|
JULY 31, 2022 |
2022 Annual Report |
iShares Trust
· |
iShares International Equity Factor ETF | INTF | NYSE Arca |
· |
iShares MSCI Global Multifactor ETF | ACWF | NYSE Arca |
· |
iShares MSCI Intl Small-Cap Multifactor ETF | ISCF | NYSE Arca |
· |
iShares MSCI USA Mid-Cap Multifactor ETF | MIDF | NYSE Arca |
· |
iShares MSCI USA Small-Cap Multifactor ETF | SMLF | NYSE Arca |
· |
iShares U.S. Equity Factor ETF | LRGF | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.
The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of July 31, 2022
|
||||||||
6-Month | 12-Month | |||||||
U.S.
large cap equities |
(7.81) | % | (4.64) | % | ||||
U.S.
small cap equities |
(6.42) | (14.29) | ||||||
International
equities |
(11.27) | (14.32) | ||||||
Emerging
market equities |
(16.24) | (20.09) | ||||||
3-month Treasury bills |
0.21 | 0.22 | ||||||
U.S.
Treasury securities |
(6.38) | (10.00) | ||||||
U.S.
investment grade bonds |
(6.14) | (9.12) | ||||||
Tax-exempt municipal
bonds |
(3.95) | (6.93) | ||||||
U.S.
high yield bonds |
(6.58) | (8.03) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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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
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Annual Report: |
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5 | ||||
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17 | ||||
18 | ||||
Financial Statements: |
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62 | ||||
64 | ||||
67 | ||||
73 | ||||
85 | ||||
86 | ||||
87 | ||||
91 | ||||
92 | ||||
95 | ||||
96 |
3 |
iShares Trust
Global Market Overview
Global equity markets declined during the 12 months ended July 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -10.48% in U.S. dollar terms for the reporting period.
For the first five months of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022, which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.
The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.
Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses.
Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.
Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.
4 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2022 | iShares® International Equity Factor ETF |
Investment Objective
The iShares International Equity Factor ETF (the “Fund”) (formerly the iShares MSCI Intl Multifactor ETF) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(13.97 | )% | 1.64 | % | 2.86 | % | (13.97 | )% | 8.48 | % | 22.70 | % | ||||||||||||||||
Fund Market |
(14.08 | ) | 1.59 | 2.86 | (14.08 | ) | 8.19 | 22.69 | ||||||||||||||||||||
Index(a) |
(14.16 | ) | 1.68 | 2.90 | (14.16 | ) | 8.67 | 23.06 | ||||||||||||||||||||
MSCI World ex USA Diversified Multiple-Factor |
(13.79 | ) | 1.76 | 2.96 | (13.79 | ) | 9.14 | 23.60 | ||||||||||||||||||||
STOXX International Equity Factor Index(b) |
N/A | N/A | N/A | N/A | N/A | N/A |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
(a) |
Index performance through May 31, 2022 reflects the performance of the MSCI World ex USA Diversified Multiple-Factor Index. Index performance beginning on June 01, 2022 reflects the performance of the STOXX International Equity Factor Index, which, effective as of June 01, 2022, replaced the MSCI World ex USA Diversified Multiple-Factor Index as the underlying index of the fund. |
(b) |
The inception date of the STOXX International Equity Factor Index was March 08, 2022. The cumulative total return for this index for the period March 08, 2022 through July 31, 2022 was -1.64%. |
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 902.40 | $ | 0.94 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of July 31, 2022 (continued) | iShares® International Equity Factor ETF |
Portfolio Management Commentary
International developed market stocks with favorable exposure to 5 targeted style factors – quality, value, momentum, low size, and low volatility – declined during the reporting period. Stocks in Sweden, particularly in the financial sector, detracted the most from the Index’s return. Mounting inflation, rising interest rates, and weakening global economies led to a drop in the stock prices of the companies that Swedish diversified holding companies invest in. Persistent supply chain disruptions, exacerbated by Russia’s invasion of Ukraine, also weakened the holding companies’ investments. Additionally, the stock prices of some of the companies that advanced during the start of the coronavirus pandemic later retreated as consumer habits shifted.
Japanese stocks, particularly in the information technology sector, also detracted from the Index’s performance. China’s lockdown measures to combat the spread of the coronavirus and its variants disrupted production and slowed deliveries of goods, hurting Japanese technology, hardware, and equipment companies with operations located there. A worldwide shortage in silicon chips, widely used in electronics, raised manufacturing costs and further slowed output for Japanese technology companies.
German stocks also detracted from the Index’s performance, driven by the consumer staples sector. A German maker of meal-kits, which climbed at the start of the pandemic when consumers ate at home more often, detracted as people began eating out at restaurants more often. In addition, rising food prices and falling consumer confidence weakened the outlook for meal-kit delivery companies. The industrials sector also detracted, as sales for German automakers in China, a key market for luxury cars, dropped sharply as coronavirus-related lockdowns shut car dealerships for extended periods.
Stocks in the Netherlands also detracted, driven by the healthcare sector. Stock prices of companies in the health care equipment and services sector dropped as supply chain issues disrupted production, and as customers postponed equipment installations.
U.K. stocks, which declined as The Bank of England raised interest rates in 2022 to the highest levels in 13 years, also weakened the Index’s performance. Rising interest rates, supply constraints, and inflationary pressures weighed on the industrials sector.
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent
of Total Investments |
(a) | |
Financials |
20.3 | % | ||
Industrials |
13.2 | |||
Consumer Discretionary |
11.3 | |||
Health Care |
10.2 | |||
Consumer Staples |
10.1 | |||
Information Technology |
8.6 | |||
Materials |
8.0 | |||
Communication Services |
6.1 | |||
Energy |
4.8 | |||
Utilities |
3.8 | |||
Real Estate |
3.6 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent
of Total Investments |
(a) | |
Japan |
22.9 | % | ||
United Kingdom |
13.4 | |||
France |
9.4 | |||
Switzerland |
9.1 | |||
Australia |
8.1 | |||
Canada |
7.7 | |||
Netherlands |
5.1 | |||
Germany |
4.6 | |||
Denmark |
3.2 | |||
Hong Kong |
2.9 |
6 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2022 | iShares® MSCI Global Multifactor ETF |
Investment Objective
The iShares MSCI Global Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI ACWI Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(11.08 | )% | 5.83 | % | 5.88 | % | (11.08 | )% | 32.76 | % | 51.44 | % | ||||||||||||||||
Fund Market |
(11.39 | ) | 5.53 | 5.87 | (11.39 | ) | 30.86 | 51.35 | ||||||||||||||||||||
Index |
(11.12 | ) | 5.90 | 6.08 | (11.12 | ) | 33.19 | 53.46 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
Past performance is not an indication 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” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 908.60 | $ | 1.66 | $ | 1,000.00 | $ | 1,023.10 | $ | 1.76 | 0.35 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of July 31, 2022 (continued) | iShares® MSCI Global Multifactor ETF |
Portfolio Management Commentary
Global stocks with favorable exposure to 4 targeted factors – value, quality, momentum, and small size – declined during the reporting period as global growth stalled in an environment of high inflation, rising interest rates, and volatility in commodities markets. U.S. stocks were the largest detractors from the Index’s return, as the reopening-led recovery cooled and the economy contracted in the first half of 2022. The U.S. consumer discretionary sector declined the most, as high inflation weighed heavily on consumer sentiment. The retail industry, which was negatively impacted by supply chain disruptions early in the reporting period, faced overstocking concerns as order backlogs cleared. Growing inventories led to more markdowns in the multiline retail industry, and shifting consumer demand pressured profits. Rising costs, particularly from higher fuel prices and freight expenses, dampened earnings as profit margins contracted significantly.
The U.S. information technology sector also declined, most notably the semiconductors and semiconductor equipment industry. The weakening economy dented demand for products that use semiconductors as smaller businesses in particular slowed their purchases of computers. Stiff competition pressured the industry and lower prices for some products weighed on earnings. Capital markets companies in the financials sector also declined as lower stock prices led to a decrease in assets under management, along with diminished revenue and earnings.
Stocks in Japan, which endured two quarters of economic contraction during the reporting period, also detracted notably from the Index’s performance. The Japanese yen depreciated significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars.
Chinese stocks further weighed on the Index’s performance amid strict lockdowns to prevent the spread of COVID-19. The consumer discretionary sector declined significantly, as the lockdowns significantly dampened consumer sentiment.
For the reporting period, the Index slightly underperformed the broader market, as represented by the MSCI ACWI. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. The momentum and quality factors were the most significant detractors from the Index’s relative performance, while value was additive. From an industry perspective, stock selection in the metals and mining industry negatively impacted relative return, while stock selection in oil, gas, and consumable fuels contributed. Positioning in South African stocks worked against the Index’s return compared to the broader market, while stock selection among U.S. stocks benefited performance.
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent of Total Investments |
(a) | |
Information Technology |
25.1 | % | ||
Financials |
12.4 | |||
Health Care |
11.7 | |||
Industrials |
11.2 | |||
Consumer Discretionary |
9.8 | |||
Materials |
8.0 | |||
Consumer Staples |
7.2 | |||
Real Estate |
4.3 | |||
Energy |
4.3 | |||
Communication Services |
3.8 | |||
Utilities |
2.2 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
United States |
57.2 | % | ||
China |
7.4 | |||
Japan |
5.1 | |||
Canada |
5.0 | |||
India |
3.5 | |||
Australia |
2.9 | |||
Netherlands |
2.2 | |||
United Kingdom |
2.1 | |||
France |
1.8 | |||
Switzerland |
1.8 |
8 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2022 | iShares® MSCI Intl Small-Cap Multifactor ETF |
Investment Objective
The iShares MSCI Intl Small-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Small Cap Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(13.81 | )% | 4.00 | % | 5.74 | % | (13.81 | )% | 21.69 | % | 49.99 | % | ||||||||||||||||
Fund Market |
(14.37 | ) | 3.85 | 5.72 | (14.37 | ) | 20.82 | 49.74 | ||||||||||||||||||||
Index |
(13.92 | ) | 4.13 | 5.94 | (13.92 | ) | 22.43 | 51.97 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 908.90 | $ | 1.89 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.01 | 0.40 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of July 31, 2022 (continued) | iShares® MSCI Intl Small-Cap Multifactor ETF |
Portfolio Management Commentary
International small-capitalization stocks with favorable exposure to target style factors declined during the reporting period. U.K. stocks detracted the most from the Index’s return, driven by the consumer discretionary sector. Increasing inflation, made worse by the war in Ukraine and subsequent western sanctions against Russia, led consumers to reduce spending on nonessential items, weighing on the specialty retail industry. The industrials sector detracted as air freight and logistics companies were pressured by lower freight volume, which declined as consumer’s easing concerns about COVID-19 led to a decrease in online shopping.
Japanese stocks, particularly in the consumer discretionary sector, also detracted from the Index’s performance. Higher material costs and reductions in vehicle production, due to a worldwide microprocessor shortage, weighed on auto components manufacturers. The weaker Japanese yen, which in July 2022 declined to a 24-year low against the U.S. dollar, led to further cost pressure among auto components suppliers.
Swiss stocks also detracted from the Index’s return. The industrials sector drove the decline in an environment of coronavirus pandemic-related production slowdowns and supply shortages. The healthcare sector detracted as revenues from products and services related to the pandemic declined.
Swedish stocks in the consumer discretionary sector also detracted. Several casino and gaming operators reported weaker earnings as regulatory hurdles pressured income. French companies in the information technology sector further detracted from the Index’s return amid labor and supply shortages.
On the upside, Canadian energy stocks contributed meaningfully to the Index’s performance as higher oil and gas prices drove an increase in profits. Oil prices climbed sharply worldwide after Russia’s invasion of Ukraine precipitated international sanctions against Russia. With stronger cash flows, many oil and gas exploration and production companies declared higher dividends and announced plans to buy back stock.
In terms of relative performance, the Index significantly outperformed the broader market, as represented by the MSCI World ex USA Small Cap Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four style factors, all four with the exception of size benefited relative performance during the reporting period. Relative to the broader market, stock selection and an overweight position in the energy sector contributed to relative performance, while stock selection in the materials and financials sectors detracted.
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent of Total Investments |
(a) | |
Industrials |
22.6 | % | ||
Consumer Discretionary |
12.3 | |||
Information Technology |
10.2 | |||
Energy |
10.1 | |||
Financials |
9.6 | |||
Materials |
9.1 | |||
Health Care |
9.0 | |||
Real Estate |
7.8 | |||
Consumer Staples |
4.2 | |||
Communication Services |
2.7 | |||
Utilities |
2.4 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
Japan |
24.8 | % | ||
Canada |
15.1 | |||
United Kingdom |
14.5 | |||
Australia |
11.0 | |||
Switzerland |
6.5 | |||
France |
5.2 | |||
Netherlands |
3.4 | |||
Hong Kong |
3.3 | |||
Germany |
3.0 | |||
Singapore |
2.8 |
10 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2022 | iShares® MSCI USA Mid-Cap Multifactor ETF |
Investment Objective
The iShares MSCI USA Mid-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. mid-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Mid Cap Diversified Multiple-Factor 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 |
(2.69 | )% | 12.92 | % | (2.69 | )% | 46.77 | % | ||||||||||||
Fund Market |
(2.76 | ) | 12.90 | (2.76 | ) | 46.70 | ||||||||||||||
Index |
(2.75 | ) | 13.03 | (2.75 | ) | 47.17 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 4, 2019. The first day of secondary market trading was June 6, 2019.
Past performance is not an indication 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” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 944.30 | $ | 1.21 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.25 | 0.25 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of July 31, 2022 (continued) | iShares® MSCI USA Mid-Cap Multifactor ETF |
Portfolio Management Commentary
Stocks of mid-capitalization companies with favorable exposure to target style factors declined during the reporting period. The consumer discretionary sector detracted the most from the Index’s performance. Homebuilding companies faced headwinds as the once-strong housing market slowed. Home mortgage rates rose from record lows in recent years, increasing the cost to purchase a house and decreasing new housing construction as consumers canceled purchase agreements. In addition to weakening demand for new home construction, homebuilders also faced escalating costs and labor shortages. The specialty retail industry also declined as inflation increased significantly and companies in the industry grew concerned about decreasing sales and profits.
The information technology sector further detracted from the Index’s return. Sales growth for electronic equipment and instruments companies eased as supply chain constraints, including a worldwide shortage of microchips, and labor shortages delayed the purchase of new equipment. The healthcare sector also detracted, driven by the life sciences tools and services industry, where revenues from products and services related to the coronavirus pandemic declined.
On the upside, the energy sector contributed the most to the Index’s return. Oil and gas prices increased sharply following Russia’s invasion of Ukraine as subsequent western sanctions limited energy exports from Russia, one of the world’s major producers. Higher prices led to increased revenues and profits for the oil, gas, and consumable fuels industry. However, labor shortages and rising costs made increasing production to take advantage of the high energy prices difficult. Rather than invest the profits in new oil and gas exploration or increased production, many companies in the industry raised dividends and announced plans to buy back stock.
In terms of relative performance, the Index significantly outperformed the broader market, as represented by the MSCI USA Mid-Cap Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four target style factors, value and quality contributed notably to relative performance with a broad-based market rally during the reporting period. Industry allocation also contributed to the Index’s relative performance, driven primarily by an underweight to the software industry, overweight position in the oil, gas, and consumable fuels industry, and an underweight position in the hotels, restaurants, and leisure industry. Conversely, an underweight position in real estate, overweight position in household durables, and an underweight position in electric and multi-utilities detracted from relative performance.
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent of Total Investments |
(a) | |
Information Technology |
23.4 | % | ||
Industrials |
13.0 | |||
Financials |
12.4 | |||
Consumer Discretionary |
12.0 | |||
Health Care |
11.0 | |||
Materials |
10.7 | |||
Energy |
5.1 | |||
Real Estate |
3.5 | |||
Utilities |
3.2 | |||
Communication Services |
3.0 | |||
Consumer Staples |
2.7 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | |
Percent of Total Investments |
(a) | |
Cadence Design Systems Inc. |
2.2 | % | ||
ON Semiconductor Corp. |
1.8 | |||
Devon Energy Corp. |
1.7 | |||
United Rentals Inc. |
1.7 | |||
CBRE Group Inc., Class A |
1.7 | |||
Waters Corp. |
1.6 | |||
Laboratory Corp. of America Holdings |
1.6 | |||
Coterra Energy Inc. |
1.5 | |||
Jack Henry & Associates Inc. |
1.5 | |||
Molina Healthcare Inc. |
1.4 |
12 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2022 | iShares® MSCI USA Small-Cap Multifactor ETF |
Investment Objective
The iShares MSCI USA Small-Cap Multifactor ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. small-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Small Cap Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(4.23 | )% | 8.53 | % | 8.96 | % | (4.23 | )% | 50.60 | % | 86.48 | % | ||||||||||||||||
Fund Market |
(4.25 | ) | 8.51 | 8.96 | (4.25 | ) | 50.41 | 86.39 | ||||||||||||||||||||
Index |
(3.93 | ) | 8.88 | 9.34 | (3.93 | ) | 53.01 | 91.09 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 973.20 | $ | 1.47 | $ | 1,000.00 | $ | 1,023.30 | $ | 1.51 | 0.30 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
13 |
Fund Summary as of July 31, 2022 (continued) | iShares® MSCI USA Small-Cap Multifactor ETF |
Portfolio Management Commentary
Stocks of small-capitalization companies with favorable exposure to target style factors declined during the reporting period. The consumer discretionary sector detracted the most from the Index’s return. Soaring inflation, which reached a 40-year high in June 2022, weighed on specialty retailers, leisure products companies, and textiles and apparel brands. Falling consumer confidence weakened the sales and profits outlook for discretionary items as shoppers cut back on buying nonessential services and products. Meanwhile, persistent supply chain disruptions, worsened by Russia’s invasion of Ukraine, sharply increased freight costs, a significant expense for many retailers.
The healthcare sector also detracted from the Index’s performance. Home healthcare providers faced mounting labor costs as the low unemployment rate, difficulty retaining staff during the coronavirus pandemic, and rising demand for services to treat the aging population led to a nursing shortage. Some healthcare providers resorted to hiring more expensive contract labor to address the shortfall in the permanent workforce.
On the upside, the energy sector contributed the most to the Index’s return. Oil and gas prices increased following Russia’s invasion of Ukraine, as the subsequent sanctions limited energy exports from Russia, one of the world’s major producers. As prices of energy commodities rose, profits at oil and gas companies increased sharply. Labor shortages and rising costs impeded efforts to increase production as oil prices rose. Rather than invest profits in new oil and gas exploration or increased production, many companies in the industry rewarded shareholders by raising dividends and announcing plans to buy back stocks.
In terms of relative performance, the Index significantly outperformed the broader market for small-capitalization stocks, as represented by the MSCI USA Small Cap Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four target style factors, from a relative factor performance perspective, value experienced a broad-based rally during the reporting period as the Fed raised interest rates. Relative to the broader market, an overweight position in pharmaceuticals and an underweight position in the internet and direct marketing industry contributed to the Index’s relative performance. Conversely, overweight positions in the textiles and apparel and the interactive media and services industries detracted from relative performance.
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent
of Total Investments |
(a) | |
Information Technology |
19.1 | % | ||
Health Care |
18.2 | |||
Financials |
14.8 | |||
Industrials |
14.1 | |||
Energy |
9.7 | |||
Consumer Discretionary |
8.6 | |||
Real Estate |
4.8 | |||
Materials |
3.9 | |||
Communication Services |
3.3 | |||
Consumer Staples |
3.3 | |||
Utilities |
0.2 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | |
Percent
of Total Investments |
(a) | |
Ovintiv Inc. |
1.4 | % | ||
United Therapeutics Corp. |
1.1 | |||
Jones Lang LaSalle Inc. |
1.1 | |||
Jabil Inc. |
0.9 | |||
Range Resources Corp. |
0.9 | |||
Ciena Corp. |
0.9 | |||
Chemed Corp. |
0.8 | |||
SM Energy Co. |
0.8 | |||
Cirrus Logic Inc. |
0.8 | |||
Jefferies Financial Group Inc. |
0.8 |
14 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2022 | iShares® U.S. Equity Factor ETF |
Investment Objective
The iShares U.S. Equity Factor ETF (the “Fund”) (formerly the iShares MSCI USA Multifactor ETF) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the STOXX U.S. Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(3.58 | )% | 9.29 | % | 9.06 | % | (3.58 | )% | 55.95 | % | 87.72 | % | ||||||||||||||||
Fund Market |
(3.55 | ) | 9.29 | 9.07 | (3.55 | ) | 55.95 | 87.77 | ||||||||||||||||||||
Index(a) |
(3.48 | ) | 9.49 | 9.29 | (3.48 | ) | 57.38 | 90.51 | ||||||||||||||||||||
MSCI USA Diversified Multiple-Factor Index |
(5.19 | ) | 9.10 | 9.02 | (5.19 | ) | 54.59 | 87.14 | ||||||||||||||||||||
STOXX U.S. Equity Factor Index(b) |
N/A | N/A | N/A | N/A | N/A | N/A |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
(a) |
Index performance through May 31, 2022 reflects the performance of the MSCI USA Diversified Multiple-Factor Index. Index performance beginning on June 01, 2022 reflects the performance of the STOXX U.S. Equity Factor Index, which, effective as of June 01, 2022, replaced the MSCI USA Diversified Multiple-Factor Index as the underlying index of the fund. |
(b) |
The inception date of the STOXX U.S. Equity Factor Index was March 08, 2022. The cumulative total return for this index for the period March 08, 2022 through July 31, 2022 was -0.46%. |
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 954.00 | $ | 0.58 | $ | 1,000.00 | $ | 1,024.20 | $ | 0.60 | 0.12 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
15 |
Fund Summary as of July 31, 2022 (continued) | iShares® U.S. Equity Factor ETF |
Portfolio Management Commentary
Stocks of large- and mid-capitalization companies with favorable exposure to target style factors declined for the reporting period. The consumer discretionary sector declined the most as high inflation weighed heavily on consumer sentiment. The retail industry, which was negatively impacted by supply chain disruptions early in the reporting period, faced overstocking concerns as order backlogs cleared. Growing inventories led to more markdowns in the multiline retail industry and shifting consumer demand pressured profits. Rising costs, particularly from higher fuel prices and freight expenses, also dampened earnings as profit margins contracted significantly.
The communication services sector also detracted from the Index’s performance, particularly the entertainment industry. Accusations of workplace misconduct led to the investigation of a large company in the industry, which later entered an agreement to be acquired. Meanwhile, slowing demand for online advertisements pressured the interactive media and services industry. Capital markets companies in the financials sector also declined as lower stock prices led to a decrease in assets under management, along with diminished revenues and earnings.
On the upside, the energy sector benefited from higher prices for oil and natural gas. The global economic recovery drove higher demand for energy commodities, and the war in Ukraine further disrupted energy markets. Higher prices drove increased earnings in the oil, gas, and consumable fuels industry despite a rise in leasing costs.
The materials sector gained as the chemicals industry benefited from rising sales, price increases to compensate for higher input costs, and new product penetration. Another source of strength was the utilities sector, where grid modernization helped to stabilize earnings in the electric utilities industry.
In terms of relative performance, the Index significantly outperformed the broader market as represented by the MSCI USA Index. The Index’s research-based selection process focuses on five investment factors: value, quality, momentum, low volatility, and low size. In the process of seeking companies with a favorable combination of style factors, the Index’s positioning was overweight in the information technology and materials sectors but underweight in communication services and financials. From an industry perspective, overweight allocations to the healthcare provider industry and underweight positions in the interactive media and services and the internet and direct marketing retail industries benefited the Index relative to the broader market.
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent
of Total Investments |
(a) | |
Information Technology |
29.4 | % | ||
Health Care |
14.5 | |||
Financials |
12.5 | |||
Consumer Discretionary |
11.7 | |||
Consumer Staples |
7.3 | |||
Industrials |
6.6 | |||
Communication Services |
6.3 | |||
Energy |
4.4 | |||
Utilities |
2.9 | |||
Real Estate |
2.2 | |||
Materials |
2.2 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | |
Percent
of Total Investments |
(a) | |
Apple Inc. |
6.5 | % | ||
Microsoft Corp. |
5.8 | |||
Amazon.com Inc. |
2.8 | |||
Alphabet Inc., Class C |
2.0 | |||
