LOGO

  JANUARY 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

 

·  

iShares MSCI Global Multifactor ETF | ACWF | NYSE Arca

 

·  

iShares MSCI Intl Multifactor ETF | INTF | 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 Multifactor ETF | LRGF | NYSE Arca

 

·  

iShares MSCI USA Small-Cap Multifactor ETF | SMLF | NYSE Arca

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of January 31, 2022

 

     
    

  6-Month  

 

 

  12-Month  

 

   

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

  3.44%      23.29%
   

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

  (8.41)        (1.21)
   

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

  (3.43)        7.03
   

Emerging market equities (MSCI Emerging Markets Index)

  (4.59)        (7.23)
   

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

  0.01         0.04
   

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

  (3.87)        (4.43)
   

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

  (3.17)        (2.97)
   

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

  (2.56)        (1.22)
   

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

  (1.55)        2.05

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  

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


Table of Contents

 

      Page

The Markets in Review

   2

Fund Summary

   4

About Fund Performance

   10

Shareholder Expenses

   10

Schedules of Investments

   11

Financial Statements:

  

Statements of Assets and Liabilities

   48

Statements of Operations

   50

Statements of Changes in Net Assets

   52

Financial Highlights

   55

Notes to Financial Statements

   61

Statement Regarding Liquidity Risk Management Program

   72

Supplemental Information

   73

General Information

   74

Glossary of Terms Used in this Report

   75

 

 

  3


Fund Summary  as of January 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  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    (2.13 )%      11.33     10.66     7.84        11.33     65.94     66.67

Fund Market

    (2.07     11.34       10.07       7.90          11.34       61.58       67.26  

Index

    (2.34     11.43       10.75       8.04                11.43       66.60       68.63  

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $        978.70          $        1.75               $        1,000.00          $        1,023.40          $        1.79          0.35

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    28.5

Consumer Discretionary

    12.7  

Industrials

    12.6  

Health Care

    11.9  

Financials

    10.3  

Materials

    8.3  

Consumer Staples

    5.9  

Communication Services

    4.2  

Utilities

    1.9  

Energy

    1.9  

Real Estate

    1.8  

 

  (a)

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    56.8

China

    7.6  

Japan

    6.1  

India

    4.4  

Canada

    3.2  

Australia

    3.2  

Netherlands

    3.0  

France

    2.4  

Taiwan

    2.0  

South Korea

    1.3  

 

 

4  

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Fund Summary  as of January 31, 2022    iShares® MSCI Intl Multifactor ETF

 

Investment Objective

The iShares MSCI Intl Multifactor ETF (the “Fund”) 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 MSCI World ex USA 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  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    (4.67 )%      8.41     6.66     4.65        8.41     38.05     35.97

Fund Market

    (4.73     8.76       6.60       4.65          8.76       37.67       36.03  

Index

    (5.21     7.67       6.62       4.64                7.67       37.79       35.89  

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $          953.30          $        1.48               $      1,000.00          $      1,023.70          $        1.53          0.30

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    21.4

Financials

    15.0  

Information Technology

    14.4  

Consumer Discretionary

    10.2  

Materials

    9.1  

Health Care

    6.7  

Consumer Staples

    6.7  

Communication Services

    6.6  

Real Estate

    4.5  

Energy

    2.8  

Utilities

    2.6  

 

  (a)

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    24.2

Canada

    14.1  

Netherlands

    10.2  

Australia

    9.2  

France

    8.8  

Hong Kong

    5.4  

Germany

    5.1  

Sweden

    4.4  

United Kingdom

    4.1  

Switzerland

    3.9  

 

 

F U N D   S U M M A R Y

  5


Fund Summary  as of January 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  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    (5.17 )%      7.65     9.35     7.69        7.65     56.35     65.02

Fund Market

    (5.71     7.54       9.39       7.67          7.54       56.67       64.88  

Index

    (5.63     7.07       9.47       7.85                7.07       57.23       66.62  

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $        948.30          $        1.96               $      1,000.00          $      1,023.20          $        2.04          0.40

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Industrials

    23.1

Consumer Discretionary

    13.2  

Information Technology

    10.5  

Financials

    10.0  

Materials

    9.9  

Health Care

    9.3  

Energy

    7.9  

Real Estate

    7.2  

Communication Services

    3.7  

Consumer Staples

    3.4  

Utilities

    1.8  

 

  (a)

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    23.8

Canada

    15.3  

United Kingdom

    11.6  

Australia

    9.2  

Switzerland

    7.5  

Netherlands

    6.1  

France

    4.3  

Germany

    3.5  

Sweden

    3.3  

Hong Kong

    3.1  

 

 

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Fund Summary  as of January 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  
     6 Months     1 Year     Since
Inception
            1 Year     Since
Inception
 

Fund NAV

    3.05     21.60     18.01        21.60     55.43

Fund Market

    2.92       21.21       17.97          21.21       55.27  

Index

    2.87       21.38       18.14                21.38       55.68  

The inception date of the Fund was 6/4/19. The first day of secondary market trading was 6/6/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $        1,030.50          $        1.28               $      1,000.00          $      1,023.90          $       1.28          0.25

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    23.1

Consumer Discretionary

    14.8  

Health Care

    14.1  

Industrials

    11.8  

Materials

    10.1  

Financials

    8.6  

Energy

    6.8  

Communication Services

    4.7  

Real Estate

    2.6  

Consumer Staples

    1.7  

Utilities

    1.7  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Pioneer Natural Resources Co.

    2.2

Devon Energy Corp.

    1.8  

Cerner Corp.

    1.8  

CBRE Group Inc., Class A

    1.7  

Cadence Design Systems Inc.

    1.6  

Hewlett Packard Enterprise Co.

    1.5  

Hartford Financial Services Group Inc. (The)

    1.5  

Seagate Technology Holdings PLC

    1.5  

Nucor Corp.

    1.5  

Diamondback Energy Inc.

    1.5  

 

 

F U N D   S U M M A R Y

  7


Fund Summary  as of January 31, 2022    iShares® MSCI USA Multifactor ETF

 

Investment Objective

The iShares MSCI USA Multifactor ETF (the “Fund”) 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 MSCI USA 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  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    1.06     17.26     12.08     10.52        17.26     76.85     96.76

Fund Market

    1.09       17.28       12.08       10.53          17.28       76.83       96.80  

Index

    1.15       17.51       12.30       10.78                17.51       78.61       99.65  

 

    

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

 

 

    

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

 

Expense Example

 

Actual           Hypothetical 5% Return        
 

Beginning
  Account Value
(08/01/21)
 
 
 
   

Ending
Account Value
(01/31/22)
 
 
 
   

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning
Account Value
(08/01/21)
 
 
 
   

Ending
Account Value
(01/31/22)
 
 
 
   

Expenses

Paid During

the Period

 

 

 (a) 

   

Annualized
Expense
Ratio
 
 
 
  $        1,000.00     $       1,010.60     $ 1.01             $ 1,000.00     $ 1,024.20     $ 1.02       0.20

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    30.7

Consumer Discretionary

    13.8  

Health Care

    13.1  

Industrials

    8.4  

Real Estate

    6.1  

Financials

    5.6  

Communication Services

    5.4  

Materials

    4.4  

Utilities

    4.3  

Consumer Staples

    4.2  

Energy

    4.0  

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Apple Inc.

    4.7

Microsoft Corp.

    3.5  

Cisco Systems Inc.

    2.7  

Intel Corp.

    2.5  

Micron Technology Inc.

    2.2  

Anthem Inc.

    2.2  

Oracle Corp.

    2.1  

Gilead Sciences Inc.

    2.1  

Target Corp.

    2.1  

Alphabet Inc., Class C

    2.0  

 

  (a)

Excludes money market funds.

