2021 Annual Report - IShares
MARCH 31, 20222022 Annual ReportiShares Trust iShares Focused Value Factor ETF FOVL NYSE Arca iShares U.S. Aerospace & Defense ETF ITA Cboe BZX iShares U.S. Broker-Dealers & Securities Exchanges ETF IAI NYSE Arca iShares U.S. Healthcare Providers ETF IHF NYSE Arca iShares U.S. Home Construction ETF ITB Cboe BZX iShares U.S. Infrastructure ETF IFRA Cboe BZX iShares U.S. Insurance ETF IAK NYSE Arca iShares U.S. Medical Devices ETF IHI NYSE Arca iShares U.S. Oil & Gas Exploration & Production ETF IEO Cboe BZX iShares U.S. Oil Equipment & Services ETF IEZ NYSE Arca iShares U.S. Pharmaceuticals ETF IHE NYSE Arca iShares U.S. Real Estate ETF IYR NYSE Arca iShares U.S. Regional Banks ETF IAT NYSE Arca iShares U.S. Telecommunications ETF IYZ Cboe BZXBNM0522U-2219480-6959480
The Markets in ReviewDear Shareholder,The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth thatfollowed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The globaleconomy weathered the emergence of several variant strains and the resulting peaks and troughs ininfections amid optimism that increasing vaccinations and economic adaptation could help contain thepandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints andelevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severehumanitarian crisis, the invasion has presented challenges for both investors and policymakers.Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interestrates, which particularly weighed on relatively high valuation growth stocks and economically sensitivesmall-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalizationU.S. stocks posted a strong advance. International equities from developed markets gained slightly,although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S.dollar.The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting periodas the economy expanded rapidly and inflation reached its highest annualized reading in decades. Thecorporate bond market also faced inflationary headwinds, although the improving economy assuagedcredit concerns and high-yield corporate bonds consequently declined less than investment-gradecorporate bonds.The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected,raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wounddown its bond-buying programs and raised the prospect of reversing the flow and reducing its balancesheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed willcontinue to raise interest rates multiple times throughout the year.Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the globaleconomy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s topenergy supplier, and general wartime disruption are likely to drive already-high commodity prices evenhigher. Sharp increases in energy prices will exacerbate inflationary pressure while also constrainingeconomic growth. Combating inflation without stifling a recovery, while buffering against ongoing supplyand price shocks amid the ebb and flow of the pandemic, will be an especially challenging environmentfor setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, webelieve the Fed will err on the side of protecting employment, even at the expense of higher inflation.In this environment, we favor an overweight to equities, as valuations have become more attractive andinflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to alower-carbon world, such as technology and health care, are particularly attractive in the long term. Wefavor U.S. equities due to strong earnings momentum, while Japanese equities should benefit fromsupportive monetary and fiscal policy. We are underweight credit overall, but inflation-protectedU.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability andquality can help provide portfolio resilience.Overall, our view is that investors need to think globally, extend their scope across a broad array of assetclasses, and be nimble as market conditions change. We encourage you to talk with your financial advisorand visit iShares.com for further insight about investing in today’s markets.Sincerely,Rob KapitoPresident, BlackRock, Inc.Total Returns as of March 31, 20226-Month12-MonthU.S. large cap equities(S&P 500 Index)5.92%15.65%U.S. small cap equities(Russell 2000 Index)(5.55)(5.79)International equities(MSCI Europe, Australasia,Far East Index)(3.38)1.16Emerging market equities(MSCI Emerging MarketsIndex)(8.20)(11.37)3-month Treasury bills(ICE BofA 3-MonthU.S. Treasury Bill Index)0.050.07U.S. Treasury securities(ICE BofA 10-YearU.S. Treasury Index)(6.04)(3.31)U.S. investment grade bonds(Bloomberg U.S. AggregateBond Index)(5.92)(4.15)Tax-exempt municipal bonds(Bloomberg Municipal BondIndex)(5.55)(4.47)U.S. high yield bonds(Bloomberg U.S. CorporateHigh Yield 2% Issuer CappedIndex)(4.16)(0.66)Past performance is not an indication of future results.Index performance is shown for illustrative purposes only.You cannot invest directly in an index.Rob KapitoPresident, BlackRock, Inc.2TH I SPAGE IS NOT PART OF YOUBNM0522U-2219480-6959480RFU N DREP O R T
Table of ContentsPageThe Markets in Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholder Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial StatementsStatements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statement Regarding Liquidity Risk Management Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Trustee and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6117118120123124
