  

Marcus & Millichap Inc.

    217,843       11,475,969  

RE/MAX Holdings Inc., Class A

    193,799       5,374,046  

Realogy Holdings Corp.(a)(b)

    1,176,676       18,450,280  

RMR Group Inc. (The), Class A

    141,808       4,410,229  

Tejon Ranch Co.(a)

    211,905       3,869,385  
   

 

 

 
      84,105,624  
Security   Shares     Value  

 

 
Road & Rail — 1.2%  

ArcBest Corp.

    257,932     $ 20,763,526  

Avis Budget Group Inc.(a)(b)

    422,405       111,219,237  

Covenant Logistics Group Inc., Class A

    123,627       2,661,689  

Heartland Express Inc.

    477,221       6,714,499  

Marten Transport Ltd.

    605,696       10,757,161  

PAM Transportation Services Inc.(a)(b)

    62,985       2,188,729  

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

    281,953       1,093,978  

Universal Logistics Holdings Inc.(b)

    14,501       292,195  

Werner Enterprises Inc.

    545,849       22,379,809  

Yellow Corp.(a)(b)

    491,134       3,442,849  
   

 

 

 
      181,513,672  
Semiconductors & Semiconductor Equipment — 1.0%  

Alpha & Omega Semiconductor Ltd.(a)

    38,615       2,110,310  

Amkor Technology Inc.

    825,313       17,925,798  

AXT Inc.(a)(b)

    405,958       2,849,825  

Cohu Inc.(a)

    66,127       1,957,359  

Credo Technology Group Holdings(a)(b)

    59,405       904,738  

Diodes Inc.(a)

    100,406       8,734,318  

FormFactor Inc.(a)(b)

    97,643       4,103,935  

Ichor Holdings Ltd.(a)(b)

    101,748       3,624,264  

NeoPhotonics Corp.(a)

    536,350       8,157,884  

NVE Corp.

    1,571       85,572  

Onto Innovation Inc.(a)(b)

    339,507       29,499,763  

PDF Solutions Inc.(a)

    309,627       8,629,305  

Photronics Inc.(a)

    605,568       10,276,489  

Rambus Inc.(a)(b)

    1,103,333       35,185,289  

SkyWater Technology Inc.(a)(b)

    14,343       155,335  

SunPower Corp.(a)(b)

    165,318       3,551,031  

Veeco Instruments Inc.(a)(b)

    510,274       13,874,350  
   

 

 

 
      151,625,565  
Software — 1.3%            

A10 Networks Inc.

    103,793       1,447,912  

Agilysys Inc.(a)

    23,289       928,765  

Alkami Technology Inc.(a)(b)

    19,661       281,349  

American Software Inc./GA, Class A

    70,903       1,477,619  

Arteris Inc.(a)(b)

    17,836       231,868  

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

    62,598       2,502,042  

AvidXchange Holdings Inc.(a)(b)

    39,931       321,445  

Benefitfocus Inc.(a)

    67,406       850,664  

Bottomline Technologies DE Inc.(a)

    374,179       21,208,466  

ChannelAdvisor Corp.(a)

    92,076       1,525,699  

Cleanspark Inc.(a)(b)

    407,172       5,036,718  

Couchbase Inc.(a)(b)

    61,332       1,068,403  

CS Disco Inc.(a)(b)

    88,319       3,000,196  

E2open Parent Holdings Inc.(a)(b)

    2,021,813       17,812,173  

Ebix Inc.

    273,362       9,061,950  

eGain Corp.(a)

    120,985       1,401,006  

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

    59,023       750,773  

EngageSmart Inc.(a)(b)

    38,074       811,357  

Envestnet Inc.(a)(b)

    35,967       2,677,384  

EverCommerce Inc.(a)(b)

    70,987       937,028  

GTY Technology Holdings Inc.(a)(b)

    339,500       1,096,585  

Instructure Holdings Inc.(a)(b)

    100,790       2,021,847  

Intapp Inc.(a)(b)

    34,772       834,876  

InterDigital Inc.

    189,436       12,086,017  

Kaltura Inc.(a)

    252,167       451,379  

Marathon Digital Holdings Inc.(a)(b)

    915,875       25,598,706  

MeridianLink Inc.(a)(b)

    51,178       926,322  

Model N Inc.(a)

    29,966       806,085  

 

112  

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® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Software (continued)            

ON24 Inc.(a)

    93,598     $ 1,230,814  

Ping Identity Holding Corp.(a)(b)

    622,154       17,065,684  

Rekor Systems Inc.(a)(b)

    113,136       515,900  

SecureWorks Corp., Class A(a)

    101,746       1,348,135  

Smith Micro Software Inc.(a)(b)

    460,358       1,735,550  

Stronghold Digital Mining Inc.(a)(b)

    18,311       107,119  

UserTesting Inc.(a)(b)

    21,399       228,755  

Verint Systems Inc.(a)(b)

    659,302       34,085,913  

VirnetX Holding Corp.(a)(b)

    625,855       1,020,144  

Weave Communications Inc.(a)(b)

    37,768       225,097  

Xperi Holding Corp.

    1,062,504       18,402,569  
   

 

 

 
          193,120,314  
Specialty Retail — 1.6%            

Aaron’s Co. Inc. (The)

    323,714       6,500,177  

Abercrombie & Fitch Co., Class A(a)

    524,505       16,778,915  

Academy Sports & Outdoors Inc.(b)

    804,076       31,680,594  

America’s Car-Mart Inc./TX(a)(b)

    9,706       781,915  

Barnes & Noble Education Inc.(a)

    458,039       1,639,780  

Bed Bath & Beyond Inc.(a)

    880,074       19,828,067  

Big 5 Sporting Goods Corp.

    213,754       3,665,881  

Buckle Inc. (The)

    15,252       503,926  

CarLotz Inc.(a)(b)

    703,806       964,214  

Cato Corp. (The), Class A

    195,184       2,861,397  

Chico’s FAS Inc.(a)(b)

    970,677       4,659,250  

Conn’s Inc.(a)(b)

    186,736       2,877,602  

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

    334,188       2,730,316  

Genesco Inc.(a)(b)

    146,808       9,338,457  

Group 1 Automotive Inc.

    169,313       28,415,801  

Guess? Inc.(b)

    356,371       7,786,706  

Haverty Furniture Companies Inc.

    95,269       2,612,276  

Hibbett Inc.

    23,700       1,050,858  

Lazydays Holdings Inc.(a)(b)

    82,246       1,659,724  

LL Flooring Holdings Inc.(a)(b)

    289,343       4,056,589  

MarineMax Inc.(a)(b)

    101,603       4,090,537  

Monro Inc.

    128,686       5,705,937  

ODP Corp. (The)(a)

    468,793       21,484,783  

Rent-A-Center Inc./TX

    44,841       1,129,545  

Shift Technologies Inc.(a)(b)

    499,655       1,099,241  

Shoe Carnival Inc.

    16,362       477,116  

Signet Jewelers Ltd.

    120,313       8,746,755  

Sleep Number Corp.(a)(b)

    117,490       5,957,918  

Sonic Automotive Inc., Class A

    221,077       9,397,983  

Tilly’s Inc., Class A

    238,158       2,229,159  

Torrid Holdings Inc.(a)(b)

    135,296       819,894  

TravelCenters of America Inc.(a)

    129,102       5,546,222  

Urban Outfitters Inc.(a)(b)

    205,433       5,158,423  

Winmark Corp.

    22,591       4,970,020  

Zumiez Inc.(a)(b)

    200,065       7,644,484  
   

 

 

 
      234,850,462  
Technology Hardware, Storage & Peripherals — 0.1%  

3D Systems Corp.(a)

    108,814       1,815,018  

Eastman Kodak Co.(a)(b)

    15,991       104,741  

Quantum Corp.(a)(b)

    630,460       1,431,144  

Super Micro Computer Inc.(a)

    454,493       17,302,548  

Turtle Beach Corp.(a)(b)

    28,145       599,207  
   

 

 

 
      21,252,658  
Textiles, Apparel & Luxury Goods — 0.3%  

Fossil Group Inc.(a)

    489,589       4,719,638  

G-III Apparel Group Ltd.(a)

    451,139       12,203,310  
Security   Shares     Value  

 

 
Textiles, Apparel & Luxury Goods (continued)  

Movado Group Inc.

    162,276     $ 6,336,878  

Oxford Industries Inc.

    151,684       13,727,402  

Rocky Brands Inc.

    65,617       2,729,011  

Superior Group of Companies Inc.

    90,075       1,607,839  

Unifi Inc.(a)

    138,964       2,515,248  

Vera Bradley Inc.(a)(b)

    266,187       2,041,654  
   

 

 

 
          45,880,980  
Thrifts & Mortgage Finance — 2.7%  

Axos Financial Inc.(a)

    533,216       24,735,890  

Blue Foundry Bancorp(a)(b)

    270,323       3,662,877  

Bridgewater Bancshares Inc.(a)

    174,194       2,905,556  

Capitol Federal Financial Inc.

    1,352,142       14,711,305  

Columbia Financial Inc.(a)(b)

    257,205       5,532,479  

Essent Group Ltd.

    1,105,143       45,542,943  

Federal Agricultural Mortgage Corp., Class C, NVS

    93,058       10,094,932  

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

    203,539       618,758  

Flagstar Bancorp. Inc.

    538,865       22,847,876  

FS Bancorp. Inc.

    75,636       2,344,716  

Hingham Institution For Savings (The)

    13,917       4,776,314  

Home Bancorp. Inc.

    78,569       3,204,829  

Home Point Capital Inc.

    68,484       212,985  

Kearny Financial Corp./MD

    479,003       6,169,559  

Luther Burbank Corp.

