Schedule of Investments (unaudited) | iShares® High Yield Systematic Bond ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.6% | ||||||||
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 | ||||||||
(Call 06/11/24)(a) | $ | 3,837 | $ | 3,452,982 | ||||
Aerospace & Defense — 1.0% | ||||||||
Spirit AeroSystems Inc. | ||||||||
9.38%, 11/30/29 (Call 11/30/25)(a) | 1,174 | 1,259,423 | ||||||
9.75%, 11/15/30 (Call 11/15/26)(a) | 3,970 | 4,337,335 | ||||||
5,596,758 | ||||||||
Agriculture — 0.6% | ||||||||
Vector Group Ltd., 5.75%, 02/01/29 (Call 07/01/24)(a) | 4,043 | 3,709,994 | ||||||
Airlines — 2.2% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) | 4,077 | 3,870,307 | ||||||
American Airlines Inc., 7.25%, 02/15/28 | ||||||||
(Call 02/15/25)(a) | 3,216 | 3,211,346 | ||||||
Delta Air Lines Inc., 4.38%, 04/19/28 | ||||||||
(Call 01/19/28)(b) | 1,427 | 1,372,428 | ||||||
United Airlines Inc., 4.63%, 04/15/29 | ||||||||
(Call 10/15/28)(a) | 4,526 | 4,183,388 | ||||||
12,637,469 | ||||||||
Apparel — 0.4% | ||||||||
Wolverine World Wide Inc., 4.00%, 08/15/29 | ||||||||
(Call 08/15/24)(a)(b) | 2,945 | 2,452,656 | ||||||
Auto Manufacturers — 1.7% | ||||||||
Allison Transmission Inc., 5.88%, 06/01/29 | ||||||||
(Call 07/01/24)(a)(b) | 1,162 | 1,143,168 | ||||||
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 | ||||||||
(Call 03/15/26)(a)(b) | 4,378 | 4,235,868 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
4.50%, 10/01/27 (Call 07/01/27)(a) | 1,932 | 1,822,152 | ||||||
5.50%, 07/15/29 (Call 07/15/24)(a) | 2,088 | 1,991,743 | ||||||
5.88%, 01/15/28 (Call 07/01/24)(a)(b) | 850 | 827,487 | ||||||
10,020,418 | ||||||||
Banks — 0.8% | ||||||||
Intesa Sanpaolo SpA | ||||||||
4.20%, 06/01/32 (Call 06/01/31), | ||||||||
(1-year CMT + 2.600%)(a)(c) | 120 | 101,363 | ||||||
4.95%, 06/01/42 (Call 06/01/41), | ||||||||
(1-year CMT + 2.750%)(a)(c) | 3,208 | 2,409,818 | ||||||
5.71%, 01/15/26(a) | 2,305 | 2,282,718 | ||||||
4,793,899 | ||||||||
Building Materials — 0.5% | ||||||||
Builders FirstSource Inc., 6.38%, 06/15/32 | ||||||||
(Call 06/15/27)(a)(b) | 2,691 | 2,681,012 | ||||||
Chemicals — 2.0% | ||||||||
CVR Partners LP/CVR Nitrogen Finance Corp., | ||||||||
6.13%, 06/15/28 (Call 07/01/24)(a) | 2,468 | 2,359,574 | ||||||
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29) | 771 | 737,086 | ||||||
Rain Carbon Inc., 12.25%, 09/01/29 | ||||||||
(Call 03/01/26)(a)(b) | 1,911 | 2,038,213 | ||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 | ||||||||
(Call 10/30/24)(a) | 3,381 | 3,000,426 | ||||||
Tronox Inc., 4.63%, 03/15/29 (Call 07/01/24)(a)(b) | 3,956 | 3,589,655 | ||||||
11,724,954 | ||||||||
Coal — 0.5% | ||||||||
SunCoke Energy Inc., 4.88%, 06/30/29 | ||||||||
(Call 07/01/24)(a) | 2,366 | 2,126,141 |
Security | Par (000) | Value | ||||||
Coal (continued) | ||||||||
Warrior Met Coal Inc., 7.88%, 12/01/28 | ||||||||
(Call 12/01/24)(a)(b) | $ | 626 | $ | 639,301 | ||||
2,765,442 | ||||||||
Commercial Services — 6.1% | ||||||||
ADT Security Corp. (The) | ||||||||
4.13%, 08/01/29 (Call 08/01/28)(a)(b) | 2,089 | 1,897,383 | ||||||
4.88%, 07/15/32(a)(b) | 3,028 | 2,732,614 | ||||||
Adtalem Global Education Inc., 5.50%, 03/01/28 | ||||||||
(Call 07/01/24)(a) | 1,187 | 1,138,321 | ||||||
APX Group Inc. | ||||||||
5.75%, 07/15/29 (Call 07/15/24)(a) | 2,673 | 2,537,410 | ||||||
6.75%, 02/15/27 (Call 07/01/24)(a) | 2,231 | 2,222,846 | ||||||
Deluxe Corp., 8.00%, 06/01/29 (Call 07/01/24)(a) | 2,274 | 2,121,414 | ||||||
GEO Group Inc. (The) | ||||||||
