LOGO

  OCTOBER 31, 2021

 

 

   

  

2021 Annual Report

 

 

iShares Trust

 

·  

iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca

 

·  

iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca

 

·  

iShares Convertible Bond ETF | ICVT | Cboe BZX

 

·  

iShares Floating Rate Bond ETF | FLOT | Cboe BZX


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021

 

     
    

 

6-Month  

 

 

 

12-Month  

 

   

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

 

  10.91%   42.91%
   

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

 

  1.85     50.80  
   

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

 

  4.14     34.18  
   

Emerging market equities
(MSCI Emerging Markets Index)

 

  (4.87)     16.96   
   

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

 

  0.01     0.06  
   

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

 

  1.59     (4.77)  
   

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

 

  1.06     (0.48)  
   

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

 

  0.33     2.76  
   

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

 

  2.36     10.53   

 

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

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     13  

Shareholder Expenses

     13  

Schedules of Investments

     14  

Financial Statements

  

Statements of Assets and Liabilities

     64  

Statements of Operations

     65  

Statements of Changes in Net Assets

     66  

Financial Highlights

     68  

Notes to Financial Statements

     72  

Report of Independent Registered Public Accounting Firm

     80  

Important Tax Information (Unaudited)

     81  

Board Review and Approval of Investment Advisory Contract

     82  

Supplemental Information

     86  

Trustee and Officer Information

     87  

General Information

     89  

Glossary of Terms Used in this Report

     90  

 

 

 


Market Overview

 

iShares Trust

U.S. Bond Market Overview

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

 

 

4  

2 0 2 1   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


Fund Summary as of October 31, 2021      iShares® Aaa - A Rated Corporate Bond ETF

 

Investment Objective

The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped Index (the “Index”) (formerly the Bloomberg Barclays U.S. Corporate Aaa - A Capped 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      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    0.34      4.08      3.85       0.34      22.15      44.28

Fund Market

    0.49        4.01        3.83         0.49        21.72        44.11  

Index

    0.46        4.21        4.02               0.46        22.92        46.68  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

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 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$         1,000.00        $         1,021.60        $         0.76             $         1,000.00        $         1,024.40        $         0.77          0.15

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of October 31, 2021  (continued)    iShares® Aaa - A Rated Corporate Bond ETF

 

Portfolio Management Commentary

Corporate bonds rated Aaa to A advanced modestly during the reporting period. The post-coronavirus pandemic economic recovery drove corporate bond yields lower, narrowing the difference in yield between investment-grade debt and U.S. Treasuries. However, ongoing inflation concerns and the prospect of interest rate increases dampened this momentum.

Investment-grade bonds from energy companies, particularly major oil and gas companies, were the largest contributors to the Index’s performance. Ratings downgrades in the first quarter of 2021, amid Environmental, Social, and Governance concerns, did little to taper investor sentiment, as persistent supply-demand imbalances increased oil and gas prices throughout the reporting period. This led to strong corporate earnings in the second and third quarters of 2021, which supported bonds.

Bonds from financial companies made a notable contribution to the Index’s performance. Multiple top-rated banks completed their largest debt issuance on record, reflecting confidence in a broad economic recovery. Yields for these bonds remained slightly higher than those of the investment-grade debt of industrial companies, further driving investor demand.

On the downside, bonds from technology companies detracted from the Index’s return. A large new bond issuance from a top-rated technology company led to a ratings downgrade that negatively impacted the prices of its outstanding debt. Additionally, supply-chain shortages and slower growth in the third quarter of 2021 reduced investor confidence in the sector.

In terms of interest rate sensitivity, bonds with maturities of 10 years or longer contributed significantly to the Index’s performance. Investors continued favoring bonds with these longer maturities for their higher yields.

Looking at credit quality, A-rated bonds contributed the most to the Index’s performance. An increase in U.S Treasury yields had a negative impact on the highest-rated bonds, encouraging investors to seek out lower-rated debt.

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

1-5 Years

    34.8

5-10 Years

    26.8  

10-15 Years

    4.5  

15-20 Years

    7.8  

More than 20 Years

    26.1  

TEN LARGEST HOLDINGS

 

Security

   
Percent of
Total Investments
 
(a) 

Microsoft Corp., 2.92%, 03/17/52

    0.4

Microsoft Corp., 2.53%, 06/01/50

    0.3  

Amazon.com Inc., 1.20%, 06/03/27

    0.2  

Comcast Corp., 2.94%, 11/01/56

    0.2  

Bristol-Myers Squibb Co., 4.25%, 10/26/49

    0.2  

Abbott Laboratories, 4.90%, 11/30/46

    0.2  

HSBC Holdings PLC, 4.04%, 03/13/28

    0.2  

Apple Inc., 4.65%, 02/23/46

    0.2  

Bristol-Myers Squibb Co., 3.40%, 07/26/29

    0.2  

Comcast Corp., 2.89%, 11/01/51

    0.2  

 

  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 1   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


Fund Summary as of October 31, 2021    iShares® BB Rated Corporate Bond ETF

 

Investment Objective

The iShares BB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the ICE BofA BB US High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    8.39      7.32       8.39      7.86

Fund Market

    7.97        7.48         7.97        8.04  

Index

    8.55        7.60               8.55        8.13  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 10/6/20. The first day of secondary market trading was 10/8/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index.

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 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$         1,000.00        $         1,024.50        $         0.77             $         1,000.00        $         1,024.40        $         0.77          0.15

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of October 31, 2021  (continued)    iShares® BB Rated Corporate Bond ETF

 

Portfolio Management Commentary

Corporate Bonds rated BB or equivalent advanced robustly for the reporting period amid a strong global economic recovery and investor demand for higher-yield investments in a low interest rate environment. Corporate earnings recovered as economies reopened, shifting the ratio of debt to profits back to pre-pandemic levels, which drove investor optimism about credit quality. On the supply side, bond issuance rose sharply as companies capitalized on rising investor demand and low interest rates to refinance. Robust financing for mergers and acquisitions also bolstered supply.

Corporate bonds issued by U.S. companies, which comprised approximately 87% of the Index on average for the reporting period, led contributions to the Index’s return, despite increasing concerns regarding ongoing inflation. High-yield credit spreads (the difference in yield between high-yield bonds and U.S. Treasuries) declined during the reporting period, which generally supported high-yield bonds. While the Fed maintained interest rates at historically low levels, corporate bond yields declined to record lows due to solid corporate balance sheets combined with strong investor demand. Previous downgrading of companies’ credit quality led to investor expectations of subsequent upgrades, further contributing to the decline in yields.

U.S. dollar-denominated Canadian corporate bonds contributed modestly to the Index’s return, as oil prices doubled due to rising demand and supply constraints. U.K. bonds denominated in U.S. dollars also contributed amid strong demand for the products of high-yield issuers, including luxury cars and financial services.

From a bond quality perspective, bonds rated Ba, which represented approximately 80% of the Index on average for the reporting period, contributed the most to the Index’s return. In terms of interest rate sensitivity, bonds with maturities of greater than 10 years led contributions amid declining high-yield spreads and demand for yield.

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

1-5 Years

    29.8

5-10 Years

    56.2  

10-15 Years

    6.2  

15-20 Years

    2.1  

More than 20 Years

    5.7  

TEN LARGEST HOLDINGS

 

Security

   
Percent of
Total Investments
 
(a) 

Sprint Corp., 7.88%, 09/15/23

    0.5

Centene Corp., 4.63%, 12/15/29

    0.5  

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26

    0.4  

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29

    0.4  

HCA Inc., 3.50%, 09/01/30

    0.4  

HCA Inc., 5.38%, 02/01/25

    0.4  

Intesa Sanpaolo SpA, 5.02%, 06/26/24

    0.3  

Sprint Capital Corp., 6.88%, 11/15/28

    0.3  

Kraft Heinz Foods Co., 4.38%, 06/01/46

    0.3  

Centene Corp., 4.25%, 12/15/27

    0.3  

 

  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 1   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


Fund Summary as of October 31, 2021      iShares® Convertible Bond ETF

 

Investment Objective

The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond >$250MM Index (the “Index”) (formerly the Bloomberg Barclays U.S. Convertible Cash Pay Bond >$250MM 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      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    31.91      20.36      15.31       31.91      152.54      149.50

Fund Market

    31.72        20.27        15.34         31.72        151.62        149.79  

Index

    32.87        21.03        15.94               32.87        159.67        158.18  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 6/2/15. The first day of secondary market trading was 6/4/15.

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 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,019.10          $      1.02               $      1,000.00          $      1,024.20          $      1.02          0.20

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of October 31, 2021  (continued)    iShares® Convertible Bond ETF

 

Portfolio Management Commentary

U.S. dollar-denominated convertible bonds advanced strongly for the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities advance or decline with stocks but with less volatility given their fixed-income component. During the reporting period, companies issued convertible bonds in historically large quantities to secure financing at low interest rates, as investors increasingly sought convertible bonds amid growing inflation. The equity-like features of convertible debt drove the Index’s performance, as equity returns were high during the reporting period while interest rates and most bond returns were relatively low.

From an industry perspective, convertible bonds issued by consumer cyclicals companies contributed the most to the Index’s return, led by automotive companies. Profits rose for manufacturers of electric vehicles due to high consumer demand and increased production despite a global shortage of semiconductors. Retailers also gained, benefiting from the rise in consumer spending and pent-up demand that followed the reopening of the economy. Vaccination programs helped leisure companies improve sales, as vacationers were more likely to engage in activities such as cruises.

Convertible bonds issued by technology companies also contributed to the Index’s return, as investors sought securities from businesses with favorable growth prospects. Technology company earnings were helped by strong growth in e-commerce, gaming, and financial technology revenues, particularly from Southeast Asia. Cybersecurity was another area of growth, as a series of high-profile security and data breaches led many companies to accelerate plans to improve their online defenses.

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

0-1 Year

    2.8

1-5 Years

    79.6  

5-10 Years

    14.8  

10-15 Years

    0.2  

15-20 Years

    0.1  

More than 20 Years

    2.5  

TEN LARGEST HOLDINGS

 

Security

   
Percent of
Total Investments
 
(a) 

Sea Ltd., 2.38%, 12/01/25

    1.6

Palo Alto Networks Inc., 0.38%, 06/01/25

    1.3  

Palo Alto Networks Inc., 0.75%, 07/01/23

    1.2  

Southwest Airlines Co., 1.25%, 05/01/25

    1.1  

DexCom Inc., 0.75%, 12/01/23

    1.1  

Sea Ltd., 0.25%, 09/15/26

    1.1  

DISH Network Corp., 3.38%, 08/15/26

    1.1  

MongoDB Inc., 0.25%, 01/15/26

    1.1  

Ford Motor Co. , 03/15/26

    1.0  

Zscaler Inc., 0.13%, 07/01/25

    0.9  

 

  (a)

Excludes money market funds.