    158,634       2,108,246  

Merchants Bancorp./IN

    152,215       4,167,647  

Mr Cooper Group Inc.(a)

    630,890       28,812,746  

NMI Holdings Inc., Class A(a)

    801,592       16,528,827  

Northfield Bancorp. Inc.

    457,960       6,576,306  

Ocwen Financial Corp.(a)(b)

    83,593       1,986,170  

PCSB Financial Corp.

    130,121       2,486,612  

PennyMac Financial Services Inc.

    308,175       16,394,910  

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

    138,926       1,461,501  

Provident Bancorp. Inc.

    162,223       2,631,257  

Provident Financial Services Inc.

    770,669       18,033,655  

Radian Group Inc.

    1,839,017       40,844,568  

Southern Missouri Bancorp. Inc.

    79,848       3,988,408  

TrustCo Bank Corp. NY

    193,759       6,186,725  

Velocity Financial Inc.(a)(b)

    75,361       824,449  

Walker & Dunlop Inc.

    267,892       34,670,583  

Washington Federal Inc.

    667,660       21,912,601  

Waterstone Financial Inc.

    204,674       3,958,395  

WSFS Financial Corp.

    666,972       31,094,235  
   

 

 

 
      392,028,860  
Tobacco — 0.2%            

Universal Corp./VA

    247,083       14,348,110  

Vector Group Ltd.

    1,257,537       15,140,745  
   

 

 

 
      29,488,855  
Trading Companies & Distributors — 2.0%  

Alta Equipment Group Inc.(a)

    153,317       1,894,998  

Beacon Roofing Supply Inc.(a)(b)

    142,296       8,435,307  

Boise Cascade Co.

    315,895       21,945,226  

Custom Truck One Source Inc.(a)(b)

    401,850       3,371,521  

DXP Enterprises Inc./TX(a)

    177,549       4,809,802  

GATX Corp.

    359,948       44,392,387  

Global Industrial Co.

    31,208       1,005,834  

GMS Inc.(a)

    436,693       21,734,211  

McGrath RentCorp

    75,491       6,415,225  

MRC Global Inc.(a)(b)

    818,710       9,750,836  

NOW Inc.(a)

    1,127,204       12,433,060  

Rush Enterprises Inc., Class A

    431,695       21,977,592  

 

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

  113


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Trading Companies & Distributors (continued)  

Rush Enterprises Inc., Class B

    73,231     $ 3,540,719  

Textainer Group Holdings Ltd.

    416,217       15,845,381  

Titan Machinery Inc.(a)

    200,621       5,669,549  

Triton International Ltd.

    682,282       47,882,551  

Veritiv Corp.(a)(b)

    146,774       19,607,539  

WESCO International Inc.(a)(b)

    374,558       48,744,978  

Willis Lease Finance Corp.(a)(b)

    25,304       814,536  
   

 

 

 
      300,271,252  
Water Utilities — 0.6%            

American States Water Co.

    181,307       16,139,949  

Artesian Resources Corp., Class A, NVS

    79,131       3,841,810  

Cadiz Inc.(a)

    183,268       379,365  

California Water Service Group

    536,112       31,780,719  

Middlesex Water Co.

    113,440       11,930,485  

Pure Cycle Corp.(a)(b)

    23,368       280,883  

SJW Group

    281,624       19,595,398  

York Water Co. (The)

    50,871       2,287,669  
   

 

 

 
      86,236,278  
Wireless Telecommunication Services — 0.3%  

Gogo Inc.(a)(b)

    561,037       10,693,365  

Shenandoah Telecommunications Co.

    323,855       7,636,501  

Telephone and Data Systems Inc.

    1,032,470       19,493,034  

U.S. Cellular Corp.(a)

    155,213       4,692,089  
   

 

 

 
      42,514,989  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $13,947,633,954)

 

    14,630,748,876  
   

 

 

 

Rights

   
Technology Hardware, Storage & Peripherals — 0.0%  

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

    640,176       5,410  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

      5,410  
   

 

 

 
Security   Shares     Value  

Warrants

   
Oil, Gas & Consumable Fuels — 0.0%  

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

    42,563     $ 872,541  

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

    21,281       317,300  
   

 

 

 
      1,189,841  
   

 

 

 

Total Warrants — 0.0%
(Cost: $5,241,813)

      1,189,841  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 6.5%            

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

    933,139,211       932,952,583  

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

    12,620,000       12,620,000  
   

 

 

 
      945,572,583  
   

 

 

 

Total Short-Term Investments — 6.5%
(Cost: $945,676,255)

      945,572,583  
   

 

 

 

Total Investments in Securities — 106.3%
(Cost: $14,898,552,022)

 

    15,577,516,710  

Other Assets, Less Liabilities — (6.3)%

      (919,516,242
   

 

 

 

Net Assets — 100.0%

    $  14,658,000,468  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

Affiliates

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

 

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

 

   

    

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 911,918,766      $ 21,765,411 (a)    $      $ (310,180   $ (421,414   $ 932,952,583        933,139,211      $ 5,215,603 (b)    $    
 

BlackRock Cash Funds: Treasury,
SL Agency Shares

    5,210,000        7,410,000 (a)                         12,620,000        12,620,000        5,219          
           

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   
            $ (310,180   $ (421,414   $ 945,572,583         $ 5,220,822     $    
           

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

  (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.

 

 

 

114  

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® Russell 2000 Value ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

          

Russell 2000 E-Mini Index

    263        06/17/22      $ 27,173      $ 548,139  
          

 

 

 

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)

  $ 548,139  
 

 

 

 

 

  (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

  $ (3,364,075
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ 540,942  
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

 

Average notional value of contracts — long

  $ 34,280,386      

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

  $ 14,630,294,365      $         396,971      $         57,540      $ 14,630,748,876  

Rights

           5,410               5,410  

Warrants

    1,189,841                      1,189,841  

Money Market Funds

    945,572,583                      945,572,583  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 15,577,056,789      $ 402,381      $ 57,540      $ 15,577,516,710  
 

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

          

Assets

          

Futures Contracts

  $ 548,139      $      $      $ 548,139  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

  115


 

Statements of Assets and Liabilities

March 31, 2022

 

    iShares
Russell Top 200
ETF
     iShares
Russell Top 200
Growth ETF
     iShares
Russell Top 200
Value ETF
     iShares
Russell 1000 ETF
 

 

 

ASSETS

          

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

          

Unaffiliated(b)

  $ 1,036,582,848      $ 4,813,356,235      $ 1,274,548,199      $ 30,273,913,433  

Affiliated(c)

    5,239,493        15,092,531        13,268,688        509,992,962  

Cash

    31,539               37,366        400,718  

Cash pledged:

          

Futures contracts

    85,000        346,000        132,000        3,494,000  

Receivables:

          

Investments sold

           3,430                

Securities lending income — Affiliated

    529        1,950        1,465        104,173  

Capital shares sold

           150,217        10,137        239,068  

Dividends

    551,585        1,183,025        1,154,859        19,390,442  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

    1,042,490,994        4,830,133,388        1,289,152,714        30,807,534,796  
 

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES

          

Bank overdraft

           2,344                

Collateral on securities loaned, at value

    250,008        8,927,444        1,183,196        382,077,660  

Payables:

          

Variation margin on futures contracts

    25,579        79,920        35,697        965,902  

Capital shares redeemed

                         276,366  

Investment advisory fees

    126,179        751,698        211,156        3,746,390  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

    401,766        9,761,406        1,430,049        387,066,318  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,042,089,228      $ 4,820,371,982      $ 1,287,722,665      $ 30,420,468,478  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF:

          

Paid-in capital

  $ 842,185,697      $ 3,585,209,887      $ 1,132,345,977      $ 23,077,179,074  

Accumulated earnings

    199,903,531        1,235,162,095        155,376,688        7,343,289,404  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,042,089,228      $ 4,820,371,982      $ 1,287,722,665      $ 30,420,468,478  
 

 

 

    

 

 

    

 

 

    

 

 

 

Shares outstanding

    9,650,000        30,400,000        18,500,000        121,650,000  
 

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value

  $ 107.99      $ 158.56      $ 69.61      $ 250.07  
 

 

 

    

 

 

    

 

 

    

 

 

 

Shares authorized

    Unlimited        Unlimited        Unlimited        Unlimited  
 

 

 

    

 

 

    

 

 

    

 

 

 

Par value

    None        None        None        None  
 

 

 

    

 

 

    

 

 

    

 

 

 

(a) Securities loaned, at value

  $ 235,877      $ 8,477,052      $ 1,124,403      $ 368,370,896  

(b) Investments, at cost — Unaffiliated

  $ 823,374,029      $ 3,486,157,968      $ 1,072,970,876      $ 22,120,860,273  

(c)  Investments, at cost — Affiliated

  $ 4,578,604      $ 15,091,337      $ 11,429,758      $ 488,650,136  

See notes to financial statements.