Procter & Gamble Co. (The) |
1.6 | |||
UnitedHealth Group Inc. |
1.5 | |||
Tesla Inc. |
1.5 | |||
Johnson & Johnson |
1.5 | |||
AbbVie Inc. |
1.2 | |||
Nvidia Corp. |
1.1 |
16 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S |
17 |
July 31, 2022 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 8.1% | ||||||||
AGL Energy Ltd. |
432,974 | $ | 2,550,084 | |||||
ALS Ltd. |
88,818 | 729,501 | ||||||
Alumina Ltd. |
100,648 | 109,327 | ||||||
Aristocrat Leisure Ltd. |
36,058 | 899,577 | ||||||
ASX Ltd. |
36,747 | 2,284,001 | ||||||
Aurizon Holdings Ltd. |
1,415,064 | 4,005,049 | ||||||
Australia & New Zealand Banking Group Ltd. |
62,952 | 1,017,384 | ||||||
Australia & New Zealand Banking Group Ltd., New |
4,197 | 67,153 | ||||||
BHP Group Ltd. |
316,273 | 8,654,923 | ||||||
BlueScope Steel Ltd. |
95,763 | 1,124,868 | ||||||
carsales.com Ltd. |
8,249 | 120,256 | ||||||
Commonwealth Bank of Australia |
37,591 | 2,669,615 | ||||||
CSL Ltd. |
11,183 | 2,277,049 | ||||||
Domino’s Pizza Enterprises Ltd. |
1,709 | 87,381 | ||||||
Fortescue Metals Group Ltd. |
258,025 | 3,320,410 | ||||||
Glencore PLC |
239,414 | 1,356,927 | ||||||
Goodman Group |
100,277 | 1,467,560 | ||||||
Harvey Norman Holdings Ltd. |
178,799 | 521,760 | ||||||
JB Hi-Fi Ltd. |
108,456 | 3,211,427 | ||||||
Macquarie Group Ltd. |
30,425 | 3,893,894 | ||||||
Metcash Ltd. |
723,591 | 2,109,223 | ||||||
Mineral Resources Ltd. |
55,303 | 2,107,270 | ||||||
Mirvac Group |
139,889 | 211,930 | ||||||
Rio Tinto Ltd. |
84,095 | 5,826,484 | ||||||
Rio Tinto PLC |
54,303 | 3,278,244 | ||||||
Sims Ltd. |
151,849 | 1,579,078 | ||||||
South32 Ltd. |
498,337 | 1,358,274 | ||||||
Stockland |
729,696 | 1,977,247 | ||||||
Telstra Corp. Ltd. |
477,966 | 1,306,285 | ||||||
Wesfarmers Ltd. |
46,297 | 1,516,945 | ||||||
Whitehaven Coal Ltd. |
393,037 | 1,730,495 | ||||||
Woolworths Group Ltd. |
116,575 | 3,066,981 | ||||||
|
|
|||||||
66,436,602 | ||||||||
Austria — 0.9% | ||||||||
BAWAG Group AG(a) |
14,430 | 666,229 | ||||||
OMV AG |
51,851 | 2,208,330 | ||||||
Raiffeisen Bank International AG |
109,930 | 1,331,775 | ||||||
Verbund AG |
4,119 | 452,948 | ||||||
Wienerberger AG |
108,471 | 2,496,731 | ||||||
|
|
|||||||
7,156,013 | ||||||||
Belgium — 0.9% | ||||||||
Ageas SA/NV |
65,761 | 2,870,158 | ||||||
D’ieteren Group |
13,101 | 2,150,216 | ||||||
KBC Group NV |
10,344 | 541,787 | ||||||
Proximus SADP |
112,496 | 1,558,857 | ||||||
|
|
|||||||
7,121,018 | ||||||||
Canada — 7.7% | ||||||||
Bank of Montreal |
63,252 | 6,305,689 | ||||||
BCE Inc. |
14,661 | 740,749 | ||||||
Canadian Imperial Bank of Commerce |
20,888 | 1,056,675 | ||||||
Canadian National Railway Co. |
2,920 | 369,928 | ||||||
Canadian Natural Resources Ltd. |
51,864 | 2,863,850 | ||||||
Canadian Pacific Railway Ltd. |
28,903 | 2,278,971 | ||||||
CGI Inc.(b) |
28,440 | 2,438,571 | ||||||
Constellation Software Inc. |
1,692 | 2,878,283 | ||||||
Dollarama Inc. |
12,360 | 749,100 | ||||||
Fairfax Financial Holdings Ltd. |
524 | 282,266 | ||||||
Magna International Inc. |
55,446 | 3,540,525 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Manulife Financial Corp. |
107,729 | $ | 1,971,940 | |||||
National Bank of Canada(c) |
56,951 | 3,995,976 | ||||||
Nutrien Ltd. |
39,461 | 3,378,013 | ||||||
Power Corp. of Canada |
68,504 | 1,861,653 | ||||||
Royal Bank of Canada |
123,388 | 12,030,944 | ||||||
Sun Life Financial Inc. |
4,359 | 202,402 | ||||||
Suncor Energy Inc. |
51,167 | 1,736,533 | ||||||
Teck Resources Ltd., Class B |
37,494 | 1,102,377 | ||||||
Thomson Reuters Corp. |
59,701 | 6,703,687 | ||||||
Toronto-Dominion Bank (The) |
107,530 | 6,984,769 | ||||||
|
|
|||||||
63,472,901 | ||||||||
China — 0.1% | ||||||||
Xiaomi Corp., Class B(a)(b) |
428,200 | 673,467 | ||||||
|
|
|||||||
Denmark — 3.1% | ||||||||
AP Moller - Maersk A/S, Class B, NVS |
422 | 1,152,201 | ||||||
Carlsberg A/S, Class B |
21,014 | 2,717,990 | ||||||
Coloplast A/S, Class B |
6,360 | 744,367 | ||||||
Danske Bank A/S |
79,763 | 1,115,430 | ||||||
GN Store Nord A/S |
20,751 | 722,635 | ||||||
ISS A/S(b) |
4,619 | 80,724 | ||||||
Novo Nordisk A/S, Class B |
117,487 | 13,684,152 | ||||||
Pandora A/S |
29,010 | 2,155,202 | ||||||
Ringkjoebing Landbobank A/S |
3,876 | 435,247 | ||||||
Royal Unibrew A/S |
34,158 | 2,913,117 | ||||||
Vestas Wind Systems A/S |
3,920 | 103,032 | ||||||
|
|
|||||||
25,824,097 | ||||||||
Finland — 1.3% | ||||||||
Fortum OYJ |
27,065 | 303,785 | ||||||
Kesko OYJ, Class B |
64,249 | 1,589,081 | ||||||
Kone OYJ, Class B |
10,749 | 491,245 | ||||||
Neste OYJ |
8,994 | 462,483 | ||||||
Nordea Bank Abp, New |
331,126 | 3,263,173 | ||||||
Orion OYJ, Class B |
29,500 | 1,408,256 | ||||||
Valmet OYJ |
103,391 | 2,877,099 | ||||||
|
|
|||||||
10,395,122 | ||||||||
France — 9.4% | ||||||||
Air Liquide SA |
1,076 | 147,931 | ||||||
Airbus SE |
5,308 | 572,318 | ||||||
ArcelorMittal SA |
31,297 | 772,220 | ||||||
AXA SA |
3,749 | 86,386 | ||||||
BNP Paribas SA |
101,421 | 4,791,867 | ||||||
Bollore SE |
95,477 | 482,050 | ||||||
Bouygues SA(c) |
82,007 | 2,479,050 | ||||||
Capgemini SE |
6,659 | 1,270,117 | ||||||
Carrefour SA |
105,662 | 1,800,696 | ||||||
Christian Dior SE, NVS |
4,254 | 2,894,862 | ||||||
Cie Generale des Etablissements Michelin SCA |
28,642 | 801,534 | ||||||
Cie. de Saint-Gobain |
28,792 | 1,342,566 | ||||||
Credit Agricole SA |
439,902 | 4,053,182 | ||||||
Danone SA |
1,713 | 94,453 | ||||||
Dassault Systemes SE |
21,747 | 932,765 | ||||||
Edenred |
4,500 | 230,987 | ||||||
Eiffage SA(c) |
19,090 | 1,791,386 | ||||||
Engie SA |
128,147 | 1,585,478 | ||||||
Kering SA |
5,859 | 3,354,225 | ||||||
Klepierre SA |
10,670 | 237,088 | ||||||
La Francaise des Jeux SAEM(a) |
103,955 | 3,713,067 | ||||||
Legrand SA |
9,126 | 747,133 | ||||||
L’Oreal SA |
15,729 | 5,946,464 |
18 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE |
12,832 | $ | 8,909,950 | |||||
Orange SA |
170,703 | 1,744,317 | ||||||
Pernod Ricard SA |
4,832 | 949,219 | ||||||
Publicis Groupe SA |
46,228 | 2,460,039 | ||||||
Renault SA(b) |
12,890 | 381,085 | ||||||
Sanofi |
58,463 | 5,809,674 | ||||||
Sartorius Stedim Biotech |
3,695 | 1,478,145 | ||||||
Schneider Electric SE |
30,778 | 4,256,715 | ||||||
Societe Generale SA |
68,290 | 1,530,132 | ||||||
Sodexo SA |
1,476 | 119,930 | ||||||
TotalEnergies SE |
134,644 | 6,877,259 | ||||||
Vinci SA |
14,946 | 1,432,705 | ||||||
Vivendi SE |
125,224 | 1,188,793 | ||||||
|
|
|||||||
77,265,788 | ||||||||
Germany — 4.4% | ||||||||
adidas AG |
11,689 | 2,022,097 | ||||||
Allianz SE, Registered |
29,074 | 5,280,015 | ||||||
Aurubis AG |
6,561 | 473,685 | ||||||
BASF SE |
14,301 | 637,327 | ||||||
Bayer AG, Registered |
1,362 | 79,446 | ||||||
Bayerische Motoren Werke AG |
25,004 | 2,043,160 | ||||||
Covestro AG(a) |
29,081 | 980,768 | ||||||
Deutsche Bank AG, Registered |
10,437 | 91,292 | ||||||
Deutsche Boerse AG |
6,976 | 1,217,768 | ||||||
Deutsche Post AG, Registered |
63,500 | 2,536,181 | ||||||
Deutsche Telekom AG, Registered |
96,161 | 1,826,961 | ||||||
E.ON SE |
75,930 | 682,542 | ||||||
Evonik Industries AG |
11,089 | 236,525 | ||||||
GEA Group AG |
18,681 | 697,317 | ||||||
Hannover Rueck SE |
3,430 | 486,535 | ||||||
HelloFresh SE(b) |
66,397 | 1,835,195 | ||||||
Hugo Boss AG |
10,440 | 616,924 | ||||||
Knorr-Bremse AG |
19,213 | 1,144,625 | ||||||
Mercedes-Benz Group AG |
62,868 | 3,707,576 | ||||||
Merck KGaA |
3,480 | 662,803 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
9,487 | 2,150,760 | ||||||
Rheinmetall AG |
3,593 | 658,874 | ||||||
SAP SE |
40,678 | 3,794,147 | ||||||
Siemens AG, Registered |
18,625 | 2,077,506 | ||||||
Uniper SE(c) |
35,171 | 234,991 | ||||||
|
|
|||||||
36,175,020 | ||||||||
Hong Kong — 2.9% | ||||||||
AIA Group Ltd. |
537,200 | 5,397,057 | ||||||
CK Asset Holdings Ltd. |
201,000 | 1,423,025 | ||||||
CK Hutchison Holdings Ltd. |
285,500 | 1,893,801 | ||||||
CLP Holdings Ltd. |
203,000 | 1,721,353 | ||||||
Hang Seng Bank Ltd. |
59,000 | 951,706 | ||||||
Henderson Land Development Co. Ltd. |
64,000 | 222,793 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS |
2,150,000 | 1,944,611 | ||||||
HKT Trust & HKT Ltd., Class SS |
71,000 | 99,479 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
79,700 | 3,657,468 | ||||||
Link REIT |
140,600 | 1,177,431 | ||||||
Pacific Basin Shipping Ltd. |
1,927,000 | 921,560 | ||||||
SITC International Holdings Co. Ltd. |
175,000 | 595,862 | ||||||
Swire Properties Ltd. |
701,600 | 1,671,723 | ||||||
Techtronic Industries Co. Ltd. |
20,000 | 221,932 | ||||||
WH Group Ltd.(a) |
1,631,000 | 1,235,216 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Wharf Real Estate Investment Co. Ltd. |
173,000 | $ | 770,059 | |||||
|
|
|||||||
23,905,076 | ||||||||
Ireland — 1.0% | ||||||||
Bank of Ireland Group PLC |
25,531 | 146,235 | ||||||
CRH PLC |
39,076 | 1,499,508 | ||||||
Grafton Group PLC |
100,528 | 1,039,808 | ||||||
Linde PLC, New, NVS(b)(c) |
18,496 | 5,601,251 | ||||||
|
|
|||||||
8,286,802 | ||||||||
Italy — 1.7% | ||||||||
A2A SpA |
1,433,221 | 1,847,275 | ||||||
Enel SpA |
416,333 | 2,098,845 | ||||||
Eni SpA |
241,930 | 2,908,139 | ||||||
Hera SpA |
229,687 | 659,954 | ||||||
Intesa Sanpaolo SpA |
229,991 | 408,420 | ||||||
Italgas SpA |
254,836 | 1,457,863 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
46,048 | 394,940 | ||||||
Poste Italiane SpA(a) |
75,259 | 632,199 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
8,419 | 373,377 | ||||||
Snam SpA |
468,352 | 2,349,971 | ||||||
Stellantis NV |
7,030 | 100,953 | ||||||
Terna - Rete Elettrica Nazionale |
107,889 | 825,977 | ||||||
UniCredit SpA |
8,463 | 83,696 | ||||||
|
|
|||||||
14,141,609 | ||||||||
Japan — 22.8% | ||||||||
ADEKA Corp. |
52,200 | 944,208 | ||||||
Advance Residence Investment Corp. |
185 | 509,748 | ||||||
Advantest Corp. |
26,400 | 1,570,192 | ||||||
Amada Co. Ltd. |
17,500 | 141,255 | ||||||
Aozora Bank Ltd. |
48,400 | 1,011,775 | ||||||
Asahi Kasei Corp. |
37,000 | 296,829 | ||||||
Astellas Pharma Inc. |
163,700 | 2,563,769 | ||||||
Azbil Corp. |
36,500 | 1,098,765 | ||||||
Bandai Namco Holdings Inc. |
10,300 | 804,661 | ||||||
BayCurrent Consulting Inc. |
5,300 | 1,658,182 | ||||||
BIPROGY Inc. |
63,100 | 1,346,515 | ||||||
Bridgestone Corp. |
4,300 | 167,725 | ||||||
Canon Inc. |
23,900 | 565,422 | ||||||
Capcom Co. Ltd. |
75,200 | 2,090,374 | ||||||
Chubu Electric Power Co. Inc. |
159,600 | 1,702,519 | ||||||
Chugai Pharmaceutical Co. Ltd. |
47,900 | 1,345,644 | ||||||
Daicel Corp. |
69,400 | 441,475 | ||||||
Dai-ichi Life Holdings Inc. |
95,800 | 1,666,429 | ||||||
Daiichi Sankyo Co. Ltd. |
79,100 | 2,097,313 | ||||||
Daikin Industries Ltd. |
2,000 | 350,756 | ||||||
Daiseki Co. Ltd. |
48,500 | 1,441,760 | ||||||
Daiwa Office Investment Corp. |
68 | 344,981 | ||||||
Daiwa Securities Group Inc. |
290,300 | 1,340,090 | ||||||
Denka Co. Ltd. |
4,700 | 121,864 | ||||||
Ebara Corp. |
35,400 | 1,386,763 | ||||||
Eisai Co. Ltd. |
13,500 | 618,230 | ||||||
Fast Retailing Co. Ltd. |
2,100 | 1,271,740 | ||||||
Frontier Real Estate Investment Corp. |
483 | 1,968,683 | ||||||
Fuji Electric Co. Ltd. |
3,200 | 144,531 | ||||||
FUJIFILM Holdings Corp. |
22,200 | 1,268,109 | ||||||
Fujitsu Ltd. |
20,800 | 2,788,497 | ||||||
GMO Payment Gateway Inc. |
4,800 | 398,894 | ||||||
Hikari Tsushin Inc. |
1,900 | 209,358 | ||||||
Hitachi Ltd. |
46,800 | 2,369,393 | ||||||
Hitachi Transport System Ltd. |
39,200 | 2,553,220 |
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) July 31, 2022 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Honda Motor Co. Ltd. |
90,700 | $ | 2,324,385 | |||||
Hoya Corp. |
35,700 | 3,576,841 | ||||||
Ibiden Co. Ltd. |
42,600 | 1,257,192 | ||||||
Inpex Corp. |
20,800 | 238,405 | ||||||
Internet Initiative Japan Inc. |
69,100 | 2,805,723 | ||||||
ITOCHU Corp. |
101,900 | 2,966,274 | ||||||
Japan Exchange Group Inc. |
26,600 | 422,959 | ||||||
Japan Post Bank Co. Ltd.(c) |
117,500 | 939,960 | ||||||
Japan Post Holdings Co. Ltd. |
105,200 | 757,422 | ||||||
Japan Post Insurance Co. Ltd. |
188,200 | 3,042,790 | ||||||
Japan Real Estate Investment Corp. |
287 | 1,385,912 | ||||||
Kagome Co. Ltd. |
81,500 | 1,927,694 | ||||||
KDDI Corp. |
52,700 | 1,689,684 | ||||||
Keyence Corp. |
4,600 | 1,823,174 | ||||||
Kikkoman Corp. |
3,500 | 207,532 | ||||||
Kirin Holdings Co. Ltd. |
12,500 | 205,604 | ||||||
Koei Tecmo Holdings Co. Ltd. |
27,500 | 960,034 | ||||||
Konami Group Corp. |
15,000 | 886,581 | ||||||
LaSalle Logiport REIT |
1,400 | 1,845,092 | ||||||
Lasertec Corp. |
4,300 | 615,631 | ||||||
Marubeni Corp. |
60,000 | 558,136 | ||||||
Mitsubishi Chemical Group Corp. |
115,900 | 651,767 | ||||||
Mitsubishi Corp. |
94,000 | 2,793,612 | ||||||
Mitsubishi Estate Co. Ltd. |
74,200 | 1,101,989 | ||||||
Mitsubishi Gas Chemical Co. Inc. |
100,500 | 1,460,831 | ||||||
Mitsubishi Heavy Industries Ltd. |
2,100 | 77,978 | ||||||
Mitsubishi Logistics Corp. |
19,900 | 533,961 | ||||||
Mitsubishi UFJ Financial Group Inc. |
712,000 | 4,011,758 | ||||||
Mitsui & Co. Ltd. |
55,700 | 1,228,868 | ||||||
Mitsui Chemicals Inc. |
21,300 | 448,668 | ||||||
Mitsui High-Tec Inc. |
14,000 | 940,404 | ||||||
Morinaga Milk Industry Co. Ltd. |
42,300 | 1,559,723 | ||||||
MS&AD Insurance Group Holdings Inc. |
86,100 | 2,792,338 | ||||||
NEC Corp. |
2,800 | 103,360 | ||||||
NET One Systems Co. Ltd. |
22,600 | 526,344 | ||||||
Nintendo Co. Ltd. |
8,300 | 3,711,536 | ||||||
Nippon Accommodations Fund Inc. |
307 | 1,604,182 | ||||||
Nippon Express Holdings Inc. |
36,000 | 2,151,194 | ||||||
Nippon Sanso Holdings Corp. |
16,400 | 276,548 | ||||||
Nippon Telegraph & Telephone Corp. |
210,800 | 6,021,569 | ||||||
Nissan Chemical Corp. |
39,200 | 2,004,419 | ||||||
Nissan Motor Co. Ltd. |
137,500 | 522,893 | ||||||
Nissin Foods Holdings Co. Ltd. |
10,200 | 738,746 | ||||||
Nitto Denko Corp. |
16,800 | 1,081,840 | ||||||
NOF Corp. |
9,200 | 364,017 | ||||||
Nomura Holdings Inc. |
1,122,600 | 4,283,293 | ||||||
Nomura Real Estate Holdings Inc. |
111,700 | 2,709,771 | ||||||
Nomura Research Institute Ltd. |
113,800 | 3,419,041 | ||||||
Obic Co. Ltd. |
7,100 | 1,135,074 | ||||||
Olympus Corp. |
96,600 | 2,067,448 | ||||||
Omron Corp. |
2,800 | 156,598 | ||||||
ORIX Corp. |
134,700 | 2,400,599 | ||||||
Osaka Gas Co. Ltd. |
57,700 | 1,037,336 | ||||||
Otsuka Corp. |
23,600 | 735,982 | ||||||
Panasonic Holdings Corp. |
60,600 | 500,322 | ||||||
Recruit Holdings Co. Ltd. |
72,800 | 2,720,757 | ||||||
Rohto Pharmaceutical Co. Ltd. |
10,400 | 311,727 | ||||||
Sanwa Holdings Corp. |
116,500 | 1,258,506 | ||||||
SBI Holdings Inc/Japan |
112,300 | 2,278,278 | ||||||
SCSK Corp. |
130,600 | 2,299,898 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Sekisui House Ltd. |
21,300 | $ | 377,253 | |||||
Seven & i Holdings Co. Ltd. |
4,700 | 191,573 | ||||||
Shimadzu Corp. |
6,600 | 234,821 | ||||||
Shin-Etsu Chemical Co. Ltd. |
9,400 | 1,204,086 | ||||||
Shinko Electric Industries Co. Ltd. |
3,000 | 77,261 | ||||||
Shionogi & Co. Ltd. |
14,900 | 764,243 | ||||||
Shiseido Co. Ltd. |
8,700 | 357,859 | ||||||
SHO-BOND Holdings Co. Ltd. |
44,500 | 1,968,880 | ||||||
SoftBank Corp. |
164,800 | 1,905,459 | ||||||
SoftBank Group Corp. |
39,200 | 1,646,666 | ||||||
Sohgo Security Services Co. Ltd. |
54,100 | 1,516,094 | ||||||
Sompo Holdings Inc. |
27,200 | 1,213,969 | ||||||
Sony Group Corp. |
61,300 | 5,199,951 | ||||||
Sugi Holdings Co. Ltd. |
13,700 | 618,061 | ||||||
Sumitomo Mitsui Financial Group Inc. |
60,000 | 1,882,325 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
15,900 | 522,303 | ||||||
Sumitomo Pharma Co., Ltd. |
11,000 | 86,146 | ||||||
Sumitomo Realty & Development Co. Ltd. |
27,700 | 764,882 | ||||||
Suzuki Motor Corp. |
5,200 | 170,453 | ||||||
T&D Holdings Inc. |
140,200 | 1,586,789 | ||||||
TDK Corp. |
4,000 | 125,979 | ||||||
TIS Inc. |
77,400 | 2,194,609 | ||||||
Tokio Marine Holdings Inc. |
40,800 | 2,388,429 | ||||||
Tokyo Electric Power Co. Holdings Inc.(b) |
169,300 | 666,257 | ||||||
Tokyo Electron Ltd. |
11,700 | 4,027,063 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
21,000 | 1,088,851 | ||||||
Tokyo Tatemono Co. Ltd. |
141,800 | 2,088,327 | ||||||
Toyo Suisan Kaisha Ltd. |
17,400 | 739,289 | ||||||
Toyota Motor Corp. |
707,400 | 11,481,826 | ||||||
Trend Micro Inc/Japan |
1,400 | 81,360 | ||||||
Ulvac Inc. |
46,700 | 1,763,481 | ||||||
Ushio Inc. |
113,900 | 1,574,799 | ||||||
Yamada Holdings Co. Ltd. |
95,800 | 345,875 | ||||||
Yamato Holdings Co. Ltd. |
5,400 | 94,495 | ||||||
Yokohama Rubber Co. Ltd. (The) |
19,300 | 282,695 | ||||||
Zenkoku Hosho Co. Ltd. |
19,300 | 656,605 | ||||||
Zensho Holdings Co. Ltd. |
37,100 | 982,224 | ||||||
ZOZO Inc. |
9,700 | 209,536 | ||||||
|
|
|||||||
188,140,643 | ||||||||
Netherlands — 5.1% | ||||||||
ABN AMRO Bank NV, CVA(a) |
66,300 | 676,120 | ||||||
Adyen NV(a)(b) |
2,791 | 5,020,372 | ||||||
Akzo Nobel NV |
21,281 | 1,432,222 | ||||||
ASM International NV |
9,412 | 2,891,100 | ||||||
ASML Holding NV |
16,788 | 9,649,035 | ||||||
ASR Nederland NV |
47,032 | 1,965,816 | ||||||
BE Semiconductor Industries NV |
34,508 | 1,852,449 | ||||||
Euronext NV(a) |
1,028 | 83,760 | ||||||
ING Groep NV |
168,171 | 1,633,584 | ||||||
Koninklijke Ahold Delhaize NV |
234,848 | 6,467,414 | ||||||
Koninklijke KPN NV |
289,693 | 955,694 | ||||||
Koninklijke Philips NV |
66,690 | 1,380,233 | ||||||
NN Group NV |
69,335 | 3,253,364 | ||||||
Randstad NV |
30,061 | 1,519,373 | ||||||
Signify NV(a) |
78,195 | 2,539,619 | ||||||
Universal Music Group NV |
30,234 | 684,392 | ||||||
|
|
|||||||
42,004,547 | ||||||||
New Zealand — 0.4% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. |
74,120 | 991,179 | ||||||
Fletcher Building Ltd. |
212,158 | 690,266 |
20 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
New Zealand (continued) | ||||||||
Mainfreight Ltd. |
11,485 | $ | 557,909 | |||||
Meridian Energy Ltd. |
175,259 | 550,006 | ||||||
Spark New Zealand Ltd. |
204,956 | 659,051 | ||||||
|
|
|||||||
3,448,411 | ||||||||
Norway — 1.4% | ||||||||
DNB Bank ASA |
89,357 | 1,762,636 | ||||||
Equinor ASA |
50,562 | 1,946,833 | ||||||
Gjensidige Forsikring ASA |
4,810 | 100,605 | ||||||
Kongsberg Gruppen ASA |
63,620 | 2,344,316 | ||||||
Nordic Semiconductor ASA(b) |
18,577 | 326,464 | ||||||
Orkla ASA |
347,109 | 2,996,339 | ||||||
Telenor ASA |
106,262 | 1,290,461 | ||||||
Yara International ASA |
16,122 | 687,077 | ||||||
|
|
|||||||
11,454,731 | ||||||||
Poland — 0.3% | ||||||||
KGHM Polska Miedz SA |
4,232 | 106,087 | ||||||
LPP SA |
714 | 1,529,713 | ||||||
Polski Koncern Naftowy ORLEN SA |
56,209 | 918,170 | ||||||
|
|
|||||||
2,553,970 | ||||||||
Portugal — 0.1% | ||||||||
Galp Energia SGPS SA |
68,190 | 719,785 | ||||||
Jeronimo Martins SGPS SA |
7,008 | 162,214 | ||||||
|
|
|||||||
881,999 | ||||||||
Singapore — 1.2% | ||||||||
Capitaland Investment Ltd/Singapore |
294,400 | 837,665 | ||||||
DBS Group Holdings Ltd. |
48,300 | 1,102,126 | ||||||
NetLink NBN Trust |
2,436,800 | 1,693,447 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
168,200 | 1,425,444 | ||||||
Singapore Technologies Engineering Ltd. |
89,100 | 259,794 | ||||||
STMicroelectronics NV , New |
49,173 | 1,861,109 | ||||||
United Overseas Bank Ltd. |
118,900 | 2,372,214 | ||||||
Wilmar International Ltd. |
245,500 | 715,364 | ||||||
|
|
|||||||
10,267,163 | ||||||||
Spain — 1.8% | ||||||||
Acciona SA |
16,371 | 3,368,669 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
285,475 | 1,293,678 | ||||||
Banco de Sabadell SA |
715,565 | 458,150 | ||||||
Banco Santander SA |
68,844 | 172,239 | ||||||
CaixaBank SA |
103,254 | 310,044 | ||||||
Enagas SA |
5,874 | 115,945 | ||||||
Endesa SA |
80,185 | 1,469,745 | ||||||
Fluidra SA |
19,421 | 363,020 | ||||||
Iberdrola SA |
189,853 | 2,027,340 | ||||||
Iberdrola SA, NVS |
5,274 | 56,217 | ||||||
Naturgy Energy Group SA |
8,137 | 238,675 | ||||||
Red Electrica Corp. SA |
6,608 | 129,916 | ||||||
Repsol SA |
275,463 | 3,431,788 | ||||||
Telefonica SA |
387,140 | 1,728,073 | ||||||
|
|
|||||||
15,163,499 | ||||||||
Sweden — 2.4% | ||||||||
EQT AB |
52,723 | 1,431,076 | ||||||
Getinge AB, Class B |
27,216 | 614,154 | ||||||
H & M Hennes & Mauritz AB, Class B |
6,593 | 84,355 | ||||||
Husqvarna AB, Class B |
83,843 | 668,206 | ||||||
Kindred Group PLC |
217,401 | 1,914,663 | ||||||
Kinnevik AB, Class B(b) |
71,431 | 1,286,606 | ||||||
Millicom International Cellular SA, SDR(b) |
5,024 | 78,998 | ||||||
Sandvik AB |
22,798 | 420,080 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
131,694 | 1,426,697 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
SKF AB, Class B |
10,354 | $ | 174,252 | |||||
SSAB AB, Class B |
361,788 | 1,659,952 | ||||||
Svenska Handelsbanken AB, Class A |
45,000 | 404,636 | ||||||
Swedbank AB, Class A |
48,174 | 667,217 | ||||||
Swedish Match AB |
472,965 | 4,951,244 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
260,817 | 1,983,838 | ||||||
Thule Group AB(a) |
12,277 | 356,423 | ||||||
Volvo AB, Class B |
84,216 | 1,512,016 | ||||||
|
|
|||||||
19,634,413 | ||||||||
Switzerland — 9.0% | ||||||||
ABB Ltd., Registered |
44,292 | 1,346,459 | ||||||
Adecco Group AG, Registered |
44,046 | 1,551,609 | ||||||
Alcon Inc. |
31,100 | 2,447,697 | ||||||
Bucher Industries AG, Registered |
6,264 | 2,404,981 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
17,919 | 2,160,628 | ||||||
Coca-Cola HBC AG, Class DI |
122,213 | 3,007,858 | ||||||
Galenica AG(a) |
6,082 | 481,514 | ||||||
Georg Fischer Ltd. |
12,849 | 785,317 | ||||||
Givaudan SA, Registered |
175 | 611,722 | ||||||
Julius Baer Group Ltd. |
15,768 | 815,364 | ||||||
Kuehne + Nagel International AG, Registered |
9,674 | 2,605,414 | ||||||
Logitech International SA, Registered |
36,800 | 2,070,448 | ||||||
Lonza Group AG, Registered |
319 | 193,873 | ||||||
Nestle SA, Registered |
138,718 | 16,996,738 | ||||||
Novartis AG, Registered |
126,223 | 10,846,296 | ||||||
PSP Swiss Property AG, Registered |
23,386 | 2,796,782 | ||||||
Roche Holding AG, NVS |
33,147 | 11,004,954 | ||||||
Sika AG, Registered |
5,930 | 1,465,229 | ||||||
Sonova Holding AG, Registered |
3,707 | 1,335,194 | ||||||
Straumann Holding AG |
10,314 | 1,394,974 | ||||||
Swiss Life Holding AG, Registered |
3,635 | 1,925,591 | ||||||
Swiss Re AG |
11,145 | 836,285 | ||||||
Swisscom AG, Registered |
222 | 120,021 | ||||||
Tecan Group AG, Registered |
1,227 | 435,752 | ||||||
UBS Group AG, Registered |
257,931 | 4,214,676 | ||||||
VAT Group AG(a) |
2,007 | 584,381 | ||||||
Zurich Insurance Group AG |
263 | 114,807 | ||||||
|
|
|||||||
74,554,564 | ||||||||
United Kingdom — 13.3% | ||||||||
3i Group PLC |
90,776 | 1,410,454 | ||||||
Allfunds Group PLC |
50,709 | 427,908 | ||||||
Anglo American PLC |
87,304 | 3,155,590 | ||||||
AstraZeneca PLC |
60,352 | 7,938,775 | ||||||
B&M European Value Retail SA |
126,468 | 654,832 | ||||||
BAE Systems PLC |
196,524 | 1,847,078 | ||||||
Barclays PLC |
482,925 | 925,073 | ||||||
Barratt Developments PLC |
81,641 | 500,598 | ||||||
Berkeley Group Holdings PLC |
26,162 | 1,355,805 | ||||||
BP PLC |
984,434 | 4,818,076 | ||||||
British American Tobacco PLC |
36,813 | 1,442,467 | ||||||
Bunzl PLC |
10,213 | 383,300 | ||||||
Burberry Group PLC |
90,845 | 1,997,096 | ||||||
CNH Industrial NV |
94,889 | 1,222,422 | ||||||
Diageo PLC |
103,655 | 4,910,330 | ||||||
Drax Group PLC |
60,128 | 576,791 | ||||||
Entain PLC(b) |
32,871 | 483,698 | ||||||
Ferguson PLC |
35,594 | 4,477,679 | ||||||
Greggs PLC |
56,596 | 1,411,055 | ||||||
GSK PLC |
213,103 | 4,477,337 | ||||||
Howden Joinery Group PLC |
198,803 | 1,641,030 |
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) July 31, 2022 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
HSBC Holdings PLC |
670,195 | $ | 4,198,073 | |||||
IG Group Holdings PLC |
30,692 | 297,781 | ||||||
IMI PLC |
86,249 | 1,408,361 | ||||||
Imperial Brands PLC |
95,399 | 2,094,612 | ||||||
Inchcape PLC |
190,328 | 1,948,041 | ||||||
Intermediate Capital Group PLC |
121,486 | 2,264,676 | ||||||
Investec PLC |
286,179 | 1,548,130 | ||||||
JD Sports Fashion PLC |
1,471,916 | 2,337,935 | ||||||
Kingfisher PLC |
580,412 | 1,836,349 | ||||||
Land Securities Group PLC |
28,573 | 255,329 | ||||||
Legal & General Group PLC |
473,657 | 1,512,632 | ||||||
Lloyds Banking Group PLC |
978,769 | 541,903 | ||||||
M&G PLC |
270,318 | 704,638 | ||||||
Man Group PLC/Jersey |
856,488 | 2,849,313 | ||||||
Marks & Spencer Group PLC(b) |
132,039 | 228,913 | ||||||
Next PLC |
35,423 | 2,949,028 | ||||||
OSB Group PLC |
62,640 | 402,384 | ||||||
Pearson PLC |
123,202 | 1,140,266 | ||||||
Persimmon PLC |
51,139 | 1,179,583 | ||||||
Prudential PLC |
19,444 | 239,830 | ||||||
Reckitt Benckiser Group PLC |
19,302 | 1,565,677 | ||||||
Rentokil Initial PLC |
202,952 | 1,340,084 | ||||||
Rightmove PLC |
184,094 | 1,439,205 | ||||||
Royal Mail PLC |
637,420 | 2,202,792 | ||||||
RS GROUP PLC |
41,100 | 518,874 | ||||||
Safestore Holdings PLC |
130,401 | 1,815,783 | ||||||
Sage Group PLC (The) |
137,098 | 1,181,526 | ||||||
Shell PLC |
325,608 | 8,677,825 | ||||||
Softcat PLC |
29,507 | 503,395 | ||||||
Spirax-Sarco Engineering PLC |
3,582 | 522,646 | ||||||
Tesco PLC |
81,785 | 262,296 | ||||||
Unilever PLC |
125,487 | 6,111,579 | ||||||
United Utilities Group PLC |
48,272 | 641,368 | ||||||
Vodafone Group PLC |
3,426,829 | 5,049,971 | ||||||
WPP PLC |
186,555 | 2,013,373 | ||||||
|
|
|||||||
109,841,565 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.3% |
|
818,799,020 | ||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks |
| |||||||
Germany — 0.1% |
| |||||||
Volkswagen AG, Preference Shares, NVS |
8,456 | $ | 1,195,592 | |||||
|
|
|||||||
Total
Preferred Stocks — 0.1% |
1,195,592 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.4% |
819,994,612 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock
Cash Funds: Institutional, SL Agency Shares, |
5,550,163 | 5,549,608 | ||||||
BlackRock
Cash Funds: Treasury, SL Agency Shares, |
180,000 | 180,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.7% |
|
5,729,608 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.1% |
|
825,724,220 | ||||||
Liabilities in Excess of Other Assets — (0.1)% |
|
(977,691 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 824,746,529 | |||||
|
|
(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) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 45,025 | $ | 5,505,325 | (a) | $ | — | $ | (876 | ) | $ | 134 | $ | 5,549,608 | 5,550,163 | $ | 173,889 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
300,000 | — | (120,000 | )(a) | — | — | 180,000 | 180,000 | 6,754 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (876 | ) | $ | 134 | $ | 5,729,608 | $ | 180,643 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
22 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® International Equity Factor ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
6 | 09/08/22 | $ | 875 | $ | 9,916 | ||||||||||
SPI 200 Index |
7 | 09/15/22 | 846 | 43,643 | ||||||||||||
Euro STOXX 50 Index |
38 | 09/16/22 | 1,446 | 87,190 | ||||||||||||
FTSE 100 Index |
15 | 09/16/22 | 1,351 | 39,794 | ||||||||||||
|
|
|||||||||||||||
$ | 180,543 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 180,543 | $ | — | $ | — | $ | — | $ | 180,543 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (190,661 | ) | $ | — | $ | — | $ | — | $ | (190,661 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 209,486 | $ | — | $ | — | $ | — | $ | 209,486 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 5,614,861 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) July 31, 2022 |
iShares® International Equity Factor ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 67,110,959 | $ | 751,688,061 | $ | — | $ | 818,799,020 | ||||||||
Preferred Stocks |
— | 1,195,592 | — | 1,195,592 | ||||||||||||
Money Market Funds |
5,729,608 | — | — | 5,729,608 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 72,840,567 | $ | 752,883,653 | $ | — | $ | 825,724,220 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | — | $ | 180,543 | $ | — | $ | 180,543 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
24 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2022 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 2.9% | ||||||||
Aurizon Holdings Ltd. |
29,088 | $ | 82,328 | |||||
BlueScope Steel Ltd. |
4,824 | 56,664 | ||||||
Computershare Ltd. |
7,128 | 125,930 | ||||||
Endeavour Group Ltd./Australia |
19,152 | 106,704 | ||||||
Evolution Mining Ltd. |
33,264 | 61,448 | ||||||
GPT Group (The) |
31,536 | 101,458 | ||||||
IDP Education Ltd. |
5,328 | 107,199 | ||||||
Medibank Pvt Ltd. |
39,656 | 95,354 | ||||||
Mirvac Group |
57,168 | 86,609 | ||||||
REA Group Ltd. |
1,224 | 107,986 | ||||||