 

 

 

10  

2 0 2 1   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


Fund Summary as of October 31, 2021      iShares® Floating Rate Bond ETF

 

Investment Objective

The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note <5 Years Index (the “Index”) (formerly the Bloomberg Barclays US Floating Rate Note <5 Years Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    0.52      1.73      1.49       0.52      8.95      15.93

Fund Market

    0.66        1.73        1.53         0.66        8.97        16.39  

Index

    0.71        2.03        1.71               0.71        10.55        18.50  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,001.80          $      1.01               $      1,000.00          $      1,024.20          $      1.02          0.20

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of October 31, 2021  (continued)    iShares® Floating Rate Bond ETF

 

Portfolio Management Commentary

Investment-grade floating-rate bonds posted a modestly positive performance for the reporting period. The Index is composed of U.S. dollar-denominated bonds with interest rates that reset periodically. As a consequence of this reset, floating-rate bonds typically advance in a rising interest rate environment, as their yields reset at higher levels. However, while yields rose for many bonds, particularly long- and intermediate-term bonds, most floating-rate bonds are benchmarked to short-term interest rates. The Fed kept short-term interest rates unchanged during the reporting period, and yields of U.S. Treasuries dated less than one year declined slightly, which supported the Index’s performance. Additionally, strong investor demand for fixed-income instruments with variable yields that rise with interest rates also benefited the Index’s return.

Measures that are commonly used as a reference for resetting the yields of floating-rate bonds, such as the London Interbank Offered Rate and the Secured Overnight Financing Rate, declined slightly. Consequently, the overall impact of the interest rate environment varied depending on the particular measures used to reset yields, and the majority of the Index’s return came from interest earned on the bonds in the Index rather than price appreciation.

Corporate and government-related bonds both contributed to the Index’s performance, with corporate bonds driving the majority of the gain. Among corporate bonds, banks, which represented approximately 51% of the Index on average for the reporting period, were the leading contributors to the Index’s return. Banks are typically the largest issuers of floating-rate corporate bonds because they help reduce sensitivity to changing interest rates. Strong balance sheets and diverse revenue streams led to improving balance sheets and robust investor demand for bank floating-rate bonds. Consumer cyclicals company bonds also advanced as automotive company debt gained despite production cuts due to a semiconductor shortage.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    13.5

Aa

    13.0  

A

    53.3  

Baa

    16.3  

Ba

    0.3  

Not Rated

    3.6  

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

0-1 Year

    30.3

1-5 Years

    69.3  

5-10 Years

    0.4  
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

12  

2 0 2 1   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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs 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

  13


Schedule of Investments

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 0.9%            

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

  $ 90     $ 89,762  

1.88%, 08/15/23 (Call 06/15/23)

    337       344,785  

2.13%, 08/15/26 (Call 05/15/26)(a)

    350       361,700  

2.25%, 11/15/22 (Call 08/15/22)

    490       496,880  

2.25%, 06/01/31 (Call 03/01/31)

    30       30,463  

2.38%, 11/15/24 (Call 09/15/24)

    65       67,670  

2.63%, 11/15/27 (Call 08/15/27)

    353       372,489  

2.85%, 06/01/41 (Call 12/01/40)

    145       149,746  

3.25%, 04/01/25 (Call 03/01/25)

    425       452,519  

3.38%, 05/15/23 (Call 04/15/23)(a)

    82       85,479  

3.50%, 05/15/25 (Call 03/15/25)

    362       389,309  

3.50%, 04/01/27 (Call 02/01/27)

    492       538,194  

3.60%, 05/14/42 (Call 05/15/42)

    278       318,065  

3.63%, 04/01/30 (Call 01/01/30)(a)

    510       570,165  

3.75%, 05/15/28 (Call 02/15/28)

    397       444,148  

4.25%, 04/01/40 (Call 10/01/39)

    389       474,596  

4.25%, 04/01/50 (Call 10/01/49)(a)

    382       496,508  

Lockheed Martin Corp.

   

2.80%, 06/15/50 (Call 12/15/49)(a)

    434       441,283  

2.90%, 03/01/25 (Call 12/01/24)

    485       511,660  

3.10%, 01/15/23 (Call 11/15/22)

    10       10,273  

3.55%, 01/15/26 (Call 10/15/25)

    784       853,635  

3.60%, 03/01/35 (Call 09/01/34)

    253       284,663  

3.80%, 03/01/45 (Call 09/01/44)

    645       758,984  

4.07%, 12/15/42

    528       631,720  

4.09%, 09/15/52 (Call 03/15/52)

    581       730,561  

4.50%, 05/15/36 (Call 11/15/35)

    120       147,392  

4.70%, 05/15/46 (Call 11/15/45)

    603       797,974  

Series B, 6.15%, 09/01/36

    55       77,833  
   

 

 

 
      10,928,456  
Agriculture — 0.9%            

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    523       550,478  

3.25%, 03/27/30 (Call 12/27/29)

    740       807,399  

4.50%, 03/15/49 (Call 09/15/48)

    158       210,985  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    310       301,181  

1.13%, 05/01/23

    380       383,496  

1.50%, 05/01/25 (Call 04/01/25)

    505       509,257  

1.75%, 11/01/30 (Call 08/01/30)

    55       52,648  

2.10%, 05/01/30 (Call 02/01/30)

    216       213,376  

2.13%, 05/10/23 (Call 03/10/23)

    333       340,216  

2.50%, 11/02/22 (Call 10/02/22)

    320       326,272  

2.63%, 03/06/23

    306       314,883  

2.75%, 02/25/26 (Call 11/25/25)

    544       571,973  

2.88%, 05/01/24 (Call 04/01/24)

    270       282,679  

3.13%, 08/17/27 (Call 05/17/27)

    195       209,370  

3.13%, 03/02/28 (Call 12/02/27)

    410       437,724  

3.25%, 11/10/24

    592       630,154  

3.38%, 08/11/25 (Call 05/11/25)

    225       241,045  

3.38%, 08/15/29 (Call 05/15/29)

    289       314,689  

3.60%, 11/15/23

    259       274,628  

3.88%, 08/21/42

    335       363,569  

4.13%, 03/04/43

    379       423,752  

4.25%, 11/10/44

    558       643,631  

4.38%, 11/15/41

    371       427,381  

4.50%, 03/20/42

    296       346,652  
Security   Par
(000)
    Value  
Agriculture (continued)            

4.88%, 11/15/43

  $ 392     $ 481,321  

6.38%, 05/16/38

    630       891,078  
   

 

 

 
      10,549,837  
Airlines — 0.2%            

Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29

    52       51,602  

JetBlue Pass Through Trust

   

Series 1A, Class A, 4.00%, 05/15/34

    232       253,261  

Series 2019-1, Class AA, 2.75%, 11/15/33

    240       245,694  

United Airlines Pass Through Trust

   

Series 2016-1, Class AA, 3.10%, 01/07/30

    237       245,921  

Series 2016-2, Class AA, 2.88%, 04/07/30

    84       85,246  

Series 2018-1, Class AA, 3.50%, 09/01/31

    58       61,482  

Series 2019, Class AA, 4.15%, 02/25/33

    12       13,477  

Series 2019-2, Class AA, 2.70%, 11/01/33

    122       122,612  

Series 2020-1, Class A, 5.88%, 04/15/29

    1,432       1,597,711  
   

 

 

 
      2,677,006  
Apparel — 0.5%            

NIKE Inc.

   

2.25%, 05/01/23 (Call 02/01/23)(a)

    427       436,774  

2.38%, 11/01/26 (Call 08/01/26)(a)

    540       566,741  

2.40%, 03/27/25 (Call 02/27/25)

    588       612,478  

2.75%, 03/27/27 (Call 01/27/27)

    491       521,457  

2.85%, 03/27/30 (Call 12/27/29)

    742       794,697  

3.25%, 03/27/40 (Call 09/27/39)

    567       623,853  

3.38%, 11/01/46 (Call 05/01/46)

    185       210,106  

3.38%, 03/27/50 (Call 09/27/49)(a)

    665       761,578  

3.63%, 05/01/43 (Call 11/01/42)

    287       330,584  

3.88%, 11/01/45 (Call 05/01/45)

    580       703,911  

Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)

    355       371,646  
   

 

 

 
      5,933,825  
Auto Manufacturers — 1.8%            

American Honda Finance Corp.

   

0.55%, 07/12/24

    60       59,327  

0.65%, 09/08/23

    198       198,030  

0.88%, 07/07/23

    280       281,431  

1.00%, 09/10/25

    435       430,959  

1.20%, 07/08/25

    115       114,716  

1.30%, 09/09/26(a)

    635       630,168  

1.80%, 01/13/31(a)

    130       126,953  

1.95%, 05/10/23

    543       553,985  

2.00%, 03/24/28(a)

    420       423,881  

2.05%, 01/10/23

    402       409,417  

2.15%, 09/10/24(a)

    415       428,284  

2.30%, 09/09/26

    326       338,303  

2.35%, 01/08/27

    412       426,181  

2.40%, 06/27/24

    56       58,116  

2.60%, 11/16/22

    613       626,314  

2.90%, 02/16/24

    584       610,531  

3.45%, 07/14/23

    70       73,308  

3.50%, 02/15/28

    296       326,319  

3.55%, 01/12/24

    83       87,802  

3.63%, 10/10/23

    509       538,008  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    262       258,117  

1.50%, 09/01/30 (Call 06/01/30)

    148       140,878  

2.60%, 09/01/50 (Call 03/01/50)

    405       389,420  

3.65%, 10/01/23 (Call 07/01/23)

    427       448,824  

4.88%, 10/01/43 (Call 04/01/43)(a)

    105       139,684  

 

 

14  

2 0 2 1   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)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Auto Manufacturers (continued)            

Daimler Finance North America LLC, 8.50%, 01/18/31

  $ 20     $ 30,112  

Toyota Motor Corp.

   

1.34%, 03/25/26 (Call 02/25/26)

      631           629,593  

2.36%, 07/02/24

    185       192,182  

2.36%, 03/25/31 (Call 12/25/30)(a)

    270       278,057  

2.76%, 07/02/29(a)

    120       126,926  

3.42%, 07/20/23

    35       36,736  

3.67%, 07/20/28

    56       62,464  

Toyota Motor Credit Corp.