 

 

116  

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


 

Statements of Assets and Liabilities  (continued)

March 31, 2022

 

    iShares
Russell 1000
Growth ETF
     iShares
Russell 1000 Value
ETF
     iShares
Russell 2000 ETF
    iShares
Russell 2000
Growth ETF
 

 

 

ASSETS

         

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

         

Unaffiliated(b)

  $ 70,631,705,999      $ 57,550,890,163      $ 61,870,674,313     $ 10,816,763,897  

Affiliated(c)

    1,259,247,245        975,025,944        6,037,676,546       1,627,243,640  

Cash

    379,493        4,075,210        2,168,763       618,621  

Cash pledged:

         

Futures contracts

    5,870,840        5,424,740        8,140,000       840,000  

Receivables:

         

Investments sold

                  17,395,290       369,253  

Securities lending income — Affiliated

    296,163        170,901        4,538,171       1,374,996  

Capital shares sold

           509,718        17,381,566       158,641  

Dividends

    17,980,529        60,101,195        56,235,123       3,274,043  
 

 

 

    

 

 

    

 

 

   

 

 

 

Total assets

    71,915,480,269        58,596,197,871        68,014,209,772       12,450,643,091  
 

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES

         

Collateral on securities loaned, at value

    1,167,851,745        555,381,853        5,979,779,289       1,616,440,037  

Payables:

         

Investments purchased

           64,887,296        13,451,407        

Variation margin on futures contracts

    1,289,154        1,408,492        1,092,072       139,207  

Capital shares redeemed

    871,299               56,717,383       1,112,333  

Investment advisory fees

    10,710,470        9,002,345        9,894,955       2,132,557  
 

 

 

    

 

 

    

 

 

   

 

 

 

Total liabilities

    1,180,722,668        630,679,986        6,060,935,106       1,619,824,134  
 

 

 

    

 

 

    

 

 

   

 

 

 

NET ASSETS

  $ 70,734,757,601      $ 57,965,517,885      $ 61,953,274,666     $ 10,830,818,957  
 

 

 

    

 

 

    

 

 

   

 

 

 

NET ASSETS CONSIST OF:

         

Paid-in capital

  $ 48,169,850,143      $ 50,228,156,111      $ 89,184,002,215     $ 12,807,153,217  

Accumulated earnings (loss)

    22,564,907,458        7,737,361,774        (27,230,727,549     (1,976,334,260
 

 

 

    

 

 

    

 

 

   

 

 

 

NET ASSETS

  $ 70,734,757,601      $ 57,965,517,885      $ 61,953,274,666     $ 10,830,818,957  
 

 

 

    

 

 

    

 

 

   

 

 

 

Shares outstanding

    255,000,000        349,450,000        301,600,000       42,300,000  
 

 

 

    

 

 

    

 

 

   

 

 

 

Net asset value

  $ 277.39      $ 165.88      $ 205.42     $ 256.05  
 

 

 

    

 

 

    

 

 

   

 

 

 

Shares authorized

    Unlimited        Unlimited        Unlimited       Unlimited  
 

 

 

    

 

 

    

 

 

   

 

 

 

Par value

    None        None        None       None  
 

 

 

    

 

 

    

 

 

   

 

 

 

(a) Securities loaned, at value

  $ 1,122,522,200      $ 535,094,975      $ 5,695,303,735     $ 1,542,968,538  

(b) Investments, at cost — Unaffiliated

  $ 46,309,989,557      $ 47,026,145,751      $ 79,199,215,036     $ 11,778,783,410  

(c)  Investments, at cost — Affiliated

  $ 1,259,122,285      $ 887,846,547      $ 6,037,747,097     $ 1,627,225,639  

See notes to financial statements.

 

 

F I N A N C I A L    S T A T E M E N T S

  117


 

Statements of Assets and Liabilities  (continued)

March 31, 2022

 

     iShares
Russell 2000 Value
ETF
 

ASSETS

 

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

 

Unaffiliated(b)

  $ 14,631,944,127  

Affiliated(c)

    945,572,583  

Cash

    655,173  

Cash pledged:

 

Futures contracts

    2,007,000  

Receivables:

 

Investments sold

    12,750,383  

Securities lending income — Affiliated

    473,560  

Capital shares sold

    6,349,133  

Dividends

    21,276,021  
 

 

 

 

Total assets

    15,621,027,980  
 

 

 

 

LIABILITIES

 

Collateral on securities loaned, at value

    933,252,473  

Payables:

 

Investments purchased

    13,813,054  

Variation margin on futures contracts

    302,182  

Capital shares redeemed

    12,698,265  

Investment advisory fees

    2,961,538  
 

 

 

 

Total liabilities

    963,027,512  
 

 

 

 

NET ASSETS

  $ 14,658,000,468  
 

 

 

 

NET ASSETS CONSIST OF:

 

Paid-in capital

  $ 15,594,364,695  

Accumulated loss

    (936,364,227
 

 

 

 

NET ASSETS

  $ 14,658,000,468  
 

 

 

 

Shares outstanding

    90,800,000  
 

 

 

 

Net asset value

  $ 161.43  
 

 

 

 

Shares authorized

    Unlimited  
 

 

 

 

Par value

    None  
 

 

 

 

(a) Securities loaned, at value

  $ 885,016,145  

(b) Investments, at cost — Unaffiliated

  $ 13,952,875,767  

(c)  Investments, at cost — Affiliated

  $ 945,676,255  

See notes to financial statements.

 

 

 

118  

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Statements of Operations

Year Ended March 31, 2022

 

   

iShares

Russell Top

200 ETF

   

iShares

Russell Top

200 Growth

ETF

   

iShares

Russell Top

200 Value

ETF

   

iShares

Russell 1000 ETF

 

 

INVESTMENT INCOME

       

Dividends — Unaffiliated

  $ 12,924,849     $ 32,692,981     $ 25,156,079     $ 394,833,291  

Dividends — Affiliated

    79,424       1,743       225,812       1,824,148  

Securities lending income — Affiliated — net

    4,536       25,984       2,459       933,886  

Foreign taxes withheld

    (2,514     (6,019     (4,984     (83,510
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    13,006,295       32,714,689       25,379,366       397,507,815  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory fees

    1,449,030       8,490,013       2,401,346       45,278,998  

Professional fees

    217       217       217       217  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    1,449,247       8,490,230       2,401,563       45,279,215  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    11,557,048       24,224,459       22,977,803       352,228,600  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    (2,843,362     (16,158,113     (5,992,292     (111,197,083

Investments — Affiliated

    (2,291     207       (9,029     64,838  

In-kind redemptions — Unaffiliated

    91,044,966       454,541,497       136,528,246       2,788,582,535  

In-kind redemptions — Affiliated

    408,388             1,502,605       9,081,559  

Futures contracts

    195,578       269,740       305,393       4,730,107  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain

    88,803,279       438,653,331       132,334,923       2,691,261,956  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    31,610,512       168,756,598       (23,445,377     586,168,895  

Investments — Affiliated

    (364,877     1,194       (1,339,252     (7,640,716

Futures contracts

    84,855       454,262       78,971       2,764,762  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    31,330,490       169,212,054       (24,705,658     581,292,941  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain

    120,133,769       607,865,385       107,629,265       3,272,554,897  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 131,690,817     $ 632,089,844     $ 130,607,068     $ 3,624,783,497  
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

F I N A N C I A L    S T A T E M E N T S

  119


 

Statements of Operations  (continued)

Year Ended March 31, 2022

 

   

iShares

Russell 1000

Growth ETF

   

iShares

Russell 1000 Value

ETF

   

iShares

Russell 2000 ETF

   

iShares

Russell 2000

Growth ETF

 

 

INVESTMENT INCOME

       

Dividends — Unaffiliated

  $ 522,874,153     $ 1,069,820,496     $ 690,348,811     $ 44,875,181  

Dividends — Affiliated

    101,372       6,847,382       512,283       122,117  

Securities lending income — Affiliated — net

    2,823,576       1,161,917       36,433,108       9,381,231  

Foreign taxes withheld

    (95,063     (240,339     (1,124,400     (60,008
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    525,704,038       1,077,589,456       726,169,802       54,318,521  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory fees

    132,037,407       102,639,510       125,380,918       27,421,280  

Professional fees

    217       217       217       217  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    132,037,624       102,639,727       125,381,135       27,421,497  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    393,666,414       974,949,729       600,788,667       26,897,024  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    (239,371,328     582,481,652       (1,420,526,434     335,207,570  

Investments — Affiliated

    (189,977     (191,388     (1,383,328     (256,537

In-kind redemptions — Unaffiliated

    11,786,842,787       4,137,682,157       11,829,904,952       1,636,943,618  

In-kind redemptions — Affiliated

          31,849,054              

Futures contracts

    2,992,559       5,497,462       (6,016,216     (847,766
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain

    11,550,274,041       4,757,318,937       10,401,978,974       1,971,046,885  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (2,634,234,901     244,409,267       (14,943,486,025     (3,783,986,035

Investments — Affiliated

    (656,023     (28,769,370     (3,304,804     (920,613

Futures contracts

    7,130,233       3,945,636       4,933,206       849,977  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    (2,627,760,691     219,585,533       (14,941,857,623     (3,784,056,671
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

    8,922,513,350       4,976,904,470       (4,539,878,649     (1,813,009,786
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 9,316,179,764     $ 5,951,854,199     $ (3,939,089,982   $ (1,786,112,762
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

120  

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Statements of Operations  (continued)

Year Ended March 31, 2022

 

   

iShares

Russell 2000 Value
ETF

 

 

 

INVESTMENT INCOME

 

Dividends — Unaffiliated

  $ 253,648,496  

Dividends — Affiliated

    77,720  

Securities lending income — Affiliated — net

    5,143,102  

Foreign taxes withheld

    (449,907
 

 

 

 

Total investment income

    258,419,411  
 

 

 

 

EXPENSES

 

Investment advisory fees

    37,417,586  

Professional fees

    217  
 

 

 

 

Total expenses

    37,417,803  
 

 

 

 

Net investment income

    221,001,608  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — Unaffiliated

    90,813,982  

Investments — Affiliated

    (310,180

In-kind redemptions — Unaffiliated

    2,669,494,572  

Futures contracts

    (3,364,075
 

 

 

 

Net realized gain

    2,756,634,299  
 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

Investments — Unaffiliated

    (2,478,580,876

Investments — Affiliated

    (421,414

Futures contracts

    540,942  

Short sales — Unaffiliated

    28  
 

 

 

 

Net change in unrealized appreciation (depreciation)

    (2,478,461,320
 

 

 

 

Net realized and unrealized gain

    278,172,979  
 

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 499,174,587  
 

 

 

 

See notes to financial statements.