Rio Tinto Ltd. |
7,344 | 508,826 | ||||||
Rio Tinto PLC |
22,176 | 1,338,753 | ||||||
Sonic Healthcare Ltd. |
6,192 | 149,113 | ||||||
South32 Ltd. |
71,136 | 193,889 | ||||||
Stockland |
38,952 | 105,548 | ||||||
Treasury Wine Estates Ltd. |
10,872 | 93,717 | ||||||
Vicinity Centres |
78,768 | 115,253 | ||||||
|
|
|||||||
3,436,779 | ||||||||
Belgium — 0.1% | ||||||||
D’ieteren Group |
432 | 70,902 | ||||||
Proximus SADP |
2,664 | 36,915 | ||||||
Sofina SA |
216 | 50,585 | ||||||
|
|
|||||||
158,402 | ||||||||
Brazil — 0.6% | ||||||||
BB Seguridade Participacoes SA |
12,816 | 71,807 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
5,184 | 44,755 | ||||||
Petroleo Brasileiro SA |
76,320 | 545,175 | ||||||
Telefonica Brasil SA |
6,581 | 56,727 | ||||||
Tim SA |
16,272 | 39,594 | ||||||
|
|
|||||||
758,058 | ||||||||
Canada — 5.0% | ||||||||
Alimentation Couche-Tard Inc. |
17,352 | 775,220 | ||||||
ARC Resources Ltd. |
9,576 | 134,306 | ||||||
Bausch Health Companies Inc.(a) |
4,392 | 20,236 | ||||||
CAE Inc.(a) |
4,536 | 120,011 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS |
936 | 120,246 | ||||||
CCL Industries Inc., Class B, NVS |
2,520 | 126,595 | ||||||
CGI Inc.(a) |
4,392 | 376,589 | ||||||
Constellation Software Inc. |
468 | 796,121 | ||||||
George Weston Ltd. |
1,373 | 163,874 | ||||||
Gildan Activewear Inc. |
2,304 | 67,525 | ||||||
iA Financial Corp. Inc. |
1,584 | 87,157 | ||||||
IGM Financial Inc. |
3,816 | 110,795 | ||||||
Loblaw Companies Ltd. |
3,456 | 314,604 | ||||||
Lundin Mining Corp. |
8,496 | 47,902 | ||||||
Magna International Inc. |
5,832 | 372,404 | ||||||
Nutrien Ltd. |
11,304 | 967,666 | ||||||
Nuvei Corp.(a)(b) |
1,152 | 40,267 | ||||||
Onex Corp. |
1,800 | 96,202 | ||||||
Saputo Inc. |
5,256 | 129,825 | ||||||
TFI International Inc. |
1,224 | 122,252 | ||||||
Thomson Reuters Corp. |
3,456 | 388,066 | ||||||
Tourmaline Oil Corp. |
4,752 | 297,726 | ||||||
West Fraser Timber Co. Ltd. |
1,152 | 107,855 | ||||||
WSP Global Inc. |
1,584 | 191,112 | ||||||
|
|
|||||||
5,974,556 | ||||||||
Chile — 0.0% | ||||||||
Cencosud SA |
44,856 | 61,278 | ||||||
|
|
Security | Shares | Value | ||||||
China — 7.4% | ||||||||
360 DigiTech Inc. |
1,512 | $ | 21,954 | |||||
Agricultural Bank of China Ltd., Class A |
144,000 | 60,824 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
36,000 | 142,440 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
7,200 | 110,093 | ||||||
Autohome Inc., ADR |
1,080 | 38,545 | ||||||
Bank of China Ltd., Class A |
93,600 | 42,446 | ||||||
Bank of China Ltd., Class H |
1,584,000 | 563,247 | ||||||
Bank of Communications Co. Ltd., Class A |
72,000 | 49,305 | ||||||
Bank of Communications Co. Ltd., Class H |
144,000 | 85,711 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
43,200 | 36,365 | ||||||
Bosideng International Holdings Ltd. |
144,000 | 84,045 | ||||||
CGN Power Co. Ltd., Class H(b) |
288,000 | 66,408 | ||||||
China CITIC Bank Corp. Ltd., Class H |
216,000 | 90,284 | ||||||
China Coal Energy Co. Ltd., Class H |
72,000 | 56,011 | ||||||
China Conch Venture Holdings Ltd. |
36,000 | 69,793 | ||||||
China Construction Bank Corp., Class H |
1,944,000 | 1,241,458 | ||||||
China Everbright Bank Co. Ltd., Class A |
93,600 | 40,245 | ||||||
China Everbright Environment Group Ltd. |
72,000 | 38,321 | ||||||
China Hongqiao Group Ltd. |
72,000 | 75,029 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
72,000 | 115,672 | ||||||
China Medical System Holdings Ltd. |
72,000 | 114,459 | ||||||
China National Building Material Co. Ltd., Class H |
74,000 | 74,276 | ||||||
China Overseas Land & Investment Ltd. |
72,000 | 198,966 | ||||||
China Petroleum & Chemical Corp., Class A |
72,000 | 43,946 | ||||||
China Petroleum & Chemical Corp., Class H |
432,000 | 203,669 | ||||||
China Power International Development Ltd. |
72,000 | 40,786 | ||||||
China Railway Group Ltd., Class A |
50,400 | 43,169 | ||||||
China Railway Group Ltd., Class H |
72,000 | 42,861 | ||||||
China Renewable Energy Investment Ltd.(c) |
659 | — | ||||||
China Resources Gas Group Ltd. |
22,000 | 92,322 | ||||||
China Shenhua Energy Co. Ltd., Class A |
14,400 | 59,951 | ||||||
China Shenhua Energy Co. Ltd., Class H |
72,000 | 203,496 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
72,000 | 75,922 | ||||||
China Tower Corp. Ltd., Class H(b) |
1,584,000 | 203,786 | ||||||
China United Network Communications Ltd., Class A |
43,200 | 22,028 | ||||||
CITIC Ltd. |
144,000 | 155,748 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
57,000 | 85,516 | ||||||
CRRC Corp. Ltd., Class A |
57,600 | 43,998 | ||||||
CRRC Corp. Ltd., Class H |
152,000 | 56,533 | ||||||
CSPC Pharmaceutical Group Ltd. |
144,000 | 157,673 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
144,000 | 99,503 | ||||||
ENN Energy Holdings Ltd. |
7,200 | 117,451 | ||||||
Fosun International Ltd. |
144,000 | 113,452 | ||||||
GF Securities Co. Ltd., Class H |
43,200 | 57,188 | ||||||
Guangdong Investment Ltd. |
144,000 | 140,274 | ||||||
Hopson Development Holdings Ltd. |
24,387 | 32,232 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
100,800 | 65,426 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
1,152,000 | 609,048 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
28,800 | 45,411 | ||||||
Kingboard Holdings Ltd. |
21,000 | 61,440 | ||||||
Kunlun Energy Co. Ltd. |
144,000 | 106,008 | ||||||
Lenovo Group Ltd. |
144,000 | 139,650 | ||||||
Lufax Holding Ltd., ADR |
18,648 | 85,408 | ||||||
PetroChina Co. Ltd., Class H |
432,000 | 201,727 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
144,000 | 147,815 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) |
216,000 | 142,911 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
21,600 | 61,139 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
57,600 | 72,050 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
28,080 | 94,196 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shenzhen International Holdings Ltd. |
72,000 | $ | 66,319 | |||||
Sinopharm Group Co. Ltd., Class H |
28,800 | 65,986 | ||||||
Sinotrans Ltd., Class A |
14,400 | 8,039 | ||||||
Sinotruk Hong Kong Ltd. |
36,000 | 42,538 | ||||||
Tongcheng Travel Holdings Ltd.(a) |
28,800 | 55,054 | ||||||
Uni-President China Holdings Ltd. |
72,000 | 65,863 | ||||||
Vipshop Holdings Ltd., ADR(a) |
8,280 | 75,845 | ||||||
Want Want China Holdings Ltd. |
72,000 | 58,596 | ||||||
Wharf Holdings Ltd. (The) |
33,000 | 120,678 | ||||||
Xtep International Holdings Ltd. |
36,000 | 58,546 | ||||||
Yuexiu Property Co. Ltd. |
81,800 | 102,194 | ||||||
Yum China Holdings Inc. |
9,360 | 455,926 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
21,600 | 36,700 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A(a) |
21,600 | 24,089 | ||||||
ZTO Express Cayman Inc., ADR |
9,144 | 233,995 | ||||||
|
|
|||||||
8,809,998 | ||||||||
Denmark — 0.3% | ||||||||
AP Moller - Maersk A/S, Class A |
72 | 192,886 | ||||||
Demant A/S(a) |
1,872 | 71,315 | ||||||
Pandora A/S |
1,283 | 95,316 | ||||||
Rockwool A/S, Class B |
191 | 47,330 | ||||||
|
|
|||||||
406,847 | ||||||||
Finland — 0.1% | ||||||||
Orion OYJ, Class B |
2,088 | 99,676 | ||||||
|
|
|||||||
France — 1.8% | ||||||||
ArcelorMittal SA |
12,024 | 296,679 | ||||||
Arkema SA |
792 | 75,031 | ||||||
BioMerieux |
792 | 85,724 | ||||||
Bollore SE |
17,208 | 86,881 | ||||||
Bouygues SA |
3,024 | 91,415 | ||||||
Carrefour SA |
8,352 | 142,335 | ||||||
Cie Generale des Etablissements Michelin SCA |
13,824 | 386,859 | ||||||
Cie. de Saint-Gobain |
9,648 | 449,884 | ||||||
Covivio |
1,296 | 81,964 | ||||||
Dassault Aviation SA |
504 | 72,083 | ||||||
Eurazeo SE |
1,008 | 71,999 | ||||||
Gecina SA |
576 | 59,058 | ||||||
Ipsen SA |
648 | 65,550 | ||||||
La Francaise des Jeux SAEM(b) |
2,520 | 90,009 | ||||||
Vivendi SE |
10,584 | 100,477 | ||||||
|
|
|||||||
2,155,948 | ||||||||
Germany — 0.7% | ||||||||
Brenntag SE |
1,800 | 126,441 | ||||||
Covestro AG(b) |
2,552 | 86,067 | ||||||
GEA Group AG |
2,664 | 99,441 | ||||||
KION Group AG |
1,296 | 59,114 | ||||||
Nemetschek SE |
1,080 | 72,302 | ||||||
Rheinmetall AG |
648 | 118,828 | ||||||
Telefonica Deutschland Holding AG |
26,136 | 69,486 | ||||||
United Internet AG, Registered |
2,232 | 58,794 | ||||||
Volkswagen AG |
576 | 114,087 | ||||||
|
|
|||||||
804,560 | ||||||||
Greece — 0.1% | ||||||||
FF Group(a)(c) |
165 | 2 | ||||||
Hellenic Telecommunications Organization SA |
5,048 | 86,916 | ||||||
|
|
|||||||
86,918 | ||||||||
Hong Kong — 1.1% | ||||||||
Chow Tai Fook Jewellery Group Ltd. |
43,200 | 85,439 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
CK Asset Holdings Ltd. |
48,500 | $ | 343,367 | |||||
CK Hutchison Holdings Ltd. |
50,000 | 331,664 | ||||||
Henderson Land Development Co. Ltd. |
15,000 | 52,217 | ||||||
Kingboard Laminates Holdings Ltd. |
36,000 | 32,993 | ||||||
Power Assets Holdings Ltd. |
36,000 | 235,719 | ||||||
Swire Properties Ltd. |
57,600 | 137,245 | ||||||
WH Group Ltd.(b) |
180,000 | 136,321 | ||||||
|
|
|||||||
1,354,965 | ||||||||
India — 3.5% | ||||||||
Adani Enterprises Ltd. |
5,400 | 175,698 | ||||||
Adani Total Gas Ltd. |
5,709 | 225,840 | ||||||
Adani Transmission Ltd.(a) |
5,616 | 221,339 | ||||||
Ambuja Cements Ltd. |
12,240 | 58,058 | ||||||
Apollo Hospitals Enterprise Ltd. |
1,728 | 92,226 | ||||||
Balkrishna Industries Ltd. |
2,232 | 65,383 | ||||||
Bharat Electronics Ltd. |
25,056 | 87,161 | ||||||
Cipla Ltd. |
11,088 | 137,067 | ||||||
Container Corp. of India Ltd. |
8,856 | 79,873 | ||||||
Dr. Reddy’s Laboratories Ltd. |
2,376 | 122,944 | ||||||
GAIL India Ltd. |
42,768 | 79,287 | ||||||
Havells India Ltd. |
5,112 | 80,888 | ||||||
HCL Technologies Ltd. |
21,384 | 257,164 | ||||||
Hero MotoCorp Ltd. |
2,160 | 77,118 | ||||||
Hindalco Industries Ltd. |
27,072 | 142,486 | ||||||
Infosys Ltd. |
26,928 | 528,226 | ||||||
Larsen & Toubro Infotech Ltd.(b) |
1,152 | 69,147 | ||||||
Marico Ltd. |
15,192 | 99,582 | ||||||
NTPC Ltd. |
74,448 | 143,981 | ||||||
Oil & Natural Gas Corp. Ltd. |
37,080 | 62,947 | ||||||
Page Industries Ltd. |
144 | 89,055 | ||||||
Power Grid Corp. of India Ltd. |
56,232 | 152,280 | ||||||
Shree Cement Ltd. |
288 | 74,750 | ||||||
Siemens Ltd. |
1,800 | 61,353 | ||||||
SRF Ltd. |
2,880 | 88,665 | ||||||
Sun Pharmaceutical Industries Ltd. |
20,592 | 245,605 | ||||||
Tata Elxsi Ltd. |
576 | 63,493 | ||||||
Tata Steel Ltd. |
128,880 | 175,414 | ||||||
Tech Mahindra Ltd. |
11,592 | 154,144 | ||||||
United Spirits Ltd.(a) |
7,128 | 70,245 | ||||||
Vedanta Ltd. |
19,440 | 62,613 | ||||||
Wipro Ltd. |
26,568 | 141,762 | ||||||
|
|
|||||||
4,185,794 | ||||||||
Indonesia — 0.2% | ||||||||
Adaro Energy Indonesia Tbk PT |
273,600 | 60,077 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
64,800 | 33,229 | ||||||
Indofood Sukses Makmur Tbk PT |
144,000 | 66,046 | ||||||
United Tractors Tbk PT |
43,200 | 94,410 | ||||||
|
|
|||||||
253,762 | ||||||||
Ireland — 0.6% | ||||||||
James Hardie Industries PLC |
6,192 | 152,922 | ||||||
Seagate Technology Holdings PLC |
2,952 | 236,101 | ||||||
STERIS PLC |
1,440 | 324,936 | ||||||
|
|
|||||||
713,959 | ||||||||
Israel — 0.1% | ||||||||
Tower Semiconductor Ltd.(a) |
1,800 | 85,802 | ||||||
|
|
|||||||
Italy — 0.2% | ||||||||
DiaSorin SpA |
504 | 70,077 | ||||||
Moncler SpA |
1,872 | 93,841 |
26 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Recordati Industria Chimica e Farmaceutica SpA |
2,304 | $ | 102,181 | |||||
|
|
|||||||
266,099 | ||||||||
Japan — 5.1% | ||||||||
AGC Inc. |
3,800 | 138,522 | ||||||
Azbil Corp. |
2,400 | 72,248 | ||||||
Bridgestone Corp. |
7,200 | 280,842 | ||||||
Brother Industries Ltd. |
7,200 | 134,866 | ||||||
Canon Inc. |
21,600 | 511,009 | ||||||
Chubu Electric Power Co. Inc. |
7,200 | 76,805 | ||||||
Dai Nippon Printing Co. Ltd. |
7,200 | 158,885 | ||||||
Daito Trust Construction Co. Ltd. |
1,200 | 113,763 | ||||||
FUJIFILM Holdings Corp. |
7,200 | 411,279 | ||||||
Fujitsu Ltd. |
3,900 | 522,843 | ||||||
Hakuhodo DY Holdings Inc. |
7,200 | 74,057 | ||||||
Isuzu Motors Ltd. |
14,400 | 157,948 | ||||||
Kajima Corp. |
7,200 | 82,193 | ||||||
Kyowa Kirin Co. Ltd. |
7,200 | 169,742 | ||||||
Marubeni Corp. |
28,800 | 267,905 | ||||||
Mazda Motor Corp. |
7,200 | 60,693 | ||||||
MEIJI Holdings Co. Ltd. |
2,000 | 104,420 | ||||||
MISUMI Group Inc. |
7,200 | 179,124 | ||||||
Mitsui Chemicals Inc. |
7,200 | 151,662 | ||||||
NEC Corp. |
5,900 | 217,795 | ||||||
Nippon Telegraph & Telephone Corp. |
21,600 | 617,011 | ||||||
NTT Data Corp. |
14,400 | 217,944 | ||||||
Otsuka Holdings Co. Ltd. |
8,300 | 296,500 | ||||||
Ricoh Co. Ltd. |
7,200 | 57,910 | ||||||
Seiko Epson Corp. |
7,200 | 108,163 | ||||||
Sekisui House Ltd. |
14,400 | 255,044 | ||||||
Sumitomo Electric Industries Ltd. |
14,400 | 160,543 | ||||||
Tokyo Gas Co. Ltd. |
7,200 | 141,415 | ||||||
Tosoh Corp. |
7,200 | 93,853 | ||||||
Toyota Tsusho Corp. |
7,200 | 245,732 | ||||||
|
|
|||||||
6,080,716 | ||||||||
Kuwait — 0.1% | ||||||||
Mobile Telecommunications Co. KSCP |
47,592 | 94,287 | ||||||
|
|
|||||||
Malaysia — 0.1% | ||||||||
Petronas Gas Bhd |
21,600 | 83,247 | ||||||
Telekom Malaysia Bhd |
43,200 | 55,214 | ||||||
|
|
|||||||
138,461 | ||||||||
Mexico — 0.1% | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) |
43,200 | 79,553 | ||||||
|
|
|||||||
Netherlands — 2.2% | ||||||||
Aegon NV |
25,200 | 110,683 | ||||||
AerCap Holdings NV(a) |
1,944 | 87,208 | ||||||
ASM International NV |
720 | 221,164 | ||||||
Heineken Holding NV |
1,656 | 130,855 | ||||||
IMCD NV |
864 | 138,369 | ||||||
JDE Peet’s NV |
2,232 | 64,733 | ||||||
Koninklijke Ahold Delhaize NV |
20,664 | 569,060 | ||||||
Koninklijke KPN NV |
44,447 | 146,630 | ||||||
Koninklijke Philips NV |
12,528 | 259,283 | ||||||
NN Group NV |
4,032 | 189,191 | ||||||
Randstad NV |
1,728 | 87,338 | ||||||
Wolters Kluwer NV |
5,544 | 602,091 | ||||||
|
|
|||||||
2,606,605 | ||||||||
Norway — 0.3% | ||||||||
Kongsberg Gruppen ASA |
1,728 | 63,675 |
Security | Shares | Value | ||||||
Norway (continued) | ||||||||
Norsk Hydro ASA |
27,567 | $ | 186,773 | |||||
Yara International ASA |
2,160 | 92,053 | ||||||
|
|
|||||||
342,501 | ||||||||
Philippines — 0.0% | ||||||||
PLDT Inc. |
2,160 | 65,179 | ||||||
|
|
|||||||
Poland — 0.2% | ||||||||
Cyfrowy Polsat SA |
7,992 | 34,448 | ||||||
Polski Koncern Naftowy ORLEN SA |
5,976 | 97,617 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA(a) |
49,536 | 74,022 | ||||||
|
|
|||||||
206,087 | ||||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. |
53,045 | 52,021 | ||||||
Industries Qatar QSC |
24,408 | 113,688 | ||||||
Ooredoo QPSC |
23,420 | 59,437 | ||||||
Qatar Electricity & Water Co. QSC |
12,096 | 60,822 | ||||||
|
|
|||||||
285,968 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(c) |
59,760 | 10 | ||||||
PhosAgro PJSC(a)(c) |
20 | — | ||||||
PhosAgro PJSC, GDR(c) |
3,076 | 31 | ||||||
United Co. RUSAL International PJSC(a)(c) |
70,560 | 11 | ||||||
|
|
|||||||
52 | ||||||||
Saudi Arabia — 1.2% | ||||||||
Advanced Petrochemical Co. |
5,015 | 65,769 | ||||||
Almarai Co. JSC |
7,416 | 103,444 | ||||||
Arab National Bank |
11,808 | 97,658 | ||||||
Bank AlBilad(a) |
6,768 | 89,640 | ||||||
Banque Saudi Fransi |
10,872 | 149,033 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,800 | 98,761 | ||||||
Etihad Etisalat Co. |
9,000 | 90,874 | ||||||
Riyad Bank |
25,776 | 250,992 | ||||||
Saudi Investment Bank (The) |
9,360 | 52,468 | ||||||
Saudi Research & Media Group(a) |
648 | 33,516 | ||||||
Saudi Telecom Co. |
11,592 | 311,692 | ||||||
Yanbu National Petrochemical Co. |
6,336 | 84,245 | ||||||
|
|
|||||||
1,428,092 | ||||||||
Singapore — 0.3% | ||||||||
BOC Aviation Ltd.(b) |
7,200 | 61,276 | ||||||
Singapore Exchange Ltd. |
15,800 | 113,264 | ||||||
Venture Corp. Ltd. |
7,200 | 91,730 | ||||||
Wilmar International Ltd. |
43,200 | 125,881 | ||||||
|
|
|||||||
392,151 | ||||||||
South Africa — 0.3% | ||||||||
Aspen Pharmacare Holdings Ltd. |
6,696 | 58,685 | ||||||
Exxaro Resources Ltd. |
4,896 | 59,512 | ||||||
Kumba Iron Ore Ltd. |
1,368 | 40,767 | ||||||
Mr. Price Group Ltd. |
5,112 | 55,660 | ||||||
Nedbank Group Ltd. |
6,408 | 83,764 | ||||||
Reinet Investments SCA |
2,448 | 42,563 | ||||||
|
|
|||||||
340,951 | ||||||||
South Korea — 1.5% | ||||||||
Coway Co. Ltd. |
1,368 | 67,485 | ||||||
DB Insurance Co. Ltd. |
1,296 | 60,316 | ||||||
F&F Co. Ltd./New |
360 | 41,554 | ||||||
Hankook Tire & Technology Co. Ltd. |
2,376 | 63,690 | ||||||
Hanmi Pharm Co. Ltd. |
288 | 68,638 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
2,952 | 95,989 | ||||||
Kia Corp. |
5,472 | 342,588 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Korea Zinc Co. Ltd. |
216 | $ | 79,409 | |||||
KT&G Corp. |
2,376 | 149,757 | ||||||
LG Corp. |
2,160 | 134,818 | ||||||
LG Innotek Co. Ltd. |
288 | 80,749 | ||||||
POSCO Holdings Inc. |
1,440 | 268,931 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
1,296 | 142,715 | ||||||
SK Telecom Co. Ltd. |
1,479 | 61,046 | ||||||
Woori Financial Group Inc. |
10,440 | 95,805 | ||||||
|
|
|||||||
1,753,490 | ||||||||
Spain — 0.1% | ||||||||
Acciona SA |
504 | 103,709 | ||||||
Red Electrica Corp. SA |
2,240 | 44,039 | ||||||
|
|
|||||||
147,748 | ||||||||
Sweden — 0.5% | ||||||||
Getinge AB, Class B |
3,456 | 77,988 | ||||||
Husqvarna AB, Class B |
9,072 | 72,301 | ||||||
Investment AB Latour, Class B |
3,024 | 75,241 | ||||||
Investor AB, Class A |
8,928 | 183,562 | ||||||
Sagax AB, Class B |
3,600 | 92,780 | ||||||
Volvo AB, Class A |
5,328 | 99,280 | ||||||
|
|
|||||||
601,152 | ||||||||
Switzerland — 1.8% | ||||||||
Bachem Holding AG, Class A |
576 | 38,842 | ||||||
EMS-Chemie Holding AG, Registered |
72 | 57,174 | ||||||
Kuehne + Nagel International AG, Registered |
1,080 | 290,867 | ||||||
Roche Holding AG, Bearer |
504 | 205,463 | ||||||
Schindler Holding AG, Registered |
576 | 109,375 | ||||||
Swatch Group AG (The), Bearer |
432 | 115,006 | ||||||
Swisscom AG, Registered |
504 | 272,481 | ||||||
TE Connectivity Ltd. |
6,624 | 885,827 | ||||||
VAT Group AG(b) |
432 | 125,786 | ||||||
|
|
|||||||
2,100,821 | ||||||||
Taiwan — 1.1% | ||||||||
Asustek Computer Inc. |
15,000 | 141,504 | ||||||
AUO Corp. |
144,000 | 64,662 | ||||||
Compal Electronics Inc. |
72,000 | 54,985 | ||||||
Far Eastern New Century Corp. |
144,000 | 146,512 | ||||||
Innolux Corp. |
144,000 | 49,872 | ||||||
Inventec Corp. |
72,000 | 57,185 | ||||||
Lite-On Technology Corp. |
72,000 | 157,982 | ||||||
Pegatron Corp. |
42,000 | 87,435 | ||||||
Pou Chen Corp. |
144,000 | 129,296 | ||||||
Quanta Computer Inc. |
72,000 | 204,403 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
72,000 | 120,867 | ||||||
WPG Holdings Ltd. |
72,000 | 120,972 | ||||||
|
|
|||||||
1,335,675 | ||||||||
Thailand — 0.1% | ||||||||
PTT Exploration & Production PCL, NVDR |
36,000 | 161,858 | ||||||
|
|
|||||||
Turkey — 0.0% | ||||||||
Turkcell Iletisim Hizmetleri AS |
39,888 | 37,900 | ||||||
|
|
|||||||
United Arab Emirates — 0.3% | ||||||||
Abu Dhabi Islamic Bank PJSC |
27,720 | 68,696 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
45,576 | 53,146 | ||||||
Emaar Properties PJSC |
66,456 | 99,730 | ||||||
Emirates Telecommunications Group Co. PJSC |
18,360 | 139,458 | ||||||
|
|
|||||||
361,030 |
Security | Shares | Value | ||||||
United Kingdom — 2.1% | ||||||||
Associated British Foods PLC |
7,344 | $ | 150,004 | |||||
Auto Trader Group PLC(b) |
14,544 | 112,127 | ||||||
Barratt Developments PLC |
15,048 | 92,270 | ||||||
BT Group PLC |
142,416 | 281,175 | ||||||
Burberry Group PLC |
5,760 | 126,625 | ||||||
Coca-Cola Europacific Partners PLC |
4,248 | 229,902 | ||||||
Halma PLC |
5,328 | 150,052 | ||||||
Imperial Brands PLC |
18,288 | 401,537 | ||||||
J Sainsbury PLC |
38,304 | 103,328 | ||||||
JD Sports Fashion PLC |
56,664 | 90,003 | ||||||
Kingfisher PLC |
39,312 | 124,378 | ||||||
Pearson PLC |
10,224 | 94,626 | ||||||
Persimmon PLC |
4,680 | 107,950 | ||||||
Sage Group PLC (The) |
15,696 | 135,270 | ||||||
Smiths Group PLC |
6,192 | 116,856 | ||||||
Spirax-Sarco Engineering PLC |
1,008 | 147,076 | ||||||
|
|
|||||||
2,463,179 | ||||||||
United States — 56.9% | ||||||||
A O Smith Corp. |
2,088 | 132,108 | ||||||
Abiomed Inc.(a) |
648 | 189,870 | ||||||
Advance Auto Parts Inc. |
864 | 167,288 | ||||||
Aflac Inc. |
12,384 | 709,603 | ||||||
Agilent Technologies Inc. |
6,048 | 811,037 | ||||||
Akamai Technologies Inc.(a) |
2,241 | 215,629 | ||||||
Alcoa Corp |
2,664 | 135,571 | ||||||
Allstate Corp. (The) |
5,760 | 673,747 | ||||||
Ally Financial Inc. |
4,824 | 159,530 | ||||||
AMERCO |
216 | 116,009 | ||||||
American Financial Group Inc./OH |
1,080 | 144,374 | ||||||
Ameriprise Financial Inc. |
1,224 | 330,382 | ||||||
APA Corp. |
5,112 | 190,013 | ||||||
Apple Inc. |
15,912 | 2,585,859 | ||||||
Arch Capital Group Ltd. |
5,256 | 233,366 | ||||||
Archer-Daniels-Midland Co. |
11,016 | 911,794 | ||||||
Arista Networks Inc.(a) |
3,600 | 419,868 | ||||||
Arrow Electronics Inc.(a) |
1,008 | 129,195 | ||||||
AvalonBay Communities Inc. |
2,808 | 600,744 | ||||||
Bath & Body Works Inc. |
4,464 | 158,651 | ||||||
Bentley Systems Inc., Class B |
2,952 | 116,899 | ||||||
Best Buy Co. Inc. |
2,952 | 227,274 | ||||||
Biogen Inc.(a) |
2,952 | 634,857 | ||||||
Bio-Rad Laboratories Inc., Class A(a) |
288 | 162,219 | ||||||
Bio-Techne Corp. |
576 | 221,921 | ||||||
BorgWarner Inc. |
3,384 | 130,149 | ||||||
Brown & Brown Inc. |
3,312 | 215,611 | ||||||
Bunge Ltd. |
2,016 | 186,137 | ||||||
Cadence Design Systems Inc.(a) |
4,032 | 750,275 | ||||||
Camden Property Trust |
1,512 | 213,343 | ||||||
Capital One Financial Corp. |
8,280 | 909,392 | ||||||
CBRE Group Inc., Class A(a) |
4,896 | 419,196 | ||||||
Celanese Corp. |
1,872 | 219,979 | ||||||
CF Industries Holdings Inc. |
2,952 | 281,886 | ||||||
CH Robinson Worldwide Inc. |
1,872 | 207,230 | ||||||
Cincinnati Financial Corp. |
2,160 | 210,254 | ||||||
Cisco Systems Inc. |
60,336 | 2,737,444 | ||||||
Cognex Corp. |
2,592 | 132,140 | ||||||
Cognizant Technology Solutions Corp., Class A |
10,656 | 724,182 | ||||||
Cooper Companies Inc. (The) |
648 | 211,896 | ||||||
Corteva Inc. |
15,048 | 866,012 | ||||||
DaVita Inc.(a) |
1,224 | 103,012 |
28 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
DENTSPLY SIRONA Inc. |
3,240 | $ | 117,158 | |||||
Devon Energy Corp. |
9,072 | 570,175 | ||||||
Discover Financial Services |
4,104 | 414,504 | ||||||
Dover Corp. |
2,016 | 269,499 | ||||||
DR Horton Inc. |
4,680 | 365,180 | ||||||
eBay Inc. |
11,952 | 581,226 | ||||||
Electronic Arts Inc. |
5,544 | 727,539 | ||||||
Elevance Health Inc. |
4,896 | 2,335,882 | ||||||
EOG Resources Inc. |
12,168 | 1,353,325 | ||||||
EPAM Systems Inc.(a) |
864 | 301,752 | ||||||
EQT Corp. |
4,896 | 215,571 | ||||||
Equity Residential |
7,272 | 570,052 | ||||||
Erie Indemnity Co., Class A, NVS |
504 | 102,493 | ||||||
Essex Property Trust Inc. |
864 | 247,562 | ||||||
Everest Re Group Ltd. |
504 | 131,720 | ||||||
F5 Inc.(a) |
843 | 141,084 | ||||||
FactSet Research Systems Inc. |
576 | 247,496 | ||||||
Fastenal Co. |
8,352 | 428,959 | ||||||
Fidelity National Financial Inc. |
3,816 | 152,487 | ||||||
FleetCor Technologies Inc.(a) |
1,080 | 237,697 | ||||||
Fortinet Inc.(a) |
13,680 | 816,012 | ||||||
Fortune Brands Home & Security Inc., NVS |
1,800 | 125,424 | ||||||
Fox Corp., Class A, NVS |
4,896 | 162,107 | ||||||
Franklin Resources Inc. |
4,824 | 132,419 | ||||||
Garmin Ltd. |
2,088 | 203,831 | ||||||
Generac Holdings Inc.(a) |
360 | 96,588 | ||||||
General Motors Co.(a) |
25,848 | 937,249 | ||||||
Genuine Parts Co. |
2,160 | 330,199 | ||||||
Globe Life Inc. |
1,296 | 130,546 | ||||||
Hartford Financial Services Group Inc. (The) |
4,752 | 306,361 | ||||||
HCA Healthcare Inc. |
5,040 | 1,070,597 | ||||||
HEICO Corp., Class A |
1,440 | 183,859 | ||||||
Henry Schein Inc.(a) |
1,944 | 153,246 | ||||||
Hewlett Packard Enterprise Co. |
16,128 | 229,663 | ||||||
Hologic Inc.(a) |
3,528 | 251,829 | ||||||
Howmet Aerospace Inc. |
4,968 | 184,462 | ||||||
HP Inc. |
21,168 | 706,800 | ||||||
Humana Inc. |
2,592 | 1,249,344 | ||||||
Huntington Ingalls Industries Inc. |
577 | 125,117 | ||||||
IDEX Corp. |
1,080 | 225,450 | ||||||
Intel Corp. |
63,864 | 2,318,902 | ||||||
International Paper Co. |
5,328 | 227,879 | ||||||
Invesco Ltd. |
5,400 | 95,796 | ||||||
Jack Henry & Associates Inc. |
936 | 194,473 | ||||||
JB Hunt Transport Services Inc. |
1,224 | 224,322 | ||||||
JM Smucker Co. (The) |
1,584 | 209,595 | ||||||
Johnson Controls International PLC |
13,896 | 749,133 | ||||||
Juniper Networks Inc. |
4,392 | 123,108 | ||||||
Keysight Technologies Inc.(a) |
2,664 | 433,166 | ||||||
Knight-Swift Transportation Holdings Inc. |
2,808 | 154,300 | ||||||
Kroger Co. (The) |
14,184 | 658,705 | ||||||
Laboratory Corp. of America Holdings |
1,368 | 358,676 | ||||||
Lear Corp. |
936 | 141,467 | ||||||
Lennox International Inc. |
437 | 104,675 | ||||||
Liberty Global PLC, Class C, NVS(a) |
6,696 | 153,271 | ||||||
Lincoln National Corp. |
2,016 | 103,501 | ||||||
LKQ Corp. |
3,888 | 213,218 | ||||||
Loews Corp. |
2,448 | 142,596 | ||||||
LPL Financial Holdings Inc. |
1,152 | 241,828 | ||||||
Marathon Oil Corp. |
10,656 | 264,269 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Masimo Corp.(a) |
864 | $ | 124,917 | |||||
MetLife Inc. |
13,968 | 883,476 | ||||||
Mettler-Toledo International Inc.(a) |
288 | 388,722 | ||||||
Micron Technology Inc.(d) |
22,392 | 1,385,169 | ||||||
Microsoft Corp. |
5,904 | 1,657,489 | ||||||
Mid-America Apartment Communities Inc. |
1,656 | 307,569 | ||||||
Mohawk Industries Inc.(a) |
792 | 101,756 | ||||||
Molina Healthcare Inc.(a) |
891 | 291,999 | ||||||
Molson Coors Beverage Co., Class B |
2,448 | 146,268 | ||||||
Monolithic Power Systems Inc. |
720 | 334,598 | ||||||
Monster Beverage Corp.(a) |
7,848 | 781,818 | ||||||
Mosaic Co. (The) |
5,256 | 276,781 | ||||||
NetApp Inc. |
3,024 | 215,702 | ||||||
Newell Brands Inc. |
5,832 | 117,865 | ||||||
Nordson Corp. |
792 | 182,944 | ||||||
NRG Energy Inc. |
3,384 | 127,746 | ||||||
Nucor Corp. |
5,472 | 743,098 | ||||||
NVR Inc.(a) |
71 | 311,910 | ||||||
Old Dominion Freight Line Inc. |
1,440 | 437,054 | ||||||
ON Semiconductor Corp.(a) |
6,336 | 423,118 | ||||||
Owens Corning |
1,296 | 120,191 | ||||||
Packaging Corp. of America |
1,440 | 202,478 | ||||||
Paychex Inc. |
4,896 | 628,059 | ||||||
Pentair PLC |
1,584 | 77,442 | ||||||
Public Storage |
764 | 249,377 | ||||||
PulteGroup Inc. |
3,168 | 138,188 | ||||||
Qorvo Inc.(a) |
1,584 | 164,847 | ||||||
Quanta Services Inc.(d) |
2,088 | 289,668 | ||||||
Quest Diagnostics Inc. |
1,728 | 235,993 | ||||||
Raymond James Financial Inc. |
2,787 | 274,436 | ||||||
Regions Financial Corp. |
13,824 | 292,792 | ||||||
ResMed Inc. |
3,024 | 727,333 | ||||||
Robert Half International Inc. |
1,512 | 119,660 | ||||||
Rollins Inc. |
3,626 | 139,855 | ||||||
Skyworks Solutions Inc. |
1,800 | 195,984 | ||||||
Snap-on Inc. |
792 | 177,448 | ||||||
State Street Corp. |
7,416 | 526,833 | ||||||
Steel Dynamics Inc. |
2,664 | 207,472 | ||||||
Synchrony Financial |
7,416 | 248,288 | ||||||
Synopsys Inc.(a) |
3,024 | 1,111,320 | ||||||
T Rowe Price Group Inc. |
4,608 | 568,950 | ||||||
Target Corp. |
9,648 | 1,576,290 | ||||||
Teleflex Inc. |
648 | 155,818 | ||||||
Teradyne Inc. |
2,376 | 239,715 | ||||||
Texas Instruments Inc. |
6,696 | 1,197,847 | ||||||
Textron Inc. |
2,376 | 155,961 | ||||||
Tractor Supply Co. |
1,584 | 303,304 | ||||||
Tradeweb Markets Inc., Class A |
1,656 | 116,781 | ||||||
Trimble Inc.(a) |
3,600 | 249,948 | ||||||
Tyson Foods Inc., Class A |
6,048 | 532,285 | ||||||
UGI Corp. |
3,240 | 139,838 | ||||||
Ulta Beauty, Inc.(a) |
792 | 308,017 | ||||||
United Rentals Inc.(a) |
1,008 | 325,251 | ||||||
Universal Health Services Inc., Class B |
1,152 | 129,565 | ||||||
W R Berkley Corp. |
3,024 | 189,091 | ||||||
Walgreens Boots Alliance Inc. |
14,832 | 587,644 | ||||||
Waters Corp.(a) |
864 | 314,522 | ||||||
Webster Financial Corp. |
3,024 | 140,465 | ||||||
West Pharmaceutical Services Inc. |
1,080 | 371,045 | ||||||
Western Digital Corp.(a) |
4,464 | 219,182 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Western Union Co. (The) |
5,854 | $ | 99,635 | |||||
Westlake Corp. |
1,008 | 98,119 | ||||||
Westrock Co. |
3,744 | 158,596 | ||||||
Weyerhaeuser Co. |
15,264 | 554,389 | ||||||
Whirlpool Corp. |
792 | 136,913 | ||||||
WW Grainger Inc. |
648 | 352,207 | ||||||
Zebra Technologies Corp., Class A(a) |
792 | 283,290 | ||||||
|
|
|||||||
68,013,621 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.2% |
118,650,478 | |||||||
|
|
|||||||
Preferred Stocks | ||||||||
Germany — 0.2% |
||||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
3,168 | 229,305 | ||||||
|
|
|||||||