   

0.40%, 04/06/23

    20       19,966  

0.50%, 08/14/23(a)

    145       144,880  

0.50%, 06/18/24

    555       549,356  

0.63%, 09/13/24

    100       99,189  

0.80%, 10/16/25

    75       73,529  

0.80%, 01/09/26

    20       19,539  

1.13%, 06/18/26

    805       793,738  

1.15%, 08/13/27

    360       349,852  

1.35%, 08/25/23

    227       229,990  

1.65%, 01/10/31(a)

    475       460,075  

1.80%, 02/13/25(a)

    533       543,804  

1.90%, 04/06/28

    135       135,594  

1.90%, 09/12/31

    100       97,905  

2.00%, 10/07/24

    260       267,969  

2.15%, 02/13/30

    220       221,918  

2.25%, 10/18/23

    1,205       1,242,753  

2.63%, 01/10/23

    582       596,660  

2.70%, 01/11/23

    619       635,218  

2.90%, 03/30/23

    645       666,730  

2.90%, 04/17/24

    653       685,082  

3.00%, 04/01/25

    673       712,599  

3.05%, 01/11/28(a)

    250       270,010  

3.20%, 01/11/27

    552       595,934  

3.35%, 01/08/24

    316       333,614  

3.38%, 04/01/30

    720       794,959  

3.40%, 04/14/25

    25       26,834  

3.45%, 09/20/23

    769       809,718  

3.65%, 01/08/29

    75       84,028  
   

 

 

 
      20,936,469  
Auto Parts & Equipment — 0.1%            

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)(a)

    406       412,252  

3.63%, 06/15/24 (Call 03/15/24)

    599       638,750  

4.15%, 10/01/25 (Call 07/01/25)(a)

    448       492,164  
   

 

 

 
      1,543,166  
Banks — 31.7%            

Australia & New Zealand Banking Group Ltd./New York NY

   

2.05%, 11/21/22

    220       223,784  

2.63%, 11/09/22

    775       792,778  

3.70%, 11/16/25

    240       262,920  

Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25

    300       294,609  

Banco Santander SA

   

1.72%, 09/14/27 (Call 09/14/26)(b)

    220       216,451  

1.85%, 03/25/26

    645       645,922  

2.71%, 06/27/24

    625       651,831  

2.75%, 05/28/25

    815       846,769  

2.96%, 03/25/31

    400       408,108  

3.31%, 06/27/29

    605       648,143  

3.49%, 05/28/30

    438       466,098  

3.80%, 02/23/28

    548       599,117  
Security   Par
(000)
    Value  
Banks (continued)            

3.85%, 04/12/23

  $   200     $     208,822  

4.25%, 04/11/27

    95       105,003  

4.38%, 04/12/28(a)

    608       684,353  

Bank of America Corp.

   

0.52%, 06/14/24 (Call 06/14/23)(b)

    100       99,531  

0.81%, 10/24/24 (Call 10/24/23), (SOFR +
0.740%)(b)

    111       110,815  

0.98%, 04/22/25 (Call 04/22/24), (SOFR +
0.690%)(b)

    80       79,663  

0.98%, 09/25/25 (Call 09/25/24), (SOFR +
0.910%)(b)

    465       461,936  

1.20%, 10/24/26 (Call 10/24/25)(b)

    320       314,496  

1.32%, 06/19/26 (Call 06/19/25), (SOFR +
1.150%)(b)

    687       681,483  

1.49%, 05/19/24 (Call 05/19/23)(b)

    70       70,757  

1.73%, 07/22/27 (Call 07/22/26)(b)

    170       168,958  

1.92%, 10/24/31 (Call 10/24/30)(b)

    850       810,449  

2.02%, 02/13/26 (Call 02/13/25),
(3 mo. LIBOR US + 0.640%)(b)

    565       575,368  

2.09%, 06/14/29 (Call 06/14/28)(b)

    610       602,912  

2.30%, 07/21/32 (Call 07/21/31), (SOFR +
1.220%)(b)

    160       156,613  

2.46%, 10/22/25 (Call 10/22/24),
(3 mo. LIBOR US + 0.870%)(b)

    457       472,337  

2.50%, 02/13/31 (Call 02/13/30),
(3 mo. LIBOR US + 0.990%)(b)

    700       702,303  

2.57%, 10/20/32 (Call 10/20/31)(b)

    560       561,226  

2.59%, 04/29/31 (Call 04/29/30), (SOFR +
2.150%)(b)

    989       999,167  

2.68%, 06/19/41 (Call 06/19/40)(b)

    325       312,923  

2.69%, 04/22/32 (Call 04/22/31)(b)

    1,085       1,099,582  

2.83%, 10/24/51 (Call 10/24/50), (SOFR +
1.880%)(b)

    360       353,999  

2.88%, 10/22/30 (Call 10/22/29),
(3 mo. LIBOR US + 1.190%)(b)

    760       786,038  

2.97%, 07/21/52 (Call 07/21/51), (SOFR +
1.560%)(b)

    145       146,446  

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

    678       712,673  

3.19%, 07/23/30 (Call 07/23/29),
(3 mo. LIBOR US + 1.180%)(b)

    596       631,063  

3.25%, 10/21/27 (Call 10/21/26)

    644       686,620  

3.30%, 01/11/23

    732       756,324  

3.31%, 04/22/42 (Call 04/22/41)(b)

    905       957,110  

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

    485       514,425  

3.42%, 12/20/28 (Call 12/20/27),
(3 mo. LIBOR US + 1.040%)(b)

    1,097       1,173,362  

3.46%, 03/15/25 (Call 03/15/24)(b)

    715       753,460  

3.50%, 04/19/26

    240       259,082  

3.55%, 03/05/24 (Call 03/05/23)(b)

    325       337,058  

3.56%, 04/23/27 (Call 04/23/26),
(3 mo. LIBOR US + 1.060%)(b)

    717       770,366  

3.59%, 07/21/28 (Call 07/21/27),
(3 mo. LIBOR US + 1.370%)(b)

    809       875,516  

3.71%, 04/24/28 (Call 04/24/27),
(3 mo. LIBOR US + 1.512%)(b)

    460       498,700  

3.82%, 01/20/28 (Call 01/20/27),
(3 mo. LIBOR US + 1.575%)(b)

    660       719,433  

3.86%, 07/23/24 (Call 07/23/23)(b)

    35       36,753  

3.88%, 08/01/25

    403       439,874  

3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.190%)(b)

    309       363,767  

3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)(a)(b)

    629       696,460  

3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)(b)

    935       1,038,374  

4.00%, 04/01/24

    1,000       1,073,060  

 

 

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

  15


Schedule of Investments  (continued)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.320%)(b)

  $ 503     $ 582,031  

4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 3.150%)(b)

      1,173           1,414,884  

4.10%, 07/24/23

    489       518,834  

4.13%, 01/22/24

    812       870,253  

4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)(b)

    723       850,226  

4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)(b)

    853       958,183  

4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)(b)

    709       880,316  

4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)(a)(b)

    660       832,577  

4.88%, 04/01/44

    250       325,183  

5.00%, 01/21/44

    572       751,208  

5.88%, 02/07/42

    368       524,698  

Series N, 1.66%, 03/11/27 (Call 03/11/26)(b)

    160       159,254  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)(b)

    371       374,866  

Series N, 3.48%, 03/11/51 (Call 03/13/51),
(SOFR + 1.650%)(b)

    130       144,089  

Bank of America N.A., 6.00%, 10/15/36

    366       502,031  

Bank of Montreal 0.40%, 09/15/23

    20       19,907  

0.45%, 12/08/23

    143       142,329  

0.63%, 07/09/24

    520       515,003  

0.95%, 01/22/27 (Call 01/22/26)(b)

    435       423,473  

1.25%, 09/15/26

    1,000       981,180  

1.85%, 05/01/25(a)

    242       247,034  

2.05%, 11/01/22

    252       256,221  

2.50%, 06/28/24

    190       197,684  

2.55%, 11/06/22 (Call 10/06/22)

    790       805,911  

Series E, 3.30%, 02/05/24

    478       503,865  

Bank of New York Mellon Corp. (The)

   

0.35%, 12/07/23 (Call 11/07/23)

    100       99,481  

0.75%, 01/28/26 (Call 12/28/25)

    90       88,110  

1.05%, 10/15/26 (Call 09/15/26)(a)

    500       489,885  

1.60%, 04/24/25 (Call 03/24/25)

    609       617,471  

1.65%, 07/14/28 (Call 05/14/28)(a)

    85       83,911  

1.65%, 01/28/31 (Call 10/28/30)(a)

    55       53,457  

1.80%, 07/28/31 (Call 04/28/31)(a)

    500       486,760  

1.85%, 01/27/23 (Call 01/02/23)

    204       207,252  

2.10%, 10/24/24

    496       513,449  

2.20%, 08/16/23 (Call 06/16/23)(a)

    478       490,710  

2.45%, 08/17/26 (Call 05/17/26)(a)

    428       447,033  

2.80%, 05/04/26 (Call 02/04/26)

    447       473,051  

2.95%, 01/29/23 (Call 12/29/22)

    240       246,874  

3.00%, 10/30/28 (Call 07/30/28)

    331       355,064  

3.25%, 09/11/24 (Call 08/11/24)(a)

    426       453,183  

3.25%, 05/16/27 (Call 02/16/27)

    203       219,096  

3.30%, 08/23/29 (Call 05/23/29)

    350       381,287  

3.40%, 05/15/24 (Call 04/15/24)

    461       489,361  

3.40%, 01/29/28 (Call 10/29/27)

    453       495,097  

3.44%, 02/07/28 (Call 02/07/27),
(3 mo. LIBOR US + 1.069%)(b)

    446       484,294  

3.45%, 08/11/23

    180       189,068  

3.50%, 04/28/23

    326       340,471  

3.85%, 04/28/28

    75       84,648  

Series 12, 3.65%, 02/04/24 (Call 01/05/24)

    496       526,673  
Security   Par
(000)
    Value  
Banks (continued)            

Series G, 3.00%, 02/24/25 (Call 01/24/25)

  $ 513     $ 543,272  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    500       498,835  

Series J, 1.90%, 01/25/29 (Call 11/25/28)

    1,000       997,990  

Bank of Nova Scotia (The)

   

0.55%, 09/15/23

    117       116,764  

0.70%, 04/15/24

    60       59,624  

1.05%, 03/02/26

    30       29,380  

1.30%, 06/11/25

    165       164,896  

1.30%, 09/15/26 (Call 06/15/26)

    1,000       983,070  

1.35%, 06/24/26

    400       396,752  

1.63%, 05/01/23

    510       518,282  

1.95%, 02/01/23

    554       563,734  

2.00%, 11/15/22

    699       710,610  

2.15%, 08/01/31

    405       399,630  

2.20%, 02/03/25(a)

    591       609,096  

2.38%, 01/18/23

    381       389,630  

2.70%, 08/03/26

    234       245,698  

3.40%, 02/11/24

    456       481,322  

Barclays Bank PLC, 3.75%, 05/15/24

    145       155,501  

BBVA USA

   

3.88%, 04/10/25 (Call 03/10/25)

    95       102,639  

2.50%, 08/27/24 (Call 07/27/24)

    5       5,206  

BNP Paribas SA, 3.25%, 03/03/23

    480       497,429  

BPCE SA

   

3.38%, 12/02/26

    670       723,459  

4.00%, 04/15/24

    630       675,946  

Canadian Imperial Bank of Commerce

   

0.45%, 06/22/23

    70       69,749  

0.50%, 12/14/23

    300       297,978  

0.95%, 06/23/23

    224       224,956  

0.95%, 10/23/25

    245       240,813  

1.00%, 10/18/24

    1,000       995,830  

1.25%, 06/22/26 (Call 05/22/26)

    140       137,264  

2.25%, 01/28/25

    813       838,073  

3.10%, 04/02/24

    680       715,061  

3.50%, 09/13/23

    522       550,371  

Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)

    545       577,738  

Citigroup Inc.