 

 

F I N A N C I A L    S T A T E M E N T S

  121


 

Statements of Changes in Net Assets

 

   

iShares

Russell Top 200 ETF

       

iShares

Russell Top 200 Growth ETF

 
 

 

 

     

 

 

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

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 11,557,048       $ 11,229,444       $ 24,224,459       $ 22,947,783  

Net realized gain

    88,803,279         69,341,229         438,653,331         257,612,587  

Net change in unrealized appreciation (depreciation)

    31,330,490         222,490,850         169,212,054         935,040,813  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from operations

    131,690,817         303,061,523         632,089,844         1,215,601,183  
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

             

Decrease in net assets resulting from distributions to shareholders

    (11,546,241       (11,376,261       (24,456,769       (23,069,276
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

Net increase in net assets derived from capital share transactions

    56,024,466         204,991,457         682,843,598         658,760,357  
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase in net assets

    176,169,042         496,676,719         1,290,476,673         1,851,292,264  

Beginning of year

    865,920,186         369,243,467         3,529,895,309         1,678,603,045  
 

 

 

     

 

 

     

 

 

     

 

 

 

End of year

  $ 1,042,089,228       $ 865,920,186       $ 4,820,371,982       $ 3,529,895,309  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

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

See notes to financial statements.

 

 

122  

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Statements of Changes in Net Assets  (continued)

 

   

iShares

Russell Top 200 Value ETF

       

iShares

Russell 1000 ETF

 
 

 

 

     

 

 

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

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 22,977,803       $ 17,327,180       $ 352,228,600       $ 340,773,248  

Net realized gain (loss)

    132,334,923         (14,585,264       2,691,261,956         1,663,056,836  

Net change in unrealized appreciation (depreciation)

    (24,705,658       291,606,091         581,292,941         8,576,071,074  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from operations

    130,607,068         294,348,007         3,624,783,497         10,579,901,158  
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

             

Decrease in net assets resulting from distributions to shareholders

    (22,928,866       (17,442,740       (357,765,384       (354,009,239
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

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

    26,107,292         487,305,987         5,598,922         (1,002,936,822
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase in net assets

    133,785,494         764,211,254         3,272,617,035         9,222,955,097  

Beginning of year

    1,153,937,171         389,725,917         27,147,851,443         17,924,896,346  
 

 

 

     

 

 

     

 

 

     

 

 

 

End of year

  $ 1,287,722,665       $ 1,153,937,171       $ 30,420,468,478       $ 27,147,851,443  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

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

See notes to financial statements.

 

 

F I N A N C I A L    S T A T E M E N T S

  123


 

Statements of Changes in Net Assets  (continued)

 

   

iShares

Russell 1000 Growth ETF

       

iShares

Russell 1000 Value ETF

 
 

 

 

     

 

 

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

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 393,666,414       $ 419,262,223       $ 974,949,729       $ 834,972,032  

Net realized gain (loss)

    11,550,274,041         8,071,587,640         4,757,318,937         (19,759,618

Net change in unrealized appreciation (depreciation)

    (2,627,760,691       17,672,083,409         219,585,533         16,214,766,531  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from operations

    9,316,179,764         26,162,933,272         5,951,854,199         17,029,978,945  
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

             

Decrease in net assets resulting from distributions to shareholders

    (401,934,860       (411,316,899       (973,061,947       (827,083,590
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

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

    (1,335,411,437       (5,430,037,516       1,878,160,955         3,729,878,540  
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase in net assets

    7,578,833,467         20,321,578,857         6,856,953,207         19,932,773,895  

Beginning of year

    63,155,924,134         42,834,345,277         51,108,564,678         31,175,790,783  
 

 

 

     

 

 

     

 

 

     

 

 

 

End of year

  $ 70,734,757,601       $ 63,155,924,134       $ 57,965,517,885       $ 51,108,564,678  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

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

See notes to financial statements.

 

 

124  

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Statements of Changes in Net Assets  (continued)

 

   

iShares

Russell 2000 ETF

       

iShares

Russell 2000 Growth ETF

 
 

 

 

     

 

 

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

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 600,788,667       $ 479,566,961       $ 26,897,024       $ 41,988,208  

Net realized gain

    10,401,978,974         8,154,534,099         1,971,046,885         704,281,225  

Net change in unrealized appreciation (depreciation)

    (14,941,857,623       20,703,456,728         (3,784,056,671       5,187,588,362  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

    (3,939,089,982       29,337,557,788         (1,786,112,762       5,933,857,795  
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

             

Decrease in net assets resulting from distributions to shareholders

    (646,681,067       (551,110,344       (38,453,082       (48,359,274
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

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

    (2,764,541,638       7,914,467,041         573,103,014         (740,112,140
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase (decrease) in net assets

    (7,350,312,687       36,700,914,485         (1,251,462,830       5,145,386,381  

Beginning of year

    69,303,587,353         32,602,672,868         12,082,281,787         6,936,895,406  
 

 

 

     

 

 

     

 

 

     

 

 

 

End of year

  $ 61,953,274,666       $ 69,303,587,353       $ 10,830,818,957       $ 12,082,281,787  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

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

See notes to financial statements.

 

 

F I N A N C I A L    S T A T E M E N T S

  125


 

Statements of Changes in Net Assets  (continued)

 

   

iShares

Russell 2000 Value ETF

 
 

 

 

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

 

 

INCREASE (DECREASE) IN NET ASSETS

     

OPERATIONS

     

Net investment income

  $ 221,001,608       $ 154,540,658  

Net realized gain (loss)

    2,756,634,299         (31,238,749

Net change in unrealized appreciation (depreciation)

    (2,478,461,320       6,566,945,191  
 

 

 

     

 

 

 

Net increase in net assets resulting from operations

    499,174,587         6,690,247,100  
 

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

     

Decrease in net assets resulting from distributions to shareholders

    (248,644,243       (177,203,668
 

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

     

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

    (1,911,845,387       3,198,739,480  
 

 

 

     

 

 

 

NET ASSETS

     

Total increase (decrease) in net assets

    (1,661,315,043       9,711,782,912  

Beginning of year

    16,319,315,511         6,607,532,599  
 

 

 

     

 

 

 

End of year

  $ 14,658,000,468       $ 16,319,315,511  
 

 

 

     

 

 

 

 

(a)

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

See notes to financial statements.

 

 

126  

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Financial Highlights

(For a share outstanding throughout each period)

 

    iShares Russell Top 200 ETF  
 

 

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

 

 

Net asset value, beginning of year

    $ 94.64       $ 61.54       $ 65.66       $ 60.63       $ 53.88  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.26         1.23         1.28         1.21         1.08  

Net realized and unrealized gain (loss)(b)

      13.37         33.09         (3.94       4.97         6.71  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      14.63         34.32         (2.66       6.18         7.79  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (1.28       (1.22       (1.46       (1.15       (1.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (1.28       (1.22       (1.46       (1.15       (1.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 107.99          $ 94.64          $ 61.54          $ 65.66          $ 60.63  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

        15.48 %         56.06 %          (4.24 )%          10.27 %          14.55
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.15       0.15       0.15       0.15       0.15
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.20       1.48       1.82       1.91       1.84
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 1,042,089       $ 865,920       $ 369,243       $ 213,382       $ 136,411  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      4       5       5       5       5
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L    H I G H L I G H T S

  127


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell Top 200 Growth ETF  
 

 

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

 

 

Net asset value, beginning of year

      $ 134.47       $ 84.14       $ 82.24       $ 73.61       $ 61.44  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      0.89         0.93         1.04         1.00         0.92  

Net realized and unrealized gain(b)

      24.09         50.31         1.90         8.60         12.18  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase from investment operations

      24.98         51.24         2.94         9.60         13.10  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (0.89       (0.91       (1.04       (0.97       (0.93
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.89       (0.91       (1.04       (0.97       (0.93
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 158.56          $ 134.47          $ 84.14          $ 82.24          $ 73.61  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

        18.58 %         61.04 %          3.55 %          13.11 %          21.43
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.20       0.20       0.20       0.20       0.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.57       0.77       1.16       1.27       1.33
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 4,820,372       $ 3,529,895       $ 1,678,603       $ 1,377,486       $ 978,981  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      10       11       20       15       11
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

128  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell Top 200 Value ETF  
 

 

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

 

 

Net asset value, beginning of year

    $ 63.58       $ 44.04       $ 52.57       $ 50.39       $ 48.20  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.30         1.26         1.40         1.31         1.17  

Net realized and unrealized gain (loss)(b)

      6.01         19.49         (8.38       2.13         2.15  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      7.31         20.75         (6.98       3.44         3.32  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (1.28       (1.21       (1.55       (1.26       (1.13
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (1.28       (1.21       (1.55       (1.26       (1.13
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 69.61          $ 63.58          $ 44.04          $ 52.57          $ 50.39  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

        11.56 %         47.63 %          (13.72 )%          6.92 %          6.93
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.20       0.20       0.20       0.20       0.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.91       2.31       2.56       2.54       2.33
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 1,287,723       $ 1,153,937       $ 389,726       $ 425,831       $ 284,724  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      15       17       17       14       13
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L    H I G H L I G H T S

  129


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell 1000 ETF  
 

 

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

 

 

Net asset value, beginning of year

    $ 223.72       $ 141.59       $ 157.27       $ 146.79       $ 131.25  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      2.88         2.74         2.96         2.74         2.50  

Net realized and unrealized gain (loss)(b)

      26.40         82.26         (15.46       10.60         15.54  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      29.28         85.00         (12.50       13.34         18.04  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (2.93       (2.87       (3.18       (2.86       (2.50
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.93       (2.87       (3.18       (2.86       (2.50
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 250.07          $ 223.72          $ 141.59          $ 157.27          $ 146.79  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

        13.09 %         60.37 %          (8.15 )%          9.18 %(e)         13.83
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(f)

                   

Total expenses

      0.15       0.15       0.15       0.15       0.15
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.17       1.44       1.78       1.80       1.77
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 30,420,468       $ 27,147,851       $ 17,924,896       $ 19,312,905       $ 19,353,884  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(g)

      6       5       5       6       4
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

Includes payment received from an affiliate, which had no impact on the Fund’s total return.