Russia — 0.0% |
||||||||
Surgutneftegas PJSC, Preference Shares, NVS(c) |
145,100 | 23 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.2% |
229,328 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.4% |
118,879,806 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.6% |
||||||||
BlackRock
Cash Funds: Institutional, SL Agency Shares, |
534,978 | 534,925 |
Security | Shares | Value | ||||||
Money Market Funds (continued) |
||||||||
BlackRock
Cash Funds: Treasury, SL Agency Shares, |
190,000 | $ | 190,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.6% |
724,925 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.0% |
119,604,731 | |||||||
Liabilities in Excess of Other Assets — (0.0)% |
(13,020 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 119,591,711 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
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. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
All or a portion of this security is on loan. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 742,096 | $ | — | $ | (206,750 | )(a) | $ | (370 | ) | $ | (51 | ) | $ | 534,925 | 534,978 | $ | 10,254 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
80,000 | 110,000 | (a) | — | — | — | 190,000 | 190,000 | 706 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (370 | ) | $ | (51 | ) | $ | 724,925 | $ | 10,960 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
2 | 09/16/22 | $ | 195 | $ | 10,674 | ||||||||||
MSCI Emerging Markets Index |
1 | 09/16/22 | 50 | 277 |
30 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Global Multifactor ETF |
Futures Contracts (continued)
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
S&P 500 E-Mini Index |
2 | 09/16/22 | $ | 413 | $ | 27,221 | ||||||||||
|
|
|||||||||||||||
$ | 38,172 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 38,172 | $ | — | $ | — | $ | — | $ | 38,172 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (37,464 | ) | $ | — | $ | — | $ | — | $ | (37,464 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 41,197 | $ | — | $ | — | $ | — | $ | 41,197 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 380,934 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 77,866,695 | $ | 40,783,729 | $ | 54 | $ | 118,650,478 | ||||||||
Preferred Stocks |
— | 229,305 | 23 | 229,328 | ||||||||||||
Money Market Funds |
724,925 | — | — | 724,925 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 78,591,620 | $ | 41,013,034 | $ | 77 | $ | 119,604,731 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 38,172 | $ | — | $ | — | $ | 38,172 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 10.9% | ||||||||
Abacus Property Group |
206,371 | $ | 426,306 | |||||
Accent Group Ltd. |
136,050 | 125,477 | ||||||
Alkane Resources Ltd.(a) |
210,459 | 116,699 | ||||||
Ansell Ltd. |
51,100 | 938,178 | ||||||
ARB Corp. Ltd. |
28,616 | 671,961 | ||||||
Arena REIT |
188,194 | 638,854 | ||||||
AUB Group Ltd. |
30,733 | 421,529 | ||||||
Aussie Broadband Ltd.(a) |
41,537 | 106,140 | ||||||
Austal Ltd. |
177,098 | 332,690 | ||||||
Australian Clinical Labs Ltd. |
38,398 | 142,552 | ||||||
Australian Ethical Investment Ltd. |
32,450 | 148,979 | ||||||
BWP Trust |
189,435 | 570,834 | ||||||
Charter Hall Social Infrastructure REIT |
178,485 | 474,137 | ||||||
Codan Ltd./Australia |
38,448 | 235,576 | ||||||
Credit Corp. Group Ltd. |
36,865 | 626,734 | ||||||
CSR Ltd. |
265,063 | 850,668 | ||||||
Dexus Industria REIT |
121,472 | 256,669 | ||||||
DGL Group Ltd./Au(a) |
60,736 | 106,557 | ||||||
Eclipx Group Ltd.(a) |
155,125 | 287,250 | ||||||
GDI Property Group Partnership |
263,749 | 181,339 | ||||||
Genworth Mortgage Insurance Australia Ltd. |
223,745 | 443,349 | ||||||
GrainCorp Ltd., Class A |
89,644 | 541,157 | ||||||
Grange Resources Ltd. |
283,167 | 223,901 | ||||||
Growthpoint Properties Australia Ltd. |
147,095 | 390,918 | ||||||
GWA Group Ltd. |
115,340 | 168,217 | ||||||
Hansen Technologies Ltd. |
61,749 | 247,472 | ||||||
Harvey Norman Holdings Ltd. |
219,365 | 640,137 | ||||||
Healius Ltd. |
196,589 | 535,634 | ||||||
HUB24 Ltd. |
21,157 | 365,494 | ||||||
Imdex Ltd. |
193,961 | 246,949 | ||||||
Integral Diagnostics Ltd. |
105,777 | 229,313 | ||||||
JB Hi-Fi Ltd. |
44,895 | 1,329,360 | ||||||
Johns Lyng Group Ltd. |
53,383 | 283,798 | ||||||
Jumbo Interactive Ltd. |
28,835 | 292,222 | ||||||
McMillan Shakespeare Ltd. |
37,887 | 326,689 | ||||||
Monadelphous Group Ltd. |
49,129 | 356,663 | ||||||
New Hope Corp. Ltd. |
182,792 | 566,304 | ||||||
nib holdings Ltd. |
178,850 | 914,650 | ||||||
Nick Scali Ltd. |
26,582 | 180,479 | ||||||
Objective Corp. Ltd. |
8,690 | 93,315 | ||||||
Pendal Group Ltd. |
132,276 | 447,982 | ||||||
Perenti Global Ltd. |
345,290 | 139,297 | ||||||
Perseus Mining Ltd. |
482,165 | 572,244 | ||||||
Platinum Asset Management Ltd. |
158,981 | 204,128 | ||||||
Premier Investments Ltd. |
35,624 | 529,859 | ||||||
Pro Medicus Ltd. |
18,396 | 644,391 | ||||||
PWR Holdings Ltd. |
40,880 | 240,241 | ||||||
Ramelius Resources Ltd. |
329,230 | 249,449 | ||||||
Rural Funds Group |
207,685 | 400,120 | ||||||
Sandfire Resources Ltd. |
150,088 | 484,357 | ||||||
Seven West Media Ltd.(a) |
518,738 | 173,370 | ||||||
SG Fleet Group Ltd. |
65,043 | 119,489 | ||||||
Sigma Healthcare Ltd. |
580,788 | 252,261 | ||||||
SmartGroup Corp. Ltd. |
68,985 | 334,228 | ||||||
Super Retail Group Ltd. |
64,313 | 448,957 | ||||||
Technology One Ltd. |
103,514 | 858,883 | ||||||
Waypoint REIT Ltd. |
406,537 | 748,879 | ||||||
Westgold Resources Ltd. |
147,433 | 134,556 |
Security | Shares | Value | ||||||
Australia (continued) |
||||||||
Whitehaven Coal Ltd. |
362,883 | $ | 1,597,730 | |||||
|
|
|||||||
24,615,571 | ||||||||
Austria — 0.0% |
||||||||
Semperit AG Holding |
3,980 | 80,704 | ||||||
|
|
|||||||
Belgium — 1.0% |
||||||||
AGFA-Gevaert NV(a) |
53,989 | 195,339 | ||||||
Econocom Group SA/NV |
56,429 | 191,973 | ||||||
Gimv NV |
7,957 | 429,594 | ||||||
Intervest Offices & Warehouses NV |
12,118 | 343,070 | ||||||
Ion Beam Applications |
8,395 | 146,548 | ||||||
Orange Belgium SA(a) |
5,913 | 113,858 | ||||||
Recticel SA |
16,406 | 251,852 | ||||||
Tessenderlo Group SA(a) |
6,716 | 210,484 | ||||||
Van de Velde NV |
3,212 | 120,844 | ||||||
X-Fab Silicon Foundries SE(a)(b)(c) |
31,974 | 213,529 | ||||||
|
|
|||||||
2,217,091 | ||||||||
Canada — 15.0% | ||||||||
Advantage Energy Ltd.(a) |
105,412 | 906,318 | ||||||
Aecon Group Inc. |
23,298 | 201,954 | ||||||
Andlauer Healthcare Group Inc. |
6,536 | 251,426 | ||||||
Argonaut Gold Inc.(a) |
114,756 | 42,567 | ||||||
Artis REIT |
33,580 | 305,761 | ||||||
Athabasca Oil Corp.(a) |
292,803 | 553,343 | ||||||
Badger Infrastructure Solutions Ltd. |
13,724 | 329,342 | ||||||
Baytex Energy Corp.(a) |
222,942 | 1,197,799 | ||||||
Birchcliff Energy Ltd. |
104,682 | 804,397 | ||||||
Boardwalk REIT |
12,702 | 484,453 | ||||||
BSR Real Estate Investment Trust |
16,863 | 281,949 | ||||||
Canaccord Genuity Group Inc. |
51,903 | 403,291 | ||||||
Canfor Corp.(a) |
24,528 | 521,954 | ||||||
Cardinal Energy Ltd. |
70,591 | 512,667 | ||||||
Cascades Inc. |
33,799 | 258,662 | ||||||
Celestica Inc.(a) |
58,400 | 615,217 | ||||||
Cogeco Inc. |
2,044 | 108,924 | ||||||
Corby Spirit and Wine Ltd. |
6,862 | 93,776 | ||||||
Corus Entertainment Inc., Class B, NVS |
111,398 | 327,091 | ||||||
Crescent Point Energy Corp. |
227,103 | 1,796,535 | ||||||
Crew Energy Inc.(a) |
76,650 | 335,200 | ||||||
Dream Office REIT |
12,848 | 204,978 | ||||||
DREAM Unlimited Corp., Class A(c) |
9,782 | 252,084 | ||||||
Dundee Precious Metals Inc.(c) |
74,606 | 360,635 | ||||||
ECN Capital Corp. |
127,093 | 593,508 | ||||||
Enerflex Ltd. |
35,259 | 162,452 | ||||||
Enerplus Corp. |
100,302 | 1,399,708 | ||||||
Evertz Technologies Ltd. |
14,527 | 165,060 | ||||||
Extendicare Inc. |
31,609 | 186,117 | ||||||
Finning International Inc. |
63,656 | 1,391,877 | ||||||
Freehold Royalties Ltd. |
47,231 | 535,547 | ||||||
Frontera Energy Corp.(a) |
33,361 | 326,954 | ||||||
Home Capital Group Inc. |
20,440 | 417,244 | ||||||
Interfor Corp.(a) |
25,477 | 629,091 | ||||||
Kelt Exploration Ltd.(a) |
87,527 | 470,256 | ||||||
Labrador Iron Ore Royalty Corp. |
22,776 | 503,347 | ||||||
Lassonde Industries Inc., Class A |
1,752 | 165,548 | ||||||
Linamar Corp. |
17,958 | 818,701 | ||||||
Major Drilling Group International Inc.(a) |
40,296 | 301,776 | ||||||
Martinrea International Inc.(c) |
32,193 | 234,807 | ||||||
Morguard North American Residential REIT |
10,439 | 138,094 | ||||||
Mullen Group Ltd. |
49,421 | 563,466 |
32 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) |
||||||||
North West Co. Inc. (The) |
27,740 | $ | 746,925 | |||||
NuVista Energy Ltd.(a) |
71,832 | 638,918 | ||||||
Obsidian Energy Ltd.(a) |
37,449 | 319,350 | ||||||
Paramount Resources Ltd., Class A |
28,908 | 718,100 | ||||||
Parex Resources Inc. |
49,494 | 921,430 | ||||||
Pason Systems Inc. |
20,805 | 249,878 | ||||||
Peyto Exploration & Development Corp. |
65,335 | 734,703 | ||||||
Precision Drilling Corp.(a) |
7,519 | 512,482 | ||||||
Russel Metals Inc. |
25,477 | 547,520 | ||||||
Sleep Country Canada Holdings Inc.(b) |
14,673 | 328,167 | ||||||
Sprott Inc. |
9,280 | 351,184 | ||||||
Tamarack Valley Energy Ltd. |
163,520 | 568,243 | ||||||
Timbercreek Financial Corp. |
44,822 | 292,968 | ||||||
Topaz Energy Corp.(c) |
27,813 | 486,953 | ||||||
Torex Gold Resources Inc.(a) |
46,647 | 355,166 | ||||||
Transcontinental Inc., Class A |
28,251 | 358,281 | ||||||
Trican Well Service Ltd.(a) |
121,326 | 359,084 | ||||||
Uni-Select Inc.(a) |
21,754 | 628,387 | ||||||
Vermilion Energy Inc. |
63,510 | 1,642,119 | ||||||
Westshore Terminals Investment Corp. |
23,214 | 615,088 | ||||||
Whitecap Resources Inc. |
239,002 | 1,827,207 | ||||||
Winpak Ltd. |
12,848 | 465,440 | ||||||
|
|
|||||||
33,821,469 | ||||||||
Denmark — 1.5% | ||||||||
cBrain A/S |
3,577 | 102,571 | ||||||
Chemometec A/S |
6,205 | 741,202 | ||||||
D/S Norden A/S |
12,921 | 563,842 | ||||||
Matas A/S |
19,783 | 212,253 | ||||||
Per Aarsleff Holding A/S |
9,855 | 303,081 | ||||||
Scandinavian Tobacco Group A/S, Class A(b) |
25,696 | 492,137 | ||||||
Solar A/S, Class B |
2,993 | 281,477 | ||||||
Spar Nord Bank A/S |
49,421 | 566,267 | ||||||
|
|
|||||||
3,262,830 | ||||||||
Finland — 0.5% | ||||||||
F-Secure OYJ(a) |
36,761 | 114,030 | ||||||
Marimekko OYJ |
14,381 | 199,921 | ||||||
Oriola OYJ, Class B |
55,553 | 112,761 | ||||||
Rovio Entertainment OYJ(b) |
22,338 | 151,508 | ||||||
Talenom OYJ |
11,169 | 127,979 | ||||||
Uponor OYJ |
21,535 | 324,214 | ||||||
WithSecure OYJ(a) |
36,761 | 66,727 | ||||||
|
|
|||||||
1,097,140 | ||||||||
France — 5.1% | ||||||||
ABC arbitrage |
19,345 | 138,401 | ||||||
AKWEL |
4,380 | 78,877 | ||||||
Albioma SA |
13,943 | 710,527 | ||||||
APERAM SA |
17,374 | 566,467 | ||||||
Aubay |
3,942 | 209,607 | ||||||
Beneteau SA |
21,316 | 245,124 | ||||||
Boiron SA |
2,409 | 112,642 | ||||||
Bonduelle SCA |
6,789 | 91,300 | ||||||
Derichebourg SA |
37,011 | 235,901 | ||||||
Equasens |
1,533 | 133,548 | ||||||
Eramet SA |
3,650 | 386,376 | ||||||
Esker SA |
2,044 | 307,032 | ||||||
Etablissements Maurel et Prom SA |
32,850 | 173,604 | ||||||
Euroapi SA(a) |
28,470 | 480,288 | ||||||
Eutelsat Communications SA |
67,525 | 513,847 | ||||||
Fnac Darty SA |
8,760 | 351,387 |
Security | Shares | Value | ||||||
France (continued) |
||||||||
Groupe Guillin |
3,577 | $ | 76,773 | |||||
IPSOS |
22,703 | 1,163,658 | ||||||
LNA Sante SA |
1,898 | 64,985 | ||||||
Maisons du Monde SA(b) |
15,987 | 170,876 | ||||||
Manitou BF SA |
5,402 | 102,693 | ||||||
Mercialys SA |
42,048 | 372,724 | ||||||
Mersen SA |
9,636 | 339,008 | ||||||
Metropole Television SA |
13,724 | 180,779 | ||||||
Quadient SA |
18,761 | 365,270 | ||||||
SMCP SA(a)(b) |
22,557 | 122,819 | ||||||
Societe BIC SA |
13,943 | 787,824 | ||||||
Sopra Steria Group SACA |
8,468 | 1,411,032 | ||||||
Television Francaise 1 |
22,922 | 157,902 | ||||||
Trigano SA |
3,504 | 342,851 | ||||||
Vicat SA |
7,884 | 205,550 | ||||||
Vilmorin & Cie SA |
3,139 | 129,772 | ||||||
Virbac SA |
1,628 | 601,311 | ||||||
Wavestone |
4,599 | 240,149 | ||||||
|
|
|||||||
11,570,904 | ||||||||
Germany — 2.7% | ||||||||
Adesso SE |
1,095 | 189,715 | ||||||
Basler AG(c) |
4,347 | 165,626 | ||||||
Bertrandt AG |
3,066 | 114,510 | ||||||
Cewe Stiftung & Co. KGaA |
3,066 | 263,300 | ||||||
CropEnergies AG |
9,989 | 147,208 | ||||||
Deutsche Beteiligungs AG |
4,535 | 130,890 | ||||||
Draegerwerk AG & Co. KGaA |
1,110 | 50,484 | ||||||
Elmos Semiconductor SE |
4,307 | 208,602 | ||||||
ElringKlinger AG |
10,995 | 88,002 | ||||||
GFT Technologies SE |
9,563 | 432,198 | ||||||
Hornbach Holding AG & Co. KGaA |
3,723 | 292,218 | ||||||
K+S AG, Registered |
89,060 | 1,877,940 | ||||||
Kloeckner & Co. SE(c) |
28,915 | 283,385 | ||||||
MBB SE(c) |
876 | 96,791 | ||||||
Salzgitter AG(c) |
14,965 | 381,019 | ||||||
Software AG(c) |
20,148 | 544,328 | ||||||
Steico SE |
2,146 | 175,383 | ||||||
Stratec SE |
3,066 | 282,819 | ||||||
Takkt AG |
20,878 | 284,695 | ||||||
Wuestenrot & Wuerttembergische AG |
9,271 | 159,208 | ||||||
|
|
|||||||
6,168,321 | ||||||||
Hong Kong — 3.3% | ||||||||
Cafe de Coral Holdings Ltd. |
148,000 | 225,844 | ||||||
Chow Sang Sang Holdings International Ltd. |
148,000 | 152,994 | ||||||
CITIC Telecom International Holdings Ltd. |
876,000 | 292,137 | ||||||
Cowell e Holdings Inc.(a) |
146,000 | 256,461 | ||||||
Crystal International Group Ltd.(b) |
292,000 | 92,211 | ||||||
Dah Sing Banking Group Ltd. |
175,200 | 133,629 | ||||||
Dah Sing Financial Holdings Ltd. |
60,800 | 159,664 | ||||||
E-Commodities Holdings Ltd. |
730,000 | 166,820 | ||||||
Far East Consortium International Ltd. |
584,000 | 188,395 | ||||||
First Pacific Co. Ltd. |
888,000 | 354,348 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. |
876,000 | 158,359 | ||||||
K Wah International Holdings Ltd. |
584,000 | 217,135 | ||||||
Kerry Properties Ltd. |
222,000 | 533,940 | ||||||
Luk Fook Holdings International Ltd. |
191,000 | 466,351 | ||||||
Pacific Basin Shipping Ltd. |
2,628,000 | 1,256,804 | ||||||
Pacific Textiles Holdings Ltd.(c) |
511,000 | 203,200 | ||||||
PAX Global Technology Ltd. |
438,000 | 409,799 | ||||||
Perfect Medical Health Management Ltd. |
148,000 | 69,553 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong (continued) |
||||||||
Prosperity REIT |
730,000 | $ | 223,188 | |||||
SmarTone Telecommunications Holdings Ltd. |
182,500 | 95,275 | ||||||
Stella International Holdings Ltd. |
182,500 | 177,853 | ||||||
Sun Hung Kai & Co. Ltd. |
292,000 | 134,637 | ||||||
Sunlight REIT |
511,000 | 244,111 | ||||||
Texhong Textile Group Ltd. |
111,000 | 103,303 | ||||||
United Laboratories International Holdings Ltd. (The) |
542,000 | 285,927 | ||||||
VSTECS Holdings Ltd. |
292,000 | 223,020 | ||||||
VTech Holdings Ltd. |
80,300 | 547,409 | ||||||
|
|
|||||||
7,372,367 | ||||||||
Ireland — 0.4% |
||||||||
Greencore Group PLC(a) |
286,306 | 350,755 | ||||||
Origin Enterprises PLC |
68,328 | 277,389 | ||||||
Uniphar PLC(a) |
89,593 | 296,224 | ||||||
|
|
|||||||
924,368 | ||||||||
Israel — 1.3% | ||||||||
Delek Automotive Systems Ltd. |
19,801 | 249,183 | ||||||
Delta Galil Industries Ltd. |
3,650 | 178,354 | ||||||
Equital Ltd.(a) |
674 | 23,887 | ||||||
IDI Insurance Co. Ltd. |
2,967 | 77,366 | ||||||
Isracard Ltd. |
114,464 | 357,826 | ||||||
Ituran Location and Control Ltd. |
7,228 | 183,591 | ||||||
Magic Software Enterprises Ltd. |
1,387 | 27,756 | ||||||
Malam - Team Ltd. |
2,819 | 63,219 | ||||||
Mehadrin Ltd.(a) |
— | 16 | ||||||
Menora Mivtachim Holdings Ltd.(a) |
9,650 | 193,150 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(a) |
13,140 | 82,200 | ||||||
Plus500 Ltd. |
54,823 | 1,112,658 | ||||||
Summit Real Estate Holdings Ltd. |
14,308 | 260,714 | ||||||
|
|
|||||||
2,809,920 | ||||||||
Italy — 0.9% | ||||||||
Banca IFIS SpA |
15,403 | 207,242 | ||||||
Biesse SpA |
5,302 | 75,609 | ||||||
Danieli & C Officine Meccaniche SpA |
4,015 | 82,584 | ||||||
Digital Bros. SpA |
2,920 | 79,218 | ||||||
El.En. SpA |
16,998 | 255,262 | ||||||
Esprinet SpA |
11,763 | 85,141 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA |
30,003 | 111,531 | ||||||
Iren SpA |
252,653 | 476,130 | ||||||
OVS SpA(b) |
84,290 | 135,570 | ||||||
Pharmanutra SpA |
1,679 | 115,561 | ||||||
RAI Way SpA(b) |
38,690 | 192,560 | ||||||
SOL SpA |
14,089 | 261,309 | ||||||
|
|
|||||||
2,077,717 | ||||||||
Japan — 24.6% | ||||||||
Adastria Co. Ltd. |
14,600 | 219,261 | ||||||
Aichi Corp. |
14,600 | 94,035 | ||||||
Aida Engineering Ltd. |
14,600 | 100,492 | ||||||
Alpen Co. Ltd. |
7,400 | 115,601 | ||||||
Alpha Systems Inc. |
1,900 | 70,154 | ||||||
AOKI Holdings Inc. |
21,900 | 107,817 | ||||||
Arata Corp. |
7,300 | 225,664 | ||||||
Arcland Sakamoto Co. Ltd. |
14,600 | 169,702 | ||||||
Arcs Co. Ltd. |
21,900 | 349,005 | ||||||
Argo Graphics Inc. |
7,300 | 189,509 | ||||||
Avex Inc. |
14,800 | 169,663 | ||||||
Axial Retailing Inc. |
7,300 | 187,316 | ||||||
Belc Co. Ltd. |
3,000 | 124,060 | ||||||
Belluna Co. Ltd. |
29,200 | 170,667 |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
BML Inc. |
7,300 | $ | 215,905 | |||||
Bunka Shutter Co. Ltd. |
29,200 | 226,659 | ||||||
C.I. Takiron Corp. |
15,200 | 63,767 | ||||||
Canon Electronics Inc. |
14,600 | 182,751 | ||||||
Canon Marketing Japan Inc. |
17,000 | 399,228 | ||||||
Cawachi Ltd. |
7,400 | 119,613 | ||||||
Central Glass Co. Ltd. |
11,900 | 293,054 | ||||||
CONEXIO Corp. |
7,300 | 72,464 | ||||||
Daihen Corp. |
7,400 | 233,109 | ||||||
Daiho Corp. |
1,200 | 38,562 | ||||||
Daiken Corp. |
7,300 | 106,980 | ||||||
Daiki Aluminium Industry Co. Ltd. |
14,600 | 136,122 | ||||||
Daikokutenbussan Co. Ltd. |
1,500 | 61,586 | ||||||
Daiwa Industries Ltd. |
14,600 | 124,365 | ||||||
Daiwabo Holdings Co. Ltd. |
36,500 | 523,980 | ||||||
DCM Holdings Co. Ltd. |
43,800 | 342,766 | ||||||
Dexerials Corp. |
21,900 | 591,151 | ||||||
Doshisha Co. Ltd. |
14,600 | 173,487 | ||||||
DTS Corp. |
14,600 | 370,880 | ||||||
Duskin Co. Ltd. |
14,800 | 333,911 | ||||||
DyDo Group Holdings Inc. |
2,700 | 103,142 | ||||||
EDION Corp. |
43,800 | 412,949 | ||||||
Eiken Chemical Co. Ltd. |
14,800 | 218,924 | ||||||
Eizo Corp. |
7,400 | 206,978 | ||||||
Electric Power Development Co. Ltd. |
58,400 | 985,367 | ||||||
Exedy Corp. |
14,600 | 190,114 | ||||||
FCC Co. Ltd. |
21,900 | 233,187 | ||||||
Ferrotec Holdings Corp. |
14,600 | 273,587 | ||||||
Fujicco Co. Ltd. |
7,600 | 110,191 | ||||||
Fujimori Kogyo Co. Ltd. |
5,100 | 136,204 | ||||||
Fukui Computer Holdings Inc. |
2,600 | 68,730 | ||||||
Fullcast Holdings Co. Ltd. |
7,300 | 129,205 | ||||||
Furukawa Co. Ltd. |
14,600 | 135,699 | ||||||
G-7 Holdings Inc. |
7,600 | 84,900 | ||||||
Geo Holdings Corp. |
14,600 | 154,231 | ||||||
GLOBERIDE Inc. |
7,300 | 125,138 | ||||||
Glory Ltd. |
29,200 | 484,858 | ||||||
Goldcrest Co. Ltd. |
7,400 | 100,649 | ||||||
G-Tekt Corp. |
14,600 | 147,073 | ||||||
Gunze Ltd. |
7,300 | 212,733 | ||||||
H.U. Group Holdings Inc. |
21,900 | 524,831 | ||||||
Halows Co. Ltd. |
2,600 | 61,250 | ||||||
Hamakyorex Co. Ltd. |
7,300 | 175,223 | ||||||
Hanwa Co. Ltd. |
14,600 | 319,313 | ||||||
Heiwado Co. Ltd. |
14,600 | 219,606 | ||||||
Hioki E.E. Corp |
2,700 | 135,716 | ||||||
Hogy Medical Co. Ltd. |
14,600 | 384,910 | ||||||
Hokkaido Electric Power Co. Inc. |
94,900 | 364,513 | ||||||
Hokuetsu Corp. |
51,100 | 269,451 | ||||||
Hosiden Corp. |
29,200 | 325,081 | ||||||
Iino Kaiun Kaisha Ltd. |
43,800 | 233,606 | ||||||
Inaba Denki Sangyo Co. Ltd. |
17,400 | 362,794 | ||||||
Inabata & Co. Ltd. |
21,900 | 397,433 | ||||||
Itochu Enex Co. Ltd. |
22,200 | 178,707 | ||||||
Itochu-Shokuhin Co. Ltd. |
2,800 | 105,049 | ||||||
Itoham Yonekyu Holdings Inc. |
60,600 | 303,702 | ||||||
JAC Recruitment Co. Ltd. |
7,400 | 109,232 | ||||||
Jaccs Co. Ltd. |
7,600 | 217,368 | ||||||
JAFCO Group Co. Ltd. |
29,500 | 401,192 | ||||||
Japan Aviation Electronics Industry Ltd. |
29,200 | 498,780 |
34 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Japan Pulp & Paper Co. Ltd. |
7,300 | $ | 228,364 | |||||
Japan Wool Textile Co. Ltd. (The) |
22,200 | 173,126 | ||||||
JDC Corp. |
21,900 | 100,182 | ||||||
J-Oil Mills Inc. |
14,600 | 177,658 | ||||||
Joshin Denki Co. Ltd. |
7,300 | 110,006 | ||||||
Joyful Honda Co. Ltd. |
22,200 | 262,657 | ||||||
Kaga Electronics Co. Ltd. |
7,300 | 177,875 | ||||||
Kaken Pharmaceutical Co. Ltd. |
11,500 | 335,772 | ||||||
Kanamoto Co. Ltd. |
14,800 | 227,875 | ||||||
Kandenko Co. Ltd. |
38,000 | 235,911 | ||||||
Kaneka Corp. |
17,600 | 476,874 | ||||||
Kanematsu Corp. |
29,600 | 308,559 | ||||||
Kanematsu Electronics Ltd. |
4,000 | 125,639 | ||||||
Kanto Denka Kogyo Co. Ltd. |
21,900 | 150,200 | ||||||
Katakura Industries Co. Ltd. |
7,600 | 116,651 | ||||||
KeePer Technical Laboratory Co. Ltd. |
7,300 | 196,097 | ||||||
Keiyo Bank Ltd. (The) |
51,100 | 182,280 | ||||||
Keiyo Co. Ltd. |
14,800 | 109,698 | ||||||
KFC Holdings Japan Ltd. |
7,300 | 161,361 | ||||||
Kissei Pharmaceutical Co. Ltd. |
9,500 | 201,412 | ||||||
Kitz Corp. |
36,500 | 192,766 | ||||||
Koa Corp. |
14,600 | 235,316 | ||||||
Kohnan Shoji Co. Ltd. |
9,000 | 252,376 | ||||||
Komeri Co. Ltd. |
14,600 | 293,762 | ||||||
Konica Minolta Inc. |
175,200 | 621,415 | ||||||
Konishi Co. Ltd. |
14,600 | 178,487 | ||||||
Konoike Transport Co. Ltd. |
14,600 | 141,726 | ||||||
K’s Holdings Corp. |
65,700 | 663,416 | ||||||
Kura Sushi Inc.(c) |
7,600 | 184,489 | ||||||
Kureha Corp. |
5,700 | 433,507 | ||||||
KYB Corp. |
7,300 | 169,749 | ||||||
Kyoei Steel Ltd. |
7,600 | 84,276 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
14,600 | 159,450 | ||||||
KYORIN Holdings Inc. |
21,900 | 297,502 | ||||||
Life Corp. |
7,300 | 141,502 | ||||||
Macnica Holdings Inc. |
18,300 | 373,521 | ||||||
MARUKA FURUSATO Corp. |
10,400 | 226,342 | ||||||
Maruzen Showa Unyu Co. Ltd. |
7,300 | 179,888 | ||||||
Matsuda Sangyo Co. Ltd. |
7,300 | 111,210 | ||||||
Max Co. Ltd. |
14,600 | 186,826 | ||||||
Maxvalu Tokai Co. Ltd. |
2,700 | 54,919 | ||||||
MCJ Co. Ltd. |
29,200 | 207,138 | ||||||
Megachips Corp. |
7,300 | 182,882 | ||||||
Megmilk Snow Brand Co. Ltd. |
14,600 | 203,276 | ||||||
Meidensha Corp. |
14,600 | 225,971 | ||||||
Melco Holdings Inc. |
1,600 | 42,890 | ||||||
Micronics Japan Co. Ltd. |
14,600 | 140,226 | ||||||
Mimasu Semiconductor Industry Co. Ltd. |
7,300 | 117,061 | ||||||
Mitsubishi Research Institute Inc. |
4,500 | 148,668 | ||||||
Mitsuboshi Belting Ltd. |
14,600 | 354,305 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
7,300 | 104,181 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
7,400 | 172,584 | ||||||
Mitsuuroko Group Holdings Co. Ltd. |
14,600 | 104,337 | ||||||
Mixi Inc. |
16,200 | 285,175 | ||||||
Mizuno Corp. |
7,400 | 138,964 | ||||||
Mochida Pharmaceutical Co. Ltd. |
14,600 | 358,429 | ||||||
Monogatari Corp. (The) |
3,700 | 162,950 | ||||||
Morita Holdings Corp. |
14,600 | 147,969 | ||||||
Musashino Bank Ltd. (The) |
7,300 | 97,191 | ||||||
Nachi-Fujikoshi Corp. |
7,300 | 203,357 |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Nafco Co. Ltd. |
7,300 | $ | 87,781 | |||||
Nagaileben Co. Ltd. |
7,300 | 111,244 | ||||||
Nagase & Co. Ltd. |
38,000 | 571,581 | ||||||
Nichiden Corp. |
7,300 | 108,578 | ||||||
Nichiha Corp. |
14,600 | 301,619 | ||||||
Nippn Corp., New |
21,900 | 264,092 | ||||||
Nippon Electric Glass Co. Ltd.(c) |
46,300 | 921,827 | ||||||
Nippon Gas Co. Ltd. |
43,800 | 657,634 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
21,900 | 261,910 | ||||||
Nippon Road Co. Ltd. (The) |
1,800 | 91,653 | ||||||
Nippon Seiki Co. Ltd. |
21,900 | 140,573 | ||||||
Nippon Signal Company Ltd. |
15,200 | 112,216 | ||||||
Nippon Soda Co. Ltd. |
7,600 | 240,274 | ||||||
Nippon Steel Trading Corp. |
7,300 | 283,802 | ||||||
Nippon Television Holdings Inc. |
22,200 | 206,779 | ||||||
Nishimatsuya Chain Co. Ltd. |
14,800 | 182,707 | ||||||
Nishio Rent All Co. Ltd. |
10,800 | 233,526 | ||||||
Nissha Co. Ltd. |
21,900 | 257,834 | ||||||
Nisshin Oillio Group Ltd. (The) |
7,300 | 177,769 | ||||||
Nisshinbo Holdings Inc. |
73,000 | 581,466 | ||||||
Nissin Electric Co. Ltd. |
21,900 | 251,642 | ||||||
Nitta Corp. |
7,600 | 167,209 | ||||||
Nittetsu Mining Co. Ltd. |
3,200 | 130,022 | ||||||
Nitto Kogyo Corp. |
7,300 | 142,155 | ||||||
Nojima Corp. |
11,500 | 252,253 | ||||||
Noritake Co. Ltd./Nagoya Japan |
4,800 | 153,624 | ||||||
Noritz Corp. |
14,600 | 163,535 | ||||||
NS United Kaiun Kaisha Ltd. |
5,200 | 156,550 | ||||||
Obara Group Inc. |
7,300 | 164,766 | ||||||
Oiles Corp. |
14,600 | 175,501 | ||||||
Okamura Corp. |
29,200 | 291,416 | ||||||
Okasan Securities Group Inc. |
73,000 | 186,535 | ||||||
Oki Electric Industry Co. Ltd. |
36,500 | 210,885 | ||||||
Okinawa Cellular Telephone Co. |
4,200 | 171,000 | ||||||
Okinawa Electric Power Co. Inc. (The) |
21,936 | 222,469 | ||||||
Organo Corp. |
1,900 | 132,934 | ||||||
Osaka Soda Co. Ltd. |
4,700 | 120,121 | ||||||
Pacific Industrial Co. Ltd. |
21,900 | 169,014 | ||||||
Paramount Bed Holdings Co. Ltd. |
14,800 | 274,359 | ||||||
Plenus Co. Ltd. |
7,600 | 113,671 | ||||||
Pressance Corp. |
7,600 | 89,661 | ||||||
Prima Meat Packers Ltd. |
7,300 | 124,411 | ||||||
Raito Kogyo Co. Ltd. |
21,900 | 323,082 | ||||||
Raiznext Corp. |
14,600 | 134,307 | ||||||
Relia Inc. |
14,800 | 123,447 | ||||||
Riken Keiki Co. Ltd. |
4,900 | 152,802 | ||||||
Riken Vitamin Co. Ltd. |
14,600 | 189,600 | ||||||
Riso Kagaku Corp. |
10,900 | 199,644 | ||||||
Ryosan Co. Ltd. |
7,300 | 122,963 | ||||||
Sakata INX Corp. |
15,200 | 112,887 | ||||||
San-Ai Obbli Co. Ltd. |
22,200 | 178,688 | ||||||
Sanyo Chemical Industries Ltd. |
4,200 | 151,748 | ||||||
Sawai Group Holdings Co. Ltd. |
14,800 | 480,113 | ||||||
Seiren Co. Ltd. |
15,200 | 232,173 | ||||||
Sekisui Jushi Corp. |
14,600 | 190,804 | ||||||
Shikoku Chemicals Corp. |
14,600 | 138,252 | ||||||
Shimamura Co. Ltd. |
8,300 | 795,916 | ||||||
Shin-Etsu Polymer Co. Ltd. |
21,900 | 226,997 | ||||||
Shinmaywa Industries Ltd. |
29,200 | 233,661 | ||||||
Shizuoka Gas Co. Ltd. |
21,900 | 155,393 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Shoei Co. Ltd. |
8,500 | $ | 365,022 | |||||
SKY Perfect JSAT Holdings Inc. |
87,600 | 367,012 | ||||||
Starts Corp. Inc. |
14,600 | 316,907 | ||||||
Sumitomo Densetsu Co. Ltd. |
7,400 | 148,515 | ||||||
Sumitomo Osaka Cement Co. Ltd. |
20,400 | 539,035 | ||||||
Sumitomo Riko Co. Ltd. |
14,600 | 67,962 | ||||||
Sun Frontier Fudousan Co. Ltd. |
15,000 | 125,747 | ||||||
Suruga Bank Ltd. |
65,700 | 184,143 | ||||||
Taihei Dengyo Kaisha Ltd. |
7,300 | 167,149 | ||||||
Takamatsu Construction Group Co. Ltd. |
7,400 | 118,296 | ||||||
Takara Standard Co. Ltd. |
14,600 | 146,192 | ||||||
Takasago International Corp. |
7,300 | 141,597 | ||||||
Tama Home Co. Ltd. |
7,300 | 135,779 | ||||||
Tamron Co. Ltd. |
7,300 | 157,788 | ||||||
Tenma Corp. |
7,300 | 127,674 | ||||||
T-Gaia Corp. |
7,600 | 93,304 | ||||||
TKC Corp. |
11,100 | 291,662 | ||||||
Toa Corp./Tokyo |
7,300 | 142,498 | ||||||
TOC Co. Ltd. |
15,200 | 90,750 | ||||||
Tocalo Co. Ltd. |
21,900 | 210,586 | ||||||
Toenec Corp. |
2,300 | 64,546 | ||||||
Toho Holdings Co. Ltd. |
21,900 | 335,372 | ||||||
Tokai Corp./Gifu |
7,600 | 101,827 | ||||||
TOKAI Holdings Corp. |
51,100 | 340,808 | ||||||
Tokai Rika Co. Ltd. |
21,900 | 241,018 | ||||||
Token Corp. |
2,000 | 133,568 | ||||||
Tokushu Tokai Paper Co. Ltd. |
7,300 | 173,857 | ||||||
Tomy Co. Ltd. |
43,800 | 485,393 | ||||||
Topre Corp. |
14,600 | 113,108 | ||||||
Tosei Corp. |
14,800 | 142,135 | ||||||
Towa Pharmaceutical Co. Ltd. |
9,400 | 178,840 | ||||||
Toyo Construction Co. Ltd. |
36,500 | 238,102 | ||||||
Toyo Tanso Co. Ltd. |
7,300 | 166,146 | ||||||
TRE Holdings Corp. |
21,900 | 256,443 | ||||||
TS Tech Co. Ltd. |
36,500 | 416,206 | ||||||
Tsubakimoto Chain Co. |
14,600 | 347,501 | ||||||
TV Asahi Holdings Corp. |
7,600 | 85,368 | ||||||
UBE Corp. |
36,500 | 571,497 | ||||||
Union Tool Co. |
4,800 | 122,073 | ||||||
United Super Markets Holdings Inc. |
21,900 | 177,408 | ||||||
Valor Holdings Co. Ltd. |
21,900 | 308,801 | ||||||
VT Holdings Co. Ltd. |
36,500 | 133,026 | ||||||
Wacom Co. Ltd. |
59,200 | 388,403 | ||||||
Wakita & Co. Ltd. |
21,900 | 181,528 | ||||||
Weathernews Inc. |
2,100 | 122,658 | ||||||
YAMABIKO Corp. |
21,900 | 198,895 | ||||||
Yamazen Corp. |
29,200 | 220,778 | ||||||
Yellow Hat Ltd. |
14,600 | 191,008 | ||||||
Yodogawa Steel Works Ltd. |
10,500 | 188,361 | ||||||
Yokohama Rubber Co. Ltd. (The) |
43,800 | 641,557 | ||||||
Yokowo Co. Ltd. |
7,300 | 107,996 | ||||||
Yonex Co. Ltd. |
21,900 | 196,176 | ||||||
Yuasa Trading Co. Ltd. |
7,300 | 198,232 | ||||||
Yurtec Corp. |
21,900 | 119,826 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