   

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

    785       782,904  

0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)(b)

    140       139,398  

1.00%, 11/03/25 (Call 11/03/24)(b)

    40       40,026  

1.12%, 01/28/27 (Call 01/28/26)(b)

    110       107,312  

1.46%, 06/09/27 (Call 06/09/26)(b)

    1,016       1,000,354  

1.68%, 05/15/24 (Call 05/15/23)(b)

    413       419,030  

2.52%, 11/03/32 (Call 11/03/31)(b)

    340       338,745  

2.56%, 05/01/32 (Call 05/01/31)(b)

    1,495       1,499,096  

2.57%, 06/03/31 (Call 06/03/30)(b)

    1,473       1,484,003  

2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)(b)

      1,106           1,123,519  

2.90%, 11/03/42 (Call 11/03/41)(b)

    300       297,246  

2.98%, 11/05/30 (Call 11/05/29)(b)

    1,008       1,049,449  

3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)(b)

    1,558       1,640,854  

3.20%, 10/21/26 (Call 07/21/26)

    1,129       1,200,308  

3.30%, 04/27/25

    489       522,032  

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

    1,478       1,556,674  

3.40%, 05/01/26

    905       974,667  

3.52%, 10/27/28 (Call 10/27/27),
(3 mo. LIBOR US + 1.151%)(b)

    1,111       1,193,070  

3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)(b)

    1,254       1,355,373  

 

 

16  

2 0 2 1   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)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.70%, 01/12/26(a)

  $ 770     $ 835,296  

3.75%, 06/16/24(a)

    236       252,725  

3.88%, 10/25/23

    435       462,170  

3.88%, 01/22/38 (Call 01/24/38),
(3 mo. LIBOR US + 1.168%)(b)

    456       517,615  

3.89%, 01/10/28 (Call 01/10/27),
(3 mo. LIBOR US + 1.563%)(b)

    644       701,329  

3.98%, 03/20/30 (Call 03/20/29),
(3 mo. LIBOR US + 1.338%)(b)

    125       138,834  

4.04%, 06/01/24 (Call 06/01/23),
(3 mo. LIBOR US + 1.023%)(b)

    734       771,779  

4.08%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.192%)(b)

    969       1,078,575  

4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)(b)

    426       531,848  

4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)(b)

      1,829           2,096,802  

4.65%, 07/30/45

    419       542,454  

4.65%, 07/23/48 (Call 06/23/48)

    988       1,296,740  

5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(b)

    640       842,451  

5.88%, 01/30/42

    495       708,355  

8.13%, 07/15/39

    828       1,404,834  

Comerica Inc.

   

3.70%, 07/31/23 (Call 06/30/23)

    548       574,644  

4.00%, 02/01/29 (Call 11/03/28)

    525       595,581  

Cooperatieve Rabobank U.A., 5.25%, 05/24/41(a)

    571       790,961  

Cooperatieve Rabobank U.A./New York

   

0.38%, 01/12/24

    325       321,757  

2.75%, 01/10/23

    750       770,190  

3.38%, 05/21/25

    530       569,914  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24

    30       29,753  

1.00%, 05/05/23

    365       366,876  

1.25%, 08/07/26

    955       932,586  

2.95%, 04/09/25

    825       868,758  

3.63%, 09/09/24

    1,075       1,149,487  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24

    20       19,862  

1.69%, 03/19/26

    145       144,490  

Fifth Third Bank NA

   

1.80%, 01/30/23 (Call 12/30/22)

    20       20,302  

2.25%, 02/01/27 (Call 01/01/27)

    460       473,354  

3.95%, 07/28/25 (Call 06/28/25)

    495       542,763  

First Republic Bank/CA, 1.91%, 02/12/24 (Call 02/12/23), (SOFR + 0.620%)(b)

    315       319,719  

Goldman Sachs Group Inc. (The)

   

0.48%, 01/27/23 (Call 01/27/22)

    115       114,787  

0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)(b)

    210       209,767  

0.66%, 09/10/24 (Call 09/10/23)(b)

    140       139,349  

0.67%, 03/08/24 (Call 03/08/23)(b)

    132       131,744  

0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)(b)

    92       90,271  

0.93%, 10/21/24 (Call 10/21/23)(b)

    500       499,450  

1.09%, 12/09/26 (Call 12/09/25)(b)

    550       536,882  

1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)(b)

    1,555       1,530,478  

1.54%, 09/10/27 (Call 09/10/26)(b)

    87       85,526  

1.95%, 10/21/27 (Call 10/21/26)(b)

    560       561,019  

2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)(b)

    1,592       1,564,984  

2.60%, 02/07/30 (Call 11/07/29)

    891       905,434  

2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)(b)

    1,400       1,403,976  

2.65%, 10/21/32 (Call 10/21/31)(b)

    805       809,202  

2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)(b)

    402       400,448  
Security   Par
(000)
    Value  
Banks (continued)            

3.20%, 02/23/23 (Call 01/23/23)

  $ 254     $ 261,772  

3.21%, 04/22/42 (Call 04/22/41)(b)

    947       981,547  

3.27%, 09/29/25 (Call 09/29/24),
(3 mo. LIBOR US + 1.201%)(b)

    1,082       1,141,283  

3.50%, 01/23/25 (Call 10/23/24)

    1,179       1,252,853  

3.50%, 04/01/25 (Call 03/01/25)

    1,468       1,566,385  

3.50%, 11/16/26 (Call 11/16/25)

    1,331       1,425,820  

3.63%, 01/22/23

    859       889,847  

3.63%, 02/20/24 (Call 01/20/24)

    761       804,818  

3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)(b)

    1,165       1,260,646  

3.75%, 05/22/25 (Call 02/22/25)

    954       1,024,501  

3.75%, 02/25/26 (Call 11/25/25)

    740       801,753  

3.80%, 03/15/30 (Call 12/15/29)

    938       1,034,333  

3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)(b)

    613       671,296  

3.85%, 07/08/24 (Call 04/08/24)

    1,137       1,212,008  

3.85%, 01/26/27 (Call 01/26/26)

      1,317           1,425,824  

4.00%, 03/03/24

    1,308       1,396,892  

4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)(b)

    958       1,095,588  

4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)(b)

    1,612       1,805,650  

4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)(b)

    700       839,958  

4.75%, 10/21/45 (Call 04/21/45)(a)

    710       928,659  

4.80%, 07/08/44 (Call 01/08/44)

    513       656,419  

6.13%, 02/15/33

    543       719,741  

6.25%, 02/01/41

    949       1,391,509  

HSBC Bank USA N.A., 7.00%, 01/15/39

    150       232,644  

HSBC Holdings PLC

   

0.98%, 05/24/25 (Call 05/24/24)(b)

    615       609,951  

1.59%, 05/24/27 (Call 05/24/26)(b)

    235       230,695  

1.65%, 04/18/26 (Call 04/18/25)(b)

    1,888       1,882,506  

2.01%, 09/22/28 (Call 09/22/27)(b)

    500       492,175  

2.10%, 06/04/26 (Call 06/04/25)(b)

    630       637,648  

2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(b)

    855       838,080  

2.36%, 08/18/31 (Call 08/18/30)(b)

    780       762,723  

2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)(b)

    610       631,075  

2.80%, 05/24/32 (Call 05/24/31)(b)

    610       614,239  

2.85%, 06/04/31 (Call 06/04/30)(b)

    95       96,586  

3.03%, 11/22/23 (Call 11/22/22)(b)

    945       968,077  

3.60%, 05/25/23

    760       794,360  

3.80%, 03/11/25 (Call 03/11/24)(b)

    1,150       1,217,286  

3.90%, 05/25/26(a)

    1,285       1,395,587  

3.95%, 05/18/24 (Call 05/18/23),
(3 mo. LIBOR US + 0.987%)(b)

    695       727,644  

3.97%, 05/22/30 (Call 05/22/29)(a)(b)

    1,078       1,178,599  

4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)(b)

    2,043       2,222,682  

4.29%, 09/12/26 (Call 09/12/25)(b)

    865       942,565  

4.30%, 03/08/26

    1,652       1,817,976  

4.58%, 06/19/29 (Call 06/19/28)(b)

    973       1,099,208  

4.95%, 03/31/30

    1,358       1,597,904  

6.10%, 01/14/42

    255       366,991  

HSBC USA Inc., 3.50%, 06/23/24

    505       538,471  

Huntington National Bank (The)

   

1.80%, 02/03/23 (Call 01/03/23)

    15       15,214  

3.55%, 10/06/23 (Call 09/06/23)

    270       284,210  

 

 

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

  17


Schedule of Investments  (continued)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

ING Groep NV 1.73%, 04/01/27
(Call 04/01/26)(b)

  $ 220     $ 219,415  

2.73%, 04/01/32 (Call 04/01/31)(b)

    233       237,655  

3.55%, 04/09/24

    300       318,357  

3.95%, 03/29/27

    555       611,160  

4.05%, 04/09/29

    560       632,626  

4.10%, 10/02/23

    697       741,190  

4.55%, 10/02/28

    760       879,996  

JPMorgan Chase & Co.