 

 

 

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Fund Summary  as of January 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  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    (1.59 )%      14.07     9.94     10.09        14.07     60.59     91.61

Fund Market

    (1.76     13.93       9.85       10.06          13.93       59.92       91.25  

Index

    (1.42     14.47       10.30       10.48                14.47       63.27       96.08  

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return        
 

Beginning
  Account Value
(08/01/21)
 
 
 
   

Ending
Account Value
(01/31/22)
 
 
 
   


Expenses

Paid During
the Period

 


 (a) 

           

Beginning
Account Value
(08/01/21)
 
 
 
   

Ending
Account Value
(01/31/22)
 
 
 
   


Expenses

Paid During
the Period

 


 (a) 

   

Annualized
Expense
Ratio
 
 
 
  $        1,000.00     $ 984.10     $ 1.50             $ 1,000.00     $ 1,023.70     $ 1.53       0.30

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Health Care

    17.5

Information Technology

    16.3  

Consumer Discretionary

    15.4  

Financials

    13.5  

Industrials

    11.4  

Energy

    10.0  

Materials

    5.7  

Real Estate

    4.7  

Communication Services

    3.0  

Consumer Staples

    2.5  

Utilities

    0.0  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Marathon Oil Corp.

    1.6

Jones Lang LaSalle Inc.

    1.3  

Alcoa Corp.

    1.1  

Williams-Sonoma Inc.

    1.1  

Ciena Corp.

    1.1  

Ovintiv Inc.

    1.1  

Reliance Steel & Aluminum Co.

    1.0  

United Therapeutics Corp.

    1.0  

Concentrix Corp.

    0.9  

Jabil Inc.

    0.9  

 

 

F U N D   S U M M A R Y

  9


About Fund Performance          

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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 (or from the commencement of operations if less than 6 months) 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 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.

 

 

10  

2 0 2 2   I S H A R E S   S E M I - 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 (unaudited) 

January 31, 2022

  

iShares® MSCI Global Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Australia — 3.1%            

BlueScope Steel Ltd.

    12,558     $ 164,596  

Endeavour Group Ltd./Australia

    34,086       152,249  

Evolution Mining Ltd.

    45,396       114,054  

Fortescue Metals Group Ltd.

    35,490       498,354  

GPT Group (The)

    53,742       190,443  

James Hardie Industries PLC

    9,204       309,763  

Medibank Pvt Ltd.

    74,468       163,180  

Rio Tinto Ltd.

    7,956       632,547  

Rio Tinto PLC

    23,712       1,671,348  

Sonic Healthcare Ltd.

    8,892       239,464  

South32 Ltd.

    98,514       271,041  

Treasury Wine Estates Ltd.

    17,862       134,255  
   

 

 

 
          4,541,294  
Belgium — 0.1%            

Sofina SA

    390       155,278  
   

 

 

 
Brazil — 0.1%            

Telefonica Brasil SA

    11,651       109,004  

TIM SA

    26,910       67,248  
   

 

 

 
      176,252  
Canada — 3.2%            

Canadian Apartment Properties REIT

    2,418       106,353  

Canadian Tire Corp. Ltd., Class A, NVS

    702       101,356  

CCL Industries Inc., Class B, NVS

    3,276       171,280  

CGI Inc.(a)

    4,758       406,235  

Constellation Software Inc.

    426       733,716  

Empire Co. Ltd., Class A, NVS

    4,602       141,990  

George Weston Ltd.

    1,487       162,159  

iA Financial Corp. Inc.

    2,652       172,558  

IGM Financial Inc.

    3,744       131,540  

Kinross Gold Corp.

    27,300       147,544  

Loblaw Companies Ltd.

    3,276       252,745  

Magna International Inc.

    6,084       490,157  

Nuvei Corp.(a)(b)

    1,716       104,581  

TFI International Inc.

    1,950       187,690  

Thomson Reuters Corp.

    3,744       401,924  

Toromont Industries Ltd.

    2,028       171,171  

Tourmaline Oil Corp.

    6,318       225,254  

West Fraser Timber Co. Ltd.

    1,950       180,496  

WSP Global Inc.

    2,574       343,227  
   

 

 

 
      4,631,976  
Chile — 0.1%            

Cencosud SA

    48,594       89,508  
   

 

 

 
China — 7.6%            

360 DigiTech Inc.

    2,496       49,396  

3SBio Inc.(a)(b)

    39,000       30,880  

Aluminum Corp. of China Ltd., Class H(a)

    156,000       82,098  

Anhui Conch Cement Co. Ltd., Class H

    39,000       206,292  

Apeloa Pharmaceutical Co. Ltd., Class A

    13,650       60,697  

AviChina Industry & Technology Co. Ltd., Class H

    78,000       44,019  

Bank of China Ltd., Class H

    1,638,000       638,480  

Bank of Communications Co. Ltd., Class H

    312,000       209,271  

Baoshan Iron & Steel Co. Ltd., Class A

    46,800       52,142  

Beijing Enterprises Water Group Ltd.

    468,000       182,539  

BOC Aviation Ltd.(b)

    7,800       65,576  

Bosideng International Holdings Ltd.

    156,000       76,040  

CGN Power Co. Ltd., Class H(b)

    390,000       107,757  
Security   Shares     Value  

 

 
China (continued)            

China Coal Energy Co. Ltd., Class H

    78,000     $ 43,654  

China Communications Services Corp. Ltd., Class H

    156,000       83,039  

China Conch Venture Holdings Ltd.

    39,000       185,393  

China Construction Bank Corp., Class H

    2,106,000       1,616,036  

China Everbright Environment Group Ltd.

    156,000       115,884  

China Lesso Group Holdings Ltd.

    78,000       135,603  

China Longyuan Power Group Corp. Ltd., Class H

    78,000       159,142  

China Medical System Holdings Ltd.

    78,000       130,613  

China National Building Material Co. Ltd., Class H

    74,000       96,115  

China Overseas Land & Investment Ltd.

    78,000       230,215  

China Petroleum & Chemical Corp., Class H

    624,000       326,720  

China Power International Development Ltd.

    78,000       38,603  

China Railway Group Ltd., Class A

    70,200       68,892  

China Railway Group Ltd., Class H

    156,000       96,296  

China Renewable Energy Investment Ltd.(a)(c)

    659        

China Resources Gas Group Ltd.

    22,000       110,042  

China Shenhua Energy Co. Ltd., Class A

    15,600       55,619  

China Shenhua Energy Co. Ltd., Class H

    78,000       191,853  

China Taiping Insurance Holdings Co. Ltd.

    78,000       110,351  

China Tower Corp. Ltd., Class H(b)

    1,404,000       169,601  

CITIC Ltd.

    156,000       175,204  

COSCO SHIPPING Holdings Co. Ltd., Class H(a)

    99,000       180,104  

COSCO SHIPPING Ports Ltd.

    156,000       124,270  

CRRC Corp. Ltd., Class H

    152,000       69,611  

CSPC Pharmaceutical Group Ltd.

    156,000       189,601  

ENN Energy Holdings Ltd.

    15,600       248,356  

GF Securities Co. Ltd., Class H

    46,800       81,120  

Guanghui Energy Co. Ltd., Class A(a)

    31,200       28,742  

Hengan International Group Co. Ltd.

    39,000       190,644  

Hopson Development Holdings Ltd.

    23,970       49,945  

Huadian Power International Corp. Ltd., Class A

    54,600       35,967  

Industrial & Commercial Bank of China Ltd., Class H

    1,170,000       708,839  

Kingboard Holdings Ltd.

    21,000       101,382  

Kingboard Laminates Holdings Ltd.

    39,000       66,887  

Lenovo Group Ltd.

    156,000       169,058  

Li Ning Co. Ltd.

    40,000       390,320  

Nine Dragons Paper Holdings Ltd.