Market OverviewiShares TrustDomestic Market OverviewU.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000 Index, a broad measure of U.S. equity market performance,returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-relatedrestrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challengesemerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period,fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reportingperiod, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiringincreased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic andwere unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in theproduction of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation.Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularlyat the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely usedmeasure of prices in the U.S., grew at the fastest rate since 1982.Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy tostimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising pricesled the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buyingactivities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that furtherincreases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. Theinvasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatilityin energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruptionled to concerns surrounding food prices.42022 ISHARES ANNUAL REPORTBNM0522U-2219480-6959480T OSHA R E H O L D E R S
Fund Summary as of March 31, 2022iShares Focused Value Factor ETFInvestment ObjectiveThe iShares Focused Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with prominentvalue characteristics, as represented by the Focused Value Select Index (the "Index"). The Fund invests in a representative sample of securities included in the Index thatcollectively 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 includedin the Index.PerformanceAverage Annual Total Returns1 YearFund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cumulative Total ReturnsSinceInception13.20%13.2613.531 20%30.3731.34GROWTH OF 10,000 INVESTMENT(SINCE INCEPTION AT NET ASSET VALUE) 14,000 13,134 Mar 19Sep 19Mar 20Sep 20FundMar 21Sep 21Mar 22IndexThe inception date of the Fund was 3/19/19. The first day of secondary market trading was 3/21/19.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 redemptionor sale of fund shares. See “About Fund Performance” on page 33 for more information.Expense ExampleActualEndingAccount Value(03/31/22)ExpensesPaid Duringthe Period (a)BeginningAccount Value(10/01/21)EndingAccount Value(03/31/22)ExpensesPaid Duringthe Period (a) (a)FHypothetical 5% ReturnBeginningAccount Value(10/01/21)U N dExpenseRatio0.25%Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Otherfees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses”for more information.SU5M M A R YBNM0522U-2219480-6959480
Fund Summary as of March 31, 2022iShares Focused Value Factor ETF(continued)Portfolio Management CommentaryLarge and mid-capitalization stocks with prominent value characteristics advanced sharply for the reporting period as coronavirus pandemic-related insurance claimsdeclined. Investor optimism that the Fed would increase interest rates in response to rising inflation grew, benefiting insurance companies and regional banks.The financials sector contributed the most to the Index’s return, led by the insurance industry. Revenues and margins in the property and casualty insurance industryreached record highs amid investor optimism that low unemployment and restricted housing supply would lead to housing price increases, supporting higher title insurancepremiums. The life and health insurance industry also showed strength amid lower benefits payouts and investor optimism that interest rates would rise. Also contributingto the Index’s return were regional banks, which investors also expected to benefit from rising interest rates due to the increasing spread between the rate they pay ondeposits and the rate they charge for loans.The communication services sector contributed modestly to the Index’s return. In the movies and entertainment industry, streaming subscriptions increased, offsetting thepandemic-led decline in theater attendance. The industry also benefited from the announcement of new licensing arrangements and investor optimism about industryconsolidation. The consumer staples sector was also a modest contributor. People prepared more food at home, leading to increased use of grocery delivery services,supporting the food and staples retail industry.In contrast, the consumer discretionary sector detracted. The global shortage of semiconductors, needed for manufacturing cars, weighed on production and sales in theautomobiles industry.In terms of relative performance, the Index slightly outperformed the broader market, as represented by the Russell 1000 Index. The Index’s research-based selectionprocess is designed to maximize exposure to the value factor. The Index had above-market exposure to value, earnings yield, and low size during the measurement period.Similarly, seeking the maximum exposure to the value factor resulted in incidental exposure to more volatile and less profitable stocks. With the exception of value, thesefactors detracted from the Index’s relative performance. However, higher relative exposure to the value factor contributed significantly to the Index’s relative performance,almost entirely offsetting the detractors.The Index is unconstrained at the sector level to maximize exposure to the value factor. Underweight positions in the energy and information technology sectors detractedfrom relative performance in terms of both stock selection and sector allocation. An underweight in communication services and a very large overweight in the financialssector resulted in strong stock selection and sector allocation.Portfolio InformationALLOCATION BY SECTORSectorInsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Diversified Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Technology Hardware & Equipment. . . . . . . . . . . . . . . . . . . . . . . . . .Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Food & Staples Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Health Care Equipment & Services . . . . . . . . . . . . . . . . . . . . . . . . . .Automobiles & Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(a)6TEN LARGEST HOLDINGSPercent ofTotal nt ofTotal Investments(a)SecurityKroger Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .First Horizon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Virtu Financial Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Raymond James Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Vistra Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Arch Capital Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Penske Automotive Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Zions Bancorp. N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CVS Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Aflac Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3.5%3.23.12.92.92.92.92.92.82.8Excludes money market funds.2022 ISHARES ANNUAL REPORTBNM0522U-2219480-6959480T OSHA R E H O L D E R S
Fund Summary as of March 31, 2022iShares U.S. Aerospace & Defense ETFInvestment ObjectiveThe iShares U.S. Aerospace & Defense ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the aerospace and defense sector,as represented by the Dow Jones U.S. Select Aerospace & Defense IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Indexthat 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 includedin the Index.PerformanceAverage Annual Total Returns1 YearFund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Years7.00%7.107.38Cumulative Total Returns10 Years9.49%9.519.961 Year14.09%14.1014.565 Years7.00%7.107.3810 Years57.34%57.5060.73273.66%273.92289.37GROWTH OF 10,000 INVESTMENT(AT NET ASSET VALUE) 40,000 38,937 37,36635,00030,00025,00020,00015,00010,0005,000Mar 13Mar 14Mar 15Mar 16Mar 17FundMar 18Mar 19Mar 20Mar 21Mar 22IndexPast 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 redemptionor sale of fund shares. See “About Fund Performance” on page 33 for more information.Expense ExampleActualBeginningAccount Value(10/01/21)EndingAccount Value(03/31/22)ExpensesPaid Duringthe Period (a)BeginningAccount Value(10/01/21)EndingAccount Value(03/31/22)ExpensesPaid Duringthe Period (a) (a)FHypothetical 5% ReturnU N dExpenseRatio0.39%Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Otherfees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses”for more information.SU7M M A R YBNM0522U-2219480-6959480
Fund Summary as of March 31, 2022iShares U.S. Aerospace & Defense ETF(continued)Portfolio Management CommentaryU.S. aerospace and defense stocks gained for the reporting period amid a gradual recovery in leisure and business air travel as COVID-19 vaccines became widespreadand the economy reopened following closures related to the coronavirus pandemic. Manufacturers took steps to minimize the impacts of supply chain constraints, includingautomating production, contracting with alternative suppliers, and signing long-term contracts with customers. Additionally, the passage of the Department of DefenseAppropriations Act, which authorizes national military spending, reaffirmed the U.S.’ continued commitment to defense spending. Other major developed nations, includingChina and Japan, also reconfirmed or increased their military budgets during the reporting period. Defense spending by many western nations increased late in the reportingperiod as a consequence of Russia’s invasion of Ukraine.Aerospace manufacturers contributed to the Index’s return despite a decline in commercial aviation business units during the height of the pandemic. Both originalequipment manufacturing and aftermarket purchases of airplanes were volatile as flights were less predictable amid the summer 2021 reopening and COVID-19variant-driven closures in the fall and winter of 2021. However, strong defense spending supported aerospace and defense companies, further bolstered by the war inUkraine. Stock buybacks and dividend payments also signaled companies’ strength to investors.Both missile defense contracts and space exploration collaborations with NASA contributed to revenue growth. Manufacturers of ships and helicopters were also strong,delivering more fighter jets than anticipated for 2021. Despite supply constraints and labor shortages that plagued manufacturers, deliveries of business jets were alsohigher, as demand for business travel increased amid higher COVID-19 vaccination rates and fewer travel restrictions.Portfolio InformationALLOCATION BY SECTORSectorAerospace & Defense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Industrial Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Leisure Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(a)8TEN LARGEST HOLDINGSPercent ofTotal Investments(a)97.7%1.70.6Percent ofTotal Investments(a)SecurityRaytheon Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Boeing Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Textron Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .TransDigm Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .L3Harris Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Howmet Aerospace Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Axon Enterprise Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21.3%15.47.74.74.54.54.44.34.22.9Excludes money market funds.2022 ISHARES ANNUAL REPORTBNM0522U-2219480-6959480T OSHA R E H O L D E R S
Fund Summary as of March 31, 2022iShares U.S. Broker-Dealers & Securities Exchanges ETFInvestment ObjectiveThe iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the investmentservices sector, as represented by the Dow Jones U.S. Select Investment Services IndexTM (the “Index”). The Fund invests in a representative sample of securities includedin 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 thatare included in the Index.PerformanceAverage Annual Total Returns1 YearFund NAV. . . . . . . . . . . . . . . . . . . . . . .