 

(f) 

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

 

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

130  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell 1000 Growth ETF  
 

 

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

 

 

Net asset value, beginning of year

    $ 243.05       $ 150.69       $ 151.33       $ 136.02       $ 113.76  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.53         1.54         1.72         1.69         1.55  

Net realized and unrealized gain (loss)(b)

      34.37         92.34         (0.62       15.31         22.26  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase from investment operations

      35.90         93.88         1.10         17.00         23.81  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (1.56       (1.52       (1.74       (1.69       (1.55
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (1.56       (1.52       (1.74       (1.69       (1.55
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 277.39          $ 243.05          $ 150.69          $ 151.33          $ 136.02  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

        14.77 %         62.44 %          0.68 %          12.57 %          21.02
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.18       0.19       0.19       0.19       0.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.55       0.72       1.05       1.17       1.21
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 70,734,758       $ 63,155,924       $ 42,834,345       $ 42,729,330       $ 39,975,377  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      13       14       18       12       13
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L    H I G H L I G H T S

  131


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell 1000 Value ETF  
   

 

 

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

 

 

Net asset value, beginning of year

    $ 151.43       $ 99.22       $ 123.48       $ 119.95       $ 114.90  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      2.83         2.69         3.14         2.86         2.67  

Net realized and unrealized gain (loss)(b)

      14.44         52.15         (23.93       3.67         5.08  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      17.27         54.84         (20.79       6.53         7.75  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (2.82       (2.63       (3.47       (3.00       (2.70
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.82       (2.63       (3.47       (3.00       (2.70
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 165.88       $ 151.43       $ 99.22       $ 123.48       $ 119.95  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      11.45       55.84       (17.30 )%        5.53 %(e)        6.78
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(f)

                   

Total expenses

      0.18       0.19       0.19       0.19       0.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.75       2.15       2.46       2.36       2.23
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 57,965,518       $ 51,108,565       $ 31,175,791       $ 37,877,550       $ 36,217,697  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(g)

      17       18       16       17       15
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

Includes payment received from an affiliate, which had no impact on the Fund’s total return.

 

(f) 

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

 

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

132  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Russell 2000 ETF  
   

 

 

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

 

 

Net asset value, beginning of year

    $ 220.43       $ 114.62       $ 153.10       $ 151.96       $ 137.69  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.97         1.73         1.83         1.89         1.79  

Net realized and unrealized gain (loss)(b)

      (14.89       106.10         (38.22       1.18         14.38  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (12.92       107.83         (36.39       3.07         16.17  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (2.09       (2.02       (2.09       (1.93       (1.90
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.09       (2.02       (2.09       (1.93       (1.90
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 205.42       $ 220.43       $ 114.62       $ 153.10       $ 151.96  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      (5.92 )%        94.67       (24.04 )%        2.01       11.80
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.19       0.19       0.19       0.19       0.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.90       1.01       1.19       1.21       1.23
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 61,953,275       $ 69,303,587       $ 32,602,673       $ 43,174,723       $ 41,918,598  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      23       20       18       22       16
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L    H I G H L I G H T S

  133


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

        iShares Russell 2000 Growth ETF  
   

 

 

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

 

 

Net asset value, beginning of year

    $ 300.18       $ 158.74       $ 196.60       $ 190.63       $ 161.84  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      0.67         1.02         1.32         1.21         1.23  

Net realized and unrealized gain (loss)(b)

      (43.86       141.60         (37.65       6.04         28.91  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (43.19       142.62         (36.33       7.25         30.14  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (0.94       (1.18       (1.53       (1.28       (1.35
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.94       (1.18       (1.53       (1.28       (1.35
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 256.05       $ 300.18       $ 158.74       $ 196.60       $ 190.63  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      (14.42 )%        90.06       (18.61 )%        3.81       18.68
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.23       0.24       0.24       0.24       0.24
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.23       0.42       0.66       0.61       0.70
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 10,830,819       $ 12,082,282       $ 6,936,895       $ 9,171,566       $ 9,207,286  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      40       35       33       35       26
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

134  

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

        iShares Russell 2000 Value ETF  
   

 

 

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

 

 

Net asset value, beginning of year

    $ 159.14       $ 82.34       $ 119.84       $ 122.00       $ 118.27  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      2.26         1.84         2.07         2.18         2.03  

Net realized and unrealized gain (loss)(b)

      2.61         77.01         (37.17       (2.10       3.93  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      4.87         78.85         (35.10       0.08         5.96  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (2.58       (2.05       (2.40       (2.24       (2.23
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.58       (2.05       (2.40       (2.24       (2.23
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 161.43       $ 159.14       $ 82.34       $ 119.84       $ 122.00  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      3.07       96.79       (29.79 )%        0.03       5.06
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.23       0.24       0.24       0.24       0.24
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.39       1.57       1.74       1.73       1.67
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 14,658,000       $ 16,319,316       $ 6,607,533       $ 9,107,939       $ 8,838,621  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      35       28       25       26       23
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

 

(b) 

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

 

(c) 

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

 

(d) 

Where applicable, assumes the reinvestment of distributions.

 

(e) 

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

 

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L    H I G H L I G H T S

  135


Notes to Financial Statements

 

1.

ORGANIZATION

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

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

 

   
iShares ETF   Diversification
Classification
 

Russell Top 200

    Diversified    

Russell Top 200 Growth(a)

    Diversified  

Russell Top 200 Value

    Diversified  

Russell 1000

    Diversified  

Russell 1000 Growth(a)

    Diversified  

Russell 1000 Value

    Diversified  

Russell 2000

    Diversified  

Russell 2000 Growth

    Diversified  

Russell 2000 Value

    Diversified  

 

  (a) 

The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

 

 

2.

SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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

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

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

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

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

 

 

136  

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


Notes to Financial Statements  (continued)

 

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

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

   

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

   

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

   

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

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

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

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

   

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

   

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

   

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

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

 

4.

SECURITIES AND OTHER INVESTMENTS

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

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

 

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  137


Notes to Financial Statements  (continued)

 

exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

 

 

 

iShares ETF and Counterparty

 

   

 

Market Value of
Securities on Loan

 

 
 

 

    

 

Cash Collateral
Received

 

 
(a)
 

 

   

 

Non-Cash Collateral
Received

 

 
 

 

    

 

Net Amount

 

 

 

 

 

Russell Top 200

         

Barclays Bank PLC

  $ 228,391      $ 228,391     $      $  

Citigroup Global Markets, Inc.

    1,206        1,206               

Morgan Stanley

    6,280        6,280               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

235,877

 

 

 

   $

 

235,877

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

Russell Top 200 Growth

         

Barclays Bank PLC

  $ 16,227      $ 16,227     $      $  

Citigroup Global Markets, Inc.

    804        804               

Credit Suisse Securities (USA) LLC

    497,164        497,164               

Goldman Sachs & Co. LLC

    441,408        441,408               

ING Financial Markets LLC

    7,500,714        7,500,714               

J.P. Morgan Securities LLC

    2,412        2,412               

Morgan Stanley

    18,323        18,323               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

8,477,052

 

 

 

   $

 

8,477,052

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

Russell Top 200 Value

         

Barclays Bank PLC

  $ 487,429      $ 487,429     $      $  

Deutsche Bank Securities, Inc.

    593,316        593,316               

J.P. Morgan Securities LLC

    38,132        38,132               

Morgan Stanley

    5,526        5,526               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

1,124,403

 

 

 

   $

 

1,124,403

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

 

 

 

138  

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


Notes to Financial Statements  (continued)

 

 

 

iShares ETF and Counterparty

   
Market Value of
Securities on Loan
 
 
    
Cash Collateral
Received
 
(a)
 
   
Non-Cash Collateral
Received
 
 
     Net Amount  

 

 

Russell 1000

         

Barclays Bank PLC

  $ 44,256,520      $ 44,256,520     $      $  

Barclays Capital, Inc.

    6,646,514        6,646,514               

BMO Capital Markets Corp.

    162,006        162,006               

BNP Paribas SA

    68,598,121        68,598,121               

BofA Securities, Inc.

    21,478,696        21,478,696               

Citadel Clearing LLC

    147,323        147,323               

Citigroup Global Markets, Inc.

    57,260,364        57,260,364               

Credit Suisse Securities (USA) LLC

    4,471        4,471               

Goldman Sachs & Co. LLC

    62,389,868        62,389,868               

HSBC Bank PLC

    93,827        93,827               

J.P. Morgan Securities LLC

    63,574,358        63,574,358               

Jefferies LLC

    12,650        12,650               

Morgan Stanley

    16,963,848        16,963,848               

National Financial Services LLC

    3,335,393        3,335,393               

Nomura Securities International, Inc.

    96,152        96,152               

RBC Capital Markets LLC

    109,344        109,344               

Scotia Capital (USA), Inc.

    5,807,172        5,807,172               

SG Americas Securities LLC

    8,510        8,510               

State Street Bank & Trust Co.

    2,392,159        2,392,159               

Toronto-Dominion Bank

    1,942,592        1,942,592               

UBS AG

    8,283,875        8,283,875               

UBS Securities LLC

    2,492,621        2,492,621               

Wells Fargo Bank N.A.

    1,144,083        1,144,083               

Wells Fargo Securities LLC

    1,170,429        1,170,429               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

368,370,896

 

 

 

   $

 

368,370,896

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

Russell 1000 Growth

         

Barclays Bank PLC

  $ 46,440,537      $ 46,440,537     $      $  

Barclays Capital, Inc.