   

0.56%, 02/16/25 (Call 02/16/24)(b)

    20       19,796  

0.65%, 09/16/24 (Call 09/16/23)(b)

    65       64,886  

0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)(b)

    59       59,003  

0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)(b)

    85       83,999  

0.97%, 06/23/25 (Call 06/23/24)(b)

    235       233,677  

1.04%, 02/04/27 (Call 02/04/26)(b)

    50       48,560  

1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)(b)

    110       107,287  

1.47%, 09/22/27 (Call 09/22/26)(b)

    600       588,996  

1.51%, 06/01/24 (Call 06/01/23)(b)

    50       50,607  

1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)(b)

    825       817,435  

1.76%, 11/19/31 (Call 11/19/30)(b)

    55       52,067  

1.95%, 02/04/32 (Call 02/04/31)(b)

    404       386,883  

2.01%, 03/13/26 (Call 03/13/25)(b)

    360       366,505  

2.07%, 06/01/29 (Call 06/01/28)(b)

    125       123,775  

2.08%, 04/22/26 (Call 04/22/25)(b)

      1,180           1,203,553  

2.18%, 06/01/28 (Call 06/01/27)(b)

    326       328,243  

2.30%, 10/15/25 (Call 10/15/24)(b)

    435       447,850  

2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)(a)(b)

    785       794,090  

2.53%, 11/19/41 (Call 11/19/40)(b)

    95       90,316  

2.58%, 04/22/32 (Call 04/22/31)(b)

    660       664,739  

2.70%, 05/18/23 (Call 03/18/23)

    727       748,403  

2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)(b)

    815       836,923  

2.95%, 10/01/26 (Call 07/01/26)

    692       732,115  

2.96%, 05/13/31 (Call 05/13/30), (SOFR + 2.515%)(b)

    641       662,166  

2.97%, 01/15/23 (Call 01/15/22)

    460       462,351  

3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)(b)

    405       419,418  

3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)(b)

    80       82,889  

3.13%, 01/23/25 (Call 10/23/24)

    865       912,566  

3.16%, 04/22/42 (Call 04/22/41)(b)

    195       202,708  

3.20%, 01/25/23

    923       953,588  

3.20%, 06/15/26 (Call 03/15/26)

    750       800,422  

3.22%, 03/01/25 (Call 03/01/24),
(3 mo. LIBOR US + 1.155%)(b)

    795       833,295  

3.30%, 04/01/26 (Call 01/01/26)

    633       676,772  

3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)(b)

    1,155       1,246,511  

3.38%, 05/01/23

    199       207,034  

3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)(b)

    240       259,133  

3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)(b)

    848       915,441  

3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)(b)

    742       772,489  

3.63%, 05/13/24

    940       1,004,268  

3.63%, 12/01/27 (Call 12/01/26)

    252       271,865  

3.70%, 05/06/30 (Call 05/06/29)(b)

    736       804,580  

3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)(b)

    649       706,677  

3.80%, 07/23/24 (Call 07/23/23)(b)

    521       547,425  

3.88%, 02/01/24

    689       734,991  

3.88%, 09/10/24(a)

    805       865,512  
Security   Par
(000)
    Value  
Banks (continued)            

3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)(b)

  $   641     $ 729,291  

3.90%, 07/15/25 (Call 04/15/25)

    657       713,568  

3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(b)

    465       541,985  

3.96%, 01/29/27 (Call 01/29/26)(b)

    60       65,353  

3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(b)

    875       1,029,682  

4.01%, 04/23/29 (Call 04/23/28)(b)

    640       709,843  

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

    235       249,831  

4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)(b)

    388       460,137  

4.13%, 12/15/26

    460       509,726  

4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)(b)

    770       863,463  

4.25%, 10/01/27

    410       461,746  

4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(b)

    528       646,151  

4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)(a)(b)

    615       701,038  

4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)(b)

    80       92,652  

4.85%, 02/01/44

    268       349,193  

4.95%, 06/01/45

    435       574,143  

5.40%, 01/06/42

    354       482,254  

5.50%, 10/15/40

    350       474,817  

5.60%, 07/15/41

    423       584,396  

5.63%, 08/16/43

    255       351,459  

6.40%, 05/15/38

    622       902,746  

7.63%, 10/15/26

    270       344,042  

8.00%, 04/29/27

    64       83,672  

KeyBank N.A./Cleveland OH

   

0.42%, 01/03/24 (Call 01/03/23)(b)

    330       329,320  

1.25%, 03/10/23

    20       20,199  

3.30%, 06/01/25

    467       501,166  

3.38%, 03/07/23

    450       466,987  

Lloyds Banking Group PLC

   

0.70%, 05/11/24 (Call 05/11/23), (1 year CMT + 0.550%)(b)

    15       14,985  

1.63%, 05/11/27 (Call 05/11/26)(b)

    610       602,381  

2.44%, 02/05/26 (Call 02/05/25)(b)

    240       246,926  

2.91%, 11/07/23 (Call 11/07/22)(b)

    930       950,386  

3.57%, 11/07/28 (Call 11/07/27)(b)

    835       895,011  

3.75%, 01/11/27

    680       737,956  

3.87%, 07/09/25 (Call 07/09/24)(b)

    639       683,264  

3.90%, 03/12/24

    360       383,702  

4.05%, 08/16/23

    728       770,304  

4.38%, 03/22/28

    630       711,251  

4.45%, 05/08/25

    785       864,159  

4.55%, 08/16/28

    575       658,800  

M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)

    569       595,954  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    275       289,856  

3.40%, 08/17/27

    465       501,926  

Mitsubishi UFJ Financial Group Inc.

   

0.85%, 09/15/24 (Call 09/15/23)(b)

    115           115,005  

0.95%, 07/19/25 (Call 07/19/24)(b)

    200       198,752  

0.96%, 10/11/25 (Call 10/11/24)(a)(b)

    425       421,723  

1.41%, 07/17/25

    815       813,288  

1.54%, 07/20/27 (Call 07/20/26)(b)

    345       340,691  

 

 

18  

2 0 2 1   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)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

1.64%, 10/13/27 (Call 10/13/26)(a)(b)

  $ 505     $ 499,824  

2.05%, 07/17/30

    355       345,624  

2.19%, 02/25/25

      1,175           1,207,183  

2.31%, 07/20/32 (Call 07/20/31)(b)

    330       324,522  

2.49%, 10/13/32 (Call 10/13/31)(b)

    255       253,988  

2.56%, 02/25/30

    649       656,924  

2.76%, 09/13/26

    330       345,124  

2.80%, 07/18/24

    400       418,152  

3.20%, 07/18/29

    725       768,935  

3.29%, 07/25/27

    622       668,196  

3.41%, 03/07/24

    688       726,507  

3.46%, 03/02/23

    243       252,229  

3.68%, 02/22/27(a)

    702       764,808  

3.74%, 03/07/29

    835       922,241  

3.75%, 07/18/39

    670       751,385  

3.76%, 07/26/23

    368       387,390  

3.78%, 03/02/25

    209       225,622  

3.85%, 03/01/26

    505       551,632  

3.96%, 03/02/28

    537       598,454  

4.05%, 09/11/28

    661       744,068  

4.15%, 03/07/39(a)

    161       190,318  

4.29%, 07/26/38(a)

    130       156,064  

Mizuho Financial Group Inc.

   

0.85%, 09/08/24 (Call 09/08/23)(b)

    500       500,015  

1.23%, 05/22/27 (Call 05/22/26)(b)

    325       316,219  

1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)(b)

    135       135,929  

1.55%, 07/09/27 (Call 07/09/26)(b)

    700       690,753  

1.98%, 09/08/31 (Call 09/08/30)(b)

    215       205,987  

2.17%, 05/22/32 (Call 05/22/31)(b)

    145       140,999  

2.20%, 07/10/31 (Call 07/10/30)(b)

    290       282,750  

2.23%, 05/25/26 (Call 05/25/25)(b)

    300       306,147  

2.26%, 07/09/32 (Call 07/09/31)(b)

    700       682,367  

2.56%, 09/13/25 (Call 09/13/24)(b)

    200       207,106  

2.59%, 05/25/31 (Call 05/25/30)(b)

    250       251,835  

2.84%, 09/13/26

    220       231,563  

2.87%, 09/13/30 (Call 09/13/29)(b)

    325       335,615  

3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)(b)

    285       300,302  

3.17%, 09/11/27

    286       304,127  

3.55%, 03/05/23

    280       290,928  

3.66%, 02/28/27

    647       704,777  

3.92%, 09/11/24 (Call 09/11/23)(b)

    200       211,168  

4.02%, 03/05/28

    490       548,393  

4.25%, 09/11/29 (Call 09/11/28)(b)

    320       359,984  

Morgan Stanley

   

0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)(b)

    110       109,747  

0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)(b)

    315       314,698  

0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)(b)

    160       159,814  

0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.590%)(b)

    102       101,389  

0.79%, 05/30/25 (Call 05/30/24)(b)

    65       64,323  

0.99%, 12/10/26 (Call 12/10/25)(b)

    1,517       1,473,492  

1.16%, 10/21/25 (Call 10/21/24)(b)

    1,500       1,492,410  

1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)(b)

    942       926,692  

1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)(b)

    57       56,462  

1.79%, 02/13/32 (Call 02/13/31)(b)

    570       536,558  

1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)(b)

    688       655,031  

2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)(b)

    510       522,046  

2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)(b)

    500       488,155  

2.51%, 10/20/32 (Call 10/20/31)(b)

    550       548,922  

2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)(b)

    1,176       1,202,319  
Security   Par
(000)
    Value  
Banks (continued)            

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

  $   1,298     $     1,347,155  

2.80%, 07/25/51 (Call 01/25/51)(b)

    135       133,506  

3.13%, 01/23/23

    1,008       1,039,228  

3.13%, 07/27/26

    1,428       1,516,793  

3.22%, 04/22/42 (Call 04/22/41)(b)

    1,092       1,151,787  

3.59%, 07/22/28 (Call 07/22/27),
(3 mo. LIBOR US + 1.340%)(b)

    1,470       1,590,555  

3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)(b)

    45       49,118  

3.63%, 01/20/27

    1,503       1,633,085  

3.70%, 10/23/24(a)

    1,548       1,660,292  

3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)(b)

    1,497       1,561,266  

3.75%, 02/25/23

    901       937,914  

3.77%, 01/24/29 (Call 01/24/28),
(3 mo. LIBOR US + 1.140%)(b)

    1,097       1,203,936  

3.88%, 01/27/26

    1,566       1,709,367  

3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)(b)

    899       1,030,200  

4.00%, 07/23/25

    1,677       1,829,942  

4.30%, 01/27/45

    710       879,094  

4.38%, 01/22/47

    625       789,662  

4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)(b)

    542       620,070  

4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 1.431%)(b)

    420       508,078  

5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(a)(b)

    846       1,279,778  

6.25%, 08/09/26

    630       757,581  

6.38%, 07/24/42

    787       1,204,921  

7.25%, 04/01/32

    846       1,218,113  

Series F, 3.88%, 04/29/24

    1,626       1,736,048  

Series I, 0.86%, 10/21/25 (Call 10/21/24),
(SOFR + 0.745%)(b)

    510       504,619  

National Australia Bank Ltd./New York

   

1.88%, 12/13/22

    555       564,391  

2.50%, 07/12/26(a)

    625       655,006  

2.88%, 04/12/23

    335       346,212  

3.00%, 01/20/23(a)

    390       401,996  

3.38%, 01/14/26(a)

    380       411,513  

3.63%, 06/20/23

    40       42,002  

National Bank of Canada

   

0.55%, 11/15/24 (Call 11/15/23)(b)

    535       531,576  

0.75%, 08/06/24

    850       843,021  

0.90%, 08/15/23 (Call 08/15/22)(b)

    75       75,119  

2.10%, 02/01/23

    390       397,145  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    385       383,583  

3.15%, 05/03/29 (Call 02/03/29)

    525       570,827  

3.65%, 08/03/28 (Call 05/03/28)(a)

    145       161,900  

3.95%, 10/30/25

    590       651,625  

PNC Bank N.A.