8.63%, 04/15/29 (Call 04/15/26)(a) | 2,721 | 2,800,741 | ||||||
10.25%, 04/15/31 (Call 04/15/27)(a) | 806 | 848,244 | ||||||
Graham Holdings Co., 5.75%, 06/01/26 | ||||||||
(Call 06/11/24)(a) | 498 | 495,510 | ||||||
Korn Ferry, 4.63%, 12/15/27 (Call 07/01/24)(a)(b) | 982 | 933,180 | ||||||
NESCO Holdings II Inc., 5.50%, 04/15/29 | ||||||||
(Call 07/01/24)(a) | 4,244 | 3,891,094 | ||||||
Prime Security Services Borrower LLC/Prime | ||||||||
Finance Inc. | ||||||||
5.75%, 04/15/26(a) | 2,647 | 2,628,267 | ||||||
6.25%, 01/15/28 (Call 07/01/24)(a)(b) | 2,902 | 2,849,001 | ||||||
PROG Holdings Inc., 6.00%, 11/15/29 | ||||||||
(Call 11/15/24)(a) | 2,780 | 2,606,185 | ||||||
United Rentals North America Inc., 4.88%, 01/15/28 | ||||||||
(Call 06/11/24) | 1,637 | 1,575,877 | ||||||
Upbound Group Inc., 6.38%, 02/15/29 | ||||||||
(Call 07/01/24)(a)(b) | 1,985 | 1,914,081 | ||||||
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a)(b) | 2,839 | 2,461,879 | ||||||
35,654,047 | ||||||||
Computers — 1.1% | ||||||||
Conduent Business Services LLC/Conduent State & | ||||||||
Local Solutions Inc., 6.00%, 11/01/29 | ||||||||
(Call 11/01/24)(a) | 2,543 | 2,363,985 | ||||||
Western Digital Corp., 4.75%, 02/15/26 | ||||||||
(Call 11/15/25) | 4,159 | 4,069,161 | ||||||
6,433,146 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Coty Inc./HFC Prestige Products Inc./HFC Prestige | ||||||||
International U.S. LLC, 4.75%, 01/15/29 | ||||||||
(Call 01/15/25)(a) | 2,116 | 1,991,793 | ||||||
Diversified Financial Services — 9.6% | ||||||||
Burford Capital Global Finance LLC | ||||||||
6.25%, 04/15/28 (Call 07/01/24)(a) | 944 | 913,531 | ||||||
6.88%, 04/15/30 (Call 04/15/25)(a)(b) | 1,549 | 1,515,744 | ||||||
9.25%, 07/01/31 (Call 07/01/26)(a) | 2,265 | 2,377,310 | ||||||
Coinbase Global Inc. | ||||||||
3.38%, 10/01/28 (Call 10/01/24)(a) | 5,698 | 4,869,654 | ||||||
3.63%, 10/01/31 (Call 10/01/26)(a) | 100 | 79,526 | ||||||
Credit Acceptance Corp., 9.25%, 12/15/28 | ||||||||
(Call 12/15/25)(a) | 2,537 | 2,678,379 | ||||||
Enova International Inc., 11.25%, 12/15/28 | ||||||||
(Call 12/15/25)(a) | 1,656 | 1,776,063 | ||||||
goeasy Ltd. | ||||||||
7.63%, 07/01/29 (Call 07/01/26)(a)(b) | 1,645 | 1,672,042 | ||||||
9.25%, 12/01/28 (Call 12/01/25)(a) | 2,202 | 2,331,588 |
1
Schedule of Investments (unaudited) (continued) | iShares® High Yield Systematic Bond ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
LD Holdings Group LLC | ||||||||
6.13%, 04/01/28 (Call 06/11/24)(a) | $ | 1,296 | $ | 901,610 | ||||
6.50%, 11/01/25 (Call 07/01/24)(a) | 21 | 20,216 | ||||||
Nationstar Mortgage Holdings Inc. | ||||||||
5.13%, 12/15/30 (Call 12/15/25)(a) | 2,597 | 2,356,807 | ||||||
5.50%, 08/15/28 (Call 07/01/24)(a) | 589 | 562,126 | ||||||
5.75%, 11/15/31 (Call 11/15/26)(a) | 2,637 | 2,437,939 | ||||||
OneMain Finance Corp. | ||||||||
3.88%, 09/15/28 (Call 09/15/24) | 445 | 395,838 | ||||||
5.38%, 11/15/29 (Call 05/15/29)(b) | 225 | 209,253 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) | 284 | 282,139 | ||||||
7.13%, 03/15/26 | 3,826 | 3,882,162 | ||||||
7.50%, 05/15/31 (Call 05/15/27) | 355 | 355,115 | ||||||
7.88%, 03/15/30 (Call 12/15/26) | 454 | 462,522 | ||||||
PennyMac Financial Services Inc. | ||||||||
4.25%, 02/15/29 (Call 07/01/24)(a) | 1,075 | 963,316 | ||||||
5.38%, 10/15/25 (Call 07/01/24)(a) | 1,556 | 1,542,352 | ||||||
5.75%, 09/15/31 (Call 09/15/26)(a)(b) | 2,321 | 2,134,463 | ||||||
7.13%, 11/15/30 (Call 11/15/26)(a) | 865 | 853,827 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. | ||||||||