7,300 | 120,095 | ||||||
Zuken Inc. |
7,300 | 186,348 | ||||||
|
|
|||||||
55,576,695 | ||||||||
Netherlands — 3.4% | ||||||||
Aalberts NV |
18,761 | 804,020 | ||||||
Arcadis NV |
28,689 | 1,060,794 |
Security | Shares | Value | ||||||
Netherlands (continued) |
||||||||
B&S Group Sarl(b) |
15,987 | $ | 83,422 | |||||
Brunel International NV |
11,023 | 124,861 | ||||||
Cementir Holding NV |
18,688 | 121,462 | ||||||
Eurocommercial Properties NV |
16,498 | 373,554 | ||||||
Fugro NV(a) |
54,677 | 650,782 | ||||||
Koninklijke BAM Groep NV(a) |
144,321 | 351,900 | ||||||
NSI NV |
11,169 | 362,391 | ||||||
PostNL NV |
190,603 | 501,343 | ||||||
Signify NV(b) |
50,224 | 1,631,176 | ||||||
TKH Group NV |
22,046 | 905,009 | ||||||
Van Lanschot Kempen NV |
11,991 | 274,585 | ||||||
Vastned Retail NV |
5,694 | 137,974 | ||||||
Wereldhave NV |
17,520 | 265,411 | ||||||
|
|
|||||||
7,648,684 | ||||||||
Norway — 1.4% | ||||||||
Borregaard ASA |
38,471 | 690,583 | ||||||
BW LPG Ltd.(b) |
46,282 | 380,699 | ||||||
Entra ASA(b) |
21,754 | 306,350 | ||||||
Europris ASA(b) |
61,466 | 363,442 | ||||||
Golden Ocean Group Ltd. |
50,954 | 562,589 | ||||||
MPC Container Ships AS |
107,310 | 261,708 | ||||||
Protector Forsikring ASA |
22,557 | 266,060 | ||||||
Selvaag Bolig ASA |
21,389 | 90,842 | ||||||
Stolt-Nielsen Ltd. |
10,001 | 213,103 | ||||||
Volue ASA(a) |
21,379 | 54,407 | ||||||
|
|
|||||||
3,189,783 | ||||||||
Singapore — 2.8% | ||||||||
AIMS APAC REIT(c) |
206,700 | 208,164 | ||||||
Ascendas India Trust |
330,100 | 277,741 | ||||||
Bumitama Agri Ltd. |
189,800 | 82,437 | ||||||
ComfortDelGro Corp. Ltd. |
846,800 | 871,230 | ||||||
First Resources Ltd. |
214,600 | 214,854 | ||||||
Frencken Group Ltd. |
160,600 | 142,579 | ||||||
Golden Agri-Resources Ltd. |
2,511,200 | 472,832 | ||||||
Haw Par Corp. Ltd. |
46,300 | 369,073 | ||||||
Hour Glass Ltd. (The) |
138,700 | 223,315 | ||||||
Hutchison Port Holdings Trust, Class U |
2,044,000 | 481,340 | ||||||
Japfa Ltd. |
155,700 | 65,916 | ||||||
Keppel Pacific Oak US REIT |
322,500 | 225,913 | ||||||
Lendlease Global Commercial REIT |
357,822 | 216,608 | ||||||
Raffles Medical Group Ltd. |
372,300 | 310,109 | ||||||
Riverstone Holdings Ltd./Singapore(c) |
240,900 | 136,023 | ||||||
Sasseur Real Estate Investment Trust |
299,300 | 171,300 | ||||||
Sheng Siong Group Ltd. |
270,100 | 312,873 | ||||||
Silverlake Axis Ltd. |
314,900 | 91,539 | ||||||
Starhill Global REIT |
562,100 | 242,537 | ||||||
Yangzijiang Financial Holding Ltd.(a) |
1,306,700 | 373,640 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
919,800 | 620,134 | ||||||
Yanlord Land Group Ltd. |
321,200 | 240,019 | ||||||
|
|
|||||||
6,350,176 | ||||||||
Spain — 0.8% | ||||||||
Atresmedia Corp. de Medios de Comunicacion SA |
49,056 | 150,745 | ||||||
Faes Farma SA |
171,039 | 728,959 | ||||||
Global Dominion Access SA(b) |
43,654 | 175,120 | ||||||
Lar Espana Real Estate Socimi SA |
30,952 | 151,371 | ||||||
Mediaset Espana Comunicacion SA(a) |
62,123 | 216,154 | ||||||
Miquel y Costas & Miquel SA |
7,300 | 94,107 | ||||||
Neinor Homes SA(b)(c) |
15,038 | 161,749 | ||||||
|
|
|||||||
1,678,205 |
36 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden — 2.4% |
||||||||
AcadeMedia AB(b) |
45,917 | $ | 226,372 | |||||
Arjo AB, Class B |
83,658 | 459,558 | ||||||
Betsson AB |
43,508 | 300,337 | ||||||
Bilia AB, Class A |
28,835 | 407,423 | ||||||
Biotage AB |
25,623 | 563,663 | ||||||
Clas Ohlson AB, Class B |
22,849 | 259,180 | ||||||
GARO AB |
10,453 | 182,645 | ||||||
Hexatronic Group AB |
56,575 | 686,299 | ||||||
HMS Networks AB |
10,020 | 477,643 | ||||||
Inwido AB |
20,221 | 245,364 | ||||||
Kambi Group PLC, Class B(a) |
9,533 | 172,088 | ||||||
KNOW IT AB |
7,957 | 235,183 | ||||||
LeoVegas AB(b) |
29,295 | 175,340 | ||||||
Lime Technologies AB |
3,840 | 110,112 | ||||||
MEKO AB |
15,067 | 177,115 | ||||||
New Wave Group AB, Class B |
23,871 | 365,873 | ||||||
Nobia AB |
50,078 | 145,458 | ||||||
Svolder AB |
32,073 | 208,430 | ||||||
|
|
|||||||
5,398,083 | ||||||||
Switzerland — 6.5% | ||||||||
APG SGA SA |
532 | 101,443 | ||||||
Arbonia AG(c) |
28,324 | 402,804 | ||||||
Autoneum Holding AG(c) |
1,095 | 126,928 | ||||||
Belimo Holding AG, Registered |
3,504 | 1,438,440 | ||||||
BKW AG |
8,249 | 938,472 | ||||||
Bobst Group SA, Registered |
4,526 | 373,290 | ||||||
Bucher Industries AG, Registered |
2,628 | 1,008,986 | ||||||
Burckhardt Compression Holding AG |
1,679 | 758,528 | ||||||
Burkhalter Holding AG |
2,263 | 177,835 | ||||||
Coltene Holding AG, Registered |
1,460 | 142,397 | ||||||
Comet Holding AG, Registered |
2,774 | 511,613 | ||||||
Galenica AG(b) |
19,929 | 1,577,787 | ||||||
Huber + Suhner AG, Registered |
8,906 | 801,922 | ||||||
Inficon Holding AG, Registered |
666 | 555,818 | ||||||
Intershop Holding AG |
657 | 441,750 | ||||||
Kardex Holding AG, Registered |
2,375 | 476,261 | ||||||
LEM Holding SA, Registered |
292 | 579,797 | ||||||
Medacta Group SA(b) |
2,774 | 274,238 | ||||||
Medartis Holding AG(a)(b) |
2,263 | 201,134 | ||||||
Metall Zug AG, Class B, Registered |
104 | 210,327 | ||||||
Mobilezone Holding AG, Registered |
23,141 | 413,017 | ||||||
Orior AG |
3,577 | 306,095 | ||||||
Sensirion Holding AG(a)(b) |
3,633 | 421,628 | ||||||
SFS Group AG |
6,643 | 730,208 | ||||||
Swissquote Group Holding SA, Registered |
3,559 | 432,682 | ||||||
TX Group AG |
1,460 | 191,227 | ||||||
u-blox Holding AG |
3,796 | 444,362 | ||||||
Vetropack Holding AG, Registered |
4,526 | 179,841 | ||||||
V-ZUG Holding AG(a) |
1,168 | 95,590 | ||||||
Zehnder Group AG, Registered |
5,329 | 344,085 | ||||||
|
|
|||||||
14,658,505 | ||||||||
United Kingdom — 14.4% | ||||||||
Advanced Medical Solutions Group PLC |
117,457 | 402,013 | ||||||
AG Barr PLC |
51,757 | 341,192 | ||||||
Alliance Pharma PLC |
278,203 | 329,648 | ||||||
Atalaya Mining PLC |
60,809 | 207,349 | ||||||
Bakkavor Group PLC(b) |
94,535 | 100,619 | ||||||
Balanced Commercial Property Trust Ltd. |
407,340 | 595,130 | ||||||
Bank of Georgia Group PLC |
20,075 | 368,177 | ||||||
Bodycote PLC |
78,986 | 577,830 |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Brewin Dolphin Holdings PLC |
151,548 | $ | 944,922 | |||||
Centamin PLC |
453,403 | 458,423 | ||||||
Central Asia Metals PLC |
95,703 | 290,785 | ||||||
Civitas Social Housing PLC |
332,953 | 335,729 | ||||||
Clarkson PLC |
15,549 | 653,870 | ||||||
CLS Holdings PLC |
99,645 | 246,207 | ||||||
CMC Markets PLC(b) |
50,462 | 158,240 | ||||||
Craneware PLC |
14,454 | 330,919 | ||||||
Currys PLC |
458,440 | 374,850 | ||||||
Custodian Reit PLC |
227,687 | 301,678 | ||||||
CVS Group PLC |
27,302 | 573,202 | ||||||
EMIS Group PLC |
31,463 | 702,611 | ||||||
Empiric Student Property PLC |
331,858 | 363,946 | ||||||
EnQuest PLC(a) |
827,236 | 290,641 | ||||||
Ergomed PLC(a) |
14,144 | 207,781 | ||||||
Ferrexpo PLC |
160,016 | 290,240 | ||||||
Forterra PLC(b) |
123,443 | 442,719 | ||||||
Go-Ahead Group PLC (The)(a) |
22,265 | 402,275 | ||||||
Gulf Keystone Petroleum Ltd. |
116,216 | 334,518 | ||||||
Halfords Group PLC |
119,063 | 249,105 | ||||||
Helical PLC |
43,289 | 205,598 | ||||||
IG Group Holdings PLC |
151,986 | 1,474,606 | ||||||
Impact Healthcare Reit PLC |
167,754 | 240,246 | ||||||
Impax Asset Management Group PLC |
33,653 | 295,488 | ||||||
Indivior PLC(a) |
385,148 | 1,508,295 | ||||||
Investec PLC |
273,604 | 1,480,104 | ||||||
IP Group PLC |
394,273 | 415,333 | ||||||
Judges Scientific PLC |
2,920 | 302,969 | ||||||
Jupiter Fund Management PLC |
172,791 | 265,309 | ||||||
Just Group PLC |
410,187 | 357,316 | ||||||
Keller Group PLC |
39,347 | 382,558 | ||||||
Luceco PLC(b) |
29,986 | 39,853 | ||||||
Man Group PLC/Jersey |
560,348 | 1,864,132 | ||||||
Morgan Sindall Group PLC |
15,330 | 380,068 | ||||||
Ninety One PLC |
35,405 | 88,474 | ||||||
Numis Corp. PLC(c) |
34,018 | 107,208 | ||||||
Pagegroup PLC |
131,838 | 733,806 | ||||||
Pan African Resources PLC |
1,101,935 | 270,929 | ||||||
Patisserie Holdings PLC, NVS(d) |
3,062 | — | ||||||
Pets at Home Group PLC |
195,932 | 786,141 | ||||||
Picton Property Income Ltd. (The) |
297,767 | 335,061 | ||||||
Polar Capital Holdings PLC |
38,179 | 227,501 | ||||||
Premier Foods PLC |
355,072 | 503,321 | ||||||
Reach PLC |
162,133 | 190,831 | ||||||
Redde Northgate PLC |
90,320 | 403,669 | ||||||
Renewi PLC(a) |
43,508 | 402,269 | ||||||
Royal Mail PLC |
313,608 | 1,083,765 | ||||||
Sabre Insurance Group PLC(b) |
135,926 | 181,091 | ||||||
Safestore Holdings PLC |
76,577 | 1,066,305 | ||||||
Savills PLC |
57,232 | 834,412 | ||||||
Serica Energy PLC |
111,106 | 514,253 | ||||||
Spirent Communications PLC |
248,784 | 855,737 | ||||||
SThree PLC |
69,058 | 317,185 | ||||||
Strix Group PLC |
79,517 | 154,744 | ||||||
TBC Bank Group PLC |
22,484 | 377,858 | ||||||
Telecom Plus PLC |
34,748 | 955,154 | ||||||
Tyman PLC |
106,726 | 345,019 | ||||||
Volution Group PLC |
109,135 | 558,229 | ||||||
Warehouse REIT PLC |
155,563 | 286,061 | ||||||
Watkin Jones PLC |
125,341 | 335,809 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Wickes Group PLC |
141,182 | $ | 234,343 | |||||
Wincanton PLC |
67,744 | 311,040 | ||||||
|
|
|||||||
32,546,709 | ||||||||
United States — 0.2% | ||||||||
Resolute Forest Products Inc.(a) |
25,404 | 515,400 | ||||||
|
|
|||||||
Total
Common Stocks — 99.1% |
223,580,642 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.2% |
||||||||
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
3,411 | 178,974 | ||||||
Einhell Germany AG, Preference Shares, NVS |
682 | 95,064 | ||||||
STO SE & Co. KGaA, Preference Shares, NVS |
1,387 | 215,212 | ||||||
|
|
|||||||
489,250 | ||||||||
Italy — 0.1% | ||||||||
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS |
14,845 | 210,591 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.3% |
699,841 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.4% |
224,280,483 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.8% |
||||||||
BlackRock
Cash Funds: Institutional, SL Agency Shares, |
3,998,768 | 3,998,368 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock
Cash Funds: Treasury, SL Agency Shares, |
100,000 | $ | 100,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 1.8% |
4,098,368 | |||||||
|
|
|||||||
Total
Investments in Securities — 101.2% |
228,378,851 | |||||||
Liabilities in Excess of Other Assets — (1.2)% |
|
(2,790,215 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 225,588,636 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
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. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 2,331,769 | $ | 1,667,782 | (a) | $ | — | $ | (1,045 | ) | $ | (138 | ) | $ | 3,998,368 | 3,998,768 | $ | 37,144 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
80,000 | 20,000 | (a) | — | — | — | 100,000 | 100,000 | 1,079 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (1,045 | ) | $ | (138 | ) | $ | 4,098,368 | $ | 38,223 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
Euro STOXX 50 Index |
17 | 09/16/22 | $ | 647 | $ | 37,071 |
38 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF |
Futures Contracts (continued)
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
FTSE 100 Index |
7 | 09/16/22 | $ | 630 | $ | 24,673 | ||||||||||
|
|
|||||||||||||||
$ | 61,744 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 61,744 | $ | — | $ | — | $ | — | $ | 61,744 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (90,700 | ) | $ | — | $ | — | $ | — | $ | (90,700 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 62,371 | $ | — | $ | — | $ | — | $ | 62,371 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 1,106,880 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 50,949,628 | $ | 172,631,014 | $ | — | $ | 223,580,642 | ||||||||
Preferred Stocks |
— | 699,841 | — | 699,841 | ||||||||||||
Money Market Funds |
4,098,368 | — | — | 4,098,368 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 55,047,996 | $ | 173,330,855 | $ | — | $ | 228,378,851 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | — | $ | 61,744 | $ | — | $ | 61,744 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments July 31, 2022 |
iShares® MSCI USA Mid-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Aerospace & Defense — 2.6% | ||||||||
Huntington Ingalls Industries Inc. |
521 | $ | 112,974 | |||||
Textron Inc. |
1,836 | 120,515 | ||||||
|
|
|||||||
233,489 | ||||||||
Auto Components — 2.5% | ||||||||
BorgWarner Inc. |
2,760 | 106,150 | ||||||
Lear Corp. |
778 | 117,587 | ||||||
|
|
|||||||
223,737 | ||||||||
Banks — 1.2% | ||||||||
Webster Financial Corp. |
2,309 | 107,253 | ||||||
|
|
|||||||
Beverages — 1.4% | ||||||||
Molson Coors Beverage Co., Class B |
2,106 | 125,834 | ||||||
|
|
|||||||
Building Products — 2.4% | ||||||||
A O Smith Corp. |
1,713 | 108,382 | ||||||
Owens Corning |
1,145 | 106,187 | ||||||
|
|
|||||||
214,569 | ||||||||
Capital Markets — 3.0% | ||||||||
Franklin Resources Inc. |
3,928 | 107,824 | ||||||
Invesco Ltd. |
4,506 | 79,936 | ||||||
SEI Investments Co. |
1,533 | 84,867 | ||||||
|
|
|||||||
272,627 | ||||||||
Chemicals — 4.8% | ||||||||
Celanese Corp. |
450 | 52,880 | ||||||
CF Industries Holdings Inc. |
1,282 | 122,418 | ||||||
Eastman Chemical Co. |
1,029 | 98,712 | ||||||
Mosaic Co. (The) |
2,155 | 113,482 | ||||||
Westlake Corp. |
501 | 48,767 | ||||||
|
|
|||||||
436,259 | ||||||||
Communications Equipment — 2.4% | ||||||||
F5 Inc.(a) |
692 | 115,813 | ||||||
Juniper Networks Inc. |
3,722 | 104,328 | ||||||
|
|
|||||||
220,141 | ||||||||
Consumer Finance — 1.6% | ||||||||
Ally Financial Inc. |
2,946 | 97,424 | ||||||
Synchrony Financial |
1,392 | 46,604 | ||||||
|
|
|||||||
144,028 | ||||||||
Containers & Packaging — 3.6% | ||||||||
International Paper Co. |
2,546 | 108,892 | ||||||
Packaging Corp. of America |
772 | 108,551 | ||||||
Westrock Co. |
2,493 | 105,604 | ||||||
|
|
|||||||
323,047 | ||||||||
Distributors — 1.4% | ||||||||
LKQ Corp. |
2,312 | 126,790 | ||||||
|
|
|||||||
Diversified Telecommunication Services — 0.8% | ||||||||
Liberty Global PLC, Class C, NVS(a) |
3,045 | 69,700 | ||||||
|
|
|||||||
Electric Utilities — 1.9% | ||||||||
Constellation Energy Corp. |
1,260 | 83,286 | ||||||
NRG Energy Inc. |
2,397 | 90,487 | ||||||
|
|
|||||||
173,773 | ||||||||
Electronic Equipment, Instruments & Components — 3.4% | ||||||||
Arrow Electronics Inc.(a) |
858 | 109,970 | ||||||
Cognex Corp. |
2,223 | 113,329 | ||||||
Zebra Technologies Corp., Class A(a) |
221 | 79,049 | ||||||
|
|
|||||||
302,348 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.8% | ||||||||
Camden Property Trust |
6 | $ | 847 | |||||
Kimco Realty Corp. |
2,592 | 57,309 | ||||||
Regency Centers Corp. |
1,687 | 108,693 | ||||||
|
|
|||||||
166,849 | ||||||||
Food Products — 1.3% | ||||||||
JM Smucker Co. (The) |
913 | 120,808 | ||||||
|
|
|||||||
Gas Utilities — 1.3% | ||||||||
UGI Corp. |
2,636 | 113,770 | ||||||
|
|
|||||||
Health Care Equipment & Supplies — 1.3% | ||||||||
Cooper Companies Inc. (The) |
348 | 113,796 | ||||||
|
|
|||||||
Health Care Providers & Services — 7.1% | ||||||||
DaVita Inc.(a) |
597 | 50,244 | ||||||
Henry Schein Inc.(a) |
1,339 | 105,553 | ||||||
Laboratory Corp. of America Holdings |
537 | 140,796 | ||||||
Molina Healthcare Inc.(a) |
399 | 130,760 | ||||||
Quest Diagnostics Inc. |
864 | 117,997 | ||||||
Universal Health Services Inc., Class B |
881 | 99,086 | ||||||
|
|
|||||||
644,436 | ||||||||
Household Durables — 6.4% | ||||||||
Garmin Ltd. |
890 | 86,882 | ||||||
Lennar Corp., Class A |
1,434 | 121,890 | ||||||
Mohawk Industries Inc.(a) |
679 | 87,238 | ||||||
Newell Brands Inc. |
3,353 | 67,764 | ||||||
PulteGroup Inc. |
2,621 | 114,328 | ||||||
Whirlpool Corp. |
549 | 94,905 | ||||||
|
|
|||||||
573,007 | ||||||||
Insurance — 6.6% | ||||||||
American Financial Group Inc./OH |
817 | 109,217 | ||||||
Erie Indemnity Co., Class A, NVS |
331 | 67,312 | ||||||
Fidelity National Financial Inc. |
2,374 | 94,865 | ||||||
Globe Life Inc. |
1,133 | 114,127 | ||||||
Hartford Financial Services Group Inc. (The) |
1,950 | 125,716 | ||||||
Lincoln National Corp. |
1,562 | 80,193 | ||||||
|
|
|||||||
591,430 | ||||||||
IT Services — 4.7% | ||||||||
Akamai Technologies Inc.(a) |
1,133 | 109,017 | ||||||
EPAM Systems Inc.(a) |
259 | 90,456 | ||||||
Jack Henry & Associates Inc. |
640 | 132,973 | ||||||
Western Union Co. (The) |
5,130 | 87,312 | ||||||
|
|
|||||||
419,758 | ||||||||
Life Sciences Tools & Services — 1.6% | ||||||||
Waters Corp.(a) |
391 | 142,336 | ||||||
|
|
|||||||
Machinery — 3.3% | ||||||||
Nordson Corp. |
322 | 74,379 | ||||||
Pentair PLC |
2,152 | 105,211 | ||||||
Snap-on Inc. |
518 | 116,058 | ||||||
|
|
|||||||
295,648 | ||||||||
Media — 2.2% | ||||||||
Fox Corp., Class A, NVS |
2,832 | 93,767 | ||||||
Fox Corp., Class B |
1,322 | 40,850 | ||||||
News Corp., Class A, NVS |
3,548 | 60,813 | ||||||
|
|
|||||||
195,430 | ||||||||
Metals & Mining — 2.2% | ||||||||
Alcoa Corp. |
1,620 | 82,442 | ||||||
Steel Dynamics Inc. |
1,542 | 120,091 | ||||||
|
|
|||||||
202,533 |
40 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Mid-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels — 5.1% | ||||||||
APA Corp. |
1,407 | $ | 52,298 | |||||
Coterra Energy Inc. |
4,470 | 136,737 | ||||||
Devon Energy Corp. |
2,468 | 155,114 | ||||||
Marathon Oil Corp. |
4,682 | 116,114 | ||||||
|
|
|||||||
460,263 | ||||||||
Pharmaceuticals — 0.9% | ||||||||
Jazz Pharmaceuticals PLC(a) |
535 | 83,492 | ||||||
|
|
|||||||
Professional Services — 1.1% | ||||||||
Robert Half International Inc. |
1,216 | 96,234 | ||||||
|
|
|||||||
Real Estate Management & Development — 1.7% | ||||||||
CBRE Group Inc., Class A(a) |
1,748 | 149,664 | ||||||
|
|
|||||||
Road & Rail — 2.0% | ||||||||
AMERCO |
128 | 68,746 | ||||||
Knight-Swift Transportation Holdings Inc. |
2,058 | 113,087 | ||||||
|
|
|||||||
181,833 | ||||||||
Semiconductors & Semiconductor Equipment — 4.0% | ||||||||
Monolithic Power Systems Inc. |
22 | 10,224 | ||||||
ON Semiconductor Corp.(a)(b) |
2,409 | 160,873 | ||||||
Qorvo Inc.(a) |
871 | 90,645 | ||||||
Skyworks Solutions Inc. |
938 | 102,129 | ||||||
|
|
|||||||
363,871 | ||||||||
Software — 3.8% | ||||||||
Bentley Systems Inc., Class B |
2,485 | 98,406 | ||||||
Cadence Design Systems Inc.(a) |
1,053 | 195,942 | ||||||
Citrix Systems Inc. |
483 | 48,981 | ||||||
|
|
|||||||
343,329 | ||||||||
Specialty Retail — 1.7% | ||||||||
Bath & Body Works Inc. |
1,814 | 64,470 | ||||||
Best Buy Co. Inc. |
1,174 | 90,386 | ||||||
|
|
|||||||
154,856 |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals — 5.0% | ||||||||
Hewlett Packard Enterprise Co. |
8,399 | $ | 119,602 | |||||
NetApp Inc. |
1,604 | 114,413 | ||||||
Seagate Technology Holdings PLC |
1,403 | 112,212 | ||||||
Western Digital Corp.(a) |
2,132 | 104,681 | ||||||
|
|
|||||||
450,908 | ||||||||
Trading Companies & Distributors — 1.7% | ||||||||
United Rentals Inc.(a) |
465 | 150,042 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.8% |
8,987,888 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.8% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(c)(d)(e) |
157,112 | 157,096 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(c)(d) |
10,000 | 10,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.8% |
|
167,096 | ||||||
|
|
|||||||
Total
Investments in Securities — 101.6% |
|
9,154,984 | ||||||
Liabilities in Excess of Other Assets — (1.6)% |
|
(147,882 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 9,007,102 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 157,129 | (a) | $ | — | $ | (33 | ) | $ | — | $ | 157,096 | 157,112 | $ | 139 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 10,000 | (a) | — | — | — | 10,000 | 10,000 | 23 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (33 | ) | $ | — | $ | 167,096 | $ | 162 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Mid-Cap Multifactor ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 8,987,888 | $ | — | $ | — | $ | 8,987,888 | ||||||||
Money Market Funds |
167,096 | — | — | 167,096 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 9,154,984 | $ | — | $ | — | $ | 9,154,984 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
42 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 0.6% | ||||||||
AAR Corp.(a) |
56,788 | $ | 2,528,770 | |||||
AerSale Corp.(a) |
24,764 | 433,618 | ||||||
Cadre Holdings Inc.(b) |
19,219 | 454,529 | ||||||
Ducommun Inc.(a) |
18,209 | 862,014 | ||||||
National Presto Industries Inc. |
8,453 | 601,854 | ||||||
V2X Inc.(a) |
18,794 | 624,712 | ||||||
|
|
|||||||
5,505,497 | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
Atlas Air Worldwide Holdings Inc.(a)(b) |
7,898 | 597,958 | ||||||
Hub Group Inc., Class A(a) |
36,560 | 2,793,184 | ||||||
|
|
|||||||
3,391,142 | ||||||||
Auto Components — 0.5% | ||||||||
Gentherm Inc.(a) |
52,871 | 3,413,352 | ||||||
Standard Motor Products Inc. |
31,650 | 1,447,671 | ||||||
|
|
|||||||
4,861,023 | ||||||||
Banks — 3.0% | ||||||||
1st Source Corp. |
29,722 | 1,433,195 | ||||||
Amalgamated Financial Corp. |
24,858 | 573,723 | ||||||
Amerant Bancorp Inc. |
44,553 | 1,217,188 | ||||||
Arrow Financial Corp. |
25,655 | 860,725 | ||||||
Bancorp. Inc. (The)(a) |
28,012 | 689,095 | ||||||
Bar Harbor Bankshares |
24,019 | 695,830 | ||||||
Camden National Corp. |
23,775 | 1,086,518 | ||||||
Capital City Bank Group Inc. |
13,208 | 427,807 | ||||||
Community Trust Bancorp. Inc. |
25,711 | 1,114,058 | ||||||
Customers Bancorp. Inc.(a)(b) |
49,387 | 1,886,090 | ||||||
First Community Bankshares Inc. |
24,521 | 786,634 | ||||||
First Financial Corp./IN |
19,210 | 897,491 | ||||||
First Foundation Inc. |
41,459 | 863,176 | ||||||
First of Long Island Corp. (The) |
37,210 | 677,222 | ||||||
Great Southern Bancorp. Inc. |
17,087 | 1,058,369 | ||||||
HomeStreet Inc. |
20,224 | 754,153 | ||||||
Hope Bancorp Inc. |
159,974 | 2,406,009 | ||||||
Independent Bank Corp./MI |
33,722 | 707,488 | ||||||
Lakeland Bancorp. Inc. |
98,335 | 1,565,493 | ||||||
Mercantile Bank Corp. |
24,094 | 853,891 | ||||||
Midland States Bancorp. Inc. |
33,542 | 878,800 | ||||||
MidWestOne Financial Group Inc. |
23,836 | 743,922 | ||||||
OFG Bancorp |
52,880 | 1,452,614 | ||||||
Peapack Gladstone Financial Corp. |
26,505 | 865,653 | ||||||
Republic Bancorp. Inc./KY, Class A |
15,689 | 703,495 | ||||||
Tompkins Financial Corp. |
21,123 | 1,629,639 | ||||||
Univest Financial Corp. |
47,232 | 1,177,966 | ||||||
Washington Trust Bancorp. Inc. |
27,747 | 1,522,755 | ||||||
|
|
|||||||
29,528,999 | ||||||||
Beverages — 0.3% | ||||||||
MGP Ingredients Inc. |
14,339 | 1,508,176 | ||||||
National Beverage Corp. |
25,387 | 1,375,468 | ||||||
|
|
|||||||
2,883,644 | ||||||||
Biotechnology — 2.8% | ||||||||
Alkermes PLC(a) |
175,571 | 4,494,617 | ||||||
Anika Therapeutics Inc.(a)(b) |
15,656 | 365,724 | ||||||
Avid Bioservices Inc.(a)(b) |
66,755 | 1,311,736 | ||||||
Catalyst Pharmaceuticals Inc.(a) |
106,465 | 1,090,202 | ||||||
Eagle Pharmaceuticals Inc./DE(a) |
18,610 | 738,817 | ||||||
Emergent BioSolutions Inc.(a) |
52,275 | 1,810,806 | ||||||
Ironwood Pharmaceuticals Inc.(a) |
168,411 | 1,928,306 |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Kezar Life Sciences Inc.(a) |
68,103 | $ | 665,366 | |||||
Myriad Genetics Inc.(a)(b) |
81,963 | 2,162,184 | ||||||
United Therapeutics Corp.(a) |
48,856 | 11,289,156 | ||||||
Vanda Pharmaceuticals Inc.(a) |
60,549 | 652,718 | ||||||
Vericel Corp.(a) |
42,568 | 1,385,163 | ||||||
|
|
|||||||
27,894,795 | ||||||||
Building Products — 0.9% | ||||||||
Apogee Enterprises Inc. |
39,812 | 1,656,578 | ||||||
Insteel Industries Inc. |
31,083 | 972,898 | ||||||
Quanex Building Products Corp.(b) |
53,461 | 1,315,675 | ||||||
Simpson Manufacturing Co. Inc. |
44,111 | 4,555,784 | ||||||
|
|
|||||||
8,500,935 | ||||||||
Capital Markets — 4.8% | ||||||||
Affiliated Managers Group Inc. |
44,843 | 5,667,258 | ||||||
Artisan Partners Asset Management Inc., Class A |
70,562 | 2,805,545 | ||||||
BGC Partners Inc., Class A |
316,817 | 1,156,382 | ||||||
BrightSphere Investment Group Inc. |
56,275 | 1,064,160 | ||||||
Cowen Inc., Class A |
28,418 | 996,619 | ||||||
Diamond Hill Investment Group Inc. |
5,059 | 967,129 | ||||||
Donnelley Financial Solutions Inc.(a)(b) |
47,108 | 1,601,201 | ||||||
Evercore Inc., Class A |
43,159 | 4,314,605 | ||||||
Federated Hermes Inc. |
100,858 | 3,440,267 | ||||||
Houlihan Lokey Inc. |
55,141 | 4,662,723 | ||||||
Janus Henderson Group PLC |
168,808 | 4,350,182 | ||||||
Jefferies Financial Group Inc. |
228,518 | 7,442,831 | ||||||
Moelis & Co., Class A |
66,392 | 3,092,540 | ||||||
Piper Sandler Cos |
19,634 | 2,477,811 | ||||||
PJT Partners Inc., Class A |
25,267 | 1,806,085 | ||||||
TPG Inc. |
56,688 | 1,616,742 | ||||||
Victory Capital Holdings Inc., Class A(b) |
17,399 | 481,430 | ||||||
|
|
|||||||
47,943,510 | ||||||||
Chemicals — 1.4% | ||||||||
AdvanSix Inc. |
45,058 | 1,770,329 | ||||||
American Vanguard Corp. |
44,574 | 1,043,477 | ||||||
Aspen Aerogels Inc.(a) |
28,699 | 375,383 | ||||||
Chase Corp. |
12,876 | 1,170,686 | ||||||
FutureFuel Corp. |
41,934 | 301,505 | ||||||
Hawkins Inc. |
30,427 | 1,209,473 | ||||||
Intrepid Potash Inc.(a) |
17,445 | 795,492 | ||||||
Koppers Holdings Inc. |
33,825 | 796,241 | ||||||
Mativ Inc. |
34,135 | 745,850 | ||||||
Stepan Co. |
22,741 | 2,551,768 | ||||||
Tredegar Corp. |
43,110 | 451,793 | ||||||
Trinseo PLC |
33,803 | 1,209,133 | ||||||
Tronox Holdings PLC, Class A |
80,782 | 1,261,007 | ||||||
|
|
|||||||
13,682,137 | ||||||||
Commercial Services & Supplies — 1.4% | ||||||||
ACCO Brands Corp. |
153,469 | 1,100,373 | ||||||
Brady Corp., Class A, NVS |
52,808 | 2,526,863 | ||||||
CoreCivic Inc.(a) |
192,589 | 2,074,183 | ||||||
Deluxe Corp. |
46,301 | 1,164,007 | ||||||
Ennis Inc. |
41,660 | 910,271 | ||||||
GEO Group Inc. (The)(a) |
123,688 | 811,393 | ||||||
Healthcare Services Group Inc. |
81,248 | 1,165,096 | ||||||
Heritage-Crystal Clean Inc.(a) |
25,189 | 845,343 | ||||||
HNI Corp. |
47,749 | 1,686,495 | ||||||
Interface Inc. |
64,269 | 931,258 | ||||||
Matthews International Corp., Class A |
34,404 | 961,592 | ||||||
|
|
|||||||
14,176,874 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Communications Equipment — 2.1% | ||||||||
ADTRAN Holdings Inc.(a) |
52,848 | $ | 1,273,108 | |||||
Calix Inc.(a) |
62,189 | 3,547,261 | ||||||
Cambium Networks Corp.(a) |
10,071 | 189,838 | ||||||
Ciena Corp.(a) |
168,430 | 8,690,988 | ||||||
Clearfield Inc.(a)(b) |
18,730 | 1,845,841 | ||||||
Digi International Inc.(a) |
56,028 | 1,596,238 | ||||||
NetScout Systems Inc.(a) |
80,627 | 2,868,709 | ||||||
Ribbon Communications Inc.(a)(b) |
104,505 | 354,272 | ||||||
|
|
|||||||
20,366,255 | ||||||||
Construction & Engineering — 0.7% | ||||||||
Construction Partners Inc., Class A(a)(b) |
31,525 | 749,665 | ||||||
IES Holdings Inc.(a) |
10,188 | 336,204 | ||||||
MYR Group Inc.(a) |
18,357 | 1,748,137 | ||||||
Primoris Services Corp. |
86,173 | 2,013,001 | ||||||
Sterling Infrastructure Inc.(a) |
46,102 | 1,185,282 | ||||||
Tutor Perini Corp.(a) |
49,894 | 453,038 | ||||||
|
|
|||||||
6,485,327 | ||||||||
Construction Materials — 0.0% | ||||||||
United States Lime & Minerals Inc. |
3,614 | 371,772 | ||||||
|
|
|||||||
Consumer Finance — 1.6% | ||||||||
Atlanticus Holdings Corp.(a)(b) |
8,081 | 312,250 | ||||||
Bread Financial Holdings Inc. |
51,014 | 2,020,665 | ||||||
Curo Group Holdings Corp. |
20,237 | 144,897 | ||||||
Encore Capital Group Inc.(a) |
32,942 | 2,385,989 | ||||||
Enova International Inc.(a) |
53,577 | 1,848,942 | ||||||
Navient Corp. |
243,581 | 4,011,779 | ||||||
OneMain Holdings Inc. |
86,221 | 3,207,421 | ||||||
Oportun Financial Corp.(a) |
30,680 | 281,642 | ||||||
PROG Holdings Inc.(a) |
72,370 | 1,333,056 | ||||||
World Acceptance Corp.(a)(b) |
5,764 | 638,507 | ||||||
|
|
|||||||
16,185,148 | ||||||||
Containers & Packaging — 0.1% | ||||||||
Myers Industries Inc. |
33,187 | 807,440 | ||||||
|
|
|||||||
Distributors — 0.1% | ||||||||
Funko Inc., Class A(a) |
23,516 | 616,354 | ||||||
|
|
|||||||
Diversified Consumer Services — 1.3% | ||||||||
Adtalem Global Education Inc.(a)(b) |
3,391 | 135,979 | ||||||
American Public Education Inc.(a)(b) |
29,879 | 469,399 | ||||||
European Wax Center Inc., Class A |
32,610 | 682,201 | ||||||
Graham Holdings Co., Class B |
4,393 | 2,611,595 | ||||||
Grand Canyon Education Inc.(a) |
56,563 | 5,434,007 | ||||||
Perdoceo Education Corp.(a) |
112,246 | 1,537,770 | ||||||
Stride Inc.(a)(b) |
45,263 | 2,022,351 | ||||||
|
|
|||||||
12,893,302 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
A-Mark Precious Metals Inc. |
18,384 | 557,035 | ||||||
|
|
|||||||