    78,000       77,912  

PetroChina Co. Ltd., Class H

    312,000       154,718  

PICC Property & Casualty Co. Ltd., Class H

    156,000       145,353  

Postal Savings Bank of China Co. Ltd., Class H(b)

    234,000       194,957  

Powerlong Real Estate Holdings Ltd.

    78,000       43,538  

Shaanxi Coal Industry Co. Ltd., Class A

    39,000       77,459  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    7,800       37,578  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    93,600       115,352  

Shanghai Baosight Software Co. Ltd., Class B

    23,400       108,354  

Shanghai Medicilon Inc., Class A

    304       16,983  

Sinopharm Group Co. Ltd., Class H

    31,200       69,788  

Sinotrans Ltd., Class A

    54,600       35,164  

Tibet Summit Resources Co. Ltd., Class-A

    7,800       35,537  

Topsports International Holdings Ltd.(b)

    78,000       70,478  

Uni-President China Holdings Ltd.

    78,000       73,720  

Vipshop Holdings Ltd., ADR(a)

    12,090       112,558  

Want Want China Holdings Ltd.

    156,000       153,054  

Wharf Holdings Ltd. (The)

    33,000       112,780  

Yankuang Energy Group Co. Ltd., Class A

    23,400       85,620  

Yum China Holdings Inc.

    10,140       488,444  

Zhuzhou Kibing Group Co. Ltd., Class A

    23,400       58,883  

Zibo Qixiang Tengda Chemical Co. Ltd., Class-A

    23,400       34,262  
   

 

 

 
      10,881,400  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Global Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Denmark — 0.8%            

AP Moller - Maersk A/S, Class A

    78     $ 261,320  

AP Moller - Maersk A/S, Class B, NVS

    156       560,374  

Pandora A/S

    1,931       209,977  

Rockwool International A/S, Class B

    203       77,751  
   

 

 

 
      1,109,422  
Finland — 0.1%            

Orion OYJ, Class B

    2,808       114,181  
   

 

 

 
France — 2.4%            

ArcelorMittal SA

    13,884       412,411  

Arkema SA

    1,482       219,141  

BioMerieux

    1,014       118,905  

Bouygues SA

    5,538       195,309  

Carrefour SA

    11,466       218,216  

Cie. de Saint-Gobain

    10,452       707,260  

Cie. Generale des Etablissements Michelin SCA

    3,744       626,460  

Ipsen SA

    1,248       121,431  

La Francaise des Jeux SAEM(b)

    2,730       113,032  

Orange SA

    37,518       440,741  

SEB SA

    624       94,704  

Vivendi SE

    17,004       222,844  
   

 

 

 
      3,490,454  
Germany — 0.5%            

Brenntag SE

    3,510       300,724  

Covestro AG(b)

    3,344       200,616  

GEA Group AG

    3,744       176,886  
   

 

 

 
      678,226  
Greece — 0.1%            

FF Group(a)(c)

    165       2  

Hellenic Telecommunications Organization SA

    5,624       109,316  

Public Power Corp. SA(a)

    4,484       43,648  
   

 

 

 
      152,966  
Hong Kong — 1.2%            

Chow Tai Fook Jewellery Group Ltd.

    62,400       109,635  

CK Asset Holdings Ltd.

    51,500       343,783  

CK Hutchison Holdings Ltd.

    53,000       376,688  

Henderson Land Development Co. Ltd.

    15,000       65,598  

Power Assets Holdings Ltd.

    39,000       239,640  

Sino Land Co. Ltd.

    156,000       202,128  

Swire Properties Ltd.

    46,800       124,756  

WH Group Ltd.(b)

    195,000       130,457  

Yuexiu Property Co. Ltd.

    87,800       89,213  
   

 

 

 
          1,681,898  
Hungary — 0.1%            

Richter Gedeon Nyrt

    4,212       111,015  
   

 

 

 
India — 4.4%            

ACC Ltd.

    1,794       55,320  

Adani Enterprises Ltd.

    5,850       135,579  

Adani Total Gas Ltd.

    6,183       150,903  

Ambuja Cements Ltd.

    17,238       84,862  

Apollo Hospitals Enterprise Ltd.

    2,340       140,599  

Balkrishna Industries Ltd.

    3,276       103,275  

Bharat Electronics Ltd.

    36,036       102,014  

Cipla Ltd.

    11,076       140,608  

Colgate-Palmolive India Ltd.

    3,042       58,242  

Container Corp. of India Ltd.

    13,260       115,697  

Dr. Reddy’s Laboratories Ltd.

    2,574       148,803  

Havells India Ltd.

    6,474       103,482  
Security   Shares     Value  

 

 
India (continued)            

HCL Technologies Ltd.

    22,308     $ 331,068  

HDFC Asset Management Co. Ltd.(b)

    1,817       54,018  

Hindalco Industries Ltd.

    34,788       230,618  

Indus Towers Ltd.

    21,138       71,975  

Infosys Ltd.

    70,044       1,647,974  

Jubilant Foodworks Ltd.

    2,262       103,204  

Larsen & Toubro Infotech Ltd.(b)

    1,248       105,623  

Lupin Ltd.

    6,708       81,979  

Marico Ltd.

    18,330       118,936  

Mindtree Ltd.

    1,950       105,621  

Mphasis Ltd.

    2,262       94,992  

NTPC Ltd.

    108,030       207,169  

Oil & Natural Gas Corp. Ltd.

    51,792       121,105  

Page Industries Ltd.

    78       44,553  

Petronet LNG Ltd.

    25,194       72,427  

Power Grid Corp. of India Ltd.

    64,740       187,636  

Siemens Ltd.

    1,950       61,130  

SRF Ltd.

    3,120       100,918  

Sun Pharmaceutical Industries Ltd.

    16,770       188,403  

Tata Power Co. Ltd. (The)

    34,008       113,210  

Tata Steel Ltd.

    13,962       205,877  

Tech Mahindra Ltd.

    13,338       266,249  

United Spirits Ltd.(a)

    6,630       77,438  

Vedanta Ltd.

    27,300       119,085  

Wipro Ltd.

    28,782       222,222  
   

 

 

 
      6,272,814  
Indonesia — 0.1%            

Adaro Energy Tbk PT

    468,000       73,280  

United Tractors Tbk PT

    54,600       88,280  
   

 

 

 
      161,560  
Ireland — 0.9%            

Horizon Therapeutics PLC(a)

    4,602       429,505  

Seagate Technology Holdings PLC

    4,290       459,673  

STERIS PLC

    1,872       420,077  
   

 

 

 
          1,309,255  
Italy — 0.1%            

DiaSorin SpA

    702       108,221  

Telecom Italia SpA

    225,576       106,310  
   

 

 

 
      214,531  
Japan — 6.1%            

AGC Inc.

    5,400       247,835  

Azbil Corp.

    2,400       94,266  

Bridgestone Corp.

    15,600       683,143  

Brother Industries Ltd.

    7,800       143,645  

Canon Inc.

    23,400       553,427  

Chubu Electric Power Co. Inc.

    15,600       156,248  

Dai Nippon Printing Co. Ltd.

    7,800       187,240  

Daito Trust Construction Co. Ltd.

    1,200       137,600  

FUJIFILM Holdings Corp.

    7,800       522,881  

Fujitsu Ltd.

    3,900       515,573  

Hino Motors Ltd.

    7,800       67,801  

Iida Group Holdings Co. Ltd.

    7,800       162,276  

Isuzu Motors Ltd.

    15,600       191,100  

Kajima Corp.

    7,800       94,205  

Kyowa Kirin Co. Ltd.

    7,800       194,413  

Marubeni Corp.

    31,200       321,046  

Mazda Motor Corp.(a)

    23,400       180,268  

MEIJI Holdings Co. Ltd.

    2,000       124,763  

Misumi Group Inc.

    7,800       253,047  

 

 

12  

2 0 2 2   I S H A R E S   S E M I - 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 (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Global Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Japan (continued)

           

Mitsui Chemicals Inc.