3.63%, 03/01/29 (Call 07/01/24)(a)(b) | 484 | 432,850 | ||||||
3.88%, 03/01/31 (Call 03/01/26)(a) | 4,780 | 4,131,675 | ||||||
4.00%, 10/15/33 (Call 10/15/27)(a)(b) | 1,319 | 1,095,103 | ||||||
SLM Corp. | ||||||||
3.13%, 11/02/26 (Call 10/02/26) | 2,188 | 2,027,526 | ||||||
4.20%, 10/29/25 (Call 09/29/25)(b) | 2,091 | 2,036,043 | ||||||
StoneX Group Inc., 7.88%, 03/01/31 (Call 03/01/27)(a) | 2,363 | 2,418,271 | ||||||
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32) | 3,414 | 3,425,138 | ||||||
United Wholesale Mortgage LLC | ||||||||
5.50%, 04/15/29 (Call 06/11/24)(a) | 3,216 | 3,019,824 | ||||||
5.75%, 06/15/27 (Call 07/01/24)(a) | 2,142 | 2,072,050 | ||||||
56,232,002 | ||||||||
Electric — 2.2% | ||||||||
Mercury Chile Holdco LLC, 6.50%, 01/24/27 | ||||||||
(Call 07/01/24)(a)(b) | 846 | 827,533 | ||||||
NRG Energy Inc. | ||||||||
3.88%, 02/15/32 (Call 02/15/27)(a) | 2,349 | 2,010,480 | ||||||
5.75%, 01/15/28 (Call 06/17/24)(b) | 1,658 | 1,626,299 | ||||||
PG&E Corp. | ||||||||
5.00%, 07/01/28 (Call 06/11/24)(b) | 4,086 | 3,916,913 | ||||||
5.25%, 07/01/30 (Call 07/01/25) | 990 | 943,040 | ||||||
Vistra Operations Co. LLC | ||||||||
5.50%, 09/01/26 (Call 06/11/24)(a) | 2,207 | 2,170,707 | ||||||
5.63%, 02/15/27 (Call 06/11/24)(a) | 1,288 | 1,267,341 | ||||||
12,762,313 | ||||||||
Electrical Components & Equipment — 0.8% | ||||||||
Energizer Holdings Inc. | ||||||||
4.38%, 03/31/29 (Call 07/01/24)(a)(b) | 2,457 | 2,184,134 | ||||||
4.75%, 06/15/28 (Call 07/01/24)(a)(b) | 2,716 | 2,505,529 | ||||||
4,689,663 | ||||||||
Engineering & Construction — 0.8% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 3,231 | 3,145,764 | ||||||
Tutor Perini Corp., 11.88%, 04/30/29 | ||||||||
(Call 04/30/26)(a)(b) | 1,699 | 1,814,026 | ||||||
4,959,790 | ||||||||
Entertainment — 1.6% | ||||||||
Live Nation Entertainment Inc. | ||||||||
3.75%, 01/15/28 (Call 07/01/24)(a)(b) | 864 | 793,847 | ||||||
6.50%, 05/15/27 (Call 07/01/24)(a) | 3,150 | 3,166,421 |
Security | Par (000) | Value | ||||||
Entertainment (continued) | ||||||||
Resorts World Las Vegas LLC/RWLV Capital Inc. | ||||||||
4.63%, 04/16/29 (Call 01/16/29)(a) | $ | 5,265 | $ | 4,729,444 | ||||
8.45%, 07/27/30 (Call 05/27/30)(a) | 386 | 408,964 | ||||||
9,098,676 | ||||||||
Environmental Control — 0.7% | ||||||||
GFL Environmental Inc. | ||||||||
3.50%, 09/01/28 (Call 03/01/28)(a)(b) | 2,953 | 2,683,739 | ||||||
5.13%, 12/15/26 (Call 07/02/24)(a) | 1,293 | 1,268,472 | ||||||
3,952,211 | ||||||||
Gas — 0.9% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
5.75%, 05/20/27 (Call 02/20/27) | 2,322 | 2,213,777 | ||||||
5.88%, 08/20/26 (Call 05/20/26) | 1,036 | 1,001,737 | ||||||
9.38%, 06/01/28 (Call 06/01/25)(a)(b) | 2,049 | 2,100,487 | ||||||
5,316,001 | ||||||||
Health Care - Products — 1.4% | ||||||||
Bausch & Lomb Corp., 8.38%, 10/01/28 | ||||||||
(Call 10/01/25)(a)(b) | 4,151 | 4,223,643 | ||||||
Embecta Corp., 5.00%, 02/15/30 (Call 02/15/27)(a)(b) | 2,806 | 2,320,562 | ||||||
Neogen Food Safety Corp., 8.63%, 07/20/30 | ||||||||
(Call 07/20/27)(a)(b) | 1,278 | 1,365,429 | ||||||
7,909,634 | ||||||||
Health Care - Services — 1.4% | ||||||||
DaVita Inc. | ||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) | 1,748 | 1,466,926 | ||||||
4.63%, 06/01/30 (Call 06/01/25)(a)(b) | 4,597 | 4,118,371 | ||||||
Fortrea Holdings Inc., 7.50%, 07/01/30 | ||||||||
(Call 07/01/26)(a)(b) | 2,413 | 2,411,786 | ||||||
7,997,083 | ||||||||
Holding Companies - Diversified — 1.8% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, | ||||||||