Investment Objective The iShares Focused Value Factor ETF (the "Fund") seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with promi nent value characteristics, as represented by the Focused Value Select Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that
iShares Russell 2000 ETF IWM 5/22/00 0.19 iShares Russell 2000 Growth ETF IWO 7/24/00 0.24 iShares Russell 2000 Value ETF IWN 7/24/00 0.24 iShares S&P Small-Cap 600 Growth ETF IJT 7/24/00 0.18 iShares S&P Small-Cap 600 Value ETF IJS 7/24/00 0.18 iShares Morningstar Small-Cap ETF ISCB 6/28/04 0.04 iShares Morningstar Small-Cap Growth ETFFile Size: 251KB
SHY iShares 1-3 Year Treasury Bond ETF -3,012 -3,221 EEM iShares MSCI Emerging Markets ETF -2,276 199 IWM iShares Russell 2000 ETF -2,073 -4,335 EMB iShares JP Morgan USD Emerging Markets Bond ETF -1,907 146 TIP iShares TIPS Bond ETF -1,725 -1,918 BSV Vanguard Short-Term Bond ETF -1,645 -
38 VIG Vanguard Dividend Appreciation ETF 6.10 39 IVW iShares S&P 500 Growth 6.05 40 DVY iShares Dow Jones Select 5.99 41 EWC iShares MSCI Canada 5.97 42 TBT Proshares UltraShort 20 tsy 5.68 43 IAU iShares Gold Trust 5.67 44 VUG Vanguard Growth ETF 5.42 45 SDY SPDR S&P Dividend 5.37 46 VTV Vanguard Value ETF
IYR iShares U.S. Real Estate ETF: 03/26/2021 03/25/2021: 03/31/2021: 0.443888 0.443888 : 0.004822 - - - - - 0.280881 0.005384 - IYR: iShares U.S. Real Estate ETF 06/11/2021 .
Annual Report iShares Southeast Asia Trust . (Constituted under a Trust Deed in the Republic of Singapore) For the Year ended 31 December 2017. Annual Report 1 Contents Page Manager’s Investment Report 2 Report of the Trustee 11 Statement by the Manager 12 Independent Auditor’s Report 13 Financial Statements – Statements of Total Return .
Investment Objective The iShares China Large-Cap ETF (the "Fund") seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kon g Stock Exchan ge, as represented b y the FTSE China 50 Index (the "Index" ). The Fund invests in a representative sample of securities included in the Index that
state's 529 plan(s), or any other 529 plan, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision. The iShares 529 Plan is available for purchase by residents of all states through
2013 AMC 8 Problems Problem 1 Amma wants to arrange her model cars in rows with exactly 6 cars in each row. She now has 23 model cars. What is the smallest number of additional cars she must buy in order to be able to arrange all her cars this way? Solution Problem 2 A sign at the fish market says, "50% off, today only: half-pound packages for just 3 per package." What is the regular price .