    7,800     $ 208,608  

NEC Corp.

    5,900       230,178  

NGK Insulators Ltd.

    7,800       131,802  

Nippon Telegraph & Telephone Corp.

    23,400       669,655  

Nippon Yusen KK

    3,700       290,055  

Oji Holdings Corp.

    23,400       124,560  

Otsuka Holdings Co. Ltd.

    8,900       303,644  

Ricoh Co. Ltd.

    7,800       65,866  

SCSK Corp.

    7,800       131,987  

Seiko Epson Corp.

    7,800       121,497  

Sekisui Chemical Co. Ltd.

    7,800       136,375  

Sekisui House Ltd.

    15,600       316,059  

Shimizu Corp.

    15,600       103,872  

Shizuoka Bank Ltd. (The)

    15,600       122,577  

Sumitomo Dainippon Pharma Co. Ltd.

    7,800       84,897  

Sumitomo Electric Industries Ltd.

    15,600       206,833  

Tokyo Electric Power Co. Holdings Inc.(a)

    39,000       103,906  

Tokyo Gas Co. Ltd.

    7,800       157,496  

Toppan Inc.

    7,800       148,372  

Tosoh Corp.

    7,800       122,043  

Yamaha Motor Co. Ltd.

    7,800       185,745  
   

 

 

 
          8,796,804  
Kuwait — 0.1%            

Mobile Telecommunications Co. KSCP

    69,264       136,883  
   

 

 

 
Malaysia — 0.1%            

Inari Amertron Bhd

    93,600       74,788  

Telekom Malaysia Bhd

    46,800       56,578  
   

 

 

 
      131,366  
Netherlands — 3.0%            

Aegon NV

    40,092       226,179  

ASM International NV

    1,092       375,190  

IMCD NV

    1,170       201,263  

Koninklijke Ahold Delhaize NV

    22,386       725,857  

Koninklijke KPN NV

    67,649       223,141  

Koninklijke Philips NV

    13,104       435,882  

NN Group NV

    4,446       248,808  

NXP Semiconductors NV

    5,226       1,073,629  

Randstad NV

    2,808       182,671  

Wolters Kluwer NV

    5,616       571,588  
   

 

 

 
      4,264,208  
Norway — 0.3%            

Norsk Hydro ASA

    27,567       211,861  

Yara International ASA

    4,056       208,267  
   

 

 

 
      420,128  
Philippines — 0.1%            

Globe Telecom Inc.

    780       47,577  

PLDT Inc.

    2,340       84,190  
   

 

 

 
      131,767  
Poland — 0.2%            

PGE Polska Grupa Energetyczna SA(a)

    28,002       52,751  

Polski Koncern Naftowy ORLEN SA

    8,424       147,230  

Polskie Gornictwo Naftowe i Gazownictwo SA

    47,214       61,657  
   

 

 

 
          261,638  
Qatar — 0.2%            

Barwa Real Estate Co.

    45,527       41,827  

Industries Qatar QSC

    26,442       121,628  

Ooredoo QPSC

    34,886       69,317  
Security   Shares     Value  

 

Qatar (continued)

           

Qatar Electricity & Water Co. QSC

    18,720     $ 91,414  
   

 

 

 
      324,186  
Russia — 0.2%            

Alrosa PJSC

    64,740       95,239  

PhosAgro PJSC, GDR(d)

    3,354       67,282  

United Co. RUSAL International PJSC(a)

    76,440       72,025  
   

 

 

 
      234,546  
Saudi Arabia — 0.9%            

Abdullah Al Othaim Markets Co.

    2,574       72,721  

Advanced Petrochemical Co.

    4,524       90,764  

Bupa Arabia for Cooperative Insurance Co.

    2,184       86,727  

Etihad Etisalat Co.

    13,260       115,393  

Jarir Marketing Co.

    1,716       92,342  

Mouwasat Medical Services Co.

    1,404       74,222  

SABIC Agri-Nutrients Co.

    4,680       212,180  

Saudi Industrial Investment Group

    5,772       52,783  

Saudi Telecom Co.

    12,558       395,088  

Yanbu National Petrochemical Co.

    5,928       107,791  
   

 

 

 
      1,300,011  
Singapore — 0.3%            

Singapore Exchange Ltd.

    15,800       109,364  

Venture Corp. Ltd.

    15,600       204,387  

Wilmar International Ltd.

    46,800       148,879  
   

 

 

 
      462,630  
South Africa — 0.2%            

Aspen Pharmacare Holdings Ltd.

    8,846       119,090  

Mr. Price Group Ltd.

    8,580       113,795  

Tiger Brands Ltd.

    4,819       57,461  
   

 

 

 
      290,346  
South Korea — 1.3%            

Coway Co. Ltd.

    1,482       85,381  

DB Insurance Co. Ltd.

    1,404       70,326  

E-MART Inc.(a)

    702       78,134  

F&F Co. Ltd./New(a)

    78       53,818  

Kia Corp.

    5,928       413,334  

KT&G Corp.(a)

    2,808       181,385  

LG Corp.

    1,950       120,591  

LG Innotek Co. Ltd.

    390       117,253  

POSCO

    1,560       348,962  

Samsung Electro-Mechanics Co. Ltd.

    1,404       213,602  

SD Biosensor Inc.(a)

    1,092       54,804  

SK Telecom Co. Ltd.

    2,535       120,653  
   

 

 

 
      1,858,243  
Sweden — 0.3%            

Getinge AB, Class B

    4,602       179,918  

Husqvarna AB, Class B

    9,828       136,648  

Kinnevik AB, Class B(a)

    5,538       165,523  
   

 

 

 
      482,089  
Switzerland — 1.0%            

Bachem Holding AG, Class B, Registered

    156       93,056  

Kuehne + Nagel International AG, Registered

    1,248       352,419  

Logitech International SA, Registered

    3,432       288,389  

Swatch Group AG (The), Bearer

    780       227,543  

Swisscom AG, Registered

    447       255,494  

VAT Group AG(b)

    624       254,472  
   

 

 

 
          1,471,373  
Taiwan — 2.0%            

Acer Inc.

    156,000       161,784  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Global Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Taiwan (continued)

           

Asustek Computer Inc.

    15,000     $ 196,102  

AU Optronics Corp.

    156,000       115,975  

Cheng Shin Rubber Industry Co. Ltd.

    78,000       98,057  

Compal Electronics Inc.

    78,000       71,330  

Foxconn Technology Co. Ltd.

    78,000       171,823  

Innolux Corp.

    234,000       146,978  

Inventec Corp.

    156,000       143,092  

Lite-On Technology Corp.

    78,000       180,149  

Novatek Microelectronics Corp.

    13,000       228,621  

Pegatron Corp.

    42,000       105,575  

Pou Chen Corp.

    156,000       181,366  

Quanta Computer Inc.

    78,000       264,006  

United Microelectronics Corp.

    234,000       488,896  

Wistron Corp.

    156,000       177,320  

WPG Holdings Ltd.

    78,000       153,773  
   

 

 

 
      2,884,847  
Thailand — 0.1%            

PTT Exploration & Production PCL, NVDR

    31,200       122,454  

Ratch Group PCL, NVDR

    31,200       41,831  

Thai Union Group PCL, NVDR

    78,000       49,056  
   

 

 

 
      213,341  
United Arab Emirates — 0.2%            

Abu Dhabi National Oil Co. for Distribution PJSC

    59,124       66,479  

Aldar Properties PJSC

    100,351       113,254  

Emaar Properties PJSC

    71,994       95,931  
   

 

 

 
      275,664  
United Kingdom — 1.2%            

BT Group PLC

    198,588       525,994  

Evraz PLC

    13,104       89,024  

Hikma Pharmaceuticals PLC

    4,758       133,667  

Imperial Brands PLC

    17,940       425,355  

J Sainsbury PLC

    41,496       163,060  

Kingfisher PLC

    42,588       190,980  

Pearson PLC

    12,246       102,247  

Schroders PLC

    3,744       171,665  
   

 

 

 
          1,801,992  
United States — 56.7%            

A O Smith Corp.