04/15/29 (Call 07/01/24)(a)(b) | 4,560 | 4,271,709 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.38%, 02/01/29 (Call 08/01/28)(b) | 1,296 | 1,080,087 | ||||||
5.25%, 05/15/27 (Call 11/15/26) | 1,290 | 1,183,519 | ||||||
9.00%, 06/15/30 (Call 12/15/29)(a) | 1,201 | 1,185,196 | ||||||
9.75%, 01/15/29 (Call 10/15/28)(a) | 2,785 | 2,857,167 | ||||||
10,577,678 | ||||||||
Home Builders — 1.1% | ||||||||
Brookfield Residential Properties Inc./Brookfield | ||||||||
Residential U.S. LLC | ||||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) | 2,465 | 2,170,069 | ||||||
6.25%, 09/15/27 (Call 07/02/24)(a) | 2,707 | 2,642,372 | ||||||
LGI Homes Inc., 8.75%, 12/15/28 (Call 12/15/25)(a) | 1,647 | 1,710,059 | ||||||
6,522,500 | ||||||||
Home Furnishings — 0.3% | ||||||||
Tempur Sealy International Inc., 3.88%, 10/15/31 | ||||||||
(Call 10/15/26)(a) | 2,410 | 2,024,577 | ||||||
Internet — 0.7% | ||||||||
Cogent Communications Group Inc., 7.00%, 06/15/27 | ||||||||
(Call 07/01/24)(a) | 1,914 | 1,905,032 | ||||||
GrubHub Holdings Inc., 5.50%, 07/01/27 | ||||||||
(Call 06/11/24)(a)(b) | 2,347 | 2,113,543 | ||||||
4,018,575 | ||||||||
Iron & Steel — 1.8% | ||||||||
Algoma Steel Inc., 9.13%, 04/15/29 (Call 04/15/26)(a) | 1,470 | 1,440,600 | ||||||
Cleveland-Cliffs Inc., 5.88%, 06/01/27 | ||||||||
(Call 07/01/24)(b) | 1,985 | 1,966,539 |
2
Schedule of Investments (unaudited) (continued) | iShares® High Yield Systematic Bond ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Iron & Steel (continued) | ||||||||
Mineral Resources Ltd. | ||||||||
8.00%, 11/01/27 (Call 11/01/24)(a) | $ | 507 | $ | 515,761 | ||||
8.13%, 05/01/27 (Call 07/05/24)(a)(b) | 2,676 | 2,703,576 | ||||||
8.50%, 05/01/30 (Call 05/01/25)(a)(b) | 2,533 | 2,622,628 | ||||||
U.S. Steel Corp., 6.88%, 03/01/29 (Call 07/01/24)(b) | 1,162 | 1,162,006 | ||||||
10,411,110 | ||||||||
Leisure Time — 2.9% | ||||||||
Carnival Corp. | ||||||||
6.00%, 05/01/29 (Call 11/01/24)(a)(b) | 4,281 | 4,184,038 | ||||||
10.50%, 06/01/30 (Call 06/01/25)(a) | 523 | 568,492 | ||||||
NCL Corp. Ltd. | ||||||||
5.88%, 02/15/27 (Call 06/11/24)(a)(b) | 4,119 | 4,059,801 | ||||||
7.75%, 02/15/29 (Call 11/15/28)(a)(b) | 544 | 559,020 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 | ||||||||
(Call 12/15/27)(a)(b) | 1,225 | 1,199,289 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
4.25%, 07/01/26 (Call 01/01/26)(a) | 2,209 | 2,129,403 | ||||||
5.50%, 08/31/26 (Call 02/28/26)(a) | 4,567 | 4,499,739 | ||||||
17,199,782 | ||||||||
Lodging — 1.9% | ||||||||
Genting New York LLC/GENNY Capital Inc., 3.30%, | ||||||||
02/15/26 (Call 01/15/26)(a) | 2,212 | 2,106,611 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton | ||||||||
Grand Vacations Borrower Esc | ||||||||
4.88%, 07/01/31 (Call 07/01/26)(a)(b) | 2,396 | 2,102,590 | ||||||
5.00%, 06/01/29 (Call 07/01/24)(a)(b) | 1,756 | 1,621,711 | ||||||
Travel & Leisure Co. | ||||||||
4.50%, 12/01/29 (Call 09/01/29)(a)(b) | 3,071 | 2,796,598 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a) | 2,346 | 2,355,592 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., | ||||||||
5.25%, 05/15/27 (Call 02/15/27)(a) | 449 | 437,034 | ||||||
11,420,136 | ||||||||
Machinery — 0.6% | ||||||||
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a) | 3,637 | 3,371,227 | ||||||
Manufacturing — 0.5% | ||||||||
LSB Industries Inc., 6.25%, 10/15/28 | ||||||||
(Call 10/15/24)(a)(b) | 3,108 | 2,990,655 | ||||||
Media — 8.3% | ||||||||
Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(a)(b) | 3,967 | 2,959,972 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.25%, 02/01/31 (Call 07/01/25)(a)(b) | 1,320 | 1,063,967 | ||||||
4.25%, 01/15/34 (Call 01/15/28)(a) | 5,033 | 3,750,036 | ||||||
4.50%, 05/01/32 (Call 05/01/26) | 5,125 | 4,065,603 | ||||||
4.50%, 06/01/33 (Call 06/01/27)(a) | 3,874 | 2,989,509 | ||||||
4.75%, 02/01/32 (Call 02/01/27)(a) | 4,081 | 3,286,147 | ||||||
Directv Financing LLC, 8.88%, 02/01/30 | ||||||||
(Call 02/01/26)(a) | 2,294 | 2,210,187 | ||||||
Directv Financing LLC/Directv Financing | ||||||||
Co-Obligor Inc., 5.88%, 08/15/27 (Call 07/01/24)(a) | 4,442 | 4,171,093 | ||||||
GCI LLC, 4.75%, 10/15/28 (Call 06/17/24)(a)(b) | 2,987 | 2,711,837 | ||||||
Nexstar Media Inc. | ||||||||
4.75%, 11/01/28 (Call 06/11/24)(a)(b) | 4,842 | 4,270,697 | ||||||
5.63%, 07/15/27 (Call 06/11/24)(a) | 1,256 | 1,185,517 | ||||||
Sirius XM Radio Inc. | ||||||||
3.88%, 09/01/31 (Call 09/01/26)(a)(b) | 2,009 | 1,604,265 | ||||||
4.13%, 07/01/30 (Call 07/01/25)(a) | 2,958 | 2,479,246 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a) | 3,948 | 3,666,765 | ||||||
TEGNA Inc. | ||||||||
4.63%, 03/15/28 (Call 07/01/24)(b) | 4,532 | 4,104,906 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
5.00%, 09/15/29 (Call 09/15/24) | $ | 1,811 | $ | 1,591,486 | ||||
Townsquare Media Inc., 6.88%, 02/01/26 | ||||||||
(Call 07/01/24)(a)(b) | 2,420 | 2,365,295 | ||||||
48,476,528 | ||||||||
Mining — 3.8% | ||||||||
Eldorado Gold Corp., 6.25%, 09/01/29 | ||||||||
(Call 09/01/24)(a)(b) | 2,426 | 2,310,776 | ||||||
Endeavour Mining PLC, 5.00%, 10/14/26 | ||||||||
(Call 07/01/24)(a)(b) | 2,203 | 2,077,645 | ||||||
First Quantum Minerals Ltd. | ||||||||
8.63%, 06/01/31 (Call 06/01/26)(a) | 3,420 | 3,403,495 | ||||||
9.38%, 03/01/29 (Call 03/01/26)(a)(b) | 3,565 | 3,720,009 | ||||||
Hecla Mining Co., 7.25%, 02/15/28 (Call 06/17/24) | 1,817 | 1,829,808 | ||||||
IAMGOLD Corp., 5.75%, 10/15/28 (Call 07/02/24)(a)(b) | 2,412 | 2,263,606 | ||||||
Stillwater Mining Co. | ||||||||
4.00%, 11/16/26 (Call 07/01/24)(a) | 2,621 | 2,384,560 | ||||||
4.50%, 11/16/29 (Call 11/16/25)(a) | 2,809 | 2,274,717 | ||||||
Taseko Mines Ltd., 8.25%, 05/01/30 (Call 11/01/26)(a) | 2,142 | 2,195,741 | ||||||
22,460,357 | ||||||||
Office Furnishings — 0.3% | ||||||||
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) | 1,990 | 1,879,979 | ||||||
Oil & Gas — 10.6% | ||||||||
Baytex Energy Corp., 8.50%, 04/30/30 | ||||||||
(Call 04/30/26)(a)(b) | 3,231 | 3,369,359 | ||||||
Chord Energy Corp., 6.38%, 06/01/26 | ||||||||
(Call 07/01/24)(a) | 1,068 | 1,066,288 | ||||||
Civitas Resources Inc. | ||||||||
5.00%, 10/15/26 (Call 07/01/24)(a) | 1,071 | 1,042,687 | ||||||
8.38%, 07/01/28 (Call 07/01/25)(a) | 947 | 993,864 | ||||||
8.75%, 07/01/31 (Call 07/01/26)(a) | 3,974 | 4,242,698 | ||||||
CNX Resources Corp. | ||||||||
6.00%, 01/15/29 (Call 07/01/24)(a) | 1,711 | 1,669,552 | ||||||
7.38%, 01/15/31 (Call 01/15/26)(a)(b) | 1,947 | 1,981,450 | ||||||
Comstock Resources Inc., 6.75%, 03/01/29 | ||||||||
(Call 06/17/24)(a) | 5,705 | 5,494,568 | ||||||
CVR Energy Inc., 8.50%, 01/15/29 (Call 01/15/26)(a) | 2,544 | 2,554,877 | ||||||
Diamond Foreign Asset Co./Diamond Finance LLC, | ||||||||
8.50%, 10/01/30 (Call 10/01/26)(a)(b) | 2,199 | 2,308,739 | ||||||
Energean PLC, 6.50%, 04/30/27 (Call 07/01/24)(a)(b) | 2,039 | 1,921,758 | ||||||
Gulfport Energy Corp., 8.00%, 05/17/26 | ||||||||
(Call 06/11/24)(a) | 995 | 1,008,640 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26 | ||||||||