Diversified Telecommunication Services — 0.2% | ||||||||
ATN International Inc. |
12,054 | 554,966 | ||||||
EchoStar Corp., Class A(a) |
59,233 | 1,170,444 | ||||||
IDT Corp., Class B(a) |
23,690 | 616,651 | ||||||
|
|
|||||||
2,342,061 | ||||||||
Electrical Equipment — 1.9% | ||||||||
Acuity Brands Inc. |
38,858 | 7,087,699 | ||||||
Atkore Inc.(a) |
50,172 | 4,980,574 | ||||||
AZZ Inc. |
39,535 | 1,681,819 | ||||||
Encore Wire Corp. |
22,473 | 3,111,836 |
Security | Shares | Value | ||||||
Electrical Equipment (continued) | ||||||||
GrafTech International Ltd. |
90,368 | $ | 695,834 | |||||
Thermon Group Holdings Inc.(a) |
53,396 | 831,376 | ||||||
|
|
|||||||
18,389,138 | ||||||||
Electronic Equipment, Instruments & Components — 6.5% | ||||||||
Avnet Inc. |
108,288 | 5,183,747 | ||||||
Badger Meter Inc. |
31,751 | 3,054,129 | ||||||
Benchmark Electronics Inc. |
56,397 | 1,442,635 | ||||||
CTS Corp. |
51,596 | 2,098,925 | ||||||
ePlus Inc.(a) |
43,048 | 2,392,177 | ||||||
Fabrinet(a) |
44,949 | 4,317,801 | ||||||
Insight Enterprises Inc.(a) |
37,932 | 3,543,228 | ||||||
Jabil Inc. |
150,768 | 8,946,573 | ||||||
Kimball Electronics Inc.(a)(b) |
40,202 | 884,444 | ||||||
Knowles Corp.(a) |
147,003 | 2,903,309 | ||||||
Lightwave Logic Inc.(a)(b) |
177,689 | 1,895,942 | ||||||
Methode Electronics Inc. |
59,672 | 2,460,873 | ||||||
Mirion Technologies Inc.(a)(b) |
207,647 | 1,412,000 | ||||||
Napco Security Technologies Inc.(a)(b) |
49,992 | 1,282,795 | ||||||
OSI Systems Inc.(a) |
18,116 | 1,751,274 | ||||||
PC Connection Inc. |
18,883 | 895,621 | ||||||
Plexus Corp.(a) |
30,743 | 2,888,305 | ||||||
Sanmina Corp.(a) |
101,762 | 4,686,140 | ||||||
ScanSource Inc.(a) |
41,386 | 1,322,283 | ||||||
TTM Technologies Inc.(a)(b) |
158,733 | 2,147,657 | ||||||
Vishay Intertechnology Inc. |
212,635 | 4,393,039 | ||||||
Vishay Precision Group Inc.(a) |
20,180 | 629,212 | ||||||
Vontier Corp. |
142,430 | 3,674,694 | ||||||
|
|
|||||||
64,206,803 | ||||||||
Energy Equipment & Services — 1.3% | ||||||||
Cactus Inc., Class A |
63,162 | 2,626,908 | ||||||
Dril-Quip Inc.(a)(b) |
55,705 | 1,428,833 | ||||||
Helix Energy Solutions Group Inc.(a) |
229,508 | 927,212 | ||||||
Patterson-UTI Energy Inc. |
344,664 | 5,704,189 | ||||||
ProPetro Holding Corp.(a) |
124,131 | 1,305,858 | ||||||
RPC Inc.(a) |
70,250 | 573,240 | ||||||
|
|
|||||||
12,566,240 | ||||||||
Entertainment — 0.5% | ||||||||
Lions Gate Entertainment Corp., Class B, NVS(a) |
130,937 | 1,088,086 | ||||||
Playstudios Inc.(a)(b) |
132,082 | 530,970 | ||||||
World Wrestling Entertainment Inc., Class A(b) |
49,128 | 3,405,062 | ||||||
|
|
|||||||
5,024,118 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.6% | ||||||||
Brandywine Realty Trust |
185,988 | 1,738,988 | ||||||
Chatham Lodging Trust(a) |
74,180 | 902,029 | ||||||
Franklin Street Properties Corp., Class C |
166,514 | 631,088 | ||||||
Getty Realty Corp. |
62,885 | 1,845,046 | ||||||
Industrial Logistics Properties Trust |
71,081 | 712,942 | ||||||
LTC Properties Inc. |
42,767 | 1,791,937 | ||||||
LXP Industrial Trust. |
302,182 | 3,314,937 | ||||||
Necessity Retail REIT Inc. |
207,840 | 1,619,074 | ||||||
One Liberty Properties Inc. |
26,785 | 743,284 | ||||||
Paramount Group Inc. |
280,650 | 2,203,103 | ||||||
Piedmont Office Realty Trust Inc., Class A |
197,358 | 2,715,646 | ||||||
Retail Opportunity Investments Corp. |
196,618 | 3,432,950 | ||||||
RPT Realty |
88,340 | 960,256 | ||||||
Saul Centers Inc. |
22,766 | 1,190,206 | ||||||
Urstadt Biddle Properties Inc., Class A |
48,291 | 888,554 | ||||||
Whitestone REIT |
74,753 | 839,476 | ||||||
|
|
|||||||
25,529,516 |
44 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Food & Staples Retailing — 1.7% | ||||||||
Andersons Inc. (The) |
50,629 | $ | 1,831,251 | |||||
Ingles Markets Inc., Class A(b) |
21,789 | 2,079,978 | ||||||
PriceSmart Inc. |
39,530 | 2,624,001 | ||||||
SpartanNash Co. |
57,550 | 1,858,290 | ||||||
Sprouts Farmers Market Inc.(a) |
124,269 | 3,434,795 | ||||||
United Natural Foods Inc.(a)(b) |
61,323 | 2,606,841 | ||||||
Weis Markets Inc.(b) |
25,838 | 1,987,717 | ||||||
|
|
|||||||
16,422,873 | ||||||||
Food Products — 0.5% | ||||||||
Fresh Del Monte Produce Inc. |
60,976 | 1,811,597 | ||||||
John B Sanfilippo & Son Inc. |
14,294 | 1,070,620 | ||||||
Seaboard Corp. |
317 | 1,287,223 | ||||||
Tootsie Roll Industries Inc.(b) |
25,947 | 911,259 | ||||||
|
|
|||||||
5,080,699 | ||||||||
Gas Utilities — 0.0% | ||||||||
Star Group LP |
54,154 | 532,875 | ||||||
|
|
|||||||
Health Care Equipment & Supplies — 6.3% | ||||||||
AngioDynamics Inc.(a) |
61,990 | 1,406,553 | ||||||
Atrion Corp.(b) |
2,306 | 1,558,625 | ||||||
CONMED Corp. |
31,540 | 3,079,250 | ||||||
Cutera Inc.(a) |
16,596 | 770,386 | ||||||
Embecta Corp.(a) |
90,949 | 2,676,629 | ||||||
Envista Holdings Corp.(a) |
175,491 | 7,133,709 | ||||||
Establishment Labs Holdings Inc.(a)(b) |
30,571 | 1,812,555 | ||||||
Globus Medical Inc., Class A(a)(b) |
85,213 | 5,001,151 | ||||||
Heska Corp.(a) |
11,007 | 1,007,030 | ||||||
ICU Medical Inc.(a) |
32,374 | 5,735,702 | ||||||
Inogen Inc.(a) |
20,862 | 580,381 | ||||||
Integer Holdings Corp.(a)(b) |
35,914 | 2,510,030 | ||||||
Lantheus Holdings Inc.(a) |
71,560 | 5,490,083 | ||||||
LeMaitre Vascular Inc. |
31,468 | 1,584,414 | ||||||
LivaNova PLC(a) |
44,079 | 2,806,510 | ||||||
Meridian Bioscience Inc.(a) |
69,714 | 2,207,145 | ||||||
Merit Medical Systems Inc.(a) |
55,114 | 3,167,953 | ||||||
Neogen Corp.(a)(b) |
35,752 | 826,944 | ||||||
NuVasive Inc.(a)(b) |
55,991 | 2,940,647 | ||||||
Omnicell Inc.(a)(b) |
47,314 | 5,210,218 | ||||||
Orthofix Medical Inc.(a) |
31,616 | 810,950 | ||||||
Paragon 28 Inc.(a)(b) |
42,842 | 813,998 | ||||||
SI-BONE Inc.(a) |
45,578 | 612,568 | ||||||
Surmodics Inc.(a) |
22,374 | 778,615 | ||||||
Tactile Systems Technology Inc.(a) |
21,473 | 166,416 | ||||||
Varex Imaging Corp.(a) |
42,878 | 955,751 | ||||||
Zimvie Inc.(a) |
33,367 | 647,987 | ||||||
|
|
|||||||
62,292,200 | ||||||||
Health Care Providers & Services — 5.6% | ||||||||
AMN Healthcare Services Inc.(a)(b) |
51,433 | 5,783,127 | ||||||
Apollo Medical Holdings Inc.(a)(b) |
33,122 | 1,756,460 | ||||||
Chemed Corp.(b) |
17,121 | 8,236,742 | ||||||
Community Health Systems Inc.(a) |
122,176 | 364,084 | ||||||
CorVel Corp.(a)(b) |
15,519 | 2,558,928 | ||||||
Cross Country Healthcare Inc.(a)(b) |
39,292 | 1,035,737 | ||||||
DocGo Inc.(a)(b) |
128,312 | 991,852 | ||||||
Encompass Health Corp. |
108,288 | 5,481,539 | ||||||
Enhabit Inc. |
54,142 | 948,026 | ||||||
Hanger Inc.(a) |
42,106 | 781,908 | ||||||
Joint Corp. (The)(a) |
15,605 | 266,845 | ||||||
ModivCare Inc.(a) |
13,706 | 1,367,859 | ||||||
National HealthCare Corp. |
23,499 | 1,669,134 |
Security | Shares | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
National Research Corp. |
24,365 | $ | 923,433 | |||||
Owens & Minor Inc. |
1,838 | 65,084 | ||||||
Patterson Companies Inc. |
95,233 | 2,957,937 | ||||||
Premier Inc., Class A |
133,619 | 5,138,987 | ||||||
Privia Health Group Inc.(a) |
56,237 | 2,068,397 | ||||||
Select Medical Holdings Corp. |
117,165 | 3,470,427 | ||||||
Tenet Healthcare Corp.(a) |
98,372 | 6,504,357 | ||||||
U.S. Physical Therapy Inc. |
20,673 | 2,682,942 | ||||||
|
|
|||||||
55,053,805 | ||||||||
Health Care Technology — 1.3% | ||||||||
Allscripts Healthcare Solutions Inc.(a)(b) |
186,063 | 2,943,517 | ||||||
Computer Programs & Systems Inc.(a) |
22,413 | 756,663 | ||||||
Definitive Healthcare Corp.(a)(b) |
54,674 | 1,420,430 | ||||||
Evolent Health Inc., Class A(a)(b) |
94,971 | 3,228,064 | ||||||
HealthStream Inc.(a) |
40,429 | 972,722 | ||||||
NextGen Healthcare Inc.(a) |
91,001 | 1,557,937 | ||||||
OptimizeRx Corp.(a) |
17,212 | 386,754 | ||||||
Simulations Plus Inc. |
25,841 | 1,657,700 | ||||||
|
|
|||||||
12,923,787 | ||||||||
Hotels, Restaurants & Leisure — 0.3% | ||||||||
Chuy’s Holdings Inc.(a) |
30,406 | 675,925 | ||||||
Monarch Casino & Resort Inc.(a) |
22,534 | 1,445,556 | ||||||
RCI Hospitality Holdings Inc. |
12,930 | 736,493 | ||||||
|
|
|||||||
2,857,974 | ||||||||
Household Durables — 0.6% | ||||||||
Ethan Allen Interiors Inc. |
36,458 | 838,169 | ||||||
GoPro Inc., Class A(a) |
126,961 | 807,472 | ||||||
La-Z-Boy Inc. |
48,236 | 1,344,337 | ||||||
Tri Pointe Homes Inc.(a)(b) |
123,832 | 2,293,369 | ||||||
Tupperware Brands Corp.(a) |
53,454 | 398,767 | ||||||
Universal Electronics Inc.(a) |
20,462 | 567,821 | ||||||
|
|
|||||||
6,249,935 | ||||||||
Household Products — 0.2% | ||||||||
Central Garden & Pet Co.(a)(b) |
10,459 | 453,293 | ||||||
Central Garden & Pet Co., Class A, NVS(a) |
43,709 | 1,783,327 | ||||||
|
|
|||||||
2,236,620 | ||||||||
Insurance — 3.6% | ||||||||
American Equity Investment Life Holding Co. |
90,613 | 3,403,424 | ||||||
Assured Guaranty Ltd. |
79,449 | 4,639,027 | ||||||
Brighthouse Financial Inc.(a) |
122,692 | 5,327,286 | ||||||
Donegal Group Inc., Class A |
15,325 | 217,002 | ||||||
Employers Holdings Inc. |
38,694 | 1,536,539 | ||||||
First American Financial Corp. |
119,621 | 6,938,018 | ||||||
Genworth Financial Inc., Class A(a) |
480,416 | 2,041,768 | ||||||
National Western Life Group Inc., Class A |
3,851 | 777,902 | ||||||
Safety Insurance Group Inc. |
21,162 | 1,831,571 | ||||||
Stewart Information Services Corp. |
27,489 | 1,502,274 | ||||||
Universal Insurance Holdings Inc. |
45,181 | 571,540 | ||||||
Unum Group |
222,437 | 7,160,247 | ||||||
|
|
|||||||
35,946,598 | ||||||||
Interactive Media & Services — 1.0% | ||||||||
Cars.com Inc.(a) |
105,106 | 1,236,047 | ||||||
Shutterstock Inc. |
25,908 | 1,463,802 | ||||||
TrueCar Inc.(a) |
138,793 | 356,698 | ||||||
Yelp Inc.(a)(b) |
80,058 | 2,454,578 | ||||||
Ziff Davis Inc.(a)(b) |
49,836 | 4,081,070 | ||||||
|
|
|||||||
9,592,195 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Internet & Direct Marketing Retail — 0.3% | ||||||||
1-800-Flowers.com Inc., Class A(a) |
29,914 | $ | 298,243 | |||||
Duluth Holdings Inc., Class B(a) |
33,200 | 320,048 | ||||||
Lands’ End Inc.(a)(b) |
21,070 | 268,642 | ||||||
PetMed Express Inc. |
31,908 | 696,233 | ||||||
Revolve Group Inc.(a)(b) |
41,385 | 1,172,023 | ||||||
|
|
|||||||
2,755,189 | ||||||||
IT Services — 2.6% | ||||||||
Cass Information Systems Inc. |
21,312 | 777,036 | ||||||
Concentrix Corp. |
48,302 | 6,460,875 | ||||||
Conduent Inc.(a) |
185,136 | 862,734 | ||||||
CSG Systems International Inc. |
51,792 | 3,379,428 | ||||||
Edgio Inc.(a) |
215,763 | 545,880 | ||||||
EVERTEC Inc. |
66,575 | 2,595,759 | ||||||
ExlService Holdings Inc.(a) |
36,440 | 6,135,403 | ||||||
Hackett Group Inc. (The) |
38,162 | 800,257 | ||||||
Perficient Inc.(a) |
35,840 | 3,781,837 | ||||||
|
|
|||||||
25,339,209 | ||||||||
Leisure Products — 0.5% | ||||||||
Clarus Corp.(b) |
23,782 | 490,385 | ||||||
Johnson Outdoors Inc., Class A |
9,312 | 626,791 | ||||||
Smith & Wesson Brands Inc. |
52,289 | 760,805 | ||||||
Sturm Ruger & Co. Inc. |
19,150 | 1,266,389 | ||||||
Vista Outdoor Inc.(a) |
62,440 | 1,879,444 | ||||||
|
|
|||||||
5,023,814 | ||||||||
Life Sciences Tools & Services — 0.5% | ||||||||
Medpace Holdings Inc.(a) |
31,183 | 5,286,454 | ||||||
|
|
|||||||
Machinery — 1.3% | ||||||||
Energy Recovery Inc.(a)(b) |
39,740 | 883,420 | ||||||
Gorman-Rupp Co. (The) |
33,435 | 1,026,454 | ||||||
Greenbrier Companies Inc. (The) |
35,235 | 1,121,178 | ||||||
Luxfer Holdings PLC |
46,342 | 757,228 | ||||||
Mueller Industries Inc. |
55,978 | 3,768,999 | ||||||
Omega Flex Inc.(b) |
5,658 | 650,613 | ||||||
REV Group Inc. |
32,028 | 372,806 | ||||||
Shyft Group Inc. (The)(b) |
34,622 | 898,095 | ||||||
Standex International Corp. |
19,589 | 1,901,700 | ||||||
Titan International Inc.(a)(b) |
79,955 | 1,340,046 | ||||||
|
|
|||||||
12,720,539 | ||||||||
Marine — 0.2% | ||||||||
Eagle Bulk Shipping Inc. |
15,280 | 808,770 | ||||||
Genco Shipping & Trading Ltd. |
60,414 | 1,164,782 | ||||||
|
|
|||||||
1,973,552 | ||||||||
Media — 1.4% | ||||||||
AMC Networks Inc., Class A(a)(b) |
44,514 | 1,358,567 | ||||||
John Wiley & Sons Inc., Class A |
48,404 | 2,527,657 | ||||||
Scholastic Corp., NVS |
28,502 | 1,341,589 | ||||||
TechTarget Inc.(a)(b) |
27,560 | 1,796,636 | ||||||
TEGNA Inc. |
228,572 | 4,786,298 | ||||||
Thryv Holdings Inc.(a)(b) |
32,630 | 794,214 | ||||||
WideOpenWest Inc.(a) |
56,873 | 1,045,326 | ||||||
|
|
|||||||
13,650,287 | ||||||||
Metals & Mining — 1.4% | ||||||||
Alpha Metallurgical Resources Inc. |
11,819 | 1,616,366 | ||||||
Commercial Metals Co. |
130,850 | 5,184,277 | ||||||
Ramaco Resources Inc. |
35,352 | 415,032 | ||||||
Ryerson Holding Corp. |
18,794 | 514,956 | ||||||
Schnitzer Steel Industries Inc., Class A |
42,018 | 1,494,160 | ||||||
SunCoke Energy Inc. |
133,069 | 984,711 |
Security | Shares | Value | ||||||
Metals & Mining (continued) | ||||||||
TimkenSteel Corp.(a) |
63,123 | $ | 1,280,766 | |||||
Warrior Met Coal Inc. |
82,460 | 2,632,948 | ||||||
|
|
|||||||
14,123,216 | ||||||||
Mortgage Real Estate Investment — 0.1% | ||||||||
Ares Commercial Real Estate Corp. |
48,593 | 665,724 | ||||||
|
|
|||||||
Multi-Utilities — 0.1% | ||||||||
Unitil Corp. |
25,584 | 1,401,236 | ||||||
|
|
|||||||
Multiline Retail — 0.2% | ||||||||
Big Lots Inc. |
35,814 | 723,085 | ||||||
Dillard’s Inc., Class A(b) |
6,530 | 1,484,595 | ||||||
|
|
|||||||
2,207,680 | ||||||||
Oil, Gas & Consumable Fuels — 8.3% | ||||||||
Alto Ingredients Inc.(a)(b) |
74,682 | 321,133 | ||||||
Antero Resources Corp.(a)(b) |
97,659 | 3,871,203 | ||||||
Arch Resources Inc. |
24,645 | 3,182,655 | ||||||
Berry Corp. |
89,669 | 765,773 | ||||||
Brigham Minerals Inc., Class A |
49,237 | 1,307,242 | ||||||
California Resources Corp. |
44,552 | 1,998,603 | ||||||
Centennial Resource Development Inc./DE, Class A(a) |
197,635 | 1,316,249 | ||||||
Centrus Energy Corp., Class A(a)(b) |
11,391 | 377,612 | ||||||
Chord Energy Corp. |
46,244 | 5,930,331 | ||||||
CONSOL Energy Inc.(a) |
52,952 | 3,247,017 | ||||||
Denbury Inc.(a)(b) |
54,532 | 3,921,396 | ||||||
Dorian LPG Ltd. |
34,858 | 561,911 | ||||||
Gran Tierra Energy Inc.(a) |
588,714 | 788,877 | ||||||
Matador Resources Co. |
127,307 | 7,355,798 | ||||||
Murphy Oil Corp. |
168,068 | 5,905,910 | ||||||
Ovintiv Inc. |
265,132 | 13,545,594 | ||||||
PDC Energy Inc. |
107,367 | 7,052,938 | ||||||
Range Resources Corp.(a) |
268,573 | 8,881,709 | ||||||
REX American Resources Corp.(a) |
8,530 | 814,274 | ||||||
SandRidge Energy Inc.(a) |
49,528 | 927,659 | ||||||
SilverBow Resources Inc.(a)(b) |
14,797 | 668,676 | ||||||
SM Energy Co. |
195,113 | 8,054,265 | ||||||
World Fuel Services Corp. |
69,106 | 1,915,618 | ||||||
|
|
|||||||
82,712,443 | ||||||||
Paper & Forest Products — 0.9% | ||||||||
Clearwater Paper Corp.(a)(b) |
18,159 | 648,276 | ||||||
Louisiana-Pacific Corp. |
103,633 | 6,594,168 | ||||||
Sylvamo Corp. |
38,512 | 1,511,211 | ||||||
|
|
|||||||
8,753,655 | ||||||||
Personal Products — 0.4% | ||||||||
Nu Skin Enterprises Inc., Class A |
54,558 | 2,373,819 | ||||||
USANA Health Sciences Inc.(a) |
18,697 | 1,301,685 | ||||||
|
|
|||||||
3,675,504 | ||||||||
Pharmaceuticals — 1.5% | ||||||||
Amphastar Pharmaceuticals Inc.(a) |
61,289 | 2,291,596 | ||||||
ANI Pharmaceuticals Inc.(a) |
20,102 | 688,494 | ||||||
Collegium Pharmaceutical Inc.(a)(b) |
34,834 | 598,797 | ||||||
Corcept Therapeutics Inc.(a) |
152,693 | 4,376,181 | ||||||
Innoviva Inc.(a)(b) |
100,136 | 1,435,950 | ||||||
Phibro Animal Health Corp., Class A |
32,562 | 637,238 | ||||||
Prestige Consumer Healthcare Inc.(a) |
54,478 | 3,285,568 | ||||||
Supernus Pharmaceuticals Inc.(a) |
57,837 | 1,836,325 | ||||||
|
|
|||||||
15,150,149 | ||||||||
Professional Services — 1.8% | ||||||||
Barrett Business Services Inc. |
12,015 | 980,304 |
46 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Professional Services (continued) | ||||||||
CRA International Inc. |
11,891 | $ | 1,177,328 | |||||
Forrester Research Inc.(a) |
18,417 | 856,206 | ||||||
Franklin Covey Co.(a) |
20,668 | 1,081,556 | ||||||
Heidrick & Struggles International Inc. |
31,369 | 976,831 | ||||||
ICF International Inc. |
20,526 | 1,936,628 | ||||||
Kelly Services Inc., Class A, NVS |
54,820 | 1,188,498 | ||||||
Kforce Inc. |
32,587 | 2,145,854 | ||||||
Korn Ferry |
81,979 | 5,370,444 | ||||||
Resources Connection Inc. |
49,475 | 1,061,734 | ||||||
TrueBlue Inc.(a) |
55,177 | 1,194,030 | ||||||
|
|
|||||||
17,969,413 | ||||||||
Real Estate Management & Development — 2.2% | ||||||||
Anywhere Real Estate Inc.(a)(b) |
186,680 | 1,853,732 | ||||||
Douglas Elliman Inc. |
111,993 | 671,958 | ||||||
Jones Lang LaSalle Inc.(a) |
55,177 | 10,520,598 | ||||||
Marcus & Millichap Inc. |
41,309 | 1,690,364 | ||||||
Newmark Group Inc., Class A |
306,212 | 3,490,817 | ||||||
RE/MAX Holdings Inc., Class A |
30,112 | 763,038 | ||||||
RMR Group Inc. (The), Class A |
16,726 | 483,549 | ||||||
St Joe Co. (The) |
35,244 | 1,480,953 | ||||||
Tejon Ranch Co.(a) |
22,884 | 378,044 | ||||||
|
|
|||||||
21,333,053 | ||||||||
Road & Rail — 2.3% | ||||||||
ArcBest Corp. |
39,384 | 3,489,422 | ||||||
Heartland Express Inc. |
94,771 | 1,504,963 | ||||||
Marten Transport Ltd. |
106,359 | 2,293,100 | ||||||
Ryder System Inc. |
58,521 | 4,583,365 | ||||||
Saia Inc.(a) |
28,660 | 6,816,781 | ||||||
Schneider National Inc., Class B(b) |
61,785 | 1,565,014 | ||||||
Werner Enterprises Inc. |
66,537 | 2,924,967 | ||||||
|
|
|||||||
23,177,612 | ||||||||
Semiconductors & Semiconductor Equipment — 4.1% | ||||||||
Allegro MicroSystems Inc.(a) |
106,426 | 2,642,558 | ||||||
Alpha & Omega Semiconductor Ltd.(a)(b) |
36,348 | 1,526,979 | ||||||
Amkor Technology Inc.(b) |
176,243 | 3,554,821 | ||||||
Axcelis Technologies Inc.(a)(b) |
53,239 | 3,744,299 | ||||||
Cirrus Logic Inc.(a) |
91,714 | 7,837,878 | ||||||
Diodes Inc.(a) |
48,259 | 3,926,835 | ||||||
FormFactor Inc.(a) |
125,419 | 4,459,900 | ||||||
Kulicke & Soffa Industries Inc. |
67,438 | 3,245,116 | ||||||
Magnachip Semiconductor Corp.(a) |
45,245 | 690,439 | ||||||
NeoPhotonics Corp.(a) |
55,339 | 884,871 | ||||||
Photronics Inc.(a) |
98,691 | 2,349,833 | ||||||
SMART Global Holdings Inc.(a)(b) |
37,797 | 741,577 | ||||||
Synaptics Inc.(a) |
38,063 | 5,517,232 | ||||||
|
|
|||||||
41,122,338 | ||||||||
Software — 3.0% | ||||||||
A10 Networks Inc. |
62,693 | 934,753 | ||||||
Agilysys Inc.(a) |
37,591 | 1,815,645 | ||||||
American Software Inc./GA, Class A |
50,715 | 906,784 | ||||||
Benefitfocus Inc.(a) |
42,712 | 361,771 | ||||||
ChannelAdvisor Corp.(a) |
43,503 | 641,234 | ||||||
CommVault Systems Inc.(a) |
44,927 | 2,519,955 | ||||||
Consensus Cloud Solutions Inc.(a)(b) |
16,375 | 884,741 | ||||||
Ebix Inc. |
39,633 | 937,717 | ||||||
Manhattan Associates Inc.(a) |
3,967 | 558,038 | ||||||
Mitek Systems Inc.(a) |
46,401 | 504,843 | ||||||
Progress Software Corp. |
47,616 | 2,236,047 | ||||||
Qualys Inc.(a) |
56,242 | 6,879,522 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
SPS Commerce Inc.(a) |
38,995 | $ | 4,670,041 | |||||
Teradata Corp.(a) |
118,730 | 4,546,172 | ||||||
Xperi Holding Corp. |
60,057 | 1,006,555 | ||||||
|
|
|||||||
29,403,818 | ||||||||
Specialty Retail — 4.1% | ||||||||
Aaron’s Co. Inc. (The) |
49,601 | 645,805 | ||||||
Abercrombie & Fitch Co., Class A(a) |
90,452 | 1,610,950 | ||||||
Academy Sports & Outdoors Inc. |
92,009 | 3,959,147 | ||||||
America’s Car-Mart Inc./TX(a) |
7,141 | 739,593 | ||||||
Boot Barn Holdings Inc.(a) |
32,138 | 2,002,198 | ||||||
Buckle Inc. (The) |
32,507 | 981,711 | ||||||
Caleres Inc. |
60,985 | 1,513,648 | ||||||
Chico’s FAS Inc.(a) |
196,150 | 984,673 | ||||||
Children’s Place Inc. (The)(a) |
15,165 | 657,251 | ||||||
Container Store Group Inc. (The)(a) |
52,574 | 392,202 | ||||||
Foot Locker Inc. |
101,417 | 2,877,200 | ||||||
Genesco Inc.(a) |
22,218 | 1,245,319 | ||||||
Group 1 Automotive Inc.(b) |
18,687 | 3,306,104 | ||||||
Guess? Inc. |
62,419 | 1,180,343 | ||||||
Haverty Furniture Companies Inc. |
17,553 | 479,724 | ||||||
Hibbett Inc. |
17,423 | 817,487 | ||||||
LL Flooring Holdings Inc.(a) |
31,387 | 315,126 | ||||||
MarineMax Inc.(a) |
35,096 | 1,433,321 | ||||||
ODP Corp. (The)(a) |
58,037 | 2,106,743 | ||||||
Penske Automotive Group Inc. |
34,967 | 4,003,372 | ||||||
Sally Beauty Holdings Inc.(a)(b) |
123,010 | 1,572,068 | ||||||
Shoe Carnival Inc. |
29,314 | 639,338 | ||||||
Signet Jewelers Ltd.(b) |
57,317 | 3,494,044 | ||||||
Sonic Automotive Inc., Class A |
24,229 | 1,013,984 | ||||||
Sportsman’s Warehouse Holdings Inc.(a) |
47,623 | 469,563 | ||||||
TravelCenters of America Inc.(a) |
13,453 | 561,259 | ||||||
Winmark Corp. |
4,936 | 1,096,532 | ||||||
Zumiez Inc.(a)(b) |
31,273 | 813,098 | ||||||
|
|
|||||||
40,911,803 | ||||||||
Technology Hardware, Storage & Peripherals — 0.7% | ||||||||
Avid Technology Inc.(a) |
57,670 | 1,618,220 | ||||||
Super Micro Computer Inc.(a) |
44,045 | 2,378,870 | ||||||
Xerox Holdings Corp. |
165,104 | 2,828,232 | ||||||
|
|
|||||||
6,825,322 | ||||||||
Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
G-III Apparel Group Ltd.(a) |
69,988 | 1,546,035 | ||||||
Kontoor Brands Inc. |
52,989 | 1,934,098 | ||||||
Movado Group Inc. |
26,220 | 890,956 | ||||||
Oxford Industries Inc.(b) |
18,384 | 1,753,834 | ||||||
|
|
|||||||
6,124,923 | ||||||||
Thrifts & Mortgage Finance — 1.5% | ||||||||
Enact Holdings Inc. |
52,145 | 1,201,421 | ||||||
Hingham Institution For Savings (The) |
1,628 | 472,136 | ||||||
MGIC Investment Corp. |
505,316 | 7,145,168 | ||||||
Radian Group Inc. |
201,936 | 4,517,308 | ||||||
TrustCo Bank Corp. NY |
25,949 | 870,849 | ||||||
Waterstone Financial Inc. |
23,196 | 432,605 | ||||||
|
|
|||||||
14,639,487 | ||||||||
Tobacco — 0.2% | ||||||||
Universal Corp./VA |
39,400 | 2,202,854 | ||||||
|
|
|||||||
Trading Companies & Distributors — 2.6% | ||||||||
Boise Cascade Co. |
42,804 | 3,026,671 | ||||||
Global Industrial Co. |
14,337 | 512,548 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
GMS Inc.(a) |
41,861 | $ | 2,221,563 | |||||
H&E Equipment Services Inc. |
52,098 | 1,862,503 | ||||||
Herc Holdings Inc. |
38,041 | 4,717,845 | ||||||
McGrath RentCorp |
38,842 | 3,276,711 | ||||||
Rush Enterprises Inc., Class A |
46,976 | 2,263,773 | ||||||
Rush Enterprises Inc., Class B |
8,910 | 483,368 | ||||||
Titan Machinery Inc.(a) |
32,549 | 915,603 | ||||||
Triton International Ltd. |
73,340 | 4,699,627 | ||||||
Veritiv Corp.(a) |
15,427 | 1,913,257 | ||||||
|
|
|||||||
25,893,469 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Telephone and Data Systems Inc. |
105,234 | 1,663,750 | ||||||
United States Cellular Corp.(a) |
14,581 | 427,077 | ||||||
|
|
|||||||
2,090,827 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.1% |
981,032,196 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 6.3% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(c)(d)(e) |
54,182,009 | 54,176,591 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(c)(d) |
8,530,000 | $ | 8,530,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 6.3% |
62,706,591 | |||||||
|
|
|||||||
Total
Investments in Securities — 105.4% |
1,043,738,787 | |||||||
Liabilities in Excess of Other Assets — (5.4)% |
|
(53,279,677 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 990,459,110 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 38,591,999 | $ | 15,612,160 | (a) | $ | — | $ | (26,090 | ) | $ | (1,478 | ) | $ | 54,176,591 | 54,182,009 | $ | 129,627 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
6,340,000 | 2,190,000 | (a) | — | — | — | 8,530,000 | 8,530,000 | 25,734 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (26,090 | ) | $ | (1,478 | ) | $ | 62,706,591 | $ | 155,361 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
Russell 2000 E-Mini Index |
4 | 09/16/22 | $ | 377 | $ | 30,600 | ||||||||||
S&P Mid 400 E-Mini Index |
6 | 09/16/22 | 1,509 | 131,459 | ||||||||||||
|
|
|||||||||||||||
$ | 162,059 | |||||||||||||||
|
|
48 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
OTC Total Return Swaps
Reference Entity |
Payment Frequency |
Counterparty(a) | Termination Date |
Net Notional | Accrued Unrealized Appreciation (Depreciation) |
Net Value of Reference Entity |
Gross Notional Amount Net Asset Percentage |
|||||||||||||||||||||
Equity Securities Long |
Monthly | Goldman Sachs Bank USA(b) | 02/27/23 | $ | 1,766,454 | $ | 389,445 | (c) | $ | 1,981,727 | 0.2 | % | ||||||||||||||||
Monthly | HSBC Bank PLC(d) | 02/10/23 | 3,839,840 | 83,067 | (e) | 4,104,938 | 0.4 | |||||||||||||||||||||
Monthly | JPMorgan Chase Bank NA(f) | 02/08/23 | 1,158,635 | 74,717 | (g) | 1,240,430 | 0.1 | |||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
$ | 547,229 | $ | 7,327,095 | |||||||||||||||||||||||||
|
|
|
|
(a) |
The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) |
Amount includes $174,172 of net dividends and financing fees. |
(e) |
Amount includes $(182,031) of net dividends, payable for referenced securities purchased and financing fees. |
(g) |
Amount includes $(7,078) of net dividends, payable for referenced securities purchased and financing fees. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
Range: Benchmarks: |
(b) 65 basis points USD
- 1D Overnight Fed Funds Effective |
(d) 65 basis points USD
- 1D Overnight Bank Funding Rate |
(f) 65 basis points USD
- 1D Overnight Bank Funding Rate |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
OTC Total Return Swaps (continued)
50 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
OTC Total Return Swaps (continued)
The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.
Shares | Value | % of Basket Value |
||||||||||
Reference Entity — Long |
| |||||||||||
Common Stocks |
||||||||||||
Banks | ||||||||||||
Bancorp. Inc. (The)(a) |
54,159 | $ | 1,332,311 | 67.2 | % | |||||||
HomeStreet Inc. |
2,772 | 103,368 | 5.2 | |||||||||
Hope Bancorp Inc. |
1,952 | 29,358 | 1.5 | |||||||||
OFG Bancorp |
852 | 23,404 | 1.2 | |||||||||
Preferred Bank/Los Angeles |
1,472 | 107,014 | 5.4 | |||||||||
|
|
|||||||||||
1,595,455 | ||||||||||||
Commercial Services & Supplies | ||||||||||||
GEO Group Inc. (The)(a) |
4,153 | 27,244 | 1.4 | |||||||||
|
|
|||||||||||
Electronic Equipment, Instruments & Components | ||||||||||||
OSI Systems Inc.(a) |
183 | 17,691 | 0.9 | |||||||||
|
|
|||||||||||
Insurance | ||||||||||||
Employers Holdings Inc. |
2,330 | 92,524 | 4.7 | |||||||||
Genworth Financial Inc., Class A(a) |
19,794 | 84,125 | 4.2 | |||||||||
Safety Insurance Group Inc. |
566 | 48,987 | 2.5 | |||||||||
Stewart Information Services Corp. |
865 | 47,272 | 2.4 | |||||||||
|
|
|||||||||||
272,908 | ||||||||||||
Thrifts & Mortgage Finance | ||||||||||||
TrustCo Bank Corp. NY |
2,039 | 68,429 | 3.4 | |||||||||
|
|
|||||||||||
Total Reference Entity — Long |
1,981,727 | |||||||||||
|
|
|||||||||||
Net Value of Reference Entity — Goldman Sachs Bank USA |
|
$ | 1,981,727 | |||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.
Shares | Value | % of Basket Value |
||||||||||
Reference Entity — Long |
| |||||||||||
Common Stocks |
||||||||||||
Banks | ||||||||||||
Bancorp. Inc. (The)(a) |
204 | $ | 5,018 | 0.1 | % | |||||||
Central Pacific Financial Corp. |
44,154 | 1,045,567 | 25.5 | |||||||||
Customers Bancorp. Inc.(a) |
497 | 18,980 | 0.5 | |||||||||
Hanmi Financial Corp. |
48,609 | 1,228,349 | 29.9 | |||||||||
HomeStreet Inc. |
9,048 | 337,400 | 8.2 | |||||||||
Hope Bancorp Inc. |
26,576 | 399,703 | 9.8 | |||||||||
OFG Bancorp. |
2,289 | 62,879 | 1.5 | |||||||||
Preferred Bank/los Angeles |
560 | 40,712 | 1.0 | |||||||||
|
|
|||||||||||
3,138,608 |
Shares | Value | % of Basket Value |
||||||||||
Commercial Services & Supplies | ||||||||||||
GEO Group Inc. (The)(a) |
64,111 | $ | 420,568 | 10.3 | ||||||||
|
|
|||||||||||
Consumer Finance | ||||||||||||
Bread Financial Holdings Inc. |
242 | 9,586 | 0.2 | |||||||||
|
|
|||||||||||
Electronic Equipment, Instruments & Components | ||||||||||||
Osi Systems Inc.(a) |
226 | 21,847 | 0.5 | |||||||||
|
|
|||||||||||
Equity Real Estate Investment Trusts (REITs) | ||||||||||||
Getty Realty Corp. |
466 | 13,672 | 0.3 | |||||||||
|
|
|||||||||||
Insurance | ||||||||||||
Employers Holdings Inc. |
3,215 | 127,668 | 3.1 | |||||||||
Genworth Financial Inc., Class A(a) |
19,002 | 80,759 | 2.0 | |||||||||
Safety Insurance Group Inc. |
1,952 | 168,946 | 4.1 | |||||||||
Stewart Information Services Corp. |
799 | 43,665 | 1.1 | |||||||||
|
|
|||||||||||
421,038 | ||||||||||||
Leisure Products | ||||||||||||
Clarus Corp. |
4 | 82 | 0.0 | (b) | ||||||||
|
|
|||||||||||
Thrifts & Mortgage Finance | ||||||||||||
TrustCo Bank Corp. NY |
2,370 | 79,537 | 1.9 | |||||||||
|
|
|||||||||||
Total Reference Entity — Long |
4,104,938 | |||||||||||
|
|
|||||||||||
Net Value of Reference Entity — HSBC Bank PLC |
$ | 4,104,938 | ||||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.