   

2.70%, 11/01/22 (Call 10/01/22)

    705       719,248  

2.70%, 10/22/29

    405       422,042  

2.95%, 01/30/23 (Call 12/30/22)

    425       436,636  

2.95%, 02/23/25 (Call 01/24/25)

    270       284,999  

3.10%, 10/25/27 (Call 09/25/27)

    275       296,579  

3.25%, 06/01/25 (Call 05/02/25)

    170       182,157  

3.25%, 01/22/28 (Call 12/23/27)

    150       163,115  

3.30%, 10/30/24 (Call 09/30/24)

    440       470,004  

3.80%, 07/25/23 (Call 06/25/23)

    275       288,954  

4.05%, 07/26/28

    585       661,313  

 

 

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

  19


Schedule of Investments  (continued)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.20%, 11/01/25 (Call 10/02/25)

  $ 290     $ 321,567  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    510       505,282  

2.20%, 11/01/24 (Call 10/02/24)

    416       432,070  

2.31%, 04/23/32 (Call 04/23/31)(b)

    568       572,652  

2.55%, 01/22/30 (Call 10/24/29)

    350       361,239  

2.60%, 07/23/26 (Call 05/23/26)(a)

    600       630,492  

2.85%, 11/09/22(c)

    453       464,040  

3.15%, 05/19/27 (Call 04/19/27)

    550       594,154  

3.45%, 04/23/29 (Call 01/23/29)

    521       572,761  

3.50%, 01/23/24 (Call 12/23/23)

    705       744,487  

3.90%, 04/29/24 (Call 03/29/24)

    392       418,993  

Royal Bank of Canada

   

0.43%, 01/19/24

    130       128,885  

0.50%, 10/26/23

    581       578,949  

0.65%, 07/29/24

    1,002       993,192  

0.75%, 10/07/24

      1,000       991,110  

1.15%, 06/10/25

    622       618,990  

1.15%, 07/14/26

    705       692,677  

1.20%, 04/27/26

    835       822,951  

1.40%, 11/02/26

    1,000       988,000  

1.60%, 04/17/23

    515       522,931  

1.95%, 01/17/23

    654       665,602  

2.25%, 11/01/24

    708       733,106  

2.30%, 11/03/31

    400       398,792  

2.55%, 07/16/24

    170       177,159  

3.70%, 10/05/23

    911       963,392  

4.65%, 01/27/26

    293       328,356  

Santander UK PLC, 4.00%, 03/13/24

    1,330           1,425,161  

State Street Corp.

   

2.20%, 03/03/31

    507       503,182  

2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)(b)

    358       371,507  

2.40%, 01/24/30

    400       411,256  

2.65%, 05/19/26

    380       402,131  

3.03%, 11/01/34 (Call 11/01/29), (SOFR + 1.490%)(b)

    240       251,218  

3.10%, 05/15/23

    481       499,721  

3.30%, 12/16/24

    678       727,555  

3.55%, 08/18/25

    299       325,064  

3.70%, 11/20/23

    644       684,527  

3.78%, 12/03/24 (Call 12/03/23),
(3 mo. LIBOR US + 0.770%)(b)

    200       212,674  

4.14%, 12/03/29 (Call 12/03/28),
(3 mo. LIBOR US + 1.030%)(b)

    325       375,008  

Sumitomo Mitsui Banking Corp.

   

3.95%, 07/19/23

    495       523,888  

3.95%, 01/10/24

    285       303,972  

Sumitomo Mitsui Financial Group Inc.

   

1.40%, 09/17/26

    520       510,032  

1.47%, 07/08/25

    275       274,857  

1.71%, 01/12/31

    1,000       944,620  

1.90%, 09/17/28

    520       507,458  

2.22%, 09/17/31

    405       395,778  

2.30%, 01/12/41

    300       275,760  

2.35%, 01/15/25

    815       840,061  

2.45%, 09/27/24

    67       69,443  

2.63%, 07/14/26

    929       964,739  

2.70%, 07/16/24

    265       276,048  

2.72%, 09/27/29

    300       307,848  

2.75%, 01/15/30(a)

    800       820,120  

3.01%, 10/19/26

    765       810,449  
Security   Par
(000)
    Value  
Banks (continued)            

3.04%, 07/16/29

  $   1,084     $     1,136,563  

3.10%, 01/17/23

    506       521,104  

3.35%, 10/18/27

    465       501,730  

3.36%, 07/12/27

    839       908,914  

3.45%, 01/11/27

    832       895,989  

3.54%, 01/17/28

    435       473,406  

3.75%, 07/19/23

    545       573,149  

3.78%, 03/09/26

    309       336,467  

3.94%, 10/16/23

    379       402,430  

3.94%, 07/19/28

    216       240,736  

4.31%, 10/16/28(a)

    215       244,939  

Svenska Handelsbanken AB, 3.90%, 11/20/23

    280       298,746  

Toronto-Dominion Bank (The)

   

0.25%, 01/06/23

    150       149,595  

0.30%, 06/02/23

    25       24,908  

0.45%, 09/11/23

    290       289,011  

0.55%, 03/04/24

    35       34,739  

0.70%, 09/10/24

    75       74,423  

0.75%, 06/12/23

    160       160,496  

0.75%, 09/11/25

    547       535,425  

0.75%, 01/06/26(a)

    817       796,052  

1.15%, 06/12/25(a)

    645       642,730  

1.20%, 06/03/26

    500       493,595  

1.25%, 09/10/26

    150       147,228  

1.90%, 12/01/22

    717       728,271  

2.00%, 09/10/31(a)

    130       127,868  

2.65%, 06/12/24

    695       725,740  

3.25%, 03/11/24

    666       702,537  

3.50%, 07/19/23

    913       959,344  

3.63%, 09/15/31 (Call 09/15/26)(b)

    782       847,657  

Truist Bank

   

1.25%, 03/09/23 (Call 02/09/23)

    225       227,198  

1.50%, 03/10/25 (Call 02/10/25)

    90       91,031  

2.15%, 12/06/24 (Call 11/05/24)

    50       51,655  

2.25%, 03/11/30 (Call 12/11/29)

    512       511,329  

2.64%, 09/17/29 (Call 09/17/24)(b)

    387       401,002  

2.75%, 05/01/23 (Call 04/01/23)

    256       264,125  

3.00%, 02/02/23 (Call 01/02/23)

    234       240,828  

3.20%, 04/01/24 (Call 03/01/24)

    388       408,777  

3.63%, 09/16/25 (Call 08/16/25)

    695       751,107  

3.69%, 08/02/24 (Call 08/02/23)(b)

    185       194,685  

3.80%, 10/30/26 (Call 09/30/26)

    302       331,623  

4.05%, 11/03/25 (Call 09/03/25)

    184       202,836  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    405       390,756  

1.20%, 08/05/25 (Call 07/03/25)(a)

    55       54,935  

1.27%, 03/02/27 (Call 03/02/26)(b)

    847       834,702  

1.89%, 06/07/29 (Call 06/07/28)(b)

    525       519,272  

1.95%, 06/05/30 (Call 03/05/30)(a)

    458       454,322  

2.20%, 03/16/23 (Call 02/13/23)

    503       513,885  

2.50%, 08/01/24 (Call 07/01/24)

    430       448,077  

2.85%, 10/26/24 (Call 09/26/24)

    880       926,728  

3.70%, 06/05/25 (Call 05/05/25)

    380       411,863  

3.75%, 12/06/23 (Call 11/06/23)

    85       90,090  

3.88%, 03/19/29 (Call 02/16/29)

    493       552,056  

4.00%, 05/01/25 (Call 03/01/25)

    502       547,521  

U.S. Bancorp.

   

1.38%, 07/22/30 (Call 04/22/30)

    70       66,162  

1.45%, 05/12/25 (Call 04/11/25)

    834       841,623  

2.40%, 07/30/24 (Call 06/28/24)(a)

    877       911,229  

 

 

20  

2 0 2 1   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)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

2.49%, 11/03/36 (Call 11/03/31)(b)

  $ 400     $ 398,616  

3.00%, 07/30/29 (Call 04/30/29)

    387       412,097  

3.10%, 04/27/26 (Call 03/27/26)

    563       600,445  

3.38%, 02/05/24 (Call 01/05/24)

    586       618,582  

3.60%, 09/11/24 (Call 08/11/24)

    727       779,962  

3.70%, 01/30/24 (Call 12/29/23)

    342       363,201  

3.90%, 04/26/28 (Call 03/24/28)

    635       716,534  

3.95%, 11/17/25 (Call 10/17/25)

    465       512,407  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

    774       808,536  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

    714       767,379  

U.S. Bank N.A./Cincinnati OH

   

1.95%, 01/09/23 (Call 12/09/22)

    20       20,349  

2.05%, 01/21/25 (Call 12/20/24)

    115       118,499  

2.80%, 01/27/25 (Call 12/27/24)

    464       487,766  

3.40%, 07/24/23 (Call 06/23/23)

    485       508,144  

Wachovia Corp., 5.50%, 08/01/35

    360       461,876  

Wells Fargo & Co.

