LOGO

  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


The Markets in Review

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,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of July 31, 2022

 

 
     6-Month     12-Month  
   

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

    (7.81)     (4.64)
   

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

    (6.42)       (14.29)  
   

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

    (11.27)       (14.32)  
   

Emerging market equities
(MSCI Emerging Markets Index)

    (16.24)       (20.09)  
   

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

    0.21       0.22  
   

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

    (6.38)       (10.00)  
   

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

    (6.14)       (9.12)  
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (3.95)       (6.93)  
   

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

    (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.

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Disclosure of Expenses

     17  

Schedules of Investments

     18  

Financial Statements:

  

Statements of Assets and Liabilities

     60  

Statements of Operations

     62  

Statements of Changes in Net Assets

     64  

Financial Highlights

     67  

Notes to Financial Statements

     73  

Report of Independent Registered Public Accounting Firm

     85  

Important Tax Information

     86  

Board Review and Approval of Investment Advisory Contract

     87  

Supplemental Information

     91  

Trustee and Officer Information

     92  

General Information

     95  

Glossary of Terms Used in this Report

     96  

 

 

  3


Market Overview

 

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)

 

LOGO

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)

 

LOGO

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)

 

LOGO

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  

 

 

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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)

 

LOGO

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  

 

 

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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)

 

LOGO

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  

 

 

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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)

 

LOGO

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  

 

 

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About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During 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


Schedule of Investments  

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%
(Cost: $851,357,821)

 

    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%
(Cost: $1,401,751)

      1,195,592  
   

 

 

 

Total Long-Term Investments — 99.4%
(Cost: $852,759,572)

      819,994,612  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.7%            

BlackRock Cash Funds: Institutional, SL Agency Shares,
1.93%(d)(e)(f)

    5,550,163       5,549,608  

BlackRock Cash Funds: Treasury, SL Agency Shares,
1.81%(d)(e)

    180,000       180,000  
   

 

 

 

Total Short-Term Securities — 0.7%
(Cost: $5,729,478)

 

    5,729,608  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $858,489,050)

 

    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.