    2,808       214,587  

ABIOMED Inc.(a)

    1,014       300,012  

Advance Auto Parts Inc.

    1,482       343,098  

Agilent Technologies Inc.

    6,552       912,825  

Akamai Technologies Inc.(a)

    3,363       385,232  

Allstate Corp. (The)

    6,240       752,981  

Ally Financial Inc.

    8,112       387,105  

Amazon.com Inc.(a)

    156       466,669  

AMERCO

    234       142,494  

American Financial Group Inc./OH

    1,326       172,751  

Anthem Inc.

    5,226       2,304,614  

Apple Inc.

    16,224       2,835,631  

Archer-Daniels-Midland Co.

    11,934       895,050  

Arrow Electronics Inc.(a)

    1,560       193,440  

Bath & Body Works Inc.

    5,928       332,383  

Bentley Systems Inc., Class B(e)

    4,212       169,196  

Best Buy Co. Inc.

    4,914       487,862  

Biogen Inc.(a)

    3,120       705,120  

Bio-Rad Laboratories Inc., Class A(a)

    468       280,674  

Bio-Techne Corp.

    780       293,600  

BorgWarner Inc.

    5,148       225,740  

Brown & Brown Inc.

    4,805       318,475  
Security   Shares     Value  

 

United States (continued)

           

Bunge Ltd.

    2,808     $ 277,599  

Cadence Design Systems Inc.(a)

    6,006       913,753  

Camden Property Trust

    1,560       249,740  

Capital One Financial Corp.

    9,594       1,407,728  

Celanese Corp.

    2,418       376,507  

Cerner Corp.

    6,162       561,974  

CF Industries Holdings Inc.

    4,524       311,568  

CH Robinson Worldwide Inc.

    2,730       285,694  

Cincinnati Financial Corp.

    3,432       404,393  

Cisco Systems Inc.

    64,506       3,591,049  

Citrix Systems Inc.

    2,502       255,054  

Cognex Corp.

    3,978       264,378  

Cognizant Technology Solutions Corp., Class A

    11,232       959,437  

Cooper Companies Inc. (The)

    1,014       403,876  

Corteva Inc.

    15,912       765,049  

DaVita Inc.(a)

    1,482       160,604  

DENTSPLY SIRONA Inc.

    4,290       229,172  

Devon Energy Corp.

    14,040       710,003  

Discovery Inc., Class C, NVS(a)(e)

    10,842       296,529  

Dover Corp.

    2,730       463,854  

DR Horton Inc.

    7,332       654,161  

eBay Inc.

    13,728       824,641  

Electronic Arts Inc.

    5,850       776,061  

EPAM Systems Inc.(a)

    1,248       594,223  

Erie Indemnity Co., Class A, NVS

    546       100,519  

Everest Re Group Ltd.

    780       221,052  

Expeditors International of Washington Inc.

    3,900       446,472  

F5 Inc.(a)(e)

    1,377       285,893  

FactSet Research Systems Inc.

    780       329,074  

Fastenal Co.

    12,012       680,840  

Fidelity National Financial Inc.

    6,006       302,402  

Fortinet Inc.(a)

    3,042       904,204  

Fortune Brands Home & Security Inc.

    3,042       286,465  

Fox Corp., Class A, NVS

    6,864       278,747  

Fox Corp., Class B

    3,198       118,902  

Franklin Resources Inc.

    6,552       209,467  

Garmin Ltd.

    3,198       397,895  

Generac Holdings Inc.(a)

    1,404       396,461  

General Motors Co.(a)

    28,002       1,476,545  

Genuine Parts Co.

    2,964       394,894  

Globe Life Inc.

    2,496       255,341  

Hartford Financial Services Group Inc. (The)

    7,410       532,557  

HCA Healthcare Inc.

    5,460       1,310,673  

Henry Schein Inc.(a)

    3,276       246,683  

Hewlett Packard Enterprise Co.

    26,208       427,977  

Hologic Inc.(a)

    5,460       383,510  

HP Inc.

    25,584       939,700  

Huntington Ingalls Industries Inc.

    469       87,797  

IDEX Corp.

    1,560       336,086  

Intel Corp.

    68,406       3,339,581  

International Paper Co.

    8,034       387,640  

Invesco Ltd.

    8,814       199,725  

IPG Photonics Corp.(a)

    195       30,122  

Jack Henry & Associates Inc.

    1,404       235,605  

Jazz Pharmaceuticals PLC(a)

    936       130,020  

JB Hunt Transport Services Inc.

    1,950       375,453  

JM Smucker Co. (The)

    2,184       307,027  

Johnson Controls International PLC

    14,742       1,071,301  

Juniper Networks Inc.

    8,034       279,744  

Keysight Technologies Inc.(a)

    3,900       658,398  

 

 

14  

2 0 2 2   I S H A R E S   S E M I - 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 (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Global Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

United States (continued)

           

Knight-Swift Transportation Holdings Inc.

    3,744     $ 211,836  

Kroger Co. (The)

    14,820       646,004  

Laboratory Corp. of America Holdings(a)

    2,028       550,318  

Lear Corp.

    1,248       208,815  

Lennox International Inc.

    629       178,397  

Liberty Global PLC, Class C, NVS(a)

    10,452       282,622  

LKQ Corp.

    6,786       372,484  

MarketAxess Holdings Inc.

    858       295,564  

Masimo Corp.(a)

    1,092       240,098  

Mettler-Toledo International Inc.(a)

    468       689,214  

Micron Technology Inc.

    24,024       1,976,454  

Microsoft Corp.

    6,318       1,964,772  

Mid-America Apartment Communities Inc.

    780       161,210  

Mohawk Industries Inc.(a)

    1,326       209,336  

Molina Healthcare Inc.(a)

    1,275       370,362  

Molson Coors Beverage Co., Class B

    4,524       215,614  

Monolithic Power Systems Inc.

    1,014       408,571  

Monster Beverage Corp.(a)

    8,502       737,293  

Mosaic Co. (The)

    7,878       314,726  

NetApp Inc.

    4,758       411,615  

Newell Brands Inc.

    8,814       204,573  

News Corp., Class A, NVS

    6,240       138,778  

Nordson Corp.

    1,170       272,072  

NRG Energy Inc.

    5,304       211,789  

Nucor Corp.

    6,318       640,645  

NVR Inc.(a)

    71       378,233  

Old Dominion Freight Line Inc.

    2,340       706,516  

ON Semiconductor Corp.(a)

    9,282       547,638  

Owens Corning

    2,418       214,477  

Packaging Corp. of America

    2,106       317,227  

Paychex Inc.

    5,304       624,599  

Pentair PLC

    3,666       233,524  

Pool Corp.

    936       445,770  

Public Storage

    668       239,498  

PulteGroup Inc.

    5,772       304,127  

Qorvo Inc.(a)

    2,496       342,651  

Quest Diagnostics Inc.

    2,574       347,541  

Raymond James Financial Inc.

    4,029       426,550  

Regions Financial Corp.

    20,124       461,645  

ResMed Inc.

    3,120       713,232  

Robert Half International Inc.

    2,574       291,531  

Rollins Inc.

    5,408       166,837  

SEI Investments Co.

    3,666       214,864  

Skyworks Solutions Inc.

    3,432       502,857  

Snap-on Inc.

    1,170       243,652  

State Street Corp.

    8,034       759,213  

Steel Dynamics Inc.

    4,134       229,520  

Sylvamo Corp.(a)

    696       20,734  

Synchrony Financial

    11,700       498,303  

Synopsys Inc.(a)

    3,276       1,017,198  

T Rowe Price Group Inc.