    4,970,085        4,970,085               

BMO Capital Markets Corp.

    17,845        17,769              (76 )(b) 

BNP Paribas SA

    219,085,331        219,085,331               

BofA Securities, Inc.

    21,125,483        21,125,483               

Citadel Clearing LLC

    219,780        219,780               

Citigroup Global Markets, Inc.

    57,717,065        57,717,065               

Credit Suisse Securities (USA) LLC

    770,867        770,867               

Deutsche Bank Securities, Inc.

    75,509        75,509               

Goldman Sachs & Co. LLC

    36,536,335        36,536,335               

HSBC Bank PLC

    87,524        87,524               

ING Financial Markets LLC

    194,530        194,530               

J.P. Morgan Securities LLC

    139,677,005        139,677,005               

Jefferies LLC

    727,982        727,982               

Mizuho Securities USA LLC

    491,534        491,534               

Morgan Stanley

    84,615,263        84,615,263               

National Financial Services LLC

    3,592,211        3,592,211               

Natixis SA

    7,396,875        7,396,875               

RBC Capital Markets LLC

    108,480,000        108,480,000               

Scotia Capital (USA), Inc.

    84,654,452        84,654,452               

SG Americas Securities LLC

    2,585,977        2,585,977               

State Street Bank & Trust Co.

    54,214,691        54,214,691               

Toronto-Dominion Bank

    173,558,912        173,558,912               

UBS AG

    30,428,493        30,428,493               

UBS Securities LLC

    25,523,065        25,523,065               

Virtu Americas LLC

    4,526,372        4,526,372               

Wells Fargo Bank N.A.

    12,950,644        12,950,644               

Wells Fargo Securities LLC

    1,857,833        1,857,833               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

1,122,522,200

 

 

 

   $

 

1,122,522,124

 

 

 

  $

 

 

 

 

   $

 

(76

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  139


Notes to Financial Statements  (continued)

 

 

 

iShares ETF and Counterparty

   
Market Value of
Securities on Loan
 
 
    
Cash Collateral
Received
 
(a)
 
   
Non-Cash Collateral
Received
 
 
     Net Amount  

 

 

Russell 1000 Value

         

Barclays Bank PLC

  $ 36,941,696      $ 36,941,696     $      $  

Barclays Capital, Inc.

    9,921,857        9,921,857               

BMO Capital Markets Corp.

    132,285        132,285               

BNP Paribas SA

    93,353,497        93,353,497               

BofA Securities, Inc.

    34,157,888        34,157,888               

Citadel Clearing LLC

    1,165,853        1,165,853               

Citigroup Global Markets, Inc.

    85,485,646        85,485,646               

Credit Suisse Securities (USA) LLC

    656,679        656,679               

Deutsche Bank Securities, Inc.

    69,323        69,323               

Goldman Sachs & Co. LLC

    80,241,366        80,241,366               

ING Financial Markets LLC

    46,912        46,912               

J.P. Morgan Securities LLC

    57,010,976        57,010,976               

Jefferies LLC

    6,969,039        6,969,039               

Morgan Stanley

    22,732,355        22,732,355               

National Financial Services LLC

    2,772,064        2,772,064               

RBC Capital Markets LLC

    18,173,980        18,173,980               

Scotia Capital (USA), Inc.

    45,795,188        45,795,188               

SG Americas Securities LLC

    7,744,620        7,744,620               

State Street Bank & Trust Co.

    2,882,427        2,882,427               

Toronto-Dominion Bank

    2,196,057        2,196,057               

UBS AG

    3,286,957        3,286,957               

UBS Securities LLC

    5,774,437        5,774,437               

Virtu Americas LLC

    1,548,864        1,548,864               

Wells Fargo Bank N.A.

    11,041,200        11,041,200               

Wells Fargo Securities LLC

    4,993,809        4,993,809               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

535,094,975

 

 

 

   $

 

535,094,975

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

Russell 2000

         

Barclays Bank PLC

  $ 283,876,080      $ 283,876,080     $      $  

Barclays Capital, Inc.

    69,015,011        69,015,011               

BMO Capital Markets Corp.

    180,539        180,539               

BNP Paribas SA

    1,112,106,574        1,112,106,574               

BofA Securities, Inc.

    540,935,069        540,935,069               

Citadel Clearing LLC

    14,610,004        14,610,004               

Citigroup Global Markets, Inc.

    196,959,377        196,959,377               

Credit Suisse Securities (USA) LLC

    15,055,590        15,055,590               

Deutsche Bank Securities, Inc.

    221,338        221,338               

Goldman Sachs & Co. LLC

    588,747,040        588,747,040               

HSBC Bank PLC

    4,501,588        4,501,588               

ING Financial Markets LLC

    517,399        517,399               

J.P. Morgan Securities LLC

    1,306,161,472        1,306,161,472               

Jefferies LLC

    37,646,094        37,646,094               

Mizuho Securities USA LLC

    102,422        102,422               

Morgan Stanley

    796,708,701        796,708,701               

National Financial Services LLC

    174,943,505        174,943,505               

Natixis SA

    20,519,374        20,519,374               

Nomura Securities International, Inc.

    963,304        963,304               

Pershing LLC

    4,722,289        4,722,289               

RBC Capital Markets LLC

    3,650,725        3,650,725               

Scotia Capital (USA), Inc.

    20,602,651        20,602,651               

SG Americas Securities LLC

    14,155,490        14,155,490               

State Street Bank & Trust Co.

    89,384,059        89,384,059               

Toronto-Dominion Bank

    75,514,719        75,514,719               

UBS AG

    105,982,797        105,982,797               

UBS Securities LLC

    59,994,492        59,994,492               

Virtu Americas LLC

    620,688        620,688               

Wells Fargo Bank N.A.

    56,906,321        56,906,321               

Wells Fargo Securities LLC

    99,999,023        99,999,023               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

5,695,303,735

 

 

 

   $ 5,695,303,735     $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

 

 

 

140  

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Notes to Financial Statements  (continued)

 

 

 

iShares ETF and Counterparty

   
Market Value of
Securities on Loan
 
 
    
Cash Collateral
Received
 
(a)
 
   
Non-Cash Collateral
Received
 
 
     Net Amount  

 

 

Russell 2000 Growth

         

Barclays Bank PLC

  $ 38,768,716      $ 38,768,716     $      $  

Barclays Capital, Inc.

    18,547,212        18,547,212               

BMO Capital Markets Corp.

    156,432        156,432               

BNP Paribas SA

    281,849,820        281,849,820               

BofA Securities, Inc.

    100,156,411        100,156,411               

Citadel Clearing LLC

    3,762,155        3,762,155               

Citigroup Global Markets, Inc.

    67,880,035        67,880,035               

Credit Suisse Securities (USA) LLC

    1,641,512        1,641,512               

Deutsche Bank Securities, Inc.

    131,882        131,882               

Goldman Sachs & Co. LLC

    196,688,903        196,688,903               

HSBC Bank PLC

    5,913,874        5,913,874               

ING Financial Markets LLC

    956,314        956,314               

J.P. Morgan Securities LLC

    389,545,084        389,545,084               

Jefferies LLC

    2,118,618        2,118,618               

Mizuho Securities USA LLC

    475,068        475,068               

Morgan Stanley

    200,570,090        200,570,090               

National Financial Services LLC

    37,303,250        37,303,250               

Natixis SA

    6,662,038        6,662,038               

Nomura Securities International, Inc.

    394,074        394,074               

RBC Capital Markets LLC

    1,092,115        1,092,115               

Scotia Capital (USA), Inc.

    16,181,538        16,181,538               

SG Americas Securities LLC

    4,092,005        4,092,005               

State Street Bank & Trust Co.

    50,816,007        50,816,007               

Toronto-Dominion Bank

    24,863,611        24,863,611               

UBS AG

    36,338,973        36,338,973               

UBS Securities LLC

    20,266,074        20,266,074               

Wells Fargo Bank N.A.

    18,483,784        18,483,784               

Wells Fargo Securities LLC

    17,312,943        17,312,943               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

1,542,968,538

 

 

 

   $

 

1,542,968,538

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

Russell 2000 Value

         

Barclays Bank PLC

  $ 33,645,821      $ 33,645,821     $      $  

Barclays Capital, Inc.

    11,038,718        11,038,718               

BMO Capital Markets Corp.

    8,552        8,552               

BNP Paribas SA

    122,020,467        122,020,467               

BofA Securities, Inc.

    88,720,371        88,720,371               

Citadel Clearing LLC

    31,668        31,668               

Citigroup Global Markets, Inc.

    26,933,033        26,933,033               

Credit Suisse Securities (USA) LLC

    835,112        835,112               

Deutsche Bank Securities, Inc.

    168,190        168,190               

Goldman Sachs & Co. LLC

    120,077,269        120,077,269               

HSBC Bank PLC

    982,776        982,776               

ING Financial Markets LLC

    105,772        105,772               

J.P. Morgan Securities LLC

    142,393,887        142,393,887               

Jefferies LLC

    6,283,113        6,283,113               

Morgan Stanley

    182,903,552        182,903,552               

National Financial Services LLC

    21,952,683        21,952,683               

Natixis SA

    992,984        992,984               

Pershing LLC

    334,512        334,512               

Scotia Capital (USA), Inc.

    7,294,418        7,294,418               

SG Americas Securities LLC

    3,964,513        3,964,513               

State Street Bank & Trust Co.

    10,824,980        10,824,980               

Toronto-Dominion Bank

    13,444,736        13,444,736               

UBS AG

    24,528,723        24,528,723               

UBS Securities LLC

    15,378,312        15,378,312               

Wells Fargo Bank N.A.