(Call 07/01/24)(a) | 1,920 | 1,879,233 | ||||||
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 | ||||||||
(Call 07/01/24)(a) | 2,379 | 2,413,648 | ||||||
Kosmos Energy Ltd. | ||||||||
7.13%, 04/04/26 (Call 06/11/24)(a)(b) | 2,556 | 2,507,063 | ||||||
7.50%, 03/01/28 (Call 07/01/24)(a)(b) | 2,094 | 1,993,432 | ||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & | ||||||||
Gas Finance Corp., 6.00%, 08/01/26 | ||||||||
(Call 06/11/24)(a) | 715 | 703,121 | ||||||
Northern Oil & Gas Inc. | ||||||||
8.13%, 03/01/28 (Call 07/01/24)(a) | 3,070 | 3,121,285 | ||||||
8.75%, 06/15/31 (Call 06/15/26)(a) | 1,659 | 1,738,202 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
6.00%, 02/15/28 (Call 07/01/24) | 1,911 | 1,867,323 | ||||||
7.88%, 09/15/30 (Call 09/15/26)(a)(b) | 1,981 | 2,034,940 | ||||||
Permian Resources Operating LLC, 8.00%, 04/15/27 | ||||||||
(Call 07/01/24)(a) | 2,314 | 2,374,656 |
3
Schedule of Investments (unaudited) (continued) | iShares® High Yield Systematic Bond ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Sitio Royalties Operating Partnership LP/Sitio Finance | ||||||||
Corp., 7.88%, 11/01/28 (Call 11/01/25)(a) | $ | 2,432 | $ | 2,523,258 | ||||
Strathcona Resources Ltd., 6.88%, 08/01/26 | ||||||||
(Call 07/01/24)(a) | 2,258 | 2,230,956 | ||||||
Talos Production Inc. | ||||||||
9.00%, 02/01/29 (Call 02/01/26)(a)(b) | 2,660 | 2,790,545 | ||||||
9.38%, 02/01/31 (Call 02/01/27)(a) | 2,067 | 2,187,598 | ||||||
Tullow Oil PLC, 10.25%, 05/15/26 (Call 07/01/24)(a) | 4,420 | 4,264,100 | ||||||
62,283,840 | ||||||||
Oil & Gas Services — 1.6% | ||||||||
Archrock Partners LP/Archrock Partners | ||||||||
Finance Corp. | ||||||||
6.25%, 04/01/28 (Call 07/01/24)(a) | 834 | 824,306 | ||||||
6.88%, 04/01/27 (Call 07/01/24)(a)(b) | 1,817 | 1,824,156 | ||||||
Bristow Group Inc., 6.88%, 03/01/28 (Call 07/01/24)(a) | 1,102 | 1,077,843 | ||||||
USA Compression Partners LP/USA Compression | ||||||||
Finance Corp., 6.88%, 09/01/27 (Call 07/01/24) | 1,712 | 1,712,094 | ||||||
Weatherford International Ltd., 8.63%, 04/30/30 | ||||||||
(Call 10/30/24)(a)(b) | 3,836 | 3,966,260 | ||||||
9,404,659 | ||||||||
Packaging & Containers — 1.1% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh | ||||||||
Metal Packaging Finance PLC, 4.00%, 09/01/29 | ||||||||
(Call 07/05/24)(a) | 1,609 | 1,328,355 | ||||||
Graham Packaging Co. Inc., 7.13%, 08/15/28 | ||||||||
(Call 07/01/24)(a) | 2,517 | 2,372,518 | ||||||
Klabin Austria GmbH, 7.00%, 04/03/49 | ||||||||
(Call 10/03/48)(a) | 2,940 | 2,959,119 | ||||||
6,659,992 | ||||||||
Pharmaceuticals — 3.8% | ||||||||
Bausch Health Americas Inc., 8.50%, 01/31/27 | ||||||||
(Call 07/02/24)(a) | 4,301 | 3,115,687 | ||||||
Bausch Health Companies Inc. | ||||||||
5.75%, 08/15/27 (Call 06/17/24)(a) | 1,828 | 1,444,120 | ||||||
6.13%, 02/01/27 (Call 07/02/24)(a) | 6,574 | 5,458,852 | ||||||
Elanco Animal Health Inc., 6.65%, 08/28/28 | ||||||||
(Call 05/28/28)(b) | 2,918 | 2,941,983 | ||||||
Grifols SA, 4.75%, 10/15/28 (Call 10/15/24)(a)(b) | 3,665 | 3,188,653 | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV, | ||||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) | 4,109 | 3,631,153 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
6.75%, 05/15/34 (Call 05/15/29)(a) | 105 | 104,623 | ||||||
7.88%, 05/15/34 (Call 05/15/29)(a)(b) | 2,065 | 2,098,625 | ||||||
21,983,696 | ||||||||
Pipelines — 3.2% | ||||||||
Antero Midstream Partners LP/Antero Midstream | ||||||||
Finance Corp., 5.75%, 03/01/27 (Call 06/17/24)(a) | 2,126 | 2,101,801 | ||||||