    4,992       770,915  

Target Corp.

    10,374       2,286,741  

TE Connectivity Ltd.

    6,942       992,775  

Teradyne Inc.(e)

    3,510       412,179  

Texas Instruments Inc.

    7,176       1,288,020  

Textron Inc.

    5,304       360,990  

Tractor Supply Co.

    2,496       544,902  

Tradeweb Markets Inc., Class A

    2,340       198,362  
Security   Shares     Value  

 

United States (continued)

           

Tyson Foods Inc., Class A

    6,318     $ 574,243  

UGI Corp.

    3,510       159,178  

Ulta Beauty Inc.(a)

    1,092       397,204  

United Rentals Inc.(a)

    1,482       474,418  

Universal Health Services Inc., Class B

    1,716       223,183  

Walgreens Boots Alliance Inc.

    15,444       768,493  

Waters Corp.(a)

    1,326       424,479  

West Pharmaceutical Services Inc.

    1,560       613,423  

Western Digital Corp.(a)

    6,006       310,750  

Western Union Co. (The)

    4,000       75,640  

Whirlpool Corp.

    1,404       295,107  

WW Grainger Inc.

    936       463,423  

Zebra Technologies Corp., Class A(a)

    1,170       595,670  
   

 

 

 
      81,612,552  
   

 

 

 

Total Common Stocks — 99.4%
(Cost: $126,835,619)

 

      143,126,644  
   

 

 

 

Preferred Stocks

   
Germany — 0.3%            

Fuchs Petrolub SE, Preference Shares, NVS

    2,047       88,462  

Porsche Automobil Holding SE, Preference Shares, NVS

    3,588       336,012  
   

 

 

 
      424,474  
Russia — 0.1%            

Surgutneftegas PJSC, Preference Shares, NVS

    157,100       75,823  
   

 

 

 
Total Preferred Stocks — 0.4%
(Cost: $492,985)
        500,297  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(f)(g)(h)

    868,776       869,037  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)

    50,000       50,000  
   

 

 

 
      919,037  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $918,965)

 

    919,037  
   

 

 

 

Total Investments in Securities — 100.4%
(Cost: $128,247,569)

 

    144,545,978  

Other Assets, Less Liabilities — (0.4)%

 

    (577,753
   

 

 

 

Net Assets — 100.0%

 

  $   143,968,225  
   

 

 

 

 

(a) 

Non-income producing security.

 

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

 

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

 

(e) 

All or a portion of this security is on loan.

 

(f) 

Affiliate of the Fund.

 

(g) 

Annualized 7-day yield as of period end.

 

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  15


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® MSCI Global Multifactor ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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 Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

01/31/22

   

Shares

Held at

01/31/22

    Income
   

Capital

Gain

Distributions

from

Underlying

Funds

       
 

 

   

  

 

BlackRock Cash Funds: Institutional, SL Agency Shares

    $742,096       $127,061 (a)    $     $ (113   $ (7     $869,037       868,776     $ 9,721 (b)    $             
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    80,000             (30,000) (a)                  50,000       50,000       6          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (113   $ (7     $919,037       $ 9,727     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description  

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

          

MSCI EAFE Index

    1        03/18/22      $ 112      $ 1,666  

MSCI Emerging Markets Index

    2        03/18/22        122        4,583  
          

 

 

 
           $ 6,249  
          

 

 

 

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:

 

 

 
   

Equity

Contracts

 

 

 

Assets — Derivative Financial Instruments

 

Futures contracts

 

Unrealized appreciation on futures contracts(a)

  $     6,249  
 

 

 

 

 

  (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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
   

Equity

Contracts

 

 

 

Net Realized Gain (Loss) from:

 

Futures contracts

  $ 10,413  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ 9,274  
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

 

Average notional value of contracts — long

  $ 313,595    

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

16  

2 0 2 2   I S H A R E S   S E M I - 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 (unaudited) (continued)

January 31, 2022

   iShares® MSCI Global Multifactor ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Investments

          

Assets

          

Common Stocks

  $ 90,748,576      $ 52,378,066      $ 2      $ 143,126,644  

Preferred Stocks

                    —        500,297                        —        500,297  

Money Market Funds

    919,037                      919,037  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 91,667,613      $ 52,878,363      $ 2      $ 144,545,978  
 

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

          

Assets

          

Futures Contracts

  $ 6,249      $                 —      $      $ 6,249  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

January 31, 2022

  

iShares® MSCI Intl Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

 

 

Common Stocks

    
Australia — 9.2%             

Aurizon Holdings Ltd.

    894,220      $ 2,237,209  

BlueScope Steel Ltd.

    244,751        3,207,913  

Brambles Ltd.

    700,420        4,811,918  

Dexus

    522,513        3,803,849  

Endeavour Group Ltd./Australia

    651,595        2,910,423  

Evolution Mining Ltd.

    815,913        2,049,925  

Fortescue Metals Group Ltd.

    822,674        11,552,072  

GPT Group (The)

    930,594        3,297,703  

Medibank Pvt Ltd.

    1,357,553        2,974,767  

Rio Tinto Ltd.

    180,338        14,337,893  

Rio Tinto PLC.

    262,096        18,473,920  

Sonic Healthcare Ltd.

    220,712        5,943,841  

South32 Ltd.

    1,243,155        3,420,288  

Treasury Wine Estates Ltd.

    353,856        2,659,664  
    

 

 

 
       81,681,385  
Belgium — 1.9%             

Etablissements Franz Colruyt NV

    26,309        1,068,664  

Groupe Bruxelles Lambert SA

    46,389        4,977,674  

Proximus SADP

    73,437        1,499,626  

Sofina SA

    7,599        3,025,526  

UCB SA

    61,419        6,111,511  
    

 

 

 
       16,683,001  
Canada — 14.0%             

Canadian Apartment Properties REIT

    41,094        1,807,470  

Canadian Tire Corp. Ltd., Class A, NVS

    27,877        4,024,911  

CGI Inc.(a)

    106,389        9,083,427  

Constellation Software Inc.

    9,780        16,844,466  

Empire Co. Ltd., Class A, NVS

    82,174        2,535,393  

Fairfax Financial Holdings Ltd.

    12,594        6,081,263  

Hydro One Ltd.(b)

    159,839        4,129,420  

iA Financial Corp. Inc.

    52,207        3,396,956  

IGM Financial Inc.

    40,617        1,427,019  

Kinross Gold Corp.

    613,052        3,313,273  

Loblaw Companies Ltd.

    82,123        6,335,840  

Magna International Inc.

    138,757        11,178,936  

Manulife Financial Corp

    569,293        11,854,766  

Nuvei Corp.(a)(b)

    27,627        1,683,722  

Open Text Corp.

    132,019        6,318,716  

RioCan REIT

    75,076        1,307,031  

TFI International Inc.

    40,670        3,914,545  

Thomson Reuters Corp.

    84,310        9,050,814  

Toromont Industries Ltd.

    40,154        3,389,154  

Tourmaline Oil Corp.

    150,520        5,366,453  

West Fraser Timber Co. Ltd.

    46,405        4,295,333  

WSP Global Inc.