Shares | Value | % of Basket Value |
||||||||||
Reference Entity — Long |
| |||||||||||
Common Stocks |
||||||||||||
Banks | ||||||||||||
Hope Bancorp Inc. |
2,953 | $ | 44,413 | 3.6 | % | |||||||
Preferred Bank/Los Angeles |
14,181 | 1,030,959 | 83.1 | |||||||||
|
|
|||||||||||
1,075,372 | ||||||||||||
Commercial Services & Supplies | ||||||||||||
GEO Group Inc. (The)(a) |
3,537 | 23,203 | 1.9 | |||||||||
|
|
|||||||||||
Insurance | ||||||||||||
Genworth Financial Inc., Class A(a) |
30,985 | 131,686 | 10.6 | |||||||||
|
|
|||||||||||
Thrifts & Mortgage Finance | ||||||||||||
TrustCo Bank Corp. NY |
303 | 10,169 | 0.8 | |||||||||
|
|
|||||||||||
Total Reference Entity — Long |
1,240,430 | |||||||||||
|
|
|||||||||||
Net Value of Reference Entity — JPMorgan Chase Bank NA |
|
$ | 1,240,430 | |||||||||
|
|
(a) |
Non-income producing security. |
(b) |
Rounds to less than 0.1%. |
Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||
Total Return Swaps |
$ | — | $ | — | $ | 547,229 | $ | — |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 162,059 | $ | — | $ | — | $ | — | $ | 162,059 | ||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid |
$ | — | $ | — | $ | 547,229 | $ | — | $ | — | $ | — | $ | 547,229 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 709,288 | $ | — | $ | — | $ | — | $ | 709,288 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (739,303 | ) | $ | — | $ | — | $ | — | $ | (739,303 | ) | ||||||||||||
Swaps |
— | — | 960,407 | — | — | — | 960,407 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 221,104 | $ | — | $ | — | $ | — | $ | 221,104 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 164,954 | $ | — | $ | — | $ | — | $ | 164,954 | ||||||||||||||
Swaps |
— | — | 471,776 | — | — | — | 471,776 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 636,730 | $ | — | $ | — | $ | — | $ | 636,730 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 1,963,410 | ||
Total return swaps |
||||
Average notional value |
$ | 4,403,177 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
Assets | Liabilities | |||||||
Derivative Financial Instruments: |
||||||||
Futures contracts |
$ | 162,059 | $ | — | ||||
Swaps — OTC(a) |
547,229 | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
709,288 | — | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(162,059 | ) | — | |||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
547,229 | — | ||||||
|
|
|
|
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
52 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
Derivative Financial Instruments — Offsetting as of Period End (continued)
The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:
Counterparty | Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Received |
Cash Collateral Received |
Net Amount of Derivative Assets(b) |
|||||||||||||||
Goldman Sachs Bank USA |
$ | 389,445 | $ | — | $ | — | $ | — | $ | 389,445 | ||||||||||
HSBC Bank PLC |
83,067 | — | — | — | 83,067 | |||||||||||||||
JPMorgan Chase Bank NA |
74,717 | — | — | — | 74,717 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 547,229 | $ | — | $ | — | $ | — | $ | 547,229 | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 981,032,196 | $ | — | $ | — | $ | 981,032,196 | ||||||||
Money Market Funds |
62,706,591 | — | — | 62,706,591 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,043,738,787 | $ | — | $ | — | $ | 1,043,738,787 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 162,059 | $ | — | $ | — | $ | 162,059 | ||||||||
Swaps |
— | 547,229 | — | 547,229 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 162,059 | $ | 547,229 | $ | — | $ | 709,288 | |||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments July 31, 2022 |
iShares® U.S. Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Aerospace & Defense — 1.0% | ||||||||
L3Harris Technologies Inc. |
5,134 | $ | 1,232,006 | |||||
Lockheed Martin Corp. |
11,301 | 4,676,467 | ||||||
Northrop Grumman Corp. |
12,950 | 6,201,755 | ||||||
|
|
|||||||
12,110,228 | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
Expeditors International of Washington Inc.(a) |
1,198 | 127,288 | ||||||
United Parcel Service Inc., Class B |
20,290 | 3,954,318 | ||||||
|
|
|||||||
4,081,606 | ||||||||
Automobiles — 1.9% | ||||||||
Ford Motor Co. |
59,548 | 874,760 | ||||||
General Motors Co.(b) |
76,332 | 2,767,798 | ||||||
Harley-Davidson Inc. |
36,540 | 1,381,577 | ||||||
Tesla Inc.(b) |
19,311 | 17,214,791 | ||||||
Thor Industries Inc. |
2,938 | 247,762 | ||||||
|
|
|||||||
22,486,688 | ||||||||
Banks — 2.7% | ||||||||
Bank of America Corp. |
251,366 | 8,498,685 | ||||||
Citigroup Inc. |
86,178 | 4,472,638 | ||||||
JPMorgan Chase & Co. |
114,708 | 13,232,715 | ||||||
Popular Inc. |
48,704 | 3,782,840 | ||||||
Wells Fargo & Co. |
44,043 | 1,932,166 | ||||||
|
|
|||||||
31,919,044 | ||||||||
Beverages — 1.7% | ||||||||
Coca-Cola Co. (The) |
119,767 | 7,685,448 | ||||||
Coca-Cola Europacific Partners PLC |
7,466 | 404,060 | ||||||
Monster Beverage Corp.(b) |
2,194 | 218,566 | ||||||
PepsiCo Inc. |
66,814 | 11,689,778 | ||||||
|
|
|||||||
19,997,852 | ||||||||
Biotechnology — 2.3% | ||||||||
AbbVie Inc. |
94,260 | 13,527,253 | ||||||
Amgen Inc. |
19,906 | 4,926,138 | ||||||
Biogen Inc.(b) |
5,348 | 1,150,141 | ||||||
Moderna Inc.(b) |
27,678 | 4,541,683 | ||||||
Vertex Pharmaceuticals Inc.(b) |
9,974 | 2,796,809 | ||||||
|
|
|||||||
26,942,024 | ||||||||
Building Products — 0.4% | ||||||||
Carrier Global Corp. |
30,952 | 1,254,485 | ||||||
Lennox International Inc. |
729 | 174,617 | ||||||
Trane Technologies PLC |
14,579 | 2,142,967 | ||||||
Trex Co. Inc.(b) |
17,836 | 1,150,779 | ||||||
|
|
|||||||
4,722,848 | ||||||||
Capital Markets — 5.4% | ||||||||
Affiliated Managers Group Inc. |
15,946 | 2,015,256 | ||||||
Ameriprise Financial Inc. |
13,057 | 3,524,345 | ||||||
Bank of New York Mellon Corp. (The) |
32,394 | 1,407,843 | ||||||
BlackRock Inc.(c) |
4,015 | 2,686,758 | ||||||
Blackstone Inc., NVS |
40,850 | 4,169,560 | ||||||
Charles Schwab Corp. (The) |
31,375 | 2,166,444 | ||||||
Goldman Sachs Group Inc. (The) |
13,453 | 4,485,096 | ||||||
Interactive Brokers Group Inc., Class A |
60,031 | 3,523,219 | ||||||
Janus Henderson Group PLC |
104,312 | 2,688,120 | ||||||
Jefferies Financial Group Inc. |
134,432 | 4,378,450 | ||||||
LPL Financial Holdings Inc. |
4,473 | 938,972 | ||||||
Moody’s Corp. |
2,619 | 812,545 | ||||||
Morgan Stanley |
67,887 | 5,722,874 | ||||||
MSCI Inc. |
9,179 | 4,418,220 | ||||||
Northern Trust Corp. |
17,577 | 1,753,833 |
Security | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
Raymond James Financial Inc. |
37,337 | $ | 3,676,574 | |||||
S&P Global Inc. |
21,765 | 8,203,881 | ||||||
State Street Corp. |
42,529 | 3,021,260 | ||||||
Stifel Financial Corp. |
23,980 | 1,434,244 | ||||||
T Rowe Price Group Inc. |
920 | 113,592 | ||||||
XP Inc., Class A(a)(b) |
102,488 | 2,162,497 | ||||||
|
|
|||||||
63,303,583 | ||||||||
Chemicals — 0.5% | ||||||||
Dow Inc. |
12,747 | 678,268 | ||||||
LyondellBasell Industries NV, Class A |
7,320 | 652,358 | ||||||
Olin Corp. |
28,434 | 1,486,245 | ||||||
Scotts Miracle-Gro Co. (The) |
24,805 | 2,206,405 | ||||||
Sherwin-Williams Co. (The)(a) |
5,807 | 1,404,946 | ||||||
|
|
|||||||
6,428,222 | ||||||||
Commercial Services & Supplies — 0.4% | ||||||||
Cintas Corp. |
9,059 | 3,854,514 | ||||||
Tetra Tech Inc. |
8,070 | 1,236,889 | ||||||
|
|
|||||||
5,091,403 | ||||||||
Communications Equipment — 0.8% | ||||||||
Cisco Systems Inc. |
93,335 | 4,234,609 | ||||||
Motorola Solutions Inc. |
20,574 | 4,908,751 | ||||||
|
|
|||||||
9,143,360 | ||||||||
Construction & Engineering — 0.3% | ||||||||
EMCOR Group Inc. |
26,664 | 3,102,890 | ||||||
|
|
|||||||
Consumer Finance — 1.3% | ||||||||
Ally Financial Inc. |
137,141 | 4,535,253 | ||||||
Capital One Financial Corp. |
15,438 | 1,695,556 | ||||||
OneMain Holdings Inc. |
80,262 | 2,985,746 | ||||||
SLM Corp. |
179,267 | 2,796,565 | ||||||
Synchrony Financial |
73,764 | 2,469,619 | ||||||
Upstart Holdings Inc.(a)(b) |
12,691 | 308,772 | ||||||
|
|
|||||||
14,791,511 | ||||||||
Containers & Packaging — 0.6% | ||||||||
Amcor PLC |
264,242 | 3,421,934 | ||||||
Avery Dennison Corp. |
17,778 | 3,385,998 | ||||||
|
|
|||||||
6,807,932 | ||||||||
Diversified Financial Services — 0.0% | ||||||||
Equitable Holdings Inc. |
3,956 | 112,469 | ||||||
|
|
|||||||
Diversified Telecommunication Services — 0.8% | ||||||||
AT&T Inc. |
181,699 | 3,412,307 | ||||||
Lumen Technologies Inc. |
43,514 | 473,868 | ||||||
Verizon Communications Inc. |
116,011 | 5,358,548 | ||||||
|
|
|||||||
9,244,723 | ||||||||
Electric Utilities — 1.6% | ||||||||
Constellation Energy Corp. |
33,922 | 2,242,244 | ||||||
Duke Energy Corp. |
32,495 | 3,572,175 | ||||||
Exelon Corp. |
34,326 | 1,595,816 | ||||||
FirstEnergy Corp. |
27,581 | 1,133,579 | ||||||
NextEra Energy Inc. |
51,387 | 4,341,688 | ||||||
NRG Energy Inc. |
28,277 | 1,067,457 | ||||||
Southern Co. (The) |
68,831 | 5,292,415 | ||||||
|
|
|||||||
19,245,374 | ||||||||
Electrical Equipment — 0.9% | ||||||||
Eaton Corp. PLC |
17,944 | 2,662,710 | ||||||
Emerson Electric Co. |
52,301 | 4,710,751 | ||||||
Generac Holdings Inc.(b) |
5,512 | 1,478,870 |
54 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® U.S. Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electrical Equipment (continued) | ||||||||
Rockwell Automation Inc. |
7,800 | $ | 1,991,184 | |||||
|
|
|||||||
10,843,515 | ||||||||
Electronic Equipment, Instruments & Components — 0.6% | ||||||||
CDW Corp./DE |
943 | 171,183 | ||||||
Jabil Inc. |
32,545 | 1,931,220 | ||||||
Keysight Technologies Inc.(b) |
19,479 | 3,167,286 | ||||||
Zebra Technologies Corp., Class A(b) |
3,490 | 1,248,338 | ||||||
|
|
|||||||
6,518,027 | ||||||||
Energy Equipment & Services — 0.3% | ||||||||
Baker Hughes Co. |
53,760 | 1,381,094 | ||||||
NOV Inc. |
29,345 | 546,111 | ||||||
Schlumberger NV |
36,971 | 1,369,036 | ||||||
|
|
|||||||
3,296,241 | ||||||||
Entertainment — 0.3% | ||||||||
Activision Blizzard Inc. |
24,562 | 1,963,732 | ||||||
Electronic Arts Inc. |
14,176 | 1,860,316 | ||||||
|
|
|||||||
3,824,048 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.1% | ||||||||
American Tower Corp.(a) |
6,592 | 1,785,311 | ||||||
Brixmor Property Group Inc. |
91,116 | 2,112,069 | ||||||
Crown Castle International Corp. |
11,427 | 2,064,402 | ||||||
Equity Residential |
16,570 | 1,298,922 | ||||||
First Industrial Realty Trust Inc. |
13,792 | 716,494 | ||||||
Gaming and Leisure Properties Inc. |
10,913 | 567,367 | ||||||
Kimco Realty Corp. |
5,995 | 132,550 | ||||||
Lamar Advertising Co., Class A |
25,135 | 2,540,143 | ||||||
Prologis Inc. |
45,218 | 5,994,098 | ||||||
Public Storage |
6,766 | 2,208,490 | ||||||
Simon Property Group Inc. |
19,934 | 2,165,630 | ||||||
Vornado Realty Trust |
13,594 | 413,122 | ||||||
Weyerhaeuser Co. |
63,401 | 2,302,724 | ||||||
|
|
|||||||
24,301,322 | ||||||||
Food & Staples Retailing — 1.7% | ||||||||
BJ’s Wholesale Club Holdings Inc.(b) |
26,192 | 1,773,199 | ||||||
Costco Wholesale Corp. |
9,010 | 4,877,113 | ||||||
Kroger Co. (The) |
101,746 | 4,725,084 | ||||||
Walmart Inc. |
62,585 | 8,264,349 | ||||||
|
|
|||||||
19,639,745 | ||||||||
Food Products — 0.9% | ||||||||
General Mills Inc. |
67,902 | 5,078,391 | ||||||
Hershey Co. (The) |
14,044 | 3,201,470 | ||||||
Kraft Heinz Co. (The) |
3,082 | 113,510 | ||||||
Mondelez International Inc., Class A |
25,493 | 1,632,572 | ||||||
Tyson Foods Inc., Class A |
3,250 | 286,032 | ||||||
|
|
|||||||
10,311,975 | ||||||||
Health Care Equipment & Supplies — 1.8% | ||||||||
Abbott Laboratories(a) |
71,134 | 7,742,224 | ||||||
Align Technology Inc.(b) |
5,988 | 1,682,448 | ||||||
DENTSPLY SIRONA Inc. |
3,867 | 139,831 | ||||||
Hologic Inc.(a)(b) |
32,055 | 2,288,086 | ||||||
IDEXX Laboratories Inc.(b) |
8,581 | 3,425,364 | ||||||
Medtronic PLC |
49,234 | 4,555,130 | ||||||
Stryker Corp. |
6,856 | 1,472,326 | ||||||
|
|
|||||||
21,305,409 | ||||||||
Health Care Providers & Services — 3.8% | ||||||||
Cigna Corp. |
1,331 | 366,504 | ||||||
CVS Health Corp. |
70,266 | 6,723,051 | ||||||
DaVita Inc.(a)(b) |
19,893 | 1,674,195 |
Security | Shares | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
Elevance Health Inc. |
11,450 | $ | 5,462,795 | |||||
HCA Healthcare Inc. |
2,065 | 438,647 | ||||||
Humana Inc. |
7,576 | 3,651,632 | ||||||
Laboratory Corp. of America Holdings |
1,725 | 452,278 | ||||||
McKesson Corp. |
8,448 | 2,885,668 | ||||||
Molina Healthcare Inc.(b) |
14,535 | 4,763,410 | ||||||
UnitedHealth Group Inc. |
32,807 | 17,792,548 | ||||||
|
|
|||||||
44,210,728 | ||||||||
Health Care Technology — 0.2% | ||||||||
Veeva Systems Inc., Class A(b) |
11,445 | 2,558,873 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure — 1.9% | ||||||||
Booking Holdings Inc.(b) |
1,160 | 2,245,400 | ||||||
Domino’s Pizza Inc. |
2,735 | 1,072,421 | ||||||
McDonald’s Corp. |
38,162 | 10,050,726 | ||||||
Starbucks Corp. |
49,179 | 4,169,396 | ||||||
Yum! Brands Inc. |
37,799 | 4,631,889 | ||||||
|
|
|||||||
22,169,832 | ||||||||
Household Durables — 0.2% | ||||||||
Newell Brands Inc. |
7,693 | 155,475 | ||||||
Tempur Sealy International Inc. |
76,191 | 2,093,729 | ||||||
|
|
|||||||
2,249,204 | ||||||||
Household Products — 1.7% | ||||||||
Colgate-Palmolive Co. |
18,760 | 1,477,162 | ||||||
Procter & Gamble Co. (The) |
130,416 | 18,116,087 | ||||||
|
|
|||||||
19,593,249 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
Vistra Corp. |
77,343 | 1,999,316 | ||||||
|
|
|||||||
Industrial Conglomerates — 0.2% | ||||||||
Honeywell International Inc. |
9,498 | 1,827,985 | ||||||
|
|
|||||||
Insurance — 2.9% | ||||||||
Aflac Inc. |
90,261 | 5,171,956 | ||||||
Allstate Corp. (The) |
27,488 | 3,215,271 | ||||||
American Financial Group Inc./OH |
10,898 | 1,456,845 | ||||||
Everest Re Group Ltd. |
2,111 | 551,710 | ||||||
Fidelity National Financial Inc. |
76,649 | 3,062,894 | ||||||
First American Financial Corp. |
67,047 | 3,888,726 | ||||||
Hartford Financial Services Group Inc. (The) |
15,833 | 1,020,754 | ||||||
MetLife Inc. |
87,541 | 5,536,968 | ||||||
Old Republic International Corp. |
46,983 | 1,093,294 | ||||||
Primerica Inc. |
13,301 | 1,711,706 | ||||||
Principal Financial Group Inc. |
20,320 | 1,360,221 | ||||||
Progressive Corp. (The) |
31,723 | 3,650,048 | ||||||
RenaissanceRe Holdings Ltd. |
988 | 127,758 | ||||||
Travelers Companies Inc. (The) |
13,091 | 2,077,542 | ||||||
|
|
|||||||
33,925,693 | ||||||||
Interactive Media & Services — 3.2% | ||||||||
Alphabet Inc., Class C, NVS(b) |
203,660 | 23,754,902 | ||||||
Match Group Inc.(a)(b) |
38,393 | 2,814,591 | ||||||
Meta Platforms Inc, Class A(b) |
65,019 | 10,344,523 | ||||||
|
|
|||||||
36,914,016 | ||||||||
Internet & Direct Marketing Retail — 3.4% | ||||||||
Amazon.com Inc.(b) |
239,761 | 32,355,747 | ||||||
eBay Inc. |
49,846 | 2,424,011 | ||||||
Etsy Inc.(b) |
28,145 | 2,919,199 | ||||||
MercadoLibre Inc.(a)(b) |
1,071 | 871,483 |
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments (continued) July 31, 2022 |
iShares® U.S. Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Internet & Direct Marketing Retail (continued) | ||||||||
Wayfair Inc., Class A(a)(b) |
34,427 | $ | 1,855,960 | |||||
|
|
|||||||
40,426,400 | ||||||||
IT Services — 4.4% | ||||||||
Accenture PLC, Class A |
28,159 | 8,623,975 | ||||||
Amdocs Ltd. |
27,235 | 2,371,079 | ||||||
Automatic Data Processing Inc. |
8,714 | 2,101,120 | ||||||
Concentrix Corp. |
25,973 | 3,474,148 | ||||||
Fiserv Inc.(b) |
14,159 | 1,496,323 | ||||||
Gartner Inc.(b) |
7,609 | 2,020,037 | ||||||
GoDaddy Inc., Class A(b) |
3,127 | 231,961 | ||||||
International Business Machines Corp. |
28,283 | 3,699,134 | ||||||
Mastercard Inc., Class A |
23,640 | 8,363,596 | ||||||
Okta Inc.(a)(b) |
10,262 | 1,010,294 | ||||||
Paychex Inc. |
2,486 | 318,904 | ||||||
PayPal Holdings Inc.(b) |
25,199 | 2,180,469 | ||||||
VeriSign Inc.(b) |
16,291 | 3,081,606 | ||||||
Visa Inc., Class A |
57,714 | 12,241,717 | ||||||
|
|
|||||||
51,214,363 | ||||||||
Life Sciences Tools & Services — 1.7% | ||||||||
Agilent Technologies Inc. |
21,515 | 2,885,161 | ||||||
Danaher Corp. |
19,937 | 5,811,037 | ||||||
IQVIA Holdings Inc.(b) |
5,436 | 1,306,108 | ||||||
Mettler-Toledo International Inc.(b) |
1,825 | 2,463,257 | ||||||
Thermo Fisher Scientific Inc. |
12,777 | 7,645,885 | ||||||
West Pharmaceutical Services Inc.(a) |
703 | 241,523 | ||||||
|
|
|||||||
20,352,971 | ||||||||
Machinery — 1.9% | ||||||||
AGCO Corp. |
15,482 | 1,686,299 | ||||||
Caterpillar Inc. |
8,462 | 1,677,592 | ||||||
Deere & Co. |
9,218 | 3,163,433 | ||||||
Dover Corp. |
2,981 | 398,500 | ||||||
Illinois Tool Works Inc. |
21,564 | 4,480,137 | ||||||
Otis Worldwide Corp. |
113,307 | 8,857,208 | ||||||
Parker-Hannifin Corp. |
2,581 | 746,141 | ||||||
Toro Co. (The) |
20,927 | 1,799,513 | ||||||
|
|
|||||||
22,808,823 | ||||||||
Media — 2.0% | ||||||||
Altice USA Inc., Class A(b) |
63,117 | 663,360 | ||||||
Charter Communications Inc., Class A(b) |
4,608 | 1,991,117 | ||||||
Comcast Corp., Class A |
121,966 | 4,576,164 | ||||||
DISH Network Corp., Class A(b) |
24,026 | 417,332 | ||||||
Fox Corp., Class A, NVS |
121,211 | 4,013,296 | ||||||
Interpublic Group of Companies Inc. (The) |
146,279 | 4,369,354 | ||||||
News Corp., Class A, NVS |
112,866 | 1,934,523 | ||||||
Nexstar Media Group Inc., Class A |
5,841 | 1,100,269 | ||||||
Omnicom Group Inc. |
25,791 | 1,801,243 | ||||||
Sirius XM Holdings Inc.(a) |
414,064 | 2,765,948 | ||||||
|
|
|||||||
23,632,606 | ||||||||
Metals & Mining — 0.7% | ||||||||
Alcoa Corp. |
12,535 | 637,906 | ||||||
Nucor Corp. |
5,280 | 717,024 | ||||||
Reliance Steel & Aluminum Co. |
27,057 | 5,147,594 | ||||||
Southern Copper Corp. |
36,098 | 1,797,680 | ||||||
U.S. Steel Corp. |
17,627 | 416,879 | ||||||
|
|
|||||||
8,717,083 | ||||||||
Mortgage Real Estate Investment — 0.1% | ||||||||
AGNC Investment Corp. |
136,660 | 1,723,283 | ||||||
|
|
Security | Shares | Value | ||||||
Multi-Utilities — 0.8% | ||||||||
Ameren Corp. |
35,695 | $ | 3,323,918 | |||||
DTE Energy Co. |
35,623 | 4,641,677 | ||||||
Public Service Enterprise Group Inc. |
14,186 | 931,595 | ||||||
Sempra Energy |
2,051 | 340,056 | ||||||
WEC Energy Group Inc. |
1,919 | 199,211 | ||||||
|
|
|||||||
9,436,457 | ||||||||
Multiline Retail — 0.6% | ||||||||
Kohl’s Corp. |
16,681 | 486,084 | ||||||
Macy’s Inc. |
175,126 | 3,090,974 | ||||||
Target Corp. |
23,570 | 3,850,867 | ||||||
|
|
|||||||
7,427,925 | ||||||||
Oil, Gas & Consumable Fuels — 4.1% | ||||||||
Antero Resources Corp.(b) |
19,685 | 780,313 | ||||||
APA Corp. |
65,303 | 2,427,312 | ||||||
Chesapeake Energy Corp. |
45,075 | 4,244,713 | ||||||
Chevron Corp. |
62,319 | 10,206,606 | ||||||
ConocoPhillips |
44,188 | 4,305,237 | ||||||
Devon Energy Corp. |
44,850 | 2,818,822 | ||||||
EOG Resources Inc. |
7,138 | 793,888 | ||||||
Exxon Mobil Corp. |
111,448 | 10,802,655 | ||||||
Kinder Morgan Inc. |
69,935 | 1,258,131 | ||||||
Marathon Oil Corp. |
89,956 | 2,230,909 | ||||||
Occidental Petroleum Corp. |
10,829 | 712,007 | ||||||
Ovintiv Inc. |
44,275 | 2,262,010 | ||||||
PDC Energy Inc. |
8,240 | 541,285 | ||||||
Phillips 66 |
5,210 | 463,690 | ||||||
Range Resources Corp.(b) |
29,074 | 961,477 | ||||||
Texas Pacific Land Corp. |
1,691 | 3,101,040 | ||||||
Valero Energy Corp. |
5,506 | 609,900 | ||||||
|
|
|||||||
48,519,995 | ||||||||
Paper & Forest Products — 0.3% | ||||||||
Louisiana-Pacific Corp. |
53,803 | 3,423,485 | ||||||
|
|
|||||||
Personal Products — 0.6% | ||||||||
Estee Lauder Companies Inc. (The), Class A |
26,238 | 7,165,598 | ||||||
|
|
|||||||
Pharmaceuticals — 4.7% | ||||||||
Bristol-Myers Squibb Co. |
106,011 | 7,821,492 | ||||||
Eli Lilly & Co. |
25,533 | 8,417,975 | ||||||
Johnson & Johnson |
98,227 | 17,142,576 | ||||||
Merck & Co. Inc. |
107,341 | 9,589,845 | ||||||
Pfizer Inc. |
197,870 | 9,994,414 | ||||||
Royalty Pharma PLC, Class A |
34,690 | 1,508,668 | ||||||
Zoetis Inc. |
861 | 157,175 | ||||||
|
|
|||||||
54,632,145 | ||||||||
Professional Services — 0.8% | ||||||||
ASGN Inc.(b) |
8,630 | 895,449 | ||||||
Booz Allen Hamilton Holding Corp. |
22,609 | 2,170,012 | ||||||
CACI International Inc., Class A(b) |
2,837 | 857,597 | ||||||
ManpowerGroup Inc. |
21,950 | 1,721,099 | ||||||
Robert Half International Inc. |
45,393 | 3,592,402 | ||||||
|
|
|||||||
9,236,559 | ||||||||
Real Estate Management & Development — 0.2% | ||||||||
CBRE Group Inc., Class A(b) |
21,478 | 1,838,946 | ||||||
|
|
|||||||
Road & Rail — 0.3% | ||||||||
Avis Budget Group Inc.(b) |
11,844 | 2,155,963 | ||||||
Landstar System Inc. |
4,912 | 769,121 | ||||||
Union Pacific Corp. |
3,289 | 747,590 | ||||||
|
|
|||||||
3,672,674 |
56 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® U.S. Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment — 5.5% | ||||||||
Advanced Micro Devices Inc.(b) |
17,510 | $ | 1,654,170 | |||||
Applied Materials Inc. |
33,996 | 3,602,896 | ||||||
Broadcom Inc. |
13,780 | 7,378,914 | ||||||
Enphase Energy Inc.(b) |
8,699 | 2,472,082 | ||||||
Intel Corp. |
91,210 | 3,311,835 | ||||||
KLA Corp. |
9,446 | 3,622,919 | ||||||
Lam Research Corp. |
8,425 | 4,216,797 | ||||||
Lattice Semiconductor Corp.(b) |
13,445 | 826,867 | ||||||
Nvidia Corp. |
73,774 | 13,399,572 | ||||||
Qorvo Inc.(b) |
23,154 | 2,409,637 | ||||||
Qualcomm Inc. |
49,372 | 7,161,902 | ||||||
Synaptics Inc.(b) |
24,174 | 3,504,021 | ||||||
Teradyne Inc. |
22,337 | 2,253,580 | ||||||
Texas Instruments Inc. |
45,031 | 8,055,596 | ||||||
|
|
|||||||
63,870,788 | ||||||||
Software — 11.3% | ||||||||
Adobe Inc.(b) |
14,763 | 6,054,602 | ||||||
Aspen Technology Inc.(a)(b) |
8,027 | 1,638,230 | ||||||
Atlassian Corp. PLC, Class A(b) |
33,936 | 7,103,483 | ||||||
Bentley Systems Inc., Class B |
4,983 | 197,327 | ||||||
Cadence Design Systems Inc.(b) |
29,687 | 5,524,157 | ||||||
Crowdstrike Holdings Inc., Class A(b) |
14,944 | 2,743,718 | ||||||
DocuSign Inc.(b) |
59,424 | 3,801,948 | ||||||
Dynatrace Inc.(b) |
38,857 | 1,462,189 | ||||||
Elastic NV(b) |
35,621 | 2,845,762 | ||||||
Fair Isaac Corp.(b) |
8,394 | 3,878,280 | ||||||
Fortinet Inc.(b) |
82,690 | 4,932,458 | ||||||
HubSpot Inc.(b) |
3,998 | 1,231,384 | ||||||
Intuit Inc. |
12,192 | 5,561,625 | ||||||
Manhattan Associates Inc.(b) |
30,519 | 4,293,108 | ||||||
Microsoft Corp. |
240,495 | 67,516,566 | ||||||
Nutanix Inc., Class A(b) |
38,872 | 588,133 | ||||||
Oracle Corp. |
66,931 | 5,209,909 | ||||||
ServiceNow Inc.(b) |
2,712 | 1,211,342 | ||||||
Synopsys Inc.(b) |
11,162 | 4,102,035 | ||||||
UiPath Inc., Class A(b) |
26,734 | 490,034 | ||||||
Workiva Inc.(b) |
27,608 | 1,808,324 | ||||||
|
|
|||||||
132,194,614 | ||||||||
Specialty Retail — 2.6% | ||||||||
AutoNation Inc.(b) |
30,257 | 3,592,716 | ||||||
AutoZone Inc.(b) |
229 | 489,462 | ||||||
Bath & Body Works Inc. |
61,043 | 2,169,468 | ||||||
Best Buy Co. Inc. |
45,209 | 3,480,641 | ||||||
Dick’s Sporting Goods Inc. |
38,469 | 3,600,314 | ||||||
Home Depot Inc. (The) |
29,870 | 8,989,078 | ||||||
Lowe’s Companies Inc. |
15,056 | 2,883,676 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Williams-Sonoma Inc. |
35,587 | $ | 5,139,474 | |||||
|
|
|||||||
30,344,829 | ||||||||
Technology Hardware, Storage & Peripherals — 6.9% | ||||||||
Apple Inc. |
466,740 | 75,849,917 | ||||||
Hewlett Packard Enterprise Co. |
191,526 | 2,727,330 | ||||||
HP Inc. |
36,310 | 1,212,391 | ||||||
NetApp Inc. |
3,899 | 278,116 | ||||||
Seagate Technology Holdings PLC |
4,453 | 356,151 | ||||||
|
|
|||||||
80,423,905 | ||||||||
Textiles, Apparel & Luxury Goods — 0.9% | ||||||||
Crocs Inc.(b) |
35,987 | 2,578,109 | ||||||
Deckers Outdoor Corp.(b) |
16,777 | 5,254,724 | ||||||
Nike Inc., Class B |
18,490 | 2,124,871 | ||||||
On Holding AG(b) |
51,800 | 1,127,686 | ||||||
|
|
|||||||
11,085,390 | ||||||||
Tobacco — 0.7% | ||||||||
Altria Group Inc. |
16,793 | 736,541 | ||||||
Philip Morris International Inc. |
75,870 | 7,370,770 | ||||||
|
|
|||||||
8,107,311 | ||||||||
Water Utilities — 0.3% | ||||||||
American Water Works Co. Inc. |
18,886 | 2,935,640 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
|
1,168,212,725 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.2% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(c)(d)(e) |
11,855,801 | 11,854,615 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(c)(d) |
2,280,000 | 2,280,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.2% |
|
14,134,615 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.9% |
|
1,182,347,340 | ||||||
Liabilities in Excess of Other Assets — (0.9)% |
|
(10,371,735 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 1,171,975,605 | |||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) July 31, 2022 |
iShares® U.S. Equity Factor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 124,150 | $ | 11,736,398 | (a) | $ | — | $ | (6,818 | ) | $ | 885 | $ | 11,854,615 | 11,855,801 | $ | 44,250 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,488,000 | — | (208,000 | )(a) | — | — | 2,280,000 | 2,280,000 | 11,727 | — | ||||||||||||||||||||||||||
BlackRock Inc. |
— | 2,759,866 | (83,229 | ) | 532 | 9,589 | 2,686,758 | 4,015 | 18,759 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (6,286 | ) | $ | 10,474 | $ | 16,821,373 | $ | 74,736 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
S&P 500 E-Mini Index |
12 | 09/16/22 | $ | 2,480 | $ | 172,785 | ||||||||||
S&P Mid 400 E-Mini Index |
4 | 09/16/22 | 1,006 | 76,168 | ||||||||||||
|
|
|||||||||||||||
$ | 248,953 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 248,953 | $ | — | $ | — | $ | — | $ | 248,953 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (173,600 | ) | $ | — | $ | — | $ | — | $ | (173,600 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 191,667 | $ | — | $ | — | $ | — | $ | 191,667 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 2,602,255 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
58 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2022 |
iShares® U.S. Equity Factor ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 1,168,212,725 | $ | — | $ | — | $ | 1,168,212,725 | ||||||||
Money Market Funds |
14,134,615 | — | — | 14,134,615 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,182,347,340 | $ | — | $ | — | $ | 1,182,347,340 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 248,953 | $ | — | $ | — | $ | 248,953 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
59 |
Statements of Assets and Liabilities
July 31, 2022
iShares International Equity Factor ETF |
iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
|||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 819,994,612 | $ | 118,879,806 | $ | 224,280,483 | $ | 8,987,888 | ||||||||
Investments, at value — affiliated(c) |
5,729,608 | 724,925 | 4,098,368 | 167,096 | ||||||||||||
Cash |
8,532 | 11,602 | 6,961 | 6,157 | ||||||||||||
Foreign currency, at value(d) |
1,029,591 | 263,483 | 793,919 | — | ||||||||||||
Cash pledged for futures contracts |
— | 34,000 | — | — | ||||||||||||
Foreign currency collateral pledged for futures contracts(e) |
334,123 | — | 129,693 | — | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
— | — | 779 | 14 | ||||||||||||
Securities lending income — affiliated |
1,714 | 107 | 1,314 | 25 | ||||||||||||
Variation margin on futures contracts |
70,317 | 8,458 | 24,752 | — | ||||||||||||
Dividends — unaffiliated |
1,350,054 | 259,216 | 356,668 | 4,806 | ||||||||||||
Dividends — affiliated |
263 | 236 | 79 | 12 | ||||||||||||
Tax reclaims |
1,878,429 | 28,464 | 202,823 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
830,397,243 | 120,210,297 | 229,895,839 | 9,165,998 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
5,550,355 | 534,929 | 3,999,458 | 157,106 | ||||||||||||
Deferred foreign capital gain tax |
— | 48,596 | — | — | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | 1,226 | 235,439 | — | ||||||||||||
Investment advisory fees |
100,359 | 33,835 | 72,306 | 1,790 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
5,650,714 | 618,586 | 4,307,203 | 158,896 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 824,746,529 | $ | 119,591,711 | $ | 225,588,636 | $ | 9,007,102 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 1,013,962,121 | $ | 124,171,613 | $ | 233,972,019 | $ | 9,707,429 | ||||||||
Accumulated loss |
(189,215,592 | ) | (4,579,902 | ) | (8,383,383 | ) | (700,327 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 824,746,529 | $ | 119,591,711 | $ | 225,588,636 | $ | 9,007,102 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
33,500,000 | 3,600,000 | 7,300,000 | 250,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 24.62 | $ | 33.22 | $ | 30.90 | $ | 36.03 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 852,759,572 | $ | 117,528,318 | $ | 227,294,590 | $ | 9,606,342 | ||||||||
(b) Securities loaned, at value |
$ | 5,134,680 | $ | 509,451 | $ | 3,875,358 | $ | 159,204 | ||||||||
(c) Investments, at cost — affiliated |
$ | 5,729,478 | $ | 724,897 | $ | 4,097,917 | $ | 167,096 | ||||||||
(d) Foreign currency, at cost |
$ | 1,010,982 | $ | 264,200 | $ | 787,187 | $ | — | ||||||||
(e) Foreign currency collateral pledged, at cost |
$ | 346,197 | $ | — | $ | 133,017 | $ | — |
See notes to financial statements.