Delek Logistics Partners LP/Delek Logistics Finance | ||||||||
Corp., 8.63%, 03/15/29 (Call 03/15/26)(a) | 3,500 | 3,578,874 | ||||||
EQM Midstream Partners LP, 6.50%, 07/15/48 | ||||||||
(Call 01/15/48) | 1,489 | 1,489,811 | ||||||
Global Partners LP/GLP Finance Corp., 8.25%, | ||||||||
01/15/32 (Call 01/15/27)(a) | 1,861 | 1,914,656 | ||||||
New Fortress Energy Inc. | ||||||||
6.50%, 09/30/26 (Call 07/01/24)(a)(b) | 4,352 | 4,096,302 | ||||||
6.75%, 09/15/25 (Call 06/21/24)(a) | 530 | 523,730 | ||||||
8.75%, 03/15/29 (Call 03/15/26)(a)(b) | 1,612 | 1,547,295 | ||||||
NGL Energy Operating LLC/NGL Energy Finance | ||||||||
Corp., 8.38%, 02/15/32 (Call 02/15/27)(a) | 3,241 | 3,300,794 | ||||||
18,553,263 |
Security | Par (000) | Value | ||||||
Real Estate — 1.3% | ||||||||
Cushman & Wakefield U.S. Borrower LLC, 6.75%, | ||||||||
05/15/28 (Call 07/01/24)(a)(b) | $ | 2,783 | $ | 2,767,366 | ||||
Howard Hughes Corp. (The) | ||||||||
4.13%, 02/01/29 (Call 06/17/24)(a) | 3,124 | 2,775,548 | ||||||
4.38%, 02/01/31 (Call 02/01/26)(a) | 2,734 | 2,332,055 | ||||||
7,874,969 | ||||||||
Real Estate Investment Trusts — 4.5% | ||||||||
Apollo Commercial Real Estate Finance Inc., 4.63%, | ||||||||
06/15/29 (Call 07/01/24)(a) | 2,494 | 2,083,977 | ||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR | ||||||||
Nimbus LLC/GGSI Sellco LLC | ||||||||
4.50%, 04/01/27 (Call 07/01/24)(a) | 3,412 | 3,163,842 | ||||||
5.75%, 05/15/26 (Call 06/11/24)(a)(b) | 2,017 | 1,979,875 | ||||||
Iron Mountain Inc. | ||||||||
4.50%, 02/15/31 (Call 02/15/26)(a) | 681 | 606,077 | ||||||
5.25%, 03/15/28 (Call 06/11/24)(a) | 310 | 298,434 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a) | 785 | 732,549 | ||||||
Park Intermediate Holdings LLC/PK Domestic | ||||||||
Property LLC/PK Finance Co-Issuer | ||||||||
4.88%, 05/15/29 (Call 07/01/24)(a)(b) | 249 | 231,554 | ||||||
5.88%, 10/01/28 (Call 07/01/24)(a) | 2,530 | 2,479,400 | ||||||
Rithm Capital Corp., 8.00%, 04/01/29 | ||||||||
(Call 04/01/26)(a) | 3,431 | 3,338,926 | ||||||
RLJ Lodging Trust LP | ||||||||
3.75%, 07/01/26 (Call 07/01/24)(a) | 2,013 | 1,901,548 | ||||||
4.00%, 09/15/29 (Call 09/15/24)(a)(b) | 2,399 | 2,098,373 | ||||||
Service Properties Trust, 4.75%, 10/01/26 | ||||||||
(Call 08/01/26) | 1,020 | 953,694 | ||||||
Starwood Property Trust Inc., 4.38%, 01/15/27 | ||||||||
(Call 07/15/26)(a)(b) | 1,432 | 1,341,835 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL | ||||||||
Capital LLC | ||||||||
6.50%, 02/15/29 (Call 06/11/24)(a) | 1,689 | 1,172,248 | ||||||
10.50%, 02/15/28 (Call 09/15/25)(a) | 1,552 | 1,552,251 | ||||||
XHR LP, 4.88%, 06/01/29 (Call 07/01/24)(a) | 2,340 | 2,155,850 | ||||||
26,090,433 | ||||||||
Retail — 5.7% | ||||||||
Bath & Body Works Inc. | ||||||||
6.75%, 07/01/36 | 2,621 | 2,608,249 | ||||||
6.88%, 11/01/35 | 3,839 | 3,871,839 | ||||||
Brinker International Inc., 8.25%, 07/15/30 | ||||||||
(Call 07/15/26)(a) | 1,412 | 1,473,294 | ||||||
Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28 | ||||||||
(Call 02/15/25)(a) | 2,098 | 2,224,714 | ||||||
FirstCash Inc. | ||||||||
4.63%, 09/01/28 (Call 07/01/24)(a) | 1,964 | 1,841,578 | ||||||
5.63%, 01/01/30 (Call 01/01/25)(a)(b) | 2,342 | 2,218,990 | ||||||
Gap Inc. (The) | ||||||||
3.63%, 10/01/29 (Call 10/01/24)(a) | 3,589 | 3,105,902 | ||||||
3.88%, 10/01/31 (Call 10/01/26)(a)(b) | 2,289 | 1,900,127 | ||||||
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31) | 2,857 | 2,303,970 | ||||||
Macy’s Retail Holdings LLC | ||||||||