   

1.65%, 06/02/24 (Call 06/02/23)(b)

    1,165       1,181,578  

2.16%, 02/11/26 (Call 02/11/25)(b)

      1,100           1,125,696  

2.19%, 04/30/26 (Call 04/30/25)(b)

    745       761,554  

2.39%, 06/02/28 (Call 06/02/27)(b)

    740       751,714  

2.41%, 10/30/25 (Call 10/30/24)(b)

    490       505,974  

2.57%, 02/11/31 (Call 02/11/30)(b)

    125       126,425  

2.88%, 10/30/30 (Call 10/30/29)(b)

    1,230       1,274,538  

3.00%, 02/19/25

    1,137       1,197,079  

3.00%, 04/22/26

    1,339       1,417,024  

3.00%, 10/23/26

    1,150       1,214,377  

3.07%, 04/29/40 (Call 04/30/40)(b)

    1,218       1,246,209  

3.20%, 06/17/27 (Call 06/17/26)(b)

    1,217       1,290,069  

3.30%, 09/09/24

    990       1,053,479  

3.55%, 09/29/25

    813       874,780  

3.58%, 05/22/28 (Call 05/22/27)(b)

    1,174       1,265,337  

3.75%, 01/24/24 (Call 12/22/23)

    914       969,736  

3.90%, 05/01/45

    645       754,547  

4.10%, 06/03/26

    824       903,508  

4.13%, 08/15/23

    391       413,924  

4.15%, 01/24/29 (Call 10/24/28)

    1,030       1,158,832  

4.30%, 07/22/27

    931       1,040,104  

4.40%, 06/14/46

    865       1,047,134  

4.48%, 01/16/24(a)

    231       248,762  

4.48%, 04/04/31 (Call 04/04/30)(b)

    1,041       1,203,386  

4.65%, 11/04/44

    837       1,033,335  

4.75%, 12/07/46

    856       1,085,348  

4.90%, 11/17/45

    788       1,008,735  

5.01%, 04/04/51 (Call 04/04/50)(b)

    1,412       1,950,311  

5.38%, 11/02/43

    800       1,067,768  

5.61%, 01/15/44

    625       855,131  

Series M, 3.45%, 02/13/23

    936       970,164  

Wells Fargo Bank N.A.

   

5.85%, 02/01/37

    275       371,170  

5.95%, 08/26/36

    650       877,539  

6.60%, 01/15/38

    348       508,038  

Westpac Banking Corp.

   

1.15%, 06/03/26

    105       103,740  

2.00%, 01/13/23(a)

    310       315,586  

2.15%, 06/03/31

    450       448,717  

2.35%, 02/19/25

    223       231,472  

2.65%, 01/16/30(a)

    295       310,842  

2.70%, 08/19/26

    530       560,364  

2.75%, 01/11/23

    839       861,854  
Security   Par
(000)
    Value  
Banks (continued)            

2.85%, 05/13/26(a)

  $ 495     $ 525,769  

3.30%, 02/26/24

    781       825,400  

3.35%, 03/08/27

    500       541,515  

3.40%, 01/25/28

    600       657,708  

3.65%, 05/15/23

    558       584,706  
   

 

 

 
      376,576,250  
Beverages — 2.2%            

Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)

    290       375,443  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    140       133,920  

1.38%, 03/15/31

    169       159,282  

1.45%, 06/01/27

    265       263,725  

1.50%, 03/05/28

    256       252,452  

1.65%, 06/01/30(a)

    820       795,638  

1.75%, 09/06/24

    309       316,274  

2.00%, 03/05/31(a)

    270       268,777  

2.13%, 09/06/29

    598       608,991  

2.25%, 01/05/32

    1,450       1,463,166  

2.50%, 06/01/40

    434       427,620  

2.50%, 03/15/51(a)

    208       201,485  

2.60%, 06/01/50

    670       661,786  

2.75%, 06/01/60

    522       521,671  

2.88%, 05/05/41

    435       452,291  

2.90%, 05/25/27(a)

    494       529,761  

3.00%, 03/05/51

      1,144           1,218,040  

3.38%, 03/25/27

    346       377,732  

3.45%, 03/25/30

    550       611,352  

4.20%, 03/25/50

    85       109,960  

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)

    150       141,832  

5.25%, 11/26/43

    370       490,568  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    405       406,782  

2.00%, 04/29/30 (Call 01/29/30)

    510       506,231  

2.13%, 10/24/24 (Call 09/24/24)

    500       516,835  

2.13%, 04/29/32 (Call 01/29/32)

    375       371,805  

2.38%, 10/24/29 (Call 07/24/29)

    390       399,805  

2.63%, 04/29/23 (Call 01/29/23)

    815       835,677  

3.88%, 04/29/43 (Call 10/29/42)(a)

    281       330,984  

5.88%, 09/30/36

    329       461,959  

Diageo Investment Corp., 4.25%, 05/11/42

    248       302,962  

Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49)

    930       995,593  

PepsiCo Inc.

   

0.40%, 10/07/23

    345       344,062  

0.75%, 05/01/23

    512       514,785  

1.40%, 02/25/31 (Call 11/25/30)

    605       577,721  

1.63%, 05/01/30 (Call 02/01/30)

    495       482,615  

1.95%, 10/21/31 (Call 07/21/31)

    545       540,983  

2.25%, 03/19/25 (Call 02/19/25)

    939       975,020  

2.38%, 10/06/26 (Call 07/06/26)

    202       211,748  

2.63%, 03/19/27 (Call 01/19/27)

    135       142,637  

2.63%, 07/29/29 (Call 04/29/29)

    483       509,826  

2.63%, 10/21/41 (Call 04/21/41)

    300       304,152  

2.75%, 03/01/23

    785       808,793  

2.75%, 04/30/25 (Call 01/30/25)

    662       697,086  

2.75%, 03/19/30 (Call 12/19/29)

    742       786,201  

2.75%, 10/21/51 (Call 04/21/51)

    625       644,237  

2.85%, 02/24/26 (Call 11/24/25)

    547       581,789  

2.88%, 10/15/49 (Call 04/15/49)(a)

    575       604,745  

 

 

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

  21


Schedule of Investments  (continued)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Beverages (continued)            

3.00%, 10/15/27 (Call 07/15/27)(a)

  $   118     $ 127,490  

3.38%, 07/29/49 (Call 01/29/49)

    249       284,485  

3.45%, 10/06/46 (Call 04/06/46)

    361       411,688  

3.50%, 07/17/25 (Call 04/17/25)

    386       417,031  

3.60%, 03/01/24 (Call 12/01/23)

    531       562,239  

3.63%, 03/19/50 (Call 09/19/49)

    329       393,500  

7.00%, 03/01/29

    50       68,394  
   

 

 

 
          26,501,626  
Chemicals — 0.6%            

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    450       454,752  

1.85%, 05/15/27 (Call 03/15/27)

    431       438,482  

2.05%, 05/15/30 (Call 02/15/30)

    505       509,080  

2.70%, 05/15/40 (Call 11/15/39)

    482       489,755  

2.80%, 05/15/50 (Call 11/15/49)

    453       464,556  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)(a)

    345       323,034  

2.13%, 08/15/50 (Call 02/15/50)

    115       104,127  

2.70%, 11/01/26 (Call 08/01/26)

    305       322,056  

2.75%, 08/18/55 (Call 02/18/55)(a)(d)

    265       262,400  

3.25%, 12/01/27 (Call 09/01/27)(a)

    242       262,149  

4.80%, 03/24/30 (Call 12/24/29)

    357       429,964  

EI du Pont de Nemours and Co.

   

1.70%, 07/15/25 (Call 06/15/25)

    238       241,389  

2.30%, 07/15/30 (Call 04/15/30)

    277       280,033  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)

    585       541,523  

2.70%, 02/21/23 (Call 11/21/22)(a)

    348       356,046  

3.20%, 01/30/26 (Call 10/30/25)(a)

    396       425,094  

3.55%, 11/07/42 (Call 05/07/42)

    82       93,084  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    110       108,095  

3.75%, 03/15/28 (Call 12/15/27)

    558       627,209  
   

 

 

 
      6,732,828  
Commercial Services — 0.8%            

American University (The), Series 2019, 3.67%, 04/01/49

    103       118,727  

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    621       585,851  

1.70%, 05/15/28 (Call 03/15/28)

    135       134,402  

3.38%, 09/15/25 (Call 06/15/25)

    821       885,153  

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

    140       153,586  

California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119)

    185       215,223  

Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)

    218       240,127  

Duke University, Series 2020, 2.83%, 10/01/55(a)

    70       73,270  

Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

    55       55,870  

George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    61       75,721  

Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)(a)

    394       482,449  

Massachusetts Institute of Technology

   

3.89%, 07/01/2116

    308       389,743  

4.68%, 07/01/2114

    260       395,348  

5.60%, 07/01/2111

    283       506,446  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    30       33,269  

Northwestern University, 4.64%, 12/01/44

    254       331,404  
Security   Par
(000)
    Value  
Commercial Services (continued)            

Novant Health Inc., 3.17%, 11/01/51 (Call 05/01/51)

  $ 11     $ 11,823  

PayPal Holdings Inc.

   

1.35%, 06/01/23

    150       151,847  

1.65%, 06/01/25 (Call 05/01/25)

    15       15,237  

2.30%, 06/01/30 (Call 03/01/30)

    40       40,622  

2.40%, 10/01/24 (Call 09/01/24)

    10       10,404  

2.65%, 10/01/26 (Call 08/01/26)

    25       26,391  

2.85%, 10/01/29 (Call 07/01/29)

    550       580,987  

3.25%, 06/01/50 (Call 12/01/49)

    375       406,245  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)

      261       264,048  

3.15%, 07/15/46 (Call 01/15/46)

    334       375,186  

3.30%, 07/15/56 (Call 01/15/56)

    260       304,067  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

    30       30,161  

S&P Global Inc.