60 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (continued)
July 31, 2022
iShares MSCI USA Small-Cap Multifactor ETF |
iShares U.S. Equity Factor ETF |
|||||||
ASSETS |
||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 981,032,196 | $ | 1,165,525,967 | ||||
Investments, at value — affiliated(c) |
62,706,591 | 16,821,373 | ||||||
Cash |
— | 38,912 | ||||||
Cash pledged for futures contracts |
115,000 | 174,000 | ||||||
Receivables: |
||||||||
Securities lending income — affiliated |
45,981 | 21,293 | ||||||
Variation margin on futures contracts |
22,425 | 45,232 | ||||||
Capital shares sold |
163,709 | 15,263 | ||||||
Dividends — unaffiliated |
311,188 | 1,263,928 | ||||||
Dividends — affiliated |
11,848 | 4,003 | ||||||
Unrealized appreciation on OTC swaps |
547,229 | — | ||||||
|
|
|
|
|||||
Total assets |
1,044,956,167 | 1,183,909,971 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Bank overdraft |
52,759 | — | ||||||
Collateral on securities loaned, at value |
54,209,036 | 11,860,548 | ||||||
Payables: |
||||||||
Investment advisory fees |
235,262 | 73,818 | ||||||
|
|
|
|
|||||
Total liabilities |
54,497,057 | 11,934,366 | ||||||
|
|
|
|
|||||
NET ASSETS |
$ | 990,459,110 | $ | 1,171,975,605 | ||||
|
|
|
|
|||||
NET ASSETS CONSIST OF |
||||||||
Paid-in capital |
$ | 947,357,850 | $ | 1,215,484,924 | ||||
Accumulated earnings (loss) |
43,101,260 | (43,509,319 | ) | |||||
|
|
|
|
|||||
NET ASSETS |
$ | 990,459,110 | $ | 1,171,975,605 | ||||
|
|
|
|
|||||
NET ASSET VALUE |
||||||||
Shares outstanding |
19,150,000 | 28,250,000 | ||||||
|
|
|
|
|||||
Net asset value |
$ | 51.72 | $ | 41.49 | ||||
|
|
|
|
|||||
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|||||
Par value |
None | None | ||||||
|
|
|
|
|||||
(a) Investments, at cost — unaffiliated |
$ | 909,537,076 | $ | 1,119,624,018 | ||||
(b) Securities loaned, at value |
$ | 53,289,523 | $ | 11,594,435 | ||||
(c) Investments, at cost — affiliated |
$ | 62,697,278 | $ | 16,810,899 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
61 |
Year Ended July 31, 2022
iShares International Equity Factor ETF |
iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
|||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 36,104,420 | $ | 3,639,937 | $ | 7,974,065 | $ | 124,526 | ||||||||
Dividends — affiliated |
6,848 | 740 | 1,178 | 26 | ||||||||||||
Securities lending income — affiliated — net |
173,795 | 10,220 | 37,045 | 136 | ||||||||||||
Foreign taxes withheld |
(2,904,864 | ) | (229,854 | ) | (682,838 | ) | — | |||||||||
Foreign withholding tax claims |
14,753 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
33,394,952 | 3,421,043 | 7,329,450 | 124,688 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory fees |
2,220,435 | 462,605 | 824,301 | 17,428 | ||||||||||||
Commitment fees |
— | 1,152 | — | — | ||||||||||||
Professional fees |
1,693 | 217 | 217 | — | ||||||||||||
Interest expense |
— | 575 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
2,222,128 | 464,549 | 824,518 | 17,428 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
31,172,824 | 2,956,494 | 6,504,932 | 107,260 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
15,265,345 | (1,576,409 | ) | 2,242,328 | (109,254 | ) | ||||||||||
Investments — affiliated |
(876 | ) | (370 | ) | (1,045 | ) | (33 | ) | ||||||||
In-kind redemptions — unaffiliated(b) |
1,143,682 | 6,155,368 | 6,889,702 | 854,955 | ||||||||||||
Futures contracts |
(190,661 | ) | (37,464 | ) | (90,700 | ) | — | |||||||||
Foreign currency transactions |
(686,578 | ) | (32,576 | ) | (201,188 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
15,530,912 | 4,508,549 | 8,839,097 | 745,668 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
(176,927,448 | ) | (22,559,668 | ) | (44,226,809 | ) | (1,280,657 | ) | ||||||||
Investments — affiliated |
134 | (51 | ) | (138 | ) | — | ||||||||||
Futures contracts |
209,486 | 41,197 | 62,371 | — | ||||||||||||
Foreign currency translations |
(141,315 | ) | (3,235 | ) | (8,197 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
(176,859,143 | ) | (22,521,757 | ) | (44,172,773 | ) | (1,280,657 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized loss |
(161,328,231 | ) | (18,013,208 | ) | (35,333,676 | ) | (534,989 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (130,155,407 | ) | $ | (15,056,714 | ) | $ | (28,828,744 | ) | $ | (427,729 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | — | $ | (98,708 | ) | $ | 305 | $ | — | |||||||
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
(c) Net of reduction in deferred foreign capital gain tax of |
$ | — | $ | 71,901 | $ | — | $ | — |
See notes to financial statements.
62 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (continued)
Year Ended July 31, 2022
iShares MSCI USA Small-Cap Multifactor ETF |
iShares U.S. Equity Factor ETF |
|||||||
INVESTMENT INCOME |
||||||||
Dividends — unaffiliated |
$ | 13,577,698 | $ | 19,638,745 | ||||
Dividends — affiliated |
28,095 | 31,178 | ||||||
Securities lending income — affiliated — net |
127,266 | 43,558 | ||||||
Foreign taxes withheld |
(3,152 | ) | (2,587 | ) | ||||
|
|
|
|
|||||
Total investment income |
13,729,907 | 19,710,894 | ||||||
|
|
|
|
|||||
EXPENSES |
||||||||
Investment advisory fees |
3,080,500 | 1,910,731 | ||||||
Professional fees |
217 | 217 | ||||||
|
|
|
|
|||||
Total expenses |
3,080,717 | 1,910,948 | ||||||
|
|
|
|
|||||
Net investment income |
10,649,190 | 17,799,946 | ||||||
|
|
|
|
|||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments — unaffiliated |
12,192,404 | (28,722,652 | ) | |||||
Investments — affiliated |
(26,090 | ) | (6,975 | ) | ||||
In-kind redemptions — unaffiliated(a) |
87,582,245 | 177,591,168 | ||||||
In-kind redemptions — affiliated(a) |
— | 689 | ||||||
Futures contracts |
(739,303 | ) | (173,600 | ) | ||||
Swaps |
960,407 | — | ||||||
|
|
|
|
|||||
99,969,663 | 148,688,630 | |||||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments — unaffiliated |
(161,733,250 | ) | (204,925,934 | ) | ||||
Investments — affiliated |
(1,478 | ) | 10,474 | |||||
Futures contracts |
164,954 | 191,667 | ||||||
Swaps |
471,776 | — | ||||||
|
|
|
|
|||||
(161,097,998 | ) | (204,723,793 | ) | |||||
|
|
|
|
|||||
Net realized and unrealized loss |
(61,128,335 | ) | (56,035,163 | ) | ||||
|
|
|
|
|||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (50,479,145 | ) | $ | (38,235,217 | ) | ||
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
63 |
Statements of Changes in Net Assets
iShares International Equity Factor ETF |
iShares MSCI Global Multifactor ETF |
|||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 31,172,824 | $ | 26,269,749 | $ | 2,956,494 | $ | 1,935,087 | ||||||||||||
Net realized gain |
15,530,912 | 52,637,996 | 4,508,549 | 8,942,210 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(176,859,143 | ) | 158,185,152 | (22,521,757 | ) | 15,360,776 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(130,155,407 | ) | 237,092,897 | (15,056,714 | ) | 26,238,073 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(44,913,686 | ) | (28,041,263 | ) | (2,712,880 | ) | (1,828,740 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
102,005,132 | (221,453,861 | ) | 3,898,080 | (5,569,014 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(73,063,961 | ) | (12,402,227 | ) | (13,871,514 | ) | 18,840,319 | |||||||||||||
Beginning of year |
897,810,490 | 910,212,717 | 133,463,225 | 114,622,906 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 824,746,529 | $ | 897,810,490 | $ | 119,591,711 | $ | 133,463,225 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
64 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
|||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 6,504,932 | $ | 3,663,763 | $ | 107,260 | $ | 37,016 | ||||||||||||
Net realized gain |
8,839,097 | 6,686,176 | 745,668 | 578,079 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(44,172,773 | ) | 36,389,516 | (1,280,657 | ) | 518,343 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(28,828,744 | ) | 46,739,455 | (427,729 | ) | 1,133,438 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(9,265,089 | ) | (4,357,227 | ) | (90,419 | ) | (35,421 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
68,863,364 | 30,163,833 | 3,901,815 | 1,845,390 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase in net assets |
30,769,531 | 72,546,061 | 3,383,667 | 2,943,407 | ||||||||||||||||
Beginning of year |
194,819,105 | 122,273,044 | 5,623,435 | 2,680,028 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 225,588,636 | $ | 194,819,105 | $ | 9,007,102 | $ | 5,623,435 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
65 |
Statements of Changes in Net Assets (continued)
iShares MSCI USA Small-Cap Multifactor ETF |
iShares U.S. Equity Factor ETF |
|||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 10,649,190 | $ | 6,701,924 | $ | 17,799,946 | $ | 11,104,819 | ||||||||||||
Net realized gain |
99,969,663 | 56,429,952 | 148,688,630 | 75,403,464 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(161,097,998 | ) | 214,602,815 | (204,723,793 | ) | 190,471,099 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(50,479,145 | ) | 277,734,691 | (38,235,217 | ) | 276,979,382 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(12,443,279 | ) | (8,908,479 | ) | (16,912,315 | ) | (10,121,156 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
36,940,830 | 207,504,975 | 131,646,806 | (3,635,649 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(25,981,594 | ) | 476,331,187 | 76,499,274 | 263,222,577 | |||||||||||||||
Beginning of year |
1,016,440,704 | 540,109,517 | 1,095,476,331 | 832,253,754 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 990,459,110 | $ | 1,016,440,704 | $ | 1,171,975,605 | $ | 1,095,476,331 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
66 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares International Equity Factor ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
Net asset value, beginning of year |
$ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | $ | 27.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.98 | 0.79 | 0.60 | 0.86 | 0.83 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(5.09 | ) | 6.35 | (1.61 | ) | (2.66 | ) | 1.28 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
(4.11 | ) | 7.14 | (1.01 | ) | (1.80 | ) | 2.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(1.40 | ) | (0.90 | ) | (0.78 | ) | (0.81 | ) | (0.88 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 24.62 | $ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
(13.97 | )% | 29.97 | % | (4.03 | )% | (6.26 | )% | 7.84 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.25 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses after fees waived |
0.25 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.25 | % | N/A | N/A | 0.30 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
3.54 | % | 2.89 | % | 2.44 | % | 3.31 | % | 2.88 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 824,747 | $ | 897,810 | $ | 910,213 | $ | 1,271,005 | $ | 981,627 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
113 | % | 45 | % | 40 | % | 44 | % | 39 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
67 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Multifactor ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
Net asset value, beginning of year |
$ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | $ | 27.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.81 | 0.66 | 0.57 | 0.66 | 0.62 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(4.99 | ) | 8.73 | 0.28 | (1.36 | ) | 2.74 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
(4.18 | ) | 9.39 | 0.85 | (0.70 | ) | 3.36 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(0.73 | ) | (0.65 | ) | (0.69 | ) | (0.64 | ) | (0.56 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 33.22 | $ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
(11.08 | )% | 32.16 | % | 2.90 | % | (2.10 | )% | 12.14 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
2.24 | % | 1.92 | % | 2.00 | % | 2.30 | % | 2.05 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 119,592 | $ | 133,463 | $ | 114,623 | $ | 112,537 | $ | 67,250 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
51 | % | 48 | % | 43 | % | 43 | % | 46 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
68 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Intl Small-Cap Multifactor ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
Net asset value, beginning of year |
$ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | $ | 29.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.08 | 0.78 | 0.68 | 0.77 | 0.65 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(6.15 | ) | 9.15 | (0.32 | ) | (2.97 | ) | 2.49 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
(5.07 | ) | 9.93 | 0.36 | (2.20 | ) | 3.14 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(1.50 | ) | (0.90 | ) | (0.80 | ) | (0.65 | ) | (0.68 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 30.90 | $ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
(13.81 | )% | 35.22 | % | 1.16 | % | (6.80 | )% | 10.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
3.16 | % | 2.31 | % | 2.44 | % | 2.67 | % | 2.03 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 225,589 | $ | 194,819 | $ | 122,273 | $ | 77,964 | $ | 44,417 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
52 | % | 47 | % | 47 | % | 45 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI USA Mid-Cap Multifactor ETF | ||||||||||||||||
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Period From 06/04/19 to 07/31/19 |
(a)
| |||||
Net asset value, beginning of period |
$ | 37.49 | $ | 26.80 | $ | 27.21 | $ | 25.57 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.58 | 0.34 | 0.39 | 0.07 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(1.56 | ) | 10.68 | (0.36 | ) | 1.57 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
(0.98 | ) | 11.02 | 0.03 | 1.64 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.48 | ) | (0.33 | ) | (0.44 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 36.03 | $ | 37.49 | $ | 26.80 | $ | 27.21 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
(2.69 | )% | 41.42 | % | 0.23 | % | 6.41 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
1.54 | % | 1.04 | % | 1.52 | % | 1.66 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 9,007 | $ | 5,623 | $ | 2,680 | $ | 2,721 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
56 | % | 49 | % | 45 | % | 1 | %(f) | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
70 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI USA Small-Cap Multifactor ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
Net asset value, beginning of year |
$ | 54.65 | $ | 37.38 | $ | 40.96 | $ | 42.97 | $ | 36.56 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.56 | 0.42 | 0.49 | 0.53 | 0.43 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(2.84 | ) | 17.43 | (3.53 | ) | (2.04 | ) | 6.38 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
(2.28 | ) | 17.85 | (3.04 | ) | (1.51 | ) | 6.81 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(0.65 | ) | (0.58 | ) | (0.54 | ) | (0.50 | ) | (0.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 51.72 | $ | 54.65 | $ | 37.38 | $ | 40.96 | $ | 42.97 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
(4.23 | )% | 48.13 | % | (7.39 | )% | (3.45 | )% | 18.73 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses after fees waived |
0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.04 | % | 0.87 | % | 1.31 | % | 1.31 | % | 1.07 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 990,459 | $ | 1,016,441 | $ | 540,110 | $ | 258,075 | $ | 161,132 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
46 | % | 46 | % | 48 | % | 45 | % | 46 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares U.S. Equity Factor ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
Net asset value, beginning of year |
$ | 43.64 | $ | 32.57 | $ | 32.13 | $ | 33.01 | $ | 29.24 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.65 | 0.46 | 0.57 | 0.58 | 0.55 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(2.19 | ) | 11.03 | 0.50 | (0.55 | ) | 3.76 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
(1.54 | ) | 11.49 | 1.07 | 0.03 | 4.31 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(0.61 | ) | (0.42 | ) | (0.63 | ) | (0.91 | ) | (0.54 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 41.49 | $ | 43.64 | $ | 32.57 | $ | 32.13 | $ | 33.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
(3.58 | )% | 35.53 | % | 3.50 | % | 0.38 | % | 14.87 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.16 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses after fees waived |
0.16 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.50 | % | 1.20 | % | 1.79 | % | 1.84 | % | 1.73 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 1,171,976 | $ | 1,095,476 | $ | 832,254 | $ | 1,049,184 | $ | 1,117,224 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
95 | % | 43 | % | 42 | % | 45 | % | 46 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
72 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification | |
International Equity Factor(a) |
Diversified | |
MSCI Global Multifactor |
Diversified | |
MSCI Intl Small-Cap Multifactor |
Diversified | |
MSCI USA Mid-Cap Multifactor |
Diversified(b) | |
MSCI USA Small-Cap Multifactor |
Diversified | |
U.S. Equity Factor(c) |
Diversified |
(a) |
Formerly the iShares MSCI International Multifactor ETF |
(b) |
The Fund’s classification changed from non-diversified to diversified during the reporting period. |
(c) |
Formerly the iShares MSCI USA Multifactor ETF |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
73 |
Notes to Financial Statements (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is
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Notes to Financial Statements (continued)
determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty | Securities Loaned at Value |
Cash Collateral Received(a) |
Non-Cash Collateral Received, at Fair Value(a) |
Net Amount |
||||||||||||
International Equity Factor |
||||||||||||||||
BNP Paribas SA |
$ | 31,905 | $ | (31,905 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. |
57,585 | (57,585 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
5,037,854 | (5,037,854 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
7,336 | (7,336 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 5,134,680 | $ | (5,134,680 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Global Multifactor |
||||||||||||||||
BofA Securities, Inc. |
$ | 222,696 | $ | (222,696 | ) | $ | — | $ | — | |||||||
UBS Securities LLC |
286,755 | (286,755 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 509,451 | $ | (509,451 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Intl Small-Cap Multifactor |
||||||||||||||||
BofA Securities, Inc. |
$ | 2,404,550 | $ | (2,404,550 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. |
1,110,574 | (1,110,574 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
212,063 | (212,063 | ) | — | — | |||||||||||
SG Americas Securities LLC |
1,575 | (1,575 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
146,596 | (146,596 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,875,358 | $ | (3,875,358 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI USA Mid-Cap Multifactor |
||||||||||||||||
Goldman Sachs & Co. LLC |
$ | 159,204 | $ | (157,096 | ) | $ | — | $ | 2,108 | (b) | ||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
75 |
Notes to Financial Statements (continued)
iShares ETF and Counterparty | Securities Loaned at Value |
Cash Collateral Received(a) |
Non-Cash Collateral Received, at Fair Value(a) |
Net Amount |
||||||||||||
MSCI USA Small-Cap Multifactor |
||||||||||||||||
Barclays Bank PLC |
$ | 5,568,219 | $ | (5,437,840 | ) | $ | — | $ | 130,379 | (b) | ||||||
BNP Paribas Prime Brokerage International Ltd. |
1,676,668 | (1,676,668 | ) | — | — | |||||||||||
BofA Securities, Inc. |
4,553,225 | (4,553,225 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
4,113,170 | (4,113,170 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
52,821 | (52,821 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
13,606,131 | (13,606,131 | ) | — | — | |||||||||||
HSBC Bank PLC |
2,907,091 | (2,907,091 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
11,739,454 | (11,739,454 | ) | — | — | |||||||||||
Jefferies LLC |
2,382,207 | (2,382,207 | ) | — | — | |||||||||||
National Financial Services LLC |
2,897,986 | (2,897,986 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
989,555 | (984,293 | ) | — | 5,262 | (b) | ||||||||||
SG Americas Securities LLC |
7,800 | (7,800 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
1,534,584 | (1,534,584 | ) | — | — | |||||||||||
UBS Securities LLC |
1,254,361 | (1,254,361 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
6,251 | (6,251 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 53,289,523 | $ | (53,153,882 | ) | $ | — | $ | 135,641 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
U.S. Equity Factor |
||||||||||||||||
Barclays Bank PLC |
$ | 1,432,519 | $ | (1,432,519 | ) | $ | — | $ | — | |||||||
BNP Paribas SA |
1,584,610 | (1,584,610 | ) | — | — | |||||||||||
BofA Securities, Inc. |
2,938,253 | (2,938,253 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
754,897 | (754,897 | ) | — | — | |||||||||||
HSBC Bank PLC |
2,763 | (2,763 | ) | — | — | |||||||||||
ING Financial Markets LLC |
224,341 | (224,341 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
930,097 | (930,097 | ) | — | — | |||||||||||
Jefferies LLC |
405,109 | (405,109 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
980,857 | (980,857 | ) | — | — | |||||||||||
SG Americas Securities LLC |
625,226 | (625,226 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
120,913 | (120,913 | ) | — | — | |||||||||||
UBS Securities LLC |
1,572,733 | (1,572,733 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
22,117 | (22,117 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 11,594,435 | $ | (11,594,435 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) |
The market value of the loaned securities is determined as of July 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations
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Notes to Financial Statements (continued)
equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Total return swaps are entered into by the iShares MSCI USA Small-Cap Multifactor ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stands ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
N O T E S T O F I N A N C I A L S T A T E M E N T S |
77 |
Notes to Financial Statements (continued)
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees |
|||
International Equity Factor |
0.15 | % | ||
MSCI Global Multifactor |
0.35 | |||
MSCI Intl Small-Cap Multifactor |
0.40 | |||
MSCI USA Mid-Cap Multifactor |
0.25 | |||
MSCI USA Small-Cap Multifactor |
0.30 | |||
U.S. Equity Factor |
0.08 |
Effective March 31, 2022, for its investment advisory services to the iShares International Equity Factor and iShares U.S. Equity Factor ETFs, BFA is entitled to an annual investment advisory fee of 0.15% and 0.08% respectively, accrued daily and paid monthly by the Funds, based on the average daily net assets of the Funds. Prior to March 31, 2022, BFA was entitled to an annual investment advisory fee of 0.30% and 0.20% respectively, accrued daily and paid monthly by the Funds, based on the average daily net assets of the Funds.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For the iShares MSCI Global Multifactor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.
For year ended July 31, 2022, there were no fees waived by BFA pursuant to this arrangement.
Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
ETF Servicing Fees: iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Small-Cap Multifactor ETF and iShares U.S. Equity Factor ETF have entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Small-Cap Multifactor ETF and iShares U.S. Equity Factor ETF do not pay BRIL for ETF Services.
Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each of iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Small-Cap Multifactor ETF and iShares U.S. Equity Factor ETF (the “Group 1 Funds”), retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of iShares MSCI Global Multifactor ETF, iShares MSCI Intl Small-Cap Multifactor ETF and iShares International Equity Factor ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that
78 |
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Notes to Financial Statements (continued)
calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC |
|||
International Equity Factor |
$ | 39,076 | ||
MSCI Global Multifactor |
2,484 | |||
MSCI Intl Small-Cap Multifactor |
8,909 | |||
MSCI USA Mid-Cap Multifactor |
52 | |||
MSCI USA Small-Cap Multifactor |
43,502 | |||
U.S. Equity Factor |
13,138 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended July 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||
International Equity Factor |
$ | 413,312,720 | $ | 347,286,920 | $ | (11,330,255 | ) | |||||
MSCI Global Multifactor |
25,946,589 | 20,418,513 | (145,726 | ) | ||||||||
MSCI Intl Small-Cap Multifactor |
3,632,483 | 13,576,677 | 1,414,697 | |||||||||
MSCI USA Mid-Cap Multifactor |
1,309,707 | 1,810,943 | 23,619 | |||||||||
MSCI USA Small-Cap Multifactor |
49,656,870 | 92,682,006 | 17,860,501 | |||||||||
U.S. Equity Factor |
680,336,942 | 531,319,279 | (2,395,182 | ) |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. |
PURCHASES AND SALES |
For the year ended July 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
International Equity Factor |
$ | 993,575,713 | $ | 986,509,842 | ||||
MSCI Global Multifactor |
69,456,832 | 66,952,697 | ||||||
MSCI Intl Small-Cap Multifactor |
119,290,539 | 107,287,595 | ||||||
MSCI USA Mid-Cap Multifactor |
3,941,915 | 3,906,629 | ||||||
MSCI USA Small-Cap Multifactor |
470,077,552 | 476,332,354 | ||||||
U.S. Equity Factor |
1,112,060,628 | 1,112,486,610 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
79 |
Notes to Financial Statements (continued)
For the year ended July 31, 2022, in-kind transactions were as follows:
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
International Equity Factor |
$ | 110,773,943 | $ | 23,805,341 | ||||
MSCI Global Multifactor |
24,619,773 | 23,133,301 | ||||||
MSCI Intl Small-Cap Multifactor |
72,043,765 | 16,284,982 | ||||||
MSCI USA Mid-Cap Multifactor |
7,714,936 | 3,842,911 | ||||||
MSCI USA Small-Cap Multifactor |
299,770,010 | 257,265,919 | ||||||
U.S. Equity Factor |
658,344,635 | 525,670,358 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings (Loss) |
||||||
International Equity Factor |
$ | 976,252 | $ | (976,252 | ) | |||
MSCI Global Multifactor |
6,073,077 | (6,073,077 | ) | |||||
MSCI Intl Small-Cap Multifactor |
6,782,796 | (6,782,796 | ) | |||||
MSCI USA Mid-Cap Multifactor |
846,122 | (846,122 | ) | |||||
MSCI USA Small-Cap Multifactor |
87,038,593 | (87,038,593 | ) | |||||
U.S. Equity Factor |
176,988,838 | (176,988,838 | ) |
The tax character of distributions paid was as follows:
iShares ETF | Year
Ended 07/31/22 |
Year
Ended 07/31/21 |
||||||
International Equity Factor |
||||||||
Ordinary income |
$ | 44,913,686 | $ | 28,041,263 | ||||
|
|
|
|
|||||
MSCI Global Multifactor |
||||||||
Ordinary income |
$ | 2,712,880 | $ | 1,828,740 | ||||
|
|
|
|
|||||
MSCI Intl Small-Cap Multifactor |
||||||||
Ordinary income |
$ | 9,265,089 | $ | 4,357,227 | ||||
|
|
|
|
|||||
MSCI USA Mid-Cap Multifactor |
||||||||
Ordinary income |
$ | 90,419 | $ | 35,421 | ||||
Long-term capital gains |
— | 9,351 | ||||||
|
|
|
|
|||||
$ | 90,419 | $ | 44,772 | |||||
|
|
|
|
|||||
MSCI USA Small-Cap Multifactor |
||||||||
Ordinary income |
$ | 12,443,279 | $ | 8,908,479 | ||||
|
|
|
|
|||||
U.S. Equity Factor |
||||||||
Ordinary income |
$ | 16,912,315 | $ | 10,121,156 | ||||
|
|
|
|
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Notes to Financial Statements (continued)
As of July 31, 2022, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | Undistributed Ordinary Income |
Non-expiring Capital Loss Carryforwards(a) |
Net Unrealized Gains (Losses)(b) |
Qualified Late-Year Losses(c) |
Total | |||||||||||||||
International Equity Factor |
$ | — | $ | (150,296,500 | ) | $ | (35,790,689 | ) | $ | (3,128,403 | ) | $ | (189,215,592 | ) | ||||||
MSCI Global Multifactor |
665,219 | (6,229,255 | ) | 984,134 | — | (4,579,902 | ) | |||||||||||||
MSCI Intl Small-Cap Multifactor |
— | (1,891,910 | ) | (6,129,306 | ) | (362,167 | ) | (8,383,383 | ) | |||||||||||
MSCI USA Mid-Cap Multifactor |
20,971 | (72,172 | ) | (649,126 | ) | — | (700,327 | ) | ||||||||||||
MSCI USA Small-Cap Multifactor |
1,556,050 | (27,718,924 | ) | 69,264,134 | — | 43,101,260 | ||||||||||||||
U.S. Equity Factor |
2,064,852 | (90,858,028 | ) | 45,283,857 | — | (43,509,319 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. |
(c) |
The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
iShares ETF | Utilized | |||
International Equity Factor |
$ | 7,101,568 | ||
MSCI Intl Small-Cap Multifactor |
2,658,223 | |||
MSCI USA Small-Cap Multifactor |
11,518,752 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of July 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
International Equity Factor |
$ | 861,477,680 | $ | 25,078,447 | $ | (60,778,348 | ) | $ | (35,699,901 | ) | ||||||
MSCI Global Multifactor |
118,570,235 | 12,327,084 | (11,292,588 | ) | 1,034,496 | |||||||||||
MSCI Intl Small-Cap Multifactor |
234,505,987 | 18,334,016 | (24,461,152 | ) | (6,127,136 | ) | ||||||||||
MSCI USA Mid-Cap Multifactor |
9,804,110 | 365,380 | (1,014,506 | ) | (649,126 | ) | ||||||||||
MSCI USA Small-Cap Multifactor |
974,474,653 | 141,237,974 | (71,973,840 | ) | 69,264,134 | |||||||||||
U.S. Equity Factor |
1,137,063,483 | 87,662,795 | (42,378,938 | ) | 45,283,857 |
9. |
LINE OF CREDIT |
The iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.
Effective August 13, 2021, the iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
81 |
Notes to Financial Statements (continued)
For the year ended July 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
MSCI Global Multifactor |
$ | 1,814,200 | $ | 41,042 | 1.65 | % |
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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Notes to Financial Statements (continued)
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
International Equity Factor |
||||||||||||||||
Shares sold |
4,600,000 | $ | 125,984,771 | — | $ | 12,077 | ||||||||||
Shares redeemed |
(900,000 | ) | (23,979,639 | ) | (8,300,000 | ) | (221,465,938 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
3,700,000 | $ | 102,005,132 | (8,300,000 | ) | $ | (221,453,861 | ) | |||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
83 |
Notes to Financial Statements (continued)
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Global Multifactor |
||||||||||||||||
Shares sold |
800,000 | $ | 30,535,806 | 850,000 | $ | 31,730,641 | ||||||||||
Shares redeemed |
(700,000 | ) | (26,637,726 | ) | (1,250,000 | ) | (37,299,655 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
100,000 | $ | 3,898,080 | (400,000 | ) | $ | (5,569,014 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Intl Small-Cap Multifactor |
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Shares sold |
2,600,000 | $ | 85,244,456 | 1,000,000 | $ | 33,521,503 | ||||||||||
Shares redeemed |
(500,000 | ) | (16,381,092 | ) | (100,000 | ) | (3,357,670 | ) | ||||||||
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2,100,000 | $ | 68,863,364 | 900,000 | $ | 30,163,833 | |||||||||||
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MSCI USA Mid-Cap Multifactor |
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Shares sold |
200,000 | $ | 7,735,390 | 100,000 | $ | 3,703,836 | ||||||||||
Shares redeemed |
(100,000 | ) | (3,833,575 | ) | (50,000 | ) | (1,858,446 | ) | ||||||||
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100,000 | $ | 3,901,815 | 50,000 | $ | 1,845,390 | |||||||||||
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MSCI USA Small-Cap Multifactor |
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Shares sold |
5,650,000 | $ | 308,921,820 | 7,950,000 | $ | 398,014,342 | ||||||||||
Shares redeemed |
(5,100,000 | ) | (271,980,990 | ) | (3,800,000 | ) | (190,509,367 | ) | ||||||||
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550,000 | $ | 36,940,830 | 4,150,000 | $ | 207,504,975 | |||||||||||
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U.S. Equity Factor |
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Shares sold |
15,650,000 | $ | 661,128,396 | 3,250,000 | $ | 129,318,511 | ||||||||||
Shares redeemed |
(12,500,000 | ) | (529,481,590 | ) | (3,700,000 | ) | (132,954,160 | ) | ||||||||
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3,150,000 | $ | 131,646,806 | (450,000 | ) | $ | (3,635,649 | ) | |||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Equity Factor ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
On June 15, 2022, the Board approved the liquidation of iShares MSCI USA Mid-Cap Multifactor ETF. After the close of business on August 22, 2022, the Fund no longer accepts creation orders. Trading in the Fund halted prior to market open on August 23, 2022. Proceeds of the liquidation were sent to shareholders on August 25, 2022.
Effective August 12, 2022, the Syndicated Credit Agreement to which the Participating Funds are party was amended to (i) update the interest terms to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed and (ii) extend the termination date to August 11, 2023.
84 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
iShares Trust and Shareholders of each of the six funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
iShares International Equity Factor ETF
iShares MSCI Global Multifactor ETF
iShares MSCI Intl Small-Cap Multifactor ETF
iShares MSCI USA Mid-Cap Multifactor ETF
iShares MSCI USA Small-Cap Multifactor ETF
iShares U.S. Equity Factor ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 23, 2022
We have served as the auditor of one or more BlackRock investment companies since 2000.
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
85 |
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2022:
iShares ETF | Qualified Dividend Income |
|||
International Equity Factor |
$ | 34,655,297 | ||
MSCI Global Multifactor |
3,128,947 | |||
MSCI Intl Small-Cap Multifactor |
5,816,455 | |||
MSCI USA Mid-Cap Multifactor |
116,897 | |||
MSCI USA Small-Cap Multifactor |
13,496,531 | |||
U.S. Equity Factor |
17,905,692 |
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2022:
iShares ETF | Qualified Business Income |
|||
MSCI Global Multifactor |
$ | 2,376 | ||
MSCI USA Mid-Cap Multifactor |
729 | |||
MSCI USA Small-Cap Multifactor |
185,578 | |||
U.S. Equity Factor |
301,891 |
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2022:
iShares ETF | Foreign Source Income Earned |
Foreign Taxes Paid |
||||||
International Equity Factor |
$ | 39,586,844 | $ | 2,730,131 | ||||
MSCI Intl Small-Cap Multifactor |
8,307,182 | 577,482 |
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2022 qualified for the dividends-received deduction for corporate shareholders:
iShares ETF | Dividends-Received Deduction |
|||
MSCI Global Multifactor |
35.00% | |||
MSCI USA Mid-Cap Multifactor |
100.00% | |||
MSCI USA Small-Cap Multifactor |
95.68% | |||
U.S. Equity Factor |
96.37% |
86 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract
iShares International Equity Factor ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
87 |
Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
88 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
iShares MSCI Global Multifactor ETF, iShares MSCI Intl Small-Cap Multifactor ETF, iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Small-Cap Multifactor ETF, iShares U.S. Equity Factor (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
89 |
Board Review and Approval of Investment Advisory Contract (continued)
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
July 31, 2022
Total Cumulative
Distributions for the Fiscal Year |
% Breakdown of the Total
Cumulative Distributions for the Fiscal Year |
|||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
International Equity Factor |
$ | 1.404473 | $ | — | $ | — | $ | 1.404473 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
MSCI Global Multifactor |
0.730445 | — | — | 0.730445 | 100 | — | — | 100 | ||||||||||||||||||||||||
MSCI Intl Small-Cap Multifactor(a) |
1.415182 | — | 0.086116 | 1.501298 | 94 | — | 6 | 100 | ||||||||||||||||||||||||
MSCI USA Mid-Cap Multifactor |
0.478768 | — | — | 0.478768 | 100 | — | — | 100 | ||||||||||||||||||||||||
MSCI USA Small-Cap Multifactor(a) |
0.645409 | — | 0.000984 | 0.646393 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
U.S. Equity Factor |
0.614291 | — | — | 0.614291 | 100 | — | — | 100 |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) |
Rounds to less than 1%. |
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
S U P P L E M E N T A L I N F O R M A T I O N |
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Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 384 funds as of July 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Trustees | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (65) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji(b) (52) |
Trustee (since 2019). |
Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). | |||
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Independent Trustees | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (67) |
Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). | |||
Jane D. Carlin (66) |
Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (67) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
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Trustee and Officer Information (unaudited) (continued)
Independent Trustees (continued) | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (73) |
Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Drew E. Lawton (63) |
Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (61) |
Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (57) |
Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Officers | ||||
Name (Age) | Position(s) | Principal Occupation(s) During Past 5 Years | ||
Armando Senra (51) |
President (since 2019). |
Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (48) |
Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Charles Park (54) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Marisa Rolland (41) |
Secretary (since 2022). |
Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (40) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | ||
Jennifer Hsui (46) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (51) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
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Trustee and Officer Information (unaudited) (continued)
Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.
Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
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Glossary of Terms Used in this Report
Portfolio Abbreviations | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. and STOXX Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-714-0722
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