    15,347,969        15,347,969               

Wells Fargo Securities LLC

    34,804,014        34,804,014               
 

 

 

    

 

 

   

 

 

    

 

 

 
  $

 

885,016,145

 

 

 

   $

 

885,016,145

 

 

 

  $

 

 

 

 

   $

 

 

 

 

 

 

 

    

 

 

   

 

 

    

 

 

 

 

  (a)

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

 

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  141


Notes to Financial Statements  (continued)

 

  (b) 

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

 

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

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

 

   

iShares ETF

 

 

Investment Advisory Fee

 

 

Russell Top 200

    0.15

Russell Top 200 Growth

    0.20  

Russell Top 200 Value

    0.20  

Russell 1000

    0.15  

For its investment advisory services to each of the iShares Russell 1000 Growth and iShares Russell 1000 Value ETFs, BFA is entitled to an annual investment advisoryfee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain otheriShares funds, as follows:

 

   

Aggregate Average Daily Net Assets

 

 

Investment Advisory Fee

 

 

First $121 billion

    0.2000

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

    0.1900  

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

    0.1805  

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

    0.1715  

Over $281 billion

    0.1630  

 

 

142  

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Notes to Financial Statements  (continued)

 

For its investment advisory services to the iShares Russell 2000 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   

Aggregate Average Daily Net Assets

 

 

Investment Advisory Fee

 

 

First $46 billion

    0.2000

Over $46 billion, up to and including $81 billion

    0.1900  

Over $81 billion, up to and including $111 billion

    0.1805  

Over $111 billion, up to and including $141 billion

    0.1715  

Over $141 billion, up to and including $171 billion

    0.1630  

Over $171 billion

    0.1548  

Prior to July 14, 2021, for its investment advisory services to the iShares Russell 2000 ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   

Aggregate Average Daily Net Assets

 

 

Investment Advisory Fee

 

 

First $46 billion

    0.2000

Over $46 billion, up to and including $81 billion

    0.1900  

Over $81 billion, up to and including $111 billion

    0.1805  

Over $111 billion, up to and including $141 billion

    0.1715  

Over $141 billion

    0.1630  

For its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   

Aggregate Average Daily Net Assets

 

 

Investment Advisory Fee

 

 

First $46 billion

    0.2500

Over $46 billion, up to and including $81 billion

    0.2375  

Over $81 billion, up to and including $111 billion

    0.2257  

Over $111 billion, up to and including $141 billion

    0.2144  

Over $141 billion, up to and including $171 billion

    0.2037  

Over $171 billion

    0.1935  

Prior to July 14, 2021, for its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   

Aggregate Average Daily Net Assets

 

 

Investment Advisory Fee

 

 

First $46 billion

    0.2500

Over $46 billion, up to and including $81 billion

    0.2375  

Over $81 billion, up to and including $111 billion

    0.2257  

Over $111 billion, up to and including $141 billion

    0.2144  

Over $141 billion

    0.2037  

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

 

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  143


Notes to Financial Statements  (continued)

 

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

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

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

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

 

   

iShares ETF

 

 

Fees Paid   

to BTC   

 

Russell Top 200

  $ 1,718    

Russell Top 200 Growth

    10,389  

Russell Top 200 Value

    850  

Russell 1000

    373,953  

Russell 1000 Growth

    1,127,493  

Russell 1000 Value

    459,043  

Russell 2000

    12,766,310  

Russell 2000 Growth

    3,233,569  

Russell 2000 Value

    1,852,828  

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

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

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

 

       

iShares ETF

 

 

Purchases

 

    

Sales

 

    

Net Realized    

Gain (Loss)    

 

Russell Top 200

  $ 16,453,300      $ 9,149,115      $ (460,349

Russell Top 200 Growth

    242,881,835        119,558,592        (4,989,937

Russell Top 200 Value

    104,985,929        47,674,743        (511,566 )   

Russell 1000

    601,464,820        420,219,537        (88,243,514

Russell 1000 Growth

    5,093,555,281        2,726,360,987        (166,856,682

Russell 1000 Value

    5,360,188,416        4,642,921,221        480,782,855  

Russell 2000

    1,328,395,204        3,253,588,370        29,407,988  

Russell 2000 Growth

    1,832,034,487        2,326,256,823        97,144,083  

Russell 2000 Value

    1,889,642,857        1,679,906,383        47,185,679  

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

 

 

144  

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Notes to Financial Statements  (continued)

 

7.

PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

 

     

iShares ETF

 

 

Purchases

 

    

Sales    

 

Russell Top 200

  $ 40,461,204      $ 40,996,930  

Russell Top 200 Growth

    415,391,490        408,745,057    

Russell Top 200 Value

    183,473,314        185,596,704  

Russell 1000

    1,762,470,899        1,771,964,952  

Russell 1000 Growth

    9,237,152,341        9,223,069,652  

Russell 1000 Value

    9,259,601,719        9,192,352,226  

Russell 2000

    15,231,128,264        15,208,468,310  

Russell 2000 Growth

    4,673,823,675        4,685,453,366  

Russell 2000 Value

    5,476,798,995        5,440,133,721  

For the year ended March 31, 2022, in-kind transactions were as follows:

 

     

iShares ETF

 

 

In-kind

Purchases

 

    

In-kind    

Sales    

 

Russell Top 200

  $ 282,294,453      $ 225,519,089  

Russell Top 200 Growth

    1,596,708,008        921,193,049  

Russell Top 200 Value

    424,662,114        395,895,420    

Russell 1000

    5,560,697,662        5,554,289,973  

Russell 1000 Growth

    19,281,790,815        20,627,818,604  

Russell 1000 Value

    12,730,999,361        10,837,114,326  

Russell 2000

    88,244,227,495        90,860,276,471  

Russell 2000 Growth

    5,122,191,069        4,555,484,133  

Russell 2000 Value

    4,963,332,868        6,896,438,219  

 

8.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

     

iShares ETF

 

 

Paid-in Capital

 

    

Accumulated   

Earnings (Loss)   

 

Russell Top 200

  $ 90,956,012      $ (90,956,012

Russell Top 200 Growth

    453,269,647        (453,269,647

Russell Top 200 Value

    136,950,638        (136,950,638

Russell 1000

    2,760,006,485        (2,760,006,485

Russell 1000 Growth

    11,756,792,919        (11,756,792,919 )   

Russell 1000 Value

    4,092,132,179        (4,092,132,179

Russell 2000

    11,418,922,235        (11,418,922,235

Russell 2000 Growth

    1,601,588,776        (1,601,588,776

Russell 2000 Value

    2,577,153,666        (2,577,153,666

The tax character of distributions paid was as follows:

 

     

iShares ETF

 

 

Year Ended

03/31/22

 

    

Year Ended

03/31/21

 

 

Russell Top 200

    

Ordinary income

  $ 11,546,241      $ 11,376,261  
 

 

 

    

 

 

 

Russell Top 200 Growth

    

Ordinary income

  $ 24,456,769      $ 23,069,276  
 

 

 

    

 

 

 

 

 

 

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Notes to Financial Statements  (continued)

 

     

iShares ETF

 

 

Year Ended

03/31/22

 

    

Year Ended
03/31/21

 

 

Russell Top 200 Value

    

Ordinary income

  $ 22,928,866      $ 17,442,740  
 

 

 

    

 

 

 

Russell 1000

    

Ordinary income

  $ 357,765,384      $ 354,009,239  
 

 

 

    

 

 

 

Russell 1000 Growth

    

Ordinary income

  $ 401,934,860      $ 411,316,899  
 

 

 

    

 

 

 

Russell 1000 Value

    

Ordinary income

  $ 973,061,947      $ 827,083,590  
 

 

 

    

 

 

 

Russell 2000

    

Ordinary income

  $ 646,681,067      $ 551,110,344  
 

 

 

    

 

 

 

Russell 2000 Growth

    

Ordinary income

  $ 38,453,082      $ 48,359,274  
 

 

 

    

 

 

 

Russell 2000 Value

    

Ordinary income

  $ 248,644,243      $ 177,203,668  
 

 

 

    

 

 

 

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

 

           

iShares ETF

 

   

 

Undistributed
Ordinary Income

 

 
 

 

   

 

Non-expiring
Capital Loss
Carryforwards

 


 
(a) 

 

   

 

Net Unrealized

Gains (Losses)

 

 

(b) 

 

   

 

Qualified
Late-Year Losses

 

 
(c) 

 

   

 

Total

 

 

 

Russell Top 200

  $ 106,642     $ (11,215,984   $ 211,012,873     $     $ 199,903,531  

Russell Top 200 Growth

          (87,537,359     1,322,699,454             1,235,162,095  

Russell Top 200 Value

    337,121       (43,326,562     198,366,129             155,376,688  

Russell 1000

          (666,718,178     8,010,007,582             7,343,289,404  

Russell 1000 Growth

    7,452,965       (1,603,451,678     24,160,906,171             22,564,907,458  

Russell 1000 Value

    10,173,740       (2,426,541,811     10,153,729,845             7,737,361,774  

Russell 2000

          (9,508,088,657     (17,721,489,953     (1,148,939     (27,230,727,549

Russell 2000 Growth

          (934,647,008     (1,041,458,186     (229,066     (1,976,334,260

Russell 2000 Value

          (1,454,504,025     518,139,798             (936,364,227

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

 
  (c) 

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

 

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

 

   

iShares ETF

 

 

Utilized  

 

Russell 1000 Value

  $   693,257,471  

Russell 2000 Growth

    387,389,371    

Russell 2000 Value

    125,998,624  

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

 

 

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Notes to Financial Statements  (continued)

 

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         

iShares ETF

 

   

 

Tax Cost

 

 

 

    

 

Gross Unrealized
Appreciation

 

 
 

 

    

 

Gross Unrealized
Depreciation

 

 
 

 

   

 

Net Unrealized
Appreciation
(Depreciation)

 

 
 
 

 