    57,070        7,609,932  
    

 

 

 
           124,948,840  
Denmark — 2.8%             

AP Moller - Maersk A/S, Class A

    1,526        5,112,487  

AP Moller - Maersk A/S, Class B, NVS

    2,813        10,104,699  

Coloplast A/S, Class B

    14,674        2,133,926  

Novo Nordisk A/S, Class B

    8,267        822,304  

Pandora A/S

    48,991        5,327,268  

Rockwool International A/S, Class B

    4,067        1,557,702  
    

 

 

 
       25,058,386  
Finland — 0.2%             

Orion OYJ, Class B

    51,557        2,096,447  
    

 

 

 
Security   Shares     Value  

 

 
France — 8.8%            

ArcelorMittal SA

    326,133     $ 9,687,464  

BioMerieux

    20,380       2,389,817  

Bouygues SA

    111,095       3,917,993  

Carrefour SA

    306,308       5,829,528  

Cie. de Saint-Gobain

    245,783       16,631,513  

Cie. Generale des Etablissements Michelin SCA

    31,447       5,261,832  

Ipsen SA

    18,323       1,782,842  

La Francaise des Jeux SAEM(b)

    46,394       1,920,879  

Orange SA

    969,198       11,385,608  

Societe Generale SA

    393,842       14,619,546  

Vivendi SE

    376,884       4,939,203  
   

 

 

 
      78,366,225  
Germany — 4.1%            

Brenntag SE

    75,057       6,430,603  

Daimler AG, Registered

    224,699       17,929,570  

Daimler Truck Holding AG(a)

    112,349       3,960,737  

GEA Group AG

    46,684       2,205,592  

HelloFresh SE(a)

    75,417       5,021,318  

Telefonica Deutschland Holding AG

    505,767       1,451,941  
   

 

 

 
      36,999,761  
Hong Kong — 5.4%            

Chow Tai Fook Jewellery Group Ltd.

    971,600       1,707,075  

CK Asset Holdings Ltd.

    973,500       6,498,509  

CK Hutchison Holdings Ltd.

    1,307,000       9,289,273  

Hang Lung Properties Ltd.

    984,000       2,102,518  

Henderson Land Development Co. Ltd.

    706,000       3,087,475  

HKT Trust & HKT Ltd., Class SS

    1,872,000       2,554,522  

Power Assets Holdings Ltd.

    674,000       4,141,465  

Sino Land Co. Ltd.

    1,626,000       2,106,798  

SITC International Holdings Co. Ltd

    658,000       2,508,019  

Sun Hung Kai Properties Ltd.

    633,500       7,729,021  

Swire Properties Ltd.

    568,400       1,515,196  

WH Group Ltd.(b)

    4,089,500       2,735,915  

Xinyi Glass Holdings Ltd.(c)

    884,000       2,343,453  
   

 

 

 
            48,319,239  
Italy — 0.5%            

DiaSorin SpA

    12,231       1,885,547  

Telecom Italia SpA

    4,840,619       2,281,285  
   

 

 

 
      4,166,832  
Japan — 24.1%            

AGC Inc.

    93,900       4,309,577  

Aisin Corp.

    71,600       2,600,009  

Azbil Corp.

    60,000       2,356,662  

Benefit One Inc.

    38,900       1,183,078  

Brother Industries Ltd.

    114,600       2,110,481  

Canon Inc.

    486,000       11,494,253  

Chiba Bank Ltd. (The)

    255,900       1,654,309  

Chubu Electric Power Co. Inc.

    313,000       3,134,977  

Concordia Financial Group Ltd.

    528,900       2,173,437  

Cosmos Pharmaceutical Corp.

    9,700       1,211,382  

Dai Nippon Printing Co. Ltd.

    107,900       2,590,153  

Daito Trust Construction Co. Ltd.

    31,800       3,646,396  

ENEOS Holdings Inc.

    1,408,300       5,608,731  

FUJIFILM Holdings Corp.

    175,000       11,731,299  

Fujitsu Ltd.

    95,500       12,624,939  

Hino Motors Ltd.

    138,200       1,201,291  

Hirose Electric Co. Ltd.

    15,800       2,355,112  

Hitachi Ltd.

    103,700       5,389,912  

Iida Group Holdings Co. Ltd

    71,500       1,487,530  

 

 

18  

2 0 2 2   I S H A R E S   S E M I - 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 (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Intl Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Japan (continued)            

Inpex Corp.

    497,300     $ 5,027,450  

Isuzu Motors Ltd.

    35,900       439,775  

Kajima Corp.

    218,300       2,636,541  

Kakaku.com Inc.

    65,300       1,352,465  

Kurita Water Industries Ltd.

    48,000       1,951,848  

Kyowa Kirin Co. Ltd.

    131,200       3,270,132  

Marubeni Corp.

    760,100       7,821,382  

Medipal Holdings Corp.

    89,100       1,603,359  

MEIJI Holdings Co. Ltd.

    59,300       3,699,228  

Mitsubishi HC Capital Inc.

    320,700       1,656,313  

NEC Corp.

    119,300       4,654,286  

NGK Insulators Ltd.

    125,200       2,115,595  

Nippon Express Holdings Co., NVS

    37,700       2,234,243  

Nippon Telegraph & Telephone Corp.

    625,400       17,897,530  

Nippon Yusen KK

    78,500       6,153,875  

Obayashi Corp.

    315,500       2,556,227  

ORIX Corp.

    593,400       12,240,135  

Otsuka Holdings Co. Ltd.

    189,700       6,472,054  

Pola Orbis Holdings Inc.

    44,000       655,792  

Ricoh Co. Ltd.

    325,700       2,750,345  

Rinnai Corp.

    17,600       1,571,768  

Rohm Co. Ltd.

    42,500       3,580,077  

SCSK Corp.

    75,100       1,270,801  

Seiko Epson Corp.

    137,300       2,138,653  

Sekisui Chemical Co. Ltd.

    185,800       3,248,525  

Shimizu Corp.

    268,100       1,785,125  

Shizuoka Bank Ltd. (The)

    220,900       1,735,715  

Stanley Electric Co. Ltd.

    63,200       1,477,259  

Sumitomo Dainippon Pharma Co. Ltd.

    86,400       940,398  

Sumitomo Electric Industries Ltd.

    366,400       4,857,912  

T&D Holdings Inc.

    261,400       3,863,048  

Taisei Corp.

    94,000       3,081,419  

Taisho Pharmaceutical Holdings Co. Ltd.

    19,000       933,131  

TIS Inc.

    109,200       2,872,032  

Tokyo Electric Power Co. Holdings Inc.(a)

    741,700       1,976,074  

Tokyo Gas Co. Ltd.

    182,400       3,682,973  

Toppan Inc.

    129,700       2,467,158  

Tosoh Corp.

    126,300       1,976,152  

Toyo Suisan Kaisha Ltd.

    43,100       1,765,926  

Yamaha Motor Co. Ltd.

    144,600       3,443,433  
   

 

 

 
          214,719,682  
Netherlands — 10.2%            

Aegon NV

    868,263       4,898,300  

ASM International NV

    22,883       7,862,149  

IMCD NV

    27,685       4,762,370  

Koninklijke Ahold Delhaize NV

    508,017       16,472,248  

Koninklijke KPN NV

    1,633,405       5,387,797  

Koninklijke Philips NV

    445,676       14,824,648  

NN Group NV

    131,262       7,345,701  

Randstad NV

    58,089       3,778,902  

STMicroelectronics NV

    255,915       12,033,310  

Wolters Kluwer NV

    129,960       13,227,145  
   

 

 

 
      90,592,570  
Norway — 0.6%            

Norsk Hydro ASA

    653,332       5,021,059  
   

 

 

 
Singapore — 2.8%            

Mapletree Commercial Trust

    1,075,400       1,439,439  

Oversea-Chinese Banking Corp. Ltd.

    1,644,900       15,311,161  

Singapore Exchange Ltd.(c)

    382,200       2,645,500  
Security   Shares     Value  

 

 
Singapore (continued)            

UOL Group Ltd.(c)

    224,200     $ 1,215,830  

Venture Corp. Ltd.

    134,500       1,762,184  

Wilmar International Ltd.