   

2.30%, 08/15/60 (Call 02/15/60)

    363       318,119  

2.50%, 12/01/29 (Call 09/01/29)

    295       306,098  

2.95%, 01/22/27 (Call 10/22/26)

    223       237,491  

3.25%, 12/01/49 (Call 06/01/49)

    154       168,585  

4.00%, 06/15/25 (Call 03/15/25)

    312       340,557  

Trustees of Princeton University (The)

   

5.70%, 03/01/39

    214       310,970  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)

    179       179,004  

University of Southern California, 3.03%, 10/01/39

    409       435,295  

Yale University

   

Series 2020, 0.87%, 04/15/25 (Call 03/15/25)

    18       17,939  

Series 2020, 1.48%, 04/15/30 (Call 01/15/30)(a)

    105       103,093  

Series 2020, 2.40%, 04/15/50 (Call 10/15/49)

    45       44,514  
   

 

 

 
      9,355,272  
Computers — 4.1%            

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

    105       102,837  

0.70%, 02/08/26 (Call 01/08/26)(a)

    310       303,571  

0.75%, 05/11/23

    33       33,131  

1.13%, 05/11/25 (Call 04/11/25)

      1,207           1,206,747  

1.20%, 02/08/28 (Call 12/08/27)

    1,078       1,044,269  

1.25%, 08/20/30 (Call 05/20/30)

    105       98,940  

1.40%, 08/05/28 (Call 06/05/28)

    610       594,597  

1.65%, 05/11/30 (Call 02/11/30)

    283       275,628  

1.65%, 02/08/31 (Call 11/08/30)

    880       852,324  

1.70%, 08/05/31 (Call 05/05/31)

    610       591,346  

1.80%, 09/11/24 (Call 08/11/24)

    296       303,521  

2.05%, 09/11/26 (Call 07/11/26)

    725       746,721  

2.20%, 09/11/29 (Call 06/11/29)

    647       661,014  

2.38%, 02/08/41 (Call 08/08/40)

    685       664,779  

2.40%, 01/13/23 (Call 12/13/22)

    265       270,790  

2.40%, 05/03/23

    1,602       1,646,744  

2.40%, 06/20/50 (Call 02/20/50)

    10       9,451  

2.45%, 08/04/26 (Call 05/04/26)

    1,110       1,163,646  

2.50%, 02/09/25

    706       737,318  

2.55%, 08/20/60 (Call 02/20/60)

    45       42,205  

2.65%, 05/11/50 (Call 11/11/49)

    82       80,913  

2.65%, 02/08/51 (Call 08/08/50)

    732       723,560  

2.70%, 08/05/51 (Call 02/05/51)

    285       283,965  

2.75%, 01/13/25 (Call 11/13/24)

    932       980,455  

2.80%, 02/08/60 (Call 08/08/60)

    1,185       1,170,448  

2.85%, 02/23/23 (Call 12/23/22)

    661       678,979  

2.85%, 05/11/24 (Call 03/11/24)

    748       783,739  

2.85%, 08/05/61 (Call 02/05/61)

    1,005       1,005,412  

 

 

22  

2 0 2 1   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)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Computers (continued)            

2.90%, 09/12/27 (Call 06/12/27)

  $ 815     $ 871,023  

2.95%, 09/11/49 (Call 03/11/49)

    610       633,766  

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

    688       720,584  

3.00%, 06/20/27 (Call 03/20/27)

    481       518,701  

3.00%, 11/13/27 (Call 08/13/27)

    619       665,710  

3.20%, 05/13/25

    833       891,110  

3.20%, 05/11/27 (Call 02/11/27)(a)

    982       1,063,094  

3.25%, 02/23/26 (Call 11/23/25)

      1,281       1,380,034  

3.35%, 02/09/27 (Call 11/09/26)

    973       1,059,723  

3.45%, 05/06/24

    1,116       1,187,904  

3.45%, 02/09/45

    839       942,373  

3.75%, 09/12/47 (Call 03/12/47)

    485       569,666  

3.75%, 11/13/47 (Call 05/13/47)

    532       626,185  

3.85%, 05/04/43

    1,204       1,422,695  

3.85%, 08/04/46 (Call 02/04/46)

    840       998,466  

4.25%, 02/09/47 (Call 08/09/46)

    428       540,397  

4.38%, 05/13/45

    825       1,054,870  

4.45%, 05/06/44

    409       522,379  

4.50%, 02/23/36 (Call 08/23/35)

    608       758,638  

4.65%, 02/23/46 (Call 08/23/45)

    1,617       2,140,682  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    30       29,993  

1.95%, 05/15/30 (Call 02/15/30)

    200       195,678  

2.85%, 05/15/40 (Call 11/15/39)

    258       256,269  

2.88%, 11/09/22

    889       911,412  

2.95%, 05/15/50 (Call 11/15/49)

    395       392,752  

3.00%, 05/15/24

    1,328       1,397,109  

3.30%, 05/15/26(a)

    990       1,068,091  

3.30%, 01/27/27

    465       503,358  

3.38%, 08/01/23(a)

    656       687,698  

3.45%, 02/19/26(a)

    863       933,809  

3.50%, 05/15/29

    200       218,944  

3.63%, 02/12/24

    1,002       1,063,693  

4.00%, 06/20/42

    505       582,538  

4.15%, 05/15/39

    945       1,106,104  

4.25%, 05/15/49

    1,255       1,535,819  

4.70%, 02/19/46

    345       446,151  

5.60%, 11/30/39

    389       536,622  

5.88%, 11/29/32

    537       710,397  

7.00%, 10/30/25

    499       608,755  
   

 

 

 
          48,810,242  
Cosmetics & Personal Care — 1.1%            

Colgate-Palmolive Co.

   

1.95%, 02/01/23(a)

    383       390,419  

3.25%, 03/15/24

    42       44,528  

3.70%, 08/01/47 (Call 02/01/47)

    258       316,316  

4.00%, 08/15/45

    292       370,387  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)

    25       24,805  

2.00%, 12/01/24 (Call 11/01/24)

    447       461,527  

2.38%, 12/01/29 (Call 09/01/29)

    445       460,010  

2.60%, 04/15/30 (Call 01/15/30)

    65       67,852  

3.13%, 12/01/49 (Call 06/01/49)(a)

    169       185,532  

3.15%, 03/15/27 (Call 12/15/26)

    488       527,699  

4.15%, 03/15/47 (Call 09/15/46)

    220       278,870  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

    375       366,911  

1.00%, 04/23/26

    365       361,806  

1.20%, 10/29/30

    595       562,424  

1.95%, 04/23/31

    605       609,187  
Security   Par
(000)
    Value  
Cosmetics & Personal Care (continued)            

2.45%, 11/03/26

  $ 561     $ 591,586  

2.70%, 02/02/26(a)

    649       688,751  

2.80%, 03/25/27

    302       321,959  

2.85%, 08/11/27

    568       609,720  

3.00%, 03/25/30

    775       842,719  

3.10%, 08/15/23

    570       596,254  

3.55%, 03/25/40

    10       11,767  

Unilever Capital Corp.

   

0.38%, 09/14/23(a)

    30       29,895  

1.75%, 08/12/31 (Call 05/12/31)(a)

    500       487,290  

2.00%, 07/28/26

    325       334,679  

2.13%, 09/06/29 (Call 06/06/29)

    15       15,283  

2.60%, 05/05/24 (Call 03/05/24)

    660       687,568  

2.90%, 05/05/27 (Call 02/05/27)

    300       319,533  

3.10%, 07/30/25

    275       294,245  

3.25%, 03/07/24 (Call 02/07/24)

    548       578,507  

3.50%, 03/22/28 (Call 12/22/27)(a)

    150       165,777  

5.90%, 11/15/32

    633       855,455  

Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)

    500       501,700  
   

 

 

 
          12,960,961  
Distribution & Wholesale — 0.1%            

WW Grainger Inc.

   

1.85%, 02/15/25 (Call 01/15/25)

    269       276,185  

4.60%, 06/15/45 (Call 12/15/44)

    362       474,339  
   

 

 

 
      750,524  
Diversified Financial Services — 3.4%            

American Express Co.

   

2.50%, 07/30/24 (Call 06/30/24)

    810       843,963  

2.65%, 12/02/22

    755       772,395  

3.00%, 10/30/24 (Call 09/29/24)

      1,014       1,071,879  

3.13%, 05/20/26 (Call 04/20/26)

    445       477,262  

3.40%, 02/27/23 (Call 01/27/23)

    926       958,716  

3.40%, 02/22/24 (Call 01/22/24)

    785       828,544  

3.63%, 12/05/24 (Call 11/04/24)(a)

    466       500,708  

3.70%, 08/03/23 (Call 07/03/23)

    970       1,019,373  

4.05%, 12/03/42

    379       455,312  

4.20%, 11/06/25 (Call 10/06/25)(a)

    280       311,063  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

    839       914,015  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)(a)

    395       418,392  

3.00%, 04/02/25 (Call 03/02/25)

    260       274,105  

3.70%, 10/15/24

    495       534,412  

4.00%, 10/15/23

    529       563,221  

Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31)

    195       190,474  

Brookfield Finance Inc.

   

2.72%, 04/15/31 (Call 01/15/31)

    95       96,339  

3.50%, 03/30/51 (Call 09/30/50)

    87       92,018  

3.90%, 01/25/28 (Call 10/25/27)

    481       531,317  

4.00%, 04/01/24 (Call 02/01/24)

    195       207,784  

4.25%, 06/02/26 (Call 03/02/26)

    171       189,458  

4.35%, 04/15/30 (Call 01/15/30)

    511       583,071  

4.70%, 09/20/47 (Call 03/20/47)

    462       569,826  

4.85%, 03/29/29 (Call 12/29/28)

    480       560,544  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    439       461,196  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)

    170       162,296  

3.65%, 01/12/27 (Call 10/12/26)

    444       486,295  

 

 

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

  23


Schedule of Investments  (continued)

October 31, 2021

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

Charles Schwab Corp. (The)

   

0.75%, 03/18/24 (Call 02/18/24)

  $ 77     $ 76,861  

0.90%, 03/11/26 (Call 02/11/26)

    406       398,392  

1.15%, 05/13/26 (Call 04/13/26)

    335       331,784  

1.65%, 03/11/31 (Call 12/11/30)

    455       435,804  

2.00%, 03/20/28 (Call 01/20/28)

    21       21,192  

2.30%, 05/13/31 (Call 02/13/31)

    425       429,101  

2.65%, 01/25/23 (Call 12/25/22)

    518       531,100  

2.75%, 10/01/29 (Call 07/01/29)

    45       47,233  

3.20%, 03/02/27 (Call 12/02/26)

    510       549,142  

3.20%, 01/25/28 (Call 10/25/27)

    400       433,728  

3.25%, 05/22/29 (Call 02/22/29)(a)

    316       343,091  

3.30%, 04/01/27 (Call 01/01/27)

    583       628,299  

3.55%, 02/01/24 (Call 01/01/24)

    339       359,130  

3.63%, 04/01/25 (Call 01/01/25)

    538       576,623  

3.85%, 05/21/25 (Call 03/21/25)

    556       604,177  

4.00%, 02/01/29 (Call 11/01/28)

    462       523,303  

4.20%, 03/24/25 (Call 02/24/25)

    273       299,276  

4.63%, 03/22/30 (Call 12/22/29)

    296       352,699  

CME Group Inc.

   

3.00%, 03/15/25 (Call 12/15/24)

    97       102,349  

3.75%, 06/15/28 (Call 03/15/28)

    262       293,115  

4.15%, 06/15/48 (Call 12/15/47)(a)

    305       393,499  

5.30%, 09/15/43 (Call 03/15/43)

    402       563,861  

Credit Suisse USA Inc., 7.13%, 07/15/32

    516       728,675  

Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)

    140       132,294  

Invesco Finance PLC

   

3.13%, 11/30/22

    370       380,342  

3.75%, 01/15/26

    137       148,935  

4.00%, 01/30/24

    367       391,398  

Legg Mason Inc., 5.63%, 01/15/44

    328       455,152  

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)

    150       150,024  

2.00%, 03/03/25 (Call 02/03/25)

    343