Russell Top 200

  $ 830,809,468      $ 234,388,019      $ (23,375,146   $ 211,012,873  

Russell Top 200 Growth

    3,505,749,312        1,390,716,694        (68,017,240     1,322,699,454  

Russell Top 200 Value

    1,089,450,758        225,064,895        (26,698,766     198,366,129      

Russell 1000

    22,773,898,813        9,165,480,038        (1,155,472,456     8,010,007,582  

Russell 1000 Growth

    47,730,047,073        25,915,825,540        (1,754,919,369     24,160,906,171  

Russell 1000 Value

    48,372,186,262        12,267,334,015        (2,113,604,170     10,153,729,845  

Russell 2000

    85,629,840,812        2,270,841,210        (19,992,331,163     (17,721,489,953

Russell 2000 Growth

    13,485,465,723        1,354,490,836        (2,395,949,022     (1,041,458,186

Russell 2000 Value

    15,059,376,912        2,362,144,573        (1,844,004,775     518,139,798  

 

9.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While

 

 

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Notes to Financial Statements  (continued)

 

offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Year Ended

03/31/22

   

Year Ended

03/31/21

 
 

 

 

   

 

 

 

iShares ETF

 

 

Shares

 

   

Amount

 

   

Shares

 

   

Amount

 

 

 

 

Russell Top 200

       

Shares sold

    2,650,000     $ 283,025,557       5,400,000     $ 403,904,934  

Shares redeemed

    (2,150,000     (227,001,091     (2,250,000     (198,913,477
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    500,000     $ 56,024,466       3,150,000     $ 204,991,457  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell Top 200 Growth

       

Shares sold

    10,200,000     $ 1,599,356,266       10,200,000     $ 1,139,281,886  

Shares redeemed

    (6,050,000     (916,512,668     (3,900,000     (480,521,529
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    4,150,000     $ 682,843,598       6,300,000     $ 658,760,357  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell Top 200 Value

       

Shares sold

    6,300,000     $ 425,716,600       10,250,000     $ 537,424,577  

Shares redeemed

    (5,950,000     (399,609,308     (950,000     (50,118,590
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    350,000     $ 26,107,292       9,300,000     $ 487,305,987  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 1000

       

Shares sold

    22,500,000     $ 5,575,530,487       18,700,000     $ 3,608,974,020  

Shares redeemed

    (22,200,000     (5,569,931,565     (23,950,000     (4,611,910,842
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    300,000     $ 5,598,922       (5,250,000   $ (1,002,936,822
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 1000 Growth

       

Shares sold

    70,050,000     $ 19,313,363,514       39,800,000     $ 8,178,323,867  

Shares redeemed

    (74,900,000     (20,648,774,951     (64,200,000     (13,608,361,383
 

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease

    (4,850,000   $ (1,335,411,437     (24,400,000   $ (5,430,037,516
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 1000 Value

       

Shares sold

    79,150,000     $ 12,783,707,883       72,300,000     $ 9,602,615,676  

Shares redeemed

    (67,200,000     (10,905,546,928     (49,000,000     (5,872,737,136
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    11,950,000     $ 1,878,160,955       23,300,000     $ 3,729,878,540  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

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Notes to Financial Statements  (continued)

 

 

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

iShares ETF

 

 

Shares

 

   

Amount

 

   

Shares

 

   

Amount

 

 

 

 

Russell 2000

       

Shares sold

    426,400,000     $ 93,255,342,373       598,650,000     $ 99,881,922,980  

Shares redeemed

    (439,200,000     (96,019,884,011     (568,700,000     (91,967,455,939
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    (12,800,000   $ (2,764,541,638     29,950,000     $ 7,914,467,041  
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 2000 Growth

       

Shares sold

    17,950,000     $ 5,179,049,200       10,750,000     $ 2,590,349,644  

Shares redeemed

    (15,900,000     (4,605,946,186     (14,200,000     (3,330,461,784
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    2,050,000     $ 573,103,014       (3,450,000   $ (740,112,140
 

 

 

   

 

 

   

 

 

   

 

 

 

Russell 2000 Value

       

Shares sold

    33,300,000     $ 5,495,477,619       48,050,000     $ 6,188,984,235  

Shares redeemed

    (45,050,000     (7,407,323,006     (25,750,000     (2,990,244,755
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    (11,750,000   $ (1,911,845,387     22,300,000     $ 3,198,739,480  
 

 

 

   

 

 

   

 

 

   

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

11.

LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 1000 ETF and iShares Russell 1000 Value ETF received proceeds of $750,618 and $4,187,372, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

 

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

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Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of iShares Trust and

Shareholders of iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF (nine of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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Important Tax Information (unaudited)   

 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

 

   

iShares ETF

 

 

Qualified Dividend
Income

 

 

Russell Top 200

  $ 12,760,512     

Russell Top 200 Growth

    31,446,770  

Russell Top 200 Value

    25,078,728  

Russell 1000

    379,930,842  

Russell 1000 Growth

    496,035,905  

Russell 1000 Value

    1,018,695,866  

Russell 2000

    569,310,881  

Russell 2000 Growth

    54,181,340  

Russell 2000 Value

    200,336,022  

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

 

   

iShares ETF

 

 

Qualified Business
Income

 

 

Russell Top 200

  $ 175,780     

Russell Top 200 Growth

    783,410  

Russell Top 200 Value

    153,155  

Russell 1000

    11,171,593  

Russell 1000 Growth

    16,213,866  

Russell 1000 Value

    26,799,511  

Russell 2000

    62,788,936  

Russell 2000 Growth

    2,058,290  

Russell 2000 Value

    27,016,286  

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

 

   

iShares ETF

 

 

Dividends-Received
Deduction

 

 

Russell Top 200

    100.00

Russell Top 200 Growth

    100.00

Russell Top 200 Value

    100.00

Russell 1000

    100.00

Russell 1000 Growth

    100.00

Russell 1000 Value

    100.00

Russell 2000

    87.29

Russell 2000 Growth

    100.00

Russell 2000 Value

    79.66

 

 

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Statement Regarding Liquidity Risk Management Program (unaudited)   

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

 

  a)

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

 

  b)

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

 

  c)

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

 

  d)

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

 

  e)

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

 

 

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Supplemental Information (unaudited)

 

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

March 31, 2022

 

       
    Total Cumulative Distributions
for the Fiscal Year

 

        % Breakdown of the Total Cumulative
Distributions for the Fiscal Year

 

 

iShares ETF

 

 

Net
Investment
Income

 

   

Net Realized
Capital Gains

 

   

Return of
Capital

 

   

Total Per
Share

 

        

Net
Investment
Income

 

   

Net Realized
Capital Gains

 

   

Return of
Capital

 

   

Total Per
Share

 

 

Russell Top 200(a)

  $ 1.273482     $     $ 0.005954     $ 1.279436         100         0 %(b)      100

Russell Top 200 Growth(a)

    0.880049             0.007518       0.887567         99             1       100  

Russell Top 200 Value(a)

    1.277450             0.003516       1.280966         100             0 (b)      100  

Russell 1000(a)

    2.885073             0.046256       2.931329         98             2       100  

Russell 1000 Growth(a)

    1.546840             0.016544       1.563384         99             1       100  

Russell 1000 Value(a)

    2.764878             0.051999       2.816877         98             2       100  

Russell 2000(a)

    1.969881             0.121415       2.091296         94             6       100  

Russell 2000 Growth(a)

    0.894444             0.041890       0.936334         96             4       100  

Russell 2000 Value(a)

    2.428697             0.155768       2.584465           94             6       100  

 

  (a) 

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

 
  (b) 

Rounds to less than 1%.

 

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Russell 1000 Value ETF and iShares Russell 2000 ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

 

 

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Supplemental Information (unaudited) (continued)

 

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

 

             
iShares ETF   Total
Remuneration
    Fixed
Remuneration
    Variable
Remuneration
    No. of
Beneficiaries
    Senior Management
Remuneration
    Risk Taker
Remuneration
 

Russell 1000 Value

    $5,335,781       $2,494,827       $2,840,954       661       $653,110       $67,498  

Russell 2000

    6,147,199       2,874,218       3,272,981       661       752,430       77,763  

 

 

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Trustee and Officer Information

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

    

Interested Trustees

 

      
       

  Name (Age)

 

  

Position(s)

 

  

Principal Occupation(s)

During the Past 5 Years

 

    

Other Directorships Held by Trustee

 

Robert S. Kapito(a) (65)    Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).      Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)    Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).      Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

 

(a) 

Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

(b) 

Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 

    

Independent Trustees

 

      
       

  Name (Age)

 

  

Position(s)

 

  

Principal Occupation(s)

During the Past 5 Years

 

    

Other Directorships Held by Trustee

 

John E. Kerrigan (66)    Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).      Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)    Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).      Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)    Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016).      Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

 

 

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Trustee and Officer Information  (continued)

 

Independent Trustees (continued)

 

       

  Name (Age)

 

  

Position(s)

 

  

Principal Occupation(s)
During the Past 5 Years

 

    

Other Directorships Held by Trustee

 

Cecilia H. Herbert (73)    Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).      Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)    Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).      Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)    Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).      Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)    Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).      Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers

 

     

  Name (Age)

 

  

Position(s)

 

  

Principal Occupation(s)
During the Past 5 Years

 

Armando Senra (50)    President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)    Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)    Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)    Secretary (since 2019).    Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)    Executive Vice President (since 2022).   

Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

 

 

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Trustee and Officer Information  (continued)

 

Officers (continued)

 

     

  Name (Age)

 

  

Position(s)

 

  

Principal Occupation(s)
During the Past 5 Years

 

James Mauro (51)    Executive Vice President (since 2021).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

 
Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

 

 

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General Information   

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report   

 

Portfolio Abbreviations - Equity
NVS    Non-Voting Shares
REIT    Real Estate Investment Trust

 

 

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Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-305-0322

 

 

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