    947,100       3,012,898  
   

 

 

 
      25,387,012  
Spain — 1.7%            

Enagas SA

    84,513       1,827,345  

Red Electrica Corp. SA

    205,097       4,134,390  

Repsol SA

    711,426       9,040,519  
   

 

 

 
      15,002,254  
Sweden — 4.3%            

Electrolux AB, Class B

    110,917       2,307,870  

Getinge AB, Class B

    111,121       4,344,339  

Husqvarna AB, Class B

    203,272       2,826,287  

Industrivarden AB, Class A

    55,075       1,741,026  

Investor AB, Class B

    865,940       18,801,225  

Kinnevik AB, Class B(a)

    117,639       3,516,067  

Securitas AB, Class B

    101,067       1,220,712  

SKF AB, Class B

    185,685       4,070,610  
   

 

 

 
      38,828,136  
Switzerland — 3.9%            

Adecco Group AG, Registered

    5,763       274,510  

Bachem Holding AG, Class B, Registered

    3,011       1,796,095  

Kuehne + Nagel International AG, Registered

    26,398       7,454,451  

Logitech International SA, Registered

    84,096       7,066,547  

Swatch Group AG (The), Bearer

    14,057       4,100,738  

Swatch Group AG (The), Registered

    25,560       1,434,812  

Swisscom AG, Registered

    12,583       7,192,127  

VAT Group AG(b)

    13,117       5,349,209  
   

 

 

 
      34,668,489  
United Kingdom — 4.1%            

Abrdn PLC

    1,059,403       3,464,656  

Aviva PLC

    132,437       781,908  

Evraz PLC

    248,023       1,684,973  

Ferguson PLC

    28,520       4,485,923  

Hikma Pharmaceuticals PLC

    85,273       2,395,587  

J Sainsbury PLC

    849,536       3,338,291  

Kingfisher PLC

    1,025,777       4,599,948  

Pearson PLC

    372,900       3,113,508  

Persimmon PLC

    155,020       5,050,472  

Sage Group PLC (The)

    511,893       5,002,205  

Schroders PLC

    61,371       2,813,909  
   

 

 

 
      36,731,380  
   

 

 

 

Total Common Stocks — 98.6%
(Cost: $796,511,761)

          879,270,698  
   

 

 

 

Preferred Stocks

   
Germany — 1.0%            

Fuchs Petrolub SE, Preference Shares, NVS

    33,557       1,450,171  

Porsche Automobil Holding SE, Preference Shares, NVS

    74,389       6,966,450  
   

 

 

 
      8,416,621  
   

 

 

 

Total Preferred Stocks — 1.0%
(Cost: $7,421,910)

      8,416,621  
   

 

 

 

 

 

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 (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Intl Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)

    1,742,380     $ 1,742,903  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)

    310,000       310,000  
   

 

 

 
      2,052,903  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $2,053,001)

      2,052,903  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $805,986,672)

      889,740,222  

Other Assets, Less Liabilities — 0.2%

      1,679,001  
   

 

 

 

Net Assets — 100.0%

    $ 891,419,223  
   

 

 

 

 

(a)

Non-income producing security.

 

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(c)

All or a portion of this security is on loan.

 

(d)

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 six months ended January 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 Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

01/31/22

   

Shares

Held at

01/31/22

    Income    

 

Capital

Gain

Distributions

from

Underlying

Funds

   

 

 

 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 45,025     $ 1,698,110 (a)    $     $ (138   $ (94   $ 1,742,903       1,742,380     $ 167,996 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    300,000       10,000 (a)                         310,000       310,000       12          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (138   $ (94   $ 2,052,903       $ 168,008     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description  

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

    

Value/ 

Unrealized 

Appreciation 

(Depreciation) 

 

 

 

Long Contracts

          

TOPIX Index

    5        03/10/22      $ 833      $ (13,977

SPI 200 Index

    5        03/17/22        610        (30,692

Euro STOXX 50 Index

    28        03/18/22        1,316        22,931  

FTSE 100 Index

    8        03/18/22        802        25,819  
          

 

 

 
           $ 4,081  
          

 

 

 

 

 

20  

2 0 2 2   I S H A R E S   S E M I - 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 (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Intl Multifactor ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

 

Futures contracts

 

Unrealized appreciation on futures contracts(a)

  $ 48,750  
 

 

 

 

Liabilities — Derivative Financial Instruments

 

Futures contracts

 

Unrealized depreciation on futures contracts(a)

  $   44,669  
 

 

 

 

 

  (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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

 

Futures contracts

  $ 114,698  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ 33,024  
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 5,461,985      

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1      Level 2     Level 3      Total  

 

 

Investments

         

Assets

                          

Common Stocks

  $ 131,012,095      $ 748,258,603     $      $ 879,270,698  

Preferred Stocks

           8,416,621              8,416,621  

Money Market Funds

    2,052,903                     2,052,903  
 

 

 

    

 

 

   

 

 

    

 

 

 
  $ 133,064,998      $ 756,675,224     $      $ 889,740,222  
 

 

 

    

 

 

   

 

 

    

 

 

 

Derivative financial instruments(a)

         

Assets

         

Futures Contracts

  $      $ 48,750     $      $ 48,750  

Liabilities

         

Futures Contracts

           (44,669            (44,669
 

 

 

    

 

 

   

 

 

    

 

 

 
  $      $ 4,081     $      $ 4,081  
 

 

 

    

 

 

   

 

 

    

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

  21


Schedule of Investments (unaudited)     

January 31, 2022

  

iShares® MSCI Intl Small-Cap Multifactor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 9.1%            

Abacus Property Group

    144,130     $ 352,232  

Accent Group Ltd.

    106,266       152,888  

Ansell Ltd.

    37,700       716,750  

ARB Corp. Ltd.

    22,040       726,195  

Arena REIT

    100,630       335,420  

AUB Group Ltd.

    21,866       361,097  

Aussie Broadband Ltd.(a)

    28,714       86,314  

Austal Ltd.

    97,616       139,241  

Australian Ethical Investment Ltd.

    25,346       167,165  

Australian Pharmaceutical Industries Ltd.

    118,880       127,762  

Aventus Group(b)

    99,064       226,923  

Bravura Solutions Ltd.

    74,608       114,450  

BWP Trust

    141,462       398,990  

Champion Iron Ltd.(a)

    96,280       444,815  

Codan Ltd./Australia

    30,034       193,421  

CSR Ltd.

    143,028       569,762  

Emeco Holdings Ltd.

    106,026       67,372  

GDI Property Group(b)

    153,352       112,016  

GrainCorp Ltd., Class A

    67,048       346,355  

Growthpoint Properties Australia Ltd.

    91,060       254,451  

GWA Group Ltd.

    63,374       113,650  

Hansen Technologies Ltd.

    48,236       167,363  

Harvey Norman Holdings Ltd.

    165,068       575,319  

Healius Ltd.

    149,756       474,061  

HUB24 Ltd.

    16,530       322,106  

Imdex Ltd.

    119,538       250,079  

Integral Diagnostics Ltd.

    51,060       149,604  

JB Hi-Fi Ltd.

    33,872       1,108,270  

Johns Lyng Group Ltd.

    41,700       228,178  

Jumbo Interactive Ltd.

    15,498       197,117  

McMillan Shakespeare Ltd.

    20,604       164,300  

Mineral Resources Ltd.

    41,644       1,654,972  

New Hope Corp. Ltd.

    138,104       222,472  

nib holdings Ltd.

    136,706       603,160  

Nick Scali Ltd.

    20,764       200,372  

Objective Corp. Ltd.

    6,788       77,258  

Pendal Group Ltd.

    101,384       348,195  

Perenti Global Ltd.

    180,574       98,911  

Perseus Mining Ltd.

    369,170       385,874  

Pinnacle Investment Management Group Ltd.

    28,768       232,206  

Platinum Asset Management Ltd.

    118,610       208,518  

Premier Investments Ltd.

    25,810       529,564  

Pro Medicus Ltd.

    14,036       453,278  

Ramelius Resources Ltd.

    235,828       226,031  

Rural Funds Group(b)

    104,342       211,182  

Sandfire Resources Ltd.

    114,840       551,850