5.88%, 04/01/29 (Call 07/01/24)(a)(b) | 2,237 | 2,154,018 | ||||||
6.13%, 03/15/32 (Call 03/15/27)(a)(b) | 1,109 | 1,055,113 | ||||||
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43) | 5,963 | 4,689,312 | ||||||
Superior Plus LP/Superior General Partner Inc., | ||||||||
4.50%, 03/15/29 (Call 06/11/24)(a) | 2,766 | 2,516,356 | ||||||
Walgreens Boots Alliance Inc., 4.10%, 04/15/50 | ||||||||
(Call 10/15/49) | 1,731 | 1,259,245 | ||||||
33,222,707 |
4
Schedule of Investments (unaudited) (continued) | iShares® High Yield Systematic Bond ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Software — 1.1% | ||||||||
Dye & Durham Ltd., 8.63%, 04/15/29 | ||||||||
(Call 04/15/26)(a) | $ | 2,347 | $ | 2,376,307 | ||||
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a) | 2,382 | 2,277,233 | ||||||
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) | 1,899 | 1,654,541 | ||||||
6,308,081 | ||||||||
Telecommunications — 2.6% | ||||||||
Consolidated Communications Inc., 6.50%, 10/01/28 | ||||||||
(Call 06/11/24)(a)(b) | 3,869 | 3,268,768 | ||||||
Frontier Communications Holdings LLC | ||||||||
5.88%, 11/01/29 (Call 11/01/24)(b) | 1,308 | 1,128,395 | ||||||
6.00%, 01/15/30 (Call 10/15/24)(a) | 2,400 | 2,079,966 | ||||||
6.75%, 05/01/29 (Call 07/01/24)(a)(b) | 4,895 | 4,468,081 | ||||||
8.63%, 03/15/31 (Call 03/15/26)(a) | 121 | 124,039 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 08/01/26 | 2,082 | 1,410,361 | ||||||
6.63%, 08/01/26 | 5,245 | 2,137,337 | ||||||
Millicom International Cellular SA, 4.50%, 04/27/31 | ||||||||
(Call 04/27/26)(a) | 648 | 557,027 | ||||||
15,173,974 | ||||||||
Trucking & Leasing — 0.7% | ||||||||
Fortress Transportation and Infrastructure | ||||||||
Investors LLC, 5.50%, 05/01/28 (Call 07/01/24)(a) | 4,349 | 4,203,327 | ||||||
Total Long-Term Investments — 97.4% | ||||||||
(Cost: $567,240,863) | 569,943,988 |
Security |
Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 16.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency | ||||||||
Shares, 5.49%(d)(e)(f) | 92,628,864 | $ | 92,656,653 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
5.28%(d)(e) | 2,480,000 | 2,480,000 | ||||||
Total Short-Term Securities — 16.3% | ||||||||
(Cost: $95,128,509) | 95,136,653 | |||||||
Total Investments — 113.7% | ||||||||
(Cost: $662,369,372) | 665,080,641 | |||||||
Liabilities in Excess of Other Assets — (13.7)% | (79,988,627 | ) | ||||||
Net Assets — 100.0% | $ | 585,092,014 |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value
at 02/29/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 105,051,842 | $ | — | $ | (12,375,636 | )(a) | $ | (14,833 | ) | $ | (4,720 | ) | $ | 92,656,653 | 92,628,864 | $ | 121,306 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,110,000 | 1,370,000 | (a) | — | — | — | 2,480,000 | 2,480,000 | 56,090 | — | ||||||||||||||||||||||||||
$ | (14,833 | ) | $ | (4,720 | ) | $ | 95,136,653 | $ | 177,396 | $ | — |
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
● | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
● | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
5
Schedule of Investments (unaudited) (continued) | iShares® High Yield Systematic Bond ETF |
May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 569,943,988 | $ | — | $ | 569,943,988 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 95,136,653 | — | — | 95,136,653 | ||||||||||||
$ | 95,136,653 | $ | 569,943,988 | $ | — | $ | 665,080,641 |
Portfolio Abbreviation
CMT | Constant Maturity Treasury |
REIT | Real Estate Investment Trust |
6